Wednesday 7th June 2017 by THISDAY Newspapers Ltd

Unemployment Rises to 14.2% in Q4 2016 55m Nigerians lost jobs under the administration Report: Kogi, Benue, Bayelsa, 18 other states owe workers’salaries, pensions Ndubuisi Francis The unemployment report released by the National Bureau of Statistics (NBS) yesterday has shown that no fewer than 5.5 million Nigerians became

unemployed in the two years of the Muhammadu Buhari administration, even as the unemployment rate rose to 14.2 per cent in

the fourth quarter of 2016, from 13.9 per cent in the preceding quarter. Coming on the heels of the NBS report was

a nationwide survey conducted by BudgIT showing that Kogi, Benue, Bayelsa, Abia, Ondo, Oyo, Ekiti and 14 other states

in the country owe their workers and retirees salaries and pensions ranging from one to 36 months.

South Africa Plunges into Recession… Page 12

According to the latest report released by the NBS, the unemployment rate was 4.2 per cent higher than the rate recorded in the fourth quarter of 2015. Continued on page 10

Wednesday 7 June, 2017 Vol 22. No 8084. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 16°C-33°C

MAIDUGURI 15°C-35°C

UT H

& RE A S O

ENUGU 22°C-34°C

KANO 11°C-33°C

LAGOS 23C-31°C

PORT HARCOURT 20°C-30°C

Court Orders Permanent Forfeiture of Ikoyi Billions Joseph Ushigiale Following the failure of the National Intelligence Agency (NIA) to come forward to lay claim to the ownership of $43,449,947; £27,800 and N23,218,000 (N13.3 billion) discovered by the Economic and Financial Crimes

Commission (EFCC) in an Ikoyi apartment on April 12, 2017, Justice Muslim Hassan of the Federal High Court, Lagos, yesterday ordered the final forfeiture of the cash haul to the federal government. Continued on page 8

Aisha Buhari Returns, Says Husband Thankful for Osinbajo’s Loyalty Omololu Ogunmade in Abuja In what appears to be a thumbs up for acting President Yemi Osinbajo and a dismissal of accusation of nepotism and favouritism levelled against him last week by some Northern leaders, President Muhammadu Buhari’s wife, Aisha, returned to Nigeria from London yesterday with a message from her husband, commending Osinbajo for his loyalty.

Mrs. Buhari had left Nigeria for London last week, three weeks after her husband left the country for medical treatment in the United Kingdom. Upon her departure, she said she would spent some time with her husband. While announcing her arrival via her Twitter handle, @aishabuhari at 8.50 a.m. yesterday, Mrs. Buhari Continued on page 8

Ganduje Moves to Reconcile Dogara, Jibrin… Page 16

KC OLD BOYS' MINI-REUNION…

L-R: Leader of the King’s College Old Boys’ Association delegation to the Senate, Alhaji Kashim Imam; President of the Senate and an old boy of the college, Senator Bukola Saraki; another old of the school, Rotimi Aladesami; and Deputy Senate Leader, Senator Bala Ibn N’allah, during a courtesy visit by the association to the Senate President, in the National Assembly, Abuja… yesterday julius atoi

T H I S D AY WEDNESDAY JUNE 7, 2017

The Orange Ribbon Initiative

Be a voice for children & adults living with Autism

Conference Thur 13th & Fri 14th July 2017 MUSON, Onikan, Lagos Â Consultation Mon 17th â&#x20AC;&#x201C; Sat 22nd July 2017 Digital Village Alausa, Ikeja, Lagos

Visit www.gtbank.com/autism to register.

#BeAVoice

T H I S D AY WEDNESDAY JUNE 7, 2017

BANKING MADE EASY Dial

Buy Airtime Check Balance Transfer Funds Pay Bills Pay Merchants

*Terms and Conditions apply

T H I S D AY WEDNESDAY JUNE 7, 2017

WEDNESDAY, june 7, 2017 • T H I S D AY

PAGE EIGHT

Osinbajo Seeks N’Assembly Approval for $1.50bn States’ Foreign Loan Request House: President still within timeframe to sign budget Damilola Oyedele and James Emejo in Abuja Acting President Yemi Osinbajo has sought the urgent approval of the National Assembly for $1.49 billion foreign loan requests by 10 states. The states are Ogun, Ondo, Kaduna, Kano, Ebonyi, Plateau, Abia, Katsina, Jigawa and Enugu. In the letter titled, “ReFederal Executive Council Approval of the 2016-2018 External Borrowing (rolling) Plan,” and dated May 25, 2017, Osinbajo urged the Senate and the House of Representatives to grant accelerated hearing to the loan requests, to allow the states embark on the projects for which the loans were being sought. The Osinbajo’s letter was read at plenary yesterday by Senate President Bukola

Saraki and Speaker of the House, Hon. Yakubu Dogara. “I write in reference to my earlier letter requesting for the consideration and approval of the Senate for the 2016-2018 External Borrowing plan and request the Senate to separate the states’ projects from the items listed in the borrowing plan with a view of giving them accelerated consideration,” Osinbajo said. A breakdown of the loan request includes the Kaduna State Development Policy Operation $350 million World Bank loan; Ogun State Development Policy Operation $350 million World Bank loan; Ebonyi Ring Road Project – $70 million from the African Development Bank (AfDB) and Rural Access and Mobility Project (RAMP); and Abia State $100 million for rural development from the AfDB.

Others include the Katsina State Health System Project – $100 million from the Islamic Development Bank (IDB); Jigawa State Integrated Rural Development Project – $32.4 million from IDB; and Kano State Integrated Agricultural and Water Resources Development – $200 million from IDB. Enugu, Kano, Plateau and Ondo States are also each seeking $200 million from the French Development Agency for the third National Urban Water Sector Reform (NUWSRP-III), the letter stated. The total loan for the states being presented for special consideration and approval is $1.49 billion, Osinbajo said in the letter. “Mr. Senate President, you may wish to know that the request for the separation of the state projects from the list became imperative in view of

Deputy Chief Whip of the House, Hon. Pally Iriase, alongside some principal officers of the House including the spokesman, Hon. Abdulrazak Namdas, noted that worldwide, the period of a budget’s legislation was always a controversial time. Also, as part of the House’s commitment to enhance the welfare of Nigerians, he said the lower chamber had committed to passing the Petroleum Industry Bill (PIB) and all anti-corruption related bills before it embarks on recess. Iriase also said the lawmakers had commenced the modernisation of the law making process targeted at achieving an electronic parliament (e-parliament). To this effect, he disclosed that the electronic voting system, which is one of the priority items on House’s

legislative agenda, will be test run beginning from today. He said the 8th National Assembly had fulfilled expectations and broken all records in performance delivery since its inauguration on June 9, 2015. He said since inception, 1,055 bills had been introduced in the lower chamber, while 159 bills had been passed. He added that over 500 bills were currently being processed at different stages, while 33 other bills were withdrawn or negatived, in addition to resolutions passed as a result of motions sponsored by members. He said it was a thing of pride for the National Assembly that for the first time, its budget had been presented for public scrutiny, with some analysts expressing “empathy that we do so much with so little”.

Musa, Abubakar Tsav and Junaid Mohammed. But the office of the acting president dismissed the allegations as baseless and a smear campaign by some forces in the Presidential Villa who were aggrieved over the exercise of full presidential powers by Osinbajo. The allegations compelled one of his aides, Dr. Bilkisu Saidu to come up with the names of several Muslims in Osinbajo’s office including herself, saying she was lecturing in a Northern

university when she suddenly got her appointment as Senior Special Assistant, Legal Matters to Osinbajo. She accused those making the allegations as merely using religion to sow the seeds of disaffection against the acting president, insisting that the accusations were unfair and untrue. Buhari returned to London on May 7, almost two months after an earlier trip for medical reasons. Meanwhile, Reuters in a report yesterday quoted

an unnamed source in the presidency as stating that Buhari was expected to return to Nigeria at the weekend. However, when contacted, the president’s media aide, Femi Adesina, said he was not aware of the president’s return date. He said: “We don’t know who Reuter is quoting, but if the president was returning, a statement would be duly issued by the presidency. “Right now we have no information on the date of his return.”

She and her son, Ayodele Oke Junior, were said to be the directors in the company. Mrs. Oke was also said to have made the cash payment in tranches of $700,000, $650,000 and $353,700 to a Bureau de Change, Sulah Petroleum and Gas Limited, which later converted the money to N360,000,000 and subsequently paid it to Fine and Country Limited, a real estate firm, for the purchase of the property. Oyedepo had argued that “the circumstances leading to the discovery of the huge cash stockpiled in Flat 7B, Osborne Towers, leaves no one in doubt that the act was pursuant to an unlawful activity”. He added: “The very act of making a cash payment of $1.658 million without going through any financial institution by Mrs. Folashade Oke for the acquisition of Flat 7B, Osborne Towers, is a criminal act punishable by the Money Laundering (Prohibition) Amendment Act. “I refer My Lord to Sections 1(a), 16(d) and 16(2) (b) of the Money Laundering (Prohibition) Amendment Act.” While urging the court to order the permanent forfeiture of the funds to the federal government, Oyedepo further argued that the property, which

was purchased in a criminal manner, made the money recovered therein proceeds of an unlawful act. He had contended that that despite the newspaper advertisement of the initial order of April 13, 2017, temporarily forfeiting the money to the federal government, no one showed up in court to show cause why the money should not be permanently forfeited to the federal government. Oyedepo had also drawn the attention of the court to the fact that Chobe Ventures Limited, in whose apartment the huge sums were recovered, did not come to court to challenge the forfeiture order, despite being served with the motion on notice at its registered address of No. 18 Ogunmodede Street, off Allen Avenue, Ikeja, Lagos. He added: “Given the failure of Chobe Ventures Limited, in whose custody these properties we are seeking to forfeit were found, to show cause before My Lord why the property (money) should not be forfeited to the Federal Government of Nigeria, Your Lordship should hold that Chobe Ventures Limited has admitted all the facts deposed to in our affidavit and order the final forfeiture of the property to the federal

government.” During the proceedings, however, Ogungbeje had filed an application urging the court to suspend further action in the forfeiture proceedings pending the outcome of the Osinbajoled three-man panel constituted by the president to investigate the claim by the NIA boss, Oke, that the money belonged to the agency. But Oyedepo opposed Ogungbeje’s application and urged the court to proceed with the final forfeiture proceedings. His request was granted by Justice Hassan yesterday.

the current economic realities in the country and the pressing needs of these states to provide infrastructure and social amenities for their citizens,” he added. Meanwhile, as concerns mount over the delay in the presidential assent to the 2017 budget, the House yesterday said the acting president still had ample time to consider and make the necessary consultations before assenting to the 2017 budget. The lower chamber said it was not bothered that the 2017 Appropriation Bill had not been signed by the executive because “the president did not say he would not sign the budget”. Addressing journalists on activities to mark the House’s special session slated for Friday to commemorate the second year anniversary of the 8th National Assembly,

AISHA BUHARI RETURNS, SAYS HUSBAND THANKFUL FOR OSINBAJO’S LOYALTY said her husband thanked Nigerians for their prayers for his health and by extension towards the fulfilment of his government’s mandate. “I thank Allah for my safe trip to UK, where I visited President @MBuhari. He thanks Nigerians for their constant prayers for his health towards achieving the mandate of this administration as contained in our APC manifesto so that we can build a very strong institution for a better future of our country Nigeria.

“Thank you and God bless the Federal Republic of Nigeria,” Mrs. Buhari tweeted. Also, a statement issued two hours later by her spokesman, Suleiman Haruna, said Buhari thanked Osinbajo for his loyalty and called on Nigerians to continue to support him in his commitment to achieving the mandate of the APC. “Mr. President thanked the acting president, Prof. Yemi Osinbajo, for his loyalty and called on Nigerians to

continue to support the acting president in his effort to actualise the mandate of APC,” Haruna said. Buhari’s vote of confidence on Osinbajo was at variance with the allegations last week by one Ismaila Farouk, accusing the acting president of filling his team with his kinsmen from the South-west and also exploiting the illness of the president to strategise for 2019. The allegations were echoed by some Northern leaders, including Balarabe

COURT ORDERS PERMANENT FORFEITURE OF IKOYI BILLIONS In his ruling, Justice Hassan upheld the submission by the EFCC counsel, Rotimi Oyedope, and dismissed the application of a private legal practitioner, Olukoya Ogungbeje, which had urged the court to suspend further action in the forfeiture proceedings. Ogungbeje at the resumed hearing of the case on May 5 had argued that proceedings be suspended pending the outcome of the Osinbajo-led three-man panel constituted by President Muhammadu Buhari to investigate the claim by the suspended NIA Director General, Ambassador Ayodele Oke that the money belonged to the agency. However, at the resumed hearing yesterday, Justice Hassan dismissed the application for lacking in merit. A statement by EFCC spokesman, Mr. Wilson Uwujaren, said the judge described the application as totally strange, adding that Ogungbeje had no right to seek a stay of proceedings in the case, since he did not appeal against the interim forfeiture order. The judge, who noted that Ogungbeje was not a party in the suit filed by the EFCC, described the lawyer as a “meddlesome interloper and a busybody”, adding that

his application was strange to law. Thereafter, Justice Hassan gave an order permanently forfeiting the funds to the federal government. Justice Hassan was quoted in the statement as saying: “I am in complete agreement with the submission of the learned counsel for the applicant (EFCC) that the property sought to be attached are reasonably suspected to be proceeds of unlawful activities and that by every standard this huge sum of money is not expected to be kept without going through a designated financial institution; more so, nobody has shown cause why the said sum should not be forfeited to the Federal Government of Nigeria. Having regard to the foregoing, I have no other option but to grant this application as prayed. “For the avoidance of any doubt, I hereby make the following orders: 1. A final order is made forfeiting the sums of $43,449,947 found by the Economic and Financial Crimes Commission at Flat 7B of No. 16 Osborne Road, Osborne Towers, Ikoyi, Lagos, which sum is reasonably suspected to be proceeds of unlawful activities to the Federal Government of Nigeria.” The judge made the

same order in respect of the £27,800 and N23,218,000. Following the judgment, Idris Mohammed, counsel to the EFCC, urged the court to award a cost of N5 million against Ogungbeje for wasting the time of the court with his application. However, the judge declined the application. A day after the discovery of the money, the EFCC had sought for and obtained an interim forfeiture order from the court, despite the admission by Oke that the funds belonged to his agency and had been kept in the apartment for covert projects in Lagos and the South-west. In granting the interim forfeiture, Justice Hassan had given 14 days for anyone interested in the cash haul to show up before it to show cause why the money should not be permanently forfeited to the federal government. At the next adjourned date on May 5, counsel to the EFCC, Oyedepo had revealed that Oke’s wife had paid $1.658 million to acquire the Ikoyi flat in Osborne Towers. Mrs. Oke was said to have made a cash payment of $1.658m for the purchase of the flat between August 25 and September 3, 2015, in the name of a company, Chobe Ventures Limited.

TOP GAINERS NGN NGN STERLBANK 0.08 0.90 MAYBAKER 0.19 2.15 CHAMPBREW 0.26 3.10 DIAMONDBANK 0.07 1.28 UPDC 0.14 2.85 TOP LOSERS NGN NGN MOBIL OIL 31.16 288.56 NPFMFB 0.07 1.33 DANGCEMENT 10.50 199.50 UNILEVER 1.70 35.79 AXAMANSARD 0.11 2.37 HPE Nestle Nig Plc ₦965.00 Volume: 744.992 million shares Value: N6.518 billion Deals: 7,841 As at 6/06/17 See details on Page 39

% 9.7 9.6 9.1 5.7 5.1 % 9.7 5.0 5.0 4.5 4.4

T H I S D AY WEDNESDAY JUNE 7, 2017

www.coronationmb.com

WEDNESDAY, june 7, 2017 • T H I S D AY

PAGE TEN

Germany Expresses Interest in Digitisation of Nigerian Film Ndubuisi Francis in Abuja The German Embassy has expressed special interest in a Nigerian film, Shehu Umar, domiciled in the National Film Video and Sound Archive of the Nigerian Film Corporation (NFC). Shehu Umar was the protagonist in a book written in 1966 about slavery by Nigeria’s Prime Minister in the First Republic, the late Sir Tafawa Balewa but was published in 1971. The book was adapted for a film by Adamu Halilu, a former general manager of the Nigerian Film Corporation. The embassy has, therefore, sought to restore and digitalise the film in line with modern technological advancement,

using the expertise of the Arsenal Institute of Film and Video Archives Berlin, Germany, and subsequently screen it at the 2018 Berlin Film Festival, and thereafter across Nigeria. The German Embassy’s interest in the film stemmed from its storyline, the rich Nigerian culture it portrays in addition to the dexterity and creativity of its production. Since the film is damaged and in celluloid form, in line with the existing bilateral relationship between Nigeria and Germany, the German Embassy formally expressed interest in it to the Minister of Information and Culture, Alhaji Lai Mohammed. According to a statement issued by the Public Relations Officer,

Mohammed NFC, Abuja Zonal Office, Mrs. Juliet Archibong, the minister, while demonstrating his keen interest in the creative industry as a potential revenue-generating and job-creating hub promptly

approved the release of the film and the attendant terms and conditions attached to its release as recommended by the NFC. “These terms and conditions include the ultimate protection of the rights of Nigeria to the film, the repatriation of any financial benefit accruing from the screening of the film and the transfer of the restoration and digitisation technology to Nigeria through the training of staff of the archive who would be invited to Germany to witness the rounding off of the restoration and digitisation process and the eventual screening of Shehu Umar. “During a visit recently by the Arsenal Institute, a representative of the institute, Mrs. Stephanie Schulte Strathaus informed the

meeting that work had started in earnest on the restoration and digitisation of Shehu Umar and announced a donation of a film scanner to the National Film Video and Sound Archive. “The cost of the scanner which was funded by the German Embassy is put at about 60,000 euros. The cost of shipping the scanner, installation and computer software would be borne by the German Embassy,” the statement added. It stressed that Markus Ruff, also of the Arsenal Institute, hinted that on their visit to the National Film Video and Sound Archive, they had discovered other films like Kanta of Kebbi, Sand of Pride, Oba of Benin and Kubla No Barna, adding that

the institute was interested in getting to know more about these films for possible restoration and digitisation. Commenting, the NFC Managing Director and custodian of the film, Shehu Umar, Dr. Chidia Maduekwe, thanked the delegates for their visit and interest in the film and the Nigerian culture, adding that he strongly believed that there would be many more areas of collaboration between Nigeria and Germany. He noted that the NFC would transfer all its celluloid films from the Lagos zonal office to the National Film Video and Sound Archive in Jos for proper preservation and future digitisation.

UNEMPLOYMENT RISES TO 14.2% IN Q4 2016 Consequently, 61.6 per cent of Nigerians in the labour force (not the entire population), aged between 15 and 24 were either unemployed or underemployed in Q4 2016, compared to 59.9 per cent in Q3, 58.3 per cent in Q2, 56.1 per cent in Q1, and 53.5 per cent in Q4 2015. The statistical agency also said the population of unemployed rose from 11.19 million at the end of the third quarter of 2016 to 11.55 million in the fourth quarter of 2016. The economically active population or working age population (persons within ages 15 and 64) also increased from 108.03 million to 108.59 million, representing a 0.5 per cent increase over the previous quarter and a 3.4 per cent increase when compared to Q4 2015. In Q4 2016, the labour force population (those within the working age population willing, able and actively looking for work) increased to 81.15 million, from 80.67 million in Q3 2016, a 0.6 per cent rise in the labour force during the quarter. The NBS stated that this meant that about 482,689 persons from the economically active population entered the labour force during the quarter (individuals who were able, willing and actively looking for work). But the magnitude of this increase between Q3 and Q4 2016 was smaller when compared to Q2 and Q3 2016, which recorded an increase of 782,886 in the labour force population. Within the reference period, the total number of persons in full time employment (who did any form of work for at least 40 hours) decreased by 977,876 or 1.8 per cent, compared to the previous quarter, and decreased by 1.92million, or 3.5 per cent when compared to Q4 of 2015, translating to a total of 52.58 million persons in full time employment. “With an economically active or working age population of 108.59 million and labour force population of 81.15 million, it means 27.44 million persons within the economically active or working age population decided not to work for one reason or the other in Q4 2016, hence were not part of the labour force and cannot be considered unemployed. “The number of underemployed in the labour force (those working but doing menial jobs not commensurate with their qualifications or those not engaged in fulltime work and

merely working for a few hours) increased by 1,109,551 or 7.0 per cent, resulting in an increase in the underemployment rate from 19.7 per cent (15.9 million persons) in Q3 2016 to 21.0 per cent (17.03million persons) in Q4 2016,” the agency said. Also, underemployment remained predominant in rural areas, as 25.8 per cent of rural residents were underemployed compared to 10.5 per cent of urban residents during the review period. The unemployment rate in the urban areas was 18.4 per cent compared to 12.3 per cent in the rural areas, as the preference was more for formal white-collar jobs, which are located mostly in urban centres.

21 States Owe Workers, Pensioners In a related development, a survey by BudgIT has revealed that Kogi, Benue, Bayelsa, Abia, Ondo, Oyo, Ekiti and 14 other states in the country owe their workers and retirees salaries and pensions ranging from one to 36 months. BudgIT, in a statement yesterday, said it decided to conduct a qualitative analysis of the frequency of salary payments of six different categories of workers in all 36 states, namely, primary school teachers, secondary school teachers, local government workers, state independent workers, pensioners, and state secretariat workers. Of the 36 states of the federation, BudgIT’s survey showed that only 15 states – Anambra, Akwa Ibom, Borno, Cross River, Ebonyi, Jigawa, Kaduna, Kano, Katsina, Kebbi, Lagos, Ogun, Plateau, Sokoto and Yobe – had no outstanding salaries and pension obligations to their workers and retired public servants. Twenty-one other states still owe workers and pensioners their entitlements despite the N1.75 trillion extra-budgetary disbursements, better known as bailouts, from the federal government under the current administration. The bailouts comprised the N575 billion bond restructuring programme; N92.18 billion NLNG dividend paid to the states; N3.59 billion solid minerals revenue savings; N338 billion CBN loans for the payment of salaries; N7.85 billion NLNG windfall; N117.3 billion excess petroleum profit tax savings; N90 billion conditional loan facility; and N552 billion Paris Club deduction refunds.

BudgIT is a civic technology organisation with a focus on raising the standards of transparency, citizen engagement and accountability, most especially in public finance. “In particular, we discovered that many states have defaulted in the payments of pensions and gratuities. “From the survey carried out, we discovered that apart from the fact that 16 states which are yet to pay the pensions of former civil servants in their service, eight of these states have not paid their pensioners at least 12 months’ pensions, while states like Rivers, Imo, Taraba and Niger owe pensions of about two to three years. “Notably, these pensioners expressed how unhappy they are, their dissatisfaction with the state governments and how hard it has been for them to survive.” In addition to outstanding pensions, BudgIT noted in its survey that across all categories, states like Kogi, Abia, Benue, Oyo, Ekiti and Ondo have not paid their workers’ salaries for this year 2017, owing at least four months’ salary. “However, the likes of Lagos and Rivers have been consistently impressive with their up to date and full payment of civil servants’ remuneration,” the survey showed. BudgIT acknowledged that there had been several newspaper publications on states’ civil servants being owed salaries, adding: “We are also aware that due to the recent economic downturn, FAAC allocations to states and their internally generated revenue have reduced drastically, making them unable to pay their staff salaries and run their states effectively.” According to the agency, “State governors have recently canvassed that the federal government should provide another tranche of Paris Club refund to offset salaries and other liabilities. “We hereby ask that the federal government should tighten its accountability structures for the series of extra-statutory funds that are provided to state governments, which currently has reached N1.75 trillion. “We also demand that state governments need to do more in the transparency of the use of the funds and it is pertinent that only seven out of 36 states, namely, Bauchi, Kogi, Kano, Kaduna, Edo, Gombe and Yobe have provided their full 2017 budgets to the public.”

STATES

PRIMARY SECONDARY LOCAL GOVT STATE SCHOOL SCHOOL PENSIONERS SECRETARIAT INDEPENDENT WORKERS WORKERS TEACHERS TEACHERS AGENCY

ABIA

ADAMAWA

ANAMBRA

AKWA IBOM

BAUCHI

BAYELSA

BENUE

BORNO

CROSS RIVER

DELTA

EBONYI

EKITI

EDO

ENUGU

GOMBE

* IMO

JIGAWA

KADUNA

KANO

KATSINA

KEBBI

KOGI

KWARA

LAGOS

NASARAWA

NIGER

OGUN

** ONDO

*** OSUN

OYO

PLATEAU

RIVERS

SOKOTO

TARABA

YOBE

ZAMFARA

NOTE

** Local governments do not have uniform salary payments. * State secretariat workers salaries were slashed by 30% ** Five months salaries owed from last administration. NUMBER OF *** Secondary school teachers and secretariat workers are paid 50% of their RESPONDENTS

912

salaries since April 2015.

Source: budgIT

T H I S D AY WEDNESDAY JUNE 7, 2017

alat_ng

alatng

WEDNESDAY, JUNE 7, 2017• T H I S D AY

NEWS

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

South Africa Plunges into Recession World Bank raises Nigeria’s 2017 growth forecast to 1.2%

Obinna Chima with agency report South Africa has entered recession for the first time in

eight years, data from Statistics South Africa showed on Tuesday. According the latest report by the French news agency, AFP, the data from Statistics South

Nigeria Records Positive Trade Balance, Exports Rise to N3.01tn in Q1 Ndubuisi Francis in Abuja Nigeria’s total trade in the first quarter of 2017 stood at N5.30 trillion, the National Bureau of Statistics (NBS) has said. The nation’s exports in the period under review stood at N3.01 trillion compared to imports of N2.29 trillion, with a trade balance of N719.38 billion. The NBS stated that imports fell by 0.9 per cent, adding that the country recorded an increase of 6.5 per cent in external trade According to the NBS, the value of the total trade at the end of 2016 was N17. 35 billion, stressing that the figure was 6.5 per cent higher than the value recorded in 2015. The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at N5.28 billion. “The export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion. “Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43 billion or 45.9 per cent trade in fourth quarter. “The second major contributor to total trade by sector was manufactured goods with N1.17 billion or 22.1 per cent of total trade,’’ it stated. The report stated that

manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review. “The non-crude oil products stood at N1.15 billion or 21.8 per cent while Agricultural goods accounted for N212.7 billion or 4 per cent. “Raw material goods accounted for N309 billion or 5.9 per cent and Solid mineral goods stood at N13.1billion or 0.3 per cent of total trade in the quarter.’’ The report stated that Nigeria’s export intensity in the months of October, November and December 2016 was the highest for South Africa with export intensities of 8.9, 7.3 and 4.1, respectively. Export intensity in the fourth quarter was also intense with India recording export intensities of 5.8, 5.8 and 1.7 for the last three months of 2016. “ Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5 and 2.2 for the Netherlands. “Although United States was one of Nigeria’s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016.’’ Meanwhile, the report stated that Nigeria imported mainly from China with total imports of N404.1billion or 17.5 per cent

No Plan to Raise Petrol Pump Price by N5, Says PPPRA Chineme Okafor in Abuja The Petroleum Products Pricing Regulatory Agency (PPPRA), yesterday said it has no plan to increase the pump price of petrol in the country by N5 per litre, stating that the news that it had such plan were untrue. In a statement signed by its Executive Secretary, Abdukadir Saidu, in Abuja, the agency confirmed that the approved pump price of petrol across the country was still N145 per litre, and urged the public to ignore speculations it had approved a new price. “The Petroleum Products Pricing Regulatory Agency (PPPRA) has observed the growing speculation on a purported imminent increase in the pump price of Premium Motor Spirit

(PMS) by N5.00 per litre. “The agency hereby wishes to dispel this rumour and assuage the concerns of Nigerians,” said the statement. It added, “As the agency of government saddled with the responsibility of regulating petroleum products pricing, supply and distribution, we want to assure the Nigerian public that the subsisting pump price cap for Premium Motor Spirit (PMS) remains N145 per litre, across the country and as such, Nigerians should please ignore the speculation on price increase. “We again wish to assure all Nigerians that pursuant to its mandate, the PPPRA shall not fail in its efforts geared towards ensuring products availability, and at regulated price, for the benefit of all.”

Africa in Pretoria showed the first quarter contraction was led by weak manufacturing and trade. But as South Africa’s economy slips into recession, that of Nigeria is showing great promise as the World Bank has lifted its 2017 growth projection for the Nigerian economy to 1.2 per cent, higher than the one per cent it had predicted previously. The multilateral institution stated this in its latest Global Economic Prospects for June 2017,that was posted on its website yesterday.The Bank had in the January 2017 edition of the report predicted a one per cent growth for Nigeria’s economy.

According to the AFP, the data showed that South Africa’s economy contracted by 0.7 per cent in the first three months of 2017 after shrinking by 0.3 per cent in the fourth quarter of last year. The worst performing sector was trade, catering and accommodation, which contracted by 5.9 per cent, while manufacturing – one of the key sectors – fell by 3.7 per cent. Standard Chartered Bank’s Chief Africa Economist Razia Khan said the “awful” data showed weakness where it was not expected. In the meantime, the World Bank has lifted its 2017 growth projection for the Nigerian

economy to 1.2 per cent, higher than the one per cent it had predicted previously. The multilateral institution stated this in its latest Global Economic Prospects for June 2017,that was posted on its website yesterday. The Bank had in the January 2017 edition of the report predicted a one per cent growth for Nigeria’s economy. However, in the latest report, the Bank stated that Nigeria’s Gross Domestic Product (GDP) growth was expected to rise from 1.2 per cent in 2017 to 2.5 per cent between 2018 -2019, helped by a rebound in oil production, as security in the oil producing region improves as well as an

increase in fiscal spending. It stated that in Nigeria, militants’ attacks on oil pipelines decreased, adding that the economic recession in Nigeria was receding. In the first quarter of 2017, Nigeria’s GDP fell by 0.5 per cent (year-on-year), compared with a 1.7 per cent contraction in the fourth quarter of 2016. The Purchasing Managers’ Index for manufacturers returned to expansionary territory in April, indicating growth in the sector after contraction in the first quarter. Non-resource intensive countries, including those in the West African Economic and Monetary Union (WAEMU), have been expanding at a solid pace.

LET PEACE REIGN

L-R: Deputy Governor of Kano State, Prof. Hafiz Abubakar, Suspended House of Rep member, Hon. Jibrin Abdulmumin, Kano State Governor Abdullahi Ganduje and member of House of Rep. Alhassan Doguwa, after reconciliation. in Kano recently.

Ita-Giwa Wants FG, Ayade to Investigate Distribution of Relief Materials to IDPs Bassey Inyang in Calabar One time Special Adviser to the President on National Assembly Matters, Senator Florence Ita-Giwa, wants the Federal Government to probe the distribution of relief materials to Internally Displaced Persons (IDPs) in Nigeria. She is also asking the Cross River State Governor, Professor Ben Ayade to probe the alleged diversion of relief materials meant for the fire outbreak victims of Bakassi. Ita-Giwa made the call on Tuesday in Calabar against the backdrop of the alleged diversion of the relief materials meant for the internally displaced people of Bakassi whose shanties in Ata Ema, Dayspring Island, Cross River State, were engulf by fire, early this year. The relief materials donated by the National Refugees Commission (NRC), April this year, were alleged to have been discovered in the residence of a private person, and the open market in Calabar.

The items meant for distribution to the displaced Bakassi fire victims composed largely of medical supplies, foodstuff, toiletries, building materials, and a host of others. The NRC reportedly handed over the relief materials valued at millions of naira to the State Emergency Management Agency (SEMA) to be distributed to the affected Bakassi people, but it is alleged that the items were never distributed to them as they were diverted to those they were not meant for. While addressing journalists, Ita-Giwa said the diversion of the relief materials meant for the Bakassi people was very revealing about the ill manner some people placed in positions of responsibility to the citizens treat them. “This incident is an eye opener, and I believe it has been happening for a long time. With this discovery now, I am calling on the Federal Government to investigate the mode of distribution of relief

materials to IDPs all over the nation, not just Cross River State. Because, maybe, most of those things they claim they have been sending to those people end up in the markets. This is an example. Government would be wasting money, thinking that they are rehabilitating people, thinking they are intervening, whereas those things are not getting to the people. So they must be investigated,”Ita-Giwa said. Urging Ayade to also direct that investigation be conducted on the diversion of the relief materials meant for the internally displaced people of Bakassi, Ita-Giwa said: “I would be very shocked if the governor of this state, who has been crying for Bakassi people, and I want to believe that those tears are real tears; if he does not act immediately on this report because it is an embarrassment for a man that preaches sympathy for the underprivileged, a man that says that from his own background he knows how it feels like to

be trampled upon, and he has openly been shedding tears for Bakassi. In fact in recent times, he has shed more tears than myself. So, I would be very surprised if the governor does not do something urgently for a people, whose relief materials were sold in the market.” Ita-Giwa again called on the concerned authorities in the state, and the country to properly resettle the people of Bakassi in Dayspring Island, stating that doing so would check such developments as the diversion of materials. Ita-Giwa said it was not proper to relocate the Bakassi people to an existing Akpabuyo Local Government Area, hence the proper thing was to resettle them in Dayspring, a virgin area of their choice which suits the lifestyle of the people which is fishing. She kicked against revisiting of the judgment of the International Court of Justice (ICJ), that ceded the Bakassi peninsula because it would be an exercise in futility.

T H I S D AY WEDNESDAY JUNE 7, 2017

ecobank.com

T H I S D AY WEDNESDAY JUNE 7, 2017

COMMENT

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

BIAFRA AT 50 (2)

Sonnie Ekwowusi writes that a national dialogue may be just what the country needs

ontrary to Obasanjo’s postulation, the federal troops did not protect Igbo civilians during the Nigerian Civil War. I must say that I was unsettled sitting at the auditorium of the Shehu Musa Yar’ Adua Centre, Abuja and listening to Obasanjo reel out his aforesaid postulation on the civil war. As I listened I stared down at the other attendees sitting at the well-ordered auditorium and I could see that most of them were shaking their heads in disbelief. Truth to tell, the Nigerian civil war was hell. Blood, vengeance, mass destruction and desolation were its aim. In his heart-rending essay with the title: ‘The Rivers of Blood in Asaba,’ Femi Fani-Kayode narrates how in October 1967 the federal troops pretended that they were offering protection and reconciliation to the Biafrans in Asaba. Consequently, they invited about 700 men and children especially children less than 12 years to the open square at Ogbe-Osawa village, Asaba. While the men and children gleefully waited for the protection and reconciliation briefing to start, the federal troops suddenly brought out their guns, knives, cutlasses, cudgels, axes and bayonets and hacked the men and children to death. Interestingly Prof. Pat Utomi unhesitatingly drew Obasanjo’s attention to this gruesome murder which is now known as the 1967 Asaba massacre. It was the day the blood of Biafrans flowed, like a murmuring river or stream, through the streets and alleys of Asaba. Biafra wept. So, how can Obasanjo say that the federal troops protected the Biafran civilians? It is an undeniable fact that the federal troops were dropping bombs on civilian centres in Biafra such as schools, hospitals, markets, churches and other centres. Because Biafran children in schools at that time were targets of the bombings, they were taught in schools how to swiftly dive or “take cover” on hearing the noise of federal war planes. When the bombing of unarmed Biafran civilians became so rampart, Biafran families resorted to covering the external roofs of their houses with greenish palm fronts and leaves to shield the houses from being detected and bombed to pieces. Obasanjo also told his listeners that the Nigerian civil war was so transparently prosecuted by the federal government that foreign observers were invited to freely observe and cover the war. But what Obasanjo failed to tell his listeners as well that the foreign observers who covered the civil war were unanimous in reporting that the war was a genocide against the Igbos. For example, in his book, ‘Remembering the Sixties: A look at Africa’, respected Kenyan author Godfrey Mwakikagile writes that “No single group caused so much devastation as did the Egyptians pilots in their indiscriminate bombings of civilian centres in Biafra when they went on bombing missions on behalf of the federal forces”. Mr. Eric Spiff, German War Correspondent reported that “bestialities and indignities of all kinds were visited on the Biafrans in 1966. In Ikeja Barracks (Western Nigeria) Biafrans were forcibly fed on a mixture of human urine and faeces. In Northern Nigeria numerous housewives and nursing mothers were violated before their husbands and children. Young girls were abducted from their homes, working places and schools and forced into intercourse with sick, demented and leprous

WE SHOULD BE UNAFRAID IN ENGAGING IN THE KIND OF NATIONAL DIALOGUE ON THE BIAFRAN REVOLUTION WHICH WE WITNESSED AT THE SHEHU MUSA YAR’ ADUA CENTRE

men”. On July 2, 1969, Washington Post Editorial stated, among other things, that “one word now describes the policy of the Nigerian military government towards secessionist Biafra: genocide. It is ugly and extreme but it is the only word which fits Nigeria’s decision to stop International Red Cross and other relief agencies from flying food to Biafra”. On April 5, 1968, French Newspaper Le Monde which was founded by Hubert Beuve-Méry writes: “There has been genocide on the occasion of the 1966 massacres, the region between the towns of Benin and Asaba where only widows and orphans remain, federal troops having, for unknown reasons, massacred all the men”. On January 18, 1968, the New York Times reported that “In Calabar, federal forces shot at least 1000 and perhaps 2000 Igbos, most of them civilians”. In Nightmare in Biafra (Sunday Times of London, April 28, 1968), British journalist William Norries, who covered the Nigerian Civil War, wrote: “I have seen things in Biafra this week which no man should have to see. I have seen children roasted alive, young girls torn in two by shrapnel, pregnant women eviscerated, and old men blown to fragments. I have seen these things and I have seen their cause: high-flying Russian Ilyushin jets operated by Federal Nigeria dropping their bombs on civilian centres throughout Biafra”. Perhaps not many authors and commentators on the Civil War have managed to vividly convey the humiliating atrocities committed against Biafran women and children during the war. Apart from the kwashiokor disease which ravaged Biafra at that time killing uncountable number of Igbo women and children, many Igbo women were enslaved, sexually abused and taken home as spoils of the civil war. In her poem, Nwanyi bu Ugwu (women are strength) which featured in a Film Documentary: AFIA ATTACK, Poet Amarachi C. Attamah tries to recapture the tragedy that befell Igbo women during the civil war. Certainly the genocide and atrocities committed during the civil war call for justice, penance, restitution, accompaniment, reconciliation and forgiveness. Genocide is a serious human tragedy. Therefore, rather than trivialising or politicising the genocide it should lead to an amendment of life and true healing in Nigeria. Those who think that it is convenient to erase the past from our memories in order to build the future forget that understanding of the past and bringing others into the dialogue offer the stimulus to modify the present and thus pave the way for a bright future. For example, World War 1 and World War 11 have long been fought and lost but the memories and the healing processes of the wars are ceaselessly going on in our time in order to build a new world order bereft of a Third World War or any such human tragedy. We should be unafraid in engaging in the kind of national dialogue on the Biafran revolution which we witnessed at the Shehu Musa Yar’ Adua Centre, Abuja. Through such a national discourse we may discover a new meaning and purpose in our corporate existence which may lead to the charting of new courses capable of bringing about a lasting healing of past wounds.

MAKING A DIFFERENCE TO MILLIONS

read with lame but amused interest the wicked, spiteful and downright parochial write-up of one Dr Ismaila Farouk the other day on a social media platform, and wonder whether he, in the sincerity of his heart, really loves Nigeria. I could not, for the life of me, fathom how someone could spew so much hate in such a blatant fashion, against a sitting Vice-President of our dear nation, who, against all odds, has been making notable strides in his unabashed quest of turning the fortunes of Nigeria around.I was still pondering on whether to reply him or not when Musa Alhassan came up with a piece that took the wind off the sail of Farouk’s insipid war ship. Alhassan went to the downright core of the essential Osinbajo and brought out qualities many people did not even know about the vice-president. For those yet to get a copy of Alhassan’s post, I will enjoin them to get one. He put Farouk in his pathetic corner and showed what stuff, he and his co-traducers are really made of. He (Alhassan) has largely posited most of what needed to be highlighted regarding the actions of the humble and amiable professor, who is effectively handling the wheel and navigating the ship of state (with its attendant multi-layered challenges), on behalf of his dear boss, President Muhammadu Buhari, currently on medical leave in London. I will just reiterate most of what we may or may not have seen or known about the VP since he was sworn in with President Buhari in order to reinforce the need for him to carry on with his duties without fear or favour and to rest in fervent assurance that the Nigerian populace, save for a few charlatans, political jobbers, criminal elements and narrow-minded jejunes

Yemi Osinbajo, Acting President, is doing a remarkable job, writes Eniola Olakunri are fully in support of him and his actions. The first time President Buhari went on his medical leave early this year, he transmitted a letter to that effect to the National Assembly, affirming Osinbajo as Acting President. He (Osinbajo) took full responsibility and immediately went to work. It is on record that the naira gained some laudable points against the irreverent and irrepressible American dollar during this period and students schooling abroad and their parents heaved sighs of relief as payment of school fees could now be sourced through the banks. Also, the near-comatose manufacturing concerns that lean heavily on imported raw materials came roaring back to life due to availability (of) and accessibility (to) foreign exchange. It is also a matter of fact that during this time, youth restiveness was rife in the Niger Delta and Nigeria was losing so much revenue to deliberately punctured pipelines, illegal oil bunkering and theft, apart from low world oil prices pervading and plaguing oil producing countries. The acting president, at a great personal risk, embarked upon a factfinding and fence-mending mission in the Niger Delta and even included trips to the creeks in his itinerary; something no sitting president has ever done. He came out with results and even enjoined oil companies in the process to move their headquarters to the Niger Delta. It is also on record that he swore in an indigene of Cross River State, Walter Onnoghen, as the 17th Chief Justice of Nigeria at this time. This is just to mention a few of his achievements before President Buhari came back on March 10, this year, giving him a pat on the back for a job well done in holding the reins during his absence, to the chagrin, dismay and utter shock of people

like Farouk and their ilks. This time around, the focused and bright professor in his acting capacity as president, also swung into action by signing two bills into law, ostensibly to ease access to credit facilities for micro, small and medium enterprises (MSMEs) approving the payment of second tranche of the Paris-London Club refund to states in order for them to pay outstanding salaries of workers/pensioners and also honouring the G7 invitational meeting in Italy, where he was rubbing heart, mind and shoulders with world leaders including the newly minted American President, Donald J. Trump. I am sure that image of the American President posing for a photograph alongside Osinbajo and transmitted all over the world, would have riled Farouk and his co-travellers to no end.That could have propelled them into quickening their hatchet job on the purposeful, insightful and determined acting president. I wonder why America (from where we copy our brand of democracy) is not raising hell and going to war against Donald Trump for appointing his daughter and sonin-law as senior advisers in the White House! Farouk and his determined but spurious friends would have gone out in a frenzy, armed with long knives and kalashnikovs if Osinbajo had attempted that here. Some years back, a former FCT Minister was reported as seeing nothing wrong in allocating land to his friends. When pressed on the point by journalists, he asked if it was expedient for him as the sitting minister, to allocate land to his enemies. At that time, the Heavens did not fall. We all witnessed the tumultuous crowd that welcomed the acting president to Calabar a few days ago and how his unscheduled visit to

Garki market the other day, (to get a first hand feel of things) was also received. The images of these visits no doubt, do not sit well with the enemies of Nigeria. In his quiet wisdom, Osinbajo is keeping the findings of the committee that probed the suspended Secretary to the Government of the Federation and NIA Director-General close to his chest, awaiting his principal’s return. Since he was the chairman of that committee, it would be inexpedient to give a verdict one way or the other when the one that gave him and his committee the assignment is recuperating abroad. In summation, we all know this is a gang up against the perceived and palpable popularity of the sitting vice- president which, in the main, rankles a tiny set of unscrupulous elements. In their warped and perverted minds, Osinbajo’s achievements portend a grave danger to their 2019 permutations. I am amused at the antics of the likes of Farouk who always take God out of the equation in the life of Man and by extension, a nation. I wonder why these people are not interested in a fit for purpose Nigeria for which, if only they could have a change of heart, and in conjuction with well intentioned patriots, can bequeath a better and prosperous nation to their children and coming generations. Must Nigeria be sacrificed on the altar of poverty, complacency, narrow-mindedness, self aggrandisement, self-centeredness, myopia and unbridled ambition before people, in Faroukian mould, would halt their reprehensible and perfidious schemes against our nation? In the popular parlance of Nigerian politics, I will enjoin the good professor to continue his good works with God leading the way. Olakunri wrote from Lagos

T H I S D AY •WEDNESDAY JUNE 7, 2017

EDITORIAL CONTAINING THE ALMAJIRI PHENOMENON The states in the north must invest more in education

n the last few months, the practice of Almajiriinci – street begging often done by children in the name of seeking Islamic education - has featured prominently in discussion particularly in the north of the country. The issue was again on the agenda during the pre-Ramadan conference with the theme, “The Role of Islam in Combating Corruption” where the Sultan of Sokoto, Alhaji Sa’ad Abubakar 11, disowned the entire practice. “Almajiri does not represent Islam, but hunger and poverty,” said the sultan. “Islam encourages scholarship and entrepreneurship and frowns at laziness and idleness as exemplified by itinerant Almajiri. Therefore, attempt must be made to stop the practice.” The Almajiris are found virtually in all the northern states and some urban cities across the nation. ‘Almajiri’ is said to be a corruption of the Arabic word ‘Almuharireen’ which means immigrants. Originally, the almajiris were male pupils of school age who left home in search of Qur’anic education. They were placed in care of teachers who would prepare them for learning the basics of Qur’anic education. But the teachers, in most cases, were THERE MUST BE unable to meet all the CONSCIOUS EFFORTS needs of their pupils. IN THE NORTH TO The students were TAKE THE MILLIONS therefore obliged to OF CHILDREN OFF THE beg in the neighbourSTREETS THROUGH hood to supplement their rations and other MORE INVESTMENT IN needs. EDUCATION Begging for food was part of the training so that they could appreciate how poor people live. But over time, the practice had broken down and bastardised and the pupils abandoned to their fate. Today, the Almajiris have become a major societal problem. Abandoned by their parents and neglected by the state, the often scruffy, ill-clad and deprived children always roam the streets in search of livelihood. Aged between four and 18, they constitute the largest number

Letters to the Editor

of the country’s 14 million out-of–school children. Governor Abdullahi Ganduje of Kano said recently that there were more than three million almajiris roaming his state, without homes and without any discernible means of survival except begging. “What we discovered from our survey is that many of these almajiris come from Niger Republic, Chad, Northern Cameroon and some from other states of the north-west,” said Ganduje.

T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOlAJI ADEBIYI, JOSEph UShIGIAlE MANAGING DIRECTOR ENIOlA BEllO DEPUTY MANAGING DIRECTOR KAYODE KOMOlAfE CHAIRMAN EDITORIAL BOARD OlUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOlA BEllO, KAYODE KOMOlAfE, ISRAEl IWEGBU, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OlUfEMI ABOROWA DIVISIONAL DIRECTORS pETER IWEGBU, fIDElIS ElEMA, ANThONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEh ASSOCIATE DIRECTORS hENRY NWAChOKOR, SAhEED ADEYEMO CONTROLLERS ABIMBOlA TAIWO, UChENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER pATRICK EIMIUhI GROUP HEAD fEMI TOlUfAShE DIRECTOR, PRINTING PRODUCTION ChUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

s admitted by the governor, the almajiris have become a major source of social and economic problem to the society at large. They also constitute a threat to national security. The street life exposes the almajiris to all kinds of abuse and they are easily lured into all manner of crimes, and have indeed constituted themselves as breeding grounds for violent conflicts. Many politicians and others use them as cannon fodder to advance their interest. There is no doubt that the brutal insurgent group, Boko Haram, recruited a substantial number of its cheap foot soldiers from the rank of the almajiris. This is why it has become imperative to find a lasting solution to this ancient and obnoxious practice that deprives the nation of many of its youthful energy. Ganduje’s suggestion that legislation be made to prevent the movement of school age children is worth a try. But the poverty and social disharmony in many homes contribute largely to the problem. Thus the Emir of Kano’s repeated advocacy that many parents in the north should learn to bring forth children they could cater for, in addition to establishing more schools for them to seek Western education also merits attention. To deal with the problem, there must be conscious efforts in the north to take the millions of children off the streets through more investment in education. As Matthew Hassan Kukah, the Bishop of Sokoto Diocese has wisely said, “whether the nation likes it or not, the next owners and leaders of the nation are the almajiris and the youths, who roam aimlessly on the streets.” We cannot afford a future led by delinquents.

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

NIGERIA AND WORLD ENVIRONMENT DAY

gnorance is not an option. The environment is the “stage” for every “performance”, every entity is important to it if the world would remain an ecosystem – a self-supporting system. In the wake of recent global happenings, one cannot but think of what would become of our world in the next two or three decades. Would we have to fashion oxygen sieves on our noses before having assess to clean air? Or simulate artificial gardens only the rich would be able to afford? Maybe “air-conditioner wears” from Asia would have gained so many acceptances that the cooling effect of trees would no longer be important? One could go on with imaginative fantasies that would only prove one thing – Ignorance. Two days ago, June 5, 2017 marked the celebration of the World Environment Day – the biggest annual event for environmental action with the theme “Connecting with nature”. The theme which aims to appreciate ideas from the commonplace is one that poses a mind-puzzling question to everyone: How am I connecting with the environment? Maybe this would be a better rendering – If the environment could talk, what would she say of me? While we may again feign ignorance of our environmental misappropriation, it would be a quantum leap in the right direction if we acknowledge our negligence. A few days ago, the “Donald Trump administration” pulled out of the Paris Agreement which aims to strengthen the global response to the threat of climate change, strengthen the ability of countries to deal with the impacts of climate change by keeping a global temperature rise in this century well below two degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5

degrees Celsius. As much as it would have been honourable to pay deaf ears to President Trump’s usual “knee-jerk decisions”, it is disturbing to know that such decision was made by the president of the world’s second largest emitter of carbon, claiming that the agreement is not in the best interest of America. Obviously, for Trump it’s business as usual. Speaking on the theme of the World Environmental Day, Mr. Momoh Kayode, an agricultural entrepreneur and a postgraduate student of University of Ibadan said, “We have to adopt better ways of handling the environment by putting up green initiatives that would at least mitigate the effect of climate change”. The struggle to curb climate change is not a myth and the best way we can connect with nature at this crucial time is to sensitive ourselves on the best use of the environment”. And so before the question “how am I connecting with nature?” is hastily answered, a few things are necessary. We should endeavour to carry out our fundamental obligation as global citizens. For developing nations, environmental hygiene such as cleaning sewage pathways, making blocked drainages flow, disposing refuse properly and tree-planting volunteering should be attended to. For developed nations, a strong solidarity should be maintained towards environmental course, even against all odds. Then should we make attempts to raise up our camera and snap; a selfie in a beautiful garden, picnic in a nature park, a child feeding his pet frog, a politician planting a tree, a tourist skydiving, connect with nature in every beautiful way our minds can think of. After all, the world belongs to us all. Ogunjobi Oluwamuyiwa Felix, Port Harcourt

WHY CHRISTIANS ARE GOOD AT FIGHTING POVERTY

n Nigeria, Egypt, and sundry similar places, Christians face extreme adversity each passing day. Yet in the midst of this denial Christians have found ways not to always come up short, all to the chagrin of their tormentors in Egypt. The Muslims have called Christians the “favoured class” and in Nigeria Christians have been wholesomely persecuted by the Economic and Financial Crimes Commission (EFCC) as “corrupt.” How could a minority be “favoured” in an overwhelming Muslim country like Egypt and how could a “corrupt” region be the centrepoint of Muslim migration in a place like Nigeria is seemingly beyond the comprehension of everyone. Christians have always not come up short because of the influence of the “Kirk Space” in their lives; irrespective of

denomination, Kirk Space is the church environment that serves as a place for social interaction and personal rejuvenation whence the church brotherhood looks out for one another, teaches skills, preaches commonsense, and engages in community service. Preaching commonsense means that a man must plan his family size according to his income. He should be able to feed his children, clothe his children, educate his children, and ultimately strives to leave something behind for them when he passes on. When one home is thus enlightened in this fashion, there is a great certainty that other homes have been positively affected too. The long-term domino knock-on effect is to keep poverty at bay. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna

WEDNESDAY, JUNE 7, 2017• T H I S D AY

NEWS

Okowa Solicits EU Support to Relocate Oil Firms to N’Delta Omon-Julius Onabu in Asaba and Sylvester Idowu in Warri Governor Ifeanyi Okowa of Delta State has reiterated the importance of getting multinational oil companies to relocate their headquarters or main offices to their areas of exploration and exploitation in the country as he solicited the assistance of the European Union towards such move. Okowa noted that such relocation by the oil multinationals would be of immense benefit to the host communities, the oil companies, the respective state governments as well as enhancing Nigeria’s peace and security situation. The governor made the

assertion while playing host to the EU Ambassador to Nigeria, Mr. Michael Arrion, who paid him a courtesy call yesterday in Asaba, the state capital. Specifically, he noted that locating headquarters of oil companies within their host communities would not only boost relationship between the companies and their host communities but would also “ensure that the host states are no longer shortchanged” in terms of appropriate revenue accrual to the states. According to the governor, “Most of the multinational oil companies do shortchange us as a people and as a state. They operate in this state but their head office and their

Ganduje Moves to Reconcile Dogara, Jibrin Ibrahim Shuaibu in Kano Kano State Governor, Abdullahi Umar Ganduje has commenced moves towards reconciling the suspended member of the House of Representatives, Abdulmumin Jibrin with Speaker Yakubu Dogara and other principal officers of the House. THISDAY sources at the Government House, Kano said as part of the initial reconciliation efforts, the governor on Monday invited the Chief Whip of the House, Alhassan Ado Doguwa, and Mr. Jibrin and enjoined them to bury the hatchet and forgive one another Our correspondent learnt that Ganduje has reportedly reached out to Speaker Yakubu Dogara on the issue. Sources also revealed that the lawmakers are considering recalling Mr. Jibrin from suspension anytime soon. Jibrin was suspended by the House for 180 legislative days for exposing budget fraud allegedly committed by some principal officers of the House. It was gathered that the deputy governor of the state, Professor Hafiz Abubakar and the state party chairman, Abdullahi Abbas, were in attendance in the meeting.

Kano Muslims Pray for Late Emir Bayero Ibrahim Shuaibu in Kano Hundreds of millions of Muslims in Kano on Tuesday held prayer sessions to commiserate three years of the passing of the late Kano monarch, Alhaji Aminu Ado Bayero. The sympathizers individually recited special Quranic citations seeking for the repose of the soul of the late emir who transited on June 6, 2014. The ward of the late emir and Wambai Kano, Alhaji Aminu Ado Bayero commenting on the demise of the former traditional ruler admitted that the immediate family members and close associates of the deceased missed his wise counseling. According to him, the 51 years leadership rule of Bayero over the Kano traditional council had ushered in peace and prosperity.

management staff are outside the state. “There is the need for them to relocate to where they have their operations. If all their operations are in the state, it is comfortable for our people and enables true partnership between the oil company, government and the people, especially when you domicile in the area where you make your money.” Okowa, therefore, appealed to the EU envoy to prevail on multinational oil companies regarding the need to locate their headquarters in their areas of operations, which are mainly in the Niger Delta region. “We hope they will listen to the voice of reasoning and relocate to areas where they have their operations,” the governor said, even as he sought the assistance of the EU in encouraging the teeming population of

unemployed Nigerian youths to be national assets through positive engagement, rather than constitute themselves into societal burden. He reiterated his belief in encouraging youths towards acquisition of valuable skills or engaging them in the agro-value chain, saying his administration empowerment programmes have recorded remarkable successes in skill acquisition for youths and the empowerment of the youths through agriculture schemes. The governor said: “We have willing youths who are ready to partner the EU in the development of the agro-value chain. And, despite the financial challenges, my administration has revived technical education in the state and we have continued to provide basic social amenities for the people.” He said the state government was ready to partner the EU as well as individuals and

corporate organisations willing do business in the state, and commended the stabilising roles the EU was playing in Nigeria and sub-Saharan Africa. Earlier, the EU ambassador said he was on working visit to the state, adding that the EU has enjoyed fruitful partnership with Nigeria, including Delta State, in the 40 years the organisation has been in the country.

Arrio said the EU was interested in assisting the country to tackle terrorism, drug trafficking, illegal migration and to ensure that EU member-states invested more in Nigeria. “We see Nigeria as a market to invest much more in,” he noted, adding that “we believe that the European investments can lead to the diversification of the country’s economy.”

T H I S D AY WEDNESDAY JUNE 7, 2017

T H I S D AY • WEDNESDAY, JUNE 7, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

Defectors Undermining Democracy

The rate at which political office holders jump to the party in power is alarming. Davidson Iriekpen warns that except this dubious trend is stopped, it risks making Nigeria a one-party state

enultimate week, the embattled Peoples Democratic Party (PDP) lost a senator to the ruling All Progressives Congress (APC). The defecting senator, John Enoh, Cross River Central, who announced his defection at plenary, cited personal reason. The senator, who is the Chairman, Senate Finance Committee, alleged that his district was neglected by the PDP. Before Enoh’s defection, Joshua Dariye, Plateau; Yele Omogunwa, Ondo; Nelson Effiong, Akwa Ibom; and Andy Uba, Anambra all former members of the PDP had switched allegiance to the APC. The story is not different in the House of Representatives where the membership of the PDP caucus has dropped to about 120 following the defection of some members elected on the platform of the PDP to the APC. At the inauguration of the current 8th assembly on June 9, 2015, the PDP had 139 members and the APC 214 members. However, the number of PDP members has lately fallen to about 120, with the APC being the beneficiary. The above examples are a fraction of the number of PDP members who had so far defected to the APC since the party assumed power in May 29, 2015. The spate of defection from one party to another since the country returned to democratic rule in 1999 to now has been on the rise. Unlike the famous early morning defection of elected members of the National Council of Nigeria and the Cameroons to the Action Group on the floor of the Western Nigeria House of Assembly in 1951, the current defectors are regarded as politicians without principle, morality, conscience and ideology to champion the cause of leadership for the well being of the society and political development of the country. Mr. Jas Awanen has recently adduced reasons for defection of politicians, saying the trend was the result of personality clash, power tussles, divergent views on the operation of a political party’s philosophy, crisis or division within a given political party, disagreement on party’s position on an issue, realisation of one’s personal political ambition and party leaders reneging on agreed issues of the political party probably on power sharing formula. During the First Republic, the former Premier of the defunct Western Region of Nigeria, Chief Ladoke Akintola left the then Action Group in a crisis rooted more in personality clash and personal principles. He believed that there was the need for him to move the Yoruba race into Nigeria’s mainstream politics. Even within the late Dr. Nnamdi Azikiwe political fold, the great political philosopher, Dr. Kingsley Mbadiwe, defected from the NCNC to form his political party, the Democratic Party of Nigeria in the 50s based on disagreement with the party leaders. Records also show that in the old Ondo State during the Second Republic, Chief Akin Omoboriowo, the then deputy governor of United Party of Nigeria (UPN) government of Chief Michael Ajasin defected to join the National Party of Nigeria (NPN) and became its gubernatorial candidate. However, from 1999 to date many politicians at the local government, state and federal levels have easily defected from one political party to the other. While some do so abandoning the parties on which platform they were elected, others do so after losing elections thinking that the best option for them is to switch to another political party. One of the manifestations of the history of defection on the Nigeria’s political landscape is that a preponderance of those who defect do so in favour of the ruling political party in power either at the centre or state level. While from 1999 the trend was defecting from other parties to the PDP especially at the federal

Chief John Odigie-Oyegun. His party benefiting from defections

level, the new trend now is moving from the PDP to the APC. Since there appears to be no public-spirited reason for an elected politician to dump his party for another, analysts see the spate of defections by some Nigerian politicians from one party to another as nothing more than an exhibition of lack of capacity, moral integrity and character among those who are ruling or aspiring to rule this country. Where a state is governed by APC, those in the opposition whether elected or not, would move to the party either to get reelected or get appointments in the state or federal level. The same goes for states that are governed by the PDP. This, perhaps, explains why the likes of former Senate President, Senator Ken Nnamani, former Governor of Abia State, Orji Uzor Kalu, former governor of the old Anambra State, Chief Jim Nwobodo, former Governor of Enugu State, Sullivan Chime, Senator representing Anambra Central, Andy Uba, a former member of the House of Representatives, Uche Ekwunife, who later represented Anambra Central at the Senate, before her election was annulled by the Appeal Court and many others defected to the ruling APC. So embarrassing has the gale of defections of politicians from the opposition PDP to the APC become that a former Chairman of the House of Representatives Committee on the Diaspora, Mrs. Abike Dabiri-Erewa, recently frowned at it. Dabiri-Erewa, who is also the Senior Special Assistant to President Muhammadu Buhari on Diaspora Matters expressed disgust over the gale of defections, describing it as shameful, calling the defectors “political prostitutes.” In a series of tweets via her twitter handle, @ abikedabiri, the ex-lawmaker, who represented Ikorodu Federal Constituency, Lagos State said: “The rate of defection from PDP to APC is shameful. Political prostitutes, politics of convenience, not conviction.” According to her, the APC should not allow the defections, adding that “But APC leadership

thinks otherwise.” She pointed out that “defection should not be so easy. But hopefully, we will gravitate towards ideology.” A few years ago, former President Goodluck Jonathan in his usual, self-inculpating posture aptly captured the scenario when he stated that more than 50 per cent of those in politics had no business being there. In the same vein, a former Economic and Financial Crimes Commission (EFCC) boss once observed that judging by their proclivity for gluttonous accumulation of wealth, many politicians and aspirants were mentally and psychologically unsuitable for public office. A question begging for an answer is- what is the character of the Nigerian political elite? What, in the thinking of the politicians, is the whole purpose of the political party? As Greenbarge Reporters put it, “Since the last election, it is not as if a better formula to govern the country has been found. It is not as if a new set of policy framework for socio-economic development has been formulated; neither is it that a roadmap for industrialisation has been drawn. It then beats the imagination what the attraction of defection from one party to the other is apart from power for its sake. “In the last 18 years, the quality of political leadership at all levels has remained generally low. Power, violence and money remain instruments of statecraft in the hands of the ruling party, while vanity or indiscernible ideas characterise the opposition. The result is the forfeiture of character as the system remains unable to build strong institutions. The fear of poverty, the unwillingness to develop indigenous capital, inferiority complex, acute selfishness and the imperviousness to a conference of reason have conspired to unleash mediocre persons on the polity.” Many reasons have been attributed for the defections. While those defecting have often given divisions in the parties as reasons for their defection, observers think otherwise. They also blame the absolute powers of the state governors for the actions. They feel that the defectors defect because they

want security in the new administration For example, while lawmakers who defect at the state level do so to get another term, others do so because they want to secure nomination at the federal level. Most importantly, some defect because of the APC at the centre. For instance, it is believed that if the defector is a federal lawmaker, he or she would be defecting because first, federal legislative elections hold on the same day with the presidential election which is not within the control of the state governors especially in the opposition parties. For the defector, in his or her estimation, it is better to hide under the protection of federal government’s agencies. For those seeking to become governors, and do not have the chance, they simply defect to the party controlled by the president in order to use federal might to unseat the incumbent governor. Others have attributed the reasons for the rise in defection to lack of professional calling among politicians. They believe that because most of the country’s politicians are not lawyers, doctors or trained in any chosen field, they find it difficult to find something else to do when they are out of power. “They are not lawyers, doctors or trained in anything. Some claimed they were businessmen or women, but in actual fact, they don’t have any fixed address. They are just portfolio carrying businessmen and women. When their tenures end, they find it difficult to secure jobs. Hence, they defect to another party to remain relevant. Some even defect to tame hunger. When they leave power, they are flat broke and can’t pay their bills,” said Emmanuel Adebo, a public affairs analyst. Th courts have also made pronouncements on defection. Justice Adamu Bello of the Gusau Division of the Federal High Court in a landmark judgment delivered in the case involving the defunct All Nigeria Peoples Party (ANPP) and the then Zamfara State governor, Alhaji Aliyu Shinkafi and his deputy Mukhtar Anka who defected to the PDP, dismissed the suit on the grounds that the action of the governor and his deputy was not illegal going by the provisions of the 1999 Constitution. Section 177 of the Constitution clearly states that a person shall only be qualified for election into the office of the governor of the state if he is a member of a political party and sponsored by a political party. The same constitution did not state that such a person cannot leave that party after achieving electoral victory. It was also based on this that the Supreme Court in the case of Abubakar Atiku v Attorney General of the Federation held that a person sponsored by a political party to power could leave the same party to another without breaching any section of the constitution. But in respect of elected members of the legislature, the constitution states that a state or federal lawmakers must vacate his or her seat after defecting to another political party. This provision has been exploited by elected legislators to defect from their political party to another. But recently the Supreme Court explained the grounds under which a lawmaker can leave a political party on the excuse of factional crisis within the party. To a large extend, this explanation by the apex court has fallen on dear ears as members of the legislature continue to defect in droves. In his view, a public affairs analyst, PhilipWuwu Okparaji, said the spate of defection in the country portended great danger for sustainable democracy and if left unchecked could move the nation one political party system without any viable opposition to act as check on the ruling political party.

T H I S D AY • WEDNESDAY, JUNE 7, 2017

RIGHT OF REPLY

MIDWEEKPOLITICS

Gaidam’s Transformative Agenda for Yobe Yobe State governor, Ibrahim Gaidam is unrelenting in his determination to change the face of his state from one reeling from the effects of Boko Haram attacks to a shining light in the Northeast, writes Abdullahi Bego

Gaidam.... changing the face of Yobe

s Yobe State emerges out of nearly six years of devastating Boko Haram attacks, there is emerging consensus among a broad spectrum of public opinion that its governor, Alhaji Ibrahim Gaidam, is moving actively fast to rebuild the state and place it on the path to socio-economic glory. It may be a little harder for some who were fed a steady diet of negative stories out of Yobe as Boko Haram terrorists killed and maimed their way to the gloom and doom that had befallen the state for almost six years to grasp. But over the last 20 months when peace began to take hold, Yobe has made more progress than during the previous ten years pre-Boko Haram. There are at least two factors that underpin this reality. First, there is a sense of urgency to rebuild and make progress after the clock was set back several years by the senseless insurgency. Second, there is a demonstrable display of prudence and transparency in public resource management that the Gaidam administration has used effectively well to push through its service-to-the-people agenda. These factors – and the determination of Gaidam to leave behind rock-solid and sustainable legacies – have translated to concrete returns for key sectors of Yobe’s public life, including education, healthcare, roads development, agriculture, civil service and the security of life and property. Since its beginning – and through the years of Boko Haram ravaging attacks – the Gaidam administration has built 1, 094 kilometres of road and still counting. Vast swathes of the state that were hard to reach have been effectively linked with road networks. The people of Machina, Yusufari, Yunusari, Gaidam, Gashu’a,

Karasuwa, Gadaka, Godowoli or the people of Gujba/Gulani who were the hardest hit by Boko Haram are alive to testify to this. Across Yobe State, people are excited that the roads rGaidam has built have effectively become the signifiers of mobility and metaphors of entry and exit that roads all over the world are. In towns across the state too - in Gashu’a, Damaturu, Gaidam, Potiskum, Nguru, Machina, etc. – the Gaidam administration has built more township roads and drainage than all previous administrations in the state combined. In the state capital, Damaturu, there is currently an ongoing urban renewal programme. For the first time in history, Yobe’s people can boast of a modern and still modernising healthcare system. The governor has built Yobe’s first University Teaching Hospital with state-of-the-art equipment and a harvest of specialised personnel that are unrivalled in the entire northeast region. He has also set up a Medical College at the Yobe State University (YSU) where a massive complex for the college’s key departments of biochemistry, physiology and human anatomy is currently under construction. The state is now poised to begin home-based training of medical doctors from September this year. The governor has also rebuilt and

Since its beginning through the recession to date, the Gaidam administration has never failed to pay workers at the end of every month

expanded the State Specialist Hospital in Damaturu with over 13 new ward and departmental buildings, beddings and equipment. In Gashu’a, Potiskum, and Gaidam towns – three of Yobe’s five largest towns - the general hospitals there, built in the late 60’s and early 70’s, are undergoing their first major expansion and upgrade. While the people of Dapchi and Damagum towns are already enjoying the benefits of the Gaidam healthcare policy. In education, the governor is working hard to reposition this key sector. Five secondary schools in Yunusari, Gwio-Kura, Fika, Nangere and Nguru are currently being rehabilitated, expanded and upgraded. Work in Yunusari, Gwio-Kura and Fika schools is almost 100 percent complete. Only two weeks ago, the governor approved the payment of over N1.3 billion in counterpart funding for the State Universal Basic Education Board (SUBEB) and Universal Basic Education Commission (UBEC) joint projects for 2015 and 2016. As Boko Haram left a trail of destruction across Yobe’s schools, the Gaidam administration has moved to rebuild over 24 primary schools and over 300 classroom blocks; it has also provided classroom furniture and fenced many of the schools that were previously not fenced to improve security. Yobe’s higher education is also enjoying some of its best moments currently. At about one billion naira per annum, the Gaidam administration is paying more student scholarships than all northeast states combined. The administration continues to build infrastructure and provide services at the YSU that the Yobe State university is described by a veteran University administrator and former Vice Chancellor of Ahmadu Bello University (ABU) Zaria, Professor Abdullahi Mahdi

as the ‘fastest growing University’ in the North. Across the higher education spectrum, repositioned management and additional resources have combined to make teachers and students work even harder and achieve more at the Umar Suleiman College of Education Gashu’a, Atiku Abubakar College of Legal and Islamic Studies Nguru, Mai Idriss Alooma Polytechnic Gaidam and the recently upgraded College of Health Sciences, Nguru. There is no question that under Governor Ibrahim Gaidam, Yobe’s higher education is on a significant upswing trajectory. In the agriculture sector, the Gaidam administration is currently undertaking major irrigation projects in Mugura, Boloram and the Nguru Lake. When fully harnessed, these projects will be poised to transform food production in the state. The administration has also ordered 1590 metric tonnes of fertilizer for farmers for the current farming season as it has over previous seasons. The administration has spent around N200 million on fertilizers alone for the season. Under Gaidam, Yobe has also made a record as one of the states that regularly pay their workers’ salaries. Since its beginning through the recession to date, the Gaidam administration has never failed to pay workers at the end of every month. It has also set aside a N50 million standing fund for the payment of state pensioners. Over the recent period, the Gaidam administration has spent billions in the payment of gratuities to retirees. With these interventions and many more, Gaidam is punching all the way to impact as he steers Yobe through his mid-term of his second term in office. •Bego wrote in from Damaturu, Yobe State

T H I S D AY • WEDNESDAY, JUNE 7, 2017

FEATURES A Senator’s Burden

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

One Plateau Senator has been rubbing minds with his constituents at town hall meetings, seeking to know their needs, Seriki Adinoyi writes

os communities in Plateau State have over the years suffered various losses from hundreds of years of mining activities in their lands, which have benefited the entire nation at their detriment. Plateau State was the home of min ing activities by the expatriates before the discovery of oil in Nigeria. Before the oil boom, mining was therefore one of the major sources of revenue generation in the country. But over 100 years after mining activities commenced in the state, many of the mining ponds in the state have been left uncovered thereby posing various risks to residents of the areas and threatening their well-being, particularly their health. The excavation of these minerals which include Iron, Magnetite, Tin, Columbite, Lead, Zinc, Tantalite, among others has left the original land owners with nothing as they now find it difficult to cultivate because of the hazards left behind in the aftermath of the activities. The ponds left behind by the mining activities have constituted a source of erosion that have repeatedly swept away people’s houses and the little farmlands cultivated for agriculture, leaving them with nothing. Also, the radioactive wastes from the mining have posed serious health hazards on residents, who live among the ponds, and have polluted their waters. The radioactive products, it was gathered, pose risks of cancer and respiratory diseases on the people who have no other homes. Like in the Niger Delta region, this degradation has occurred at the detriment of the locals, who now cry to government to help reclaim their ravaged lands by covering the deep ponds since they were not paid corresponding compensation for the activities which benefitted the entire nation. The local governments that fall under this danger include Jos North, Jos South, Barkin Ladi, Jos East, Bassa, Riyom, among others. Incidentally these local governments where about 60 per cent of productive farmlands have been destroyed as a result of mining activities, fall under the Plateau North Senatorial zone which Senator Jonah David Jang of the Peoples Democratic Party (PDP) represents. This has given sleepless nights to the lawmaker, who recently embarked on tour of the local governments to listen to the constituents. He had held town hall meetings in all the local governments where constituents were given the opportunity to discuss with him on their challenges. The Senator also used the avenue to empower the youths of the constituents as he donated tricycles to them in all the six local governments. He also donated classroom blocks to schools in the local governments and inaugurated at least 12 boreholes donated to the communities in the local governments. For the farmers in his constituency, Jang donated Farmers’ Markets where they are expected to take their farm produce for sale. Jang also empowered some selected persons with tricycles in the six local government areas of his constituency, urging them to work with them and make a living for themselves and their families. He added that the process of selection was in consultation with the stakeholders in the constituency. He had earlier, empowered 500 people from his constituency a few months back. The empowerment programme had women, youths, the aged and people living with disabilities as major beneficiaries. Items donated in the earlier episode include sewing machines, grinding machines, wheel chairs, generators and barbing clippers, tricycles, set of computers and printers, block moulding machines, hair dryers among others. Donating the items to the beneficiaries, Jang

Jang (left) empowering constituents in Plateau North senatorial zone...recently

said the gesture was a way of fulfilling his campaign promises of salvaging the people from the shackles of poverty and hunger which have bedevilled them. He added that the present hardship being experienced in the country also necessitated the empowerment scheme, in order to make the people economically independent. “As governor of this state, I initiated programmes and policies aimed at alleviating the sufferings of the people. Today, as Senator, I have not changed. We all know the economic situation of the country; it is in a serious mess and our people are really

As governor of this state, I initiated programmes and policies aimed at alleviating the sufferings of the people. Today, as Senator, I have not changed. We all know the economic situation of the country; it is in a serious mess and our people are really suffering. So, I feel that this empowerment scheme is apt, because there is no better time for this kind of gesture than this very moment. We are committed to salvaging our people from the shackles of poverty and this is why we are doing this today

suffering. “So, I feel that this empowerment scheme is apt, because there is no better time for this kind of gesture than this very moment. We are committed to salvaging our people from the shackles of poverty and this is why we are doing this today. “Other legislators may have pocketed the monies given to them for things like this, but on our part, we decided to use it judiciously to touch the lives of our people.” Jang charged legislators at the state and federal levels from Plateau to emulate his empowerment scheme and give their constituents a better living condition. He enjoined beneficiaries to put the items given to them into proper use and assured that more people would be empowered in the nearest future. Speaking at the recent town hall meetings, the Senator also shared the constituents’ burden of the devastating impacts of years of mining activities and called on the federal government to help the state in reclaiming its land from the numerous mining ponds. Jang, who took three whole days to interact closely with the people also lamented that the problem was not just that of the ponds culminating into devastating erosion, but that of the people now exposed to serious health hazards resulting from chemicals exhumed from the soil during the mining. Jang however elated the people, who heaved a sigh of relief, when he disclosed to them that he was already sponsoring two important and critical bills on the floor of the Senate; “bill for the re-reclamation of the mining sites that litter Plateau North and other parts of the state, and another bill for the National Emergency Management, seeking to re-settle the people that were displaced by the crises that rocked the state.” The Senator explained that protracted crises that bedeviled the state in recent times, and indeed the repeated Fulani attacks on the communities have witnessed the people deserting their ancestral homes and becoming destitutes and refugees in their own state

having been chased away from their homes. He said the second bill was meant to give them respite by re-settling them so that they can have their lives back, and go back to their normal businesses. Promising to follow up the bills to ensure that they scale through, Jang said the welfare of his constituent remains a priority to him, adding that he had to tenaciously pursue the inclusion of Plateau State to benefit from the re-building of the North-east which was devastated from Boko Haram insurgency. Charging his people not to keep mum in the face of their challenges, the Senator urged them to channel their pains to the government, adding that it was their right to call government’s attention to their needs. He said, “The All Progressives Congress (APC) promised you a change during their campaigns, if you are not seeing or getting the change, it is your right to cry out and ask for it.” Jang was responding against the backdrop of the people of Jos East lamenting that it has not seen the impact of the change administration of the federal and state governments since the inception of the current administration. They had lamented that the road projects in the area that was ongoing during the past administration was abandoned by the current administration which they supported to ascend to power. Speaking for his people of Jos East, a former member of the House of Representatives, Hon. Bitrus Kaze said, “we have not seen the change promised us by the APC,” adding that “any change that cannot put food on the table of the common man leaves much to be desired.” Citing the instance of the current security challenge in Southern Kaduna, Kaze also expressed worry about the safety of his people, noting that the prevailing peace on the Plateau should not deceive the people to go and fold up their arms. He therefore restated the need for state police to complement the efforts of the federal police, which he said was numerically inadequate

T H I S D AY • WEDNESDAY, JUNE 7, 2017

FEATURES to meet the security needs of the about 200 million Nigeria population. A position Jang corroborated. The people had also expressed worries over the recovered funds which have not impacted the lives of Nigerians. But Jang, who said the town hall meetings were meant “to create an avenue to tell us where you are happy with our efforts and where we have not done well enough so that we can improve,” said “I am working very closely with my colleagues in the National Assembly to see that Nigeria does not only come out of the present economic recession which has impacted negatively on the people, but that the country becomes one of the strongest economies of the world.” He added that “though we contested on the platforms of different political parties, but once elected, we have become one government working collectively for the progress of the nation.” He admitted that the National Assembly was passing through a trying moment in its strained relationship with the executive, but expressed hope that it will be resolved, adding that “it was all politics.” Speaking on the recovered monies, Jang said, “In the spirit of the fight against corruption, Nigerians deserve to know the amount recovered so far, Nigerians should ask the All Progressives Congress government where the monies are being kept, the amount so far, and what it intends to do with them.” He said when the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, appeared before the Senate he could not give the correct account of the funds recovered so far. “If the money has been stolen again, they should let us know. “Our government should stop treating us like illiterates. And it is unfortunate that people don’t want to ask questions. Some of those who stole our monies are in this administration, nobody is talking about them but those in opposition are being harassed and treated anyhow.” Jang, who said his successor Governor Simon Lalong has destroyed most of the projects he handed over to him, advised the governor to be more focused, and desist from using payment of salary as a yardstick for achievement. “Payment of salary is not an achievement; it is the responsibility of any government to pay the civil servants. I inherited over 12 months’ unpaid salaries when I was elected as governor of this state; I cleared all the salaries along with pensions and other entitlements, and I never went over the radio to count it as an achievement. Whether you like it or not, payment of salaries is compulsory; you have to pay. It is never an achievement,” he added. The Senator, who implored the people of Jos East to ask the governor why the road leading to the local government is now in a terrible state, and while the ones that were ongoing during his administration are now abandoned. “If you will be fair to me, you will agree that I tried my best to open up this local government when I was the governor of the state. But since I left, nothing has been done.” Jang also alleged plot by operatives of EFCC to invade his house in search of looted funds, insisting that he has no looted fund in his house.

Jang, who took three whole days to interact closely with the people also lamented that the problem was not just that of the ponds culminating into devastating erosion, but that of the people now exposed to serious health hazards resulting from chemicals exhumed from the soil during the mining

Jang presenting empowerment certificate to his constituents

Jang inaugurating the Farmers Market

Jang presenting empowerment certificate to one of his constituents

The Senator however, warned that anybody who breaks into his house would repair any damaged part of it. Jang said, “Somebody came to my house and told me that there is plan to raid the houses of all former PDP governors. My house is very open for them to come and search, but I want to say this to the hearing of the public, if anybody breaks my house, they will hear us up to Supreme Court. “You cannot break into my house and go free, you must come and repair it, if they think I hide money in the ceiling or anywhere, they should have equipment that can trace the money, but if they come to start breaking walls, they will repair my

house because they will not find a kobo, I didn’t steal money.” He added that his successor, Lalong has vowed to take him to jail for corruption but he will not find him guilty of any financial mess that will land him in prison. “Lalong is investigating my government to make sure he jails me, they have investigated and did not find anything, they have gone to EFCC nothing, they have gone to ICPC nothing, they are still back to EFCC again. “Former President Goodluck Jonathan had asked me where I got money to execute projects across the state but my pain is that the present government is not asking this question, they are only interested in soiling

my name but what I did in eight years will vindicate me,” Jang said. The constituents in the six local governments, who eulogised the Senator for giving them the chance to rob minds with him, expressed satisfaction that he has not abandoned them to their fate. They pleaded with Jang to always make out time to come back to interact with them. Some of the beneficiaries of the tricycle donation, Mr. Abok Sunday, Yohana Madaki, Salome Ezekiel, and Jummai Dabo, thanked the Senator for the gesture. They said the gifts of the tricycles have renewed their hope in government, adding that they are determined to make the most use of them to benefit their lives and those of their families.

IMAGES

L-R: The Oniro of Otu, His Royal Highness, Oba Sunday Oyetunji Adepoju; the Are of Ago-Are, His Royal Highness, Oba Dr. Abodunrin Kofoworola; an award beneficiary, Mrs Serifat Jimoh; Director of Operations, British American Tobacco Nigeria (BATN), West Africa, Mr Charles Kyalo; and Legal and External Affairs Director, BATN West Africa, Mr Freddy Messanvi, during the 2017 BATN Farmers’ Awards Ceremony held at the BATN Recreation Centre, Oyo State...recently

T H I S D AY • WEDNESDAY, JUNE 6, 2017

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Managing Director,Champion Breweries Plc, Mr. Patrick Ejidoh; Chairman, Dr. Elijah Akpan; and Company Secretary, Mr. Tosan Aiboni, at the 41st annaul general meeting of Champion Breweries Plc in Lagos...recently etop ukutt

L-R; Vice President, The Light Bearers, Wesley Cathedral Olowogbowo, Lagos, Pastor Deji George, The President, Aramide Tola Noibi, the newly dedicated Chaplain, Very Revd John Olanrewaju Solubi and newly elected Patron Sir Adeola Olufon KJW at the dedication of Sir Adeola Olufon as the Society Patron during the Society’s 2017 Anniversary Thanksgiving Service at Wesley Cathedral Olowogbowo, Lagos....recently

l-R; Brand Manager, Ribena, Mr. Essien Ekemini; Marketing Director, Suntory Beverage & Food Nigeria, Mrs. Rosemary Akpo; Director, Private Education and Special Programmes, Ministry of Education, Mrs. Ajoke Gbeleyi; Representative of the First Lady of Lagos State, Mrs. Aderonke Solomon; Managing Director, Suntory Beverage & Food Nigeria Limited, Mr. Chinedum Okereke and some of the awardees during the Ribena good values award at the 2017 children’s day celebration, in Lagos…reccently kola olasupo

L-R;Producer, African Jollof Rice Challenge, Ororo Pataya ; Moderator, 2017 Big brother Nigeria housemate, Uriel Oputa and Executive Producer BTV, Felix King at the ,African Jollof Rice Challenge in Lagos,recently...faith obosi.

L-R; Chairman, Ado odo LCD, Mr. Saheed Alagbe; President, Rotary Club, Otta, Mr. Tunde Adeshina; District Governor, Mr.Patrick lkheloa; District Governor nominee, Mr. Kola Sodipo and Mr. Leke lbbrahim during the commissioning of a block of modern toilet built by Rotary Club of Otta at Ansar-udeen Primary School, Ado-Odo, Ogun State...recently

L-R: Guest Lecturer, Dr. Abigail Ogwezzy-Ndisika; Chairman of the occasion, Prof. Obinnaya L. Chukwu; Honouries, Mrs. Beatrice O. Ubeku, and Dr. J.G. Nkem Onyekpe, during the Investiture of Patrons and Patronesses, St. Martin De Porres Old girls’ Association, Lagos Branch at Unilag, Akoka, Lagos... recently kolawole alli

L-R: State Nutrition Officer, Lagos State Ministry of Health, Mrs Bunmi Braheem; Director, Lagos State Educational Resource Center Ojodu, Mrs Kehinde Hazoume; Country Marketing Manager, Arla Dan, Olumide Aniyikaiye; Wife of Commissioner for Environment, Lagos State, Mrs Oyinlola Adejare; President Nutrition Society of Nigeria, Dr. Batholomew Brai and some pupils of selected primary schools to mark the World Milk Day 2017 in Lagos, recently

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD R A t E S NIBOR OVERNIGHT 1-MONTH

A S

A t

M A Y

NIBOR 21.3750% 21.0038 %

3-MONTH 6-MONTH

22.5331% 24.6856%

1 8

NITTY 1-MONTH 3-MONTH

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

2 0 1 7 20.1827% 19.3855%

6-MONTH 9-MONTH

21.3861% 21.5058%

EXCHANGE RATE N305.35//1US DOLLAR* *AS At LASt FRIDAY

Quick Takes RenCap Unveils Consumer Price Tracker

Renaissance Capital has launched its Consumer PriceTracker, which would collate and compare prices of major consumer brands in Lagos. This would include products by Nestle Nigeria, Unilever Nigeria, Cadbury Nigeria and other competitors. The Consumer Price Tracker, according to a statement is aimed at furnishing investors, analysts, government and businesses with insight and data to make more informed investment decisions, as well as provide information useful in evaluating the impact of economic changes on the pricing of consumer goods - measuring price differences and similarities between competing brands - and tracking the country’s inflation rate. Chief Executive Officer, Renaissance Capital Nigeria, Temi Popoola explained: “We have been advising investors in Nigeria and the rest of Sub-Saharan Africa for close to a decade and have built and grown our team of experienced analysts and economists who provide reliable and useful analysis that encourage investments in the region. “We are seeing green shoots emerge in the Nigerian economy and our Consumer Price Tracker comes at a much needed time to contribute in maintaining the momentum as Nigeria regains its position as the leading economy in Africa.”

Ecobank Group Wins Awards

WELCOME TO NIGERIA

L-R: Consul General, South Africa, Darkey Afrika; MBA Director, LBS, Dr. Uchenna Uzo; Premier of Guateng, David Makhura; High Commissioner, Louis Mnguni; Member Economic Council for Economic Development, Mr. Leobogang Maile, during the visit of the South African Premier to the LBS and the discussion on the path to Africa economic growth…recently

Report: Raising Minimum Wage May Enhance Nigeria’s Economic Recovery Obinna Chima Increasing workers’ minimum wage might be the last dose of policy prescriptions needed to experience a full economic recovery, the Financial Derivatives Company Limited (FDC) has stated. The FDC stated this in its latest economic bulletin for May. According to the Lagos-based investment and research firm, a common thread to the introduction and increase of a minimum wage across the globe was the desire to compensate for a loss of purchasing power due to inflation. It stated that Nigeria shares this objective, fuelled by

ECONOMY frequent requests from labour unions for an upward review, adding that the outcry, during the past two years was a potential trigger of social unrest. The Federal Executive Council (FEC) recently approved a 29-member committee to deliberate on the merits of an upward review in minimum wage. The minimum wage presently is N18, 000 a month. At the time of its implementation in 2011 this was equivalent to $140/month. Today, the equivalent in dollars is around $45-$60. “At the current rate, civil servants are living on $1.5 - $2

per day. This is barely above the international poverty line mark of $1.90 a day. Increasing the minimum wage could see an uptick in the daily rate to as high as $5; while still very low, it nevertheless is 150 per cent higher than current levels. “Inflation and the weak value of the naira have eroded the purchasing power of the average Nigerian. In the last two years, a number of adjustments have been made to general price levels which have contributed to this erosion. “The prices of basic necessities, such as rice, bread or a bottle of CWAY water, have increased significantly. It is obvious to see that N18, 000

is barely enough to cover basic necessities,” it added. The removal of fuel subsidy in 2016 saw the price of petrol increase by 67 per cent. Similarly, diesel and kerosene prices also increased significantly. The rise in the cost of power was a result of the decision to adopt a cost reflective tariff. Food prices have increased by 19.3 per cent in the past year. “These developments support a minimum wage review. In addition to providing a higher standard of living, proponents for an increase in the minimum wage believe it will dampen recessionary pressures with Continued on page 24

Banking Stocks Surge to New Highs on Economic Recovery Hopes Goddy Egene Banking stocks are clearly leading on the Nigerian bourse as indicated by the Nigerian Stock Exchange (NSE) Banking Index, which has appreciated by 39.03 per cent as at Monday, outperforming the NSE benchmark index that has so far gained 21.2 per cent. Findings by THISDAY showed that banking stocks are becoming investors toast on hopes that the economy is recovering from recession and the development would impact positively on the performance of the banks at the end of the

CAPITAL MARKET current financial year. Some market operators said while the economy faced serious headwinds that pushed it into recession in 2016, some banks still posted impressive results and declared significant dividends. “It is therefore instructive for discerning investor to take position in the banking sector now that there are strong indications that the economy would recover. When this happens, it means better performance for banks and higher returns

to shareholders at the end of the year,” a stockbroker said. Investors’ swoop on banking stocks have bolstered the prices of most of the equities to new highs. For instance, FBN Holdings Plc has surged 111 per cent, while United Bank for Africa Plc has recorded a gain of 86.6 per cent. Stanbic IBTC Holdings Plc has appreciated by 83.3 per cent, just as Access Bank Plc and Fidelity Bank Plc have garnered 60.9 per cent and 54.7 per cent respectively. Zenith Bank Plc has chalked up 36.8 per cent just as Diamond Bank Plc and FCMB Group Plc have appreciated by 37.5 per cent and

23.6 per cent in that order. Analysts at Meristem Securities Limited, are bullish in their outlook for the banking sector, saying to while the issues which have plagued the sector in recent times are still prevalent to certain extents, the levels of income generation witnessed during the year, even in the face of significant credit loss charges, signal that the sector is driving towards another strong performance in 2017. They said: “Also, we expect more risk asset creation from the sector in 2017, when compared Continued on page 24

EcobankGrouphasbeenrecognisedfordriving‘InnovationinBanking’ at the African Banker Awards. Ecobank said it triumphed against strong competition owing to its efforts to transform banking in Africa and create higher levels of financial inclusion. This includes being its introduction of a pan-African card that enables customers withdraw cash and make payments across 36 markets in Africa. “Innovation is part of our DNA and Ecobank has long been the vanguard of the drive to eradicate financial exclusion and use technology to financially transform Africa,” Group CEO, Ecobank, Ade Ayeyemi said. “As mobile phone subscription continues to soar being at the forefront of digital banking has made it possible for our customers to do nearly all of their banking without entering a brick-and-mortar branch.” Also, the Group Executive, Consumer Banking at Ecobank, Patrick Akinwuntan said the award served as recognition that the bank is moving in the right direction. “Millions of Africans already hold the transformative power of technology in their palms with their mobile phones – forward-thinking financial services providers need to adapt to the changing landscape in order to introduce solutions that truly meet the needs of customers and owners of businesses of all sizes.”

Internet Security Guidelines Launched

TheInternetSocietyandtheAfricanUnionCommissionhaveunveiled a new set of Internet Infrastructure Security Guidelines for Africa. The launch took place during the African Internet Summit in Nairobi recently. The guidelines are expected to help Africa create a more secure Internet infrastructure and are set to change the way African Union States approach cyber security preparedness. The guidelines - the first of their kind in Africa - were developed by a multi-stakeholder group of African and global internet infrastructure security experts, and are the first step towards building a more secure Internet in Africa.They will help AU member states strengthen the security of their local Internet infrastructure through actions at a regional, national, ISP/operator and organisational level. Africa’s cyber security environment faces a unique combination of challenges, including a lack of awareness of the risks involved in using technology. “Africa has achieved major strides in developing its Internet Infrastructure in the past decade. However, the Internet won’t provide the aspired benefits unless we can trust it. We have seen from recent experiences that Africa is not immune from cyber-attacks and other security threats. These guidelines, developed in collaboration with the African Union Commission, will help African countries put in place the necessary measures to increase the security of their Internet infrastructure,” Africa Regional Bureau Director for the Internet Society, Dawit Bekele

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

Senior Lecturer, Department of Economics, Pan-Atlantic University,

Dr. Bongo Adi

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD REPORT: RAISING MINIMUM WAGE MAY ENHANCE NIGERIA’S ECONOMIC RECOVERY a subsequent increase in consumption levels. “It could stimulate economic activity as low-wage workers spend their additional earnings, raising consumer demand and creating job growth. This was the case in the US when the government decided to introduce a federal minimum wage during the Great Depression. “It’s almost impossible to see why anyone would not support an increase in Nigeria’s minimum wage. Although on route to a recovery, the Nigerian economy is still in a recession,” analysts at FDC argued. However, on the flip side, the report stated that one of the most common unintended consequences of an increase in the minimum wage was an increase in unemployment. It based this on the fact that majority of states in Nigeria can barely afford to pay pensions let alone bear the additional costs associated with increasing the minimum wage. BANKING STOCKS SURGE TO NEW HIGHS ON ECONOMIC RECOVERY HOPES with the previous year when the growth in the nominal value of assets was due to the depreciation of the currency. While the issues plaguing the banking sector are still prevalent and significant, the resilience of the sector, in general, is not in doubt, in our opinion. We expect that with a re-surgence in the economy and improvement of macroeconomic fundamentals, non-performing loan issues should dissipate and respite from this perspective should result in measured, appreciable risk asset creation, which should, in turn, drive growth further.” The analysts added that given the state of the economy, which has seen the Monetary Policy Committee deploy policy tools to support the currency and manage price levels, interest rate environment has supported top and bottom-line growths for the majority of banks with liquidity to deploy.

NEWS

Senate C’tee: Nigeria Loses $2.5bn Annually to Gas Flaring Damilola Oyedele in Abuja The Senate Committee on Gas has decried the loss of over $2.5 billion to gas flaring annually from an estimated two billion standard cubic feet of flared gas, which accounts for about 19 percent of total gas, flared globally. The statistics are the highest for any member nation of the Organisation of Petroleum Exporting Countries (OPEC), the committee lamented. Chairman of the Committee, Senator Bassey Akpan (Akwa Ibom North East) speaking at the opening of the public hearing on the Gas Flaring (Prohibition) Bill, recently, added the lack of reliable data has made it difficult to gauge the magnitude of the damaging practice. He however noted that there is a better understanding of the barriers that must be overcome to reduce flaring. These, he said include the establishment of not only effective regulations, but also clear policies with the right incentives for operating companies, to ensure necessary infrastructure was put in place for better domestic utilisation. Akpan noted that Nigeria’s estimated 188 billion cubic feet of proven natural gas reserve, makes it the ninth largest concentration in the world. “Due to unsustainable exploration practices coupled with the lack of gas utilisation infrastructure, we flare more than 75 percent of the gas produced and re-inject only 12percent to enhance oil recovery,” he said.

The consequences of gas flaring are however much more than just the financial aspect, the Senator said, adding that the practice contributes to air pollution, heat, rain forest damage and climate change. Akpan added: “The 2008 National Gas Supply and Pricing Regulations which stipulate a penalty of $3.50 per 1000scf is yet to be enforced by the regulatory agency, since according to the operators, the

inability to meet the Domestic Supply Obligation cannot be enforced as gas flaring penalty; hence the continuous application of the N10/scf till date.” “This incentivises gas flaring since it’s rather cheaper to flare than create the necessary infrastructure to make this wasted natural resource available for domestic usage for which the regulation was intended.” Declaring the hearing open, Senate President Bukola Saraki

said gas flaring remains a matter of great national embarrassment to the country. Saraki, who was represented by Deputy Senate Leader, Senator Ibn Bala Na’Allah, stated that there is no reason why the country continues to flare gas, in this age and time, when considering its short and long term consequences. “It is not an inevitability. Whilst statistics may not be accurate, the quantity of gas

flared in Nigeria exceeds over 40% of the gas flared annually across Africa which amounts to about $7billion in waste. Apart from economic waste being a consequence of gas flaring, flared gas is also known to contain toxic substances which cause respiratory diseases and air pollution, leading to depletion of the ozone layer, ultimately having an adverse effect on weather and climate,” Saraki said.

COLLABORATING FOR SUCCESS

L-R: Special Adviser, One-Stop-Shop, Babi Subair; Chairman, Manufacturers Association of Nigeria (MAN), Ogun State Chapter, Adewale Adegbite; Commissioner for Commerce and Industry, Bimbo Ashiru and Special Adviser, Commerce and industry , Funmi Ajayi at the 10th Quarterly Meeting between MAN and Ogun State Government held at the Ministry of Commerce and Industry Premises at OkeMosan in Abeokuta… recently

Oil and Gas Sector Audit Reports Implementation Still Weak, Says NEITI Chineme Okafor in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that the country’s implementation of remedial issues contained in its various reports on the activities of its oil, gas, and solid minerals sectors was still weak. The agency has therefore called for collaboration with civil society organisations working in the country’s extractive industries to change this narrative, stating that it

was its responsibility to provide information and data on the sector’s operations. NEITI noted that it is the responsibility of the civil society groups to use the same information and data to hold government and companies accountable for their actions. According to a statement from NEITI’s Director of Communications, Dr. Orji Ogbonnanya Orji, in Abuja, the agency’s Executive Secretary, Mr. Waziri Adio, stated this at a special workshop organised by

Publish What You Pay (PWYP). Adio stated that despite existing records indicating that Nigeria earned a total of $592.34 billion from the oil and gas sector from 1999 to 2014; and about N143.5 billion earned from the solid minerals sector of the country between 2007 and 2014, the country has yet to improve the living conditions of her citizenry. He said the huge revenues earned by the government over the years had not significantly changed the living standards

of majority of Nigerians, or impacted on the development of the country’s infrastructure base. He identified the slow pace of implementing NEITI’s industry audit findings and recommendations as one of the weakest links in EITI implementation in Nigeria and tasked PWYP to lead a robust civil society activism and engagements with relevant government agencies to implement NEITI’s reports. Adio further urged civil society groups in the country

to be more vigilant and ensure that future earnings from the extractive sectors translate to national development and support poverty reduction in the country. He also described PWYP as an important global civil society organisation with a vantage status with which it could use to lead a comprehensive advocacy to translate NEITI’s reports into results capable of bringing about the desired reforms in Nigeria’s extractive sectors.

Group Business Editor

Stakeholders Push for Technology-driven Education System

AgriBusiness/Industry Editor

Ugo Aliogo and Carol Oku

Chika Amanze-Nwachuku Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

As part of efforts to improve the growth of the education sector in Nigeria, stakeholders have called for increased investments in technology to raise the standard of education and also tap into the opportunities in the sector. Speaking at the Bridge’s social sector open house event organised in collaboration with the Lagos State Ministry of Education and Ministry of Budget and Planning in Lagos recently, the Special Adviser to the State Governor on Education, Obafela

Bank-Olemoh, said that the state government’s desire to invest in technology would continue to increase because technology is a viable platform to reviving the growth of many social and economic indices. He also stressed the need for government at all levels to actively invest in technology to drive national development, stating that the state government has recently launched its educational programme known as ‘CodeLagos’. Bank-Olemoh explained that the initiative is targeted at equipping one million young people with coding

skills and transforming the state into a major technology hub over the next decade. “Twenty-three Bridge academies and 3,000 pupils will take part in the CodeLagos initiative. The selected Bridge schools will serve as training centers for the programme.” In his remarks, the Executive Officer Bridge International, Jay Kimmelin, expressed satisfaction in working with the Lagos State Government on building capacity and capability in education and technology sectors. He noted that in the 21st century, technology has

become an enabler of better schooling and development across the globe, adding that it is exciting to see Nigeria at the forefront of that movement. Kimmelin added that technology underpins the education provided by Bridge and it would play a pivotal role in empowering Nigerians over the next decade. Bank-Olemoh added: “The state of Governor, Mr. Akinwunmi Ambode, has set target to push Lagos state from the fifth largest to the third largest economy in Africa and we will need a new generation of technology literate

graduates to drive that forward. The appetite for investment in technology must continue to increase as this has become the most viable way to feed the growth of many social and economic indices. As we seek to educate our burgeoning populations for the future, we are pleased to be partnering strategically with Bridge.” Bridge has been able to leverage on technology to provide quality, low-cost education to over 7000 low-income families in 37 local communities in the country.

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD

NEWS

Trade Negotiation Office to Advise FG on How to Resolve EPA Challenge Ndubuisi Francis in Abuja When it fully takes off, the newly-approved Nigeria Office for Trade Negotiation (NOTN) is to advise the federal government on how best to go about resolving the contentious Economic Partnership Agreement (EPA), the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah has said. The Federal Executive Council (FEC) recently approved the establishment of NOTN to act as the pivot for the negotiation of bilateral and multilateral trade agreements between Nigeria and other countries and agencies. The EPA, which is a response to continuing criticism that the non-reciprocal and discriminating preferential trade agreements offered by the European Union (EU) are incompatible with World Trade Organisation (WTO) to rules, is a scheme to create a free trade area (FTA)

between the EU and the African, Caribbean and Pacific Group of States (ACP), but has been mired in controversy. In an interview in Abuja, Enelamah, who described the EPA as “situated in the 19th century,” stated that one of the areas the federal government expected advice from the NOTN and technical experts was on how to resolve the EPA impasse. “One of the areas we expect to get advice from the Nigerian Office on Trade Negotiation/ technical experts is on how to resolve the EPA challenge. There is a challenge and the reason why there is a challenge is we negotiated with other countries, and they did not necessarily engage Nigeria, which they should have given 60 per cent of the ECOWAS market. “We have looked at the agreement and we believe that the agreements are situated in the 19th century and we are now

in the 21st century. “ You know if somebody is trying to plan with you based on where you are today when you are planning to move somewhere else, it will be wise to look ahead and make sure that the agreement anticipates where you are going, the problem with the EPA is that it does not anticipate where we want to be as an industrial economy. “It sort of assumes we bring the raw materials in, we send them to Europe and it says if you bring them in, we will give you access to our market. But then, you will have to give them access to the finished goods to come back. That was the trade of the colonial era and the 20th century,” he said. Enelamah noted that NOTN would be set up in the next few weeks, adding the whole idea was that it would be led by a chief negotiator and trade advisor.

Africa Can’t Grow Unless it Tackles Power Challenge, Says Dangote Jonathan Eze with Agency report The President/Chief Executive of the Dangote Group, Aliko Dangote, has urged African leaders to address as a matter of urgency, the problem of power generation and transmission if the continent wants to grow like others in the western world. Speaking as one of the panelists at a forum organised by the World Bank Group and the African Centre for Economic Transformation (ACET) in Accra, Ghana, with the aim of scaling up private sector investment in Africa, Dangote singled out the unavailability and erratic supply of power across the continent as the biggest impediment to Africa’s growth, advising governments to invest massively in the power sector to drive growth. According to him, “No power, no growth. We need to make sure we tackle the issue of

power,” the leading industrialist said at the first panel discussion at the Development Finance Forum. He added that small businesses on the continent can never survive without stable power since the income or revenue generated is used in purchasing diesel to power and service generators. “Meanwhile, these generators are meant to be backup or standby. But now, the generators are those that are providing consistent power and the grid is now standby,” he lamented. He cited local examples to corroborate his point. “For example, the entire state of Kano, with a population of 21 million people, has a power supply of less than 35 megawatts from the grid. These are the issues we need to address. We must make sure that power is available, if not businesses cannot grow.” Dangote Group has a joint venture agreement with the

Black Rhino Group to develop a $5 billion (about N1 trillion) energy infrastructure in Africa. Black Rhino is a subsidiary of the Black Stone Group, the world’s current largest Private Equity and Asset Management Company. The joint venture agreement is already looking into setting up power plants in Kano and Abuja. Dangote also signed agreements to increase electricity supply in Nigeria by building pipelines that will boost by four times the supply of natural gas in the nation. The project is backed by Carlyle Group LP and Blackstone Group LP, the world’s two biggest private-equity firms. The pipes will increase the amount of gas available in Nigeria to 4 billion standard cubic feet per day from 1 billion. Boosting domestic supply will help increase electricity generation as about 70per cent of electricity plants in Nigeria are fuelled by gas.

DG: NBC Has Spent $26m on 620,000 Digital Set-up Boxes for Homes Hammed Shittu in Ilorin The Director General of the National Broadcasting Commission (NBC), Alhaji Modibo Kawu on Monday said that, the commission has expended $26million to procure 620,000 set-up boxes for Nigerian homes. The procurement, according to him, is part of the digital switch-over of the Nigerian Television Authority (NTA). Speaking with journalists in Ilorin, the Kwara state capital after inspecting the digital switch-over station of NTA, Kawu said that the NBC decided to embark on the switch-over in phases across the country because of its huge financial implications. According to him, “We are going to have it in phases because digital switch-over is

a major challenge in terms of technology and logistics”. He said: “The 620,000 boxes that we have procured for the first phase cost us $26million, that is huge amount of money; considering that we have about 35 million homes in Nigeria. “Each box is about $45 multiply that by 35 million homes. We are going to have signal systems across Nigeria. It is a very expensive process. He added: “Now we are going to six states in each of the geo-political zone. They are Kwara in the North-Central, Osun (South-West), Gombe (North-East), Kaduna (NorthWest), Enugu (South-East) and Delta (South-South). “When a country switches over to digital it immediately changes the architecture of television in the country. We

are moving from analogue form of watching television to a digital format. “Let me give you a small example, when we switched over last year in Jos, hitherto, the city was watching between three and four television channels immediately they started watching 15 channels. When we switched over in Abuja we started giving them 30 channels. “We calibrated them as local, regional and national stations. That immediately gives you a lot options in terms of the number of television stations. Television is now a 24 hour affair in Nigeria and our interactive boxes that we are using can be used to post government information and they can be used to do a lot of things that will help to deepen democratic process in the country.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Building Blocks for Developing Your Personal Brand – Part 1 I have been approached by a number of people to give one on one coaching on developing their personal brands. While this is an area of development I am equipped to deliver and have a service offering for, I do not have enough time to devote to everyone requiring my individual attention. In order to ensure that we all benefit from projecting our personal brands, I am devoting today’s article to giving you a practical message on how to develop your brand. Personal branding is one of my own messages that I want to create an impact with and ensure that the younger generation does not grope in the dark like many people in my generation have done. As we all know, the term has also become important in our technology and digital era. Muneed Qadar Saddiqui in his piece, “Personal Branding the JAB that makes your completion irrelevant”, gave an illustration saying: “How does carrying an IPOD make you feel? How does Starbucks differentiate from your local coffee? How does flying on Virgin Airlines make you feel? These are not just brands, these companies started from the scratch and moved deeper into our lives with personal branding. What devoted us to these brands is their founders (and of course the products)”. Every brand be it, Apple, Virgin Airlines, Starbucks, GTBank, MTN, Dangote, etc started with the personal brand of the owner. I have mentioned this fact before in my other messages on personal branding. Saddiqui went on to say that creating a personal brand is vital to the individual and the people around them. They are promising people that these are not just brands but a reflection of themselves with unique abilities and unique personalities which will be reflected in the products they manufacture or the services they provide. There is no doubt that creating your personal brand equips you with the ability to out-compete, out-perform and manage your career! It enables you contribute to your career or business and expands your chances of success. It will give you personal contentment and you will become more fulfilled, influential, and indispensable professionally. Developing your brand involves the following building blocks:

• Determine your top 5 values. What are those values that are very important to you. Your value system drives you and this is where your authenticity lies and all that is intrinsically you. In addition to your values, you also need to answer the question, “what is my vision and purpose?. Answers to these pertinent questions will start the journey. Many people are not self-aware and believe personal branding is all about brand communication, increased visibility and enhancing executive presence. While these attributes contribute, the internal reflection and introspection of your values, vision and purpose help you understand what truly motivates you. •The second step is to find out how others see you. Finding out how you are perceived, will help you refine or reinforce your vision, values and purpose. This assessment is necessary to ensure you do not go in a direction that is completely opposite to the real you. • Identify your goals and audience. In

determining your goal you need to first answer whether it is to leave a legacy behind, take charge of your career or to have impact in a particular theme close to your heart. Answers to these will help shape the way you proactively manage your brand and the degree of effort you muster in presenting the intellectual and emotional assets to the people and allies that will help shape your brand. Knowing your audience is the key as this will determine how you reach out to them and the mode of reach. If your intent is to boost your career, your audience is both internal and external. You will need to be exceptional in all you do from a professional standpoint and use your brand’s intent, aspirations and value to deliver on the corporate brand promise by being a visible leader with a stellar professional reputation outside of your organization. Internally, this same attributes will need to be showcased to your bosses, peers and subordinates. Showcasing your brand to your colleagues across the organisation increases your value within and makes you a role model for others to emulate.

• Pay attention to detail. How you dress will add or detract from your brand. The rule of thumb is to dress better than the norm at all times. Be the one who will be invited to follow the boss to important meetings because the boss is proud and comfortable with the way you look and would want to show you off. Or, be the one who turns heads for a positive and admirable reason when you enter a room. Work on your grammar and diction. The negative perception of your grammar and diction will detract from your brand. This is also where etiquette comes in. Ensure you have impeccable manners and understand the appropriate etiquette for a given situation. Gaffes in this area are usually intolerable. Your written messages should also be carefully vetted, to ensure that you are not endangering your brand. Check your grammar, proof read and spell check. • Take inspiration from others worth emulating. Identify your role models and understand what they do and how they do them. The key here is not to copy blindly. But, to delve deeper at the innate reasons for their actions and to bring in your own authenticity. Authenticity is very important. If you copy blindly, you will end up appearing fake and lacking depth because you are not being true to yourself. • Be memorable, don’t be like everybody. Embrace your quirks and be opinionated about the things you are passionate about. Have a succinct elevator pitch. Learn to introduce yourself not by title but by communicating your value or passion and modifying its relevance to each person you introduce yourself to. Strong brands know who they are and the value they want to create. Hold on to these messages above and start to practice them. We will continue next week. ”. – Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD

ANALYSIS

As SEC Moves to Stop Issuance of Dividend Warrants The decision by the Securities and Exchange Commission to discontinue the issuance of dividend warrants as a way of reducing unclaimed dividends may be counterproductive writes, Goddy Egene The issue of unclaimed dividends in the Nigerian capital market has been a major concern to all stakeholders, especially investors. The value of unclaimed dividends was put at over N80 billion and this was giving many investors sleepless nights and discouraging many from investing the market. However, as part of efforts to reduce unclaimed dividends in the market, the Securities and Exchange Commission (SEC), in 2015 collaborated with the Central Bank of Nigeria (CBN) and Nigerian Inter-Bank Settlement System (NIBSS) to launch Electronic Mandate Management System (E-DMMS) platform. The platform allows shareholders to receive dividends directly into their bank accounts. Since the introduction of the platform, SEC has been encouraging investors to register for e-dividend instead of waiting for dividend warrants. According to Director General of SEC, Mr. Mounir Gwarzo, so far about 2.2 million shareholders have mandated their accounts as at the end of April, 2017. However, the regulator declared that from July 1, 2017, dividend warrants would no longer be issued. This means that shareholders, who are yet to register for e-dividend, will not receive dividends from July 1, 2017. Although SEC said that such dividends would remain with the registrars until the shareholders comply and comply with the e-dividend requirement, stakeholders are of the opinion stopping the issuance of dividend warrants may increase value of unclaimed dividends in the market. Benefits of E-dividend platform Gwarzo had explained that the platform would address the lingering problem of unclaimed dividend, which the market had sought solution for the past 20 years. “The era of stale dividends and huge unclaimed dividends in the market will be a thing of the past with the launch of e-dividend payment platform. We are determined to see the full implementation of the system to facilitate effective payment of dividends to investors. Also speaking on the benefits, Head, Business Process, NIBSS, Samuel Oluyemi said that edividend portal was developed under the auspices of zero tolerance on unclaimed dividends being pursued by SEC. The platform, he explained, would allow direct payment of dividends into investors’ accounts once the mandate form was completed appropriately. Oluyemi said investors would supply bank account number, registrars shareholders account number, clearing house account number and bank verification number in the mandate form to facilitate payment. According to him, the portal would also accept payment of dividends into dormant accounts, adding that an investor could only withdraw the money after revalidating the account. “The registrars have been mandated to provide online access of the mandate forms to investors in Diaspora for efficient implementation of the e-dividend payment platform,” he said. E-Dividends Platform Yield results SEC said following the introduction of EDMMS, over N30billion was paid to investors from the backlog of unclaimed dividends. The regulator noted that as means to further reduce the unclaimed dividends profile and curb its growth in the country, it would continue to underwrite the cost of e- dividend enrolment till June 30, 2017, when it would stop issuance of dividend warrants. “Arising from this exercise, over N30billion, which was, hitherto, unclaimed, have so far been credited to respective bank accounts of investors. Therefore, the advantage of the edividend is not only to enable investors collect subsequent dividends electronically but it allows all accrued dividends be credited to investors’ bank accounts. The commission has, however, observed with concern the challenges being experienced by investors in the course of the e-Dividend registration and therefore commits to further defray the cost of registration till June

“But if you say everybody must go to the platform, the rate at which people are going there is low. I think there should be more enlightenment and awareness creation. Do not forget the issue of multiply applicants is also there. Because the EDMMS platform uses BVN, many of those multiple applicants cannot get back their dividends. That means those monies would remain with registrars. Now if you say no new warrants should be printed, the registrars will only pay those who are in the system already. Invariably, instead of reducing the dividends in the system, you are increasing the level. There should be more enlightenment and awareness creation. Also, there should be other incentives. I know SEC is trying by saying the registration is free but those that are in rural areas, should have a motivating thing that would encourage them to come and register,” he said. On the multiple applicants forfeiting their money to the capital market development fund, an investor, said that would be going contrary to the provision of CAMA.

Gwarzo

30, 2017 to enable investors continue to enjoy the free registration,” SEC said. The SEC boss added: “When we started the e-dividend, the major challenge was for people to key into the e dividend mandate. There are unclaimed dividends that have not been claimed, the registrars have been compelled to pay all the arrears of unclaimed dividends. In this country, we have never had this kind of initiative that has reduced unclaimed dividends like we had 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. The e-dividend is for the interest of retail investors.” Stopping Issuance of dividend warrants Having seen the impact of the e-DMMS since it was introduced in 2015 and the level of response, Gwarzo had early last month restated the decision of the commission not to issue dividend warrants from July 1, 2017. According to him, before 2017 date, the electronic-dividend registration would have gained significant traction. “From June 30, 2017 no registrar will issue dividend warrant again in the market. This will not only assist in reducing unclaimed dividends in the market but will also compel those yet to embrace the e-dividend registration to do so,” he said. Apart from discontinuing the issuance of dividend warrants, the SEC boss also disclosed that shareholders who bought shares and registered with multiple names would forfeit ownership of such holdings. He explained that it is against the law, saying that the dividend and shares of those who registered with multiple names would be forfeited going forward. According to the SEC DG, the shares and dividends of these individuals would be transferred to the Capital Market Development Fund (CMDF). He however, noted that the investors who joggled their names in order to have multiple subscription should be given a forbearance period of six months within which they can lay claims to both their shares and dividends. “For those that have the same name, but joggled it to have multiple subscription and can provide identity and justify they are the owners of the shares, they should be able to claim their shares and dividend,” he said. According to him, the CMDF will not be managed by SEC but by other stakeholders in the Nigerian capital market. Registrars’ Position Speaking on the plan by SEC to discontinue issuance of dividend warrants from next month, the Executive Secretary, Institute of Capital Market Registrars (ICMR), Dr. David Walker Ogogo said

the Registrars are prepared to implement the directive of the capital market regulator. “Regarding the decision of SEC on the issuance of dividend warrants, the registrars do not have any problem. Since the information was made public, we have been preparing our minds and have told them to tell the publicly quoted companies that this is what the regulator is looking. We have the companies already and we are working towards it,” Ogogo said. Before now, SEC had issued a directive to registrars to return all unclaimed dividends which have been in their custody for 15 months and above to the paying companies. The commission had given that directive in June 2015 as part of efforts to discourage registrars from holding on to unclaimed dividends. According to the commission, once Registrars do not get incentive in keeping unclaimed dividends, they would be compelled to ensure fast disbursement to shareholders or return them to the paying companies. The Registrars complied with that directive as the managing director of one of the leading registrars, had confirmed to THISDAY that they had returned the money to the paying companies. The Snag However, some market operators said with the plan by SEC to stop issuing warrants as from July will rather increase the amount of unclaimed dividends in the market, a development that is capable of negating the current efforts of the regulator. According to a senior stockbroker, the regulators and registrars have been working on reducing unclaimed dividends, but the E-DMMS platform, which is supposed to absorb all the dividends are not yet perfectly being adopted. “The rate of success is still low now you and they are planning not to issue physical dividend warrants again, which means if the success you have recorded is about 35 per cent, the remaining 65 per cent would be with the registrars. This will mean going back to square one,” the broker said. The broker explained that from their interactions with Registrars, they confirmed that they account details of investors but until the investors go to the Registrars, nothing that can be done. This means that their e-dividend mandates cannot go into the E-DMMS platform. “We have even had experiences with some Registrars, who said their old e-dividend mandate forms were discontinued by SEC, saying that only the new platform should be used.

Shareholders React Responding to the decision to stop issuance of physical dividend warrants, Mr. Olufemi Timothy of Renaissance Shareholders Association of Nigeria, said it is good to encourage e-dividends but it should be done in a way that no investors loses their dividends. “It is good move but a flexible window to collect dividend after the closing date of June 30, 2017. No investor must lose his or her dividend,” Timothy said. The Chairman of Ibadan Zone Shareholders Association, Mr. Eric Akinduro, said the proactive steps taking by SEC to eradicate unclaimed dividend through e-dividend platform is a welcome development that is going to help to reduce the incidence of unclaimed dividend. According to him, SEC has also done well by creating a platform where investors can check their non-mandate account with registrars and which many of them have embraced. “However the dead line is what I fault due to the level of illiteracy of both investors and even the banks. SEC needs to do a lot of enlightment at grassroot level for the small investors that are the major owners of this unclaimed dividends to know how to do about it. Also the issue of signature irregular has to be addressed. Many investors are still facing a lot of difficulties when it comes to signature problem either irregular signature or no specimen signature. What I believe is that this new development in the banking sector should be aligned to do that. So far the BVN and bank has endorsed the form and you can link the name to other shares owned by the investor there should be a way where they can amalgamate the accounts as this will help indeed. So SEC should not close the platform because unclaimed dividend is a continuous issue that cannot stop over a period of time. How many small Investors have access to internet and computer to check this but with time information will go round and more people will get it done,” Akinduro said. In the opinion of Mrs. Bisi Bakare, stopping issuance of dividend warrants would not solve the problem. According to her, while it is good to embrace e-dividend, there is still a lot of work l to be done to resolve back-log of complaints. She noted that many investors still have issues with registrars pertaining to creation of multiple accounts for bonus issues by some registrars among others. “In as much as I am in total support of e-dividend, it is not matured now to completely stop the issuance of dividend warrants. Before that should be done, we need to do more of enlightenment, especially in the rural areas. Before now, most investors were civil servants, who have retired to their villages or changed addresses. Most of them do not have access to mass media to key into the E-DMMS that SEC has introduced. We need to go down to the rural areas to enlightened them. If SEC goes ahead to implement its decision, many of the investors would remain locked out and this would have defeated the objective. The regulator should collaborate with other stakeholders and do more enlightenment for a more efficient result,” Bakare said.

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD

ANALYSIS

Wading through Turbulent Waters

Obinna Chima examines the first three years of Mr. Godwin Ifeanyi Emefiele as the governor of the Central Bank of Nigeria The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele on June 3, 2017, marked three years in the saddle of leadership at the Bank. Indeed, the last three years has not been rosy for Emefiele and his team at the central bank as they have had to contend with headwinds that saw the economy plunged into a recession. The sharp fall in crude oil prices since June 2014, when the CBN Governor took over, led to significant revenue shortfall in Nigeria. The multiplier effect of this as well as the frequent shut-ins and shut-down of trunklines at various oil terminals also worsened the situation for Nigeria’s ailing and mono-product economy and resulted in high inflation, exacerbated foreign exchange (forex) crisis, decline in consumer confidence, among others. To pursue their objectives, all central banks are empowered to manage their country’s currency and money supply, with a view to delivering specified macroeconomic objectives. Therefore, in pursuance of this mandate, the Board of the CBN, through the Monetary Policy Committee (MPC) and Committee of Governors, monitors three key prices: the interest rate, the inflation rate and the exchange rate. Shortly before he assumed the position of Governor in June 2014, the monthly forex inflows into the CBN was about US$3.6 billion. To make matters worse, in the aftermath of the sharp drop in oil price, made worse by falling production volumes in Nigeria, the monthly forex inflows into the Bank dropped precipitously to less than US$700 million per month. Yet, the demand for forex from the market continued to be about US$4.8billion monthly. Given this situation, the CBN dealt with the supply side of the problem by allowing commensurate depreciation of the currency several times. Having done this, and bearing in mind the devastating effects of significant depreciations on inflation, purchasing power, government debt service, financial system stability, fuels and energy prices, it focused its attention on the demand side of the market. In order to address these identified pressures, the CBN had to revisit its foreign exchange policy with a view to positioning it to respond adequately to changing market conditions. Since June 2014, monetary policy has had to address steadily rising prices and increased demand for foreign exchange. Focus on Local Production Worried by the country’s huge import bill as well as the attendant effect on the external reserves, the CBN under Emefiele, in 2015, excluded importers of 41 goods and services from accessing forex at the interbank market. The move was indeed targeted at encouraging local production of the affected items. The CBN hinged its reason for the policy on the need to among other things, conserve forex, and ensure stability of the forex market, efficient and transparent utilisation of forex as well for optimum benefit to be derived from goods and services imported into the country. War against Currency Speculators As part of its forex management policy, the CBN MPC in November 2014 shifted the band of the official exchange rate from N155/$1 to N168/$1. Although the move by the CBN MPC ensured temporary stability in the forex market, currency speculators did not lie low as they continued to carry on their nefarious activities. The unabated onslaught of speculators and its resultant pressure on the naira impelled the CBN to carry out another round of currency depreciation with the sole objective of restoring calm in the forex. This once more led to the devaluation of the naira to N197/$1 in February 2015 and also the closure of the RDAS/WDAS forex market, leaving the interbank market as the only official market. The increasing demand pressure on the forex coupled with the low accretion to the country’s reserves due to weakening global oil price prompted the CBN to redesign a new

Small and Medium Enterprises Development Fund (MSMEDF) and the Anchor Borrowers’ Programme (ABP), which has been widely commended as a masterstroke in the unlocking of agricultural potentials in Nigeria. The Anchor Borrowers’ Programme (ABP) launched in November 2015 has created economic linkages between over 600,000 smallholder farmers and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilisation of integrated mills. Under the programme, the sum of N40 billion has been set aside from the N 220 billion Micro, Small and Medium Enterprises Development Fund for farmers at a single-digit interest rate of 9 per cent. As at March 31, 2017 a total sum of N 33.34 billion had been released through twelve (12) Participating Financial Institutions in respect of 146,557 farmers across twenty-one (21) States cultivating over 180,018 hectares of land. Also worthy of note is the National Collateral Registry (NCR) designed as part of efforts to boost the flow of credit to Micro Small and Medium Enterprises (MSMEs) in the country. The Collateral Registry is a financial infrastructure that allows MSMEs to leverage the greatest part of their assets (movables such as crops, vehicles and machinery) as collaterals for loans for growth. Domiciled in the Central Bank of Nigeria (CBN), the National Collateral Registry is a collaborative project between the CBN and the International Finance Corporation.

Emefiele

framework for the management of foreign exchange in a period of declining supply. Unveiling the new guidelines in June 2016, the Emefiele disclosed that the general operational principle of this new exchange rate framework is that forex currency will be traded in the inter-bank foreign exchange market through the platform of the Financial Markets Derivative Quotation (FMDQ). Other highlights of the new framework included that the Exchange Rate would be purely market-driven using the ThomsonReuters Order Matching System as well as the Conversational Dealing Book and that the CBN would participate in the Market through periodic interventions to either buy or sell FX as the need arises. A novel aspect of the framework was the introduction of non-deliverable over-the-counter (OTC) Naira-settled Futures, with daily rates on the CBN-approved FMDQ Trading and Reporting System, which according to the Bank would help moderate volatility in the exchange rate by moving non-urgent FX demand from the Spot to the Futures market. However, in spite of these measures, the activities of speculators and some noticeable failures in the market mechanism led to further depreciation of the naira. Particularly of concern to the Bank, and indeed the economy, was the fact that the currency speculators held sway in market, just as they colluded with currency traffickers in an attempt to force the CBN’s hand. This resulted to intense pressure on the forex market as the naira weakened to an all-time low of around N525/$1 before the central bank started releasing its arsenals to confront them. Aggressive Market Intervention Determined to calm the pressure in the forex market, the CBN under Emefiele in February 2017, emerged with a new policy aimed at increasing the availability of forex in the market and ease the difficulties encountered by Nigerians, particularly retail end-users, in obtaining funds for foreign exchange transactions for Personal and Business Travel, Medical needs, and School fees, all of which fall under the invisibles category. It also directed that all

retail transactions are to be settled at a rate not exceeding 20 per cent above the inter-bank market rate. Following the clearing of a backlog of matured letters of credit at the inception of the current flexible exchange rate system, the CBN promised and indeed began to provide foreign exchange to all commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) for onward sale to customers. In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN also directed all banks to open FX retail outlets at major airports as soon as logistics permitted them to. In a bid to further increase the availability of foreign exchange to all end-users, the CBN equally reduced the tenor of its forward sales from the hitherto maximum cycle of 180 days to not more than 60 days from the date of transaction. Between February and May 2017, the CBN has intervened in the wholesale and retail segments of the forex market with about $5 billion, just as it has re-admitted operators in the Bureau de Change (BDC) segment, which receive $20,000 each for onward sale to low-end users. Currently, the naira trades around N363-370/$ at various parallel market, which shows it is gradually driving towards achieving convergence between the BDC, parallel market as well as rates for retail invisibles. Development Financing In terms of development financing, the Bank has continued to act as a financial catalyst in specific sectors of the economy particularly agriculture, in its determination to create jobs on a mass scale, improve local food production, and conserve scarce foreign reserves. The Bank’s interventions in this regard include: the Commercial Agricultural Credit Scheme (CACS); Agricultural Credit Support Scheme (ACSS); Agricultural Credit Guarantee Scheme Fund (ACGSF); the N213 Billion Nigerian Electricity Market Stabilisation Facility (NEMSF); the N300 Billion Real Sector Support Fund (RSSF); the Youth Entrepreneurship Development Programme (YEDP), the Micro,

State of the Banks Although the CBN has maintained that Nigerian banks have enough buffers to withstand shocks, in the face of the headwinds in the economy, the industry’s non-performing loans (NPLs) climbed to 14 per cent at the end of 2016, far above the five per cent threshold set by the regulator. However, Moody’s Investors Service recently maintained its stable outlook on the Nigerian banking system, reflecting the rating agency’s view that acute foreign-currency shortages in the country will gradually ease. Moody’s stated that with oil prices and economic activity gradually recovering in Nigeria, it expects banks’ dollar liquidity pressures to gradually ease. But Fitch Ratings believes that significant financial risks persist in the industry. Fitch in its assessment of the banks’ 2016 earnings pointed out that the healthy 2016 net income was lifted by large one-off revaluation gains after Nigeria allowed its currency to devalue in June. Restoring Investor Confidence The Chairman of United Bank for Africa, Mr. Tony Elumelu, praised the CBN Governor for restoring credibility, transparency and confidence in the forex market. Elumelu, who is also the Chairman of Heirs Holdings, pointed out that recent policy initiatives of the central bank under the watch of Emefiele had restored predictability, improved market confidence and significantly added a boost to the value of the national currency, fuelling optimism that the economy would soon rebound from recession. He therefore, urged Nigerians to cooperate with the bank as it moves to consolidate its policies which are aimed at strengthening the naira in the days ahead. On his part, the President of the Dangote Group, Alhaji Aliko Dangote in assessing Emefiele’s performance, said the intervention of the CBN under Emefiele saved the economy. Dangote specifically highlighted the central bank’s intervention in the agriculture and real sectors of the economy, noting that they have been impactful. Nonetheless, the CBN under Emefiele must continue to work in harmony with the fiscal authorities to steer the economy on a better road, thereby unleashing the potential of the economy, especially its large youth population. It must also ensure that it wins the war over the dreaded enemy of inflation in order to promote small businesses and entrepreneurial spirit in the country.

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD

ANALYSIS

A Forgetful Two Years of Manufacturing IndustriesinthepasttwoyearsofPresidentMuhammaduBuhari’sadministrationhavecontended with a lot of issues, chief of which forex scarcity and epileptic power supply have forced several firms to relocate to neighbouring West African countries, writes Jonathan Eze with agency report

Buhari

It was a dismal performance between 2015 and 2017 in the Industry sector of the economy as manufacturers were faced and blighted with several challenges, which affected them negatively. The Central Bank of Nigeria (CBN) acknowledged this when it said that the industrial sector recorded a general decline in the years under review especially in 2016 as indicated by the Purchasing Managers Index (PMI). The PMI is an indicator of the economic health of the manufacturing sector. The index stood below 50 index point in the months of January to November, 2016 which indicated decline in industrial production. The PMI is based on five major indicators – new orders, inventory levels, production, supplier deliveries, and the employment environment. Operators said that the sector was faced with myriads of challenges ranging from scarcity of foreign exchange, infrastructure deficits, high banking charges and lack of raw materials. About 272 firms were shut, while some reduced their production, staff strength and remuneration of workers. President, Manufacturers Association of Nigeria (MAN), Frank Jacob said that industrial capacity utilisation hovered around 20 per cent in 2016. “More than half of the surviving firms are classified as ailing which posed serious threat to the survival of the manufacturing sector. “The business environment was plagued by epileptic power supply, bad roads, high interest rate and high cost of energy which contributed to high cost of production and impediment to competitiveness of the sector,” Jacob said. A major challenge was the acute scarcity of foreign exchange which restricted the ability of manufacturers to import raw materials for production. The apex bank had earlier maintained an official exchange rate with the bound of N197 to N199/USD from February 2015 to June 2016. To address the problem of foreign exchange scarcity, the CBN introduced a new foreign exchange system and some monetary controls in June 2016. Under the new flexible exchange rate system, the naira exchange rate to the dollar depreciated to the average of N320 in the official market and N485 in the parallel market during the year. The CBN also banned 41 raw materials from getting foreign exchange for importation at the official segment of the foreign exchange market. MAN, however, said that the new foreign exchange system worsened the plight of manufacturers as it led to a cumulative loss of N500billion for manufacturers in 2016. To further address the foreign exchange crisis, the CBN, on August 22, directed banks to allocate 60 per cent of their foreign exchange sales to manufacturers for procurement of raw

Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah

materials, plants and machineries. In spite of this directive, the problem of foreign exchange scarcity persisted. Erisco Foods Limited, an indigenous tomato paste manufacturer, relocated its 150 million dollars tomato paste processing plant to China due to the same problem. It had a production capacity of 450,000 metric tons of tomato paste annually and had 22 brands with over 2,000 workers in Nigeria. Eric Umeofia, the Chief Executive Officer, Erisco Foods, said that the company relocated to friendlier business environment after losing over N3.5 billion in Nigeria. The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf said the inability of manufacturers to access foreign exchange at the interbank market impeded growth in the real sector. He urged the federal government to ensure availability of more liquidity in the foreign exchange market to restore investors’ confidence in the economy. Industry experts also urged the CBN to review its policy on the 41 items restricted from the official foreign exchange market as it had stifled production and forced many firms out of business. They advised the apex bank to redirect its policies towards stimulating the economy rather than tightening money supply. They said that monetary and fiscal policies should be coordinated for economic revival and growth. The experts also called for review of some monetary and fiscal policies that have hindered the growth of the

It has been a herculean task running any business in Nigeria, especially importdependent manufacturing business. Some companies could not access official forex allocation for over six months while others noted that some of the letters of credit opened as far back as the fourth quarter of 2015 were not funded by the banks

manufacturing sector. It has been a herculean task running any business in Nigeria, especially import-dependent manufacturing business. Some companies could not access official forex allocation for over six months while others noted that some of the letters of credit opened as far back as the fourth quarter of 2015 were not funded by the banks. However, there seems to be light at the end of the tunnel as a result of some dynamic intervention from the Central Bank of Nigeria. The CBN governor, Godwin Emefiele spoke about new policies that will change the trend. He said: “The whole essence of the new policy is to infuse dollar liquidity into the system and to ensure easy accessibility of end users. “In the past, we have had that people were not able to pay their school fees, people were not able to buy BTA and that is why they had to go to the black market or parallel market. “Now that the CBN have come up with a policy that has returned this into the confines of the inter-bank market and that of the bank, we believe strongly that this will take the demand off the parallel market and we expect that the Naira will strengthen as this goes on. “In essence, it means that people who have children overseas and those who have to pay school fees or want to travel don’t have to bother rush to BDCs to be buying money or to go parallel market. “They can now source this easily from the banks and that for me, is a very big positive.’’ The CBN rolled out a new policy on foreign exchange aimed at easing access to foreign currencies for personal, business, travel, educational and medical purposes, among others. The CBN later provided $370.9m to 23 banks to meet the visible and invisible requests of customers. The CBN further directed all banks in the country to open foreign exchange retail outlets at major airports as soon as logistics allowed them. The CBN also eliminated stiff conditions in applying for Basic Travel Allowances (BTA) in banks. “We have tried as much as possible to simplify the access of this particular fund. “We all know that the issue of tax clearance has been an issue because not many people can produce their tax clearance and for those who can, some can also easily produce fake tax clearance and the process of verifying this is very difficult. “So the central bank has waved the issue of tax clearance provision in accessing these funds and all you need to do is basically your journey must originate from Nigeria, travelling out. “You cannot leave overseas and buy BTA to travel. You must have a valid ticket to travel with and as a matter of fact you must have a bank

account and BVN to recognise you as a bank account holder. “So we are very positive that banks being under the supervision of the CBN have no choice with this directive,” he added that the CBN, allocation of foreign exchange to develop the manufacturing, agric industralisation remains the apex bank’s priority. The power sector posed its own challenge with epileptic power supply. About 70 per cent rise in cost of op¬erations was recorded as power generation, which rose to above 4.500MW, suddenly dropped to less than 1,200mega¬watts, resulting in load shedding by the power distribution com¬panies. According to a report from the Manufacturers Association, of Nigeria (MAN), members companies spent N20.8 billion, monthly on power generation to run produc¬tion process. Jacobs, added that the ripple effects of the pow¬er shortages and constant outages were numerous, ranging from cut down in production, job loss to outright closure or relocation to other countries by industries. He added that companies had to bear so much loss as the outage often occurs when goods are in the middle of production. He said: “When you are pro¬ducing and power is taken unan-nounced, goods in line of produc¬tion would be destroyed.” As a result of this, Jacobs said many members of MAN have resorted to generating power privately and completely cut off their operations from the national grid. “Most companies, like Coca Cola, Wempco, Nigeria Flour Mills and especially the multi na¬tionals self-generate their power. They don’t rely on the national grid. And for the last three years, our study showed that our mem¬bers spent averagely in a month, N20.8 billion, he said. Corroborating this, the Direc¬tor General of the Nigeria Em-ployers Consultative Association (NECA), Mr. Segun Oshinowo, said generating alternative power to run the manufacturing sector is expensive and invariably increas¬es the cost of production. Oshinowo said as Nigerian companies operate in the global market, the consequence of in¬curring high cost on power gen-eration undoubtedly would make the nation’s industries less com¬petitive. His words: “The products which our companies would be churning out would be compet¬ing with others coming from abroad whose countries have good infrastructure. Definitely, the prices of those products com¬ing from outside will be cheaper, while ours will be higher and less competitive due to cost of production. The same goes for those companies exporting their products, it will still be less com¬petitive and it’s really a serious problem.”

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESSWORLD

ANALYSIS

How Insurance Fared in Two Years under Buhari

Ebere Nwoji examines the breakthroughs and challenges recorded in the insurance industry in two years of the Muhammadu Buhari administration

“The president has been doing very well trying to put structures right. As it is today, a lot of activities have started picking up and we have seen the signs that it is going to be better and all Nigerians will be happy at the end of the day. So I want to assure you that it is going to be better from now to the year 2017”. These were the words of the Group Managing Director, Royal Exchange Plc, Alhaji Auwalu Muktari, during an interview with THISDAY in his office shortly after president Muhammadu Buhari took up the mantle of leadership as Nigeria’s 4th democratically elected president on May 29, 2015. Muktari had high hopes that Buhari’s administration would bring a major turnaround in the fortunes of the insurance sector. Most operators shared the same view with him. Indeed, the industry operators were optimistic that many things left undone by past administrations in the efforts to reposition the insurance industry as a major contributor to the nation’s economic growth in the presence of decline in the price of oil, would be accomplished by the Buhari’s administration. As Buhari clocked two years in office, industry operators and stakeholders have looked back to count their gains and achievements during these past two years. An assessment of the performance of the industry during these two years, revealed a mixture of successes and woes in the insurance business. According to operators, success, in the sense that the administration recognises insurance as an arm of financial services sector that can contribute meaningfully to the growth and development of the economy. In this regard, the operators noted that the Buhari’s administration has accorded high recognition to the industry in that it has shown interest in driving insurance to the forefront of the financial services sector in Nigeria. On the other hand, the woes were recorded in the sense that many operators, both brokers and underwriters groan under what they described as high handedness of regulators supervising their operations as well as major shrink in premium generation as a result of tough times experienced by Nigerians within the period especially the first year of the regime. The operators also complained of heavy claims, Minister of Finance, Kemi Adeosun increase in cases of fraudulent claims to the extent that some now pay claims from their reserves. Insurance Commission (NAICOM), published According to them, their worst experience was names of 108 insurance brokers whose operating in settlement of dollar denominated claims as a licenses were suspended for non renewal of their result of weak value of the Naira to the dollar. licenses. On the side of premium generation, the operators In 2016, the regulator, published names of 300 expressed regret that a lot of premiums were lost in insurance brokers out of the existing over 500 transit during this period due to non-enforcement brokers who were deemed fit for operation. of compulsory insurances by government just as This earned the regulator serious criticism late implementation of the budget, placed both with many operators and industry stakeholders corporate and individual citizens in the country accusing the regulator of trying to strangle the in such tight corner that they hardly consider brokers to death unnecessarily. They argued that insurance patronage. this was capable of increasing unemployment On the positive side, the immediate past Com- problem in the country. The action however, put missioner for Insurance, Mr. Fola Daniel had in many brokers on their toes, motivating them to the early days of Buhari’s administration, noted put their houses in order as corporate entities. that the regime was very sensitive to the fact that insurance was the key to building a virile economy and had for the first time, in the history of the country, called for the contributions of the industry to its transition committee. Describing this as first in history for the industry from the federal government, Daniel said then: “The future holds a lot for the insurance industry under Buhari’s administration.” However, a critical assessment of the industry’s performance during the two years of Buhari’s regime, revealed that the industry, within the period, showed signs of market discipline which stakeholders have been yearning for, as this definitely will brighten the fortunes of the industry as well as increase public confidence. For instance, within this period, some insurance companies had been sanctioned, boards of directors had been replaced with interim managers while warning memos had been issued to some errant firms . Also, a critical screening of operators in their various trade groups was conducted especially insurance brokers where the regulator had vowed to separate the wheat from the chaff. For instance, in December 2015, shortly after the regime came on board, the regulator, the National

Within this period, some insurance companies were sanctioned, their board of directors with interim managers, while warning memos were issued to some errant firms . Also, screening of operators in their various trade groups was conducted especially insurance brokers where the regulator had vowed to separate the wheat from the chaff

Also, within the period, NAICOM, vowed to implement to the recommendations and guidelines stipulated by the World Bank on supervision of insurance institutions. The commission, had within the two years of Buhari’s administration, commenced the full implementation of the Risk Based Supervision Model. Before the implementation of the model, the commission had informed the operators that in exercise of the powers conferred on it by section 49 of the insurance act of 1997, it had released what it termed Market Conduct and Business Practice Guidelines for all insurance institutions in Nigeria. The commission also released another document tagged: ‘Prudential Guidelines for Insurers and Reinsurers in Nigeria’. Brandishing to the insurers the 78 page market conduct and business guidelines at a forum in Abuja, NAICOM, warned the operators that the booklet, contains framework for fair policies and procedures, effective claims management, trade practices and fair treatment of customers. According to the commission, the guidelines also contained operations, pricing, commissions and associated returns as well as foreign facultative reinsurance placements for reinsurance brokers. Also, within the period, there have been signs of implementation of professionalism and values among operators by the regulator. There had been crusades on this by past administrations in the commission prior to now, but Buhari’s government appears to have showed pronounced zeal for practical implementation of professionalism and sound ethical conduct by the regulator. The Commissioner for Insurance, Alhaji Mohammed Kari, had within the period under review, called for what he described as professional re-awakening and embracing of professionalism and core values among insurance industry practitioners in order to correct wrong perceptions

on insurance by Nigerians. According to him, the re-awakening effort among insurers has become necessary to ensure that only trained personnel are allowed to practice insurance in Nigeria. The commission, though penchant about professionalism within the industry, realised the importance of deepening insurance penetration to enable operators earn more premium. To achieve this, the regulator appointed alternative channels of distribution and those he described as referrals to help in distribution of insurance products nationwide. It further strengthened the use of agents in insurance product distribution. Under Buhari’s regime through the effort of Kari, there is increased supervision and monitoring of operators’ activities to ensure that the firms are run in most efficient way that protects policy holders’ interest and guarantees returns to investors. To this effect, the Commssion is currently perfecting plans to ensure that all insurance policies issued in Nigeria are assigned identification numbers. The commission said this will be made possible through the use of its much awaited portal system which will soon be in use. The portal system is an electronic gadget designed for effective supervision and monitoring of the industry operators’ activities. Director, Research Strategy and Information Technology of NAICOM Adamu Balanti, said with the portal system, the commission would not only achieve effective monitoring and supervision of the operating firms’ activities, but would showcase to Nigerians every insurance policy written and the names of companies that insured them. But in spite of all these, the operators said there are still lots of challenges the Buhari administration is expected to address. Top on the list is payment of premium for insurance of federal government’s employees. As at present, the federal government is yet to pay the industry’s premium for 2016 group life insurance of its employees that was due for payment since July last year. By July this year, the government will have two years outstanding premium for its workers’ group life insurance and the industry operators are not happy about the development. Also, the enforcement of compulsory insurance, which is expected to lift the industry as a result of the expected high patronage is another thing requiring government attention. Till date, Buhari’s administration is still silent on this; though some state governments, like Lagos, has started scratching the surface of the compulsory insurance policy but it is expected that the federal government is the main authority that will drive it. The operators also said they are yet to realise their dream of having all airline operators insure every aircraft that flies into Nigeria, although recently, the Nigerian Civilian Aviation Authority (NCAA), said all Aircraft that fly into Nigeria have insurance cover. The insurers observed that some airline operators hardly buy insurance for their aircraft and some where they buy, prefer to patronise foreign insurers rather than indigenous insurers there by going against the local content law of the federal government. Against this backdrop, the operators have appealed to the Buhari’s administration to cover up the gap. Making the appeal, a past president of the Nigerian Council of Registered Insurance Brokers, Mr. Ayodapo Shoderu urged the administration to ensure that henceforth, no airline operates without adequate insurance cover especially from a registered indigenous insurer. “They should also ensure that no airline operator is allowed to operate without adequate insurance cover. Adequate insurance will guarantee that in case of any unfortunate incident, the bereaved families will have something to fall back on”, he said. Also, the insurers said they have not seen any sign of seriousness from the present administration on the issue of insurance of its assets to set good example to the populace. Overall, the operators admitted they have seen signs of good days ahead and expressed the hope that the future would be better for the industry.

T H I S D AY WEDNESDAY JUNE 7, 2017

CENTRAL BANK OF NIGERIA www.cbn.gov.ng

REQUEST FOR PROPOSAL FOR THE RECYCLING OF POLYMER BANKNOTE WASTES RFP No.: POLYMER RECYCLING/COD/02/17

INTRODUCTION The destruction of unfit banknotes in Nigeria is carried out by the Central Bank of Nigeria (CBN) under strict security and environmentally sustainable manner. Section 18, Subsection (d) of the CBN Act 2007 authorized “The Bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provisions of section 20 (3) of this Act or otherwise found by the Bank to be unfit for use”. The Bank generates about 50 tons of shredded polymer banknote wastes weekly from four (4) CBN currency disposal centers. These wastes are destroyed through open air burning in sites owned by the Bank or rented, usually from the respective State Governments. Disposal by open air burning impacts negatively on the environment thereby causing pollution and health hazards. The Central Bank of Nigeria in pursuance of the Nigerian Sustainable Banking initiative intends to put a stop to the disposal of banknote wastes through open air burning thereby reducing its carbon foot print. RECYCLING Recycling is identified as the most environmentally sustainable method of banknote wastes disposal. In this mode, the banknote wastes would be recycled by converting the wastes into useful products. Recycling of banknote wastes would enhance economic activities in the country in addition to environmental sustainability. SCOPE OF WORK Central Bank of Nigeria is seeking proposals from accredited recycling companies interested in recycling its banknote wastes. The purpose of this Request For Proposal (RFP) is to solicit competitive proposals from reputable companies that can recycle CBN banknote wastes into useable products that can be beneficial to the nation while adhering to Health Safety and Environment (HSE) Standards. The process of the RFP will include:1. The Central Bank of Nigeria invites reputable companies to submit sealed bids for the purchase of Polymer Banknotes Shreds on monthly/quarterly contract basis from May, 2017 and until further notice. 2. Proposals from single vendors or multiple vendors working together as a team will be considered. The vendor(s) should have verifiable capacity and experience in the recycling of polymer products. 3. The detailed requirements on the subject of the RFP are as specified hereunder: a) The location of the factory and current activities (knowing that the facility would be inspected by a team); b) The recycling process or technology to adopt, either for sole polymer or mixed with other additives to generate useful products; c) The type of recycled products to be generated from the recycling process and the yield per ton of wastes; d) The logistics for accessing or evacuating the banknote wastes from the locations where they are generated; e) Cost/benefit analysis and economic ramifications of the recycling project; f) Compliance with health, safety and environmental standards; g) It should be noted that under no circumstances should the banknote wastes be diverted to any place other than the premises of the industrial outfit using it. MANDATORY REQUIREMENTS: Interested and competent vendors must submit the following documents for verification: a) Evidence of Certificate of Incorporation and Registration with the Corporate Affairs Commission (CAC). b) Certified true copy of Memorandum and Article of Association. c) Evidence of Company Tax Clearance Certificate for the last three (3) years (2013, 2014 and 2015) as at when due (such evidence should reflect the value of the projects undertaken by the company in the last three (3) years. d) Current Pension Clearance Certificate from PENCOM.

e) Evidence of Compliance Certificate with the provisions of Section 6(1)(3) of the amended Industrial Training Fund (ITF) Act No. 19 of 2011. f) Evidence of registration with Financial Reporting Council of Nigeria (FRCN). g) An affidavit disclosing whether or not any officer of the Central Bank of Nigeria or Bureau is a former or present director, shareholder or has any pecuniary interest in the bidder and confirmation that all information presented in its bid are true and correct in all particulars. h) An Interim Registration Report (IRR) as Evidence of Registration on the National Database of Contractors, Consultants and Service Providers. i) The ideal vendor(s) should be registered with the Federal Ministry of Environment. Others i. Comprehensive company profile including registered office, functional contact email address, GSM phone number(s) and facsimile number(s). ii. Current company’s audited statement of accounts duly stamped by licensed Auditors. iii. Verifiable evidence of similar jobs successfully executed in the past. iv. Reference letter from a Bank stating the financial ability of the Vendor to carry out such project(s). Kindly submit your signed and wax-sealed bids to the address below: The Secretary, Major Contracts Tenders Committee 2nd Floor Wing C Central Bank of Nigeria Central Area P.M.B. 0187 Garki, Abuja Nigeria Failure to sign and seal your bid as required may cause your bid to be deemed non-responsive, and the CBN will not be responsible for non-receipt of a bid that is incorrectly addressed or identified. In addition, partial bids, i.e., bids which do not cover all the essential requirements of the CBN as specified in this document, will be treated as non-responsive and will be rejected. All enquiries, including requests for any clarification in respect of the bidding process, up to one (1) week prior to the deadline for submission of the bids, should be directed to: The Secretary, Major Contracts Tenders Committee 2nd Floor Wing C Central Bank of Nigeria Central Area P.M.B. 0187 Garki, Abuja Nigeria Telephone: 09-46237216 E-mail: mctc@CBN.gov.ng Closing Date All submissions must be received at the above Office not later than 12:00 Noon on 20th July, 2017. Opening Date The prequalification and Technical Proposal will be opened immediately, after close of submission of the bid on 20th July, 2017. Selection Successful companies will be contacted within two weeks after the closing date. Companies may be invited to give further clarification on their bids.

For further information, please contact: 07002255226 Signed: Management

T H I S D AY WEDNESDAY JUNE 7, 2017

T H I S D AY • WEDNESDAY, JUNE 7, 2017

EDUCATION Guiding School Children Against Sexuality Education

With the controversy the inclusion of Sexuality Education in the schools’ curriculum is generating, concerned parents and other stakeholders have said it should not be imposed on school children without parental consent. They described the act as criminal saying that it is capable of corrupting the minds of innocent children. Funmi Ogundare reports Sexuality Education is instruction on issues relating to human sexuality, including emotional relations and responsibilities, human sexual anatomy, sexual activity, sexual reproduction, age of consent, reproductive health, reproductive rights, safe sex, birth control and sexual abstinence. However, its inclusion in school’s curriculum by the Ministry of Education (MOE) has continued to generate so much controversy among parents and other stakeholders who have expressed concern that the move has brought about more sex abuse and promiscuity than before. On its website, the ministry explained that sexuality education would help students understands the physiological, social and emotional changes they experience as they mature, develop healthy and rewarding relations, as well as make wise, informed and responsible decisions on sexuality matters. According to the website, “sexuality education covers the following dimensions of a person’s sexuality; physical sexual maturation and intimacy, the physiology of sex and human reproduction; emotional sexual attitudes and feelings towards self and others; social sexual norms and behaviour and their legal, cultural and societal implications; as well as ethical values and moral systems related to sexuality. “Issues of sexuality would involve value judgments. Parents as the primary care-givers, are responsible for the health and moral values of their children. Hence, parents may choose to opt their children out of a school’s sexuality education programme, talks and workshops. Parents may refer to the roles of stakeholders webpage for more information on the role of parents in the sexuality education of their children.” On the need for sexuality education, the ministry affirmed that it has become imperative since the children and youth grow up in a rapidly changing world where globalisation and technological advancements expose them to wide range of influences around the world. “They need to acquire the knowledge, skills , values and attitudes which will allow them to develop healthy and responsible decisions. While parents play primary role, schools have a complimentary role in providing sexuality education as part of a wholistic education. “With accurate, current and age-appropriate knowledge, and social and emotional skills, our children and youth will be equipped to protect themselves from sexual advances and abuse, and avoid sexual experimentation and activities that lead to problems related to teenage pregnancies and STIs/HIV, ”It noted. However, this may not have gone down well among some sections of the society who felt that its introduction into some subjects such as social studies, sciences, verbal reasoning and even English language, especially for children in the primary and secondary schools, will contribute to the sexualisation of the children. A Lagos-based legal practitioner who does not want his want his name in print, expressed concern about some of the contents of the textbooks used by children in their schools saying that it’s a departure from the recommended text obtained in the past. “The world has changed. We now live in a perverse world that lays claim to the soul of your children. Most of the English Literature books read in your days have been removed from the curricular and replaced with sex-related textbooks. These textbooks and English literature books containing lewd subject matters have been introduced into the curricular to give the

They need to be properly trained

unsuspecting young school pupils the wrong impression that self control is unnecessary, repressive and an impossibility; that casual sex makes one feel good; that they should engage in casual sex before marriage; that ‘safe sex’ is what to aim for in life provided that they don’t get pregnant . And if they do get pregnant, they should procure abortion as soon as possible, ” he stressed. He also regretted the rot in the country’s primary and secondary schools, while describing the federal ministry of education and other education regulatory and supervisory bodies as irresponsible . “When Dr. Obigaeli Ezekwesili was the Education Minister, she attempted to cleanse the rot, with her exception, no other education minister in recent times has done anything to resuscitate our comatose public schools. That explains why the primary and secondary school curricular in Nigeria have consistently been corrupted to include textbooks that contain lewd matters and other matters that appeal to the prurient interest in sex.” He recalled when some concerned Lagos parents brought a law suit against the state ministry of education and others at the federal high court, 15 years ago over the corruption of Integrated Science to include lewd matters such as masturbation, wearing of condoms, teen contraceptives, among others. The legal practitioner said, “three years ago, a Lagos-based NGO sued the federal ministry of education and others because the new School Chemistry for Senior Secondary, Modern Biology for Senior Secondary School and the New School were smeared with lewd inscriptions. There is also another book titled: Zumji and Uchenna allegedly used in Lagos schools which contained lurid sex stories and pictures aimed at making secondary school pupils sexually active.” He recalled the actions of some students of Ireti Senior Grammar School and Falomo Senior High School who were alleged to have participated in the ignoble harassment and molestation of their female colleagues, saying that, that is what one gets when ‘safe sex’ is advertised.

“The issue is very disturbing and what they are doing is to corrupt the minds of the children.” Despite work pressure, he said parents must be vigilant to ensure that the school is not sexualizing their children all in the name of sex education, adding that the best sexuality education is the one taught by their parents at home. “The sex education taught in schools is the biological sex education that only focuses on the examination of body parts and genitals that ultimately ends up sexualizing the children. No school has a right to corrupt the morals of your children under the guise of any sex education, Teen ‘safe-sex’ is abhorred in virtually all Nigerian cultures and above all, promotion of teen ‘safe-sex’ in schools is unconstitutional in Nigeria.” Another Lagos-based lawyer, Mr. Ahmed Akanbi recalled how a few months back when his 11 year old daughter had brought to his attention the contents of two books which they were asked to read and summarise in school. He said she found some portions of the book rather lewd and vulgar as it gave vivid descriptions of rape and sexual violence which she found really offensive. “She felt that the books were not appropriate for pupils of her age. Hence her decision to bring it to my knowledge. I immediately got hold of the books and wrote to the federal ministry of education as well as the FCT Ministry. But as I speak I am yet to get a response. This is well over six months or thereabout. It is needful to note that the books in question are being used by JSS one and Primary six pupils all over Nigeria.” Aside from the issues raised, Akanbi who is dragging the school for corrupting his 9- year old to court, observed that the books are written in poor language hardly befitting of literature that should be used in schools. “One thing of note is that sound literature books written by the likes of Wole Soyinka, Chinua Achebe, Cyprian Ekwensi, among other, have gradually been phased out of school curriculum. It appears to me that most of the books that are now being recommended were

approved by educational authorities through back door dealings. “I dare say that those books have not witnessed the scrutiny of genuine educational experts. I can’t begin to imagine, the number of Nigerian children who would have equally found the contents of these books offensive. That’s why parents must develop close rapport with their children and encourage them to speak up on issues that bother them. The Public Relations Officer, Lagos State Ministry of Education, Mr. Segun Ogundeji told THISDAY in a telephone conversation that the books that it reviewed are not in the category of those that contained the lewd material, adding that nobody can accuse the ministry of including such in the books used by the children. A representative of Association of Concerned Mothers, Mrs. Chinelo Ujubuonu who has been leading the parents’ campaign against sex education in primary and secondary schools in the country, recalled a conversation she had with a mother urging her to check her daughter’s English notebook saying, “my friend also a parent put the issue up in the parents’ forum after I asked her to go through her daughter’s note. The administration ignored her posts and questions some other parents were asking, until a parent got angry and alerted the ministry of education. “A letter was written to the particular school that was teaching the children sexuality education and a teacher was summoned. The teacher has been relieved of his duty and his license taken. The school is trying to cleanse the children right now as we speak. Pictures were sent to the parent Whatsapp group of a pastor praying and advising the SS one classes that were affected.” A parent, Mrs. Biodun Ozurumba, expressed concern that there is more sex abuse now than before, adding that teachers even experiment on students right in their offices. “It’s a big topic for truthful discussions at all levels, the home being the first school! Fear of God and man is the beginning of wisdom to sexual activities.”

T H I S D AY • WEDNESDAY, JUNE 7, 2017

EDUCATION

22-Year Old Emerges Babcock Varsity Overall Best Graduating Student Funmi Ogundare

Celebration rented the air, when Babcock University, Ilishan Remo, Ogun state, at the weekend, held its 15th undergraduate and 6th postgraduate convocation ceremony, where Miss Alexandria Briae, 22, of the Accounting department, School of Management Sciences, was called out to receive her prize for emerging the overall best graduating student with a Cumulative Grade Point Average (CGPA) of 4.90. She was among the 90 First Class students out of a total of 1,807 graduates the institution produced in the 2016/2017 academic session. Surprisingly, Briae beat Temitope Odunayo Nwachukwu of the department of Chemistry, School of Science and Technology, who had a CGPA of 4.91 because she stood out at the undergraduate programmes in leadership, community and spiritual , aside just academics. An elated Alexandria who intends to be a Chattered Accountant and a consultant said her family members and friends motivated her to be the best she could. According to her, “my parents give me words of encouragement and they are my support. It has not been a bed of roses but they have always encouraged me to be the best I want. They tell me that I can be great at whatever I do and I should always strive for the best.” Asked if she had any challenges in her academics during the course of her study, she

said, “ I had a challenge in trying to balance academics with professional exams and to overcome it, I had to plan well and that helped me a lot.” The best graduating student said she made use of the library to study noting, “I was a balanced student and I used the library because it’s a quiet place for me to read. I also read in my room as well.” She said her happiest moment was the convocation day, while advising other students not to be discouraged by what people say to them, and not getting discouraged by themselves. “ There is nothing as good as not accomplishing and achieving what you can. You have to try to be the best in whatever you do, the sky is not the limit. From the beginning I worked towards success, thank Good I achieved it. You have to know what works best for you. I read when its really quiet. You need to plan your time very well . I didn’t like some of the courses I did at the beginning, but when I set my mind on it, I knew I can achieve it.” Briae who said she had been able to acquire skills in make-up and fashion while in school, noted that accounting plays a big role in national development as it would help in generating revenue.” “Those are the skills I have acquired and they will always be with me.” In his remarks, the President/Vice Chancellor of the institution, Professor Ademola

NBTE Approves Open Distance, Flexible Learning in 25 Polytechnics National Board for Technical Education (NBTE) has approved the implementation of Open Distance and Flexible Learning (ODFL) for 12 programs including Science and Laboratory Technology (SLT), Computer Technology, Statistics, Accountancy and Quantity Survey in 25 polytechnics across the country, as part of efforts towards improving access to quality education. The Executive Secretary of the board, Dr. Masa’udu Adamu Kazaure, who disclosed this recently, at a meeting of rectors and the ODFL Steering Team on Flexible Skills Development (FSD)/Tertiary Institutions E-Learning Resource (TIER), in Kaduna, said polytechnics are hard pressed to meet the demands of the ever growing population of youths seeking access to qualitative technical education, adding that there is need to reinforce traditional education with innovative methods. According to him, “the ODFL mode of learning has the potential of overcoming barriers and constraints that

may prevent learners from accessing and succeeding in quality and lifelong education. “As Nigeria races towards the attainment of Sustainable Development Goals (SDGs), the federal government of Nigeria has declared total support for e-learning and canvassed leveraging on globalisation, partnerships and technology through innovative technologies to increase access.” The Director of NBTE Centre of Excellence and Chairman, National ODFL Committee, Dr. Amina Idris, emphasised the efforts of the board on the development of the national E-Leaning strategic plan for the Technical Vocational Education and Training (TVET) institutions; and the National Open Distance and flexible learning policy, as well as procedure guidelines in TVET institutions, noting that they are currently undergoing approval for the first time in the Nigerian education sector. The TIER project promoted by M8 Global KNOW Network is supported by a consortium of financial institutions, telecom companies and international development partners.

Tayo advised the graduands to remember the lessons they have learnt over the years saying, “we have played our part

by ensuring that you are key players on this arena today, an arena that you dreamed of on your matriculation day.

But you must also remember that the academic toils of your past years will pail into significance in comparison to

Braie

what you do with the lessons learnt from those past years. These lessons should guide your next steps and paint your future in your preferred colours.” He also charged them to be dedicate themselves to transforming the country by being servant leaders that would make a difference while upholding the missions and ideals of the university. “Today you are like doves, doves are for peace and not for war. We unleash you into the wider world as peacemakers to a world of endless strives. Doves are significant in landmark events. This commencement is no exception. Just as doves are let out into freedom to be where they want to be and be what they want to become as they ensure peace. We are letting you off to the world to make a difference; to make your parents proud, to make Babcock university proud and to make Nigeria proud, ” he stressed. The Ogun State Governor, Senator Ibikunle Amosun who expressed his administration’s readiness to develop the education sector, admonished the graduating students to go into the bigger world and be Job creators. “University prepares you for the bigger world, academic qualification is not all that you need to succeed in life. Morals and character also matter. You have to be ready to make positive difference and be ready to think beyond giving back to the society and humanity.”

Kwara NYSC Coordinator to Corp Members: Be Positive Change Agents

Educationist Advocates Reintroduction Of HSC in Education Curriculum

By Hammed Shittu in Ilorin

James Sowole in Akure

The Kwara State Coordinator, National Youths Service Corps (NYSC), Mrs. Esther. Atamenwan has appealed to corps members posted to the state to be agents of positive change in order to accelerate the socio economic and political development of the country. Atamenwan who made the appeal, recently, in Yipakta, Edu Local Government council, during the formal swearing-in of the 1,880 new corp members of batch A, said as Nigerian youths, they should be able to make positive impacts on the communities they would be serving. She advised them to shun all vices that may affect the country’s development and embark on something positive that may lift up its economic growth. “At this orientation camp, you should be up and doing and also embark on things that would also add value to your lives. Today marks the beginning of a new phase in your lives as you are getting introduced into

the National Youth Service Corps. It is therefore my desire that you will exhibit the same level of commitment that saw you through your academic pursuits in all the duties that shall be assigned to you in the course of your national service.” The Coordinator who lauded the efforts of the government in the development of the orientation camp while appealing to the state government to fulfil the promise made to the NYSC in the state in the areas of up grading of the hostels and perimeter fencing in order to curtail the activities of marauders. In his remarks, the Chairman, Governing Council of NYSC, Alhaji Nuhu Bolakale said the corps members should see their posting to the state as a call to serve the nation, adding that they should adhere strictly to the high level of discipline during their one year national service. He however assured the government and the governing council support for the corps members posted to the state so as to help them to be agents of social change.

Disturbed by the display of youthful exuberance by some university students particularly in their 100 level, a retired permanent secretary in Ondo State, Mr Erastus Akinkuowo, has advocated for the reintroduction of Higher School Certificate (HSC) programme in Nigerian education curriculum. Akinkuotu made the call at a news conference on the occasion of 60th Anniversary of Olofin Grammar School, Idanre, Ondo State. Flanked by some other alumni of the school founded in 1957, and which included, Mr Bode Betiku and the current principal of the school, Mr Olusegun Akinayajo, Akinkuotu said many students of higher institutions of today are not matured. He said the reintroduction of HSC programme would prepare students for many of the challenges that they would face when they gain admission into universities. “The fact that many students who gained admission into universities these days are

very young, their minds are not developed and this is one of the factor that make them to fall for anything including vices,” he said. Betiku, who highlighted some activities line up for the 60th anniversary celebrations, said the alumni association would make renovation of boarding facilities in the school a priority among other projects to be handled by the association. The principal, Mr. Akinnayajo identified lack of functional boarding facilities in secondary schools as one of the factors responsible for low students performances in external examinations. He said the decline in boarding facilities contributed to low reading habits among secondary schools students because there is nobody to monitor them once they leave the school premises. “In the case of boarding system, time are allocated for every activity in school. There is time for games, there is time for reading and other things but this is not easy to monitor among day students.”

T H I S D AY WEDNESDAY JUNE 7, 2017

FORWARD

DELTA

road projects embarked upon since May 29, 2015

roads completed

OLD OZORO-OLEH ROAD

GOV OKOWA COMMISSIONS OLD OZORO-OLEH ROAD AS PART OF ACTIVITIES MARKING HIS SECOND YEAR IN OFFICE

ONGOING DUALISATION OF WARRI-SAPELE ROAD FROM AMUKPE ROUNDABOUT IN SAPELE LGA

JEDDO-UGHOTON ROAD, OKPE LGA

CABLE POINT ROUNDABOUT

CABLE POINT ROAD

KEFAS ROAD, OLEH, ISOKO SOUTH LGA

GOVERNOR OKOWA IS KEEPING HIS PROMISES!

T H I S D AY â&#x20AC;˘ WEDNESDAY, JUNE 7, 2017

CITYSTRINGS

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

The Day Anambra Stood Still On May 30, motorists and commuters deserted the ever busy River Niger Bridge linking the South-east with western Nigeria, in compliance with the sit-at-home order by members of IPOB and MASSOB. David-Chyddy Eleke reports that economic activities in Onitsha and other parts of Anambra were ground to a halt

The deserted Niger Bridge

n a normal day, driving through Upper Iweka in Onitsha towards the famous Niger Bridge, one is confronted on both sides by the presence of several commercial transport companies, all loading passengers to Lagos and Abuja. On both sides too are the relief market to the left, a provisions market, which is thickly populated and to the right; roadside traders who have equally constituted themselves into a legitimate market, with a growing population that drives human traffic of traders who have travelled from far and near to make purchases. On approaching the bridge, the Niger Bridge head market also draws a large population of people, causing vehicular and human traffic snarl before one finally enters the bridge. The bridge itself, provides a 1.4 kilometres drive out of not just Onitsha but out of Anambra State and of course the entire South-east zone, taking one into Asaba, the Delta State capital,

where the journey outside the South-east to Abuja and other northern cities, and to Lagos and other South-western cities begins. The

Markets in all the major towns; Awka, Nnewi and Onitsha were under lock and keys, while commercial banks failed to carry out businessesâ&#x20AC;ŚTransport companies refused to load buses to various destinations, leaving passengers stranded

traffic on the bridge itself presents enough concern for its users. The traffic on the bridge occasioned by large usage, both from the Onitsha and Asaba ends, and the security check point on both ends too makes it a tedious spot to drive through. All these were absent on Tuesday, 30th of May, when members of the Indigenous People of Biafra (IPOB) and Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) marked the remembrance of its heroes, who lost their lives in what they refer to as the genocidal war of 1967-1970, and all who have also lost their lives in recent struggles to attain the sovereignty of Biafra Republic. Economists have said that the sit-at-home protest observed by the people of the area had cost it revenue in billions of naira, even though no amount has been stated as the official loss of the people of the zones involved. May 30th was an unusual day, as the hustle and bustle that characterise the

beginning of every day as early as 5a.m. was totally absent. Those who live close to the motor parks testify that vehicular and human convergence at such early hours, with the howls from park attendants as they make frantic efforts to convince passengers to join their vehicles is usually what wakes nearby residents up from their sleep. This was not so on Tuesday, May 30. The famous Niger Bridge which usually bade goodbye to each vehicle that ran through its tunnel out of the state or welcomes one into the state as the case may be may have wondered where everyone had gone. The bridge was a ghost of itself for several hours on that day, with no human or vehicles traffic around. If the bridge wondered whether the Second Niger Bridge which is still being constructed has taken up its job to allow it rest, then it would have also wondered where the large number of traders who always milled around were, or why everyone learnt to speak in whispers overnight, and the loud voices of traders,

T H I S D AY â&#x20AC;˘ WEDNESDAY, JUNE 7, 2017

CITYSTRINGS

and those of park operators which usually drowned the noise of engines operated by factory owners around the bridge suddenly went quiet. Incidentally, just as everyone abandoned the bridge to observe the sit-at-home protest, one person who stood firmly in his usual place, manning the bridge and keeping watch over it was also incidentally, the same man whose cause the IPOB are helping to fight on that day. Just before the bridge, Dim Chukwuemeka Odumegwu Ojukwu, the eternal leader of Biafra stood stoutly in complete military gear, a riffle in hand as if to say; â&#x20AC;&#x2DC;I am here to watch over the cause which I started 50 years agoâ&#x20AC;&#x2122;. Ojukwu may be late, but his spirit every Biafran still believes is working for the attainment of the cause; Republic of Biafra. A visit to parks around Onitsha showed that hundreds millions of naira were lost to only transportation on the day of the protest. For example, ANIDS Park, one of the most popular transport companies in Anambra State, told THISDAY through one of its drivers, Mr. Kingsley Eze that on a normal day, ANIDS loads about eight buses to Lagos, while five vehicles load to Abuja. This is exclusive of other businesses it does, and its vehicles that are sent out on special assignments. He placed the estimated loss of the company at about N1.5 million. This is just for a branch of one transport company, not to mention the tons of companies that exist in Onitsha, nay Anambra and all the South-east and South-south states. Perhaps, what is even more interesting is that those who lost the said revenue still feel happy that they did, just to prove a point to the federal government about their determination to leave. Kingley Eze, the ANIDS driver said "We have no regret, if only to send a message to the federal government on our determination to secede." Transport company owners were not the only ones who heeded the protest call. In major towns and villages in Anambra State, the residents refused to heed police assurances for them to go about their daily businesses as they locked shops and markets to observe the sit-at-home protest. Markets in all the major towns; Awka, Nnewi and Onitsha were under lock and keys, while commercial banks failed to carry out businesses, leaving long queues in front of their Automated Teller Machines(ATM). Schools were not also left out as kids whose parents had dropped them off in school were alerted to return and pick them. Transport companies refused to load buses to various destinations, leaving passengers stranded. In Onitsha, the popular Upper Iweka Motor Park which remains busy round the clock was a ghost of itself as no human being or vehicles were seen around. A resident of the town, Mr. Tochukwu Adaenu, a vulcaniser told THISDAY that the sit-at-home protest was more of a celebration than mourning of their fallen heroes to them. He said; "We need to do this for the government to see how ready we are to leave Nigeria. We support this sit-at-home and will be ready to do again if we are called upon," he said. Another respondent, Mr. Kelechi Anukwu said, "We have been hustling everyday, year in and year out, yet we have nothing to show for it. If this is the only sacrifice we need to show government how important we are, then we have to do it." Not minding what the South-east and South-south economies lost to the protest, the media and publicity secretary of IPOB, Mr. Emma Powerful has said that the event would be made an annual ritual that will be awaited by all in the Biafra territory with

In Onitsha, the popular Upper Iweka Motor Park which remains busy round the clock was a ghost of itself as no human being or vehicles were seen around

Onitsha Main Market...deserted by traders

ANIDS Motor Park...deserted motorists and commuters

Awka Road...completely deserted

euphoria. He said next year's event will not only witness a sit-at-home protest, but will entail all citizens of the territory travelling back to their communities to mark the ceremony, the same way Christmas is observed. On his part, the leader of IPOB, Nnamdi Kanu has expressed happiness over the level

of compliance in the protest. In a press release by Emma Powerful, Kanu said the protest was observed in 175 countries of the world and Nigeria, and that most importantly, no life was lost. He added that the success of the exercise meant total defeat of some elements whom he said were sponsored by the

federal government to sabotage the event, and also showed that the realisation of Biafra was almost at hand. "Biafrans have proven to the entire world that they need Freedom and the world must know that we are not going back in the quest for independence of Biafra," he said.

T H I S D AY • WEDNESDAY, JUNE 7, 2017

BUSINESS/MONEYGUIDE

International Breweries Plc to Merge with Intafact, Pabod Goddy Egene and Nosa Alekhuogie International Breweries Plc plans to combine its business with Intafact Beverages Limited and Pabod Breweries Limited. The three companies have Anheuser-Busch Inbev SA as a common shareholder. In a notification to the Nigerian Stock Exchange (NSE), IB Plc said that the to three companies have agreed to explore combination of their businesses via a scheme of merger subject to requisite regulatory and shareholders’ approvals. According to IB Plc, the proposed merger was considered and approved at the company’s board meeting on June 2, 2017. The Osun State based brewing firm said the merger would benefit all stakeholders, particularly shareholders. “The proposed merger is expected to generate both revenue and cost synergies, enhanced operational efficiencies, better resource management and

more streamlined operations. On the receipt of regulatory approvals (including the NSE and Securities and Exchange Commission), all parties will take further steps to consummate the proposed merger including obtaining the approval of their respective shareholders at separate court-ordered meetings,” the company said. IB Plc was incorporated in 1971 and got listed on the NSE in 1995 and operates from Ilesha, Osun State. Intafact Beverages Limited, incorporated in 2007, is based in Onitsha, while Pabod Beverages Limited, incorporated in 1978 operates from Oginigba, Port Harcourt, Rivers State. Meanwhile, the Nigerian equities market declined by 1.2 per cent yesterday after a nineday rally. The market had hit a two-year high on Monday with Dangote Cement Plc pushing the market capitalisation to cross the N11 trillion psychological level. However, the rally was halted yesterday as profit taking set in. Consequently, the NSE All-Share Index fell to close at

32,200.38, while market shed N130.7 billion to close at N11.1 trillion. Bellwether stocks such as Dangote Cement Plc, Mobil Oil Nigeria Plc, GTBank Plc and Unilever Nigeria Plc contributed to the decline. Mobil Oil Nigeria led the price losers, shedding 9.7 per cent, trailed by NPF Microfinance Bank and Dangote Cement Plc with 5.0 per cent apiece. Unilever Nigeria Plc fell by 4.5 per cent, while AXA Mansard Insurance Plc and Livestock Feeds Plc shed 4.4 per cent each. On the other hand, Sterling Bank Plc escaped the bears, to lead the gainers with 9.7 per cent. May & Baker Nigeria Plc trailed with 9.6 per cent. Champion Breweries Plc, Diamond Bank Plc appreciated by 9.1 per cent and 5.7 per cent respectively. UACN Property Development Company Plc, chalked up 5.1 per cent. Ashaka Cement Plc, UAC of Nigeria Plc and Seplat Petroleum Development Company Plc garnered 5.0 per cent apiece.

MARKET INDICATORS

Coronation Merchant Bank Bags ISO Certification Obinna Chima Coronation Merchant Bank was yesterday awarded the International Organisation for Standardisation’s (ISO) 27001:2013 Certification for Information Security Management by the British Standard Institute (BSI). The certification signifies Coronation Merchant Bank’s adherence to the highest internationally recognised standards and stringent controls for managing data and protecting customer information across all the bank’s systems, processes and services. The BSI is a leading organisation in Audit Management Systems and Processes. The certification is the world’s highest accreditation for Information Security and Service Management. It came on the heels of the upgrade of the bank’s credit rating to A+ with a stable outlook by Nigeria’s foremost rating agency, Agusto & Co. recently. Commenting on the feat at the official presentation of the certification in Lagos, Group

Managing Director/CEO of Coronation Merchant Bank, Abu Jimoh said that the ISO 27001:2013 certification was an affirmation of Coronation Merchant Bank’s commitment to its vision of being Africa’s premier investment bank in the shortest possible time. According to him, “This certification is further attestation of our desire to run an institution that does not only ensure statutory functions of maintaining the integrity and confidentiality of customer information; but that will go a long way in enhancing a broad risk management structure that has the confidence of our customers and other stakeholders. “By this certification, we are making a clear statement of our capacity to not only minimise security breaches but also effectively predict and respond to security incidents whilst maintaining business continuity.” He described the certification as a great milestone for his organisation, pointing out that Coronation Merchant Bank is a stickler for standards.

“This will further help in assuring our customers and clients that we do not take issues of standards lightly and that we do things with regards to high standards. “With our information security system, our customers can be rest assured of quality and superior services,” he added. In order to safeguard their information technology infrastructure, Jimoh urged banks to always be ahead of fraudsters and hackers. “What the ISO Certification that we achieved today is to ensure that at every point, we are proactively getting ready, so that when hackers come, we would be able to protect our infrastructure. When you have ISO certification, it means you are ready to protect yourself at any time,” he said. Also, the Deputy Head of Mission and Prosperity, British Deputy High Commission, Andrew Davidson, in his keynote address, said the certification was a clear endorsement of the quality of services offered by Coronation Merchant Bank.

MFS Africa Partners Paga on Remittances MFS Africa and Paga yesterday announced the launch of a partnership connecting Paga users and Nigerian bank account holders to remittance senders from around the world. Owing to this collaboration, anyone with a Paga wallet can receive transfers from millions of other mobile money users across Africa, or from any money transfer operator connected to the MFS Hub. Nigeria received nearly $21 billion last year in remittances, according to the World Bank. Over 30 per cent of that amount was received from other countries in Africa, primarily neighbouring West and Central African countries. Intra-African money transfer is notoriously expensive, with costs averaging 20 per cent of transfer amount, compared to global average of seven per

cent. Discouraged by high fees from the cumbersome formal banking and money transfer channels, many turn to informal channels that carry higher risk and uncertainty. Therefore, a statement yesterday explained that leveraging mobile wallet technology and vast agent networks, MFS Africa and Paga seek to bring these costs down dramatically while increasing accessibility and transparency. “Together with MFS Africa, Paga is linking millions of mobile wallet users and bank account holders for seamless transactions across networks and across borders,” the co-founder and Director of Business Development at Paga, Jay Alabraba said. “People typically think of remittances into Nigeria in terms of flows from Europe

and the Americas, but there’s over $3 billion a year coming in just from the Nigerian communities in Benin, Niger and Cameroon – countries that are right next door to Nigeria. “By joining the MFS Hub, we make it easier for Nigerians in the diaspora to send money back home and we also enable them to pay directly for utility bills, goods and services in Nigeria. We look forward to growing our relationship with MFS Africa in the years to come. This is an important partnership for enabling seamless digital payment for Nigerians at home and abroad.” “For the last few years, everyone has been looking to the Nigerian market, wondering when and how mobile money would take off,” the founder and CEO of MFS Africa, Dare Okoudjou said.

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, MON, 5 JUNE 2017 The price of OPEC basket of thirteen crudes stood at $47.37 a barrel on Monday, compared with $47.32 the previous Friday, 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

T H I S D AY • WEDNESDAY, 7 JUNE, 2017

MARKET NEWS

FMDQ Boss Seeks Harmonisation of Foreign Exchange Rates Solomon Elusoji The Managing Director/Chief Executive Officer of FMDQ, Mr. Bola Onadele has said that the lack of rate harmonisation in the foreign exchange market was hurting Nigeria’s ability to attract foreign capital. He however expressed optimism that the central bank was gradually working towards achieving a unified exchange rate policy.

Onadele made the assertion yesterday, at a CEO/Policy Maker Interactive Breakfast Series organised by Women in Management, Business and Public Service (WimBiz), in Lagos. “When you have multiplicity of exchange rates, it will be challenging to attract capital into the country,” he said. “We need to have a single exchange rate and I think we will get there.” He also decried govern-

T H E MAIN BOARD

DEALS

MARKET PRICE

ment’s foggy understanding of the financial markets in the handling of the country’s foreign exchange crisis. Onadele observed that floating the currency and allowing the forces of demand and supply to set the price, rather than arbitrarily pegging the currency at a fixed point, would have been the ideal strategy. “By the time you put a figure to something that changes every day, you will have problems,”

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity 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. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE 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 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 SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS 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. SKYE 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 CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

he said. Onadele spoke at the breakfast event as part of a panel, which included the Head of Tax Regulatory Services at PwC, Mr. Taiwo Oyedele, the Managing Director of Rural Electrification Agency, Ms. Damilola Ogunbiyi, the Managing Director of Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, and the Chairman of Lafarge, Mr. Bolaji Balogun. The overarching theme of the

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

2.69

614,065

1,572,223.05

discussion was ‘Ease of Doing Business: A Policy Dialogue on Regulations’. Speaking to the theme, Hadiza said in order to improve the ease of doing business in the country, the ports, especially the Apapa Port, have started to provide 24-hour berthing services. She also called on other agencies at the ports to streamline their system. “We need to de-mystify government. Our licencing

procedures should be transparent enough for everyone, so you don’t have to know anybody to conduct business at our ports. I believe transparency is the key to increasing ease of doing business in the country.” Also, Balogun pointed out three key issues – infrastructure, access to finance and education – which must be given greater attention, if the country wants to attract enough capital to drive investment.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS 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. 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 Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS 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

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

WEDNESDAY, june 7, 2017 • T H I S D AY

MARKET NEWS

Ensure Insurance Records N1.1 Billion Profit Goddy Egene Ensure Insurance Plc has recovered from loss in 2015 to a profit in 2016. According to the audited results of the company, Ensure Insurance ended 2016 with gross premium written of N4.017 billion, up from N2.986 billion in 2015. The company said the improvement was a testament to the efficacy of the underwriting guidelines and practice which the management team instituted in the year under consideration. Profit

after tax stood at N1.1 billion, a major recovery from a loss of N476 million in 2015. Addressing shareholders at the 18th annual general meeting (AGM) in Lagos, Chairman of Ensure Insurance Plc, Mr. Fola Adeola highlighted headwinds in business operating environment that have led to many companies running aground. Chief among these debilitating factors are the hike in the value of forex and the crash in global crude oil prices.

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

“Nonetheless, our company forged ahead and recorded an impressive performance in terms of revenue generated and profits declared,” he said. He explained that in the year under review, the board of the company took several significant steps to transform the company into a fully-fledged, operational company with the capacity to compete effectively with other top players in the insurance industry and recorded some significant achievements. He said: “At the beginning

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 05-June-2017, unless otherwise stated.

of the year, Ensure was the first insurance Company to receive the approval of its regulators (NAICOM) of its audited accounts. Ensure Insurance Plc had never achieved this feat in its prior 24 years of existence. This achievement is a testament to the strengthening of the internal processes and systemic improvements.” He disclosed that in response to the admonition of shareholders at the last meeting, the company has begun to undertake some corporate

social responsibility initiatives. “This involved the provision of relief and material support to the Internally Displaced Persons (IDPs) in Maiduguri, Borno State consequent upon the devastation caused by Boko Haram. In partnership with the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA), we visited three IDP Camps and donated a borehole, public conveniences, clothes, medicines, medical

equipment and baby food. We are extremely proud of this initiative, particularly the recognition of Ensure by UNOCHA as the second corporate organisation in Nigeria to partner with them to bring some relief to the IDP,” he said. Adeola assured stakeholders that the company shall continue to identify and pursue opportunities for revenue growth and cost containment in line with its vision of being the “dominant insurance company in Nigeria” by the year 2020.

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 159.40 160.42 25.67% Nigeria International Debt Fund 219.77 221.15 3.68% 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 0.75 0.76 7.31% 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 18.36% 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 14.75 15.20 19.49% ARM Discovery Fund 328.65 338.56 14.44% ARM Ethical Fund 23.61 24.32 5.68% ARM Money Market Fund 1.00 1.00 16.18% 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 124.44 125.32 18.31% AXA Mansard Money Market Fund 1.00 1.00 18.22% 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 10.94 11.22 16.88% Women's Investment Fund 90.65 92.98 7.16% 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 18.39% 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 1,077.18 1,078.31 6.57% FBN Heritage Fund 130.28 131.28 16.81% FBN Money Market Fund 100.00 100.00 18.10% FBN Nigeria Eurobond (USD) Fund - Institutional $109.06 $109.45 5.78% FBN Nigeria Eurobond (USD) Fund - Retail $108.40 $108.78 5.86% FBN Nigeria Smart Beta Equity Fund 139.78 141.73 24.11% 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 1.19 1.22 28.19% Legacy Short Maturity (NGN) Fund 2.74 2.74 6.76% 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 16.98% 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 17.99% Vantage Balanced Fund 1.94 1.96 15.50% Vantage Guaranteed Income Fund 1.00 1.00 17.68%

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 1.07 1.09 8.16% Lotus Halal Fixed Income Fund 1,033.28 1,033.28 5.00% 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 12.46 12.56 28.88% 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 12.65% PACAM Fixed Income Fund 10.57 10.64 1.77% PACAM Money Market Fund 10.00 10.00 12.85% 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 119.32 120.35 17.22% 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 1.31 1.31 4.98% 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 2,019.85 2,031.29 10.31% Stanbic IBTC Bond Fund 159.17 159.17 3.38% Stanbic IBTC Ethical Fund 0.88 0.89 14.94% Stanbic IBTC Guaranteed Investment Fund 199.34 199.34 6.66% Stanbic IBTC Iman Fund 150.76 152.89 16.19% Stanbic IBTC Money Market Fund 100.00 100.00 18.51% Stanbic IBTC Nigerian Equity Fund 8,625.74 8,725.72 13.74% 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 1.25 1.26 6.52% United Capital Bond Fund 1.34 1.34 13.56% United Capital Equity Fund 0.77 0.78 1.06% United Capital Money Market Fund 1.17 1.17 11.11% 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 11.65 11.86 20.30% Zenith Ethical Fund 12.24 12.37 11.92% Zenith Income Fund 17.95 17.95 8.58%

REITS

NAV Per Share

Yield / T-Rtn

11.41 126.92

1.01% 2.38%

Bid Price

Offer Price

Yield / T-Rtn

10.01 94.26

10.11 96.01

13.93% 24.38%

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

EXCHANGE TRADED FUNDS

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

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

Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva 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

3.74 7.27 14.84 17.74 129.05

3.78 7.80 14.94 17.94 131.05

35.36% 6.58% 23.28% 11.15% 0.13%

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 WEDNESDAY JUNE 7, 2017

BUHARI ADMINISTRATION MID-TERM FACT SHEET • New Arrival and Departure forms for use at our International airports. The new forms are shorter, and have also consolidated a number of previously separate forms into single documents. • Simplified our Visa on Arrival (VoA) Process. Submission of VoA applications and receipt of approval letter can now be done electronically via a dedicated NIS email address: oa@nigeriaimmigration.gov. ng • Nigeria Customs Service (NCS) has now been mandated to schedule and coordinate joint physical examination of cargo to ensure there’s only one point of contact between importers and official • Imports into Nigeria now required to be placed in pallets to facilitate quicker physical examination. • Central Bank, Customs and banks now required to process Net Export Proceeds forms within 72 hours; and Pre-Shipment Inspection Agencies (PIAs) now required to issue Certificate of Clean Inspection (CCI) within 3 days • Approval obtained to reduce number of documents required for imports from 14 to 8, and number of documents needed for exports from 10 to 7 • Minimum container placement notice time needed by Terminal Operators for examination reduced from 24 hours to 12 hours. • Minister of Interior has approved and launched a new Immigration Policy for Nigeria Acting President Yemi Osinbajo has since followed up on the National Action Plan by signing, in May 2017, Executive Orders on Improving Efficiency in the Business Environment, and on Promoting Local Procurement by Government Agencies.

ECONOMY Growth in Agriculture and Solid Minerals: The number of sub-sectors of the economy experiencing negative growth has almost halved; falling from 29 sub-sectors for the whole of 2016 to 16 in Q1 2017. Growth in manufacturing has returned to positive territory after five quarters of negative growth. It grew by 1.36% in Q1 2017 after falling to -7.0% in Q1 2016. Our priority Sectors of Agriculture and Solid Minerals have seen improved performance, in spite of the recession. Agriculture grew by 4.11% in 2016, while Solid Minerals recorded a 7% increase. The contribution of the Ministry of Solid Minerals’ to the Federation Account tripled to about N2 billion in 2016, up from N700m in 2015.

Infrastructure:

President Buhari attends the CBN Anchor Borrowers' Programme and flag-off of Dry Season Rice and Wheat Farming in Birnin Kebbi, Kebbi State on 17th Nov. 2015. Savings: • Even at a time of low oil prices (and by implication low government revenues): • Nigeria’s External Reserves have grown by US$7 billion since October 2016 • The Sovereign Wealth Fund has seen inflows of US$500m in 2016 and 2017 (the first inflows since the original US$1bn with which the Fund kicked off in 2012), and • The Excess Crude Account has seen an inflow of US$87m, in 2017. Phasing Out of Subsidy Regimes for Petroleum Products and Fertilizers. The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (details below), combined with a newly developed soil map designed to aid fertilizer application, substantially raised local production of grains in 2016 (yields improved from 2 tonnes per hectare to as much as 7 tonnes per hectare, in some States) and produced a model agricultural collaboration between Lagos and Kebbi States. Nigeria’s rice imports fell from 580,000 MT in 2015 to 58,000MT in 2016. The Presidential Fertilizer Initiative (which involves a partnership with the Government of Morocco, for the supply of phosphate), has resulted in the revitalization of 11 blending plants across the country. The benefits include annual savings of US$200 million in foreign exchange, and ₦60 billion annually in budgetary provisions for Fertilizer subsidies. The Scheme has also made it possible for Farmers to purchase Fertilizer at prices up to 30 percent cheaper than previously available.

Vice President Osinbajo flags off of Lagos-Ibadan Standard Guage rail line.

Support for Micro, Small and Medium Enterprises: The Administration has launched a series of funding and capacity development initiatives designed to support MSMEs across the country, as follows: • The new Development Bank of Nigeria (DBN) is finally taking off, with initial funding of US$1.3bn (provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development) to provide medium and long-term loans to MSMEs • The MSME Clinic, which bring relevant Government Agencies and their managements together with small businesses operating in various cities across the country, to enable the Agencies provide direct support to these businesses. The Interactions allow the Agencies better understand the issues facing small businesses, and provides a platform for speedy resolution. • The Ease of Doing Business Reform • The Government Enterprise and Empowerment component (GEEP) of the Social Intervention Programme (SIP) Ease of Doing Business Reform Successes: The Presidential Enabling Business Environment Council (inaugurated by President Buhari in August 2016) implemented a 60 National Action Plan between February and April 2017, with 70 percent of the Targets achieved, including the following: • Intending Business Owners can now search for Company names on the website of the Corporate Affairs Commission (CAC) • Intending Business Owners can now upload their registration documents directly to the website of the Corporate Affairs Commission (CAC) • Eliminated the need for SMEs to hire lawyers to prepare registration documents • Introduced a single form for Company Incorporation to save time and reduce cost • Federal Inland Revenue Service (FIRS) e-payment solution has been integrated with the CAC portal to facilitate e-stamping. • Interested parties can conduct online searches of secured interests on movable assets on the National Collateral Registry

The ongoing construction work on Access Road to Apapa/Tin Can Island Port - NNPC Atlas Cove in Lagos State. • The Buhari Administration has demonstrated a single-minded commitment to upgrading and developing Nigeria’s Transport Infrastructure. • Road Projects are ongoing across every State of the country; many of these projects had been abandoned in recent years because of mounting debts owed by the Federal Government to contractors. • The Administration is also pushing ahead with the revitalization of Nigeria’s 3,500km network narrow-gauge railway. In March 2017 a consortium led by General Electric, and comprising Transnet of South Africa, APM Terminals of the Netherlands and Sinohydro Consortium of China submitted the sole bid for the concession of the Lagos-Kano Railway narrow-gauge Line. (Transaction Advisers

T H I S D AY WEDNESDAY JUNE 7, 2017

BUHARI ADMINISTRATION MID-TERM FACT SHEET A new Social Housing Programme is kicking off in 2017. The ‘Family Homes Fund’ will take off with a 100 billion Naira provision in the 2017 Budget. The rest of the funding will come from the private sector. A pilot component has already kicked, to construct the first set of homes for the Programme) 1.2 Trillion naira has been released for capital expenditure in the 2016 budget, since implementation started in June 2016. This is the largest ever capital spend within a single budget year in the history of Nigeria. This investment has enabled the resumption of work on several stalled projects — road, rail and power projects — across the country. All 4 components of the Social Investment Programme (SIP) have now taken off. • The SIP is the largest and most ambitious social safety net programme in the history of Nigeria, with more than 1 million beneficiaries so far — 200,000 N-Power beneficiaries (160,000 of them have had their details validated and are now receiving the monthly N30,000 stipend, while the rest are undergoing verification. • 3,162,451 people belonging to 26, 924 registered cooperatives have been registered for the Government Enterprise and Empowerment (GEEP) Scheme. 57,234 interest-free (except a one-time low administrative fee) loans have been issued, across 28 States and the FCT. 56% of loans so far disbursed has gone to female beneficiaries. • 1,051,000 Primary School Pupils are currently benefiting from the Homegrown School Feeding Programme (HGSFP), in 8,587 schools across seven States. More than 11,000 cooks have been employed for the HGSFP. • Under the Conditional Cash Transfer (CCT) Programme, 26,942 beneficiaries are now receiving the monthly N5,000 stipend in 9 States and 84 Local Government Areas. The States are Borno, Cross River, Niger, Kwara, Ekiti, Kogi, Oyo, Osun and Bauchi. Strategic Engagements with OPEC and in the Niger Delta have played an important part in raising our expected oil revenues. Already, Nigeria’s External Reserves have grown by around $7 billion in the last six months. In the same period we have added $87m to the Excess Crude Account, and $250m to the Sovereign Wealth Fund.

were approved for the project in 2016). In May 2017 the Federal Executive Council (FEC) approved the commencement of negotiations with GE to conclude the concessioning. • In addition, Abuja’s Light Rail system will also go into operation (test-run) in 2017. The first line to be launched will connect the city center with the Airport, with a link to the Abuja-Kaduna Railway Line. The test-run will start in November 2017, ahead of full commencement of operations in Q1 2018. • The Buhari Administration successfully completed the reconstruction of the Abuja Airport runway within the scheduled six-week period (March – April 2017).

Rehabilitated Ogoja-Calabar road

A cross section of the Ministerial Pilot Housing Scheme financed by the Federal Mortgage Bank of Nigeria in Ogbomosho Oyo State.

Rehabilitation, reconstruction and expansion of the Lagos-Ibadan expressway.

New Vision for the Niger Delta: Acting President Osinbajo is leading the engagement, on behalf of President Buhari and the Federal Government. The Vice President has been visiting oil-producing communities across the Niger Delta, listening to them and outlining the Federal Government’s commitment to the peace, security and development of the region — encapsulated in the Buhari administration’s ‘New Vision for the Niger Delta’. The New Vision brings together a robust set of promises, solutions, targets and initiatives aimed at ensuring that the people of the Niger Delta benefit maximally from the region’s oil wealth. The New Vision offers a detailed response to the 16-point Demand Agenda submitted to President Buhari by the Pan Niger Delta Forum (PANDEF) in November 2016. Tangible results of the New Vision so far include: • Approval of a 2017 commencement date for the stalled Nigerian Maritime University in Delta State • Approval by President Buhari of an additional 35 billion naira for the 2016 budget of the Presidential Amnesty Programme • Approval for the establishment of Modular Refineries across the nine States of the Niger Delta • Resumption of construction work on abandoned projects across the Niger Delta, including the allimportant East-West Road. Beneficial Government-to-Government Partnerships with China and Morocco: President Buhari’s April 2016 Official Visit to China has unlocked billions of dollars in infrastructure funding. Construction work has commenced on the first major product of that collaboration, a 150km/hour rail line between Lagos and Ibadan. The National Economic Recovery and Growth Plan (NERGP), the Federal Government’s medium-term Economic Plan, launched by President Buhari in April 2017, charts a course for the Nigerian economy over the next four years (2017–2020). The Vision of the NERGP is to restore economic growth, invest in Nigerians, and to build a globally competitive economy, and the Plan aims to achieve these by focusing on five execution priorities: • Stabilizing the macroeconomic environment; • Achieving Agriculture and Food Security; • Ensuring energy efficiency (especially in power and petroleum products); • Improving transportation infrastructure; and • Driving industrialization primarily through SMEs. The ERGP will return Nigeria’s economy to sustainable, inclusive and diversified growth, and to transform Nigeria from an import-dependent to a producing economy; a country that grows what it eats and consumes what it produces.

Rehabilitation of Enugu - Port Harcourt Expressway, section IV: Aba-Port Harcourt road. Progress with the Alignment of Monetary, Fiscal and Trade Policies: Landmark initiatives here include: • Ongoing FX regime reforms by the Central Bank, which have seen increased stability in the FX market, and increasing appetite for Nigerian stocks by foreign portfolio investors. Reforms include the creation in April 2017 of a New FX Window for Investors and Exporters. The new Window has attracted $1.4bn in its first four weeks of operation, according to data from the Central Bank of Nigeria. • Revision of the List of 41 Items excluded from the Central Bank FX Window, in line with a request from the Manufacturers Association of Nigeria (MAN) • The establishment of the Nigerian Office for Trade Negotiations by the Economic Management Team (EMT), and • The Introduction of a new, Tariff-driven Tomato Policy to support domestic producers and production.

T H I S D AY WEDNESDAY JUNE 7, 2017

BUHARI ADMINISTRATION MID-TERM FACT SHEET ensure that all funds due to the TSA are remitted into it.

The almost 8-fold oversubscription of our recent Eurobond (orders in excess of US$7.8 billion compared to a pre-issuance target of US$1bn) demonstrates strong market appetite for Nigeria, and shows confidence by the international investment community in Nigeria’s economic reform agenda.

Buhari views the Aeromagnetic map of the Nickel discovery with the ministers of Mines and Steel Development

Ogoni cleanup flag-off by the Vice President.

Deployment of BVN for Payroll and Social Investment Programmes: • Considering that personnel costs are the Federal Government’s largest expenditure line, the Federal Government has given priority to the deployment of the BVN for payroll and pension audits. The use of BVN to verify payroll entries on the Integrated Personnel Payroll Information System (IPPIS) platform has so far led to the detection of more than 50,000 erroneous payroll entries. • The Federal Government has also ensured the deployment of BVN system to serve as the verification basis for payments to beneficiaries and vendors in the N-Power Scheme and the Homegrown School Feeding Programme (HGSFP)

Power Sector: • Power Sector Reform is on course with the launch of the 701 billion Naira Payment Assurance Programme designed to resolve the liquidity challenges in the Power Sector by guaranteeing payments to Generating Companies and Gas Suppliers, while the Federal Government undertakes the much-needed reform and strengthening of Distribution Companies. • In addition to the PAP is a much more comprehensive Power Sector Recovery Programme, launched in March 2017 and which has received the endorsement of the World Bank. Improved Local Refining Capacity: The total amount of Crude refined by the NNPC’s three Refineries (Port Harcourt, Warri and Kaduna) grew from 8m barrels in 2015 to 24m barrels in 2016, and 10m barrels in the first quarter of 2017.

Replacement of old Cash-Based Accounting System with an Accruals-Based System: • Cash accounting makes no reference to the liabilities that the Federal Government may be required to meet in the future nor does it recognise the benefits that will be obtained from assets purchased over a period of time. • The cash accounting system fails to capture information on public sector assets and liabilities which may present the illusion of positive financial results in the short term, at the expense of longer-term fiscal stability and sustainability. • Accruals-based accounting, on the other hand, presents the true financial position of the Federal Governments assets and liabilities, which would help the Government plan future funding requirements for asset maintenance and replacement, and the repayment of existing and contingent liabilities and, thus, better manage their cash position and financing requirements. • It provides comprehensive information on Government’s current and projected cash flows, leading to better cash management. For example, the conversion from cash accounting to accrual accounting led to the discovery of unrecorded debts owed contractors, oil marketers, exporters, electricity distribution companies and others.

ANTI-CORRUPTION AND TRANSPARENCY The Presidential Initiative on Continuous Audit (PICA): • PICA was set up by President Muhammadu Buhari to strengthen controls over Government finances through a continuous internal audit process across all Ministries, Departments and Agencies (MDAs), particularly in respect of payroll. Through the activities of PICA, more than 50,000 erroneous payroll entries have been identified, with payroll savings of N198 billion achieved in 2016. • Also, the Federal Ministry of Finance has set a target to ensure that the Federal Government’s Payroll Platform — the ‘Integrated Personnel Payroll Information System’ (IPPIS) — covers 100 percent of MDAs by the end of 2017. Currently 60% of MDAs are enrolled on the IPPIS platform. Budget Reforms: • First, a Presidential Order was issued directing that all budgets of all Government Agencies be prepared in line with International Public Sector Accounting Standards (IPSAS), using a budget template developed for that purpose. • Second, the 2017 Budget was collated using a web-based application developed by the Budget Office of the Federation (BOF), for the first time ever. Instead of the traditional method of hard copy submissions of budget proposals, Ministries, Departments and Agencies were asked to upload their proposals to the new budget preparation portal. • By replacing paper submissions with an audit-able and trackable online system, the 2017 budget preparation process was strengthened against manipulation and unauthorised alteration. All MDA budget proposals were uploaded to the new system, for review and final collation by the Budget Office. • More than 4,000 staff of the MDAs were specially trained to use the new application, across multiple locations nationwide. Also to support the deployment of the budget portal, the Budget Office set up a Helpdesk, accessible by telephone and email, for authorised users.

Enlistment into Open Government Partnership (OGP): • In May 2016, President Buhari attended and participated in the International Anti-Corruption Summit organised by the UK Government. At that Summit he pledged that Nigeria would join the OGP, an international transparency, accountability and citizen engagement initiative. • In July 2016, Nigeria became the 70th country to join the OGP. Following this, Nigeria constituted an OGP National Steering Committee (NSC), which went on to develop a National Action Plan (2017– 2019) that aims to deepen and mainstream transparency mechanisms and citizens’ engagement in the management of public resources across all sectors. • The National Action Plan was submitted at the OGP Global Summit in Paris, France, in December 2016. Insistence on Conditionality of Fiscal Support to States: • The Fiscal Sustainability Plan (FSP) is a reform programme that specifies conditions under which States can access the Federal Government’s N510 billion Budget Support Facility (BSF). The FSP was introduced to enhance fiscal prudence and transparency in public expenditure, across the states. 35 States signed up. • Independent verification and auditing of participating States is now ongoing — against the FSP conditions & milestones — by eight (8) accounting firms. • State Governments that fail to implement the FSP action plans, as stated, will be taken off the Budget Support Facility with immediate effect. • The Fiscal Sustainability Plan is part of our reform of Public Financial Management Systems nationwide.

Expansion of TSA Coverage: • On August 7, 2015, President Buhari issued a directive to all Ministries, Departments and Agencies (MDAs) to close their accounts with Deposit Money Banks (DMBs) and transfer their balances to the Central Bank of Nigeria on or before 15th September 2015. • This decision to fully operationalise the Treasury Single Account (TSA) system—a public accounting system that enables the Government to manage its finances (revenues and payments) using a single/unified account, or series of linked accounts domiciled at the Central Bank of Nigeria — has resulted in the consolidation of more than 20,000 bank accounts previously spread across DMBs in the country, and in savings of an average of N4.7 billion monthly in banking charges associated with indiscriminate Government borrowing from the DMBs. • As at February 10, 2017, a total sum of N5.244 Trillion had flowed into the TSA. The TSA allows the managers of the Government’s finances, including but not limited to the Ministry of Finance and the Office of the Accountant-General of the Federation, to have, at any point in time, a comprehensive overview of cash flows across the entire Government. • It also ensures increased transparency in public financial management, as well as prevents a scenario in which some MDAs have idle cash while other MDAs are compelled to borrow exorbitantly from DMBs. • The TSA system was launched in 2012, but failed to gain traction until President Buhari’s executive order in August 2015. As at December 2016, 766 MDAs were TSA-compliant. The Ministry of Finance continues to fine-tune the system to improve its efficiency, and has also commenced an audit to

Creation of Efficiency Unit (EU) to spearhead the efficient use of government resources, and ensure reduction in Recurrent Expenditure: • The Efficiency Unit reviews all Government overhead expenditure, reduces wastage, provides efficiency and ensures quantifiable savings for the country. Also, the Unit identifies best practices in procurement and financial management for adoption. • The Efficiency Unit’s efforts have resulted in more than N15 billion in savings on travel, sitting allowances and souvenirs. • There is also potential savings of N7 billion on other expenditure lines where the unit seeks to control spending through Circulars. In addition, there is on-going work on the deployment of a price-checker, as well as the use of debit cards for payments.

T H I S D AY WEDNESDAY JUNE 7, 2017

BUHARI ADMINISTRATION MID-TERM FACT SHEET Asset Recovery Reforms: • The Constitution of a Presidential Committee on Asset Recovery (PCAR), headed by Vice President Yemi Osinbajo, to bring together all law enforcement agencies involved in the recovery of assets; as well as designation of a dedicated Central Bank Account to receive all recovered funds, for coordination and transparency of management and oversight.

• Operation Safe Haven to curtail the incessant clashes between Fulani herdsmen and farmers in the North Central (Plateau, Nasarawa, and Benue states). • Exercise Crocodile Smile to curtail the menace of militant activities in the Niger Delta • Exercise Obangame, a multinational operation aimed at securing and protecting the Gulf of Guinea. • Operation Awatse, a joint operation between the Military and the Police, in South West Nigeria, to flush out militants and pipeline vandals • Operation Python Dance in the South East to tackle kidnappers and militant elements.

Oil and Gas • Since August 2015, NNPC began publishing its performance monthly (NNPC Monthly Oil & Gas Report) in newspapers and various new media platforms and most importantly on the NNPC website to improve transparency and probity. • The controversial Offshore Processing Arrangement (OPA) has been cancelled and replaced with a ‘Direct Sales and Direct Purchase (DSDP)’ scheme with reputable offshore refineries. • Petroleum Industry Governance Bill: Completion of work, by the Federal Ministry of Petroleum Resources, on the draft of the Petroleum Industry Governance Bill. The Bill has now been passed into law by the Senate, after 17 years of failed efforts. Reform of longstanding Petroleum Sector Cash Call Arrangement: • In 2016 the Federal Government exited the cash call arrangement by which the Nigerian National Petroleum Corporation (NNPC) traditionally funded its share of the crude oil exploration and production Joint Ventures (JVs) with International Oil Companies (IOCs). • The Cash Call obligations had consistently put pressure on the Federal Government’s finances, and a failure to fully fund them has resulted in the accumulation of debt arrears of more than six billion dollars, as at December 2015. • Starting 2017, a new funding mechanism is being introduced, which will allow the JVs to transform into independent, self-financing entities. The advantages for the Federal Government finances include: (1) freeing-up the Federal Government from the budgetary obligation of coming up with the cash calls (savings made under the new arrangement can be directed to critical Infrastructure projects), and (2) a potential increase in Nigeria’s oil production to about 2.5 million barrels per day, on account of optimal funding. • Also as part of the reforms, the debt arrears owed the IOCs have been negotiated downwards to approximately US$5.1 billion — for which a long-term repayment plan has been drawn up. New Whistleblowing Policy: • The new Whistleblowing Policy introduced by the Federal Ministry of Finance yielded, within its first two months of operation, yielded $160m and N8 billion in recoveries of stolen Government funds. SECURITY Capture of Boko Haram’s operational and spiritual headquarters, “Camp Zero”, in Sambisa Forest. Following this the Nigerian Army conducted its Small Arms Championship from 26th to 31st March 2017, a measure aimed at enabling the Armed forces to dominate the area, and avoid regrouping by the terrorists. Revitalization of Multi-National Joint Task Force operations, aimed at combating trans-border crime and the Boko Haram insurgency. More than 12,000 Boko Haram hostages have been freed from Boko Haram captivity, including 106 of the Chibok Girls abducted in April 2014. Arrest of Usman Mohammed, aka Khalid AlBarnawi, leader of the Ansaru Terrorist group and one of the most wanted Terrorists in the world, with a US$6m United States bounty on his head. He’s currently being prosecuted alongside his accomplices. Also arrested and being prosecuted: Amodu Omale Salifu, leader of an ISIS affiliate group active in North Central Nigeria. Establishment of civil authority in the areas affected by the Boko Haram insurgency. The Nigeria Police Force and the Nigerian Security and Civil Defence Corps (NSCDC) have deployed officers in liberated areas to take over effective civil responsibility from the military, and secure and maintain law and order in the affected areas. The NSCDC has also deployed 5,000 personnel to the North-East to protect the Internally Displaced Persons’ (IDPs) camps and re-occupy the reclaimed towns and villages. Transfer of 2 Nos. AW 101 Helicopter from the Presidential Air Fleet to the Nigerian Air Force, for deployment in support of Operation LAFIYA DOLE in the North East. Also transferred to the NAF: 3 EC135 and 3 Dauphin helicopters, from the Nigerian National Petroleum Corporation (NNPC)

President Buhari attends Programme of the Unveiling of Nigerian Naval Ships- NNS Unity and NNS Karaduwa at the Naval Dockyard Victoria Island Lagos on 15th Dec 2016. DIPLOMACY AND INTERNATIONAL RELATIONS Re-establishment of Nigeria’s position and influence in the regional and global arena. Fragile/broken relations with the United States, United Kingdom, South Africa, and with neighbouring countries (Chad, Niger, Cameroon) have been revived and strengthened since June 2015. The Meeting of the was the first since 2009. Nigeria’s prominent participation in the London Anti-Corruption Summit and the Commonwealth Conference on Tackling Corruption, in May, 2016 in London. Major outcomes of these events include: • The establishment of a Global Forum for Asset Recovery to be hosted by the governments of the US and UK this year, to focus on assisting Nigeria and three other countries to reclaim their stolen assets. • The signing, in August 2016, of an MoU with the UK Government on modalities for the return of Nigeria’s stolen assets in the UK. In 2016 Nigeria signed an Agreement on the identification and repatriation of Illicit Funds with the United Arab Emirates during the Visit of Mr. President to that country. The Federal Government under President Buhari has engaged the governments of Switzerland, Jersey Island, United States, United Arab Emirates, and Liechtenstein among others, in an effort to ensure the repatriation of Nigeria’s stolen assets. So far, the Swiss government has agreed to repatriate illicit loot of about USD320 million, while another tranche is being expected from the Jersey Islands. The Buhari Administration has mobilized International Support for the War against Boko Haram, forging strong partnerships with key countries, including the United States, the United Kingdom, France and Germany, ECOWAS, the AU, the UN, and others. The Buhari Administration has revamped the Multinational Joint Task Force (MNJTF) comprising troops from Nigeria and Chad, Niger, Cameroon and Benin; this revamp has contributed significantly to the weakening of Boko Haram. Landmark Government-to-Government engagements with China and Morocco, aimed at developing and upgrading National Infrastructure. Nigeria’s successful rallying of OPEC and Non-OPEC members to discuss stabilisation of the global oil market in Doha and in Algiers, and the successful negotiation of an exemption from the OPEC production freeze agreed at the 171st OPEC Ministerial conference in Vienna in November 2016; leading to a rise in oil prices to US$55/bbl for the first time in 16 months.

Establishment of a Naval Outpost in the Lake Chad Basin. Establishment of the 8 Task Force Division in Monguno to further strengthen military presence in the North East. Successful Military Operations across the country: • Operation Harbin Kunama in Dansadau Forest, Zamfara aimed at flushing out armed bandits and cattle rustlers.

Buhari formally launches the Nigeria Economic Recovery and Growth Plan (ERGP) on April 5th 2017.

Buhari in a video chat with men of the Armed Forces fighting insurgency at the Sambisa Forest

T H I S D AY WEDNESDAY JUNE 7, 2017

UTILIZATION OF FOREIGN EXCHANGE AS AT 2ND OF JUNE 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212

CUSTOMERS RAYBROS KAM IND KAM IND KAM IND KAM IND SEVENUP BOTTLING CO. PLC KAM IND BILLVIEW ENERGY OXFORD HYDROCARBON MAMUDA AGRO & ALLIED PRODUCTS NIG LTD MAMUDA AGRO & ALLIED PRODUCTS NIG LTD RINGARDAS NIG LTD KAM IND. ADIRA NIGERIA TRADING CO LIMITED ADIRA NIGERIA TRADING CO LIMITED DANGOTE CEMENT PLC MANUCHAR TRADING HOUSE INTL LTD OXFORD HYDROCARBON RAYBROS ARS (NIGERIA) LTD AFRICA GB FOODS MANFG NIG LTD AFRICA GB FOODS MANFG NIG LTD ARS (NIGERIA) LTD RAYBROS RAYBROS KAM IND. AFRICA GB FOODS MANFG NIG LTD AFRICA GB FOODS MANFG NIG LTD NEW HOME PRODUCTS INDUSTRIES LIMITED MTN MTN CBN CBN CBN CBN CBN CBN CBN CBN AWOFISAYO OMOLARA MOJISOLA ALADE JOHNNY ABIOLA MUSTAFA IBRAHIM KAYODE AREMU OLABODE CORNELIUS TOGUN SAMUEL IDOWU EYEKPEGHA JOEL OGHENEVWARE FAYIGBE OLAMIDE KEHINDE ODOH CHIGOZIE PAUL JAMILA MUSA BAKO OGBE IZEHI BLESSING OKOTIE EJIRO NELLY BADEJO ADEGBENGA NAFIU MUSA GARBA ABDURAHMAN AMINU UMAR ZAKIYYA MOHAMMED AISHA HABIBU ABDULHADI, BABAALLE ZAKARI ALHAJI MUSA AMINU ABDULLAHI LAWAN, ABUBAKAR DAHIRU AUWALU ADAM YUSUF YUSUF ADAM BABANGIDA LAWAN AHMAD IBRAHIM MIKAILU GWARZO FATIMA KABIR ADELOWOTAN AMINAT OLUWATOYIN OGBOLUMANI AZUKA KUKU MUJIDAT OLAKITAN EKAIDEM UBONG SUNDAY ADAH IFEANYICHUKWU ONYEDIKECHUKWU IKPECHUKWU CHIKA SUSSAN OKORONKWO EBOSIE CHIZOROM BUKAR KYARI ABBA OKONKWO ARINZE OYEWOLE WAHEED RAUFU ABDUL GANIYU MBANEFO LOUIS NNAMDI CHINE AUGUSTINE OKECHUKWU OKONKWO JEROME AJAYI REMILEKUN FATIMO ATERE ABUBAKAR SODIQ ABDULLAHI, YAHAYA AGU ISSABEL.O AJETUNMOBI RUKAYAT BOLANLE NUHU HAMZA ABDULLAHI ALIYU BUHARI UWANNA CHIDINMA PHILOMENA ADEBAYO LAWAL OLUWASEUN FALAKI AHMAD RUQAYYA ONOJA ROSE ADA AIGBE ERHAUYI UZAMERE ULOAKA CHIMEZIE ADE KASIM CHUKWURAH OBIAGELI ONYEIWU NKECHINYERE PAULINA ATTAH OREVAOGHENE SCOTT EGBUZIE IHECHI IHEMYOROCHI ADEOLU ADENIKE ADEBAYO OLATUNDE E OLAJIDE INYANG UBONG M AUDU GODWIN ISRAEL SODIQ MOJEED OYEYEMI EJIBENDU NNORUKA INNOCENT GBADEYAN KAFAYAT TITILAYO OHIOZUA-OARHE FLORENCE AGODI SALISU MUSA TAJUDEEN AUWAL SHUAIBU WAILU MAHMOUD SALE ALAMEEN RUFAI AHMED MARIYA USMAN UMMUSALAMA MUHTAR KWARU DANTATA MAIMUNATU Y. MUHAMMED AINAU MANNIRU MARYAM IBRAHIM JAMILA ADO USAINI ABDULRASHEED HABIB NAKURA ZAINAB IBRAHIM DASUKI WILCOX NNANNA FIMIENYE ADE-FAMOTI MOTUNRAYO ABIKE OLAITAN OLUKAYODE AWOFE DIKE ALOZIE JECINTA MOSURO RASHEED OLUWASEUN MUSURO RASHEED OLUWASEUN ABTCHA ALI GANA HAJJA MARYAM BABAKURA OZIGIS ABDULSALAM AKANDE IBE DURU BENJAMIN OKOJIE GREGORY ALI GAMBO MOHAMMED BABAGANA MODU INNA SHERIFF ALI MUSTAPHA MOHAMMED MODU MODU BULAMA HAJJA CHALLU BABA GREMA MUSTAPHA HAJJA KELLU BUBA UMMA IDRIS ISAH TIJJANI OBIKEZE KOSISOCHUKWU VICTOR FATIMA ABUBAKAR ABISO ABUBAKAR ALHAJI SAKINA ABISO ABUBAKAR KOLAWOLE MONISOLA ENITAN OGUNDELE OMOWUNMI ABOSEDE MUSA RASHIDA MAIGALIBI AMIR SALISU ABUBAKAR UMAR FARUK MBAH CHIDUMEBI ANDREA ADAEZE OLORUNOJE SULAIMON ABAYOMI ABDULAI ABDULROUF ABOLAJI OSEMEKA NKECHI ANTHONIA OKE ODAFENKHOA OJEIKERE KALU NWOKE JOHN ABUBAKAR IBRAHIM GAMBO IBRAHIM ABDULLAHI ALIYU HASSAN RULWANU AKWANAMNYE BEATRICE NKONYEASUA ABDULLAHI SHAMSUDEEN SANUSI ONYEBUCHI JONHPAUL OBI EJIMOFOR TIMOTHY EBERE CHUKWUEBUKA OKAFOR IKEOGU CHUKWUDI OBIORA IGWILO CHRISTOPHER IHEJIRIKA IROH EMEKA ERNEST UKATU OBIORA NONSO IBEMERE VICTOR ONYEBUCHI AGBAI OKOJI PRINCE EDJEMRE DEBORAH EDIRI LORD-MICHEAL ADIGWE UCHE EDWARDS AYODELE OBIEGBU DEBBIE WURAOLA MOJEED OLASUNKANMI WASIU ARIWAODO CHIJIKE HOPE BULAKI ABDULLAHI OGENYI OGBA KATE MADU ONYINYE GIFT ONUOHA LIND CHIDOZIE ALASAN IBRAHIM EBODA KEHINDE IBITOLA OSIGBEMHE OGBARI LUCY SOLIU GBADEBO ABASSS HELEN SAVIOUR EDET OGBUDIBE IFEANYI OBIORA ENYICHUKWU UCHECHUKWU ABOLUPE MARY ADEGBITE APOCHI MICHAEL EKWOYI OKEREKE EBERE JAMES ABAH NNABUIKE CHARLES TASIU MUHAMMAD IDRIS HUSSAINI ALI KHAMISE ZAKARI KABIRU MUHAMMAD MAIMUNA HASSAN AIRE OSOBASE VICTOR SALISU MUHAMMED BASHIR ALIYU HARUNA BAKARE BABATUNDE OLUSEGUN BAKARE GRACE IYABO FIRDAUSI JAMILU ISAH IGWUBOR AMBROSE CHINEDU EL-SULEIMAN GARBA IBRAHIM SHITTU IDIATU AJOKE UMAR DANFARI Akinyemi Babafemi Ifeniola DAUDA, SURAJO USMAN YAKASAI YAHAYA TIJJANI SHEHU ABBA AFFA SANI SAJIDA SAID INDABAWA SADI ADO HADIZA ABDULLAHI DANJUMA YUSUF MASUD IMRANA JAMILU DUZAU ABDULLAHI NAZIFI GARBA ILA ASMAU AHMAD YARO SADI OKOEGUALE OSEYOMON FREDDIE

www.ubagroup.com

AMOUNT (US$) 82,159.20 83,920.00 86,457.60 113,542.40 86,457.60 3,819.04 29,622.40 1,392.65 250,000.00 143,550.00 143,550.00 100,000.00 5,000.00 52,800.00 47,200.00 20,590.00 91,800.00 100,000.00 50,000.00 47,509.00 99,890.87 49,987.37 17,491.00 117,840.80 80,000.00 195,000.00 306,856.63 28,265.13 1,007.00 402,366.19 597,633.81 112,883.15 175,732.24 166,622.47 221,446.84 241,622.30 345,879.26 152,199.76 224,439.26 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 3,300.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 3,000.00 4,000.00 4,000.00 700.00 1,900.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,400.00 4,000.00 4,000.00 4,000.00 4,000.00 1,500.00 4,000.00 3,600.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 2,000.00 1,700.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,800.00 4,000.00 4,000.00 4,000.00 1,000.00 1,000.00 4,000.00 4,000.00 1,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,750.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 4,000.00 800.00 4,000.00 4,000.00 600.00 5,000.00 5,000.00 5,000.00 4,000.00 4,000.00 4,000.00 5,000.00 2,000.00 3,300.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 3,000.00 1,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 850.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,418.50

PURPOSE GASOLINE GENERATOR INDUSTRIAL ACCESSORIES SEMI FINISHED STEEL SEMI FINISHED STEEL INDUSTRIAL RAW MATERIALS NT PEPSI COLA-MIXTURE PRE-ENGINEERED STEEL STRUCTURE SMART ELECTRONIC METERS ACCESSORIES 6000 MTS OF GASOIL 99 MTS OF LOW DENSITY POLYETHYLENE 99 MTS OF LOW DENSITY POLYETHYLENE BITUMEN INDUSTRIAL MACHINERY SODIUM SALT OF PALMITIC ACID SODIUM SALT OF PALMITIC ACID SPARES FOR CEMENT INDUSTRY 5000MT SODIUM SULPHATE 6000 MTS OF GASOIL GASOLINE GENERATOR ARTIFICIAL RESINS BULK SEASONINGS CURRY FLAVOUR BULK SEASONINGS CURRY FLAVOUR DISPERSION IN PLASTICS GASOLINE GENERATOR GASOLINE GENERATOR INDUSTRIAL RAW MATERIALS JAGO D'LITE FAT FILLED INSTANT MILK JAGO D'LITE FAT FILLED INSTANT MILK SODIUM PALMITATE TELECOMMUNICATION EQUIPMENT TELECOMMUNICATION EQUIPMENTS IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN IMTO TRANSFER TO CBN BTA BTA PTA PTA BTA PTA PTA BTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA BTA PTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA

RATE 305.90 305.40 305.40 305.90 305.90 332.50 305.40 333.00 309.50 325.50 325.50 305.90 305.95 305.85 305.85 311.00 379.00 370.00 305.95 349.00 356.00 356.00 349.00 305.90 305.90 305.95 356.00 356.00 332.50 374.00 374.00 357.00 357.00 357.00 357.00 357.00 357.00 357.00 357.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

DATE 31-May-17 30-May-17 30-May-17 31-May-17 31-May-17 31-May-17 30-May-17 1-Jun-17 1-Jun-17 2-Jun-17 2-Jun-17 31-May-17 1-Jun-17 1-Jun-17 1-Jun-17 31-May-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 2-Jun-17 2-Jun-17 1-Jun-17 31-May-17 31-May-17 1-Jun-17 2-Jun-17 2-Jun-17 1-Jun-17 30-May-17 30-May-17 30-May-17 30-May-17 31-May-17 31-May-17 1-Jun-17 1-Jun-17 2-Jun-17 2-Jun-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17

S/N 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424

CUSTOMERS NWILO PETER CHIGOZIE JOSIAH JOY BIOBELEMOYE IDRIS USMAN YAU UZOECHINA AMALACHUKWU EBUBE TURAKI HAMISU MUSTAPHA FAGBOLA BIDEMEI OLANIKE OLOGUNJA FEMI MOLOKWU EMEKA EMYSOUL OLUGBENGA I KAJOLA MBANEME MICHAEL NWEKE EVAEZI NIGERIA LTD OLADUNJOYE S ADEYEYE ONAYEMI, OLADAPO ADENIYI YARKWAN MOYINOLUWA COMFORT EDNA T AGBO JOY B SUNDAY MEGAFU, CHINELO UZOAMAKA FRANK & NWEBEH NWIKOGBARA HELEN NICHOLAS N OGWU ABAH, FRIDAY HARUNA MABAYOJE EMMANUEL DAHUNSI AYENI AMIDU OWOLABI FAGBEMI EMMANUEL OLALEYE ONWUAMAEGBU AUGUSTINE ZUAM EKPO ALEXANDER CHRIS AMAUKWU GABRIEL UCHENNA ANORUE UCHENNA VICTOR USAINI SULEIMAN USMAN DADA ADEFUNKE ABIDEMI ODO MOSES OLUWOLE OKALANWA CHIKA NDUKA OLUSAKIN AYOKA MOPELOLA OWYEMI BAYONLE SOPHIAT AZONOBI FLORENCE CHIBUZOR OLANIYI OLAOLUW OLAITAN ADEDEJI RASHIDAT DUNMOLA AKINWALE OLAYEMI YUSUPH NWOGUH JUDITH NKEMDILIMI IGWE BASIL NWOKEDIKE CHINWE EDITH BABANGIDA IBRAHIM SANUSI BANKOLE OLUSEYI BABAJIDE SETON GBOLADE OLUFEMI SANNI OLADAYO MOHAMMED AMADI MICHAEL NDUBUISI IGWE CHUKA STAN ISANG EMEM PAUL HALIMA ALI HASSAN ALI UMAR ADAM NWANDU DANIEL CHUKWU EZUGO OBIJIOFOR UGOCHUKWU KOFI RABIU ABUBAKAR SULEIMAN OBIORAH EJIKE IZUCHUKWU UJI OMOTOLANI OPEYEMI DADA OLUSOLA OBUA ASSUMPTA EGO ETAREH IHINOSEN FAITH OKOYE EKENE PAUL TALLE HABIBA BAITA BALA OFONAGORO NWANYIBUNWA GRACE MBELEDE JAMES UCHENNA EZENWAMMA AZUBIKE E HUSSIAN LATEEFAT OYINDAMOLA ALA MUS SALE PETERS WEALTH BENEDICT OGBONNA EDWARD OGBONNA OBI CHRISTINE CHIBUZO SMITH OLABISI OLALEKAN JEGEDE ADAOBI QUEEN BUKOYE KOLAWOLE TIMOTHY AFOLAYAN COMFORT LARAN DANGANA STEVEN EGEDE SUNDAY AKAU-BOGNET MARY OLAYIDE TSADO GREGORY IKHAMATE OMONIYI AKINGBADE MICHAEL EDJEMRE DEBORAH EDIRI BALOGUN TOKUNBO BILIKISU AWWAL IBRAHIM B ELLO MUHAMMAD AISHAT ASAGWARA PHILOMINA UCHECHI ITSABEMOR ADIKETU MABEL ATUNDE KAZEEM KENNY OKEDIRAN ADELEKE FISAYO IDRIS SADIQ DABO OKOH SUNDAY JOHN EMENINE ANTHONY UGOCHUKWU LADANN MOHAMMED NASIR BELLO BILIKISU YINKA OMOTOSHO GRACE OLUREMI OLUKOLU BABAFEMI TAIWO ADESOYE EMMANUEL OLAJIDE ELLIOT A UMOLE AKINLADE OLAWALE MATHIAS SOAGA SURAJUDEEN OLADIPUPO ABDUSSALAM AMINU GAMBO IBRAHIM DANPASS DANPASS GAMBO AMINA ABDULSALAM AMINU SAKINA DANPASS AISHA NURA DANTATA FATIMA HASSAN JIBRIN ADAMU HARUNA EJEAGWU WILLIAM CHIDI OLORUNTIMILEHIN OLAYINKA EJIKEME SANDRA NCHEKWUBE AMBODE BEATRICE IWAYEMI SALAMI WASIU ABIODUN OLARINDE SOLOMON ADEMOLA OKWUOSA NMA JOAN EKWE UCHENNA IGWEBUIKE KALU FELIX NDUBUISI ANAENUGWU EMMANUEL MUDI SADI DANKAKA OLAREWAJU MARGARET OLUREMI OKUBADEJO NJIDEKA ULUNMA EDOMWONYI AUGUSTINE LKPONMWOSA ELEBUTE OLUMIDE ABIODUN AZONOBI FLORENCE CHIBUZOR OKAFOR MATTHEW UCHENNA CHIBUEZE SUNDAY AKWARANDU UGOCHUKWU STANLEY AKWARANDU CHIMANKPA BLESSING OHIWEREI FELIX OMOIKHOJE A AKINDOLIRE TAIWO OLAMIDE OKOYE SYLVIA KENECHI AMAYO OSENEWIWE KENNETH NWA OKIKE IFEANYI NWAZOJIE NKIRU MIRAN EKWE UCHENNA IGWEBUIKE OWEREOM SISTUS SALAHUDEEN ADETUNJI MUJEEB WOKE DON OGUNBANWO OLUFUNMILAYO FADEKE ADENUGA SEGUN MICHAEL ONOVO EMMANUEL OKEY YUSUF MAIWANKI BUBA EGBUZIE ROSEMARY NKECHI ANGYU ASHU CHRISTIANA OLUMORIN OLANIKE STELLA ADAMS KAFAYAT OLABISI ANIJEKWU CHRISTOPHER NNAEMEKA AJANI TAJUDEEN TAIWO ALIYU MUHAMMAD NASIR OGWU EDOZIE CHRISTIAN IDOKO CHINWERO PETER AMECHI NANCY EZENNAYA OMOREGIE EDO SAMSON AMECHI NWOKONNAYA UCHEOMA AJEH OMONI ALICE OKOYE UCHENNA IGNATIUS ERNEST ABADI LUCY YEKINNI AZEEZ ISHOLA OYENIYI ADELEYE OPEYEMI CHIGOZIE JERRY AKANDE ADENIKE OLUWAYEMISI GORA IBRAHIM ABDULRAZAQ SHEHU ALIYU AISHA AKANDE AHMED AKINSANYA SALIU MURITALA ABIODUN OJO DEBORAH ADENIKE BOLARINWA GBEMILEKE ADEDOTUN DOSUMU OREOLUWA FRANCA DESTINY ERA OLAWOYE OLUFEMI OLASUNKANMI MAISHANU SADIKU SAIDU SAIFULLAHI ABDULLAHI SANI DANYARO BILKISU IBRAHIM ALKALI ABDULLAHI MUHAMMAD HUSSEINI ADO USMAN SAIFULLAHI T. ADAMU ABUBAKAR SADIYA BALA ABUBAKAR RUFAI SANI UMAR SHEHU MINJIBIR KULO DALHA NAMADI NWORGU DENNIS-JUDE CHUKWUDI ANYIAM DARLINGTON EBUKA AZUBUIKE ISIOMA DAVID JATTO SAMUEL OBI ERONMOSELE OHUOBA OSINAKACHI JASPER KUBI H MOMOH KUBI H MOMOH ADIGWE JOSEPHINE NWUGO SANDRA EMEOONYE LODONI COMPANY NIGERIA LIMITED BOLT AND BOLT LTD HAMPTON APARTMENTS LTD OSIFESO OLAKUNBI ADUKE CHRISTOPHER OBUKWELU MAMEK INTERNATIONAL LTD CHIEF DAN NWANYANWU AND ASSOCIATES PETER, MALACHY BABANGIDA STEPHEN D NWIDEE JORKEM ALL CHEMICALS LTD OMOTAYO R AWOYEMI GARBA BABAYO GAMAWA EGWUATU GETTY NONYE ADESEGUN A ADEJOKUN RAYMOND-EBUK HILDA GRACE CHINWE THEOPHILUS O UBANI NAKOWA PLASTICS LIMITED EZE G DINNEYA DAWN N DAISY INTEGRATED SERVICES NIG LTD EZE G DINNEYA AJETUNMOBI S ADEWALE LONGJOHN, FAVOUR MPAKABOARI OGUNGBILE ELIZABETH OLUFUNKE OKONO JOHN OKODI SAFAAR A ISIAKA JOSEPH J OGBECHE ADEDEJI, EGODI OPURICHE IME O ESSIEN

AMOUNT (US$) 799.75 2,289.78 686.94 1,914.13 3,988.33 1,874.17 2,008.05 2,275.78 1,947.49 4,661.98 13,339.00 779.42 5,292.28 1,831.64 750.00 550.00 857.00 4,034.88 555.00 3,055.00 2,000.00 300.00 305.00 1,500.00 2,000.00 3,000.00 3,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 1,349.34 4,935.43 5,000.00 1,500.00 4,000.00 4,000.00 4,000.00 1,000.00 3,005.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 3,700.00 3,000.00 4,000.00 750.00 4,000.00 4,000.00 5,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,340.00 4,000.00 5,000.00 4,000.00 1,500.00 4,000.00 4,000.00 1,500.00 5,000.00 5,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,326.00 4,000.00 4,000.00 2,000.00 5,000.00 5,000.00 4,000.00 3,150.00 1,000.00 4,000.00 5,000.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 2,800.00 4,000.00 1,100.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 1,139.40 2,645.80 3,950.32 1,744.73 2,645.80 1,556.78 14,740.00 3,125.00 2,946.50 2,000.00 3,968.67 13,756.76 6,670.06 2,190.00 6,614.50 1,287.00 5,595.87 7,937.40 5,000.00 8,000.00 11,172.26 5,300.00 1,556.78 3,307.25 6,778.00 4,478.66 13,229.00 3,870.70 2,645.80 1,075.00 1,200.00 2,392.74 14,864.10 2,278.80 1,400.00 14,827.53

PURPOSE PTA PTA PTA PTA PTA PTA PTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA BTA BTA BTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA BTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES

RATE 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

DATE 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17

S/N 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585

CUSTOMERS ALFRED K EYIMIFE IMINABO IBEABUCHI SALIHU A JIMOH BALOGUN OLASHENI OLALEKAN FEMI & ALEMEDE DOGHOR ETARERI ERIC LATEEF ADETOUN EFERERE ROSEMARY ANNE NWEZE NNEBUIHE MAUREEN ALI ABUBAKAR MUHAMMED AKAMERE UCHE DESMOND CHIME IHEANACHO SULLIVAN ATUONWU NNANNA VICTOR OREFEKO OLAMIDE JULIANA ONYIA OGECHUKWU NNENNA MOJU HENRIETTA IFY JEKAYINFA VICTORIA IYABO AHMED HAMZA DATTI BILALA FIBI BARAWULA OGUNDARE AKEEM KABEER HALIM THEODORA IFEOMA ASOMUGHA FRANCA OJEH STEPHEN ONYIS IYALLA BENE SOPHIE HAJARA USMAN AUWAL RABIA MUHAMMAD BUKUR ADAMA ADAMU EKANEM IDOREYIN INIABASI EKANEM AKPAN INIABASI MOHAMMED DAN SULEIMAN ORANEFO CHINYERE PATRICIA KALU HANNAH OGBEAYALU OKAFOR CHINYERE MILRED AJIBOLA IDOWU STEPHEN MONDAY KALU DIKE KALU EMILIA DIKE IGWE UCHENNA PRINCE-EDMUND OKAFOR BIBIAN CHINWE EGBADON MATTHEW EMIONSIO ASO IJEOMA DOROTHY ADERIBIGBE RASHIDI ADEWALE OBIOHA PATIANCE IKEOTUONYE COMFORT NNE UKACHUKWU CHRISTIAN ONYEBUCHI FADEYI TUNDE JAMES RAJI FUNMILAYO AYORINDE MOTUNRAYO ADEOLA LABAKE FUNKE NJOKU ADAEZE PRECIOUS EZEH SUNDAY A EJEFOR NNABUIKE VICTOR NWIYI KENNETH CHINEDU IBE IFECHUKWU PASCAL HAUWA BABA GARBA EGONU VICTOR OBIORA MONAGO OKECHUKWU KINGSLEY TOLORUNLOGO OLUWAROKAN JEROME UCHE GRACE AREGBESOLA ROTIMI AYODELE YARAMOLA MARYJANE OLUWASEUN NAFISA AWAISU AMINU OKWOR EMMANUEL O OLADIPUPO IBRAHEEM OPEYEMI MUSA DANJU BABATUNDE ADEYINKA MOGAJI ADAMU AMINU MARYAM MUSA ISHAKU OKONKWO RITA IFOLOCHUKWUKA AMASOWOMWAN GRACE IGBOGIDI TREVOR E OGUNBANWO ABIOLA OGUNGBIRE KEHINDE JACOB IBRAHIM SAID GARBA ARAFAT SANI ABUBAKAR GHALI IBRAHIM YAHAYA ABDULLAHI IDRIS UMAR ISMAIL JAMILA BABATUNDE ZAINAB ABIODUN MUSTAPHA MOHAMMED YASILIMI HAJJA FANNA BUKAR GREMA ZARA ALHAJI EKUNDAYO BUNMI SUSAN BADRU ADEYINKA LATEEF KIME BUKAR ALHAJI SALIS ABDULWAHAB SULEIMAN TAJUDEEN SAIDAT ABEBI STELLA OYENWEN BRISIBE BELLO RAWAYAU HARUNA ISA MOHAMMED SAIDU AISHA AHMAD BABANYAYA ALHAJI BABANYAYA MUHAMMAD FATIMA ALKASIM BABANYAYA SAFIYA YAHAYA BABANYAYA JAMES NTUKIDEM NJIDEKA CHINELO MBONU OFURUM NNAEMEKA BLESSING INYANG FALADE ABUBAKAR ADAMU HARUNA HAMISU ALI BALARABA AMINU NAFISAT DAHIRU MUSA ADEFARAKAN OLAWUMI MODUPE IWEGBU MARY ODUM VERONICA N OJO KAYODE OLUBUNMI BABATUNDE IFEOLUWA MAGARET ISAH SIKIRU ROTIMI NWOGU UDEAKU CHRISTIANA NWOGU KENNETH CHINEMELU OKAFOR NWABUEZE KINGSLEY ALABI ALAKE KAFILAT ONYEWUENYI MARGARET ONYENACHI AKINNAGBE AGNES SOLA BELLO YUSUF OLATUNJI EKELE ANGELA OTINI MUHAMMAD BASHIR SULAIMAN YAHAYA NUHU GALADANCHI WAZIRI MUSBAHU BELLO DAUDA SANI SALE MOHAMMED ZAHID ABUBAKAR TANKO ABDULSALAM SABIU AHMAD USMAN MOHAMMAD GARBA JIBRIN ALIYU BINTA BUHARI AHMED MUNZALI, IBRAHIM MUHAMMAD YUNUSA, SHAMSU USMAN SANI, UMAR MUHAMMAD MUSA AUWAL ABDULLAHI BASHIR BELLO BELLO BALA MUSHDADA SIDI MUHAMMAD UBA MUHAMMAD, ABUBAKAR BALA OGUNJOBI RAFIU OLABODE OLAITAN BANJOKO MONSURAT ADEBAYO OLUWAFEMI OLADELE ADEDEJI ADENIKE ONAFEMI OKAFOR CHRISTOPHER EKENE IBRAHIM AISHATU MUHAMMAD TANKO ZAINAB ABDULSALM SABIU EBELE ANYAEJI CHINYERE ROMANUS IFEANYI ANYAEJI OLADAPO LAWUYI AJIBOLA ADEYERI OLUWASHOLA SAMUEL IDRIS SHEHU HAJARA AKONOBI OKECHUKWU PETER EJIOFOR OFORMA CHRISTOPHER AGAJO JAMES AGAJO MEDINA GERTRUDE CHIAWUOTU DURUEKE FALOLA OLUWADAMILARE KANABE OSIKHEAME SOLOMON NWONU OBIANUJU OLIVIA ADELOYE OLUFEMI EMMANUEL ASOMUGHA FRANCA ABIMBOLA AMODU BASIRAT OWOSHO ADESUJI TAIWO JATTO OMONIGHO VICTORIA UCHENDU ARTHUR OKWUDIRI ADAMS OTIMEYIN EMMANUEL ONWUMERE NWANYIBUNWA GRACE OKONKWO BERNADETTE UZOAMAKA

AMOUNT (US$) 15,000.00 3,384.35 1,322.90 2,965.51 9,921.75 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,000.00 4,000.00 4,000.00 1,000.00 4,000.00 2,400.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,650.00 4,000.00 5,000.00 5,000.00 1,500.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 2,900.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,800.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 2,500.00 4,000.00 4,000.00 4,000.00 4,000.00 100.00 3,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,253.34 1,709.10 2,293.00 859.88 1,590.72 3,984.58 1,062.00 1,328.19 3,984.60 3,744.72 2,677.38 416.05

PURPOSE SCHOOL FEES SCHOOL FEES SCHOOL FEES LIVING EXPENSES SCHOOL FEES BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA PTA BTA PTA PTA PTA BTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA BTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA

DATE 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17

Africaâ&#x20AC;&#x2122;s global bank

T H I S D AY • WEDNESDAY JUNE 7, 2017

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Qatar Row: Trump Claims Credit for Isolation US President Donald Trump has claimed credit for the pressure being placed on Qatar by Gulf neighbours who accuse it of supporting terrorism in the region. Saudi Arabia, Bahrain, the UAE, Yemen, Libya’s easternbased government and the Maldives have all cut diplomatic and other ties with Qatar. Mr Trump said he was told during his recent visit to Saudi Arabia that Qatar was funding “radical ideology”. He added that the visit was “already paying off”.

Analysts say the timing of the move, two weeks after a visit to Saudi Arabia by Mr Trump, is crucial. Mr Trump’s speech in the Saudi capital Riyadh, in which he blamed Iranfor instability in the Middle East and urged Muslim countries to take the lead in combating radicalisation, is seen as likely to have emboldened Gulf allies to act against Qatar. “During my recent trip to the Middle East I stated that there can no longer be funding

Paris’s Notre-Dame: Attacker Shot Outside A man has been shot by police outside the cathedral of NotreDame in Paris after he tried to attack an officer using a hammer, police say. The suspect has been wounded in the chest, French media report. Officials say this is a “terrorist incident”. Some 900 people are still inside the cathedral. Pictures on social media show some holding their hands up. France is in a state of emergency since attacks by jihadists in Paris left 130 people dead in 2015. The area around the cathedral has been closed. People have

been asked to stay away. Eyewitnesses said tourists fled for cover. “I was about to come inside [the cathedral] and heard the noise, the gunshots, turned around and saw the assailant on the ground where they had shot him,”said Kellyn Gorman, an American tourist. “It was very safe, very quickly contained.” The Notre-Dame is one of the most visited tourist sites in Paris. Last year, police foiled an attack near the site. The incident comes just three days after extremists used a van and knives in an attack in London which left seven dead.

of Radical Ideology. Leaders pointed to Qatar - look!” Mr Trump tweeted on Tuesday. He later tweeted: “So good to see the Saudi Arabia visit with the King and 50 countries already paying off. They said they would take a hard line on funding... extremism, and all reference was pointing to Qatar. Perhaps this will be the beginning of the end

cut all transport links. Qatar is backing plans for talks with its regional rivals as the diplomatic row gathers pace. Kuwait - one of the Gulf countries not involved in the dispute - has offered to mediate talks, and Qatar said it was receptive to dialogue. Kuwait’s emir is travelling to Saudi Arabia for talks.

to the horror of terrorism!” In the same week as Mr Trump’s Riyadh speech, Egypt, Saudi Arabia, Bahrain and the UAE blocked Qatari news sites, including Al Jazeera. On Monday, Saudi Arabia, Bahrain, and the UAE gave Qatari nationals two weeks to leave, banned their own citizens from travelling to Qatar, and

Qatari Foreign Minister Sheikh Mohammed Bin Abdulrahman al-Thani told Al Jazeera that his country was seeking “a dialogue of openness and honesty”. He said Qatar would not retaliate but was unhappy with regional rivals “trying to impose their will on Qatar or intervene in its internal affairs”.

London Attack: Third London Bridge Attacker Named The third London Bridge attacker has been named as 22-year-old Youssef Zaghba, a Moroccan-Italian man. Pakistan-born Khuram Butt, 27, and Rachid Redouane, 30, both from Barking were the other two attackers. Meanwhile, another victim has been named as Australian nurse Kirsty Boden, 28, who her family said had run towards London Bridge to help people. Seven people were killed and 48 injured in Saturday night’s attack - the three attackers were shot dead by police. Zaghba, Butt and Redouane drove a hired van into pedestrians on London Bridge at 21:58 BST before stabbing people in the area around

in Ilford, east London, was also searched by police at about 01:30 BST, but no arrests had been made, the Met said • The Prince of Wales and Duchess of Cornwall visited injured members of the public at the Royal London Hospital • N H S England said 32 people remained in hospital, with 15 in a critical condition • A national one-minute silence was held in the UK in memory of those who were killed • All 12 people arrested on Sunday after the attack have now been released without charge The so-called Islamic State (IS) group has said its “fight-

Borough Market. Armed officers killed all three within eight minutes of receiving a 999 call. The Metropolitan Police said Butt had been subject to an investigation in 2015, but there had been no suggestion this attack was being planned. In other developments: • Theresa May says she expects a review will be launched by the police and security services following the attack, mid an election row over police numbers • T h e Metropolitan Police said a 27-year-old man had been arrested in Barking on Tuesday in connection with the investigation • A property

ers” carried out the attack. An Italian police source has confirmed to the BBC that Zaghba, who lived in east London, had been placed on a watch list, which is shared with many countries including the UK. In March 2016, Italian officers stopped Zaghba at Bologna airport and found IS-related materials on his mobile phone. He was then stopped from continuing his journey to Istanbul. • Redouane was a chef who also used the name Rachid Elkhdar and police said he claimed to be Moroccan-Libyan. He married a British woman in Dublin in 2012 and lived in Rathmines in the Irish capital.

SOURCES OF FOREIGN EXCHANGE AS AT 2ND OF JUNE 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

SOURCE INTERBANK INTERBANK INTERBANK INTERBANK INTERBANK INTERBANK INTERBANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

www.ubagroup.com

AMOUNT (US$) 200,000.00 100,000.00 200,000.00 20,590.00 250,000.00 250,000.00 200,000.00 1,148.04 6,000.00 1,816.99 275.00 30.00 300.00 300.00 90.00 5,032.81 100.00 1,086.00 2,667.00 2,500.00 6,000.00 4,663.14 18,900.00 15,376.06 146.09 8.43 1,814.00 588,000.00 1,500,000.00 70.47 419.35 2,400.00 1,500.00 114.00 426.00 5,219.45 523.93

RATE 305.15 305.65 305.65 310.75 309.25 305.70 305.75 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 316.00 316.25 360.50 305.50 305.50 310.00 335.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00

DATE 30-May-17 31-May-17 31-May-17 31-May-17 1-Jun-17 1-Jun-17 2-Jun-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 30-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17 31-May-17

S/N 39 40 41 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO

AMOUNT (US$) 94.03 80.64 850.00 99.99 1,058.01 2,651.20 250.00 205.15 777.50 170.00 490.00 4,624.70 475.00 1,375.00 3,000.00 70.00 440.00 675.00 2,100.00 535.00 490.00 723.08 367.00 31.14 2,500.00 2,500.00 2,965.00 113,648.00 70,000.00 148,798.39 1,712.47 231,712.44 2,597.21 219,635.58 2,527.71 291,882.48 3,379.97

RATE 310.00 310.00 310.00 310.00 305.40 305.40 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 314.00 355.00 355.01 355.00 354.65 355.00 355.00 355.01 354.70

DATE 31-May-17 31-May-17 31-May-17 1-Jun-17 1-Jun-17 1-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 30-May-17 30-May-17 30-May-17 30-May-17 31-May-17 31-May-17 31-May-17 31-May-17

S/N 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 107 108 109 110 111 112 113 114

SOURCE IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN AUTONOMOUS CBN

AMOUNT (US$) 318,164.43 3,998.63 455,910.50 5,261.84 200,515.25 2,417.76 295,861.22 3,391.12 1,280.20 8,289.30 126.49 30.39 25.40 63.50 59.55 469.71 98.82 329.40 343.13 160.57 276.58 1,649.70 44.26 187.94 796.58 110.65 27.87 245.51 100,000.00 1,000,000.00 91,800.00 485,000.00 65,000.00 2,000,000.00 8,952.69 5,000,000.00

RATE 355.00 355.00 355.00 354.67 355.00 355.00 355.00 354.66 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 369.00 373.00 378.00 355.00 348.00 357.00 360.00 357.00

DATE 1-Jun-17 1-Jun-17 1-Jun-17 1-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 30-May-17 30-May-17 31-May-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 30-May-17 31-May-17 31-May-17 31-May-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 2-Jun-17 30-May-17 1-Jun-17 30-May-17 1-Jun-17 2-Jun-17 1-Jun-17 31-May-17 1-Jun-17 30-May-17

Africa’s global bank

T H I S D AY WEDNESDAY JUNE 7, 2017

WEDNESDAY, JUNE 7, 2017• T H I S D AY

NEWSXTRA

C’River: Man Rapes, Infects 13-year-old Girl with HIV UNICEF seeks exposure of violence against children

Bassey Inyang in Calabar and Segun Awofadeji in Gombe

Cross River State Commissioner of Police, Mr. Hafiz Inuwa, has disclosed that a suspected rapist, Mr. Edet James Asuquo,

has been charged to court for allegedly raping and infecting a 13 years old girl with the Human Immunodeficiency Virus (HIV). The commissioner said Asuquo, whom he said has no fixed address, and whose age

Senate: 28-30% Interest Rate Hurting SMEs, Economy Damilola Oyedele in Abuja The Senate has lamented that the current regime of high interest rates; between 28-30 per cent for the private sector, have continued to place a major burden on business investments, thereby negatively impacting the survival of Nigerian businesses. The Senate noted further that only about three per cent of Small and Medium Scale Enterprises (SMEs) have access to credits from banks, even though they employ about 88 per cent of the national workforce, and are considered the backbone of the economy. The upper legislative chamber therefore resolved to organise a round-table session with the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, industry experts and other stakeholders with a view to finding immediate, sustainable and lasting solutions, that would usher in a new interest rate regime that supports enterprise development in Nigeria. The resolution followed a motion sponsored by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Adebayo Ibrahim (Kwara South) who noted that several developing nations have kept interest rates low and competitive. “The current MPR of 14% has remain so, and very high compared to other developing

nations such as Brazil; 10.25%, Kenya; 10%, South Africa; 7%, Rwanda: 6.25%, Bangladesh; 6.25%, Botswana 5.50%, and many West Africa countries with single digit MPR some as low as 2.95% (Cameroon),” he said. Ibrahim said despite negative indices, banks continue to declare huge profit earnings and profitability, which as at March 31, 2017 increased significantlyby151.02%asProfit Before Tax stood at N186.1 trillion as against N74.1 trillion in December 2016. “Worried that most of this profitability are derived from investment in risk free government securities such as treasury bills and bonds. Worried that the reported explosive increase in net credit to the government in April 2017 annualised to 72% compared to a programmed rate of 33.12% for the year and the significant decline in credit to private sector below 14.88% target for 2017,” he added. These, Ibrahim noted, pretend grave challenges for future macroeconomic stability if allowed to entrench, crowding out private sector borrowing from the economy. “Lending rates to the private sector has hovered between 28% to 30% across board in 2017, if we are to make the necessary reforms of the economy work, we cannot neglect the challenges that increasing rates pose to the survival of business.”

he did not disclose has been charged to court. In Gombe, journalists have been charged to sustain efforts aimed at exposing violent actions against children until the ugly trend is brought to an end in the State. Child Protection Specialist at the Bauchi Field office of UNICEF, Mrs. Ladi Alabi gave the charge in Gombe yesterday during a one day Media Dialogue on Violence against Children and training on Ethical Reporting of Children’s issues. On the HIV infection, the Police commissioner said during interrogation that the suspect confessed that he was aware he was HIV - positive, and had vowed to spread the virus as much as he could. The commissioner said the result of a medical examination confirmed that the rape victim had been infected with the virus.

The commissioner who addressed journalists on the achievements by the State Police Command in the past two weeks, said during the outlined period, a total of 25 suspects were arrested for various offences ranging from “armed robbery, attempted murder, assault on police officer, possession of fake currencies to unlawful possession of fire arms”, among others. He said items recovered from some of the arrested suspects include five AK 47 rifles, seven magazines and 200 hundred rounds of 7.62mm live ammunition, four locally made pistols, one locally made single barrel gun, one battle axe, eight live cartridges, one Mercedes Benz truck with registration number DAL 222 XA loaded with suspected stolen wheat and N380, 000 cash among others. He appreciated members of

the public and good spirited citizens for the useful, and timely information they offered, coupled with their relentless intelligence gathering that led to the apprehension of the suspects and recovered items. “Cross Riverians are admonished to stay off crime and be upright in their dealings as the Command is determined and focused in dislodging all criminal elements and mischief makers across the state who are bent on disturbing the peace in the land,” the commissioner said. In Gombe, journalists have been charged to sustain efforts aimed at exposing violent actions against children until the ugly trend is brought to an end in the State. Child Protection Specialist at the Bauchi Field office of UNICEF, Mrs. Ladi Alabi gave the charge in Gombe yesterday during a one day Media Dialogue on Violence against Children and training on

Ethical Reporting of Children’s issues. According to Mrs. Alabi, journalists should use their expertise to ensure that the public is aware of the consequences of violence meted on children who are the future of the country. She said the public looks up to the media and their contributions in reporting all forms of violence against children, as such, the contributions and reports of the media would go a long way in bringing to an end or reduce the menace in Gombe state. Earlier in her welcome remarks, the Gombe State Commissioner for Women Affairs and Social Welfare, Mrs. Rabi Daniel who was represented by the Permanent Secretary in the Ministry, Hajiya Laraba Ahmad, said the campaign on ending violence against children must be consistent, continuous and carried out with passion.

FG, Bayelsa Unveil $3.6bn Fertilizer CELEBRATING LIFE Mrs Omotayo Omotosho, Prof. Bridget Sokan, Mummy Mary Badejo, Prince Fabian Badejo and wife, Mrs Badejo during the and Petrochemical Firm in Bayelsa R-L; thanksgiving service for the 85th birthday celebration for Mummy Badejo at Saint Agnes Catholic Church, Maryland, Lagos...recently Omololu Ogunmade in Abuja

In pursuit of the commitment to halt the unrest in the Niger Delta, foster development of the region and promote the wellbeing of its people, the federal government and Bayelsa State yesterday announced the imminent take-off of Brass Fertilizer & Petro-Chemical Company in the state. Receiving a delegation led by the Bayelsa State Governor, Seriake Dickson, over the scheme in the State House, Abuja, acting President Yemi Osinbajo, lamented the 12 per cent completion rate in several of the projects initiated by the Niger Delta Development Commission (NDDC) in the past 17 years. The acting president, according to a statement by his spokesman, Mr. Laolu Akande, said the rest of the projects were abandoned, submitting that “sometimes projects are designed not to succeed but just for some

people to make money,” as he commended Dickson for his proactive efforts and collaboration with the Brass company. He said the new approach which he said would alter the thinking and orientation in the region would involve an active and effective collaboration between the federal government, the private sector and affected communities, adding that the approach would ensure that “we finish whatever we start.” He added: “This is what we describe as the new vision: partnership between the federal government, states, communities and the private sector. This is the new way of thinking that is emerging, the new vision.” Emphasising that “a new way of thinking is emerging” in the Niger Delta, Osinbajo highlighted effective collaboration with the private sector, citing the example of the Nigeria Liquefied and Natural Gas (NLNG) as one instance of such effective collaborations.

Abiodun AjAlA

Akeredolu Sends N169bn Appropriation Bill to Ondo Assembly James Sowole in Akure The Ondo State Governor, Mr. Rotimi Akeredolu (SAN) yesterday sent 2017 Appropriation Bill of N169.720 billion to the state House of Assembly. The Clerk of the assembly, Mr. Bode Adeyelu, presented the document at the plenary. In the budget proposal, a sum of N58.097billion was earmarked

for capital expenditure while recurrent expenditure would gulp the sum of 95.123billion, and N8.127billion was proposed for debt services. Also, the sum of N5.374billion was budgeted for statutory transfer. During the plenary, the motion for the presentation of the budget was moved by the Majority Leaders of the assembly, Mr. Joseph Araoyinbo, and was

seconded by the Deputy Speaker, Mr. Iroju Ogundeji. After going through the second reading, the assembly ordered that the budget should be committed to the assembly Committee on Finance and Appropriation for further process on the passage. Speaking on the bill, the former Speaker of the assembly, Mrs. Jumoke Akindele, urged the Committee on

Appropriation to give the bill a speedy passage for the benefit of the people of the state. She commended the governor for allocating a substantial amount to the Ondo State University of Science and Technology, Okitipupa, in the budget, and for paying attention to the institution since the coming on board of the present administration.

Obiano’s Mother for Burial July 20 David-Chyddy Eleke in Awka Late Mrs. Christiana Obiano, mother of the governor of Anambra State, has been fixed for Thursday, July 20, 2017. Governor Obiano made the disclosure when he received some prominent

Anambrarians who paid him a condolence visit at the Governor’s Lodge, Amawbia. Obiano thanked them for deeming it fit to commiserate with him over the loss of his mum, saying it has greatly alleviated his grief. He urged them to remain steadfast in prayers for him

and his family, especially at this trying period. In his remarks, the State Chief Judge, Justice Peter Umeadi, said the late Christiana Obiano lived a very fulfilled life, evident in the enviable height her children had attained in life. The Catholic Archbishop

of Onitsha, Most Reverend Valerian Okeke, on his part, noted that although the late Mrs. Christiana died at an old age, she is still missed by many, prayed God to grant the Governor and the rest of the Obiano family the fortitude to bear the loss

WEDNESDAY, JUNE 7, 2017• T H I S D AY

NEWSXTRA

House Seeks to Curtail Rising Cement Prices James Emejo in Abuja

The House of Representatives yesterday passed a resolution urging the Federal Ministry of Industry, Trade and Investment to interface with the Cement Manufacturers Association of Nigeria (CMAN) and other stakeholders in order to address the escalating price of cement in the country. It further mandated the Committee on Industry to ensure the implementation and report back within

weeks for further legislative action. It followed a motion sponsored by Hon. Abubakar A. Yunusa on the need for the federal government to address the escalating prices of cement. Lawmakers expressed concern that if nothing is done to cause a reduction in the price of cement, it could lead to more cases of building collapse and resultant loss of lives as dishonest builders and contractors would start using

lesser quantity of cement for construction works in order to reduce cost. They argued this will also make it extremely difficult for an average Nigerian to build his own house and reduce the capacity of government to provide

mass housing for the citizens. Also, the House passed a motion mandating the Committees on Appropriations, Public Accounts, Finance, Public Procurement and Governmental Affairs to investigate the infractions

of the Fiscal Responsibility Act by the executive arm of government and report back within four weeks for further legislative action. In a motion sponsored by Hon. Kingsley Chinda on the need for the Budget Office of the federation to

comply with the provisions of the Fiscal Responsibility Act, the House noted that in recent times, there had been concerns about an apparent failure of the budget office to comply with certain provisions of the FRC Act.

Saraki Mourns Osotimehin The Senate President, Dr. Abubakar Bukola Saraki, has expressed deep sorrow over the death of a former Minister of Health, Prof. Babatunde Osotimehin aged 68. Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, described the death of Osotimehin as a monumental loss, not only to Nigeria but also to the international community. “Osotimehin was a doctor’s doctor. He was one of the finest in the medical profession in this generation. As a medical doctor myself, I know first hand, the zeal and devotion with which Osotimehin plied his trade,” the Senate President said. “His passion for excellence enabled him to rise to the zenith of his profession and subsequent emergence as the Director General of the National Agency for the Control of AIDS (NACA) and later Minister of Health during the administration

of President Umaru Musa Yar’Adua. “Thereafter, he was entrusted with an international assignment, as the Executive Secretary of the United Nations Population Fund (UFPA), since January 1, 2011 - a position he held until his demise last Sunday. He shall be sorely missed,” Saraki lamented. He called on the Federal Government to immortalise Osotimehin in view of his extensive contributions to national development in healthcare administration. Saraki commiserated with the immediate family of the deceased, the Nigerian Medical Association (NMA) and the people and government of Ogun State, over the irreparable loss. While praying God to grant the soul of the deceased eternal rest, Saraki called on the nation’s medical practitioners to borrow a leaf from the exemplary professional lifestyle of the late Osotimehin.

Shettima, Emefiele, Ahmed Joda win 2017 Zik Prize for Leadership Borno State Governor, Kashim Shettima, Governor of Central Bank, Godwin Emefiele and elder statesman, Ahmed Joda were amongst seven ‘worthy Nigerians’ that won the 2017 Zik Prize presented at a gathering attended by former President Olusegun Obasanjo, Africa’s richest man, Aliko Dangote, Jim Ovia, Mr. Femi Otedola and other famous persons on Sunday night in Lagos. The Zik Prize is annually organised by the Public Policy Research and Analysis Centre which is chaired by Professor Jubril Aminu with members that include Professor Pat Utomi, Prince Emeka Obasi among others. This year’s event took place at the Civic Centre in Victoria Island, Lagos Governor Shettima won the Prize in recognition of his efficient management of the Boko Haram crisis evident in stabilisation of Borno State, rehabilitation of victims, coordination of local and international responses,

ongoing reconstruction of communities and resettlement of victims, the organisers said. Governor Shettima’s award was received by his representative, Adamu Yuguda Dibal, who was Borno’s Deputy Governor from 2003 to 2011. Governor of Central Bank, Godwin Emefiele who attended the event, was honoured for exhibiting high professional leadership in the discharge of his functions as chief executive of the apex bank. Ahmed Joda was honoured in recognition of his selflessness in public service. Speaking for the Advisory Board of Public Policy Research and Analysis Centre, Chief Mark Wabara who spoke on behalf of Chairman, Professor Jubril Aminu, said the award recipients were selected based on merit after careful evaluation of their individual records of public service in Nigeria.

IN OUR BEST INTEREST

Cross River State governor, Professor Ben Ayade and his counterpart, Mr. Hu Heping, governor of Shaanxi Province of China displaying a copy of an MoU for cooperation between their states

House C’ttee Summons FIRS Boss over Telcos’ Breach of NITDA Act Firms allegedly declared losses to evade 1% fees

James Emejo in Abuja The House of Representatives Ad-hoc Committee investigating the activities of telcoms operators and vendors yesterday summoned the Executive Chairman of the Federal Inland Revenue Service (FIRS) , Mr. Babatunde Fowler to appear before it to clarify and reconcile tax remittances and deductions in respect of telcos statutory commitment to the National Information Technology Development Fund (NITDF). The law setting up the National Information Technology Development Agency (NITDA) requires telecommunications and

technology companies operations in the country to contribute one percent of the profits to the Fund to aid the technological development of the economy. All companies have an obligation to comply to the requirement or risk sanctions. But it emerged that big tech giants including Microsoft, Oracle, Cisco, Siemens, Alcatel among others which are believed to have operated profitably in the country over time have refused to pay a dime into the Fund. Also, the law requires that the FIRS deduct one per cent of operating profit from all registered mobile telecommunications companies

on behalf of NITDA to the NITDF. But according to startling revelations by the Director General, Dr. Isa Ibrahim Pantami, who appeared before the committee yesterday, one of the country’s leading Telecoms giant, Etisalat had never paid any fee since it began operation in 2008- claiming it had never posted any profit in any given year. It reportedly provided evidence on losses for the period in question. Although Globacom had made payments valued at N1.3 billion between 2011 and 2015, it still has outstanding commitments to NITDA and recent reminders by the agency

had not been heeded. Similarly, Airtel has till date paid only N677.9 million and had also cited the lack of profits for non-compliance. However, only MTN Nigeria was said to have fully complied with its obligations to NITDF, having paid a total of N19 billion over time- except for 2016 when it reportedly declared a loss and didn’t make contribution. However, Chairman of the ad-hoc committee, Hon. Ahmed Abu expressed the disappointment of the committee over the refusal of Fowler to honour the invitation. He said there was no way claims of loses could be verified except FIRS was available to provide reconciliation.

20 Aspirants Jostle for Adeleke’s Seat as INEC Fixes July 8 for Bye-Election Yinka Kolawole in Osogbo About 20 aspirants are already jostling for the senatorial seat left by the late Senator Isiaka Adeleke who died on April 23rd, 2017. The Independent National Electoral Commission (INEC) has fixed the bye election for Saturday July 8th 2017. The INEC in a timetable

released and signed by the Administrative Secretary, Osun State, Barrister Ademusire E A, said that consequent upon the provisions of the enabling statutes that bye elections to fill the declared vacant seat by National Assembly be conducted within 30 days upon the declaration, the bye election for Osun West Senatorial seat will hold on Saturday 8th July

2017. The timetable released further revealed that June 15 would be the last day for submission of form, June 22nd for last day for publication of form, June 30 for submission of names and addresses of party agents and July 6th is the last day for campaign by political parties. THISDAY however noted

that among the strong contenders to the vacant seat from APC, are the national ex-officio of the ruling All Progressives Congress (APC) Hon. Akintola Omolaoye, the State secretary of APC, Rasaq Salinsile, the younger brother to Senator Isiaka Adeleke, Ademola Adeleke, Alhaji Tiamiyu Bello, Mr. Tijani Adekilekun and Alhaji Sule Alao all on the platform of the APC.

WEDNESDAY, JUNE 7, 2017• T H I S D AY

NEWSXTRA

Senate to Investigate Ogoni Clean Up Exercise Urges NCC to protect consumers from extortion

Damilola Oyedele in Abuja The Senate has directed its Committee on Environment to investigate activities surrounding the implementation of the Ogoni clean up exercise which was launched by the federal government in June 2016 with an initial cost of $1 billion. The oil spillage exercise clean up was flagged off by the Acting President Yemi Osinbajo with fanfare in Gokana, River States, but 12 months later, there are allegations that work is yet to commence on the project. The Senate resolution followed

a motion sponsored by the Chairman of the Committee on Environment, Senator Oluremi Tinubu (Lagos Central), to mark the June 5, 2017, World Environment Day with the theme: ‘Connecting People to Nature’ in celebration of nature’s beauty and man’s dependence on nature for his wellbeing. Tinubu expressed worry at the absence of a clear framework and institutional action to counter climate change and its effects, adding that the environment is being held in trust for unborn generations and should therefore be kept in pristine condition.

The lawmaker noted that there is need for Nigeria to be proactive in addressing environmental issues, such as gully erosion in the South-east, desertification in the North and large scale environmental degradation in the oil rich South south. “Further worried about the implementation of the Paris agreement in light of the recently announced withdrawal of the United States of America,” she said. The prayers of the motion which were adopted include the call for government at all levels to create a feasible framework for

the realisation of the protection of the environment under the Sustainable Development Goals, and a call for the acceleration of the passage of Erosion Prevention and Control Bill. Meanwhile, the Senate also called on the Nigerian Communications Commission (NCC), to protect consumers from extortion through dropped calls and general poor service delivery by telecommunications services providers. It also urged the Consumer Protection Council (CPC), the Standards Organisation

of Nigeria (SON) and other regulatory agencies to carry out effective supervision of telecommunications service providers, to ensure regulatory excellence, operational efficiency and sterling service delivery. It said these followed a motion condemning the inefficiency of GSM network providers in Nigeria resulting in poor service delivery. The motion sponsored by Senator Andy Uba (Anambra South) urged the NCC to invoke appropriate provisions of the law and other extant agreements

to protect consumers where necessary and to refund them henceforth for disrupted calls caused by network issues. “And allow them have more control over usage of data bundles as practiced by telecom operators in other countries like Kenya, South Africa, among others,” he said. Uba noted that while telecommunications providers have continued to expand their network coverage beyond what their existing infrastructure could carry, no adequate provisions are being made to improve service delivery.

Taraba Govt Vows to Fish Out Perpetrators of Herdsmen, Farmers Clashes Wole Ayodele in Jalingo Deputy Governor of Taraba State, Haruna Manu has expressed the determination of the state government to fish out all the perpetrators of the incessant clashes between herdsmen and farmers in the state. This is coming just as the state Governor, Darius Ishaku refuted claims in certain quarters that he is harbouring anti Fulani sentiments with the anti-grazing bill he presented to the state House of Assembly for passage into law. Rising from a security meeting held at the government house in Jalingo yesterday, Manu insisted that the state government would not leave any stone unturned in ensuring that whoever is linked to the clashes, no matter how highly placed including the mercenaries is brought to book. He revealed that the security meeting, which he presided, was held to find a lasting solution to the perennial clashes, which has claimed several lives particularly

in the central and southern parts of the state. To achieve its objective, the deputy governor noted that a committee has been set up by the government to establish the immediate and remote causes of the crises and recommend useful ways of averting future occurrences. Maintaining that the communities involved in the recent clashes namely Kuteb, Jukun and Fulani, had coexisted from time immemorial, Manu disclosed that the three groups have resolved to expose the evil men that have infiltrated them in the wake of the crisis for the actualisation of permanent peace in the state. He stressed that security agencies in the state have been given matching orders to intensify patrols in every nooks and cranny of the state just as he expressed optimism that those who were alleged to have hired or sponsored mercenaries to fight farmers during the crisis would be brought to book.

Ortom Appeals to Presidency to Call Miyetti Allah to Order George Okoh in makurdi Governor Samuel Ortom of Benue State has appealed to acting President Yemi Osinbajo to call the leadership of the Miyetti Allah to order for making inciting statements about signing into law, the anti-open grazing bill in the state. Ortom made the appeal last Monday while briefing journalists on the outcome of the State Security Council meeting held at the Benue Peoples House,Makurdi. He explained that the decision to draw attention of the Acting President to Miyetti Allah’s recent negative comments about the anti-grazing law has become necessary because the leadership of the association had issued

threats even claiming that the state belongs to them. The Governor said his administration would not succumb to any threat issued by the Leadership of Miyetti Allah as such was tantamount to acting against the signed law. Ortom therefore challenged any Individual, organisation or group with any better alternative to the anti-open grazing law to come up with it, stating that the statement from the Miyetti Allah was unacceptable and unpatriotic. The governor announced plans by his government to arrest anyone standing against the law and directed the relevant security agencies in the state to comply with such directive as the anti-open grazing in the state was now law.

RENDERING ACCOUNT

L-R:Chairman, Mixta Nigeria, Justice George Oguntade and Managing Director, Mr. Kola Ashiru-Balogun, during the 9th Annual General Meeting (AGM) of the company in Lagos.... yesterday Yomi AkinYele

US Launches Law Enforcement and Public Engagement Project Alex Enumah in Abuja The United States Bureau of International Narcotics and Law Enforcement (INL) in collaboration with the CLEEN Foundation yesterday launched a pilot project on public engagement for law enforcement agencies in Nigeria. The launch which attracted a wide participation of representatives from security agencies in the country was aimed at strengthening relations between criminal justice actors, anti-graft agencies and citizens through improved and effective communication for transparency and accountability. Speaking at the launch in Abuja, the US Embassy Representative, Aruna Amirthanayagam said: “This pilot project would focus on supporting the EFCC and the Nigeria Police Force to provide timely and relevant information to the public on their efforts to fight crime and corruption”. He disclosed that the U.S. Embassy has been working closely with civil society, the Nigeria Police Force and the EFCC on various initiatives to enhance government transparency, improve security,

and investigate and prosecute complex financial crimes. ``This project supports those efforts by enhancing communication with the public and building trust with law enforcement organisations,” he added. Also speaking, EFCC acting Chairman, Ibrahim Magu, represented by the Commission’s

Secretary, Mr Emmanuel Adegboyega, disclosed that the commission already has a robust platform in conjunction with Interpol to track down corrupt persons, stressing that there is no safe haven for scrupulous persons in the country. The Executive Director CLEEN Foundation, Benson Olugbuo, on his part, stressed

the need to enhance public confidence in the criminal justice actors such as police and EFCC. He advocated for a system that operates zero tolerance for corruption, adding that open communication be actively pursued in Nigeria’s law enforcement institutions. Senior Lawyer Lauds Recall of Supreme Court Judges

Dickson to PDP Faithful: Don’t Lose Hope in Party As the Supreme Court prepares to deliver judgement on the Peoples Democratic Party (PDP) national leadership tussle, the Governor of Bayelsa State, Seriake Dickson, has strongly advised leaders and members of the PDP not to lose hope, but to remain in the party, assuring them that PDP will bounce back soon. A statement signed by the governor’s Special Adviser on Media Relations, Mr. Francis Agbo, and made available to journalists in Yenagoa yesterday, averred that what the party needed at this juncture is to play its role as a

leading opposition voice with genuine reconciliation founded on compromises and forgiveness. Dickson who is the Chairman of the PDP National Reconciliation Committee said he was speaking out of concern, following the decampment of PDP members to other parties as well as reports of PDP leaders floating alternative political platforms. According to the governor, if PDP leaders had accepted the reconciliation template formulated by his committee, a united national convention would have held this month to elect its national leadership,

and this he believes, would have put to rest the leadership crisis rocking the party. He lamented that, some party leaders opted for the court which he stressed can only adjudicate and not reconcile feuding parties. Dickson said political leaders in Nigeria exert too much pressure on the judiciary by failing to do things rightly, by failing to build consensus as well as refusing to respect laid down rules of politics. He therefore, advised political leaders to stop relying on the judiciary to resolve what is essentially an internal party affair, stressing that internal disputes can best be resolved through a political solution.

WEDNESDAY, JUNE 7, 2017• T H I S D AY

CRIME&PUNISHMENT

Soldiers Kill Two Suspected Kidnappers, Arrest Wellhead Thieves Emmanuel Addeh in Yenagoa Soldiers attached to the Joint Task Force, Operation Delta Safe (OPDS), have arrested five suspects in connection with the theft of wellheads and blowing up assets owned by two oil companies operating in the Niger Delta. In oil and gas production, a wellhead is a critical part of the structure comprising valves and assorted adapters installed at the top of an oil or gas well to manage the flow of the product and control the pressure of the production well. The troops said the suspects used dynamites in their operation, resulting in the breach of the oil and gas facility located at Tebidaba –Ogboinbiri – Brass pipeline in the outskirts of Imgbiba community in Southern Ijaw Local Government Area of Bayelsa State. While Ayebemi Dressman , Inimotimi Abule and Epemege Frank were apprehended for blowing up the pipeline, Bibowa Anemi and Ngoriduwa Gomogo were arrested for removing the oil wellheads and using them for illegal bunkering. Rear Admiral Apochi

Suleiman, who led the operations of the special security outfit in the Niger Delta region, during a press conference held at the headquarters Operation Delta in Yenagoa, said his men acted on a tipoff. He stated that the operation was carried out in a hideout at a fishing camp along Isogbene where three of the suspects were arrested. The commander, who was represented by Col. Danjuma Abdullahi, Chief of Staff of OPDS, added that during a similar operation, troops deployed in Beneside location in Ekeremor Local Government Area of the state also apprehended two suspects allegedly responsible for sabotage and theft of well-head 6 actuator devices. He disclosed that the tool belonging to one of the international oil companies led to the disruption of the operations of the oil company, adding that the wellhead is currently under repairs. Sulieman revealed that in another development, troops deployed in Omuku forest in Rivers State, acting on a tip-off, responded and engaged some

suspected armed kidnappers in a gun duel leading to the rescue of the victim and deaths of two of the kidnappers. Also, Suleiman said a raid conducted at a pirate hideout at Elema area of the state led to the recovery of several items used for illegal bunkering business. “Although no arrest was made during the raid, several items were recovered. The items include 23 rounds of 7.62mm ball special ammunition; one generating set and 40 Horse Power Suzuki speed boat engine among others,” he said. He commended members of the public for supporting the effort to protect oil and gas infrastructure, deter and prevent militancy, sea robbery, crude oil theft and other forms of criminality. The commander also appealed to members of the public to “provide timely information to troops in order to get rid of notorious criminals from the region.” In an interview, Dressman, one of the suspects said he was working with one Mr. Salvation, who also runs an oil and gas facility, and had not paid him for six months, prompting him

Armed Men Abduct Expatriate, Kill NSCDC Personnel Adibe Emenyonu in Benin City

Armed men at Okpella, Etsako East Local Government Area of Edo State last Monday afternoon abducted a Chinese expatriate working with BUA Cement Company, killing a Nigeria Security and Civil Defense Corps (NSCDC) officer attached to him. The incident, THISDAY learnt, occurred during a routine patrol of the company’s quarry site in the area.

The NSCDC spokesman, Mr. Efosa Ogbebor, who confirmed the report, gave the name of the deceased officer as Mr. Banko Navel while trying to protect his principal. Ogbebor said the armed men had opened fire on the hilux van conveying the Chinese expatriate with the deceased. The spokesman, who could not give detail description of what happened, said the Chinese national was subsequently abducted immediately after

killing the NSCDC officer. However, he said efforts were being made by the corps in collaboration with the police to secure the freedom of the abducted Chinese as well as arresting those behind the act. “As I speak with you, our officers and that of the Nigeria Police are combing the bush which they escaped to. Effort will not be spared at bringing those responsible to book,” he stated.

Troops Nab Pipeline Vandals, Rescue Kidnapped Victims Troops of Operation DELTA SAFE have nabbed suspected vandals that detonated dynamites resulting to the breach of an International Oil Company facility located at TEBIDABA –OGBOINBIRI – BRASS pipeline in the outskirt of IMGBIBA Community of Southern Ijaw Local Government Area of Bayelsa State. The arrest was disclosed by Commander Operation Delta Safe Rear Admiral Apochi Suleiman during a press conference held today at Headquaters Operation Delta Safe in Yenagoa, Bayelsa State. He stated that “following the incident, troops acted on a tip off spotted suspected hideout at a fishing camp along ISONOGBENE where 3 suspects namely; Mr Ayebemi Dressman, Mr Inimotimi Abule and Mr Epemege Frank were arrested in connection with the vandalism at PEREMABIRI Community of Bayelsa State” Rear Admiral Suleiman

who was represented by Colonel Danjuma Abdullahi added that during a Similar operations, troops deployed at BENESIDE location in Ekeremor Local Government Area of Bayelsa State also apprehended 2 suspects, Mr Bibowa Anemi and Mr Ngoriduwa Gomogo alledged to have been responsible for sabotage and theft of wellhead 6 actuator device, an oil wellhead tool belonging to one of the International Oil Companies. Their criminal action led to disruption of the operations in the oil company. The wellhead is currently under repairs. He revealed that in another development, troops deployed at Omuku Forest in Rivers State acting on a tip off swiftly responded and engaged some suspected armed kidnappers in a gun duel leading to rescue of the kidnapped victim and death of 2 of the kidnappers. The rescued victim is currently receiving treatment in a medical

facility in Port Harcourt. According to the commander “ troops raided a suspected pirate’s hideout at Elema, Rivers State. Although, no arrest was made during the raid, several items were recovered. The items include; 23 rounds of 7.62mm Ball Special ammunition, one generating set and 40 Horse Power Suzuki speed boat engine amongst others” he said. He used the opportunity to commend the general public and the press for all the support given to Operation DELTA SAFE in its effort to protect oil and gas infrastructure, deter and prevent militancy, sea robbery, crude oil theft and other forms of criminality within the joint operations area that could impact negatively on economic activity in Niger Delta region. Read Admiral Suleiman appealed to members of the public to provide timely information to troops in order to get rid of notorious criminals from the region.

Invitation for Prequalification SPECIFIC PROCUREMENT NOTICE NIGERIA OGUN URBAN WATER SUPPLY PROJECT DESIGN AND BUILD CONTRACT FOR THE REPLACEMENT AND REHABILITATION OF DESIGN-BUILD CONTRACTS FOR THE REPLACEMENT OF 5 NOS SLUICE GATES, 1 NO COFFERDAM AND ASSOCIATED CIVIL, ELECTRICAL AND MECHANICAL WORKS ON THE BARRAGE ON OGUN RIVER, ABEOKUTA, OGUN STATE JUNE 2017 The Ogun State Water Corporation has received funds from the Agence Française de Développement (AFD)toward the cost of the Ogun Urban Water Supply Project and it intends to apply part of the funds to payments under the contract for Design and Build Contract for the Replacement and Rehabilitation of Design Build Contract For The Replacement Of 5 Nos Sluice Gates, 1 No Cofferdam And Associated Civil, Electrical And Mechanical Works On The Barrage On Ogun River, Abeokuta, Ogun State /CNG 1027WKS/QCBS/01/11/2016. TheEmployer intends to prequalify contractors and/or firms for dam (barrage) d esign, build and maintain. It is expected that invitations for bid will be made in August and 2017. Interested eligible Applicants may obtain further information from and inspect the prequalification document at the Ogun State Water Corporation (address below) from 8.00am-3.30pm (Nigeria Time)]. A complete set of the prequalification document in English may be purchased by interested Applicants (a) on the submission of a written application to the address below and upon payment of a nonrefundable fee USD 300.00 or N100, 000.00. The method of payment will be in bank draft in favour of Ogun State Water Supply Project. Applications for prequalification should be submitted in sealed envelopes, delivered to the address below by 10th July, 2017, and be clearly marked “Application to Prequalify for Design and Build Contract for the Replacement and Rehabilitation of Five (5) Number Steel Sluice Gates (Cofferdams) and Associated Civil, Electrical and Mechanical Works on the Barrage on Ogun River, Abeokuta/CNG 1027WKS/ QCBS/01/11/2016.” Ogun State Water Corporation

Engr. (Mrs. M.O. Agboola The General Manager, Ogun State Water Corporation, IBB Boulevard Oke-mosan, First Floor, P.M.B 2074, Abeokuta, Ogun State Telephone: +234 803 719 1290, +234 806 235 6353 ogunwater@yahoo.com

T H I S D AY WEDNESDAY JUNE 7, 2017

WEDNESDAY, june 7, 2017 • T H I S D AY

WEDNESDAYSPORTS

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

Onazi: Eagles ‘ll Approach Bafana Clash with All Seriousness

Okon Bassey inUyo Remembering three years after how Nigeria missed the 2015 Africa Cup of Nations (AFCON 2015) due to the 2-2 draw with South Africa in Uyo, Akwa Ibom State, Super Eagles interim Captain, Ogenyi Onazi, yesterday vowed that Saturday’s AFCON 2019 qualifying clash with Bafana Bafana will be approached with caution and all seriousness. Onazi’s assertion is coming on the heels of Super Eagles’ Technical Adviser Gernot Rohr’s declaration that the South Africans are the strongest opponents in the AFCON 2019 Group E pairing that also have Libya and Seychelles. Speaking with sports journalists shortly after their first training session at the Godswill Akpabio International Stadium in Uyo Super Eagles players receiving pep talks from Gernot Rohr at training… yesterday morning yesterday, Onazi stressed that Super Eagles are ready to redeem their image against the South Nigeria and so need to win it for Africans and ensure that Nigeria our fans,” he promised ahead of qualify for the continental fiesta the clash in Uyo. Tokelo Rantie scored both scheduled to hold in Cameroon goals for south Africa, before in two years time. His words: “Of course, we left-sided midfielder, Sone Aluko, Rafael Nadal and Novak fellow Spaniard Pablo Carreno remember that it was in this also replied with a brace in that Djokovic’s French Open Busta as he aims to move a step stadium that we missed the 2-2 draw that denied Nigeria the quarter-finals were postponed closer to a record 10th title at opportunity to play in AFCON chance to qualify for AFCON 2015. until today after torrential Roland Garros. The Super Eagles coach rain interrupted the first two 2015 when we drew 2-2 with Twelve-time Grand Slam South Africa. It is still in our regretted missing the services of women’s last-eight ties in Paris. winner Djokovic, who is seeded hearts, we have not forgotten some of injured Eagles like John Former world number one second, plays Austrian sixth seed it. Though, it is not a grudge Mikel Obi and Victor Moses. He Caroline Wozniacki was leading Dominic Thiem. Nadal match but we are approaching however consoled himself that 6-4 2-5 against Jelena Ostapenko World number one Andy the new crop of players in the when play was stopped at 14:30 Murray faces Japan’s eighth seed Pliskova plays France’s it with all seriousness. “All we need from Nigerians team have made the necessary BST yesterday. Kei Nishikori, while Swiss third Caroline Garcia, while 2014 is their support and prayers adjustment and have shown their France’s Kristina Mladenovic seed Stan Wawrinka - the 2015 finalist Simona Halep - the because at times like these, it is readiness to make Nigeria proud. was losing 6-4 1-1 to Swiss Timea champion - takes on Croatian Romanian third seed - faces Yesterday morning, all the Bacsinszky. Ukraine’s fifth seed Elina only their prayers and support seventh seed Marin Cilic. that will help us overcome the players invited to camp with the Czech second seed Karolina Svitolina. Fourth seed Nadal meets challenge,” stressed the former exception of Elderson Echiejile and Ahmed Musa, trained at the Lazio of Italy midfielder. Onazi argued that there was no training pitch of the Godswill harm in the current composition Akpabio International Stadium of the Super Eagles with the under the guidance of Rohr and introduction of new players, his assistants. Rohr’s new crop of youngsters stressing that both the old and Also Speaking at the event, the events to be organised which new players have since adjusted that will take on the Bafana Bafana The Spanish LaLiga yesterday will include former junior announced a partnership with CEO of Legacy Sports, Mr Philip includes the LaLiga trophy tour, as professionals. Also speaking, Coach Rohr international Kelechi Iheanacho, Nigerian Sports Agency, Legacy Diwan said the partnership will the El Clasico public viewing event be of immense benefit to Nigeria and a LaLiga legends vs Nigeria explained that he would give who has scored in seven of his Sports. legends match. At a press briefing that held football. limited play-time to Muslims last eight matches for the Super The Chairman of the League “LaLiga has granted us in the team that include Ahmed Eagles, as well as record scorer in yesterday in Lagos, the General Musa and Shehu Abdullahi the FIFA U17 World Cup, Victor Manager International Development exclusive rights to market them Management Company (LMC) of LaLiga, Mr Vicente Casado said in Nigeria, both in the digital and Malam Shehu Dikko, who was because of the ongoing Ramadan. Osimhen. There are also this season’s top this was done as part of its plan offline space, we are also going to also at the event expressed his The franco-German gaffer who restated that South Africa is his scorer in the Austrian Bundesliga, to support football development in set up a world class academy to delight at the partnership which strongest opponent however Olanrewaju Kayode, the pacy Nigeria and also bring the LaLiga develop young talented players he said is in line with the vision who will be trained by Spanish of the partnership between the observed that the professionalism Moses Simon and the nimble- closer to its fans in the Country. “LaLiga is happy to be here in coaches who will reside here in LaLiga and the NPFL. in the current crop of Super Eagles footed Alex Iwobi of Arsenal. Dikko said there was The last outing between both Nigeria, this is one of the best football Nigeria, players in this academy would see Nigeria overpower teams was a friendly match at the countries in the world and the passion will also be granted a scholarship expectation of Spanish clubs South Africa this weekend. “They are the strongest Mbombela Stadium in Nelspruit is here. This is another step in our to cover their education and the coming to the country for their opponent I will face so far as two years ago, which ended 1-1. relationship with Nigeria football cost will be bone by Legacy pre-season camping, a situation he believes would promote the Eagles coach in the AFCON 2019 Ahmed Musa scored a late goal since we entered into partnership Sports’. “We will also have coaching league in the country. qualifier because they have not lost in a game in which Daniel Akpeyi with the Nigeria Professional Football Reacting to the partnership, the instructors from Spain to train a match over a long time. I am also (likely to start in goal for Nigeria League last year” “ We needed someone local our grassroots coaches, and we Head of La Liga Nigeria, Mutiu aware that they stopped Nigeria on Saturday) saved a penalty, but from getting to the AFCON 2015. there was still time for the Bafana flavor to help us bring the LaLiga will also organise events for the Adepoju, said it was a plus to experience closer to our fans which fans because without them, there the NPFL as it would afford the This match is very important to Bafana to draw level. is why we have partnered Legacy will be no clubs and no league” players playing in the league to Mr Diwan listed some of the be at the limelight. Sports”. NIGERIA & SOUTH AFRICA

FRENCH OPEN 2017

Djokovic The matches involving Wozniacki, Ostapenko, Mladenovic and Bacsinszky were set to resume shortly after the court covers were removed late yesterday.

Legacy Sports Partners LaLiga for Tiki-Taka Experience in Nigeria

(Head-to-Head)

10 Oct 1992: Nigeria 4-0 S’Africa – Lagos (World Cup Qualifier) 16 Jan 1993: S’Africa 0-0 Nigeria – Jo’burg (World Cup Qualifier) 10 Feb 2000: Nigeria 2-0 S’Africa – Lagos (AFCON semi final) 31 Jan 2004: S’Africa 0-4 Nigeria – Monastir (AFCON group stage) 17 Nov 2004: S’Africa 2-1 Nigeria – Jo’burg (Mandela Challenge) 1 June 2008: Nigeria 2-0 S’Africa – Abuja (World Cup Qualifier) 6 Sep 2008: S’Africa 0-1 Nigeria – Port Elizabeth (World Cup Qual.) 11 Aug 2013: S’Africa 0-2 Nigeria – Durban (Mandela Challenge) 19 Jan 2014: S’Africa 1-3 Nigeria – Cape Town (CHAN group stage) 10 Sept 2014: S’Africa 0-0 Nigeria – Cape Town (AFCON Qualifier) 19 Nov 2014: Nigeria 2-2 S’Africa – Uyo (AFCON Qualifier) 29 Mar 2015: S’Africa 1-1 Nigeria – Nelspruit (Friendly)

He added: “Recently we had a U-15 La Liga/NPFL competition, which was a huge success, so with Legacy Sports partnering with La Liga again, the players will have better opportunity to engage in competitions. “There will be an academy where the players will be taught the La Liga pattern and it is just like bringing the Spanish League straight to the fans.”

NPFL MATCH-DAY 23 TODAY Shooting vs Kano Pillars Lobi Stars vs MFM FC IfeanyiUbah vs ABS FC Tornadoes vs Rivers Utd Akwa United vs Wikki El-Kanemi vs Rangers Nasarawa vs Katsina Utd Abia Warriors vs Remo Stars Gombe Utd vs Enyimba Sunshine vs Plateau Utd

The Bells Hosts Private Secondary Schools Cycling Competition The African Cycling Foundation, in partnership with The Bells Secondary School, is Organising a cycling competition for private secondary school students in Ogun State. The competition is tagged Ogun State Cycling Challenge (OSCC). The competition is a platform for teenagers to exhibit their

cycling skills and encourage more teens to take up regular cycling. According to the organisers, this will enable them grow into fit, healthy and successful adults with longer life expectancy. The event which holds on Friday, June 23, is expected to feature 80 male and female

participants with about 500 spectators and officials expected. The venue is The Bells Secondary School, Ota, Ogun State. The choice of Bells for the competition is its unique landscape. Designed as an annual event for private secondary schools in

Ogun State. The Ogun State Cycling Association is the technical partners for the project and is expected to officiate the competition. The African Cycling Foundation (ACF) is a social enterprise that aims to transform lives via the bicycle.

T H I S D AY WEDNESDAY JUNE 7, 2017

Wednesday June 7, 2017

UT H

& RE A S O

Price: N250

MISSILE

Sheikh Gunmi to APC/Presidency

“The kind of leader that Nigeria needs at this critical time is the one that can pacify. Not one that will show that he is clean and the other person is dirty. He should show that we are all dirty, let us all come and clean ourselves. So, the so-called clean party which has the broom is so antagonistic. It is so provocative that it has divided the country. If your house is also dirty, you cannot clean someone’s house” – Sheikh Ahmad Gumi, on his mid-term assessment of the current administration.

FEMIFALANA GUEST COLUMNIST

For Economic Restructuring

he demand for fiscal federalism is to enable the federating units to control their resources with a view to funding social services and infrastructural development. In making a strong case for federalism, Chief Awolowo insisted on the provision of social services for the people. Thus, in defending the budget of his government while he was premier of western region, Chief Awolowo stated that “as far as possible within the limit of our resources, expenditure on social services which tend to be the welfare, the health and the education of the people should be increased at the expense of any expenditure that does not answer to the same tests”. It is on record that the administration voted more than 50% of the annual budget to social services. Ironically, Governor Fayose who has joined the campaign for “true federalism” has introduced the payment of school fees in all primary schools in Ekiti State! There is a lot of controversy on fiscal federalism. In accordance with the tenets of federalism the exclusive legislative list should be limited to the country’s external trade, customs duties, export duties, tax on incomes, profits and capital gains, interstate commerce, external borrowing, mining rents and royalties from mineral resources etc. The distorted revenue allocation formula favours the Federal Government as it has been allocated 52% of the revenue accruing to the federation account. The remaining 48% is shared among the 36 states and the 774 local governments and the 6 area councils in the Federal Capital Territory. At the 2014 national conference many delegates proposed 18% derivation for the oil producing communities. But as the conference delegates could not reach a consensus on the matter the proposal was shelved. It is submitted that since the payment of 13% of the revenue in the Federation Account to the oil producing states has not improved the quality of the lives of the people in the Niger Delta region any increase in revenue allocation ought to be tied to the development of the area the where natural resources are produced. Apart from the rents from crude oil the beneficiaries of the monthly allocations are not interested in other sources of revenue. Hence, the current revenue allocation formula is based on the crumbs from the master’s table. As the country does not know the quantity of crude oil produced by the oil companies the ruling class fights over what is paid into the Federation Account by the Nigerian National Petroleum Corporation (NNPC). For instance, the Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that the NNPC and Nigerian Petroleum Development Company (NPDC) have failed to remit the sums of $21.7 billion

Buhari and N316 billion to the Federation Account. No state government has shown any interest in the recovery of the huge sums of money. The Governors Forum is too busy feasting on the Paris/London club loan refund that it has no time to react to the NEITI report. From 1999 the nation has lost trillions of Naira due to indiscriminate duty waivers illegally granted by the Federal Government. In 2011, the sum of N2.3 trillion was lost to fake importers of fuel. From 2011-2014, the oil shipped from Nigeria and discharged in Philadelphia port in the United States but not recorded in Nigeria was 60 million barrels valued at $12.7 billion. Even though the federal government has filed suits against the indicted companies no state government has shown any interest in the cases. It has been confirmed that the privatization carried out by the Ibrahim Babangida and Obasanjo regimes led to asset stripping and hence the vanishing of the nation’s public enterprises. Without questioning why the Nigerian Airways collapsed the Federal Government has decided to establish another national carrier. At the time of the illegal liquidation of the Nigeria Airways it had 32 aircraft in its fleet. Its landed assets in several parts of the country, United Kingdom and the United States were equally sold at give

The ruling class should, therefore, be prepared to make Chapter II of the Constitution justiciable as there must be a relationship between demand for increase in revenue and social needs

away prices. As there is no solution to the economic crisis plaguing the country the members of the ruling class have created confusion and disunity among the people. A few years ago, a senator who wanted to incite the Niger Delta against the north claimed that 80% of the nation’s oil blocks were in the hands of northerners. I countered the irresponsible statement by stating that more than 80% of our oil resources are in the hands of foreign oil companies. Mr. Segun Adeniyi, the chair of the editorial board of THISDAY, intervened and listed those who own which oil blocks in the country. From the detailed information supplied by him it was crystal clear Nigerians are not serious players in the oil industry as majority of local oil block owners have sold them to foreign oil companies. While the allocation of 52% of the revenue of the federation to the federal government cannot be justified the demand for an equitable revenue allocation formula should be tied to the commitment of state and local governments to provide education, health, housing and other basic amenities for the people and investment in infrastructural development, job creation and industrialization. All the arguments and debates on resource control, restructuring and federalism are meaningless to the majority of the people who are groaning in poverty in all parts of the country. The demand for devolution of powers from the federal government to the state and local governments should be accompanied by a demand for the overall development of the society. The ruling class should therefore be prepared to make Chapter II of the Constitution justiciable, as there must be a relationship between demand for increase in revenue and social needs. According to Kayode Komolafe, the neoliberal ideologues in the federal government “have further restructured the socioeconomic structure in what amounts to a policy coup. They have devalued the currency, raised the cost of energy and retrenchment of workers has become a policy virtue in both the public and private sectors. At least, President Muhammadu Buhari is on record to have said that he was more or less presented with a fait accompli by our free market fundamentalists in power acting under the instruction of the policemen of global capitalism. The enormous existential risks to which the poor people are ultimately exposed to by this reckless experiment in the name of economic management is never the business of champions of geo-political restructuring.” It is high time the champions of political restructuring were made to realize that the masses of our people are demanding socioeconomic restructuring which will replace

the peripheral capitalist system, which has consigned them to poverty and misery. It is a national scandal that cholera, meningitis, Lassa fever and other preventable diseases are still ravaging millions of our people in the 21st Century. Based on the collapse of public medical centres in the country, top public officers and rich individuals are being flown abroad for medical attention. Before his death in December last year, President Fidel Castro who was sick for about 10 years was never flown out of Cuba for medical attention. Even though Nigeria is more endowed than the island our leaders are always taken abroad for medical attention. Instead of challenging the federal government to take advantage of President Buhari’s ill health to demand for the refurbishment of our hospitals we are debating the contents of the letter transmitted by him to the National Assembly. I have referred to Cuba because we share similar history and geography. But that poor country has abolished malaria fever, typhoid fever, cholera, meningitis and other tropical diseases. Whereas every citizen of Cuba is entitled to free medical care the Democrats and Republicans in the United States Congress, the richest country on earth, are fighting over the rationale in extending medical insurance to the poor. As Nigerians are praying fervently for the speedy recovery of President Buhari we must end the shame of rushing privileged citizens to the United Kingdom, India, United Arab Emirates for medical attention. A substantial part of the loot being recovered by the federal government should be earmarked to fix the health sector. In his capacity as the nation’s Vice President and chairman of the National Council on Privatisation, Alhaji Abubakar presided over the restructuring of the nation’s economy through the liquidation of public assets and the privatization of the commanding height of the economy. The policy led to the official looting of the commonwealth by imperialism and its local lackeys. All public enterprises and major assets including oil blocks were sold to the so called “core investors”. It is my submission that the nation cannot be seriously restructured without equitable redistribution of wealth horizontally among classes. This goes beyond the vertical restructuring of federating units. Therefore, those who have cornered our commonwealth should not be allowed to talk of restructuring in vacuum. In other words, the campaign for restructuring should encompass the decentralization and democratization of political and economic powers, which have been privatised by all factions of the ruling class. In particular, the struggle for federalism has to confront the control of the national economy by imperialism and the comprador bourgeoisie.

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com