Wednesday 14th June 2017 by THISDAY Newspapers Ltd

Divide Among Banks Widens as Small Lenders Face Cash Crunch Transactions in I&E FX window hit $2.2bn

Chika Amanze-Nwachuku and Obinna Chima with agency report

The divide between the haves and the have-nots among

Nigerian banks is widening, a report by Bloomberg has indicated. The country’s biggest lender by market capitalisation, Guaranty Trust Bank Plc, is

so flush with cash it plans to repay its $400 million of bonds when they become due in November 2018 rather than issuing additional debt, while the Zenith Bank Plc and

United Bank for Africa (UBA) Plc – the next largest banks by market capitalisation – sold international bonds for the first time since 2014. At the other end of the scale,

smaller lenders are scrapping plans to raise dollar loans and struggling to find investors to raise capital. Tier 1 banks in Africa’s most-populous nation and

biggest oil producer are rallying after the Central Bank of Nigeria (CBN) in April opened a foreign Continued on page 10

NPAN Asks FG to Rein in EFCC, Says Agency is Cowering Free Speech... Page 10 Wednesday 14 June, 2017 Vol 22. No 8091. 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

Osinbajo Meets Northern Leaders, Cautions Against Hate Speech Orders security chiefs to protect lives of Nigerians To meet leaders from S’East today, traditional rulers Friday Says it’s improper for N'Assembly to introduce new projects into budget

Omololu Ogunmade in Abuja Acting President Yemi Osinbajo yesterday met with some Northern leaders in the Presidential Villa, Abuja and strongly warned against making hate and divisive speeches capable of snowballing into a conflagration. The acting president, who

said the federal government was committed to the course of unity and peace of Nigeria, said anyone caught in the web of offensive and divisive speech would be made to feel the full weight of the law. The meeting, which was a follow-up to his earlier meeting at the weekend with Continued on page 9

2017 Budget as Lever for Economic Recovery N E W S A N A LY S I S Obinna Chima After a six-month wait, acting President Yemi Osinbajo, in the absence of President Muhammadu Buhari, finally got to append his signature to the 2017 Appropriation Bill on Monday. This year’s budget, like others before it, took a long

time coming. But what stood it out from others was that the 2017 budget was devoid of rancour between the executive and National Assembly over the alterations made to the original document by the latter. Much of the negotiations and interactions to reinstate Continued on page 9

MORE HATE SPEECH, OR ELSE… Amaechi: Nigeria Was Inching NO L-R: Deputy Chairman, Arewa Consultative Forum (ACF), Paul Unongo; Chairman, ACF, Ibrahim Coomassie; and member of ACF, Vice Marshal Muktah Ahmad (rtd.), during a meeting of Northern leaders and acting President Yemi Osinbajo on the need to Towards Civil War in 2015... Page 12 Air end hate and divisive speech causing tension in the country, held at the Presidential Villa, Abuja... yesterday godwin omoigui

T H I S D AY WEDNESDAY JUNE 14, 2017

WEDNESDAY, JUNE 14, 2017 • T H I S D AY

PAGE NINE OSINBAJO MEETS NORTHERN LEADERS, CAUTIONS AGAINST HATE SPEECH service chiefs when he had instructed them to ensure adequate protection of lives and property of Nigerians, was attended by Senate President Bukola Saraki and the Speaker of the House of Representatives, Hon. Yakubu Dogara. Also present at the meeting were the Chief of Defence Staff, Gen. Gabriel Olanishakin, Chairman of the Arewa Consultative Forum (ACF) and former Inspector-General of Police (IGP), Ibrahim Comassie, a member of Northern Elders Forum (NEF), Prof. Ango Abdullahi and a former Sokoto State governor, Aliyu Wamako. Others were a former deputy governor of Plateau State, Pauline Tallen, Publisher of Leadership Newspaper, Sam NdahIsaiah, a Northern elder, Paul Unongo, Air Vice Marshall Muktar Ahmad, Chairman Liberty Radio/ Television, Tijani Ramalan, and Editor-in-Chief of Daily Trust Newspaper, Dan Ali, among others. The meeting marked the beginning of the acting president’s scheduled separate meetings with Northern and South-eastern leaders over the recent ultimatum issued by a coalition of Northern youths to the people of South-east to

vacate the North by October 1 or face dire consequences, and the equally divisive response by groups in the South-east region, including pro-Biafra agitators. Osinbajo will meet with South-east leaders today and Northern emirs over the matter on Friday. The acting president, who said he knew that misunderstandings and frustrations might arise among the people, was swift to add that such situations must be carefully managed to ensure they don’t degenerate into a monumental crisis. He said those who had witnessed war in the past would dread the same experience, even for their worst enemies, insisting that this was not the time for anyone to play the ethnic card. Noting that hate and divisive statements could lead to violence and destruction of human lives and property, the acting president vowed that anyone who resorts to making volatile speeches capable of plunging the nation into sedition or violence would be adequately dealt with. “Every form of violence, every form of hate speech, any stone that is thrown in the market place will hit targets that are going to be deadly.

“So I need us to be fully conscious of that and the Nigerian people must be made to be fully conscious of that so that we do not create a crisis that is not intended. “As part of living together, I know that misunderstandings and frustrations will always arise and people will always want to get the best part of the deal, but we must be careful to recognise that we can only begin to talk about any part of anything if we are together in peace. “These days, wars do not end and I am sure that those who have seen or experienced war in any shape or form will not wish it for their worst enemies. “This is not a time to retreat behind ethnic lines, moments like these are not for isolating ourselves. I want to urge all of us here and for the entire Nigerian populace to come together and work together. “As a government we are determined to ensure the unity of the country along the lines of our constitution and I want to say that hate and divisive speech or divisive behaviour, where it is illegal, will be met with the full force of the law. “And I want to ensure that there is no doubt at all that it is the resolve of

the government that no one will be allowed to get away with making speeches that can cause sedition or that can cause violence, especially because when we make these kinds of pronouncements and do things that can cause violence or lead to the destruction of lives and property, we are no longer in control. Those who make those speeches are no longer in control. “So I want to emphasise that government will take very seriously any attempts to cause violence or disrupt the peace of this country. And that is very important because you cannot control violence once it begins,” he warned. Osinbajo had at the weekend ordered the security agencies to ensure adequate protection of lives and property of Nigerians in different parts of the country. According to a tweet by his spokesman, Mr. Laolu Akande earlier yesterday, Osinbajo gave the order when he met with security chiefs at the weekend. He also said the acting president yesterday begun a series of separate meetings with Northern and Eastern leaders with a view to nipping the matter in the bud. “The acting president will start a series of consultations

with leaders of thought from Northern and Eastern regions of this country this afternoon. “The acting president met over the weekend with security chiefs and gave firm instructions on the need to protect lives and property of all Nigerians always, everywhere. “Acting President@ ProfOsinbajo will first meet each group separately on different days this week and then meet them together,” Akande tweeted.

Also, yesterday, Osinbajo stressed that the National Assembly’s habit of introducing new projects into the nation’s annual budgets was untidy, insisting that the federal legislature only has the power to adjust funds allocated for projects by the executive. The acting president made this remark in the Banquet Hall of the State House, Abuja, at the launch of the 2018 budget preparation process as well as the Economic Recovery and Growth Plan (ERGP) Implementation Plan Development Process by the Ministry of Budget and National Planning. Osinbajo also expressed the executive’s disappointment over the delay in the passage

the 2017 budget by the National Assembly. “This last budget, the president presented it last December. Despite the assurances by the National Assembly that it would be passed in February, it was not passed until May. “As it turned out, we were quite disappointed that it spent a bit of time before it was approved. And thereafter, we had to go into negotiations with the National Assembly in order to get it right. “There are two broad issues about who can do what. When you present budget to the National Assembly, it is presented as a bill, an Appropriation Bill. “Secondly, do not introduce entirely new projects and all of that or modify projects. This is something that we experienced last year and again this year. “So it now this leaves the question about who is supposed to do what,” he observed. Addressing ministers, permanent secretaries and heads of government agencies who participated at the event, Osinbajo advised them to pay attention to the budget details, pointing out that “we must understand not just how to do it right but to get it done in good time”.

Confirming this yesterday, CBN spokesman, Mr. Isaac Okorafor also disclosed that trading on the I&E window, has helped in boosting liquidity and ensured timely execution and settlement of eligible transactions. The spokesman expressed confidence that interventions by the central bank would continue to guarantee stability in the market and ensure availability to individuals and business concerns. CBN Governor, Mr. Godwin Emefiele in an exclusive interview with THISDAY at the weekend said the introduction of the I & E window has eliminated sharp practices in the market. “Now, everything is done in the open and in a very transparent manner. If you want to sell your dollars, you offer the banks and the bank knowing that he has a buyer, matches you with the buyer and the bank makes only N1 spread. “With the transparency that has been brought into that market, we have seen a lot of inflows into that market and rates began to converge… “As much as possible, the central bank does not want to be seen to be having excessive control over the market. We can only come in based on our reading of the market, based on our understanding of what the exchange rate is, to come in to intervene as a player in the market,” Emefiele said. Analysts believe that the increase in volume of transactions on the I&E segment is a positive sign of return of confidence in the financial markets as clearly demonstrated by the bull run on the stock market. According to them, the investor sentiment has strengthened since the CBN introduced the I&E FX window, which they agreed has ensured greater flexibility in exchange rate

determination. They, however, advised the CBN to continue its march towards the convergence of rates. Meanwhile, the CBN said it injected another $418 million into various segments of the inter-bank yesterday. Figures obtained from the CBN indicated that the retail segment of the market received the highest intervention with $226 million, followed by the wholesale window that got $100 million.

The Small and Medium Enterprises (SMEs) window received a boost of $50 million, while the retail invisibles segment was allocated $42 million to meet the demands of customers. The CBN on Monday injected $413.5 million into the interbank market in its unrelenting bid to guarantee liquidity in the market and shore up the value of the naira. The naira remained stable at N363/$1 on the parallel market yesterday.

Budget Alterations

DIVIDE AMONG BANKS WIDENS AS SMALL LENDERS FACE CASH CRUNCH exchange trading window for investors and exporters, easing a crippling currency shortage that contributed to the worst economic contraction in 25 years. Smaller banks are lagging behind as they battle rising levels of non-performing loans (NPLs) and capital buffers near regulatory minimums. “The gap between the Tier 1 and Tier 2 banks has been widening in profitability and balance-sheet size,” said Omotola Abimbola, an analyst at Afrinvest West Africa Ltd. “In the next one or two years we will probably see the trend extending further.” UBA, the third-biggest lender by market value, raised $500 million in its first Eurobond sale on June 1 at yields below initial guidance. This followed an equivalent issue a week earlier by Zenith Bank in a deal that was four times oversubscribed. GTBank said this month it has no plans to sell Eurobonds because it’s setting aside funds to repay existing debt. By contrast, small- and mid-sized lenders like Wema Bank Plc dropped plans last month to raise dollar loans to rather sell naira debt locally in smaller tranches. Unity Bank Plc, which missed a February 28 central bank deadline to recapitalise, has been in talks with investors since October, while Diamond Bank Plc started negotiations to sell businesses and issue debt over a year ago. “We view the Tier 2 banks as potentially challenged,” Exotix Partners LLP analysts Jumai Mohammed and Ronak Gadhia said in a note last month. The lenders seem unable “to weather assetquality deterioration storms”. The central bank had to step in last year when it replaced the top management of Skye Bank Plc for breaching liquidity thresholds.

That’s still a far cry from the full-scale takeovers in 2009, when former central bank Governor Lamido Sanusi rescued 10 lenders and spent N1.8 trillion ($5.5 billion) to rescue banks that had been brought to their knees by souring loans and corrupt managers. Still, the five-year dollar bonds didn’t come cheap. UBA settled on a coupon, or interest paid twice annually, of 7.75 per cent. That’s the highest of at least 10 sales of $500 million by emerging-market banks this year from Turkey, Kuwait, Bahrain, South Korea and China. Zenith will pay 7.375 per cent, compared with 6.25 per cent on five-year notes sold in April 2014. Even so, more lenders will issue Eurobonds because they need dollars to offer loans in the U.S. currency or to repay debt, said Lekan Olabode, an analyst at Vetiva Capital Management Ltd. in Lagos. Ecobank Transnational Inc., based in Lome, Togo, plans to sell a $400 million, five-year convertible bond this month to refinance debt and provide short-term bridge funding for non-performing loans at its Nigerian unit. Fidelity Bank Plc will decide in the third quarter whether to refinance $300 million of bonds due in May next year or issue new debt after seeing yields on the securities drop and strong demand from investors for Zenith and UBA’s notes, Chief Operations Officer Gbolahan Joshua said yesterday. Access Bank Plc has $350 million of bonds due in July. Some banks may use share-price gains to sell equity, although most trade at less than book value, making a rights offering expensive, Olabode said. Local debt also comes at a price, with yields on five-year government bonds at 16.3

percent. The Nigerian Stock Exchange Banking (NSE) Index has advanced 44 per cent this year, with UBA soaring 99 per cent to its highest since January 2014, while Access Bank has climbed more than 80 per cent to a four-year high. Wema has gained less than 2 per cent and Skye Bank and Union Bank of Nigeria Plc are up about 10 per cent in 2017. Union Bank, in which former Barclays Plc Chief Executive Officer Bob Diamond’s Atlas Mara Ltd. owns 31 per cent, said in November it will sell as much as N50 billion in a rights issue scheduled to take place by the end of this quarter. Sterling Bank, which announced plans to raise N65 billion in Tier 2 capital last July, managed to raise N7.9 billion in 2016 at 16.5 per cent, and is waiting for market conditions to improve before another issuance, according to Chief Financial Officer Abubakar Suleiman. Without capital to back new business and write loans, small lenders risk falling further behind as Nigeria’s economy recovers from last year’s 1.6 per cent contraction. The International Monetary Fund (IMF) has forecast Nigeria will expand 0.8 percent in 2017 as oil price improves. “Big banks have a pricing advantage,” said Vetiva’s Olabode. “That makes a big difference in size and capacity to do business,” he stated. But even with the disparity between Tier 1 and Tier 2 banks in the country widening, there were indications yesterday that confidence in the Nigerian FX market has been restored, with the cumulative transactions on the Investors’ & Exporters’ (I&E) segment of the market rising to $2.2 billion, from about $1 billion last month.

2017 BUDGET AS LEVER FOR ECONOMIC RECOVERY what had been altered in the budget were handled behind the scenes and in a discreet manner that saved the public the agony of another fight over the spending estimates. The budget with an aggregate expenditure of N7.44 trillion has an ambitious revenue projection of N5.08 trillion. With total capital expenditure of N2.178 trillion and non-debt recurrent expenditure of N2.987 trillion, the federal government is proposing to fund the projected fiscal deficit of N2.36 trillion by borrowing. The federal government also earmarked N1.841 trillion for debt service, which unfortunately is 24.74 per cent of the total budget and 36.3 per cent of revenue projections for the year. By implication, for every N1 made by the federal government in 2017, about N.036 will be spent on servicing its debt, leaving it N3.2 billion for recurrent and capital spending. Expectedly, this will be augmented by borrowings from mainly foreign and, to a lesser extent, local sources. It is noteworthy, however, that the 2017 budget, which was premised on a benchmark crude oil price of US$44.5 per barrel and

oil production estimate of 2.2 million barrels per day, appears to be standing on attainable economic variables considering the near-stability in the international oil market and the relative peace in the Niger Delta region, following the peace overtures made by the federal government late Continued on page 10

TOP GAINERS NGN NGN MAYBAKER 0.31 3.43 TRANSCORP 0.16 1.82 SKYEBANK 0.04 0.58 NPFMFB 0.09 1.39 PRESCO 3.65 66.15 TOP LOSERS NGN NGN FORTEOIL 6.14 6.14 CADBURY 1.23 14.40 CHAMPBREW 0.17 3.27 LEARNAFRICA 0.04 0.81 INITIATES PLC 0.04 0.77 HPE Nestle Nig Plc N900.00 Volume: 410.223 million shares Value: N5.545 billion Deals: 6,167 As at yesterday 13/06/17 See details on Page 40

% 9.9 9.6 7.4 6.9 5.8 % 9.5 7.8 4.9 4.9 4.9

T H I S D AY • WEDNESDAY, JUNE 14, 2017

NEWS

NPAN Asks FG to Rein in EFCC, Says Agency is Cowering Free Speech Presidency defends commission, says APC will last 200 years Onyebuchi Ezigbo in Abuja The Newspaper Proprietors’ Association of Nigeria (NPAN) yesterday joined other Nigerians and media organisations to condemn Monday’s invasion of the Lagos office of The Sun Newspapers by the Economic and Financial Crimes Commission (EFCC), warning that the invasion of media houses has never worked and will never work. A statement signed by the President of NPAN and Chairman/Editor-in-Chief of THISDAY Newspaper Group, Mr. Nduka Obaigbena, also called on the federal government to call EFCC to order for the greater good of the country and the rule of law. Obaigbena, in the statement said: “We have received with grave concern, the Monday, June 12, 2017 invasion by operatives of the Economic and Financial Crime Commission (EFCC) of the Apapa, Lagos corporate headquarters of The Sun Newspapers. “Facts before the NPAN indicate that the EFCC operatives swooped on the newspaper in the early morning of June 12, while Nigerians were commemorating the historic day of Free Expression, and ordered security men to take them on a guided tour of the premises of the newspaper. “The EFCC operatives subsequently prevented journalists and staff from performing their constitutional

duties, and abridging their rights to Free Speech by preventing those who were in the premises from leaving, and others reporting for duty from entering the premises. “Although the EFCC said they were there to enforce a 10-year-old interim order of forfeiture on the shareholding of The Sun Newspapers, the Editors of The Sun Newspapers said the EFCC officials were there on a vengeance and intimidation mission to settle scores on several stories published by the newspaper, including the alleged ownership of certain properties by the wife of the EFCC acting chairman for which the acting chairman had threatened libel lawsuits. “Instead of lawsuits, the EFCC operatives raided the newspaper offices to revive a 10-year-old interim order of forfeiture that is already before an appellate court.” Given these developments, Obaigbena said it was the considered view of NPAN that the EFCC, being a state institution and a creation of the law, could not be above the law. He noted that the manner of the invasion also suggested that the EFCC was out on a “self-help mission, a voyage to intimidate journalists, criminalise journalism and cower free speech”. “We should continue to remind ourselves that this crude tactic of invasion of media houses and harassment of journalists did not work in the past, is not going to work now, and will never

work. It is unknown to the Constitution of The Federal Republic of Nigeria. “We call on the Federal Government of Nigeria and all people of reason and goodwill to call the EFCC to order for the greater good of the Federal Republic Nigeria and the rule of law,” he cautioned. Despite the outcry over the invasion of The Sun, the presidency yesterday defended the action, saying the anti-graft agency was in the premises of the newspaper organisation to inspect the property.

Speaking on the issue, the Special Assistant to the President on Prosecution, Mr. Okoi Obono-Obla, said the media organisation was under an order of interim forfeiture, adding that the EFCC operatives went there to look at the property to ensure that it had not depreciated. The presidential aide also dismissed the notion that the reign of the All Progressives Congress (APC) would be short-lived due to growing sectional agitations in the country, saying the party would exist for more than

two hundred years. Speaking at the national secretariat of the APC yesterday in Abuja, during the official presentation of his book titled “APC: The Making of the Change Agents” to the party’s National Chairman, Chief John Oyegun, Obono-Obla said he was not aware of any crisis rocking the ruling party at any level. Obono-Obla said: “I said in the next 200 years APC will be alive. Yes, why not? Because we have done very well and we are going to remain in power as long as

we continue to do well, we believe the Nigerian people will always vote for us.” While justifying the invasion of The Sun in Lagos by the EFCC, the presidential aide said: “EFCC has not gone after the media. What happened is that The Sun Newspaper was under an order of interim forfeiture, so they went there to look at the property to make sure it has not depreciated, and nothing is wrong with that. “They didn’t go there because The Sun published a news story that was considered against EFCC or government, they went there to do their work as part of their mandate to fight financial crimes. “Besides, you know that the media house is owned by a former governor who is under trial, and if you are under investigation, EFCC has the powers to go to court and get an order of interim forfeiture, pending the hearing of the case against you.” The APC national chairman described Obono-Obla’s book as an insider account of the merger process that culminated in the formation of the APC. He charged other stakeholders who “participated intimately” in the formation of the party to document their accounts of events for posterity. He also hailed the contributions and sacrifices of the leaders of the legacy parties that merged to form the APC.

document presented to the lawmakers by President Muhammadu Buhari last December. This means that the N500 billion, which THISDAY gathered was shaved off by the National Assembly for these infrastructure projects will be restored, while the 4,000 projects that the federal lawmakers surreptitiously included in the budget will be reviewed to ensure that executive remains largely within the budget estimates that it proposed for the year. This is crucial if the government is to fund its infrastructure projects, as many of them such as the rail and power projects would require it to provide its own share of counterpart funding in order to access foreign loans from the China Exim Bank, among others multilateral lenders. Another notable inclusion in the budget is the expansion of the government’s Social Investment Programme (SIP) targeted at creating jobs for unemployed graduates through the N-Power initiative, the home-grown school feeding programme which will be extended to more states of the federation from the current nine, the Government Enterprise

Empowerment Programme (GEEP) for micro and small businesses in the country, and the Conditional Cash Transfer (CCT) scheme for indigent Nigerians. Sustained implementation of the SIP should see more Nigerians lifted out of poverty this year. During the budget’s signing into law on Monday, Osinbajo expressed confidence that the 2017 budget will deliver positive economic growth and prosperity – one that is self-sustaining and inclusive. According to Osinbajo, the 2017 budget will be implemented in line with the Economic Recovery and Growth Plan (ERGP). He also acknowledged that the budget provides significant opportunities for partnership with the private sector. But for the Director General of the West African Institute of Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo what is critical at point is for the government to fast-track implementation of the budget, considering the delay in its signing. Ekpo, however, expressed concern over the high amount to be expended on debt service, just as he cautioned the government to

keep an eye on the country’s mounting debt. “Implementation is crucial now. They should ensure that they implement more of the infrastructure projects such as in the power, works, transport, health, agriculture and other sectors. “They need to implement 80 per cent of the budget so as to take the economy out of recession and place it on the path of sustainable growth,” he noted. The WAIFEM boss also stressed the need for constant budget monitoring by members of the civil society groups, NGOs and other stakeholders in the economy. The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf noted that the signing of the budget into law would end the uncertainty in the system. He, however, pointed out that the onus will lie on the government on its speedy and effective implementation so that Nigerians can get the desired value from the budget. The LCCI boss also called for a review of the entire budgetary process and to set timelines for every stage of the process. “Specific timelines must be set for the presentation

of the budget to the National Assembly, for the consideration of the Appropriation Bill by the National Assembly, and for the assent by the president. “We need to bring the discipline of timing into the budgetary process. Delivering a budget halfway into the financial year does not augur well for the overall economy,” he added. According to Yusuf, there is also urgent need to define the limits of authority for the executive and the legislature with respect to the passage of the budget. “A judicial pronouncement is imperative to determine the extent to which the National Assembly can make changes to the Appropriation Bill. This issue has become a recurring decimal, contributing to its delay,” he said. After the six months delay, it is imperative that the government would have to hit the ground running so as to improve Nigeria’s economic fortunes and the quality of life of the citizens. Effective implementation of the budget would also go a long way in quelling social tensions and unrest in the country, which are on the rise due to frustration and joblessness.

Obaigbena

2017 BUDGET AS LEVER FOR ECONOMIC RECOVERY last year and early in 2017 to militants in the region. Giving further fillip to this is the resumption of oil loading from the Trans Forcados Pipeline (TFP), following its repair, which should raise the country’s oil production and foreign exchange earnings. Oil prices have averaged $50 per barrel between January and June this year and are not expected to drop drastically, should the Organisation of Petroleum Exporting Countries (OPEC) sustain measures to rebalance the crude oil market. This is expected to help the country grow its foreign reserves and by extension the Excess Crude Account (ECA). The government has also committed to improving its non-oil earnings so as to achieve its revenue projections. This would come largely from taxes, levies, excise duties, improved agriculture output, and the mining sector. Crucially, the deceleration of the country’s economic contraction to 0.52 per cent in the first quarter of this year, compared with a contraction of 2.06 per cent in the first quarter of 2016, as well as declining inflation to 17.24 per cent in

May 2017, are all pointers that the economy is on a recovery path. This, coupled with the improvement in the Purchasing Manager’s Index (PMI), the growth recorded in the manufacturing and agriculture sectors in first quarter of 2017, plus improved liquidity in the foreign exchange market, should instill confidence in the economy and impact positively on companies’ earnings and profitability. In turn, this would lead to increased revenue generation for the federal government by way of taxes and from other non-oil sources. Clearly, this would empower the government to pursue the implementation of all its important executive projects, such as the railway standard gauge projects, the Mambilla power project, Second Niger Bridge, and the Lagos-Ibadan Expressway, among other critical infrastructure projects that could create more jobs and reduce unemployment. Of greater significance, the executive and legislatives arms of government have reached an agreement that a virement request will be sent by the executive to the National Assembly for the restoration of the budget alterations to the original

T H I S D AY WEDNESDAY JUNE 14, 2017

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWS

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

Amaechi: Nigeria Was Inching Towards Civil War in 2015

Says Jonathan’s removal posed bigger threat than Biafra Warns social media will destroy this country

Olawale Olaleye The Minister of Transport and former Rivers State Governor, Mr. Rotimi Amaechi, yesterday said not many Nigerians knew that the nation was heading towards another civil war in 2015 had the election results of that year been tampered with. Amaechi, who spoke at the maiden edition of the CKN News annual lecture, held at the Renaissance Hotel, GRA, Ikeja, Lagos, explained that the removal of former President Goodluck Jonathan posed a bigger threat to the nation than the current agitation for Biafra, dismissing the possibility of a breakup in the country.

The minister, who expressed grave concern about the degree of abuse on the social media, also noted that if care was not taken, the abuse on the social media could destroy the country, even as he sued for an informed and educated use of the opportunity provided by the platform. Speaking on the topic: “The Role of The Social Media in the Socio-economic and Political Development of Nigeria”, Amaechi, who noted that whilst the social media was generating huge funds on the one hand, it was also creating crimes on the other hand, citing the instance of the recently apprehended kidnap

FG Raised N205bn fromVAT in First Qtr The National Bureau of Statistics (NBS) said that Nigeria generated the sum of N204.77 billion as Value Added Tax (VAT) in the first quarter of 2017. VAT is a consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. The NBS stated this in a Sectoral Distribution of VAT Data for first quarter of 2017, published by the bureau yesterday in Abuja. The report, according to the News Agency of Nigeria (NAN), showed that the N204.77 billion generated in the quarter was lower than N207.35 billion generated in the fourth quarter of 2016. According to the report, the decline in the amount generated represented 1.25 per cent decrease quarter-on-quarter. Comparing the amount to the first quarter of 2016, the report stated that VAT generated was N186.43 billion in first quarter of 2016, representing 9. 84 per cent increase year-on year. The bureau stated that other manufacturing sector generated the highest amount of VAT with

N28.73 billion generated. It stated that it closely followed by professional services and commercial and trading, both generating N20.82billion and N12.89billion respectively. The bureau stated that mining generated the least, and was closely followed by local government councils and textile and garment industry with N35.07 million, N99.84 million and N230.89 million respectively. It further stated that out of the total amounted generated in the first quarter of 2017, N126.64 billion was generated as non-import VAT locally. In addition, it stated that N31.72 billion was generated as non-import VAT for foreign, while the balance of N46.41 billion was generated as Nigeria Customs Service-Import VAT in the quarter under review. The bureau, however, acknowledged the contributions of its strategic partner, the Federal Inland Revenue Service (FIRS), and technical partner, Proshare in the design, concept and production of the publication.

June 12: House Directs FG to Confer Highest Honour on Abiola James Emejo in Abuja The House of Representatives yesterday passed a resolution directing the federal government to confer the highest national honour on the late presumed winer of the June 12, 1993 presidential election, Chief Moshood Kashiwawo Olawale Abiola posthumously as a measure of recognition for his unprecedented achievements, contributions and sacrifice to the unity, peace, progress and development of the country, Africa and the world at large. In a motion sponsored by Hon. Muhammed Sani Zoro (Jigawa, APC), the House further mandated the Committee on Legislative Compliance to ensure enforcement of the resolution and report back to the House within three weeks. The House had acknowledged with nostalgia, the vacuum created

by the death of Abiola on July 8, 1988, particularly in the areas of philanthropy, sports, publishing, corporate leadership, national and global politics among others. The lower chamber was sad that despite the uncommon qualities of Abiola, capped by his victory at the presidential elections of June 12, 1993 but which was denied him by retrogressive forces in conspiracy with agents of destabilisation, the Nigerian authorities had never at any given time conferred a national honour on him in lifetime or death. It added that instead, many Nigerians and non-Nigerians of dubious value have continued to be decorated with national honours- year in, year out. The House further described Abiola as a true and great son of Nigeria, touched lives more than any other person in his life time.

kingpin, Chukwudidumeme Onuamadike, known as Evans, who claimed to have garnered information on his victims from the social media. “The removal of President Jonathan was a bigger threat than Biafra. Nigeria was inching towards the civil war. So, forget the talk about secession; Nigeria cannot breakup,” he said, claiming that the Muhammadu Buhari Campaign organisation used the social media effectively to expose some of the undercurrents as well as tame the possible outbreak of a civil war. Amaechi, who noted that the social media had created jobs for more unemployable people than their employable counterparts, maintained that government was angry with the social media operators but also happy because they had been creating jobs. “They misinform the public. They have no rules except for the few that are credible and it is because those ones rose from

the traditional media like The Cable and The Eagleonline. Social media can destroy this country. It is good for society and its polity and it is also very bad,” he said. The minister, who spoke extempore because he wanted the lecture to be interactive since social media matter was one that interested all, said the social media often times helped to solve depression through some of the sarcastic postings and gave different instances of some of the posts he has had to share because of their comic slant. “Don’t believe everything on the social media if you want to remain sane,” he said, noting that it could be used heavily to influence the elections of 2019 in the country. The minister, who also took questions from the audience after his lecture, dismissed assumptions about the non-performance of the Buhari administration, saying “our problem is not that we are not working; our problem is that we are not talking about

what we are doing, reeling out some of the achievements of the administrations region by region.” According to him, the state of the nation was so bad that salaries became impossible but the president looked into it to get the economy going. He therefore contended that to successfully fight corruption, government must jail at least 10 prominent rich people found culpable to serve as deterrent to others. Amaechi, who was circumspect in his choice of words as he addressed the undoing of the social media said the fear of the social media operators and bloggers misquoting him or oversensationalising the headlines of the story from the event had held him back from saying much, especially the need to observe the oath of secrecy, otherwise, he would have provided more information about certain persons to buttress his points. Speaking earlier, the Editorin-Chief of CKN News, Mr. Chris Kehinde Nwandu, said

gone were the days when bloggers and online publishers were seen as blackmailers or in negative lights, but that they were more development partners to those who see them as such. He added that after yesterday’s lecture, he reckoned there would be some kind of re-awakening about the online publishers and bloggers, noting that the choice of Amaechi as the guest speaker was because he remained the most bashed politician on the social media, when indeed some of the things written about him were untrue. Also present at the event were the Corps Marshal, Federal Road Safety Corps (FRSC), Dr. Boboye Oyeyemi; Executive Vice-Chairman/CEO of Nigeria Communications Commission (NCC), Professor Umar Garba Danbatta, who was represented by the Director, Public Affairs, NCC, Mr. Tony Ojobo, and presented the keynote address as well as the publisher, The Oracle newspaper, Mr. Ikeddy Isiguzo.

LAW TEACHERS

Acting President, Prof. Yemi Osinbajo (third left), Anambra State Governor, Willie Obiano; and Vice Chancellor, Nnamdi Azikiwe University, Awka, Prof. Joseph Ahaneku, flanked by Justice Amina Augie and other members of the association during the 50th anniversary of the Nigeria Association of Law Teachers (NALT) in Anambra State....Tuesday

Saraki, Senate C’ttee Meet Bank Chiefs on High Interest Rates Damilola Oyedele in Abuja The Senate President, Dr. Bukola Saraki, and Senate Committee on Banking, Insurance and Financial Institutions yesterday met with the Central Bank of Nigeria (CBN) and heads of commercial banks over the high interest rates on commercial loans. The meeting was however held behind closed doors after a brief opening ceremony. Addressing the bank chiefs and representatives of government financial institutions, the committee Chairman, Senator Ibrahim Rafiu, said several banking policies are not favourable to small and medium scale enterprises (SME) despite their pivotal position in

national economy. He added that the Monetary Policy Committee (MPC) of the CBN has retained the 14 per cent monetary policy rate, even though it is much lower in other developing countries. The lending rates to the private sector hover between 28 and 30 percent, a situation which has cut access of SMEs to credit, he said. The chairman lamented that the bulk of resources available in the economy is being channeled to purchase of government debt instruments at attractive rates of between 18 and 22 per cent, rather than to businesses. “It is pertinent to note that if we are to make the necessary reforms to make the economy work, we cannot

neglect the challenges that increasing interest rates pose to the survival of businesses especially micro, small and medium enterprises, Rafiu said. Saraki in his address, said while the Senate fully appreciates the economic complexities that determine interest rate regimes, “Nigeria must deliberately frame its monetary policy regime towards support of business. Otherwise our economy rescue mission may not be attained. “It fully recognises that high inflation times call for interest rate hikes and such other arguments. But unless businesses are able to survive, inflation and all other market conditions alone will not make the difference. It will be profoundly

improbable to genuine businesses like agriculture, production and solid minerals to survive on interest rate regime of 30 per cent,” the Senate president said. “Let’s give a chance to our poultry and cassava farmers, welders, builders, our fashion designers, filmmakers, shoemakers, furniture companies and our other numerous small and medium sized industries a chance to stay alive and make a living for their families,” “These entrepreneurs employ 88 per cent of our work force. They have demanded and we should find a means to give them a new interest rate. If we don’t, we will all be poorer for it. If we are able to, we will all ultimately benefit.”

T H I S D AY WEDNESDAY JUNE 14, 2017

T H I S D AY • WEDNESDAY, JUNE 14, 2017

COMMENT

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

ONE COUNTRY, A HARVEST OF TREASONS

Agitations for secession reinforce the argument for the restructuring of Nigeria, argues Sonnie Ekwowusi

ast week in Nigeria, in my view, was a harvest of seccessions and treasons. First, the Northern youths in their bid to dissolve the entity called Nigeria issued a ‘quit notice’ to the Igbos residing in Northern Nigeria to vacate the North on or before October 1, 2017. Shortly after that, the Northern Elders Forum not only backed the Northern Youths but equally issued a compelling proclamation that with effect from October 1, 2017 the entity called Nigeria or the Nigerian union accommodating the Igbos would be deemed dissolved and therefore would cease to exist on the face of the earth. In reaction, the different ethnic militant groups in different parts of the country issued their respective secessionist and treasonable declarations. For example, a group from the Niger Delta which called itself the Rondel Solidarity Movement (RSM) issued a statement stating that they too had formed their own country called Rondel Republic and that the new country will start exercising its sovereignty and integrity as an independent country with effect from 2018. Shortly after that, a coalition of militant groups from the Niger Delta issued a communiqué giving the Northerners residing in Niger Delta October 1, 2017 to leave Niger Delta because, according to them, all the oil wealth in Niger Delta is exclusively owned by the Niger Deltans. Then on June 10, 2017 the Youths of Oduduwa Republic, Lagos while restating its independence declared that thenceforth the mere mention of the name Biafra on the soil of the South-West would be regarded as a criminal offence attracting severe punishment. So, while the Northern youths and elders are dissolving the Igbos, the Niger Delta youth militants are dissolving the Northerners and the Oduduwa youths on the other hand are dissolving the Biafrans to the greater dissolution of the entity called Nigeria. Sad. Isn’t? How did we arrive at this sorry state? It is a big paradox that while the Acting President, Yemi Osinbajo, SAN is traversing the length and breadth of Nigeria forging friendship, healing and reconciliatiing, some separatist groups across Nigeria are busy sowing the seeds of anarchy and mayhem and promoting secession and treason across the country. You will recall that in his keynote address with the title: “Greater together than apart,” a few weeks ago at Biafra at 50 Conference held at Shehu Musa Yar’ Adua Centre, Abuja, Yemi Osinbajo pleaded with Nigerians not to allow their frustration to transmute into hatred. “We are greater together than apart. Our frustrations should not drive us mad”, he said. But unfortunately the different warlords in the country do not want to heed the plea of the acting president. They want instead the soul of Nigeria. They want Nigeria to die. They are keen on destroying the pre-existing legal order in Nigeria which by extension is tantamount to the overthrow of the Buhari government and the Nigerian Constitution. Their secessionist agitations translate to a civilian coup. It means that we have not learnt any lessons 50 years after Biafra and about 51 years after the pogrom. The Northern elders’ proclamation is couched in such unmistakable

RESTRUCTURING OF NIGERIA DOES NOT TRANSLATE TO SECESSION FROM NIGERIA OR DISSOLUTION OF NIGERIA. IT MEANS GIVING EACH PLAYER HIS OR HER DUE IN THE SCHEME OF THINGS

terms that point to their demand for the expulsion of Igbos from Nigeria and dissolution of Nigeria as an entity. In the aforesaid proclamation, the spokesman of the Northern elders Forum Prof. Ango Abdullahi stated that the present Federal Republic of Nigeria which accommodates the Igbos was no longer acceptable, and that, consequently, with effect from October 1, 2017, the Federal Republic of Nigeria that accommodates the Igbos would be dissolved and a new country without the Igbos would come into existence. In plain words, the Northern elders are seeking to overthrow the Buhari government and the Nigerian Constitution. That obviously amounts to treason and a recipe for anarchy. It beats the imagination that why the Northern elders are now seriously insisting on the break-up of Nigeria. I had thought that as good ambassadors of the North the Northern elders ought to be promoting friendship and a sense of belonging across the divides. We cannot have two Federal governments in Nigeria at the same time, one in Abuja and another in the North. If the Nigerian voters voted for the Buhari government in 2015 and have not withdrawn their mandate since 2015, why are the Northern elders Forum suddenly usurping the power/authority of the Buhari government? Therefore I agree with Governor Nasir El-Rufai and other Nigerians that all those calling for the dissolution of the Federal Republic of Nigeria should be arrested and charged for treason under the Nigerian law. Nigeria is bigger than any person or group of persons. Section 1 (2) of the 1999 Constitution states thus: “The Federal Republic of Nigeria shall not be governed, nor shall any person or group of persons take control of the Government of Nigeria or any part thereof, except in accordance with the provisions of this Constitution”. By virtue of this provision, no person or group of persons can usurp the power/authority of the Buhari government let alone conducts its affairs in violation of the constitution which is the supreme law of the land. Nobody is above the law. The law is no respecter of persons. National leader and statesman Chief Obafemi Awolowo was not only charged for treason but was indeed convicted of treason. Prof. Wole Soyinka has faced many treason trials in Nigeria. Leader of The Indigenous People of Biafra (IPOB) Nnamdi Kanu is currently facing treason trial. Therefore all those who agitated for the dissolution of Nigeria last week should be arrested and prosecuted under the law. The rule of law ought to reign supreme under our presidential democracy. Having said this, the increasing agitations for secession in Nigeria reinforce the argument for the restructuring of Nigeria. Restructuring of Nigeria does not translate to secession from Nigeria or dissolution of Nigeria. It means giving each player his or her due in the scheme of things. It means running a true federalism of equal stakeholders. It means accepting and agreeing that we are all members of the same human family though tribes and tongues may differ. It means agreeing with American founding fathers that popular participation is the ultimate safeguard of democratic norms.

FOUNDATIONS FOR A NEW NIGERIA (2)

Wilfred Usani argues the ethnic nationalities must stay together on terms that accommodate all of them fairly

eparation may lead to a domino effect which could cause the various ethnic nationalities and their peoples to become insignificant stateless people within the African continent. This certainly cannot be in the interest of any ethnic nationality currently consisting in the territory called Nigeria. Strong visionary and enlightened leadership is required to avoid this. Were Nigeria or any part of it to be broken up or separated it would be a big blow to Black Africa because Nigeria as it is today is the only country large enough and with enough resources to rally the rest of Africa to development. In my opinion, it must be an uncompromisable ideal for the ethnic nationalities that consist in Nigeria to stay together united into one country. However the ideal must be that the ethnic nationalities must stay together on terms that accommodate all of them fairly under the union. This ideal must form the fundamental basis for a National Charter to be adopted by all the ethnic nationalities that consist in Nigeria which will contain the fundamental principles and basic ideals for the union of the ethnic nationalities into one modern nation. In my view, any alternative – whether maintaining the status quo or separating will spell doom for any ethnic nationality that consists in Nigeria. The status quo is unsustainable and will eventually lead to an implosion and separation is anathema! I would suggest some of the ideals and principles to be articulated in the charter to include the following: A declaration of the consent and agreement of all the ethnic nationalities that consist within the geographical entity known as Nigeria to be formed into a union as a single

inseparable nation having regard to the following: One, the common colonial heritage of all the ethnic nationalities that consist within the territory which has bestowed upon them a common contemporary history and heritage. Two, the recognition that owing to this common colonial heritage, there has been such social, cultural, economic and political interrelation, interconnection and interdependence that a separation of the ethnic nationalities will lead to such social and economic dislocation that may ultimately be unbeneficial to any ethnic nationality and their people. Three, a recognition that the developments that have occurred within the territories of any ethnic nationality deriving from their common colonial heritage is the product of the sacrifice of the resources or from the resources of all the ethnic nationalities that consist in the territory so that a separation of any of the ethnic nationalities may occasion such injustice that may render the other ethnic nationalities vulnerable. Four, a recognition that a further integration of the resources of the ethnic nationalities under one nation will further the prosperity, security and welfare of the ethnic nationalities consisting in the union and their peoples. Besides, a recognition of the ethnic nationalities that consist within the territory as the distinct national entities that have come together to be formed into this union; a declaration and recognition of the distinct national rights of these ethnic nationalities which will be maintained and preserved in the union notwithstanding that each ethnic nationality shall surrender aspects of its sovereignty and national rights to the national government which shall be formed pursuant to this charter; and a declaration of the human and peoples’ rights that must be preserved

and maintained in the union. This charter will form the basis for a new constitution for the country which will be the basic law of the land which will give effect to the principles and ideals enunciated in the charter. This new constitution which will be deriving from the agreement of the people to be united as one nation will then be truly autochthonous expressing the will of the people, their culture, history, customs and tradition, their hopes and aspirations. In this way the document derives organic legitimacy before the people who will then accept it as their own. It will become the icon to rally the peoples of Nigeria to a common cause of action for their collective good. I propose that the government in power must lead the process of articulating this charter elaborately expressing the basis and terms of the union as suggested and subject this charter to a national referendum. The mechanics of this referendum will be worked out as best as practical realities demand. Upon adoption of this charter in the referendum I propose that the government should then convene a national constitutional conference of the representatives of all the ethnic nationalities that consist in the territory to articulate a constitution for the country which will give effect to the ideals contained in the charter. A major challenge to this proposition will largely be the attitude of the current National Assembly. Many would argue that the National Assembly being representatives of the people of Nigeria should carry out this constitutional reform through amendments to the current constitution. I would say with due respect to the National Assembly that the problem is too deeply embedded and goes beyond the capacity of the National Assembly

alone to address. I say that while the National Assembly and the members will play their role in this reform process, the process must extend beyond them to include the naturally recognised leaders from the various ethnic nationalities whether in government or out of government so that the people will feel a true sense of representation. During the Goodluck Jonathan Administration the government convened a national conference which made extensive recommendations for the “restructuring” of the country. The problem with that conference in my view was that it was the typical top to bottom approach to problem solving that has been the hallmark of governments approach to solving problems that was adopted. In my view, the government convened the conference, set its’ terms of reference and modus operandi without consultation with the people at any stage. The conference did not in my view reflect the free will consent of the peoples of Nigeria which would have given it organic legitimacy. This is the reason why the conference has been ignored by the current government and today some ethnic nationalities have called for a complete rejection of the conference as they felt it was unrepresentative of their views. The summary of my proposition is that the government as the current sovereign authority in the territory must provide the guidance required for the ethnic nationalities to come together and agree to the national charter and for the charter to form the basis for a new constitution and thus lay the foundation for a new Nigeria. Usani is Senior Partner in the Law Firm of Ethan & Magdiel and former Special Adviser and member of the Cross River State Executive Council

T H I S D AY • WEDNESDAY, JUNE 14, 2017

EDITORIAL INDISCIPLINE WITHIN THE MILITARY The military must put its house in order

contingent of Air Force personnel recently invaded a university in Osun State and left a trail of broken heads and bloodied bodies. Soon afterwards, another contingent of naval personnel invaded and razed a police station in Cross River State, leaving two dead policemen and scores of injured civilians. Not long ago, Ikorodu in Lagos witnessed a similar experience. In the South-east, dealing with the “Biafra” organisations has become an excuse for multiple human rights violations. This sort of behaviour is clearly unacceptable and the military authorities must deal with it. One of the major challenges facing the military in our country today is the lack of public trust. And the problem can be traced to basic discipline which ought to define their professional identity. Whatever may be our national challenges, we are not at war with ourselves. Above all, civil democracy prescribes certain irreducible code of conduct for all the men and CIVIL DEMOCRACY women in uniform. The arms they bear PRESCRIBES CERTAIN on behalf of the state IRREDUCIBLE CODE OF are meant to protect CONDUCT FOR ALL THE civil rights, liberties MEN AND WOMEN IN and public assets. UNIFORM Ideally, when soldiers are compelled by national emergency to undertake security roles in a democracy, they actually take orders from civil authority represented by the police. That is the way it is in most advanced democracies. As at today, British soldiers are out on security duties in London and Manchester, following recent terror attacks. But they are actually taking orders from the police and the political leadership in the discharge of their duties. They are not in any way behaving like armies of occupation and they respect the rights of citizens. That unfortunately is not the case in Nigeria wherever there are security

Letters to the Editor

challenges and the military is called upon to deal with the situation. It is almost always as if with their presence all laws are suspended. It is that sort of institutional behaviour that is perhaps responsible for the lawlessness that is now commonplace in the military.

L 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

ast week, the Nigerian Army General Court Martial (GCM), sentenced Lance Cpl. Hillary Joel to death, for murdering a civilian he thought was a Boko Haram terrorist during a cordon and search operation in Damboa, Borno State. “The prosecution has proved its case beyond reasonable doubt. It is clear that the accused committed the offence, contrary to the Armed Forces Act. The court has found you guilty of the offence of murder. We have also listened to your plea. But the court considered the need to maintain discipline and sanity in the system, especially as our anti- terrorism war continues. You are hereby sentenced to death,” said the GCM. Although the sentence is still subject to confirmation by the military authorities as provided for by section 141 paragraph I A of the Armed Forces Act, Joel was said to have set ablaze a civilian, Mr. Wawi Lawan, during a military cordon and search operation in Damboa, on January 26, 2015. The GMC also sentenced Chima Daniel, a Private, to 15 years imprisonment, for aiding and abetting murder. Daniel was said to have used pepper on a minor, who was under interrogation for the alleged theft of a mobile telephone. While we appreciate the role the military is playing in the current security challenge we face a as a nation, having a preponderance of soldiers who behave like licensed thugs is a threat to national security. A military whose personnel could whimsically take the life of an innocent citizen cannot be said to have achieved a level of professionalism and discipline which is the hallmark of such institutions in other climes.

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.

GODWIN OBASEKI AND192 AIDES

t is easy to quickly dismiss the Governor of Edo State, Godwin Obaseki, as one who doesn’t get his priorities right when you consider the news that he has appointed 192 special assistants from all the 192 wards in the 18 local government areas of the state to “serve as representatives of the government at the grassroots”. But such conclusion can be reached when one is only thinking on the surface or doesn’t understand the sense in the governor’s action. If Governor Obaseki’s decision appears as madness, to borrow the Shakespearean axiom, I bet there is unclouded method in it. In that connection, I don’t think the Edo governor should be flailed for walking his talk on making the government he heads closer to the people. While we can’t roll out drums and celebrate this move, it’s also untoward that we dismiss the man as confused. That he has chosen to appoint men and women from each ward in the state in order to distil valuable information on the pressing needs and challenges of the people supports the view that his promise to run a government that listens to the people – the real employers – and champions in practical terms the principle of citizens’ participation in the affairs of government is not a mere campaign slogan. What is a government if the people it claims to serve are far removed from it? What is a government if it can’t respond urgently to the travails and distresses of its people? If a gov-

ernment is really serious about involving the people, however far removed from the urban areas they may be, in governance processes, it must do everything necessary to accomplish that objective. And this, I would like to think, is what the reflective Governor Obaseki has done. This is a governor who upon being sworn in, post-haste, hit the field of work and results are coming forth already. There is nothing in the conduct of the governor that indicates his latest big appointments are jobs for the boys, or a reflection of lack of what to do with money, or both. If there is one state government which can use every kobo it can get to improve the human condition in its territory, it is the Edo State Government, what with its many already outlined infrastructural projects and social programmes. The governor understands that these are lean times financially for Nigeria. He can’t be reckless in the way he spends what the state earns. The man we voted for can’t be unreasonable as to enrich some few pockets with money under the guise of giving them work. If there is no strong need for them, they couldn’t have been appointed. Those appointed are called to serve and not to come and take their share of government’s money. If the governor and his team have thus far demonstrated that they understand their mission to be service – complete service to the state, I don’t expect these special assistants would understand the

opportunity they have to be to enrich themselves. They are to enrich the people by listening to them and despatching their grave concerns to the state government. The people in each of those wards must not only be listened to and their cases taken seriously, the policies and programmes of government must bring meaningful improvement to their socioeconomic situations. Thus, rather than condemn Governor Obaseki as afflicted by the ailment called misplacement of priorities or insensitivity as regards the appointment of those ward aides, energies must be deployed into tasking the governor to ensure that his decision produces the expected results. We must call on the government to make sure that those appointed are truly serving and performing and not cheating the system or profiting at its expense. I recall a part of the governor’s submission in his November inauguration speech. According to him, “We do not have, do not claim to have, and, for that matter, do not wish to have, a monopoly on what is good for Edo State and its people”. That utterance does show that the present administration is willing to tap from the deeper thinking and ideas of critics, intellectuals, and people of the state so as to accomplish its goals. That opportunity is available more now with those appointments. Let’s all ensure the right fruits are harvested from them. Abiola Gbemisola, Ilorin

T H I S D AY WEDNESDAY JUNE 14, 2017

T H I S D AY • WEDNESDAY, JUNE 14, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

Lamido Finally Declares

Former Vice President Atiku Abubakar was the first to declare his intention to take a shot at the presidency in 2019. The decision of a former governor of Jigawa State, Sule Lamido to join the race will turn the north into a battleground, writes Shola Oyeyipo

ventually, former governor of Jigawa State, Alhaji Sule Lamido declared his much touted ambition to contest the 2019 presidential election on the platform of the Peoples Democratic Party (PDP). That he would eventually join the race has been speculated and when it eventually came not many were surprised. The former governor, who is believed to have been a subject of political persecution for his perceived ambition formerly declared his much anticipated presidential interest about four weeks ago at a gathering of zonal chairmen and state chairmen of the party in Abuja. Though, it was not an elaborate media gathering but the point had been made. The way it was done was understandable because of the state of things in the opposition party. Sources present at the event hinted that while addressing the gathering Lamido told the people that after pressure from people across the country and his conviction that he was capable of moving the country forward, he opted to make himself available for the job. One of those who attended the meeting spoke with THISDAY POLITICS in confidence. According to him, Lamido advised the PDP leadership to ensure that only the best candidate is elected to fly the flag of the party during the 2019 general election. “While he is highly hopeful that the current leadership crisis in the party can be resolves, he called on party members, particularly the leadership to resolve the issues”, the source hinted. Some of the state chairmen of the party present at the declaration included Lagos, Bayelsa, Edo, Pleatue, Gombe, Jigawa and the zonal chairman of North-west, North-east, North-central, South-west and South-south. Therefore, elaborate or not, official or unofficial; unlike before when he never said it, what is important is that Lamido had made his intention abundantly clear. It is therefore not out of place to begin to evaluate the implications. Ordinarily, in 2019, the expectation is that President Muhammadu Buhari should have a second term. In such a case, the presidency of the All Progressives Congress remains in the north. Already, the PDP too had already signified that its presidency would also go to the north. That will imply two things. First, most of the parties will present candidates from the north. Second is, the north is going to be divided along party lines and that can trigger a political upset that may in turn demystify the numerical strength of the north. The reason for the above permutation is simple. Lamido is a very detribalised person with many friends across the Niger and Benue rivers. Former president, Chief Olusegun Obasanjo initially named him and former Rivers State governor and Minister for Transportation, Rotimi Amaechi as replacement ticket for former president, Dr. Goodluck Jonathan on the PDP platform in the last presidential election. He knows his worth politically. Just like President Buhari, Lamido, is from a royal Fulani family. He also has fanatical supporters in the north. To his credit, he vehemently opposed the military rule of late General Sani Abacha. Abacha eventually threw him into prison without trial for speaking very strongly against his government. He joined other notables such as former vice president, Alex Ekwueme, Jerry Gana, Solomon Lar, Adamu Ciroma, Aminu Wali and others to form the PDP. Lamido is very brave and outspoken. He was one of

Lamido...seeking support for his presidential ambition

the rare voices that persistently cautioned former president, Dr. Goodluck Jonathan against taking some political moves. It was then that he told Jonathan that getting the PDP ticket would not guarantee his second term. Though of the same Fulani stock as Buhari, it is obvious that he is not one of the president’s fans. He had been criticizing Buhari long before the later won the 2015 presidential election. For instance, in the build up to the 2015 presidential election – the period when the four parties agreed to form the APC, Lamido described Buhari as ‘naïve.’ While answering questions from journalists he said then: “It is not so lost on us of some parties that see Buhari as their industry. So they hang unto him and because he is very naïve, he thinks they are serious.” Asked if he thought Buhari was naïve, he said: “Absolutely! He is politically naïve. Yes, he is politically naïve. Absolutely!

For whatever it is worth, Lamido’s decision to join the presidential race is poised to introduce new dynamics to the 2019 presidential election. Considering his antecedent, he will be a formidable force, if peradventure he wins the PDP ticket

“I would say he should be walking with his eyes wide open because those around him in 1999 were somewhere else. Were they with him? Our people will say if you see a horse fully dressed walking alone in the forest, it must have thrown the owner off. Don’t ride it because it threw somebody away. I have been wondering; they abused the PDP that we are murderers, party of riggers, a party of whatever – it is evil. Fine! Why do they want murderer governors in their midst? Why do they want us to be there? Number two, this so called APC is again what you call political fraud because you may change the nomenclature – change it ten times over, did the people come from heaven? They are the same old people. You see, to me, I laugh at it more because the entire contraption is a creation of pain and anger. It is not about Nigeria. They are people who failed to make it in their political parties who think by coming together they can make it. If you input one PDP governor in APC, they will collapse. It will collapse.” A former Minister of Foreign Affairs, Lamido has taken several swipes at Buhari. Recently, in April, while speaking with the BBC Hausa Service, in reaction to the discovery of huge amount of money in an apartment in Ikoyi, he said that Buhari did not pass as a saint because he was “equally corrupt when he served under the late Head of State, General Sani Abacha.” According to him, “He (Buhari) worked under Abacha; in fact, he was the closest to the late military ruler and when it comes to corruption, everybody knows where Abacha’s government stands.” Lamido said further that “Buhari is just making noise. There’s no iota of truth in the so-called commitment to the improvement of security and halting graft

in the country. “It’s unthinkable to say that the EFCC had discovered huge monies (nearly N15 billion) in a building (Osborne Towers) in Lagos but could not track the real owner; who leaked the story? Who did the source say is the owner of the money?” he queried. Though his party, the PDP, has remained in a leadership tussle that has almost decapitated it but Lamido has begun to match his word with action. He is already making moves to actualise his ambition by meeting with critical stakeholders in the party. He was recently in Ibadan, the Oyo State capital in company of his Secretary to the State Government (SSG), Dr Aminu Abdullahi Taura; Director of Press, Umar Kyari and his personal assistant, Umar Danjani and others. He held a meeting with his supporters drawn from the six South-west states. The South-west coordinator of the PDP Consultative Forum, Rasaq Aka and the Oyo State coordinator, Adeolu Adekunle, were present. They both urged PDP members to forge a common front if they truly wish to return to power. The position taken as contained in a communiqué issued at the end of the meeting was that Lamido performed creditably well as Jigawa State governor and that at a time like this Nigerians needed a true and unbiased democrat like Lamido at the helms of affairs in the country. He was encouraged to vie for the party’s presidential ticket. The PDP consultative forum members are also solidly behind him. For whatever it is worth, Lamido’s decision to join the presidential race is poised to introduce new dynamics to the 2019 presidential election. Considering his antecedent, he will be a formidable force, if peradventure he wins the PDP ticket.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

TRIBUTE

MIDWEEKPOLITICS

Ambode at 54, Targets More Goals That Akinwunmi Ambode is celebrating his 54th birthday today as the 14th governor of Lagos State, is not mere coincidence, writes Idowu Ajanaku

he intriguing fact that Governor Akinwunmi Ambode is celebrating his 54th birthday today, the 14th of June, 2017 as the 14th governor of the famed Centre of Excellence, Lagos is no mere coincidence. It is divinely ordained; piloted by the hand of God! That indeed, underscores the significance of the noble role one’s personal relationship with God can play in shaping one’s destiny. This raises the salient questions: Could he have fathomed that he would clinch the elusive status of becoming a chartered accountant at the tender age of 24? Of course, not. Could he also have dreamt about the feat of becoming the governor of the commercial nerve centre of Nigeria, back in his teenage days? Not in his wildest imagination. Here is a young man who was written off by his uncle, at an early age. That was when he expressed his desire to becoming an accountant, in response to the question about his dream profession. “No, Akin, you are too playful, too un-ambitious to become one. You better think of something else”, the man had laughed him to the point of scorn. But by a twist of immanent fate and more like Sir Isaac Newton, Albert Einstein and Charles Darwin, who were similarly written off in their youth, Ambode has gone ahead and broken the jinx! Newton was derided by his class teacher that he, “would never amount to someone of substance”. Einstein was described by his chemistry teacher as a nonentity. Darwin was told off by his own father that he would be better off as hunter of rats and rabbits! But none of them gave up. While Newton, now regarded as the Father of Physics defied his teacher to discover the gravitational force and Einstein gave the world the Theory of Relativity and was unanimously voted TIME Magazine’s Man of the 20th Century, Darwin broke the rules with the ground-breaking Evolution phenomenon. In a similar vein, Ambode has today become not just the governor of Lagos State, the 5th largest economy in Africa but is widely acclaimed as one standing tall, head and shoulders above his peers. As Bruce Lee (of blessed memory) , had once admonished, “great people turn their stumbling blocks into stepping stones”. From it they climb to higher heights, just like our ever amiable, humble, focused and highly determined governor has done. That is life for you and a lesson for all. Indeed, the hand of God guiding Ambode’s life has been most instructive and inspiring. For instance, when the Ibrahim Babangida regime liberalized the banking sector, the young Ambode, then fully qualified as a Chartered Accountant saw that policy as a golden opportunity to make his mark in the private sector. He was enthusiastic about it. He was thrilled and passionate as he moved from one bank to the other. But surprisingly, not one of them employed him? Did he fail their interviews? Not at all. So, what was really happening? Unknown to him the all-knowing God had a different career path well cut out for him. He too had a change of heart. If the private sector was not the one for him, so be it. Ambode focused on his civil service. He took off from Lagos Waste Management Board( LAWMA) to Badagry LGA as an auditor. The chequered journey spanning 27 years took him from there to Kosofe, Alimosho, Ojo Mushin , Shomolu and some others, numbering 13 out of 20 LGAs. He was either an auditor or accountant, eventually rising to the enviable post of the Accountant-General of the state. What was unique about this

Ambode.... waxing stronger at 54

was the fact that he became that below the age of 50. Again, like most great achievers it seems Ambode is one born to break the rules. The rest, as they say is history and an interesting one at that. Or, how do we explain the situation that Ambode was just four years old when the state was created? What about being in the saddle as the governor when it recently celebrated 50, seen as a celebration of freedom and jubilee? This follows the Biblical dictum that: “Do you see someone skilled in their work? They will serve before kings. They will not serve

Ambode has today become not just the governor of Lagos State, the 5th largest economy in Africa but is widely acclaimed as one standing tall, head and shoulders above his peers

before officials of low rank”.( Prov. 22:29). The hand of God is therefore, evident in all the remarkable achievements made so far in the sub-sectors of the economy such as higher inflow of the Internally Generated Revenue (IGR), unprecedented in the history of Lagos state, massive infrastructural development, transportation, education, and healthcare delivery. What about food security, employment generation and internal security? Despite the challenges, he is squaring up to them with a lion heart, all because God is with him. “And we know that in all things, God works for the good of those who love him, who have been called according to his purpose” (Rom 8: 28). Another significant factor that has seen to the governor’s success is being blessed with a sound, strong and solid family of his own. Himself and Bolanle, his loving wife, have their lives firmly rooted in God. Both of them seem to be made for themselves by God as they both were born at Epe General Hospital. She is there as a pillar of support and as one who has stood by him through thick and thin. Unkown to many, she is an epitome of

humility, as manifested in how effectively she treated Ambode’s support team before, during and after the campaign,for the governorship in 2015. Even as the First Lady of the state , she has carried herself with dignity. When translated to the public service, such exemplary passion for wife and children, unqualified humility, dedication to God and duty, courage, candour and loyalty will continue to see the state rising to heights of more laudable achievements. As he rightly noted in his speech at the birthday of the Asiwaju Bola Ahmed Tinubu, he too has become a blossoming symbolic coconut, imbued with tremendous attributes of all the parts, useful to mankind as food and a unique plant with healing powers. He is a God-sent leader for now and the future. For a man who has no iota of betrayal in his DNA whose youthful energy is fully focused on fulfilling his party’s vision for the state, Ambode is set to score more goals. •Ajanaku, the Senior Special Assistant to Lagos State governor on Media & Strategy, wrote in from Lagos

T H I S D AY • WEDNESDAY, JUNE 14, 2017

FEATURES

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

No Man’s Land

Although there were early settlers in Lagos, the modern identity of the city was influenced by the Portuguese and British and burnished by the fire of green-whitegreen nationalism, write Solomon Elusoji and Ugo Aliogo

n an interview published in one of the national dailies recently, distinguished legal luminary, Femi Okunnu, argued that the designation of Lagos as a no-man’s land is ‘rubbish’ and an insult to the locals who first settled in the water-city. “There are always some people who are original settlers,” he said. “Lagos was peopled by the Aworis and Awori land spread from Badagry through to Ota.” But Okunnu also goes on to credit immigrants from Nupe, conquistadors from Benin the Edo state capital and resettled former slaves from Brazil and Sierra Leone as part citizens of one of the world’s most famous port cities. He couldn’t quite settle on the ‘truest’ owners. Since the beginning of the year, a flurry of activities have been put in place to celebrate Lagos’s golden jubilee as a state in Nigeria. One of the eye-catching demonstrations of the celebration was the ‘My Lagos Success Story’ campaign, which saw billboards of eminent personalities put up across major roads in the city. The campaign came under criticism from a plethora of commentators, as it was judged to have been unrepresentative of the ‘true heroes’ of Lagos. But does Lagos possess ‘true heroes’? And through what criteria are these ‘true heroes’ chosen? This is a question that can only be decided by what historical lens the city is viewed from: as a pre-colonial kingdom lying on a sandy, swampy island of only about two square miles in size, as a British colony central to the mission of the Queen in West Africa, or as the pulsing, crowded and constricted metropolis of modern Nigeria? An abridged history of the city Lagos, located in a large lagoon that opens onto West Africa’s Bight of Benin, was first settled by migrant fishing peoples, which meant water and canoes have always played a prominent role in the lives of its inhabitants. Prior to the 16th century, a number of Aworis, the southernmost of the Yoruba-speaking peoples, dispersed from Isheri, a village 12 miles up the Ogun River, seeking refuge from a conflict remembered as the “war of the world”. A group of them settled at what is now Ebutte-Metta, on the mainland, until the need for greater security drove the community to a smaller island in the lagoon opposite Lagos Island. There, they established two settlements, Oto and Iddo, and soon attracted fresh migration. Over generations, the Awori immigrants intermarried with the earlier inhabitants, learning fishing, navigation, and other water-related skills from them and absorbing some of their population. In her breathtaking book, ‘Slavery and the Birth of an African City’, Kristin Mann notes that, in time, people from Iddo moved to the northwestern corner of the larger island opposite, which eventually became known as Lagos, looking for land to farm. The settlers recognised the authority of a ruler called the Olofin, based at the more populous and powerful community of Iddo, but tracing mythical descent from Isheri and via the founder of that village to Ile-Ife, the cradle of Yoruba civilisation. Elsewhere on Lagos Island, Aja, Ijebu (also Yoruba-speaking), and other peoples founded autonomous settlements. During the fourteenth and fifteenth centuries, a maritime revolution in Europe enabled navigators to conquer the Atlantic Ocean, which had previously constituted a barrier separating the continents that ringed it. By the 1470s, European ships had sailed as far South along the West African coast as the Bight of Benin. Within 30 more years, Portuguese sailors began trading across the lagoon behind Lagos Island with the prosperous southeastern Yoruba state of Ijebu. There, they bought slaves, cloth, and ivory, the

An aerial view of Lagos

first two of which they sold for gold on the Coast of Mina (later known as the Gold Coast) West of the Volta. Soon, a few Dutch navigators joined them. The name Lagos, given by Europeans to the large island in the lagoon and, eventually, to the city that developed there, came originally from the designation “lago,” or lake, on early

Since the beginning of the year, a flurry of activities have been put in place to celebrate Lagos’s golden jubilee as a state in Nigeria. One of the eye-catching demonstrations of the celebration was the ‘My Lagos Success Story’ campaign, which saw billboards of eminent personalities put up across major roads in the city. The campaign came under criticism from a plethora of commentators, as it was judged to have been unrepresentative of the ‘true heroes’ of Lagos

Portuguese maps. However, beginning about the thirteenth century, Edo-speaking peoples had forged a powerful kingdom at Benin City to the East. In the mid-fifteenth century, the Oba of Benin had introduced a series of political reforms which concentrated military power in his hands, and begun a process of imperial expansion West into Yorubaland. Throughout the 16th century, Benin was the largest and most powerful state between the Volta and the River Niger. In the second half of the 16th century, Oba Orhogbua sent fleets of war canoes to attack Iddo, an eight-to-ten-day journey from Benin City. These expeditions, Mann writes, may have represented an effort to retain control of European trade, which was beginning to shift west with the rise of a powerful Aja state at Allada. Repulsed on more than one occasion by a courageous and popular Olofin, Benin established a military camp on Lagos Island, presided over by a number of generals, and used it as a base for pursuing its Oba’s political and commercial ambitions in the area. Andreas Josua Ulsheimer, a German in Dutch employ who left an eyewitness account of the settlement in 1603, referred to it as a frontier town, surrounded by a strong fence, belonging to the Kingdom of Benin and inhabited by none but soldiers and four military commanders. Subsequently, the island, lagoon, and channel connecting them to the sea were sometimes known as “Curamo”, “Korame”, “Ikurame”, or other variants of a term that was probably Edo in origin. The modern city that originated on the island is still known to its indigenous inhabitants as Èkó, which most likely derives

from the Edo word for war camp. Soon after encamping on Lagos Island, Benin military commanders established a ceremonial meeting of the heads of local communities. This body developed into a governing council, reminiscent of early processes of state formation in both Benin and Yorubaland. The rulers of Iddo, Oto, and Eko were incorporated into the council, as were those of other local settlements that became important. Of disparate origins, the council members and their followers gradually took on through intermarriage and assimilation the Awori identity of the early settlers of Iddo and Oto. Their successors became known as the Idejo chiefs, and they are commonly remembered in local traditions as descending from the sons of the first Olofin. Forging shared Awori identity built unity among the Idejo. It also gave them first-settler status, which legitimised their claims to control fishing and, what has been more important in modern times, land rights in the area. Benin’s dominance in the region, however, did not last. Around the turn of the 17th century, Oba Ehengbuda drowned while returning from an expedition on the lagoon east of Lagos. Subsequently, Obas were forbidden to command troops in battle, and the responsibility devolved to war chiefs, ending the king’s control of the military. Throughout the 17th century, conflict in Benin City between the Oba and chiefs and among different categories of chiefs themselves weakened the empire, which lost control of parts of eastern Yorubaland. During the seventeenth century, moreover, powerful empires emerged among the Yoruba at Oyo and Aja at Allada, rivaling Benin’s influence

T H I S D AY • WEDNESDAY, JUNE 14, 2017

FEATURES

Colonial Lagos largely shaped the city's modern identity

west of Lagos. The borders of these three states shifted and overlapped in the second half of the century, as they fought for control of the region. While these developments were taking place along the Bight of Benin and in its interior, across the Atlantic, in the Americas, a system of agriculture plantation introduced from the Mediterranean basin in the first half of the 16th century was expanding to supply growing European markets for sugar. By the second half of the century, plantation production had created a demand for slave labour in northeastern Brazil, which after the 1640s spread with the plantation system to the eastern Caribbean as well. During this period, Africa became firmly identified in the Western mind as the source of slave labour for the New World plantations and Lagos became a prime channel through which hordes of slaves captured from the hinterland were ferried to a life of misery. The Saro connection The slave trade transformed Lagos in so many ways. But most importantly, it attracted a diverse number of peoples to the city, helping it rise to the status of an Immigrant’s dream. In 1861, the British annexed Lagos as a colony, a move the British argued was for the good of the locals. Annexation, the Crown argued, was indispensable to complete the suppression of the slave trade in the Bight of Benin and support the

Okunnu...believes Lagos is not a no man's land

Although theYorubas, most especially the Aworis, believe that they are the ‘true owners’ of Lagos, their faith is flawed and their judgment mired in ambiguity. Due to its strategic location, the history of the city is chaotic and, as we have seen, the Aworis themselves were migrants who inter-married with a number of different peoples

development of lawful commerce. As a colony, the city began to attract former slaves in foreign lands who sought the comfort of home. Prominent among the returnee slaves were the Saros, who started migrating to the city in the beginning of the 1830s. They were from Sierra Leone, Brazil and Cuba. Many of them, whose ancestry trace back to Yorubaland, chose to return for cultural, missionary and economic reasons. The first African Bishop, Samuel Ajayi Crowther, was a Saro. In a recent interview with THISDAY, famed photographer and journalist, Sunmi Smart-Cole, argued that the Saros were one of the major developers of Lagos. “Dr. Chester Adeniyi-Jones, who graduated with a first class degree in the United Kingdom, started Yaba Mental Hospital, and was the first medical doctor in Nigeria to build a hospital

Smart-Cole...maintains the Saros were key to Lagos' development

in Lagos,” Smart-Cole said, “the piece of land housing the Lagos City Hall was owned by him. When Lagos Government acquired the land, his family was compensated with five plots on Victoria Island. By 1920, he had a hospital there. Again, he formed the first Nigerian political party, and the likes of Herbert Macaulay, Obafemi Awolowo, Ernest Okoli and Nnamdi Azikwe were his followers then. He was the first spokesperson for Nigeria in the first legislative assembly. Two brothers, Dr. Maja Pearce and Dr. Akinola Maja were surgeons and were also great contributors to Lagos development.” Interestingly, as Smart-Cole was quick to point out, the Saros were only one of many contributors to the rise of Lagos. A giant melting pot On May 27, 1967, Head of State, General Yakubu Gowon, divided the newly independent Nigeria

into 12 states. Lagos State was one of them. By then, Lagos had become Nigeria’s capital city and a melting pot for all the diverse peoples that make up the country. Every Nigerian tribe is represented in Lagos and its identity, rather than being sourced from a pre-colonial market, is forged from the colonial work of the British and burnished by the fire of green-white-green nationalism. Although the Yorubas, most especially the Aworis, believe that they are the ‘true owners’ of Lagos, their faith is flawed and their judgment mired in ambiguity. Due to its strategic location, the history of the city is chaotic and, as we have seen, the Aworis themselves were migrants who inter-married with a number of different peoples. Perhaps, by virtue of being the longest-standing inhabitants, the Aworis should be reserved privileged seats, but Lagos, the city that oversees the Atlantic, belongs to no one.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

IMAGES

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

L-

L-R: Managing Director, Standard and Poor’s Rating Services, Mr. Konrad Reuss and Executive Director / General Counsel, Africa Finance Corporation, Dr. Adesegun A. Akin-Olugbade, during the Infrastructure Deal of the Year as Africa Finance Corporation the Winner in Lagos...recently

L R; Managing Director, El- Lab Laboratories, Festac Town Lagos, Mr. Elochukwu Adibo; Registrar/CEO Medical Laboratory Science Council of Nigeria(MLSCN), Mr. Tosan Erhabor and Minister of State for Health,Dr. Osagie Ehanire; during the 2017 World Accreditation Day in Abuja...ecently

Managing Director/CEO, Niger Delta Development Commission (NDDC), Mr. Nsima Ekere (right) and GOC 6 Division, Nigerian Army, Port Harcourt, MajorGeneral Eno-Obong Udoh, during the GOC courtesy visit to NDDC office, in Port Harcourt...recently

L-R: Acting Director, Admin and Supplies, Nigerian Meteorological Agency(NiMet), Nsa Emmanuel; Director General/Chief Executive Officer, NiMET, Prof. Abubakar Washi and Head of Weather Forecasting Service, NiMet, Mr. Ishiaku Ibrahim, during the sensational workshop for state Meteorological Inspectors (SMI’S) and Chief Meteorological Technologist (CMT’S) at NiMet headquarters in Abuja... recently... enock reuben

Emirates Regional Manager West Africa, Mr Afzal Parambil(middle) and some children during the Emirates organized Children’s Day event in Lagos...recently

A cross section of women from various IDP camps in Maiduguri with their relief packages directly from Muhammadu Indimi Foundation, during the second edition of a 3-day Ramadan Drive targeted at supporting thousands of families among the more than 100, 000 internally displaced persons (IDPs) remaining in Borno State...ecently

L-R: Representativves. Abia North senatorial zone, Senator. Mao Ohuabunwa; M/D, Ekcleen Int. Services, Mr. Kinsley Onuoha; Abia State Governor, Dr. Okezie Ikpeazu; His Deputy,Sir Ude OIkochukwu and Senator Rep. Abia south senatorial zone, Senator Enyinnaya Abaribe. during inauguration of a cluster of five roads in Abia State... recently

L-R: Organizer, Voice of Change Initiative, VCI, Ahmed Bala, President, VCI, Clem Chimeze, Kwara State Governor, Dr. Abdulfatah Ahmed, Vice President, VCI, Andy Chukwu and Member, VCI, Ben Kuro during courtesy visit to the Governor at Government House, Ilorin...recently

T H I S D AY • WEDNESDAY, JUNE 14, 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 Firm Promotes Financial Inclusion

OUR SCORECARD

L-R: Company Secretary, Total Nigeria Plc. Mrs. Bunmi Popoola Mordi; Chairman, Mr. Stanislas Mittleman; and the Company’s Managing Director/CEO, Mr. Jean Philippe Torres, at the 39th annual general meeting of Total Nigeria Plc in Lagos…recently sunday adigun

FG’s Debt to Expand with N1.021tn Treasury Bills Obinna Chima In line with the federal government’s domestic borrowing plan, the Central Bank of Nigeria (CBN) plans to issue treasury bills worth N1.021 trillion between June and August this year. According to the CBN’s Nigerian Treasury Bills issue programme, a total of N214 billion would be raised by issuing 91-day, 182-day and 364-day treasury bills on June 15. Also, on June 22, the Bank would also sell treasury bills worth N133 billion, while on July 6, the fixed income instrument valued at N177 billion would be issued by the CBN. In the same vein, the central bank’s treasury bills issuing programme showed that on

ECONOMY July 20, the Bank would issue another treasury bills of various tenor worth N205 billion; N229 billion on August 3rd and N62.436 billion on August 17. Nigeria, grappling with its first recession in 25 years which was largely brought on by low oil prices and the impact of attacks on energy facilities in the Niger Delta, plans to spend about N7.44 trillion this year. The West African country expects a budget deficit of about N2.21 trillion this year as it tries to spend its way out of a recession, with more than half the deficit to be funded through local borrowing. The Debt Management Office (DMO) recently put Nigeria’s

total debt stock at N19.15 trillion as at the end of first quarter 2017; up from the N17.36 trillion it was at the end of last year. According to the DMO, the external component of the country’s debt stood at $13.80 billion at the end of March 2017, as against $11.40 billion at the end of December. But the domestic component of the debt fell to N11.97 trillion, as against N13.88 trillion last year. A breakdown of the domestic debt component showed that while FGN Bonds was N8.178 trillion, Nigerian Treasury Bills N3.6 trillion, Nigerian Treasury Bond was N191 billion and the FGN Savings Bond N2.068 billion. The federal government raised a total of $1.5 billion through Eurobond sales in two tranches

in the first quarter of this year. Acting President Yemi Osinbajo while signing the budget on Monday pointed out that the economy was already signalling a gradual recovery as growth is headed towards positive territory. “We are also gradually instilling confidence in our exchange rate regime. This improvement in GDP growth and other macro-economic indicators is largely attributable to our strategic implementation of the 2016 Budget as well as stronger macroeconomic management and policy coordination. “I am confident that the 2017 Budget will deliver positive economic growth and Continued on page 24

Market Rally Boosts Prospects of Equities Capital Raising Goddy Egene The recent rebound in the Nigerian equities market has increased prospects of companies considering raising funds through public offering of shares to finance their expansion and other projects. For more than three years that the market has performed negatively, companies moved away from raising funds through sale of shares to members of the investing public. The companies stayed away from equity capital raising due to fear of poor response from investors. Those who dared the equities market did so through

CAPITAL MARKET rights issues, which, in most cases, recorded partial success. Most of the companies have been resorting to the domestic and international debt markets. However, the rebound in the market that has led to a significant rally, making the market to record a year-to-date growth of 23.6 per cent as at Monday, has opened a window for companies to raise equity capital to boost their operations. A top official of a leading issuing house in the market, who spoke to THISDAY, said some companies were already

considering raising additional funds via equity capital. “Because of the bear run that persisted in the market for a long time, some of the companies went for debt capital, which is very expensive compared to equity capital raising. However, the positive investor sentiments seen in the market in recent time is making some of them to consider issuing shares not only to existing shareholders but also to new ones,” the broker said. According to him, if the bull-run continues for more months, some public offerings will be seen in the market soon. Analysts at FSDH Research

said recent developments show that confidence is returning to the Nigerian economy and the risks are waning. The analysts explained that recent economic challenges and the high interest rate on debt securities in Nigeria had imposed limitations on companies’ ability to issue debt capital to fund expansion. “As the economy is gradually exiting the current recession, there would be a need for companies to expand production capacities. Thus, the current rally in the equity capital Continued on page 24

The Central Bank of Nigeria (CBN) is currently implementing various policies and processes designed to enhance financial inclusion. To this end, organisers of the second edition of Ciuci Consulting’s RetailBankingWorkshopthemed: “CatalysingSMEFundingandRetail LendingtoNigeria’sEconomicDevelopment,”willexplorethestrategic tools employed to drive financial inclusion. The event holds in Lagos on Thursday, 15th June, 2017. The Enhancing Financial Innovation and Access (EFInA) ‘ Access to Financial Services in Nigeria ’ 2016 survey report puts Nigeria’s banked population at 38.3% of adults while 41.6% are financially excluded. Its ‘The Landscape of Financial Inclusion and Microfinance in Nigeria’ 2015 survey report identifies five major barriers to financial inclusion, which are low income; low physical access to rural areas lack of trust and clear understanding of financial institutions and products; affordability; and eligibility. Since 2005, the Nigerian government and the regulatory authorities have promoted policies intended to grow financial inclusion in the Nigerian financial services sector.The CBN has been at the forefront of supporting these products that are specifically targeted at the low income and financially excluded, using the Financial System Strategy 2020 (FSS2020Other frameworks and policies include: Non-interest Banking framework (NIFIs), E-banking Products, Electronic Payment System, and Cashless Policy. With this, financial institutions in Nigeria have responded well to CBN’s call for increased financial inclusion. “CBN, to be represented by the Head of Financial Inclusion, Temitope Akin-Fadeyi, will be speaking to the industry at this workshop, highlighting the status of financial inclusion and credit enhancement programs with for retail banks in the industry,” they added in a statement.

CIBN Holds 2017 Annual Lecture

The Chartered Institute of Bankers of Nigeria (CIBN) is set to hold her 2017 Annual Lecture.Themed, “National Integration, Citizenship and the Challenge of Economic Policy Making,” the event is scheduled to take place onThursday, June 15, 2017 at Ijewere Hall, Bankers House, Lagos.Accordingtoastatement,thelecturewillbedeliveredbyformer Minister of National Planning and Professor of Economics & Director, Institute of Development Studies, University of Nigeria, Nsukka, Professor Osita Ogbu, while President, Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede will Chair the occasion. The event, which has the President/Chairman of Council of CIBN, Professor Segun Ajibola as the Chief Host is expected to attract stakeholders from various sectors of the Nigerian economy. “The programme has become the most important annual forum of the Institute for policy makers, regulators and operators in the financial services industry to share experiences and exchange ideas on contemporary issues of common interest and has had distinguished and eminent professionals as guest lecturers.”

Firm Launches Investment Initiative

Orange is strengthening its corporate venture strategy by creating a new Africa section in its flagship programme for investment in start-ups, Orange Digital Ventures. As part of this initiative, the Group said it was committing 50 million euros corresponding to half of the direct investments made via its new Orange Digital Ventures Africa programme; the other half is devoted to indirect investments through specialised funding for Africa. Orange Digital Ventures Africa is the Group’s investment vehicle for early-stage innovation projects in Africa in areas such as new connectivities, FinTech, the Internet of Things, energy and e-health. The objective is to target start-ups offering responses to Africa’s fundamental challenges while leveraging the operator’s assets on the continent. This support, according to a statement, would concern all innovative start-ups, whether they are based geographically in Africa or they address African issues from another continent. “A dedicated team based in Dakar will be set up next September for the programme in order to respond to the start-ups’ need for responsiveness and simplicity. “This new initiative underlines Orange’s commitment in Africa, a growth territory where currently nearly one of every ten inhabitants is an Orange customer, and its determination to always be a cutting-edge player in digital ecosystems,” it added.

“Since the banks are in business not to lend their own money, but depositors’ money, they would want to be sure that whatever money that they lend to any person or corporates, are secured”

Central Bank of Nigeria Governor,, Mr. Godwin Ifeanyi Emefiele

T H I S D AY • WEDNESDAY, JUNE 14, 2017

BUSINESSWORLD FG’S DEBT TO EXPAND WITH N1.021TN TREASURY BILLS prosperity – one that is selfsustaining and inclusive. In this regard, the 2017 budget will be implemented in line with our Economic Recovery and Growth Plan,” he added. Over the 2017-2020 plan period, the government is focussing on five key execution priorities, namely: stabilising the macroeconomic environment; agriculture and food security; energy sufficiency in power and petroleum products; improved transportation infrastructure; and industrialisation through support for micro, small and medium-scale enterprises (MSMEs). Minister of Finance, Kemi Adeosun recently said Nigeria’s debt is not too high. However, she pointed out that the country’s revenue was too low. She had said that the country’s debt to Gross Domestic Product ratio remained low. She said: “The problem is not that our debt is too high, but that our revenue is too low. It is revenue you use to pay debt and our revenue in Nigeria right now is very low.” MARKET RALLY BOOSTS PROSPECTS OF EQUITIES CAPITAL RAISING market offers a great incentive for quoted companies to access the market to raise the needed equity capital for their expansion projects. As activities increase in the primary market segment of the equity market, the demand for debt capital may drop. Consequently, we expect the interest rate and yields on the fixed income securities to drop,” they said. The analysts added that Nigeria recorded a favourable trade balance of N719.38billion in first quarter (Q1), 2017 from a trade deficit of N253.33 billion in Q1 of 2016. According to them, the positive growth in the foreign trade statistics resulted in additional foreign exchange inflows for the country which bolstered the Central Bank of Nigeria (CBN)’s ability to support the current stability in the foreign exchange market.

NEWS

FMDQ Securities Exchange Records N9.49tn Transactions in One Month Goddy Egene

tained its marginal rate for the Secondary Market Intervention Sales (SMIS)–Wholesale Forwards intervention at $/ N320; and $/N357 for small and medium-sized enterprises(SMEs) and invisibles. Inter-Member trades stood at $0.56 billion in the month of May, an increase of 0.51 per

cent from the trades recorded in April, while member-client trades stood at $4.19 billion, showing a decrease of 12.17 per cent previous month. Turnover in the fixed income market in the month under review settled at N4.36 trillion, with transactions in the T.bills market accounting for 88.67

per cent of the fixed income market up from 85.46 per cent in the previous month Outstanding T.bills at the end of the month stood at N8.87tn, a decrease of 0.13 per cent compared with N8.88 trillion in April, while whilst FGN bonds’ outstanding value increased by 1.62 per cent to

close at N6.93 trillion. Activities in the Secured Money Market (Repos/BuyBacks) settled at N2.61trillion in May, 38.13 per cent more than the value recorded in April. Unsecured Placements/ Takings also increased by 28.19 per cent to close the month with turnover of N0.14trillion.

A total of N9.49 trillion was traded in the fixed income and currency markets operated by the FMDQ OTC Securities Exchange for the month of May, up from N8.79 trillion traded in April. A breakdown of the transactions released by the FMDQ on Monday showed that Treasury Bills (T.bills) segment continued to dominate, accounting for 40.73 per cent (40.24 per cent in April) while FGN Bonds recorded 5.23 per cent of total turnover in May, as against 7.19 per cent in April. Activities in the Foreign Exchange (FX) market accounted for 24.88 per cent (27.71 per cent in April) while Money Market (Repurchase Agreements (Repos)/BuyBacks & Unsecured Placements/Takings)accounted for 29.13 per cent (22.85 per cent in April) of total turnover for the reporting period. A further analysis of the transactions in the FX market showed that $6.56 billion was recorded in May, a decrease of 15.03 per cent when compared with $7.72 billion in April. The Central Bank of Nigeria (CBN) sold a total of $0.985 billion through various interventions conducted during the period under review, a 49.5 per cent decrease from the previous month. R-L: Company Secretary, Berger Paints Nigeria Plc, Oluseun Oluwole; Chairman, Dr. Oladimeji Alo; Managing Director, Mr. Peter Folikwe; The apex bank also main- and Non-Executive Director, Mr. Abi Ayida during the annual general meeting of the company in Lagos...recently

ACCOUNTING TO SHAREHOLDERS

NNPC Shuts Down Ejigbo Depot over Missing Petrol Ejiofor Alike The Nigerian National Petroleum Corporation (NNPC) has shut down the Ejigbo Depot to investigate persistent disappearance of petroleum products pumped into the facility, THISDAY has learnt. THISDAY gathered that before the depot was shut down following persistent reports of missing petrol, the facility had resumed loading activities in March after the efforts of NNPC to tackle vandalism had yielded results with the repairs of the vandalised portion of the pipelines linking the depot with Atlas Cove Depot, also in Lagos. Ejigbo Depot is one of the

depots under NNPC’s System 2B Pipeline Network, which is the most active network, accounting for 60 per cent of fuel supply and distribution in the country. Under the System 2B, the NNPC pumps imported products from the Atlas Cove Depot in Lagos through pipelines to Ejigbo Depot also in Lagos and Mosimi Depot in Ogun State. From these two depots, the products are pumped further through pipelines to Ibadan Depot in Oyo State, Ore Depot in Ondo State and Ilorin Depot in Kwara State, for petrol tankers to lift products from these depots. THISDAY gathered that most of these depots have

been inactive as a result of the vandalism of the feeder pipelines between the Atlas Cove Depot and Arepo in Ogun State. A source at Ejigbo Depot told THISDAY at the weekend that with the improvement recorded by the NNPC in repairing the pipelines and tackling vandalism, the depot resumed loading activities in March. “It started loading in March but it has been shut down because NNPC complained of missing products. Each time they pump petrol into the depot, they will discover during loading that there is shortage. So, they shut down to investigate,” he explained. Group General Manager in

charge of Group Public Affairs Division of NNPC, Mr. Ndu Ughamadu told THISDAY at the weekend that the rehabilitation of the depots was an ongoing exercise. Ughamadu, who was silent on the condition of Ejigbo Depot, added that the most important thing is that the ‘train has left the station,’ obviously referring to the ongoing nationwide reactivation of the depots following the success recorded by the corporation in reducing vandalism. “And we are progressing. Today, depots that were not wet are filled with products. We shall get to your target,” Ughamadu said. He was however, silent on the issue of Ejigbo Depot.

Western Zonal Chairman of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) to which the Petroleum Tanker Drivers (PTD) is affiliated, Alhaji Tokunbo Korodo, told THISDAY that tanker drivers would be glad to load at all the depots in System 2B. “If there is fuel in the other depots under System 2B, the tanker drivers will go there and load. As, I am talking to you now, no loading is taking place in Ibadan, Ore and Ilorin. Even Mosimi and Ejigbo are just doing skeletal loading. So, there is more pressure on Apapa, which was worsened by the closure of Capital Oil.

Group Business Editor

Danish Group to Provide Facilities to Tackle Oil Spillage

AgriBusiness/Industry Editor

Ugo Aliogo

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)

The Managing Director of DESMI Africa Limited, Leslie Andrews, has said that the company plans to provide facilities that will help Nigeria address oil spillage in the Niger-Delta region. Andrews, who disclosed this in Lagos at a media briefing, said that the company would provide the facilities through its local partners and will train Nigerians that will operate the equipment. He stated that a recent market research by his company

revealed that oil companies in Nigeria and the federal government are not satisfied with just procuring oil spillage facilities, but they are eager to see full service delivery. According to him, “In addition to supplying facilities, they want a company that can maintain the facilities, and conduct response training for Nigerians on how to clean up the oil spills. This is the service side of the business. We have taken a decision with our partners that we will be carrying out the cleanup of oil spills in Nigeria.

“We cannot be resident here in Nigeria. Our local partners will become the face of DMSI in Nigeria to deliver all the services. For the first time, we have the company that will give Nigeria all the services that it requires in the areas of maintenance, training and technical support.” In his remarks, the Chief Executive Officer, Axflo Oil and Gas Limited, Donald Brown, said that DMSI discovered that there was a gap in offshore response in the response service industry. He stressed that as a group,

they have been very active in offshore response, lamenting that there is no viable local company working in this area. Brown added that because of the gap observed, the Danish Government and DMSI have thrown their weight behind local partners (Samdus Oil and Gas Limited and Axflo Oil and Gas Limited) to provide these offshore response services to reduce capital flight. “Often times, when we have a second tier response, the International Oil Companies (IOCs) and the money we produce in this country is not domiciled

here. For me, I consider it as capital flight. We are trying to build enough capacity to ensuring that each time there is spill, we don’t need to go far to get expertise to tackle it. In few months to come we are certain to have the required off shore service in Nigeria,” he added. In a related development, the Denmark Ambassador to Nigeria, Torben Gettermann, in a statement said looking at the wider perspectives of commercial relations and business ventures the potential for cooperation is huge.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

BUSINESSWORLD

NEWS

Lagos At 50: Slot Splashes N1.65m for Photo Contest Emma Okonji In celebrating Lagos at 50, Slot System, a major phone dealer has launched #Mylagos photo contest that seeks to reward lagosians who could take a selfie photo in any iconic spot in Lagos that tells a unique story about Lagos. A total sum of N1.65 million has been set aside for five winners in the photo contest. The essence is to tell the amazingly beautiful story of Lagos through an online photo contest in-line with Lagos @ 50 event celebration. According to the phone dealer, every Lagosian is invited to take a picture in their favourite spot/location in Lagos and upload it on Slot’s platform, Lagos.slot. ng. The best 100 pictures would be shortlisted after being judged, based on the visual compelling insights about Lagos. The top five best exposure pictures with

the highest vote, based on the number of likes on the online platform, will emerge as winners. Voting will be done on Lagos.slot.ng, according to slot. Lagosians who participate in the contest will stand a chance to win amazing cash prizes and Motorola G5 mobile phones, the company added. The first prize winner will get N750,000 and two mobile phones, the second prize winner will get N500,000 and two mobile phones, the third prize winner will get N250,000 and two mobile phones, the fourth prize winner will get N100,000 and two mobile phones, while the fifth prize winner will be rewarded with N50,000 and two mobile phones. Winners will be published on slot platform and in all media channels. Announcing the photo contest in Lagos recently, the Managing Director of Slot Systems, Mr. Nnamdi Ezeigbo said: “Lagos has come to epitomise the very

values on which Slot is foundedrich in culture, hospitable to all, full of opportunities, and inspires hope and determination to live our dreams, and it is these values that we seek to celebrate.” Explaining details of the photo contest, Ezeigbo said Lagosians should take a selfie photo in any iconic area of choice within Lagos, which tells the story about Lagos, and upload such photo on Lagos. slot.ng, from where Nigerians from all walks of life will vote for the photos that appeal most to them by liking the uploaded photos. He said winners will be judged by a team of selected judges, based on the highest number of likes received by each uploaded photo. One hundred successful entries will be selected by the judges and five posts out of 100 entries that have the most likes, will be declared winners of the photo contest.

‘Digital Transformation Will Drive Devt across Sectors’ Emma Okonji The Managing Director of Ericsson Nigeria, Mr. Rutger Reman has stressed the need for Nigeria to invest in digital transformation, insisting that it will enhance technology development in all sectors of the Nigerian economy. Reman who made the remarks at a Digital Transformation Forum organised by Ericsson for some selected sectors of the Nigerian economy, said the globe is going digital and Nigeria must take advantage of it to empower the large population of her citizenry, especially the youths. He said government must be able to assemble relevant industry stakeholders to discuss digital transformation and come up with resolutions for implementation. The forum however blamed government for the slow technology development in the county, insisting it has failed to come up with a clear roadmap

on its digital transformation agenda for the country. Citing multiplicity of databases sitting at different government agencies, the forum expressed dissatisfaction over the inability of government to harmonise the various databases, for easy access of information by the general public. Aside harmonisation of databases, the forum blamed the federal and some state governments for not having specific government projects that focus on digital transformation. It also berated the government for faulty structure that compels them to appoint nontechnocrats to drive sensitive sectors of the economy, which are supposed to be driven by core technocrats, irrespective of their political affiliations. Special Assistant to the Minister of Communications on Digital Resource Optimisation, Mr. Akin Yusuf who absolved the government of some of the blames, said government always had the intention to promote good governance

that would drive development, boost Gross Domestic Product (GDP) of the country and create jobs in a digital-based economy, but needed the support of the private sector to achieve it. According to Yusuf, digital transformation would drive development by blocking all financial leakages and address corruption, which he said, has eaten so deep into the Nigerian system. Telecommunications operators present at the forum, said they were already challenged by digital transformation that is cutting across globe, with a collective effort to come up with solutions that are customer centric, since the customers are the change agents of digital transformation. The telecoms operators stressed the need for Chief Information Officers and Chief Technology Officers if various organisations to begin to think differently and do things differently, in line with digital transformation.

FirstBank Hosts Sustainability Workshop First Bank of Nigeria Limited through its Sustainability initiative, FirstBank Sustainability Centre in partnership with the Lagos Business School is set to host a Sustainable Financial Strategy Workshop for NGOs. The bank explained that in emerging economies around the world, NGOs exist to address societal problems- poverty, poor education, deprivation and poor healthcare services. It noted that as much as this responsibility is well embedded in the development and formation of NGOs in Nigeria, there are still issues around how these problems can be sustainably addressed through NGOs with the main question revolving around funding.

To address this challenge, FirstBank stated that the workshop scheduled for June 14, 2017, in Lagos, had been designed to bring together NGOs and funding organisations, with the intention of enhancing NGOs understanding of implementing internal and external sustainable funding mechanism for the financial sustainability of their entire operations. “The workshop which is also expected to attract aspiring NGOs, Donor agencies and Corporate Foundations is also aimed at helping NGOs understand how to foster inclusive partnership with funding organisations as a strategic imperative for developing the

external component of their sustainable financial strategy.” Group Head, Marketing and Corporate Communications for FirstBank, Mrs. Folake Ani-Mumuney stated that “as a responsible corporate citizen, FirstBank would continue to foster partnerships that build sustainable businesses, given that NGOs have a significant role to play, alongside governments, in improving the status of our communities and we will continue in our long standing commitment as a nation builder to empower NGOs with requisite knowledge and skills in building vibrant partnerships as they support government initiatives in the provision of much needed succour.”

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Building Blocks for Developing Your Personal Brand – Part 2 In continuation of last week’s article on Building Blocks for Building your Personal Brand, we delve into the part 2 straight away and I must say the response to part 1 was encouraging. It confirms to me that this is an important topic and many of us are keen to improve our personal brand for the obvious benefits it bestows on us by making us more valuable, now and in the feature.

Additional points to note, as you build your personal brand:

• Build a fantastic online presence. Start with using your real name. You want to be easily identified and everybody should know that it is you. Those of us with very common names should consider using our initials or a number with meaning in conjunction to enable others distinguish us from persons with the same name. In addition to this, I see all kinds of fake names or weird arrangements that people use to identify themselves. This should change immediately, because it is impossible for people to know that this is you because your name is your number one identifier. Project your name just like an organisation projects its name. Have a professional headshot. Invest in getting a photographer to ensure that what the world first sees of you creates a positive impression. Your headshot is a critical component of every online profile you build. Every site you create online usually requires that you upload your headshot. When it is offline, giving a speech or when contributing to a publication, your headshot is also required. You need to ensure your headshot reinforces the brand you want to portray. •Vocalise your brand. What is the visual

vocabulary of your brand? Organisations know the importance of developing and consistently applying its brand identifier system. When you see your organisation’s logo, colours, fonts and other imagery, you instantly recognise them. This is the same way you need to organise your personal brand. Communicating your personal brand requires a visual identity. When you consistently use visual identity like colour, font and images in all of your communications, it becomes easy for people to recognise you.

•Have a professional e-signature. Your e-signature should convey your name, what you do, phone number, website (if any), email, address and social media handles. This will make people take you seriously and showcase your brand in a crisp and professional manner. • Make your resume speak for you. Know that your resume is not history or a biography, it’s your marketing tool. Know your target’s needs,

Your e-signature should convey your name, what you do, phone number, website (if any), email, address and social media handles. This will make people take you seriously and showcase your brand in a crisp and professional manner

how and why your return on investment will fit their plan. Think of your content as helpful, valuable, or critical. Showcase critical, edit down valuable and dump helpful. Think impact and highlight the one best thing you did and support it with accomplishments.

•Brand your Bio. Your bio should be the voice of your brand. Showcase what makes you special. It has been noted that the most compelling and effective branded bios create connection through their authenticity. • Build credibility. Become a thought leader. Be known as an expert in something. Have a message. I have said it many times and I will say it again. Your personal brand is about your message, expertise and what you stand for. It is not about your outward appearance. The outward appearance is usually just an identifier e.g. Fela, Mandela, etc. Develop your expertise in that area you have decided upon and reinforce your message every time. Exude confidence in the way you pass across this message and do so in a way that ensures you have command of your area of expertise. •Be purposeful with what you share. Every picture, status update, comment you contribute affects your personal brand. Remember that employers now check social media platforms before they employ and many good candidates have lost employment or admission to prestigious schools because of what was said or had done on social media. •Associate with other strong brands. When you associate with other brands, their positive attributes rub off on you and enhances your own brand. This is why we must be conscious of the 3 Cs – college, company and colleagues. What kinds of college will you attend or send your children to, this is for those of us who can no longer do anything about our education from scratch, but mid-career, we can consider attending an Ivy League school to enhance our brands. The company you work for goes a long way in determining the direction your career will go. To ensure you are in the right direction career wise do not take just any job or work for any company be purposeful about who you work for and where you work. Your colleagues and friends also matter. We all know the adage, show me your friends and I will tell you who you are. Choose your friends wisely. •What is your personal story? Your personal story enhances your brand. All strong brands have a personal story. They all went through some level of perseverance and doggedness in getting to where they have reached today. They started somewhere and made a conscious decision about where they wanted to go to and they were not deterred by the many detours life threw at them. Name any person with a strong brand, dig a bit, you will see that they have a strong compelling personal story. What is your story? If you do not have one, how do you want to start yours and when? A strong personal brand is like a garden, once you lay the groundwork and plant the seeds. You’ll be in a great position to reap the benefits. Good luck! .– 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 14, 2017

BUSINESSWORLD

INtERvIEW

Emefiele: National Collateral Registry Will Micro, small and medium scale enterprises are the backbone of any economy. In the world today, there are over 400 million SMEs and an estimated 40 million of them are in Nigeria. However in Nigeria, data shows that less than 14 per cent of them have access to financing. Most times, they are forced to take informal loans attracting exorbitant interest rates because they do not have fixed assets—such as land or buildings—that banks demand as collateral. But Central Bank of Nigeria Governor, Mr. Godwin Ifeanyi Emefiele, in this interview with Chika Amanze-Nwachuku and Obinna Chima, is optimistic that with Secured Transactions in Movable Assets Act (otherwise known as National Collateral Registry Act), all that would change. An elated Emefiele explained that instead of insisting on fixed assets from MSMEs, banks would now start accepting movable assets such as cattle, plant and machinery, equipment, livestock and crops, among others. Excerpts:

The survey that we conducted showed that most businesses preferred low foreign exchange to do their business. Generally, even in economics, the economics of interest and exchange rates tells us that both move in an inverse direction. That is, if you want a low exchange rate, particularly under a regime of high inflation, then you do not have a choice other than to adopt a somewhat tight monetary policy Emefiele

The Collateral Registry Act and the Credit Reporting Act are two significant legislations that were signed into law by the acting president, which are in line with your objective to create more jobs, especially through MSMEs. We would like to know the level of the central bank’s involvement in these legislations and how they are going to improve funding to MSMEs? First of all, I resumed at the CBN on June 3rd 2014 and two days after that, I addressed a world press conference whereby I highlighted all the objectives I would love to achieve after five years on that position. And one of them was to ensure that MSMEs are able to access credit. But for them to access credit, we found out that there was a need to put in place a legal framework that makes it easy for them to access credit through the provision of movable assets as collateral. In the world today, there are over 400 million SMEs and about 50 per cent of them are either un-served or are underserved. And when you talk about financing, from the data that we have, less than 14 per cent of them have access to financing. But if we all recognise that the private sector and by extension, the SMEs are very important drivers of growth in any economy, then it is important that any economy that wants to

witness sustainable inclusive growth must take SMEs very seriously and ensure that they are able to access finance. That is what we have tried to do since 2014 by working with the International Finance Corporation (IFC), an arm of the World Bank, to sponsor the bill on the Collateral Registry. I am delighted that, that bill has been passed into law and has also been assented by the acting president. We are very delighted. What that does is that it provides a legal framework under which banks can lend money to the SMEs. Even the Banking Act provides that when you lend money, particularly to SMEs, it is important that you obtain collateral. Banks would naturally not lend without taking collateral because of the perceived risk of either non-performance or arising from business failure. So, since the banks are in business not to lend their own money, but depositors’ money, they would want to be sure that whatever money that they lend to any person or corporates, are secured. Understandably, they (banks) could lend without collateral to the large corporates because they would have done very serious cash flow analysis and come to the conclusion that the large corporates, even if they face challenges, would still be strong to continue in business, whereas for the SMEs, there is the high propensity that

if there is failure in a business transaction, the business may die. That is the reason banks would naturally ask for collateral. So, judging from the regulator’s standpoint, it is understandable that the banks must ask for collateral. But some SMEs don’t have fixed assets like buildings and land that the banks can hold on to as collateral in the event of business failure. So, the idea of movable collateral makes it easy. If you have a car, you can register it through the registry and the bank would take the car as collateral, register it in the registry. The registry would assign certain code numbers, which give that bank exclusive charge over that car, so that in case there is failure, they can possess the car and with the legal framework in place, they would be able to sell the car to realise what they lent out as loan. Similarly, if you are a hairdresser, the bank can take the hairdressing equipment, if you are a mechanic, they can take your mechanical tools, or any kind of business. In any case, I know that the SMEs are not unwilling to provide the collateral. It is just that the banks want to be sure that there is a legal framework that secures them. So, I believe that with the law, banks are going to be further encouraged to loan to the SMEs. Of course, this will not go without

some form of awareness. The next round of engagement that would take place is that the central bank and the banks would start some form of engagement and campaign for the SMEs to access loans through the framework created by the collateral registry. I believe once that is done, we would see the sustainable and inclusive growth that we are looking for. In Nigeria, we have close to 40 million SMEs. For us to be able to provide jobs for people, we need to encourage the SMEs to be able to access finance. I think with the kind of campaign that the CBN would begin to engage in, it would help to spur lending to SMEs. The other bill that was signed into law is that of credit bureau. You will also observe that in the 80s and 90s, we started to witness high levels of non-performing loans. As a trained credit officer, even in the 80s when there were no credit bureaus, what we used to do was to carry out credit checks on a potential borrower. We write the credit checks to another bank. We ask the potential borrower to list the bank he or she has accounts or the bank(s) that the customer owed previously. Those banks would respond, but sometimes they don’t respond because there was nothing that compelled them to respond to those enquiries. As such, we said there is a need for us to have credit bureaus whereby when you loan money, all the

T H I S D AY • WEDNESDAY, JUNE 14, 2017

BUSINESSWORLD

INTERVIEW

Awaken Entrepreneurial Spirit of Nigerians loans above N1 million, must be registered at the bureaus. It started with the Credit Risk Management System which was established by the central bank and presently we have a couple of other credit bureaus. And what the central bank prescribes is that before a bank can loan money to any person, it must conduct a credit check. Conducting a credit check means to look at the central bank’s Credit Risk Management System, and two other bureaus and they must make sure that the loans in those banks are performing. If those loans are not performing, of course the bank would have to take a decision whether they want to grant the loan or not. But what the regulator expects is that if somebody has taken loan from a bank and that loan is not doing well, what a right-thinking lender would do is not to grant that loan unless the customer settles the loan he had taken from Bank A previously. I think it will also help to increase our credit discipline. There are people who are perpetual debtors in the sense that they take loans and they don’t want to repay. They move from one bank to another, deceiving bankers and collecting loans. So what the Credit Reporting Act does is to ensure that banks are able to see their customers’ credit history. If it is good, the bank would be encouraged to lend and if it is bad, the bank would encourage the customer to go and clear his bad credit history before they can lend, or they would just outrightly refuse to lend to the customer. While we understand the need for the two legislations, there are still concerns that high interest rates still serve as a deterrent for businesses and there might still be a high risk of default if the rates are high. I truly agree that there is the need to ensure that interest rates are low, so that not just SMEs, but businesses generally can access loans at reasonably low interest rates so that they can be profitable and remain in business. On this, I agree with you. Again, if you read my vision statement in 2014, I said during my five-year tenure, we would try to make sure that the interest rate is brought low. But of course, there are certain things that have made it difficult for you to achieve some of those objectives in the immediate term. But I can assure you that in the medium to long-term, we would eventually achieve a low interest rate regime. Right now, it is a matter of what do you do. For instance, at a time when inflation in Nigeria moved from a low of nine per cent in January 2016, to as high as 18.7 per cent in nine months? Also, what do you do when there is need for you to see that you have to manage the exchange rate? Indeed, we conducted some surveys and we know that low interest rates are desirable, just as you would want a low exchange rate, and that is understandable. But given a choice as to which one people would prefer, if they must choose one, the survey that we conducted showed that most businesses preferred low foreign exchange to do their business. Generally, even in economics, the economics of interest and exchange rates tells us that both move in an inverse direction. That is, if you want a low exchange rate, particularly under a regime of high inflation, then you do not have a choice other than to adopt a somewhat tight monetary policy. So what we are trying to do is to say because inflation rate had gone as high as 18.7 per cent and exchange rate remained high, we tried to keep the exchange rate as low as possible and at the same time, for you to reverse the upward trend in inflation, you needed to adopt the type of tight monetary policy stance that we adopted. But what the CBN has done, supported by the CBN Act that gives the Bank the mandate to go into development finance, was to set up the N220billion MSME Development Fund. Even before I got to the CBN, the Bank had a N300billion Commercial Agriculture Credit Scheme (CACS). The CBN also has the Agriculture Credit Guarantee Scheme. These three products are essentially meant to provide loans, not only to big businesses, but particularly for small businesses to be

to be more aggressive is in agriculture. I have told my colleagues to carry out a study to carry out a census of graduates in various fields, particularly agriculture, see how we can take them in clusters. If we are able to find access to land, we can encourage our governments to build small homes inside these farms so that these young graduates can go into farming. We would give them some stipends, give them the seeds, the fertilizer and agricultural implements that they need. We would provide with them training from the agriculture ministries at both the state and federal levels. Then, what is important is that when they produce the agriculture products, the products must be taken off them under an arrangement where they can make money and continue their livelihood in that agriculture business. I know it is going to be a daunting assignment but we would try as much as possible, in collaboration with the government, to create an environment where companies would want to go to the universities to employ first class graduates.

Emefiele

able to access loans at not more than nine per cent. We considered that as long as you are an SME or you are in the agriculture sector, you should be able to access loans at single-digit interest rate so that once you deploy that loan, you can achieve the level of productivity or performance you are targeting. That is what we have done. In the interim, while we are trying to manage the exchange rate, control the rate of acceleration of inflation, we decided to provide a window where MSMEs can access funds at low interest rates either through the MSME facility or the CACS. Indeed, I would say it is yielding fruit. For instance, under our Anchor Borrowers’ Programme, the CBN in 2016 lent close to N30 billion to primary farmers of rice particularly and other agricultural produce. And I must say this has yielded tremendous results. We have seen an addition to the quantity of paddy (rice) being produced of almost two million tonnes in one year. The central bank will remain aggressive and those disbursements would continue to be intense to see to it that as a country, we must provide food for our people. Nigeria is one of the very few countries in the world with a population of over 100 million people that cannot guarantee food security. And if we expect that the population of Nigeria would hit 250 million by 2020 or 450 million by 2050, we as leaders do not have a choice but to make sure that we put on the front burner

The next round of engagement that would take place is that the central bank and the banks would start some form of engagement and campaign for the SMEs to access loans through the framework created by the collateral registry… In Nigeria, we have close to 40 million SMEs. For us to be able to provide jobs for people, we need to encourage the SMEs to be able to access finance

the mandate of achieving food security for our people. We must do so because in doing so, we create jobs and in doing so, we protect them and ensure that when they produce, those goods are taken off them so that they can go back to the farm again. The next phase that the CBN would be going into is on how the central bank can directly contribute towards creating jobs for our teeming youths. I keep recalling with a sense of nostalgia that when I went to the university, most of who went to the universities in the 60s, 70s and early 80s, in our third or fourth year, you had the banks and other corporates coming to interview final year students for jobs. You had high profile legal firms going to law faculties of universities to interview brilliant final year students. The purpose of this was just to provide jobs for them. As they are completing their NYSC, they went straight to their jobs and with that, they could live a meaningful life. I came from a background where what my parents said that they would do for me was to give me an education and that after giving me the education, they would have done everything for me. And I am happy that my parents gave me the education, because that is what has taken me to the level that I attained today. But you and I, our children are today in the university; can you tell your child today that after finishing university that is all you can give to him or her? My answer is no, you can’t. Today, a child finishes, even with a first class or second upper class degree, he comes out and there are no jobs. That child wakes up in the morning and looks up to you for pocket money. That is the challenge that we face today. As a graduate, my parents felt that after they educated me, I could get a job, I could married, buy a car and take care of my family. But can we tell our children that today? You can’t. You send the child to the university, you will look for a job for the child and in fact, when the child is marrying, you may be the one to sponsor the marriage, find an apartment for that child or even buy a car for that child. Is that the Nigeria that we want? I keep saying it with a sense of nostalgia that I saw it when it was good in this country and I am seeing it now. My children did not see it when it was good, so what they are seeing today, as far as they are concerned is normal. We, as today’s leaders must work very hard to reverse the current trend to when it was good. If we don’t and we do not take unemployment very seriously, you would find out that we are just sitting on a keg of gun powder. We must provide jobs! What the central bank is going to do is to ensure that we become more aggressive in our interventions. One area that we are going

What is the role of the IFC in creating the National Collateral Registry and can members of the public start assessing this registry? The IFC has always collaborated with central banks in different parts of the world, particularly developing countries to create awareness and even in some cases work with the central bank in preparing the bill and seeing to it that the bill is approved. So, that is where the role of the IFC begins and stops. I must say that it has been tested in different parts of the world. In Kenya, they use cattle as collateral under the collateral registry arrangement. In Ghana, they also use different movable assets as collateral. Now, about how they access it, I think it starts first with the banks. So, because there is now a legal framework for them to accept these movable assets as collateral, if as an SME, you go to your bank, you should be able to provide your cattle as collateral and they should be away it should be registered. In the case of a car, if you bring a new car, it is going to be assessed. If it is worth N5 million, they would value it and decide to give you a loan of N2.5 million. The important thing is that it affords you an opportunity to have credit. With the credit bureaus, does it mean you will have a central database, which all lenders can access to see the credit history of any individual? Yes, the CBN has the Credit Risk Management System which is a central database where any bank or lender can go and access the information about the credit history of a borrower or a potential borrower. Talking about support for SMEs, I will like to find out if banks have started complying with the agreement reached at the last Bankers’ Committee retreat requiring them to set aside a fraction of their profit after tax annually to fund SMEs and how much has been contributed so far by the banks? Yes you are very correct. At the Bankers’ Committee’s annual retreat in December 2016, there was an agreement that banks would contribute five per cent of their profit after tax into what is called the Agriculture and SMEIS Fund, that is the Agriculture and Small and Medium Enterprises Equity Fund. To date, we have close to N26 billion in that account sitting in the CBN. We have started engagements and we have told the banks and we at the CBN have also started our engagement with certain institutions. We are saying this is not going to be a loan, but like an equity fund, where for instance, if you want to go into large scale agriculture farming and maybe it is costing about N100 million and you have your own little equity. So if we do the viability and by way of equity what you have is like N10 million, the CBN may contribute about N20 million under a joint venture as shareholder in the business by the banks. Continued on page 28

T H I S D AY • WEDNESDAY, JUNE 14, 2017

BUSINESSWORLD

INTERVIEW

EMEFIELE: NATIONAL COLLATERAL REGISTRY WILL AWAKEN ENTREPRENEURIAL SPIRIT OF NIGERIANS

What you must understand about the foreign reserves is that you must look at it like a current account. The balance would go up and come down, depending on deposits and withdrawals… I would not worry even if the reserves fell below $30 billion as long as we are achieving the objective of providing FX for those who need it for genuine business and that the FX is being sourced at a reasonably low price (Cuts in) …I thought the Act (BOFIA) bars banks from holding more than 10 per cent in non-financial institutions. Let me tell you this; that is not in the Act, but it is regulation. But when you are confronted by adversity, as in this case where we are saying we need to provide jobs for people and that some people want to go into business, but they don’t have either equity or loans, we are going to see how to make that possible. As the Bankers’ Committee, what we are saying is that we have an opportunity to contribute our own quota by taking five per cent of the profit after tax from the banks to deploy it to SMEs. I think it is a noble initiative that should be supported rather than being criticised, because it is all in an attempt to provide jobs and improve productivity and achieve economic growth. I believe before the end of this year, we would have a lot of projects we can deploy some of that facility into and we can begin to see that the Bankers’ Committee has contributed its quota towards achieving economic growth. Have you recouped the monies you lent out under the Anchor Borrowers’ scheme? I can tell you that a substantial portion of it went to Kebbi State farmers and about 53 per cent of it has been recouped and this was what was due for repayment. When you are granting these types of loans, they are not meant to be for six months even though you can say between planting and harvesting takes six months. So it is not about them not repaying, it is actually about the number of years you want to grant this loan. In my view, it should not be less than three years, so that they can continue plowing back the money into the farming business and after three years, I believe they would have made enough money to repay and continue the business. I think that is the way we should look at it and not expect that because from planting to harvesting is six months, then they must pay back in six months. You have said you would like to see a convergence of the exchange rates happening on their own and right now we have seen the creation of so many FX windows. Are we expecting the CBN to create more FX windows in the foreseeable future and aren’t these going to cause more distortions? First, I think it is important to understand the reason behind the creation of those windows. You would find out that when the CBN, in this case under the wholesale Secondary Market Intervention Sales (SMIS) for instance allocates $10 million to a bank, you will find out that, that bank’s preference would be to allocate the FX to their large customers. That was what we observed. And we began to say, what happens to the vulnerable, the SMEs, those who want to pay school fees and those who want to travel? So that was what necessitated the creation of those windows.

large domestically Systemically Important Banks are expected to maintain 15 per cent as CAR, whereas the standard practice is eight per cent. So what we have done with this is to provide capital buffers for the banks to be able to withstand shocks. But of course there are internal guidance limits, when these rates go above your own internal guidance limits, people tend to make noise and say the institutions are weak. But I think the important thing to remember is that a lot of shock absorbers have been built into the system to ensure that the banks are either relatively well capitalised or have proper levels of liquidity to be able to run their businesses so that depositors’ funds are not in jeopardy. We are also working hard to ensure that some of the weak ratios are addressed in some of the banks. But for me, there is no cause for worry, there is no cause for concern and we would continue to work assiduously to see to it that we are able to manage the banks so that depositors’ funds are safe. That is our primary mandate and that is why we are doing what we are doing.

Emefiele

(Cuts in…) But by doing so you created different exchange rates? No, there is no different rate. It is N360 in this case, both for the school fees, PTA or SMEs. What you find is that there are different people based on risk perception about the rate that they can afford and it is difficult to achieve a single rate. But what is important is that this was done in order to ensure that various sectors or sub-sectors of the economy are able to access FX for their business. And I am delighted that with what has happened today, nobody that is travelling can say he wants to travel but cannot access PTA or BTA; nobody today that wants to pay school fees and say he can’t access it; and no SME today can say he wants below $20,000 and can’t access it. So our happiness is that people are able to access the FX market rather than go to the alternative market, which is the parallel market. This is because when they go to the parallel market, they shoot up the demand in the parallel market, which is what primarily contributed to the high exchange rate in the market. Now, what we have done is to take them from that market into the official market at an exchange rate that is better than the rate they would have sourced FX if they had gone to the alternative market. So I would say things are working well. You also talked about convergence. Yes, we set up the investors’ and exporters’ window and what that did was that it eliminated some of the sharp practices that we saw in the market. Everything is now done in the open and in a very transparent manner. If you want to sell your dollars, you offer the banks and the bank knowing that he has a buyer, matches you with the buyer and the bank makes only N1 spread. With the transparency that has been brought to that market, we have seen a lot of inflows into that market and rates began to converge. We are optimistic and what we keep saying is that we prefer to see a convergence southwards and that the level of convergence would be determined by the market, and I am so sure that would be achieved in due course. As much as possible, the central bank does not want to be seen to be having excessive control over the market. We can only come in based on our reading of the market, based on our understanding of what the exchange rate is, to come in to intervene as a player in the market. I am happy that demand and supply is helping to determine the market and is also helping to provide confidence as more funds are flowing into the market, which is why we are seeing the convergence in a southward direction. But with your sustained intervention for about four to five months now, we have noticed that the reserves accretion has slowed down considerably. What you must understand about the foreign reserves is that you must look at it like a current account. The balance would go up and come down, depending on deposits and withdrawals. And I think the monetary

authorities actually deserve commendation that in spite of the aggressive intervention in the market, reserves are still being managed at between $30 and $31 billion. I would not worry even if the reserves fell below $30 billion as long as we are achieving the objective of providing FX for those who need it for genuine business and that the FX is being sourced at a reasonably low price. Of course, the size of the reserves is important, but I am saying that with the price of crude oil oscillating between $47 and as high as $55 per barrel and with the export of crude oil and Nigeria’s production stabilising considerably at this time, I think it is a good time for us to really intervene to correct the misnomer in the FX market and in the exchange rate management system. Has the CBN cleared FX demand for wholesale invisibles such as dividend remittances and capital repatriation? I would say practically all their needs have been met. I do not think there is any pent up demand again. You can talk about delayed demand and not pent up demand. But the point is that most of those requests have been met by inflows coming into the market. If for instance over a two-month period, we have seen close to $1.2 billion coming in through that (importers and exporters’) window, it means the $1.2 billion was used to meet the invisible needs. There have been concerns about the health of the banks and financial system stability due to rising NPLs and impaired capital adequacy ratios. We would like to know the true situation of the banking system and if the CBN has done a stress test on the banks? First, it is important that we all know that there is no need to grandstand about stress testing. The CBN under its current management does stress testing under different scenarios using the balance sheets, non-performing loans (NPLs) and other performance indicators of the banks on a regular basis and based on that we are able to determine, what advice to give and what action the bank can take. So, stress testing is a routine thing in the CBN today. It is not something we want to grandstand about because the process of grandstanding may create unnecessary noise that might create problem for the banking system. But aside from that, it is important for us to know that in the entire world, when there are global shocks, external shocks, beyond the control of anyone, there would be incidence of NPLs rising and you can go and check the data in any jurisdiction to ascertain that. But I think what is important is how the banking sector is prepared to absorb those shocks. The Nigerian banking industry I always say is one of the most regulated in the world today. The standard practice is that the Capital Adequacy Ratio (CAR) that is meant to be kept by banks should be eight per cent, minimum. But in Nigeria, the smallest bank is expected to maintain a CAR of 10 per cent, while the

We noticed that despite several warning, the currency notes are still being hawked around across the country. What is the CBN doing to address this? It is really unfortunate that this is happening. The volume of currency being produced by the Mint and given to the CBN to distribute is even higher than we have done in the past. But unfortunately, the propensity for our people to handle cash is not abating, rather it is increasing. And in a situation where we are still trying to see what can be done for our people to embrace the cashless policy; but you will find out that as the volume of cashless transactions increase, these kinds of unfortunate incidents would drop. The central bank has been working with the Nigeria Police to arrest people that hawk cash. That is one side. But I think what we can only do is to continue to encourage cashless transactions and to continue to see that we pump more cash into the market so that if you can go to your bank and get new notes, so that you do not need to go to a party and begin to think of buying new notes that you want to spray. Those are the kind of things that we at the central bank would work on. For me, it is not just about arresting people, but about making sure that new cash is available in the banking halls. But why did the central bank recently reverse the nationwide cashless policy rollout? There are insinuations that the CBN took that decision because of political pressure. No, the point is that we want to be sure that we do not financially exclude people. As a central bank, we must be seen to be financially including people. Nobody spoke with me; it is so unfortunate that people would read meanings into this type of thing. Nothing about that is true. What we want to be sure is if you are a cattle farmer in Maiduguri, if you are a goat farmer in Zungeru, if you are a rice farmer in Kebbi, a fish farmer in Bayelsa, or a cassava farmer in my village in Delta State, you should not be financially excluded by virtue of the regulations. Otherwise, you drive more people out and they would continue to keep their monies under their pillows. We need to encourage them to bring the monies into the banking system. We found out that the level of penetration of infrastructure needed to drive cashless has been very slow. We need PoS terminals, ATMs, internet, mobile banking and others. But their level of penetration has been very slow. If that is so, there is nothing we can do because we want everybody to be financially included. That was why we decided to restart the campaign and to encourage the banks to invest more in the infrastructure that is required and once that is achieved, we can go back to the cashless policy. The Senate recently urged the CBN to convert lower currency notes to coins to be used side-by-side the higher currency notes. Is that something you are considering? As a central bank, we would look at its feasibility.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

BUSINESSWORLD

ANALYSIS

Saving for the Future Obinna Chima writes that developing the habit of setting aside a fraction of one’s income is a sure path to wealth creation and financial independence One of the best ways to take charge of your finances in today’s uncertain economy is to develop a healthy savings culture. Although seemingly not a priority early in life, experts believe everyone (especially young people) should make it a priority to save and invest early. In fact, Dr. Barbara O’Neill, in “The Benefits of Saving Money,” cited a report that revealed that savings is linked to increased happiness. Actually, what the study found, according to O’Neill, was that people who are “planners” and do future-oriented things such as setting goals and taking steps (e.g., saving money) to achieve those goals feel happier, and better about their lives, than those who don’t make plans. On a related note, the Consumer Federation of America found a strong relationship between having spending and saving plans and maintaining emergency funds. Particularly for low-income individuals, those with a spending plan with goals were far more likely to have saved money for emergencies than were those without a plan. Economists and psychologists attribute findings like these to the sense of control that people have when they plan ahead and know what they need to do to get from where they are now to where they want to be, O’Neill stressed further. It is well established by research that people who feel a sense of control over life events are often happier, cope better, and are more resilient in times of stress than others. Conversely, people are especially unhappy in situations where they perceive themselves to have a lack of control. That is why encouraging people to develop and implement a personal saving plan is very essential for wealth creation. In Nigeria, the federal government and the Central Bank of Nigeria (CBN) have continued to stress the importance of financial literacy. CBN Governor, Mr. Godwin Emefiele recently pointed out that financial literacy remained of great importance to the Bank. “We are concerned about the level of financial inclusion because individuals and households lacking adequate access to affordable and convenient formal financial services would be severely constrained in participating fully in the economy. “This will imply that the financial sector would be constrained in terms of expansion, as the disposable income in the hands of excluded persons could constitute greater savings and wider deposit base for banks. “To address our financial inclusion challenges, we have continued to implement various initiatives to ensure that as much of the eligible target population has the opportunity to access a variety of financial services,” he explained. Emefiele said for consumers to fully utilise these services, it was important that they increase their financial literacy skills, complemented by consumer protection measures of the CBN. In line with this, the federal government recently approved the Financial Literacy Curriculum at basic and senior secondary schools level, which would commence at the beginning of the 2017/2018 academic year. Promoting Savings Culture in Nigeria It is no longer news that millions of Nigerians are still excluded from Nigeria’s formal financial system. Also, the size of the country’s informal sector is frighteningly and has not been adequately captured. The reasons are not far-fetched and varied. With Lagos as an example, the bus driver, motor-cycle or tricycle rider who has no form of interaction with any bank, just like the petty trader, truck pusher, or even the petrol attendance, whose only known form of banking has remained the thrift or Esusu collector who shows up in his or her shop daily or weekly. These classes of people are also comfortable with ‘Ajo’, the famous or contributory scheme, whereby a number of people contribute a specified amount daily, weekly or monthly and take turns to collect the bulk sum at regular and agreed intervals. Such people have also over the years become comfortable with these arrangements,

CEO, Access Bank, Herbert Wigwe

despite the well documented incidences of fraud and bad faith exhibited by some of the stakeholders in these schemes. Most of these schemes and many others, account for the huge sum of money outside of the formal banking system, which the Central Bank of Nigeria (CBN) put at N1.975trillion at the end of April 2017. According to the Enhancing Financial Innovation and Access (EFInA) as of December 2014, Nigeria had 65 per cent of its population as financial included, leaving out 39.5 per cent or 36.9 million people. A breakdown of the financially included showed that 33.9 million, representing 36.3 per cent of the population were captured in its banking sector; while 12.3 per cent or 11.5 million are captured as “formal other;” and 11.9 per cent or 11.2 million, under “informal only.” Therefore, in order to promote financial inclusion, EFInA suggested implementation of digital banking and improving network in rural areas by stakeholders such as the CBN, banks, the Federal Ministry of Communication, National Communications Commission (NCC) and Ministries Department and Agencies, among others. The document also noted the issue of the high incidence of credit and low uptake of micro-loans, low awareness of movable collateral registry, while enjoining CBN and the banks to leverage on existing credit schemes, while raising awareness of collateral registry. Stakeholders in Nigeria’s financial sector have always recognised the need to promote financial inclusion in the country, which lead to the launch of the National Financial Inclusion Strategy (NFIS) with a target of reducing the number of adults excluded from

financial services from 46.3 per cent in 2010 to 20 per cent in 2020. According to the December 2016 Financial Stability Report (FSR) released by the CBN recently, showed that there are 60.878 million active bank accounts. Also, the report drew attention to the 2016 Access to Financial Services (A2F) Survey conducted to provide data on the status of the 80 per cent inclusion target by 2020 as enunciated in the NFIS. Many banks in the country have since keyed into this financial inclusion mantra through several initiatives, including promotions to encourage savings culture among Nigerians that has remained a very a favourite for banks seeking to grow deposit base. One of the banks recently took it a notch further when it partnered the Nigerian Stock Exchange (NSE) to commemorate the 2017 Global Money Week to promote financial inclusion and literacy. Access Bank Initiatives to Boost Savings The NSE, in collaboration with Access Bank had offered series of programmes to raise awareness and improve capabilities of among youths to make sound financial decisions. The NSE said that the event was to mentor young people on investment matters. Employees of the NSE mentored young people on how money works, saving, investing, creating livelihood, gaining employment and entrepreneurship. The partnership between the two organisations focused on building a financially savvy generation of future leaders whilst developing an inclusive financial system. In addition, the bank recently unveiled a new

savings scheme tagged ‘Family Savings Scheme,’ initiated to give its customers a boost in their savings. The exercise, according to the bank, was in line with its commitment to promoting savings culture among the populace. The ‘Family Savings Scheme’ is a savings scheme designed to encourage families to save together and enjoy exclusive privileges such as high interest rates and family rewards while they continue to enjoy the confidentiality of their banking relation and manage their accounts as unique individuals. The scheme provides access to people who are presently excluded from financial services whilst promoting capital accumulation and investment boom. Under the scheme, a minimum of four family members are encouraged to bank with Access Bank and enjoy exclusive value propositions. Eligible family members include partners, children, parents, aunts, uncles, cousins and grandparents. According to the Bank’s Executive Director, Personal Banking, Victor Etuokwu, the scheme comes under new segment in the Bank - Family Banking Segment. “This is not a new product but a new segment in the bank. We have basically pulled together the various products we offer to unique family members under this Segment,” he added. He listed some of the value propositions of the savings scheme to include education advisory services, deals and discounts, higher Interest rates, insurance, school fees advance and home loans. Etuokwu implored the existing and prospective customers to take advantage of the ‘Family Savings Scheme’ to save and more importantly for economic development.

T H I S D AY WEDNESDAY JUNE 14, 2017

T H I S D AY • WEDNESDAY, JUNE 14, 2017

EDUCATION Impacting Knowledge in Students through Science Contest

For 35 years, Helmbridge Study Centre, Lagos, has been impacting knowledge in the lives of secondary school students with its Science contest, which saw St. Gregory’s College wining at the weekend. Funmi Ogundare reports

Students of St. Gregory’s College, Obalende, displaying their certificates and trophy during the Helmbridge Science Challenge

Since 1982, Helmbridge Study Centre, a project of Educational Cooperation Society(ECS), a non government organisation managed by the Opus Dei ( an institution of the Catholic Church), has been organising a science challenge, designed to help secondary school students to be well grounded in the area of science and develop their study ability. The Science challenge is a quiz contest, which runs for about 9 weeks, during which each school’s representatives are tested in Biology, Chemistry, Mathematics, Physics and general knowledge. For participating schools, there must be a team of students comprising 8 members; four SS two and four SS one , accompanied by a school official and a small group of supporters. Over the years, schools that have participated in Helmbridge Science Challenge include: Kings College, Lagos, Birch Freeman High School Lagos, Maryland Comprehensive Secondary School, Air Force Secondary School Ikeja, Nigerian Navy Secondary School, the International School, University of Lagos, Methodist Boys High School Victoria Island. Others are; St. Finbarr’s College Akoka, St. Gregory’s College Obalende, Surulere Secondary School, Eric Moore High School Surulere, ADRAO International School, Atlantic Hall School, Mayday College, Top Grade Secondary School, Rainbow College for Boys, Ansar U’deen High School Surulere, and Gbaja Boys Grammar School, Antony. For the 2017 edition of Helmbridge Science challenge which held at the weekend, 20 schools in Lagos participated and saw St. Gregory’s College, Obalende , clinching the first position at the finals. They got a cash prize of N250,000, trophy and certificate each for the team members. The second position went to St. Michael’s Anglican College, Coker who received a cash prize

of N75,000, a trophy and certificate for the members, while the third prize went to Yaba College of Technology Secondary School, Yaba. They go a cash prize of N50,000, trophy and certificate. The Director of the Centre, Christopher Itua said the contest, aside testing their knowledge in academics, it is also aimed at testing their ability to reason. He said so far, there have been people who had passed through the centre by participating in the contest and are still part of the competition, adding that it has enhanced their study over the years. “Some of them told me they were studying morning and night and that they have been able to cover their syllabus and even went up to ‘A’ levels. When you start studying, it remains with you there, such that when you start sitting for WAEC or UTME, it is nothing to you. The person who is the time keeper at the 2017 edition, once participated in the science challenge and graduated with First Class in Chemical Engineering. It was the competition that brought them to limelight. In his set, the first time his school came, they won it and they won it consecutively for six times . Three years ago, the secondary school he finished from participated in Lagos State JETS competition and they won it . They represented Lagos state in Abuja and they won it. It was the science challenge that prepared them. The school even wrote us a letter thanking us. It has spurred them to read so that when they get to the university, it will be the same thing . it helped the students to develop academically. For us in Helmbridge, we don’t really gain anything but what has been keeping us going is the success they have been achieving. That is we actually wanted. Itua expressed concern that the country is

not interested in investing in education yet but rather in music entertainment, saying “you can see the budget of education, and see where we are going. Cowbell competition has become very popular , yet only N30,000 is only devoted to motivate its winners” He expressed optimism that by next year, it will have a better outing where corporate organisations would be able to sponsor the programme and make it steady. “We are approaching organisations for endowment funds and from old boys that have passed through the challenge . Catholic schools do well because people devote more time to it. If somebody is investing heavily in this kind of contest, there will be more participation but the country is not interested in education yet and that is what is affecting the society, ”the director stressed. He congratulated the teams saying, “they are very focused, we are giving the three teams who participated in the contest to also participate in other programmes we are organising. Itua advised the parents to ensure they inculcate the right values in the children, while expressing concern that students these days, are not interested in studying. “when you go to our school libraries, they are empty, because the boys, especially, are not interested in studying. For Helmbridge Study Centre, when the students finish their normal school, they come here to study and we guide the boys in the area of morals.” The Chairman of the occasion, Mr. Nnamdi Obi who supported the winners with cash prizes, expressed delight that with competition like this, there are no losers. He however regretted that the country is not taking education seriously but rather invest more in musical concerts and entertainment. “That is why we cannot compete in the

committee of nations because we don’t attach importance to education. Nigeria will only progress if education is given a pride of place. Intellectual prowess is something you cannot buy on the shelf, ”he said He thanked the teachers for doing a good job saying that inculcating in the students the right values is something that cannot be quantified in terms of naira and kobo. “They say teachers reward is in heaven, but it is right here on earth, so we must appreciate that.” He challenged the students to see people with intellectual capacity as role models, adding , “for the students, what is important is not the money you will go home with, but among your peers, you have emerged victorious and have advertised your institution. That sends a message to your school that your parents have made very good investment in your education.” While congratulating the winners for making it to the finals, Obi said they can be what they want to be so far as they are serious in their academics, noting, “you will succeed if you take your studies seriously. The success of this nation lies in your hands. The Captain of St. Gregory College, Obalende, Master Charles Ogbogu who spoke on behalf of the team, expressed delight about his team’s success, adding that they had to work harder when they lost at the competition last year. “We started earlier because we know we will achieve what we want. It was through hardwork, it was painful but we thank God that we won. “Our teachers also helped us to improve on our weaknesses . Our administrator also told us what it takes to be a winner and t the end of the day, victory was ours.” He advised the centre to give more publicity to the competition so that more people can participate .

T H I S D AY • WEDNESDAY, JUNE 14, 2017

EDUCATION

Exam Ethics International Inaugurates YABATECH Staff, Students as Marshals Funmi Ogundare

Exam Ethics International, recently, inaugurated 20 academic staff of Yaba College of Technology, who have been trained and accredited exam ethics marshals and would be saddled with the responsibility of actively promoting the implementation of policy of best practices and zero tolerance for examination malpractices in the institution and beyond. A total of 30 students of the college were also trained and inducted as members of the college’s Exam Ethics Club. They will also have the responsibility of serving as role models and mentors of Exam Ethics students in the college and mentored by the marshals to work hard to excel in examinations with zero tolerance for malpractice, corruptions and cultism. Speaking at the ceremony, the Founder of Exam Ethics International, Mr. Ike Onyechere said the move is inline with its new strategy of institutionalising the campaign in the college and ensure that it is will be sustained. According to him, “we are inaugurating the special marshal students as a vehicle to propagating the campaign, it

is also in line with our strategy of getting institutions to be partners of exam ethics.” He said since its inception in 1996, the body has been able to reduce examination malpractices index, adding that it has been able to sensitise stakeholders and created an army of exam marshals in institutions who have assisted in transforming the attitudes of people in favour of exam ethics compered with before. “I think it has been a success story since it started . We have hundreds of special marshals in institutions. We did the same for Nigerian Defense Academy, where we inaugurated academic staff and students. People just believe that exam malpractices is the in thing they must do. We have reduce exam malpractice index, which used to be 23 to 24,” Onyechere stressed. The founder said it has also been able to sensitise people about the dangers of exam malpractice, noting, “today people know that exam malpractice is one of the challenges the education sector is facing and one of the greatest challenges the anticorruption war is facing. You cannot win anti-corruption war if you don’t win the exam malpractice battle. That is where corruption is at

FCTA Builds Four New Schools, Awards N3.2bn Education Contracts Olawale Ajimotokan in Abuja The FCT Authority has established four new secondary schools to cater for the needs of 5,000 students and ensure that their education is put on sound footing. The newly established secondary schools, are Government School of Technical College, Kwali; Government Model Secondary School (GMSS) Jikwoyi, Government Day School, Abaji and Government Secondary School, Mpape. The Acting Director of Administration and Finance Educational Secretariat, Mrs. Justina Avong Maimagani, who disclosed this, weekend, also said that approval had been granted for the establishment of additional five schools this year. The proposed schools are GSS Gwarimpa Estate, GSS Gosa, GSS Giri, GSS Paikonkore and GSS Bukpe, Maimagani underlined some of the concrete strides and foundation put in place for the implementation of policies for the rest of the year and beyond. She said the education secretariat awarded contracts to the tune of N3.2 billion for 278 new projects and are due to be completed within the new few months. Some of the projects included the renovation of Women Education Centre, Sundaba, Kuje, extension of electricity to Korea International Cooperation Agency (KOICA), the facilitator of a $15 million model school at Airport Road,

plus the supply of beds and mattresses to secondary schools in Abaji and procurement of a 30 KVA generator for the Department of Higher Education, Asokoro among others. “The sum of N2.7 billion has been paid for completed and ongoing educational projects while 221 classrooms, seven science laboratories and the hostel blocks at Abuja University of Technology, Abaji have been completed, ” she said Maimagani noted that emphasis was placed on the training of teachers to keep them abreast with newest trends and dynamics of the profession. “The Universal Basic Education (UBE) board has trained 1,400 teachers in various subjects using the 2014 UBE Teacher Professional Development Training (TPDT) funds. As a way of ensuring improvement in students’ performance in English Language and Mathematics, a capacity building workshop was held for teachers in the six area councils.” The US Embassy, the acting director added, has trained 50 senior secondary school teachers for the Webinar in English and another 250 were trained by the English Language Teachers Association (ELTA). Meanwhile, the Acting Director FCT Education Resource Centre, Ibrahim Umar Sanda, has shed light on the circumstances that led to the controversial removal of History from the Nigerian school curriculum.

the grassroot. So you must be able to nip it at the bud before you talk about the billions of naira they are hiding. To that extent, we are winning but there is more to be done. He however expressed concern that there are still some states that sweep the issue of examination malpractices under the carpet while other states’ ministries are making a lot of effort to stem the tide, adding that the

body plans to propagate the idea in Adeyemi College of Education in Ondo state. “They are still working out the modalities. One thing that we have discovered is that we need to be on ground because sometimes this process is a new idea so it has to process institutionalised by the exam ethics marshals.” In her remarks, the Rector, Dr. Margaret Kudi Ladipo

thanked the body for deeming it fit to recognise the college while describing examination malpractices as a cankerworm which if not nipped in the bud could be endemic. Ladipo who was represented at the programme by the Deputy Rector Admin, Mr. Raheeem Omobayo said the scourge is now very common, adding that even children who are entering into primary schools do not

see it as anything new. “Corruption has eaten deep into our polity, it has become so drastic that something must be done to stamp it out. We must start at the basic level, ” he said. He expressed regret about the level of cheating in examination hall saying, “ students bring in textbooks and even go to the extent of writing answers on the bodies.

Pupils of some schools during an educational visit to 4Him Technologies and Systems Service Centre in Isolo, Lagos as part of activities marking the World Telecommunication and Information Society Day (WTISD) 2017…recently

Vice Chancellors Canvass World Class Status for NigerianVarsities The Association of Vice Chancellors of Nigerian Universities (AVCNU), have stressed the need for institutions to move from its current level of obscurity in the global peer ranking of universities, to attaining the lofty attributes of world-class universities. The Secretary-General of the Association, Professor Michael Faborode who made this known, in a statement, listed the attributes of a world class higher education institutions to include; concentration of talents ( quality award winning staff and students, high performing postgraduates, for a good research and innovation base); abundant resources ( funding, knowledge infrastructureequipment and laboratories, ICT, and municipal facilities/utilities) and, good governance (effective governance organs, observance of the rule of law and ethics, and financial probity). He said all these must interplay effectively, noting that governance breaths essence into all the efforts of the proprietor and stakeholders of the universities. According to him, “what autonomy entails is ability of a proprietor not to stultify the governance structures and procedures of a university. When councils are constituted, they must be allowed to do

their jobs. Councils that know their job, their mandate and their essence will get the job done with applause, and the institutions would perform and ultimately excel.” Faborode commended the action of the councils of Federal University of Agriculture, Abeokuta (FUNAAB) and Federal University of Technology, AdoEkiti (FUTA) in upholding the sacred tenets of the university system, nay its autonomy when suspension orders were clamped down on their Vice Chancellors. “What the councils of FUNAAB and FUTA have done is to, without any iota of hesitation, halt the descent of the institutions to unbelievable anarchy, signal a new order of proactive engagement, built on deep understanding of what a university should be and hence laid the basis for sustainable peace in contrast to the theater of the absurd and confusion that had engulfed the institutions in the recent past, that seemed to last eternity. “By their prompt and decisive intervention, they have restored the glory of the Nigerian university system in the comity of global universities. AVCNU salutes their courage in the face of heinous intimidation and primitive blackmail, clothed in the garb of critical radicalism.”

Minister Bemoans Inadequacies in Teaching Profession Kuni Tyessi in Abuja The Minister of Education, Mallam Adamu Adamu has expressed concern about the inadequacies in the teaching profession noting that it is not able to attract the best and the brightest teachers which have continued to prevent the sector from moving forward. The minister who made this known, recently, in Abuja, during the inauguration of governing councils of 21 federal colleges of education described the colleges of education as very important institutions as they do not only produce teachers on which everything else depends, they also produce teachers at the basic level. He noted that the appointments, though enormous and part-time in nature, have come at a time when the country is in recession, adding, “ the institutions have suffered since 2015 without governing boards thereby increasing the challenges already plaguing the sector.” Adamu was represented by the Minister of State for Education, Professor Anthony Anwukah said the councils must take and regard as priority the effort to raise the standard of conduct on campus in terms of academics, ethics and morals.

According to him, “the country is in an economic recession. Secondly, your institutions have been without governing councils since 2015. Thirdly, for a long period, there has been a multiplicity of problems left unattended for you to solve. Fourthly, as a profession, teaching is still not able to attract the best and brightest and this government expects that you will help to change this situation. “All councils must take and regard as priority the effort to raise the standard of conduct on campus; academic, ethical and moral. They should have zero tolerance. for academic misconduct; plagiarism, exam malpractice and sexual harassment as well as proliferation of drugs, instances of violence and cultism. “Despite the pervasiveness and enormity of your responsibilities, I should hasten to add that your appointments are part-time: you are policy makers who formulate the policies that guide management action. You are the guardians of rules and regulations while provosts and management’s are the executors. “Colleges of Education may be the most important institutions because they produce teachers on whom everything else depends; they are the ones that produce teachers for the basic level.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

EDUCATION

Lagos Vows to Stamp out Indiscipline in Public Schools

Funmi Ogundare and Peace Obi

The Lagos State government has expressed its readiness to stamp out indiscipline from its public schools, just as it also sanctioned some erring members of staff according to the public service rule. The Deputy Governor, Dr. Idiat Oluranti Adebule who made this known, recently, during a ministerial press briefing of the Ministry of Education, revealed that 85 students had their names in the black book which was re-introduced this year, as disciplinary measure to whip them into line and serve as deterrence to others. The implication of having a student’s name in the black book, she said, is that any wrong doing by such student could lead to his or her expulsion. Adebule enjoined parents and guardians to monitor the activities and progress of their children and wards, saying no stone will be left unturned in the efforts of government to achieve set goals. She recalled that George Abiodun, Braimoh Lateef, Yussuf Fawaz, Saka Wahab, and Justine Harrison; all 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 have

been arraigned and are facing the law for their lawless attitude. “I want to emphasise that without any prejudice to the outcome of the ongoing trial, any child found wanting like those Ireti Senior Grammar School and Falomo Senior High School will not be spared the consequence of his or her indiscretion.” The deputy governor said the government, in its bid to stamp out examination malpractices from its schools and encourage hard work, the state examination board has introduced a Digital Innovation Question Paper (DIQP) for screening test, a process of randomnisation of questions and answers options to thousands of types that have no similarities or resemblance. According to Adebule, “the 100 questions for the screening test were randonmnised to 38,000 types and 38,000 keys for marking. The innovation is expected to make cheating impossible as each question paper has as part of security features; embossment of candidates photograph, barcode, biodata of candidates and each question paper has its own key(answer).” She said the state has committed the sum of N11,059,495,203 to upgrade schools infrastructure, provide conducive teaching and learning environment by making available adequate educational facilities

in its public primary and secondary schools. Adebule who also superintends the education ministry said the sum of N2.4 billion was also expended on the construction of 9 new school buildings, N3.7bn on the rehabilitation of 79 school buildings, while another 79 buildings had their blown off roofs replaced at the cost of N941m. “The sum of N616 million was spent on the construction of 16 schools fence to enhance security of students and staff alike. Procurement and supply of 100 Principals, 1000 Teachers and 40,000 dual bench and table students furniture cost N1.27 billion, while installation of laboratory fittings, furniture and supply of science equipment for 30 senior secondary Schools was completed at the cost of N512m. In another development, the Lagos State Government has inaugurated the Isolo Public Library upgraded by Zenith Bank under the state’s ‘Adopt a Library’ initiative. Speaking at the ceremony, held recently, the Governor, Mr. Akinwunmi Ambode affirmed that the state’s various library initiatives are aimed at giving students and researchers unlimited access to information and knowledge, adding that it is part of the government’s strategic approach towards building a knowledge-based economy.

L-R:The Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh; Special Adviser to the Governor on Communities and Communication, Mr. Kehinde Bamigbetan; winners of Lagos State School’s Debate, MasterTorishade Abayomi and Miss Qodiat Anifowoshe of Vetland Senior Grammar School Agege; the Legal, Public Affairs and Communications Director, Nigerian Bottling Company, Mrs. Folasade Morgan during the grand finale of the competition held recently

Government High School Celebrates Golden Jubilee The Old Students of Government High School, Ilorin, Kwara State, recently converged on the school premises and other locations within the state to celebrate the 50th anniversary of the school. One of the major highlights of the weeklong celebration which also coincided with the 50th anniversary celebration of the creation of the state was a reception hosted in honour of Old and current students by the family of Alhaji Abdul-Razaq Razaq, the founder of the school, formerly Ilorin College before its take-over by the Kwara State government. Speaking during the ceremony, a former Commissioner of Education and Human Capital and the National President of the ICI/GHS Old Students Association, Alhaji Raji Afolagbe, said the school had contributed greatly to the educational advancement of Kwara North Central and Ilorin in particular. He added that the greatest achievement of the school is the quality of its Old students who have contributed to the socio-economic development of the country and in other fields of endeavour adding that many of them flew in from Europe and America

to be part of the golden jubilee. He said the founder, Alhaji Abdul-Razaq through his generosity and community service provided opportunity for many people in the state to have access to quality post-primary education with the establishment of the college in 1967. “The dream of the founding father was to have a seed in quantum that are of quality. His dream was to have a school that will blossom and will go places, and today that dream has come to pass, “ he said, while describing him as a man of big vision and a role model. “He was someone we looked up to. He had lot of students that he was paying their school fees despite the fact that he established the school and even approached some of his friends to give out scholarships.” A retired Assistant Comptroller General of Customs and the first Senior Prefect of the college, Alhaji Mumini Abdulmalik said the founder of the school inspired him and generation of students to success adding, “he taught us hardwork, integrity and honesty and these are all hallmarks of his own professional and public service

career. Ilorin College now GHS prepared us well for life.” An Old student, Alhaji Saka Isau, and former Secretary to the State Government, described the foresight of the founder as unparalleled saying, “he gave the less priviledged people the opportunity to attend secondary school and today, you can see us. I was Attorney General and former Secretary to the Government of Kwara State. He is my role model and I decided to study law because of him.” Emphasising on the standard of education in the country, he said it has not has dropped as widely purported, noting that the problem is with the individual students who are not putting efforts into their studies like they should. “I am telling you sincerely, the kind of teachers they have now, we didn’t have it then. If you go to Government High School, they have graduates who are teachers and we never had that privilege during our time. Most of our teachers then were also secondary school leavers who were probably writing A ’levels and seeking admission to university.”

Come, Lets Reason Together There have been great teachers of our time who have not only sizzled their teachings with intrinsic values of stability, consistency, stoicism, dependability and regularity, but matched their teachings with complementing actions. In so doing, they have silhouetted their image in history forever and left a legacy that their progeny will benefit from eternally. The ageless truth declares that a good name is more desirable than gold and silver and that the day of one’s death is better than of one’s birth. How profoundly true! More often than not, values or acts of integrity, which essentially are what is referred to as ‘a good name’ do not give immediate rewards or gratification. You may even be repressed, nametagged or ostracized for being good. This however should not deter you from doing the right and honourable thing. You may have acquired your good name by way of legacy or they may have become ingrained in you (through association) by your parents or mentors who were themselves unsullied. Is your integrity squeaky-clean? Is it self-taught, or gained through years of self-discipline? Does it need further touch-ups like mine? Maybe yours is the more realistic & dynamic type that requires constant and progressive priming and pruning. Does this also need prayers to God to make it perfect. Whatever state your integrity may be in, you as a teacher needs to rise above tardiness. Let’s look as some ways teachers lag behind: • In persistent lateness to work or to lessons and in our lackadaisical attitude to work, we may be endangering the progress of our students. • Disorderliness – Excellent recordkeeping, great planning and sequencing skills ensure a smooth progression to the happenings of the day. A good teacher facilitates a flowing chronology of topics in her subject so that her students link the known to the new. • Untidiness and uncleanliness – Maintaining tidy and clean classroom is not expensive. Endeavour to keep the class free of dust, cobwebs, mildew and clutter. This addresses the simple health needs for everyone and projects an exquisite, tasteful, ‘classy’ and graceful image of you the teacher. Insist that your students bin their own rubbish and not throw litter about. You could soften and brighten your class with a simple pot of indoor plants, this is easily obtainable. • Brighten up your class with a small patch-work of Nigerian fabric. A tailor would graciously give you pieces of or un-needed cloth. • Drabness and routine – There should not be room for flat, uninspiring, ‘wishy-washy’ techniques of teaching on the one hand; a boring, mediocre, unimaginative and stale teacher on the other. You must be a master of your teaching subject and gracious enough to demure on a topic you don’t know rather than fabricate lies! You can’t afford to be regular! Inject fresh and new actions and ideas into your lessons and put an element of surprise into when and how you bring them in. • Your language – Are you fluent, expressive, comprehensible, intelligible and or understandable? There is nothing worse than a teacher who speaks in the wrong tenses and is making no active effort to brush him/herself up! English cuts across all science and art subjects. Refrain from shouting, using abusive words and expression s on the students when they go wrong, speaking abusively of their parents and generally projecting an image of an ogre! Apologise to a student when you have been wrong, say thank you to them when they have helped or done a good thing and negotiate with them when appropriate. Good teachers don’t always give orders; they come to an understanding on issues with their student and in so doing, teach them how to respect other people’s perspectives. Before you send home your student’s reports or school-home communication, take a few moments to read through what you have just written. A school report is not where you unleash your vendetta on a student or their parents! Endeavour to write in excellent, professional and non- patronizing language. Maintain your dignity and good name. •Sleeping on duty – Sleeping in class before your students or dropping your head on the table for a quick snooze should not be practiced by you. It projects an image of laziness and idleness. Your students are watching and they are very impressionable! If you feel ill, go to the sick bay or to any provision you school may have and refuel there. Please check your school’s policy on this. • Selling/trading on duty – This is absolutely wrong and should not be practiced within your daily contract hours. It is true that the times are hard and we all feel the pinch. Organise your time to fit in what you do outside your contract time. How would you feel if an employee of yours was carrying out his own business in your paying time? • Using your mobile phone irresponsibly – Check your school’s policy on this but as a general thumb of rule, you should keep you phones off or its ring tones on silent and return calls at more acceptable time during your daily contract hours, for example during your break. • Your grooming – A good bath, oral care, some deodorant, hair and nail care contribute to the entire image of a teacher. Unprofessional dressing, impractical dressing, unfashionable dressings are all subjective description of someone’s grooming. As a role model, Aim for stylish modesty. Your students should want to be like you! Omoru writes from the UK

T H I S D AY • WEDNESDAY, JUNE 14, 2017

EDUCATION

Gombe Varsity Face Exodus of Lecturers

Segun Awofadeji in Gombe

Lecturers of the Gombe State University (GSU) are said to be leaving the institution in search of greener pastures elsewhere following poor working conditions in the institution. THISDAY checks revealed that the 13- year old university, currently undergoing accreditation by the National Universities Commission (NUC), is facing a dearth of academic staff following what some of the lecturers described as poor academic staff development as well as working conditions . The GSU chapter Chairman of the Academic Staff Union of Universities (ASUU), Dr. Lawal Oladimeji said he is not in position to confirm the exodus of academic staff from the institution According to him, “the reason for the delay in salaries, we do not know, but it is certainly something we do not welcome and we do not like, and so if you are disenchanted with the condition under which you are working, I think you are also at liberty to look elsewhere, if you believe you can find a

better option. I cannot deny if people are leaving the university, but at the same time I cannot confirm if there is mass exodus, because I have not conducted a statistical study of how many people have left the university of late and the reason for their leaving.” He noted that the problem had been there for quite a while; but that the union is trying to approach the issue in a diplomatic way, saying, “in the last one year, it has worsened. These days we don’t get salaries until sometimes, 11th or 12th, in fact of late, we have had to stay up to 16th of the next month. It is a major problem, a situation where a staff’s existence is virtually tied to the salaries, which in the first instance, even if it was paid at the right time, with the inflation we have in the economy, has virtually taken the money away.” He added that the issues in the institution are not just about payment of salaries, but that there are issues of entitlements that are due to staff which have not been paid, as well as issues of infrastructural inadequacy.

“We have the issue of staff development which is very serious, you may also have heard about staff going on training, not being funded, being stranded abroad especially overseas, the challenge is also there and its one of the issues we presented at those various levels.” In an effort to solve the problems, he said the union has engaged the management of the university, and Chancellor who is also the Emir of Gombe and the Commissioner for Higher Education, at different levels all to no avail, adding that it has also approached the visitor to the institution and Governor of the state, Alhaji Ibrahim Hassan Dankwambo, but attempts at seeing him this year proved abortive. Oladimeji said there are limits to humans patience, noting, “ If my members tell me, see, we are tired of this delay, let us go otherwise, we will go. The important thing is that the notice of engagements are there, we have notified the appropriate authorities, our wish is that they find solutions to it as soon as possible, but if they don’t, by the time the

RUNNING THE CLASSROOM patience of our members is exhausted, then they will see us from the other side.” However, efforts to see the Registrar of the University, Abdullahi Mohammed Yuguda as well as the Vice-Chancellor, Professor Ibrahim Musa Umar on the issue, met a brick wall, but the Gombe State Commissioner for Higher Education, Dr. Mohammed Isah Wade whose ministry oversees the institution confirmed that there is mass exit from the Gombe state University. According to him, “The issue of exit in every system is part of the process of management and labour turn-over, but when you say mass exit, people are just over exaggerating issues. I want to say that the issue of mass exit from Gombe State University is false, a rumour and mere propaganda that has no bases.” He said, if that is true, “In the last six months or one year, how many people have actually left? It is a mere superfluous statement. It is when you have such number at a given time that you will see that the exit is of serious concern. In every organisations, people come in and go out, it is normal.”

CHIOMA ERUOTOR

Four CriticalThings to Avoid When Choosing a School Previouslywepresentedthemostimportantfactorsyoushouldconsider

in choosing a school. The message in that piece remains this: choose the school that best fits your child’s unique features and your family values. This edition, we state what NOT to do when choosing a school. • Deciding by the school property alone: Many schools have beautiful structures and serene compounds which form a great learning environment that is very commendable. However, in selecting a school, don’t consider only the building. Intangible factors such as vision values, stagg-student relations, etc must also be considered. • Not speaking with school management: You must visit the school and meet with an authority figure before you decide. He/she can clearly and accurately explain what the school is about so that there are no surprises down the line. The visit will also reveal a lot about the school’s culture and strength /direction of leadership. • Not checking past academic records: It is important to check the school’s performances in past external examinations and co-curricular competitions. They may not show you details in order to protect the privacy of each student but a good school will give you sufficient and accurate information about how their students perform. • Ignoring your instincts or your child’s: There are many amazing international standard schools here in Nigeria, you hardly need to look abroad, but eventually you can only pick one. Not every school is for you, so if you visit one and something is just off, pay attention. It doesn’t mean that anything is wrong with the school; it may just be that the school isn’t the best fit for your child. Above all every good school must give your academic substance that is beyond academic grades. According to Hodding Carter, “there are two lasting bequests we can give our children: one is roots and the other is wings” a good school should give your child both. . Eruotor writes from Lagos

Bauchi Approves N425.3M for WAEC, Other Exams Segun Awofadeji in Bauchi

The Brand, Event and CSR Manager, Ikeja Electric PLC, Mrs. Titi Aikhomu, presenting gifts to pupils of Ilupeju Primary School, Lagos, during the Children’s Day celebration it organised…recently

University of Dundee Celebrates 50th Anniversary Peace Obi The University of Dundee, recently hosted a dinner party for its alumni from Nigeria as part of the activities marking the Scottish university’s 50th anniversary celebration. Speaking at the ceremony, held recently, In Lagos, a Professor of International Family Law, School of Social Sciences, Peter McEleavy, said Nigeria was considered a destination for the institution’s alumni celebration because of the large number of its alumni from the country. He said Nigeria is such an important country that cannot be ignored noting that, “we have over 1000 alumni from Nigeria and most of them live in Lagos and we have 130 alumni who are coming here to celebrate the 50th anniversary with us. Those alumni are graduates from across many disciplines of the university, like Medicine, Healthcare, Architecture, Business, Accounting and Economics and Law; while the largest number of alumni come from the Centre for Energy

Petroleum and Mineral Policy.” Describing the institution as one with unique offerings and experience for its students, the Don said the institution which has its origin from St. Andrews University, is founded on a strong academic foundation, firmly routed on research. “The institution ranks among the top 200 universities in the world and on the top list of the young universities in United Kingdom. The university has a very generous scholarship system for its international students. This year, we have our global excellence scholarship, which is available specifically for Nigerian students and 25 other scholarships to the value of four and half thousand pounds. Our tuition fees are particularly affordable and attractive, “ he said. McEleavy said aspiring students have nothing to fear about Britain’s move to exit European Union, adding, “regardless of what happens in the future after Brexit, I think Scotland will remain because of the nature of its people and its

institutions. Its universities will remain open, inclusive and welcoming place for our overseas students, and so our leaders in higher education system are determined to ensure that that remains the case.” The institution’s Senior international Officer, Fahd Asif said University of Dundee is a comprehensive institution firmly rooted in the Scottish higher education sector and forward looking in its approach; adding that since its take off in 1967, it has gone from strength to strength when it comes to its international impact. “As an institution that attracts a lot of international students, it has among others three unique distinguishing qualities. What makes it different is the fact that we offer a wide range of programmes but at the same time, there is a lot of inter-discipline work that goes around. So, when students are studying with us, they have to work across different disciplines in terms of academic treat and they get a different kind of approach.”

The Bauchi State Government has approved the sum of N425,336,400 for the 2017 registration fees and conduct of the West Africa Examination Council(WAEC), National Business and Technical Examination Board(NABTEB) and National Board for Arabic and Islamic Studies (NBAIS) examinations. The State Deputy Governor and Commissioner of Education, Nuhu Gidado who disclosed this Monday, during the 2017 Ministerial press briefing of the achievements of the ministry at the state secretariat in Bauchi , said that there has been a great achievement in the student’s WAEC performance from 3.65 percent in 2015 to 17.60 percent in 2016 and students passing with five credits, including Mathematics and English

language. Gidado who was represented by the Permanent Secretary of Education, Nasiru Yelwa, debunked the allegation making the round in the state that there were special miracle centres where special students were taken to in order to pass the examinations. According to him, “there are no miracle centres in Bauchi state since the inception of this administration. We have not receive any report of such nature since the commencement of these examinations in the state. “When you compare the rate of enrollments of the 2015/2016 , there is a low enrollment in private schools for these examinations and the 2015 records showed that the level of malpractice was below two percent.”

Envoy Pledges Netherlands’ Commitment to Education in Nigeria The Deputy Head of Mission of the Kingdom of the Netherlands, Mr. Michel Deelen, has stated his government’s commitment to strengthening educational cooperation with Nigeria. Deelen, who made this known, recently, while briefing Journalists to announcee the first ‘Study in Holland’, education fair scheduled to hold at the Federal Palace, Victoria Island, Lagos on June 10, said the Netherlands educational system provides

an opportunity for Nigerians seeking qualitative international education abroad to gain knowledge and skills which can be locally applied in Nigeria upon their return. “We want young Nigerians who desire international education to be aware of Netherland’s highly rated universities and about 2000 English-taught courses. The Embassy has realised that a great percentage of Nigerians are misinformed about the Dutch educational system.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

CITYSTRINGS War against Fake Products

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

ThemenaceposedbytheinfluxofadulteratedproductsinNigeriaisbecomingincreasingly alarming, writes Jonathan Eze

Obayi inspecting some of the expired items in Lagos

he war against fake products should not be left alone in the hands of the officials of the Standards Organisation of Nigeria (SON) because like wildfire, the zeal and zest of some wicked and callous individuals and organisations in making Nigeria home for their nefarious activities is burning and it must be contained before it burns every Nigerian. Going through news reports recently, it is confounding to note that the agency works round the clock in chasing and apprehending these criminals wherever they are found and confiscates their harmful products. Thus, the hard work and industry of the SON needs to be encouraged and supported by all well-meaning Nigerians. That is why the agency should continue to open its communications lines in the event that Nigerians are willing to supply it with useful information. The populace should resolve to blow the whistle whenever they suspect that any structure or building is harbouring criminals who are bent on reducing the life spans of the product users and exploiting them financially in buying products of questionable qualities. It is also heart rendering to note that in spite of the presence of many regulatory and security agencies in the country, fake products still manage to find their way into

the Nigerian market. From consumables to hardware, the average Nigerian is aware

We invited you on a followup of the operation we carried out here at Kirikiri Town where we saw a warehouse fully stocked with expired baby creams and other products imported by a company known as Jouf Ventures Limited. Regarding this company, we have promised Nigerians that we must do adequate investigation to be sure that the products that left the dubious importer’s warehouse to different shops across the country are recovered

that he could be tricked into spending his hard-earned money on fake products, which may eventually claim his or her life. This effort is against the backdrop of a discovery at the weekend of three different warehouses of eight flats each housing fake products like body creams, baby products, detergents, insecticides, body sprays among other household items which are always found in our supermarkets. SON, in company of security agents and representatives of some news media visited the warehouses at the Kirikiri area of Lagos. The operation led by the Director of the organisation Inspectorate and Compliance Monitoring, Bede Obayi, was quite revealing. It was obvious that the importer who is already in police custody does not and can never know the quantities and brands of products he has in the warehouses because each of the flats and even staircases were filled and stocked to the brim with different products majority of which had expired. While addressing journalists, Obayi said: “We invited you on a follow-up of the operation we carried out here at Kirikiri Town where we saw a warehouse fully stocked with expired baby creams and other products imported by a company known as Jouf Ventures Limited. “Regarding this company, we have promised Nigerians that we must do adequate investigation to be sure that the products that left the

dubious importer’s warehouse to different shops across the country are recovered. “It must be properly traced and tracked. We are going to withdraw these products from circulation. This is what we have been doing since the last operation. But unfortunately, while we were doing this investigation, this man didn’t disclose to us that there were other warehouses he is operating from. “With intelligence information gathered from officers of the Nigeria Police Force, we now discovered three extra warehouses which this importer in any way did not inform the SON during the investigation. “This is to tell you the nature of the man in question. You have seen the various products littering the warehouses; the storage conditions are very poor and unhygienic. The drugs and other products in the warehouses have expired. This is something we as an agency cannot accept.” He further said: “We want to thank the governor of Lagos State, Akinwunmi Ambode, because at hearing that the SON had stepped into the matter, the state government directed that the building be sealed, and you could see when we went there that the place has been cordoned off by the state government. If we had had support like this, we will be doing more. Remember, the issue of the Lekki Garden when we cried out about the number of people and quality of materials used in

T H I S D AY • WEDNESDAY, JUNE 14, 2017

CITYSTRINGS

handling the project, the state government again came to the rescue.” According to Obayi, “Here, we are happy that we have discovered all the warehouses of this man, and we will do due diligence on these warehouses as we told you the last time. The fact here is that this man is bent on not doing what is right because for him not to disclose to the regulatory authorities about other warehouses, you could discern his criminal intention. If you are changing the date of products, you are actually selling expired products that are harmful to the public. “We cannot allow such a person to act the way he likes. He has been handed over to the Nigeria Police for further investigations. This is in line with the powers of the Act that established SON. “It gives us adequate prosecutorial powers to deal with these people who don’t want to do things according to the rule. People think there is no government in this country, but the government of the country is very active and working.” According to an editorial published by one of the national dailies recently, it was noted that all over the world, there are numerous persons or corporate bodies who try to cheat the system by producing substandard goods in order to increase their profit margin. “This has given rise to the establishment of some regulatory bodies. In Nigeria, SON and NAFDAC are two of such organisations. As regulatory bodies, they are expected to be tough, fair and firm. They are also expected to gather intelligence routinely through market surveys, consultation with consumers’ rights protective bodies and the public. “The gateway into the country is policed by different security organisations, ranging from the Nigerian Customs Service to the Nigeria Immigration Service. Also, Department of State Services (DSS), Directorate of Military Intelligence (DMI) and others are represented at the borders. How these fake products find their way into the country, therefore, is befuddling. The truth of the situation is not difficult to discern. There is criminal collusion between the men and women of these organisations and the wealthy importers of these goods. In some cases, there is outright inefficiency. “When money changes hands, state officials look the other way while the soul of the nation is ravaged. Indeed, the general notion among serving officers in the Customs and Immigration departments is that a posting to the border is a life-time opportunity to make it big. The maxim is that if you have the right connections and grease the palms of the relevant officials, any item can be

Unscrupulous businessmen who specialise in importing fake goods should be punished. Officials charged with the responsibility of enforcing standards must embrace the anti-corruption spirit of the current administration. State officials must realise that a decision driven by greed and lust for dirty money is detrimental to the overall well-being of the country. Nigerian businessmen should endeavour to embrace high standards and sound business ethics.They should learn to do business with character

DG of Standards Organisation of Nigeria, Mr. Osita Aboloma.

Expired body creams in one of the warehouses

imported into the country. This accounts for the massive hemorrhage at the ports - land, sea and airports. “Unscrupulous businessmen who specialise in importing fake goods should be punished. Officials charged with the responsibility of enforcing standards must embrace the anticorruption spirit of the current administration. State officials must realise that a decision driven by greed and lust for dirty money is detrimental to the overall well-being of the country. Nigerian businessmen should

endeavour to embrace high standards and sound business ethics. They should learn to do business with character.” Furthermore, there is an urgent need for SON to be strengthened. The federal government on its part should ensure adequate funding of SON because the scope of their coverage is limitless coupled with the fact that the unscrupulous importers are not relenting in their wicked quest to continue to flood the Nigerian market with fake products. The National Assembly should also ensure

an increased budgetary allocation to life saving agencies like SON and make new laws that would further empower it to deliver on its mandates. The director general of SON too should endeavour to reward its workforce and motivate them to put national interests first ahead of their selfish interest. Manpower development through training and retraining of personnel should be regular with emphasis on quality in order for the operatives to be in tandem with world best practices.

T H I S D AY • WEDNESDAY, JUNE 14, 2017

BUSINESS/MONEYGUIDE

Report: Gap Between Tier 1, Tier 2 Banks Widens Obinna Chima with agency report The divide between the haves and the have-nots among Nigerian banks is widening, according to a report by Bloomberg. The country’s biggest lender is so flush with cash it plans to repay $400 million of bonds when they become due in November 2018 rather than issuing additional debt, while the next two largest banks sold international bonds for the first time since 2014. At the other end of the scale, smaller lenders are scrapping plans to raise dollar loans and struggling to find investors to raise capital. Top-tier banks in Africa’s mostpopulous nation and biggest oil producer are rallying after the central bank in April opened a foreign-exchange trading window, easing a crippling currency shortage that contributed to the worst economic contraction in 25 years. Smaller banks are lagging behind as they battle rising levels of non-performing loans and capital buffers near regulatory minimums.

“The gap between the Tier 1 and Tier 2 banks has been widening in profitability and balance-sheet size,” an analyst at Afrinvest West Africa Limited, Omotola Abimbola said “In the next one or two years we will probably see the trend extending further.” United Bank for Africa Plc, the third-biggest lender by market value, raised $500 million in its first Eurobond sale on June 1 at yields below initial guidance. This followed an equivalent issue a week earlier by Zenith Bank Plc in a deal that was four times oversubscribed. Guaranty Trust Bank Plc said this month it has no plans to sell Eurobonds because it’s setting aside funds to repay existing debt. By contrast, small- and midsized lenders like Wema Bank Plc dropped plans last month to raise dollar loans to rather sell naira debt locally in smaller tranches. Unity Bank Plc has been in talks with investors since October, while Diamond Bank Plc has started negotiations to issue debt, the report added. “We view the Tier 2 banks as potentially challenged,” Exotix

Partners LLP analysts Jumai Mohammed and Ronak Gadhia said in a note last month. The lenders seem unable “to weather asset-quality deterioration storms.” Still, the five-year dollar bonds didn’t come cheap. Lagos-based United Bank for Africa settled on a coupon, or interest paid twice annually, of 7.75 percent. That’s the highest of at least 10 sales of $500 million by emergingmarket banks this year from Turkey, Kuwait, Bahrain, South Korea and China. Zenith will pay 7.375 percent, compared with 6.25 percent on five-year notes sold in April 2014. Even so, more lenders will issue Eurobonds because they need dollars to offer loans in the U.S. currency or to repay debt, an analyst at Vetiva Capital Management Limited, Lekan Olabode said. Ecobank Transnational Incorporated, based in Lome, Togo, plans to sell a $400 million, five-year convertible bond this month to refinance debt and provide short-term bridge funding for non-performing loans at its Nigerian unit.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

ICRC Seeks Review of Concession Act To properly reposition the Infrastructure Concession Regulatory Commission (ICRC) as the regulatory concession agency in Nigeria to enable it fully deliver on its mandate, the Commission is seeking a review of its Establishment Act 2005. The Communications Officer of the ICRC Mr. Patrick Ederaro who said this, argued that a review of the Act in line with best global practices would stimulate Public Private Partnership (PPP) in the country, which currently is at its lowest ebb due to some factors militating against the smooth operation of the Act. Furthermore, Ederaro said in a statement that the ICRC was looking forward to inputs from key stakeholders in the sector to guide the lawmakers in the consideration of the Bill before them seeking among other things, an enhanced transparency in the PPP process to boost investors’ confidence, setting up of a special PPP account for accountability, and strengthening the Commission with penalty powers to speed up PPP transactions. The review is also seeking to transfer all PPP powers to the ICRC to enable it function

optimally. Established by an Act in 2005, the ICRC which came into full operation in 2009 has the mandate to carry out the following key concession regulatory functions: Develop and issue PPP policies and guidelines: Pre-contract regulations; Post-contract regulations; Champion PPP advocacy; Develop PPP market by promoting harmonised framework for development of infrastructure. The Commission also has the additional task of creating environment for the private sector to enter into partnership with Government in financing, operations and management of infrastructure and allied services. The Commission is equally expected to monitor the implementation of PPP projects and midwife the complex arrangement that the PPP process entails, as well as, build capacity within MDAs to handle such arrangements themselves subsequently. The Commission mandate does not include project initiation, project development, approval, determination of output requirements and the duties of contracting authority. The ICRC in collaboration

with the World Bank recently concluded its Full Disclosure Framework aimed at de- risking PPP investments in the country to make them attractive to investors, particularly foreign ones with big portfolios. There have been reported incidences of conflict of duties between the ICRC and the Bureau of Public Enterprises (BPE). This conflict had been identified as one of the key barriers militating against the growth of PPP in the country, which could help government attract private capital to revamp its ailing infrastructure. The government also pointed out in its Economic Recovery Growth Plan (ERGP) that for PPP to be effective in the country, there was need to review the ICRC Act. In 2008, the federal government established the ICRC under the Infrastructure Concession Regulatory Commission (establishment, etc) Act, 2005. The ICRC was established to regulate PPP endeavours of the federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

Dabiri-Erewa Urges Nigerians to Invest in $300m Diaspora Bond Alex Enumah in Abuja The Senior Special Assistant to the President on Foreign Affairs and Diaspora, Hon. Abike Dabiri-Erewa has urged all Nigerians to take advantage of the first ever diaspora offer by buying into the bond. The Debt Management Office (DMO) had announced the commencement of a global offering of Nigeria’s first diaspora bond by filing a registration statement for the bonds with the U.S. Securities and Exchange Commission.

Dabiri-Erewa gave the advice in a statement issued by her Media Assistant, Abdurrahman Balogun, saying the Diaspora bond will be used to raise funds from Nigerians in the diaspora to finance capital projects and provide an opportunity for them to participate in the development of the country. She expressed satisfaction that the first ever diaspora bond was being rolled out to the benefits of Nigerians. The SSA said it was a unique way of lubricating the interest of Nigerians in the Diaspora to

participate in the developmental projects being carried out by the Muhammadu Buhari administration. The Minister of Finance, Mrs. Kemi Adeosun had in February promised that the diaspora bond will soon be rolled out by the DMO. Dabiri-Erewa said: “We are very excited that the National Assembly has approved the Diaspora Bond. We believe Nigerians abroad want to support development in Nigeria and such would be glad to invest in it.”

(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, 12 JUNE 2017 The price of OPEC basket of thirteen crudes stood at $45.93 a barrel on Monday, compared with $45.48 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 JUNE 14, 2017

Nigeria’s top 50 stocks based on market fundamentals

13-Jun-17

12-Jun-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

205.05

205.36

-0.15%

3,494,156,043,395.25

10.95

18.72

5.68

3.90%

4.38

02 Nigerian Breweries Plc

157.10

157.01

0.06%

1,245,661,749,504.80

3.58

43.84

3.97

2.29%

7.51

03 Guaranty Trust Bank Plc

33.73

33.70

0.09%

992,713,675,225.52

4.49

7.50

2.39

5.25%

1.97

900.00

924.00

-2.60%

713,390,626,800.00

10.00

90.02

3.92

3.22%

23.10

20.85

20.64

1.02%

654,616,895,438.10

4.13

5.05

1.29

8.63%

0.93

06 United Bank for Africa Plc

8.78

8.93

-1.68%

318,534,241,107.16

1.99

4.41

0.83

6.83%

0.71

07 Stanbic IBTC Holdings Plc

30.00

29.49

1.73%

300,000,000,000.00

2.85

10.52

1.92

0.33%

2.13

08 Access Bank Plc

10.36

10.76

-3.72%

299,693,786,097.16

13.18

0.79

5.31%

0.66

09 Presco Plc

66.15

62.50

5.84%

262,647,056,526.75

0.03

2,262.33

3.68

1.97%

6.28

460.01

466.39

-1.37%

254,528,277,083.13 -82.02

-5.61

4.02

3.46%

0.68

11 Lafarge Africa Plc

54.00

0.00%

245,964,697,740.00

3.71

14.56

1.12

5.56%

0.99

12 FBN Holdings Plc

6.70

6.75

-0.74%

240,498,461,706.40

0.21

32.29

0.45

2.24%

0.39

13 Ecobank Transnational Incorporated

12.55

12.65

-0.79%

230,286,867,748.25

0.68

18.55

0.39

4.94%

0.37

14 Unilever Nigeria Plc

37.00

35.55

4.08%

139,981,961,250.00

0.81

45.57

2.01

0.14%

11.97

9.60

9.58

0.21%

115,200,000,000.00

1.20

8.00

0.68

5.21%

1.74

16 Guinness Nig Plc

73.00

0.00%

109,929,837,724.00

-3.06

-23.87

1.06

4.38%

2.79

17 Mobil Oil Nig Plc

276.51

285.86

-3.27%

99,708,195,895.62

22.61

12.23

1.06

2.60%

4.65

30.00

29.45

1.87%

98,827,478,400.00

0.02

1,331.44

3.71

0.83%

9.01

8.00

8.15

-1.84%

96,276,951,152.00

0.29

27.55

0.21

9.38%

0.50

282.55

271.00

4.26%

95,931,895,044.35

43.58

6.48

0.33

4.95%

4.07

21 Forte Oil Plc.

58.00

64.14

-9.57%

75,543,903,974.00

2.22

26.14

0.51

5.95%

1.74

22 Flour Mills Nig. Plc

27.00

0.00%

70,854,404,049.00

-1.19

-22.63

0.17

7.41%

0.71

1.82

1.66

9.64%

70,472,215,313.50

-0.03

-62.53

1.19

0.00%

0.82

24 Okomu Oil Palm Plc

63.66

0.00%

60,725,910,600.00

5.15

12.37

4.23

0.16%

3.57

25 7-Up Bottling Comp. Plc

94.50

90.00

5.00%

60,535,789,303.50

-0.05 -2,068.96

0.65

2.33%

2.73

26 Julius Berger Nig. Plc

39.80

0.00%

52,536,000,000.00

-2.89

-13.76

0.38

3.77%

0.75

1.37

1.35

1.48%

39,678,742,398.04

0.39

3.54

0.26

11.68%

0.21

18.00

17.40

3.45%

34,575,558,966.00

3.37

5.34

0.46

5.56%

0.46

29 Diamond Bank Plc

1.43

1.44

-0.69%

33,119,356,224.24

-0.29

-4.87

0.16

0.00%

0.15

30 Sterling Bank Plc

1.11

1.16

-4.31%

31,957,364,119.86

0.18

6.19

0.29

8.11%

0.37

31 FCMB Group Plc

1.42

1.41

0.71%

28,119,849,309.02

0.72

1.96

0.16

7.04%

0.16

32 Cadbury Nigeria Plc

14.40

15.63

-7.87%

27,046,109,376.00

-0.16

-91.25

0.90

9.03%

2.45

33 Cap Plc

37.80

0.00%

26,460,000,000.00

2.29

16.50

3.88

3.04%

11.59

34 National Salt Co. Nig. Plc

9.88

10.07

-1.89%

26,176,451,174.64

0.91

10.84

1.43

5.57%

3.25

35 Mansard Insurance Plc

2.40

2.43

-1.23%

25,200,000,000.00

0.25

9.56

1.22

2.08%

1.25

36 Glaxo Smithkline Consumer Nig. Plc

20.65

0.00%

24,694,849,477.20

3.51

5.88

1.72

1.45%

1.45

37 PZ Cussons Nigeria Plc

23.00

24.00

-4.17%

23,000,000,000.00

5.69

4.04

1.60

0.43%

0.62

38 Wema Bank Plc

0.55

0.00%

21,215,956,344.55

0.07

8.19

0.39

0.00%

0.44

39 Custodian And Allied Insurance Plc

3.51

3.67

-4.36%

20,645,343,324.45

0.91

3.87

0.54

3.99%

0.69

40 Honeywell Flour Mill Plc

2.27

2.17

4.61%

18,001,548,683.66

-0.40

-5.62

0.37

7.05%

0.54

41 Continental Reinsurance Plc

1.40

1.38

1.45%

14,521,842,036.80

0.42

3.33

0.66

8.57%

0.78

42 Unity Bank Plc

0.79

0.77

2.60%

9,234,576,974.18

0.19

4.23

0.11

0.00%

0.11

43 Cement Co. Of North.Nig. Plc

7.29

6.95

4.89%

9,161,180,914.14

0.22

33.30

0.82

1.37%

0.85

44 Skye Bank Plc

0.58

0.54

7.41%

8,050,574,817.80

-2.93

-0.20

0.05

51.72%

0.08

45 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

46 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 Nigerian Aviation Handling Company Plc

3.19

3.10

2.90%

5,181,257,812.50

0.36

8.92

0.65

6.27%

0.80

48 UACN Property Development Co. Limited

2.69

2.57

4.67%

4,623,437,486.55

-0.90

-2.98

0.73

26.02%

0.14

49 Fidson Healthcare Plc

2.86

0.00%

4,290,000,000.00

0.21

13.54

0.56

1.75%

0.65

50 AIICO Insurance Plc

0.53

0.00%

3,673,008,374.40

1.48

0.36

0.14

9.43%

0.42

04 Nestle Nigeria Plc 05 Zenith Bank Plc

10 Seplat Petroleum Dev. Co. Ltd

15 Dangote Sugar Refinery Plc

18 International Breweries Plc 19 Oando Plc 20 Total Nigeria Plc

23 Transnational Corporation Of Nigeria Plc

27 Fidelity Bank Plc 28 U A C N Plc

TOTAL

10,850,200,164,220.50

TOTAL MARKET CAP

11,460,545,757,828.30

% OF MARKET CAP Annotation - MA* = Simple Moving Average

94.67%

Table 1 Market Statistics Mkt Indicators NSE All Share Index NSE Market Cap (N'Trillion)

Open 12-Jun-17

Close 13-Jun-17

Change %

33,235.28 11.49

33,141.85 11.46

-0.28 -0.25

139.55 10.87

139.35 10.85

-0.14 -0.14

Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Table 3 Top 5 Gainers Stock

Open Close Change 12-Jun-17 13-Jun-17 %

Transnational Corporation Of Nigeria Plc Skye Bank Plc Presco Plc 7-Up Bottling Comp. Plc Cement Co. Of North.Nig. Plc

1.66

1.82

9.64

0.54 62.50 90.00 6.95

0.58 66.15 94.50 7.29

7.41 5.84 5.00 4.89

Table 4 Top 5 Losers Stock

Open Close Change 12-Jun-17 13-Jun-17 %

Forte Oil Plc. Cadbury Nigeria Plc Custodian And Allied Insurance Plc Sterling Bank Plc PZ Cussons Nigeria Plc

64.14 15.63 3.67

58.00 14.40 3.51

-9.57 -7.87 -4.36

1.16 24.00

1.11 23.00

-4.31 -4.17

NSE Index sheds by 0.28% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, June 13th, 2017 ended on a negative note as the stock market closed red. This was further highlighted by negative performance from the NSE Subsectors: Banking, Insurance, Consumer Goods and Oil & Gas. Also, trading activities decreased in volume as 410.22m shares worth of N5.55 billion in 6,167 deals exchanged hands today. This is a decrease from 501.08m shares worth of N6.11 billion in 6,635 deals which exchanged hands on Monday. Topping in volume terms are: Zenith Bank Plc, Transnational Corporation Of Nigeria Plc and FCMB Group Plc; Zenith Bank Plc and Nigerian Breweries Plc ended trading as the most active stocks in value terms. Brent crude oil price continues to hover around US$48.56 per barrel. The All Share Index (NSEASI) closed negative with 0.28% (-93.43) decrease to close at 33,141.85 from 33,235.28 the previous trading day. Market capitalization appreciated in tandem to N11.46 trillion from N11.49 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with a decrease of 0.14% to 139.35 from 139.55 recorded at the end of the previous trading day, while its market capitalization stood at N10.85 trillion from N10.87 trillion of the previous trading day. Market breath closed positive today as 31 stocks gained on the bourse while 28 stocks also declined, leaving 55 stocks unchanged. Leading the pack was May & Baker Nigeria Plc with a gain of 9.94% to close at N3.43 per share. It was closely followed by Transnational Corporation Of Nigeria Plc with a gain of 7.41% to close at N1.82 per share. Others on the gainers’ list include: Skye Bank Plc, NPF Microfinance Bank Plc and Presco Plc. On the decliners’ list, Forte Oil Plc led with a loss of 9.57% to close at N58.00 share. It was followed by Cadbury Nigeria Plc with a loss of 7.87% to close at N14.40 per share. Others on the decliners’ list are: Champion Breweries Plc, Learn Africa Plc and The Initiates Plc. Topping the Thisday BGL 50 Index gainers’ list Transnational Corporation Of Nigeria Plc as it emerged as the day’s toast of investors with a gain of 9.64% to close at N1.82 per share. It was followed by Skye Bank Plc with a gain of 7.41% to close at N0.58 per share. Others on the gainers list include: Presco Plc, 7-Up Bottling Comp. Plc and CCNN Plc; while on the decliners’ list, Forte Oil Plc lead with a loss of 9.57% to close at N58.00 share. It was followed by Cadbury Nigeria Plc with a loss of 5.84% to close at N14.40 per share. Others on the decliners list include: Custodian And Allied Insurance Plc, Sterling Bank Plc and PZ Cussons Nigeria Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

T H I S D AY • WEDNESDAY, 14 JUNE, 2017

MARKET NEWS

CAP Plc Shareholders Approve N1.54 Billion Dividend Goddy Egene and Nosa Alekhuogie Shareholders of CAP Plc, a subsidiary of UAC of Nigeria Plc, yesterday approved the sum of N1.54 billion recommended as dividend for the year ended December 31, 2016. The dividend, which translates to 220 kobo per share was approved by the shareholders at the annual general meeting (AGM) in Lagos.

The company, which manufactures Dulux, a leading global paint brand ended the year with a turnover of N6.81billion and profit of N2.32 billion. Chairman of CAP Plc, Mr. Larry Ettah, in his address to the shareholders said the company expanded its distribution network by opening five Dulux Colour shops in the course of the year. “In a bid to gain market share at the onset of the recession, a strategic decision to play more

T H E MAIN BOARD

DEALS

MARKET PRICE

aggressively in the standard segment of the paint market was taken. We also increased our offering by the introduction of CAP Screeding Filler, a pre-decoration product to complement both our premium and standard brands,” he said. Ettah disclosed that the company retained its ISO 9001:2008 and achieved re-certification of ISO 14001:2004 on Quality and Environmental Management Systems, respectively.

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

“We continue to offer high quality products and services to customers while complying with regulatory requirements and conduct our operations in a healthy and safe manner, ensuring minimal impact on the environment,” he said. Looking ahead, the chairman said they would leverage on the opportunities presented by the 2017 budget for the real estate sector. “We will be future-proofing

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

our business by focussing on innovation and expanding local product offerings. We will also pilot colour advisory services to professionals in the building industry to further consolidate our leadership in the industry,” he said. Ettah disclosed that the company invested the sum of €609,605 to acquire an in-plant tinting technology to modernise its paint production processes, while improving efficiency and

delivering prompt customer service. According to him, the plant was inaugurated in April 2017, noting that, “this is expected to boost performance in the year.” Meanwhile, the stock market extended its losses for the second day as profit taking continued yesterday. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.28 per cent to close lower at 33,142.18.

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

T H I S D AY • WEDNESDAY, JUNE 14, 2017

MARKET NEWS

Skye Bank Promises to Release 2016 Audited Accounts Soon

Goddy Egene Skye Bank Plc yesterday said its audited financial results for the year ended December 31, 2016, would be released soon. In a notification to the Nigerian Stock Exchange (NSE), Skye Bank said most of the challenges faced in the completion of the audit exercise have been surmounted. According to the bank, the results are with the Central Bank of Nigeria, for approval. “This is to inform

the NSE, our esteemed shareholders and other stakeholders of Skye Bank Plc of the reasons for the Bank’s inability to file the audited financial statement of Skye Bank Plc for the year ended 31 December 2016 within the extended time granted by the NSE. Please be informed that most of the challenges faced in the completion of the audit exercise have been surmounted, and as previously stated, the draft audited financial statement for the year ended 31

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

December 2016is currently awaiting the final approval of the bank’s primary regulator, the CBN,” the bank said in statement. The bank said it was hopeful that the 2016 would be approved and filed at the NSE before the end of the current quarter. Skye Bank had posted a loss of N40.726 billion for the year ended December 31, 2015 following the a total provision of N34.681 billion for impairment charges for the year. Although the

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 12Jun-2017, unless otherwise stated

bank ended the year with higher interest income of N127 billion in 2015, up from N107 billion in 2014, the impairment charges made the bank to record a loss of N40.726 billion compared with a profit of N18.717 billion in 2014. While N27.53 billion impairment charges were for loans, N7.145 billion was provided for as impairment charges for other financial assets. The bank’s huge exposure to the oil gas, energy and other sectors of

the economy affected its loan performance, a development that made the Central Bank of Nigeria (CBN) to intervene in the bank last year. The Group Managing Director of Skye Bank, Mr. Tokunboh Abiru, appointed by the CBN had assured capital market operators that the management team and the board would work to achieve value enhancement for shareholders, customers and other stakeholders by bringing the cost-income ratio to acceptable levels, improve

the risk assets quality and work towards increasing the liquidity and capital adequacy of the bank. Abiru described the reconstitution of the bank’s board as an intervention, saying the lender’s fundamentals were good and strong. Also, the Chairman of Skye Bank Plc, Mr. M.K. Ahmad had explained that despite the CBN’s intervention, the ownership of the bank remained in the hands of the shareholders.

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 161.71 162.77 27.50% Nigeria International Debt Fund 224.07 225.50 5.68% 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 6.67% 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 18.76% 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 15.92 16.40 28.92% ARM Discovery Fund 343.25 353.60 19.52% ARM Ethical Fund 24.62 25.37 10.22% ARM Money Market Fund 1.00 1.00 16.23% 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 131.58 132.51 25.10% AXA Mansard Money Market Fund 1.00 1.00 18.54% 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 11.22 11.52 19.94% Women's Investment Fund 91.30 93.64 7.92% 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 18.86% 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 1,083.02 1,084.15 7.10% FBN Heritage Fund 130.72 131.72 17.20% FBN Money Market Fund 100.00 100.00 18.31% FBN Nigeria Eurobond (USD) Fund - Institutional $109.21 $109.60 5.92% FBN Nigeria Eurobond (USD) Fund - Retail $108.60 $108.99 6.06% FBN Nigeria Smart Beta Equity Fund 147.96 150.06 31.39% 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 1.24 1.26 32.98% Legacy Short Maturity (NGN) Fund 2.75 2.75 7.09% 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 16.34% 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 17.53% Vantage Balanced Fund 1.96 1.98 16.63% Vantage Guaranteed Income Fund 1.00 1.00 17.53%

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 8.38% Lotus Halal Fixed Income Fund 1,034.62 1,034.62 5.13% 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 12.93 13.03 33.73% Meristem Money Market Fund 10.00 10.00 17.88% 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 1.12 1.14 13.18% PACAM Fixed Income Fund 10.59 10.66 1.96% PACAM Money Market Fund 10.00 10.00 16.67% 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 119.90 121.76 18.19% 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 5.37% 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 2,047.83 2,059.72 11.84% Stanbic IBTC Bond Fund 159.67 159.67 3.71% Stanbic IBTC Ethical Fund 0.92 0.93 20.13% Stanbic IBTC Guaranteed Investment Fund 199.99 199.99 7.01% Stanbic IBTC Iman Fund 159.63 161.83 23.00% Stanbic IBTC Money Market Fund 100.00 100.00 18.53% Stanbic IBTC Nigerian Equity Fund 8,859.82 8,961.93 16.83% 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 1.27 1.29 10.27% United Capital Bond Fund 1.35 1.35 15.12% United Capital Equity Fund 0.82 0.83 6.75% United Capital Money Market Fund 1.17 1.17 11.08% 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 11.95 12.16 23.31% Zenith Ethical Fund 12.72 12.86 16.21% Zenith Income Fund 18.00 18.00 8.92%

REITS

NAV Per Share

Yield / T-Rtn

11.41 127.46

1.01% 2.82%

Bid Price

Offer Price

Yield / T-Rtn

10.23 96.88

10.33 98.67

16.42% 27.83%

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

3.93 7.99 15.70 19.91 129.73

3.97 7.87 15.80 20.11 131.73

42.14% 12.16% 30.33% 24.67% 0.65%

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 14, 2017

WEDNESDAY JUNE 14, 2017 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump’s FBI Pick Backed Mass Detentions after 9/11 Donald Trump’s pick to be FBI director was at the center of a controversial immigrant detentions in the immediate wake of 9/11, when dozens of people were spirited away to maximum security prisons and kept from communicating with their families and lawyers––sometimes for weeks. A government watchdog report

shows Christopher Wray and an associate at the Justice Department directed the Bureau of Prisons to keep detainees from having access to lawyers for as long as possible––a move civil liberties advocates find worrisome, and which casts light on how the man who may soon helm the FBI views the relationship between Constitutional rights and

Iraq Displaced Hit by Food Poisoning in Camp near Mosul Hundreds of people have fallen ill and a child has died of suspected food poisoning at a camp for displaced people near the Iraqi city of Mosul. People were said to be vomiting and suffering dehydration after an iftar meal, to break the daily Ramadan fast. The Hasansham U2 camp, between Mosul and Irbil, houses people displaced by an Iraqi offensive to capture Mosul from so-called Islamic State (IS). IS fighters are currently under heavy siege in the west of the city. The UN refugee agency, UNHCR, said in a statement that around 800 cases had been recorded, 200 of whom were taken to hospital. One woman receiving treatment told the agency: “We felt stomach pains as soon as we ate. We felt we couldn’t breathe and then saw that our neighbours were all suffering at the same time.”

Unconfirmed reports say a second person, a woman, has died. The UNHCR said it was “extremely concerned” by the events at the camp. “Staff have been working closely overnight to co-ordinate the response with other agencies and the relevant authorities... to ensure that those who have fallen ill were able to receive swift medical treatment and that the seriously sick were provided transport to nearby hospitals,” the statement said. The food, containing beans, chicken and yoghurt, was prepared in a restaurant in Irbil and brought to the camp by a Qatari charity, Rudaw news agency added. It quoted camp supervisor Rizgar Obed as saying that outside organisations had previously been banned from bringing in food, but the camp authorities had been forced “under great pressure” to change the regulations.

national security. On September 11, 2001, Wray was working in the Deputy Attorney General’s office in downtown Washington DC. After the attacks, government lawyers rushed to find what steps they

could take to try to forestall any other potential attacks. One of the most controversial moves was by the Immigration and Naturalisation Service (a now-defunct agency whose responsibilities were passed on to the Department

of Homeland Security). The INS detained more than 700 people who the FBI suspected could have been linked to the 9/11 attacks. According to the watchdog report, issued by the Justice Department’s inspector

general in April 2003, almost all were men, mostly from Pakistan, Egypt, Turkey, Jordan, India, and Yemen. They had all committed some sort of immigration violation, either staying longer than their visas allowed or entering the U.S. illegally.

Runsewe Hosts 27 Foreign Affairs Ministers The Director-General of the National Council for Arts and Culture, Chief Segun Runsewe, has hosted an Africa–Nordic delegation comprising of Foreign Affairs Ministers from over 27 countries in Abuja. The former tourism boss informed the visitors on the need for global integration using the instrumentality of cultural diplomacy towards achieving global peace and harmony. He noted that Nigeria loves to receive visitors saying, “We are hospitable people with unique

diversity of culture. As a nation, we are proud of our dance, music, food, and language because our culture is our pride.” He dispelled some of the negative perceptions of the country outside by people who do not really know Nigeria saying, “as you can see we are a receptive people with high level of humility. It is my foremost belief that when you get home, what you have seen, like our clement weather and hospitable people should be passed on for the world to appreciate and visit Nigeria. You have seen the true

picture of who we are; we are wonderful people and friendly too.” He further employed them to enjoy their stay while equally taking the opportunity to invest in the country given the vast potential and investment opportunities that abound. The NCAC chief further affirmed that Nigeria’s cultural diversity remains her strongest selling point, which his agency was fully committed to exploring by harnessing the unique cultural identities of all states in the federation in order to give

foreign guests options as they seek to savour Nigeria’s abundant cultural heritage. Delivering her vote of thanks on behalf of the august visitors, Director- General for Trade, Ministry of Foreign Affairs of Iceland Unnur Orratottir, expressed profound gratitude to the culture helmsman for such a delightful outing. She said, “music has become a marketing tool that brings tourists to a country. From what I have seen the cultural group perform here today, Nigeria has a lot to sell to the world.”

Panama Cuts Ties with Taiwan in Favour of China Panama has cut long-standing diplomatic ties with Taiwan and established relations with China, in a diplomatic coup for Beijing. The Panamanian government said it recognised there was “only one China” and considered Taiwan part of it. Taiwan expressed “anger and regret”, and accused Panama of “bullying”.

China regards Taiwan as a breakaway province. A few countries maintain ties with Taipei instead of Beijing, and Panama is the latest to switch sides. In December last year, the African island nation of Sao Tome and Principe made a similar move. Now only 20 countries have diplomatic relations with Taiwan. In recent years China has

intensified its economic investment into the Central American country - home of the economically vital Panama Canal. Taiwan’s foreign ministry said in a statement that it expressed “anger and regret” over what it called a “very unfriendly” diplomatic turn by Panama that “yielded to economic interests by the Beijing authorities”.

It accused Panama of “bullying” Taiwan while “ignoring the many years of friendship” between the two countries, and added it would “not compete with the Beijing authorities for money diplomacy”. It was as recently as June last year that Taiwan’s leader Tsai Ing-wen visited Panama, on her first overseas trip as president.

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWSEXTRA

2017 Budget: Osinbajo Tasks Officials of FG Agencies on Revenue Generation FG kick-starts 2018 budget preparations Ndubuisi Francis in Abuja Acting President, Yemi Osinbajo has challenged top officials of the federal government to pay serious attention to the revenue side of the 2017 budget, emphasising that improved generation was necessary to fund the budget. His charge came yesterday as preparatory activities for the 2018 rolled off barely 24 hours after he signed the 2017 Appropriation Bill into law. The acting president, who flagged off the preparatory activities for next year’s budget anchored by the Ministry of Budget and National Planning, said the process was to ensure that the 2018 budget aligns with the provisions of the Economic Recovery and Growth Plan (ERGP). A statement issued by Mr. James Akpandem, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said the budget would be ready for presentation to the National Assembly by early October this year.

FIRS Generated N778.19bn in First Qtr of 2017 The Federal Inland Revenue Service (FIRS) has said it generated N778.19 billion revenue in the first quarter of 2017. This is according to a progress report by the FIRS sent to the Federal Ministry of Finance on Tuesday in Abuja. The report, which showed the revenue performance for the first quarter of 2017, gave a breakdown of money collected. According to the report, the FIRS collected N338.3 billion as Petroleum Profit Tax between January and March, as against the N176.7 billion collected in the period under review in 2016. Similarly, Value Added Tax (VAT) revenue increased from N198.7 billion in first quarter of 2016, to N221.37 billion in first quarter of 2017. The report, according to Freedomonline .com, showed that the biggest improvement was from education tax collection, which the FIRS surpassed in 2016 by 311.7 per cent. It said in first quarter of 2017, N33.9 billion was generated as Education tax revenue as against the N8.24 billion generated in the same period of 2016. Also, the service said it achieved 284.3 per cent improvement in Stamp Duty collections, as it generated N3 billion in first quarter of 2017, as against the N785 million generated in 2016. The report also showed that consolidated tax revenue for the first quarter of the year grew by 123 per cent, from N11.5 billion in 2016 to N25.7 billion in the same period of 2017. The service also recorded success in boosting its collection of National Information Technology Development Fund (NITDEF) levy, which went up from N129 million in 2016 to N179.2 million in 2017. The report, however, showed that the FIRS did not record any improvement in Company Income Tax and Capital Gains Tax collections.

Both the acting president and Udoma who addressed ministers, permanent secretaries and head of government agencies harped on the need to reinvigorate the budget preparation process and ensure that the 2018 and subsequent national budgets are ready for implementation by January of the budget year. According to Osinbajo, “Going forward, we have agreed with the National Assembly leadership on the necessity to get Nigeria back onto a predictable January to December fiscal year. To achieve this, the 2018 budget needs to get to the National Assembly no later than early October so that the National Assembly can conclude work on

it before the end of the year.” He stressed the need for direct involvement of ministers, permanent secretaries and heads of government agencies in the preparation of their respective establishments’ budgets. “Ministers and permanent secretaries are to take responsibility to ensure that as much as possible, their 2017 budget is implemented between now and December. They are also to be personally involved in the process for the preparation of the 2018 budget to ensure that we meet the deadline of submitting it to the National Assembly by early October 2017,” he said The acting president also challenged them to fast-track the

implementation of the 2017 budget to make up for the lost time and to deliver on expectations, adding that entailed that they have to work faster on procurement issues and effectively manage resources, which he said are very scarce. Osinbajo pointed out that personnel costs have continued to be a source of budgetary pressure and tasked all ministries, departments and agencies (MDAs) to collaborate with the Ministry of Budget and National Planning as well as the Ministry of Finance, in their efforts to ensure that only legitimate employees are on the payroll, including full implementation of the Integrated Payroll and Personnel Information

System (IPPIS). He also tasked the top government functionaries to pay serious attention to the revenue side of the budget as we need to improve on revenue generation for the funding of the budget. Speaking in the same vein, Udoma reminded the officials that the 2018 Personnel Budget Call Circular had been issued to them since April this year and that work had already commenced on the 2018-2020 Medium Term Expenditure Framework/Fiscal Strategy Paper(MTEF/FSP). He said the Fiscal Responsibility Act (FRA) 2007 prescribes certain deadlines for budget related activities, which government

must endeavour to comply with. Udoma noted that the 2018 budget will be the first full-year budget following the finalization of the Economic Recovery and Growth Plan (ERGP) and that it is imperative that it is fully aligned with the objectives/priorities of the ERGP. “The 2018 budget process is therefore being harmonised with the implementation roadmap for the ERGP,” he added. Meanwhile, the minister will present the breakdown of the just-signed 2017 budget to the public on June 19, 2017, at the Rotunda Hall of the Ministry of Foreign Affairs headquarters in Abuja by 10a.m.

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWSEXTRA

Protest over Death of Deputy Speaker’s Aide Saraki summons N’Assembly management over late payment of salaries

Damilola Oyedele in Abuja Legislative aides in the National Assembly yesterday protested the death of one their colleagues, Mr. Hassan Abiodun, attached to the Deputy Speaker, Hon. Yussuff Sulaimon Lasun. Abiodun died on June 9, 2017 due to complications from ruptured appendicitis, which the legislative aides claimed was caused by his

inability to pay the N165,000 bill required for the surgery. The aides clad in black, said Abiodun’s death could have been averted if he was not owed by the management. Following the protest, the Senate President, Dr. Bukola Saraki has summoned the management of the National Assembly over the late payment of salaries of the legislative aides of 109 Senators

Oshiomhole: Jonathan Couldn’t Even Build a Road toYenagoa Former Governor of Edo State, Adams Oshiomhole, has said he withdrew his support for former President Goodluck Jonathan because he believed that a Jonathan second term would have ruined the country. Before the 2015 general election, Oshiomhole was the only Southsouth governor in the opposition party and some expected that his hands might be tied by his geographical kinship with the former president. In the current edition of The Interview, Oshiomhole said: “Competence that was expected was not there. The level of fairness was not there. And even if you talk about sentiments, the sentiment of servicing the geo-political zones, the South South had nothing to boast of. Even the road to Yenagoa did not show that a president came from there!” He also said he referred to a private meeting where he advised, through Jonathan’s former Chief of Staff, Mike Oghiadomhe, that the former president should not contest after 2011, but his advice was ignored. Oshiomhole recalled: “Let Jonathan complete Yar’Adua’s second term and hand over to a northerner...” In the current edition, described

by the MD/Editor-In-Chief, Azu Ishiekwene, as “perhaps one of the most exhaustive in the magazine’s nearly two-year history,” Oshiomhole also spoke, for the first time, on why he accepted the N200million severance package approved for him by the Edo State House of Assembly. “I was never going to talk about it (the severance package). But I have to say it now so that you can understand where I’m coming from,” he said. The former labour leader then delved into his decades of service as a union leader “without a kobo” as severance benefit, the legal challenge he mounted to remove his predecessor and his legacy, among many other explosive subjects. The edition also features an interview with the Chairman of THISDAY editorial board and author, Mr. Segun Adeniyi, who spoke on his new book and his tenure as the spokesperson of former President Umaru Yar’Adua, especially in the final, turbulent days of that government. The Registrar of the Joint Admissions and Matriculation Board, Professor Ishaq Oloyede; and the survivor the Abuja UN building bomb blast, Member Feese, also shared rare insights on their experiences.

Ajulo: Akeredolu’s 100 Days in Office is a Good Start As encomiums continue to pour in for the Ondo State Governor, Rotimi Akeredolu, for his first 100 days in office, a former National Secretary of the Labour Party, Dr. Kayode Ajulo, has commended him for a good start and charged him for greater heights as he continues to count into the rest of his four years mandate. Ajulo, who expressed satisfaction with the good start of the governor, said Akeredolu had already begun to lay the foundation for a better future for the people of Ondo State. “From what we have seen Arakunrin done in about his one hundred days in office, we can’t but admit the governor is laying the foundation for a better future for Ondo State. Within such short period of time, the governor has given governance a new meaning and rekindled the hope of the people for a better tomorrow. Today, the people can look forward to the future with hope and unflinching optimism.”

He added that, “Governor Akeredolu deserves our commendation for how he has been able to pay the salaries of the state’s public servant five times since his assumption of office in February till date. Another place, where he has shown a good sign is settling the crisis in state House of Assembly and placing premium on Agriculture sector. “With what the governor has started in that sector, the glory of the state in agriculture will not only be brought back, but thousands of employment would have also been created. We can also see what he has done in ensuring there are good roads and other infrastructures. “ Ajulo was of the opinion that the governor was lucky to have met development he could build on, noting that the people of Ondo state were in for a great time, based on dedication, commitment and the determination Akeredolu has demonstrated in taking the state to the next level.

and 360 House of Representatives members. Saraki, who is also Chairman of the National Assembly, summoned the management in order to resolve the issues. The Chief Press Secretary to the Senate President, Mr. Sanni Onogu, briefing journalists, said the meeting with the management was to discuss the issues raised by the protesters. “The Senate President has summoned the management of National Assembly with intention to resolving all the issues raised by the legislative aides,” he said. The major issue raised by the

aides was that the choice of a bank, to domicile their salary account was causing late payments. The spokesman of the aides, Mr. Dayo Fadugba, accused the Clerk of the National Assembly, Mr. Sani Omolori, of having an ulterior motive over his preference for a “mushroom bank and unknown financial institution. “From all indications, it is manifest that the bank does not have the capacity and infrastructure to handle the volume of transaction the CNA has foisted on them. Indeed we are convinced that the decision is motivated by ulterior motive aimed at bolstering the financial

standing of the microfinance bank masquerading as a commercial institutions,” Fadugba said. He added that the aides just received their May salaries on Monday. Listing the demands of the aides, Fadugba called for the payment of the outstanding quarterly duty allowances, and movement of aides salary accounts to a ‘proper bank’. Reacting to the development, the office of the Deputy Speaker describedAbiodun’s death as sudden and shocking. The Chief of Staff to the Deputy Speaker, Hon. Bimbo Daramola, said the deceased worked almost all of

last week. “He was supposed to join me in Ekiti for my father’s 90th birthday on Saturday. We were close enough that he asked me for anything. It was sudden and we are mourning,” he said. Daramola however, added that it was insensitive and unfair, to say the death was caused by the late payment of May salary. “Whoever concocted that narrative is insensitive and not fair to the memory of the young man. We are aware his wife is due to give birth any moment from now and we will support her and the family,” Daramola added.

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWSEXTRA

Sectional Agitations, Crime Top Agenda as House, Service Chiefs Meet James Emejo in Abuja The House of Representatives yesterday engaged service chiefs in a closed-door executive session for about four hours at plenary over the security situation particularly the rising cases of kidnappings across the country. After the meeting, which was chaired by the House Speaker, Hon. Yakubu Dogara, it afforded the various security establishments the opportunity to present their stance on the issues. It was gathered that while the lawmakers empathised with the security agencies on their efforts and challenges, an agreement was further reached to boost funding for security as well as strengthen the House oversight functions. Neither the leadership of the House nor the heads of security agencies obliged to speak to journalists in spite of the persistence. The service chiefs specifically said they do not have the authorisation to speak on the issues discussed.

However, the Minister of Interior, Gen. Abdulraman Dambazau (rtd), briefly said discussions centred on doing more to ensure the lives and property of Nigerians are well secured. He said security issues are often classified and would not sgive details. The Chief of Army Staff, Lt. General Tukur Buratai, said he was not authorised to speak on the issue. Nevertheless, the House Chief Whip, Hon. Ado Dogowa, said the current agitations in the South-east and North as well as other parts of the country were discussed. Also discussed were the issues of herdsmen attack, grazing among others. But he would not give further insights as this could undermine security efforts. The Chairman of the House Committee on Public Safety and Intelligence, Hon. Aminu Sani Jaji, described the interface between the House and service chiefs as

normal, stressing that it provided an opportunity to get first-hand information on the matter. He said going by their submissions, “the security agencies are doing their best and the National Assembly is doing its best in the issue of funding and oversight.”

He further promised that within a short while, the current security challenges will abate. The meeting was attended by the Minister of Defence, Brig-General Mansur Muhammad Dan Ali (rtd), Minister of Interior, Abdulraman Dambazau (rtd), the service chiefs, the Inspector General of Police

(IG), Ibrahim Idris, Director General of the Department of State Services (DSS), Lawal Daura, and the Commandant General of the Nigerian Security and Civil Defence Corps. It followed an earlier resolution by the lower chamber last week to summon the heads of security

agencies in the wake of the spate of kidnappings in Kaduna, Lagos and other parts of the country. The service chiefs reportedly made presentations to lawmakers to convince them on the measures so far adopted in tackling the grave security challenges facing the country.

Malabu Oil Deal: FG Fails to Arraign Former AGF, Adoke, Others

Vows to extradite them Alex Enumah in Abuja The federal government yesterday, again failed to arraigned a former Attorney-General of the Federation (AGF) and Minister of Justice, Mohammed Adoke (SAN), a former Minister of Petroleum Resources, Chief Dan Etete, Shell Nigeria Exploration Production Company, Eni Spa and four others at the Federal High Court in Abuja, over their alleged involvement in $1.1billion Malabu oil deal. The failure was adduced to the inability of the federal government to secure the attendance of the defendants in the matter. When the case was mentioned yesterday, the prosecuting counsel, Johnson Ojogbane, told the court that most of the defendants were outside the country and the government was making efforts to make then attend their trial or be extradited. Adoke who served under former President Goodluck Jonathan, is facing two separate criminal charge, changes following his alleged involvement in the oil deal. The federal government is accusing him of playing a major role in an alleged fraudulent deal that saw the transfer of ownership of a disputed Oil Prospecting License (OPL) 245, to two multinational oil companies, Shell Nigeria Exploration Production Company and Nigeria Agip Exploration Ltd. The federal government had on April 3, 2017, approached a Federal High Court in Abuja with a request for guidance on whether to issue an arrest warrant against Adoke. Ojogbane then informed the court that federal government was experiencing some difficulties in serving the former AGF, since he was outside the jurisdiction of the court. He noted that though the Economic and Financial Crimes Commission (EFCC) has the power to arrest anybody anywhere but when the person is not within the jurisdiction of the court (outside the country), it becomes difficult

to do so. According to him, if the order seeking to arrest Adoke is granted it will become easier for security agents to liaise with the International Police (InterPol) to initiate extradition moves. After listening to the submissions of the federal government, the trial judge, Justice John Tsoho, directed the government to make a proper application before the court, adding that such applications are not done orally. The judge also said if Adoke was already arraigned before the court and was attempting to escape, it would have become proper to issue such a warrant of arrest. “Once a person has been arraigned before a court and is attempting to escape, then it becomes necessary to issue a warrant of arrest; but in this case, Adoke has not been arraigned before this court. The matter is still at the investigative stage, so such an order is not necessary,” Justice Tsoho held and adjourned till yesterday for the former AGF to be arraigned. EFCC had in December 2016 charged nine suspects, including Adoke over their alleged involvement in the Malabu oil scandal. Adoke was accused of illegally transferring more than $800million purportedly meant for the purchase of the OPL 245 to Etete and Malabu Oil. The federal government had also on March 2, 2017, filed fresh charges against two multinational oil firms, Shell Nigeria Exploration Production Company Limited and Agip Nigeria Exploration Limited, for alleged complicity in the Malabu $1.1bn scandal. Others charged along-side the two oil giants are Adoke; Etete; Aliyu Abubakar, ENI SPA, Ralph Wetzels, Casula Roberto, Pujatti Stefeno, Burrafati Sebestiano and Malabu Oil and Gas Limited. The matter was however adjourned to October 26, 2017.

DEFEND YOUR POLICY

R-L: Governor, Central Bank of Nigeria (CBN), Godwin Emefiele; Director, Monetary Policy, Moses Tule; and Director, Financial Policy and Regulations, Kevin Amugo, during a stakeholders’ roundtable organised by Senate Committee on Banking, Finance and Other Financial Institutons to address increasing interest rate at the National Assembly in Abuja....yesterday Julius Atoi

SCGN Workshop: Companies Advised to Embrace Good Corporate Governance to Succeed Emmanuel Otaru A Director and Fellow of Society for Corporate Governance Nigeria (SCGN), Prof. Chris Ogbechie, has sounded a note of warning to companies and institutions that do not practice good corporate governance, saying “there is a price to pay if you have bad corporate governance.” He said corporate governance is now a global phenomenon and one common threat to failed companies is lack of corporate governance. “One thing is obvious that there is a price

to pay if you have bad corporate governance,” he reiterated. Ogbechie made these submissions at the validation workshop for the review of the Report of the Corporate Governance and Board Structure Survey for Microfinance Banks, organised by SCGN in collaboration with AFOS Foundation recently. He lamented: “How many companies founded in Nigeria are in their second or third generations?” He added that companies like Nestle, Microsoft, Unilever, Cadbury, among others,

were founded by families and have moved to their third generations. Accordingtohim,“Microfinancebanks are in a better position to transform lives thantheothercommercialbanks,astheyhave morenumbers.Butyouneedcollaboration andtobuildrelationships,todothingstheway itshouldbedone.Itwillimproveyourvalue: He added that as MFIs, “we are serving the bottom of the pyramid. Our job is not just lending but to help small businesses to succeed, stimulate saving culture. If you spend more than you earn, you will be poor for life.” He tasked microfinance banks to

assist the active poor,to help achieve the Millennium Sustainable Goals, adding: “With over 125 microfinance banks, we are still crawling. We need to also use technology to do this. Mobile phone is one technology that can help.” Ogbechie said compliance to the code of corporate governance must be at the front burner of board meetings and deliberations, as it can lead to better management and international recognition. “Everybody is part of the corporate governance process.

Dogara: House Committed to Passing Whistle Blower Bill to Tackle Corruption James Emejo in Abuja Almost a decade after the introduction of the Whistleblower bill by the executive arm of government to the National Assembly, a workshop was yesterday organised for the House of Representatives Committee on Financial Crimes as the civil society towards accelerating its passage into law. Speaking at the opening ceremony, the Speaker of the House, Hon. Yakubu Dogara, said the lawmakers have a frontline role in preventing and exposing corruption, as well as providing adequate protection for whistle blowers. The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, had recently carpeted the lawmakers for foiling the present administration’s fight against corruption through the deliberate tardiness on the part of

the National Assembly to consider and quicken the passage of the bill into law. But he lawmakers had informed THISDAY that recent developments, particularly the clamp down on some lawmakers by security agents over the whistle-blower policy could further dampen the prospects of its consideration and passage. Some of the embarrassing house searches on lawmakers and other Nigerians had failed to yield useful results, only for security agencies to apologise in some instances that they were misled by a whistle blower. Meanwhile, the House had recently hinted that it was committed to passing all anticorruption-related bills before it proceeds on recess. However, Dogara said disclosure of information for increased transparency was a necessary condition for accountability, adding that the enactment of

Whistle Blowers Protection law as a vehicle for the investigation of alleged corruption and misuse of power by public servants or their private collaborators and to provide adequate safeguards against victimization of the person making such complaint was essential for fighting corruption. He said the country does not currently have a law that protects whistle blowers but rather has the Federal Ministry of Finance’s whistle blowing programme which is designed to encourage anyone with information about a violation of financial regulations to report. He said although FMF Whistleblowing Programme had led to the recovery of a lot of public funds hidden in various places, including markets, private properties and other ridiculous places, it is not yet backed by an appropriate legal framework. He said: “This policy, because it is not law, is subject of administrative

review from time to time. A law is therefore required not just to protect the whistle blower but also to prevent abuse of the policy. A policy may not be legally enforceable. In Fed Military Govt v Sani (N0.1) (1989) the Court of Appeal held that: “the policy of any government which has not received the force of law cannot be the basis for punitive measure.” Nevertheless, he said the House would continue to promote citizenship participation in its legislative activities and pass the Whistle Blower’s Bill as a panacea for curbing corruption and promoting accountability in governance. He added: “Finally, it is hoped that this time around, whistleblowers legislation will see the light of day and be enacted into law to break the jinx that has bedeviled this piece of legislation since it was first introduced into the National Assembly in 2008.”

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWSEXTRA

Melaye Seeks State of Emergency in Kogi Senate condemns assassination attempt Lawmaker petitions over death of Joy Odama Damilola Oyedele in Abuja Following the alleged assassination attempt on his life in Lokoja on Monday, Senator Dino Melaye (Kogi West) has called for the declaration of a state of emergency in the state due to what he described as a breakdown of public order and safety. This is as the Senate condemned the assassination attempt and urged security agencies to unravel the identities of the persons behind the attack which is the second attempt on Melaye’s life in recent times. Melaye, who raised a point of order at plenary yesterday again alleged that the attack was orchestrated by the Kogi State Governor, Mr. Yahya Bello. He cited section 305 (3c) of the 1999 Constitution which allows the president to proclaim a state of emergency “when there is break down of public order and public safety in the federation or in any party thereof of such extent as to require extra-ordinary measure to restore peace and security. “I will seek the leave of this Senate to bring a proper motion to ask for the declaration of a state of emergency in Kogi State. As I speak to you Kogi State is no longer passable since Yahaya Bello became the governor. Kidnapping is going on a daily basis. Insecurity is on the rise than ever. There has been four jail breaks in Kotorn Karfe prison since he became governor,” Melaye said.

The senator also called for an audit of the arms and ammunition in the government house armoury. “We cannot continue like that, there is already a state of anarchy,” he said. “This is the second attack of an assassination attempt on my life orchestrated by the Kogi State government, I also put on record, that those attacking me, we have video evidence,” he added. Presiding, Deputy Senate President, Senator Ike Ekweremadu condemned the attack and expressed optimism in the ability of the security agencies to investigate the matter adequately. Ekweremadu added that it is the responsibility of the government to ensure the safety of lives of citizens. Also at the plenary yesterday, Senator Rose Oko (Cross River North) called on the Senate to wade into the murder case of late Miss. Joy Odama, a second year student of Cross River State University of Science and Technology (CRUTECH) whose death in unclear circumstances is linked to one Alhaji Usman Adamu, in Karimo area, Abuja. Oko who raised the matter as a point of order, said the deceased, who was 19 at the time of her death in December 2016, deserves justice. The senator alleged that the police in Karimo, are complicit in covering up the circumstances of Odama’s death which an autopsy has revealed was caused by acute cocaine poisoning. Odama is suspected to have

encountered her death while on a visit to Adamu, who was said to be a ‘philanthropist’. The matter was referred to the Senate Committees on Police Affairs and Judiciary. In another development, the Senate called on the Ministry of Health at all levels, to embark on mental health sensitisation and awareness campaign to check the rising wave of suicides and suicide attempts in Nigeria. It also called for the establishment of free and accessible mental health stations in government owned hospitals and clinics. This followed a motion sponsored by Senator Oluremi Tinubu (Lagos Central) who urged Nigerians to look out for possible symptoms of unhappiness and depression, and seek professional help where necessary. Tinubu expressed concern that the rising incidences of suicides are made worse by lack of attention, and the belief that depression and other personality and mental disorders are the white man’s sickness, and thus, does not affect Nigerians. “Suicide and its attendant causes namely depression, social and economic problems, low self esteem, traumatic experiences, physical and emotional abuse, substance abuse, bullying, etc are not alien to Nigerians,” she said. The listed causes, Tinubu noted, are enough to send anyone over the edge.

NDPHC Cancels Rockson Engineering’s Transmission Project Contract Only maximum demand consumers are exempted from estimated billing, says NERC Chineme Okafor in Abuja The Niger Delta Power Holding Company (NDPHC) Limited has stripped one of its contractors, Rockson Engineering, of the contract for the construction of a critical power transmission line in the eastern electricity supply loop, citing repeated failure by the firm to fulfill the terms of its engagement for the job. According to a status report on NDPHC’s transmission projects which its Managing Director, Mr. Chiedu Ugbo, presented at the 16th edition of the monthly power sector operators’ meeting which was held at one of NDPHC’s transmission stations in Ugwuaji, Enugu State, the contract for the construction of 330kV double circuit transmission line from Ihiala to Nnewi, both in Anambra State was retrieved from Rockson and subsequently handed over to another company named North China Power to now execute. The report was obtained by THISDAY yesterday in Abuja Although Rockson has been one of NDPHC’s major Engineering, Procurements, and Construction (EPC) contractors, having been engaged by it for the construction

of its Egbema; Alaoji; Gbarain Ubie; and Omoku gas power plants, as well as several transmission projects under the National Integrated Power Projects (NIPPs) framework, the firm has however reportedly failed to meet its project delivery timelines. In most cases, reports alleged that it had relied heavily on political influences to keep its contracts with the NDPHC, a development insiders in the NDPHC and ministry of power said had affected the delivery of some of the NIPP projects. Ugbo however said in the status report on the construction of the 330kV double circuit transmission line from Ihiala sub-station to

Nnewi, that: “This project was originally contracted to Rockson Engineering. Works sub-contracted to North China Power due to Rockson’s inability to perform. “The project was hitherto delayed by Rockson Engineering’s failure to provide the procured materials to North China. Work has now recommenced on the project,” he added.

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWSEXTRA

Ahiara Diocese Crisis: Appointment of Bishops Not Based on Quota System, Federal Character, Says CBCN Kaigama begs priests to obey Pope’s order Paul Obi in Abuja Following the controversy trailing the Catholic Diocese of Ahiara, Imo State and the rejection of Bishop Peter Okpaleke, the Catholic Bishops Conference of Nigeria (CBCN) yesterday said appointment of Bishops by the church is not based on quota system and federal character policy. The appointment of Bishop Okpaleke by the former Pope, Benedict

XVi in 2012 sparked controversy resulting in the rejection of the bishop by the resident priests. Pope Francis I, had last week summoned some priests of the diocese to the Vatican in Rome, Italy to settle the matter where he ordered that the priests write a written apology within one month. But speaking with THISDAY, CBCN President and Archbishop of Jos,IgnatiusKaigama,explainedthatthe

Quit Notice: It’s Either the Presidency or Biafra by 2020, Say OhanaezeYouths Christopher Isiguzo in Enugu and Amby Uneze in Owerri Incensed by the quit notice issued to Ndigbo resident in the northern part of the country by the Arewa youths, the Ohanaeze Ndigbo Youth Council (OYC) rose from a crucial meeting in Enugu yesterday evening with a resolve to mobilise the Igbo to take a shot at the presidency in 2019. The youth group said they would no longer allow their people to continue to play a second fiddle, noting that it’s either the presidency in 2019 or Biafra by 2020. They maintained that anything short of either the presidency or Biafra would be unacceptable to them. Rising from their meeting in Enugu, the group said it had activated all her machineries towards the actualisation of the project. In a communique issued after the meeting, which was signed by the Secretary General of OYC, Mazi Okwu Nnabuike, the group said Ndigbo would no longer play second fiddle in Nigeria politic, and that it’s Igbo president in 2019 or Biafra come 2020. They described as a sheer injustice and hatred a situation where no Igbo has been allowed close to the seat of power for decades, whereas other geo-political zones have been taking turns either as military or civilian presidents. “More annoying is the fact that the North, a major beneficiary in this direction has bluntly refused to heed the call for restructuring, which has been identified as the panacea to the many socio-political problems plaguing the nation. “Besides, they have also not only continued to express disdain over the demand for Biafra by IPOB and MASSOB, but has also ordered Ndigbo out of the North based on these agitations. Remember that former President Olusegun Obasanjo had urged Nigerians to beg Biafra agitators, and only a president of Igbo extraction will appease Igbo or Biafra agitation will be inevitable and if there’s any conspiracy against Igbo president will bring Biafra into existence. “It does appear from the above that Ndigbo have perpetually remained the sacrificial lamb to keep this forced marriage together. They have remained victims of an abusive marriage, often beaten, cheated by the husband. “We have resolved today that this grave injustice cannot continue. It is Igbo presidency in 2019 with a vice president from the North

or nothing.”

priests need to take the Pope’s demand seriously and obey it squarely. He said: “The advice is from the Pope, not from me, not from the conference of Bishops. We had already given our advice long ago, individually and collectively, pleading that they should listen to the Pope, that was not forthcoming. “The Pope then invited us; unfortunately, five of the priests invited who are opposed to the Bishop didn’t come to Rome.” On the over concentration of bishops’ appointment in Owerri and Onitsha, Kaigama contended that “the appointment of Bishop in the Catholic Church is not based on quota system, it is not based on federal character, it is how the

spirit moves. “I can assure you that there was a time where a Bishop from Ahiara was about to be appointed but for some reasons, it couldn’t work. They had to look elsewhere and they looked at the neighbouring Diocese of Akwa which could provide leadership to avoid waste of time. “It is not about how many number of priests you have, it is not about how educated you are. Please, this is the Holy Spirit. The appointment of a Catholic Bishop is the most credible; there’s confidentiality, absolute transparency and consultation of persons you don’t know of. You may say oh, we have everybody here qualified,

they may have information that you don’t have,” Kaigama stated. Speaking against the backdrop of growing concern over the appointment of Bishops outside the locality of the diocese, Kaigama stated that “that is a healthy development for the Catholic Church, because, we are universal. The Pope is not from Italy, he is from Argentina, the previous Pope is from Germany but the Italian people and the whole world embraced him. Even Pope John Paul II, he is from Poland, but the Italian people and the whole world accepted him, that’s the nature of the Catholic Church. “We don’t count about region, about tribe, ethnic affiliations, clans

and political considerations. What is good for the church, the church sees it. The Catholic Church has a tradition of over 2000 years, appointment of Bishops, creating dioceses and doing what is good for the church. “I am the Archbishop of Jos, I come from Jalingo Diocese. In the whole of our province here, no Bishop is from his own area. The Bishop of Yola is from Maidugiri, the Bishop of Maidugiri is from Jos, the Bishop of Bauchi now is from Shedam, the Bishop of Shedam is from Jos” he stressed. Kaigama further pleaded with priests from Ahiara Diocese to reason and obey Pope Francis I by writing the apology letter.

WEDNESDAY JUNE 14, 2017 • T H I S D AY

NEWSEXTRA

NSIA, Others to Invest $600m in Mining Sector, Says FG Kasim Sumaina in Abuja Acting President Yemi Osinbajo yesterday disclosed that the federal government was currently working with the Nigerian Sovereign Investment Authority (NSIA), the Nigerian Stock Exchange (NSE) and others to gather $600 million investment fund for the mining sector. Osinbajo added that the federal government has also secured funding from both domestic and international sources for investment in the solid minerals industry from the public purse. He noted that the Ministry of Mines and Steel Development had been granted access to the mining sector component of the country’s Natural Resources Development Fund amounting to N30 billion. The acting president, while declaring open the first mining summit in Abuja yesterday, said: “This summit marks another step on the journey towards achieving the African mining vision. “That vision adopted by African heads of states in 2009 aimed at leveraging Africa’s vast mineral resources to liberate the country and the continent from the shackles of poverty and perpetual underdevelopment.” According to him, “Let me say that firstly, how very pleased I am to be here joining you at this first national miming summit. The point in the theme of the conference which is ‘Unearthing Nigerian Mining Sector’ shows that even miners have a sense of humour. “But more importantly, it underscores the earth-moving task before us and the enormous opportunities. Yes, we need to unearth these incredible sources of growth and development for us and for our continent and to change the African narrative from the so called resource curse, mineral field conflicts, severe environmental degradation and marginalised host communities to one of sustainable growth and socio economic

development underpinned by transparent, equitable and optimal exploitation of mineral resources and inclusive development.” He further said: “For us in Nigeria, this summit is a key step in implementing our economic recovery and growth plan launched in April by President Muhammadu Buhari. The mining sector is a priority for the Nigerian government and a crucial part of our economic growth and diversification agenda.” Osinbanjo explained that Buhari government is determined to achieve this goal in the mining sector in spite of the many legacies that it inherited including “low funding, lack of due geological data, weak institutional capacity of the supervising ministry, limited infrastructure, limited cooperating federalism, low productivity, illegal mining, weak framework for managing host communities, difficulties in doing business and protracted litigation on legacy assets.” He therefore said: “The president has seized every opportunity in the past two years to highlight the diversification vision and the central role of the mining sector in it. The argument for diversification is of course a straightforward one. We are all witnesses to the impact on our revenue and the economy on the recent decline in oil prices and this is so for many countries such as ours with oil commodity base. “We suffer depletion of our external reserves and by extension, shortage of foreign exchange for our businesses and the economy slipped into recession. This is what overdependence on one product, in our case, crude oil, has done to us. But it should not be so especially given our abundant mineral resources and of course this includes precious metals and industrial minerals.” Speaking in a similar vein, Minister of Mines and Steel Development, Dr. Kayode Fayemi, said: “For Nigeria, in view of present realities, we have found our bearing

from the African Mining Vision (AMV) and domesticated its provisions in our roadmap for the development of the Nigerian mining sector.” Fayemi in his keynote address at the occasion hinted that, “accordingly, one of the priority goals of our government is to

Ejiofor Alike The Organisation of Petroleum Exporting Countries (OPEC) yesterday said it would achieve the re-balancing of the crude oil market at a “slower pace,” stressing that even its own output in May jumped as a result of increased production by Nigeria, and Libya, which were exempted by the agreement to reduce production. In its Monthly Oil Market Report (MOMR) for May, OPEC said its output rose by 336,000 barrels per day (bpd) in May to 32.14 million bpd as a result of increased production by Nigeria and Libya. “Demand for OPEC crude in 2017 was revised up by 100,000 bpd from the previous month. This upward adjustment was mainly due to the downward revision in non-OPEC supply as world oil demand remained unchanged. Within the quarters, the first quarter remained unchanged, while the second quarter was revised down by 100,000 bpd. Both the third and the fourth quarters were each revised up by 200,000 bpd. Demand for OPEC crude this year is projected to increase by 300,000 bpd to average 32m bpd. Compared to the same quarters of last year, the first quarter is expected to increase by 100,000 bpd, while all other quarters are estimated to remain unchanged,” OPEC said in the report. The OPEC production figures

Rules on application challenging jurisdiction July 5 criminal diversion of about $1.6 billion alleged to be proceeds of petroleum products belonging to the federal government. At the resumed sitting yesterday prosecution counsel, Rotimi Jacobs (SAN), who called the attention of the court to the applications, noted that they were only served on him “late yesterday.” He said: “I was served some applications, one filed yesterday, June 12 challenging court’s jurisdiction to entertain this matter, which was served on me very late yesterday, around 6pm, and I just got the motion this morning,” he said, noting that he would need about two days to file his written addresses. He intimated the court that he would not object to the second application, which was also dated June 12 and brought by Omokore’s counsel, R.A. Rabana (SAN), “asking for permission or leave of court permitting him to travel.” While noting that the court had

that we cannot go very far with our agenda if we do not feature strongly in reckoning the international mining community as a serious mining destination. “We therefore consider it important to have a platform for bringing stakeholders in the sub-region together, to

share ideas and compare notes on how to collaborate in making our resources work for our people. Asides sharing similar geological formations, we have similar aspirations and face comparable challenges which make it imperative for us to work together,” he added.

OPEC: Oil Market to Re-balance at Slower Pace as Output Rises by 336,000bpd

Court Grants Omokore Leave to Travel Justice Nnamdi Dimgba of the Federal High Court in Abuja has granted the embattled Chairman of Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concept Limited, Jide Omokore, who is standing trial for a N1.6 billion oil scam, the permission to travel abroad between July 11, 2017 and September 10, 2017. The trial judge has also fixed July 5, 2017 to rule on an application challenging the jurisdiction of the court to entertain the matter. The application was brought by Abiye Membere, a former Group Executive Director, Exploration and Production of the Nigerian National Petroleum Corporation (NNPC). Omokore and his companies are standing trial along with Membere, Victor Briggs, former Managing Director of the Nigerian Petroleum Development Company (NPDC) and David Mbanefo, Manager, Planning and Commercial of the NNPC. They were re-arraigned on November 21, 2016 on a nine-count amended charge of

position our mining sector to play a greater role in sustainably diversifying our country’s revenue base, creating jobs, and fast-tracking industrialisation. “This is not a tall order, as we are evidently endowed with an abundance of mineral resources. We however realise

in April also granted Omokore leave to travel, he hinted that “I’ve spoken with his counsel, and told him that it is better he travels during the vacation period of the court.” Justice Dimgba then ruled that the order seeking for “leave of court” to allow Omokore travel, “is granted as prayed”, stressing that he could however, only travel between July 11, 2017 (last day of work for the court), and September 10, 2017 (when courts resume). Jacobs, who also told the court that “I want to file additional proofs of evidence, and intend to call more witnesses”, then urged the court to fix a date for hearing of arguments with regards to the application challenging the court’s jurisdiction, brought by Membere’s counsel, Osaro Eghobamien (SAN). Justice Dimgba, thereafter adjourned to June 22, 2017 “for hearing of the application challenging jurisdiction of the court, and adoption of written addresses,” and fixed July 5, 2017 “for ruling and continuation of trial depending on which way it goes.”

were for 13 members and did not include Equatorial Guinea, which joined last month. OPEC added that crude oil inventories in industrialised countries dropped in April and would fall further in the rest of the year, but a recovery in United States production was slowing efforts to get rid of excess supply. “The rebalancing of the market is under way, but at a slower pace, given the changes in fundamentals since December, especially the shift in US supply from an expected contraction to positive growth,” OPEC added. OPEC noted the continued high compliance by its members with the supply deal, adding that inventories

in industrialised countries dropped in April, even though they were still 251 million barrels above the five-year average. Saudi Arabia reported to OPEC that it reduced output further by about 66,000 bpd in May to 9.88 million bpd. The cartel reduced its estimate of oil supply growth from producers outside the group this year to 840,000 bpd from 950,000 bpd, following the decision to extend the cut by nine months. The group also cut its forecast for growth in the United States, where shale producers have gained impetus from the higher prices brought

about by the cut. According to the MOMR, US output is still expected to rise by 800,000 bpd in 2017, contributing almost all the increased output by the non-OPEC members. OPEC raised the forecast demand for its crude this year by 100,000 bpd to 32.02 million bpd, below its May output. The Secretary General of the cartel, Mr. Mohammad Barkindo had said it was too early for Nigeria, Libya’s output to be capped. OPEC is curbing output by about 1.2 million bpd, while Russia and other non-OPEC producers are cutting 600,000 bpd under an accord that was extended until March 2018.

WEDNESDAY JUNE 14, 2017 • T H I S D AY

CRIME&PUNISHMENT

Imo Bank Robbery: Police Promote Gallant Officers, Arrest Suspects Bank gives scholarships to children of slain cops

Amby Uneze in Owerri The Imo State Police Command yesterday said it did not abandon the families of the policemen who lost their lives during the February 22, 2017, bank robbery at the Wetheral Road branch of a bank in Owerri, the Imo State capital. The state Commissioner of Police, Chris Ezike, while briefing journalists, declared that the Inspector General of Police (IG), Idris Ibrahim, had approved the promotion to the next rank of the gallant officers while the bank had awarded scholarships to the children of the two policemen who died during the robbery incident. He said the bank equally said it would take care of the whole medical expenses of another police Sergeant, Otu Attang, who lost one of his eyes during the armed robbery attack.

The dead officers were, Sergeants Chukwudi Iboko whose bravery on the day of the attack was declared heroic by most Nigerians after the footage of the Close Circuit Television (CCTV) during the robbery had gone viral on the social media, and Sunday Agbo. Ezeike said: “We want to thank bank for the financial assistance rendered for the burial expenses, release of start-up business funds for the family of the deceased officers, monthly allowances to the family of the deceased officers, payment of hospital bills and the promise of scholarship to any level for the family of the deceased officers. “You are our partners in the Nigeria security project and we appreciate you for the further treatment of our injured and gallant Sergeant

Otu Attang.” The state police boss stated that the dead officers were uncommon heroes and the leadership of the Nigeria police force “did not and will not abandon their families. “Sergeant Chukwudi Iboko, Sunday Agbo and Otu Attang remain our uncommon heroes. They were gallant, professional, courageous, and displayed encouraging passion in

defence of lives and property. The Nigeria police under the leadership of IG, Idris, has not, did not and will not abandon them or their families.” On while the families of the dead cops were yet to receive their entitlements, the commissioner said the police as a federal government agency was governed by laws in all matters, including financial matters, assuring them that

the financial rights, benefits and privileges of the fallen officers would be fully paid and timely too. Ezike informed the people that the two deceased officers were recommended for posthumous promotion while the injured officer was equally recommended for special promotion to his next rank by the leadership of the police. “I am confident that very soon the IG will graciously

announce the promotions. Similarly, the command is in constant touch with the families of the deceased officers. We have made and will continue to make financial assistance to cushion the effects of the losses of their loved breadwinners,”he added. Ezike commended Nigerians from all walks of lives for helping the families of the dead officers for “doing a thorough job.”

Pastor’s Wife, 52, Commits Suicide in Ondo James Sowole in Akure The wife of a cleric, identified as Mrs. Opeyemi Babatola, was at the weekend reported to have committed suicide by hanging herself at her residence located at Aule area of Akure, the Ondo State capital. The Police Public Relations Officer (PPRO) for the Ondo State Command, Mr. Femi Joseph, said the husband of the deceased, Pastor Adeolu Babatola, who was the first person to see the deceased hanging in their house on Monday had been invited for investigation. According to a source, Opeyemi had told her husband that she was going to a mountain to pray last Friday but rather than going to the church, she went into one of the rooms in her house to hang herself. “She told her child and her husband that she wanted to go

to a mountain to pray, so since Friday her husband was thinking she was at the prayer mountain praying for the family because that was not her first time of doing so. “On Monday morning the husband went to the back of one of the rooms in the other apartment of the house and discovered that there were many houseflies by the window side. So he opened the room and found his wife hanged. He had to cry out to the neighbours,” the source said. The police were later invited to the scene while traditionalists also came to perform some rituals to bring the corpse down. All efforts to speak with the husband of the deceased was not successful as he was with the police. The PPRO said investigation had begun over the matter, noting that it could not ascertain if there was any criminal involvement in the incident but insisted that the investigation was still ongoing.

Two Women Arraigned for Encouraging Girls into Prostitution Two women, Adesuwa Osaro and Esther Omosede, yesterday appeared before a Federal High Court in Lagos over charges of human trafficking. The first accused, 23, is also said to be self-styled “Oluwabunmi Adeleke, Frank Mabelle, and Joy Aisha,” while the second accused, 32, is said to be self-styled “Mama Genesis.” The first accused is said to be resident at No 3. Ugbowo Sawmill Road, Benin City, while the second accused resides at No. 8 Vincent Asemota St. Uwasota Benin City, Edo State. The accused were charged by the National Agency for the Prohibition of Trafficking in Person (NAPTIP), on nine counts bordering on procuring young girls for prostitution in Mali. The prosecution alleged that

the accused conspired to procure oversees trips for three girls aged 18, 27, and 28 respectively, to Mali for prostitution. They were alleged to have harboured the girls within their confines, so as to procure their visas and facilitate their trips abroad. The offences contravene the provisions of sections 18, 25, and 27 of the Trafficking In Person (Prohibition) and Administration Act, 2015. They however pleaded not guilty to the charges. Justice Oluremi Oguntoyinbo granted the first accused bail in the sum of N1 million with two sureties in like sum, while the second accused was granted bail in the sum of N500,000 with two sureties in like sum. Oguntoyinbo has adjourned until October 24 and 25 for trial.

PAY OUR SALARIES

Legislative aides in the National Assembly protesting the non-payment of their salaries and entitlements at the National Assembly Abuja.... yesterday Julius Atoi

Police Rescue Hired Assailant from Jungle Justice Chiemelie Ezeobi But for the timely intervention of the police, an angry mob at the Jakande area of Lagos would have carried out jungle justice on a hired assailant who was sent to kill a boutique owner. The assailant, whose identity could not be immediately ascertained, had confessed that he was hired by a friend of the victim to kill her off at all costs. Although he did not reveal the reason why the victim was marked for death, he did say he travelled from Sapele in Delta State to Lagos

to carry out the nefarious act. According to an eyewitness account, the suspect had gained entry into the victim’s shop under the pretence of being a shopper. Cooking up a false tale of wanting to surprise his girlfriend by shopping for her, he got the boutique owner to show him around the shop. When they got to the cloth stacks at the back, he however quickly brought out a rope and tried to strangle her with it and the same time, prevent her from screaming.

Although he had cut off her windpipe with the ropes, the woman gained a little ground while struggling and screamed loudly. It was her scream that attracted some passersby and her neighbours, who stormed the boutique and caught the assailant in the process of strangling her. The victim was immediately rescued and the suspect arrested by the rescuers, who took him outside for questioning. Meanwhile, the victim was rushed to the hospital to treat her

injuries, given that the ropes had given her a severe cut on the neck. After his confession, the suspect was stripped naked and severely beaten by the angry mob, who then proceeded to arrange tyres to set him ablaze. He was however, rescued by the police who tried to disperse the teeming crowd before they whisked him away to the station. When contacted, the state Police Public Relations Officer, Olarinde Famous-Cole, an Assistant Superintendent of Police, promised to find out more details about the incident.

Court Sentences Fake Surety to 22Years Imprisonment A fake surety, Ibikunle John Olusakin, has been convicted and sentenced to 22 years imprisonment by Justice Mohammed Idris of a Federal High Court in Lagos. Justice Idris sentenced the convict after pronouncing him guilty of the five-count charge of perverting cause of justice, making false statements, conspiracy and forgery levelled against him by the Legal Department of State Criminal Investigation and Intelligence Department (SCIID), Panti-Yaba, Lagos. The offences according to the prosecutor, Inspector Goddy Osuyi, are contrary to and punishable

under sections 516, 467, 117, 126, 145, and 179 of the Criminal Code Act Cap. C38 Laws of the Federation, and Administration of Criminal Justice Act (ACJA) of 2015. The convict who was charged before the court in a suit marked FHC/L/4013c/2016, had earlier pleaded not guilty to all the counts of the charge when he was first arraigned before the court sometimes in 2016. However, at the last hearing of the case, the convict admitted committing all the offences and consequently changed his plea. Upon changing of the plea, Justice Idris ordered the prosecutor

to review the fact of the matter. In reviewing the fact of the matter on Monday, the prosecutor, Inspector Osuyi informed the court that the convict in January 24, 2014, while standing surety to one Emmanuel Nweke, who was charged before Justice Mohammed Yunusa (now on compulsory retirement), on charges bordering on unlawful importation and possession of prohibited firearms. Osuyi told the court that in securing Nweke’s bail, the convict had presented several forged documents which included: University of Lagos (UNILAG) degree certificate dated March 3,1982; National Youth Service

Corps (NYSC) certificate number A815994, dated September 4, 1983; a Lagos State Government Confirmation of Appointment letter dated October 16, 1989. Other forged documents allegedly tendered by the accused including: Lagos State Government offer of Appointment to the post if Primary Class Teacher dated August 12, 1985; Lagos State Government Educational District 2 letter dated April 4, 2011 and Lagos State Government Staff Identify Card. Osuyi informed the court that all documents presented by the convict were in the name of one Aderonmu Ayinde Tajudeen.

T H I S D AY • WEDNESDAY JUNE 14, 2017

WEDNESDAYSPORTS

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

Mass Disqualifications, Protests Trail Federation Elections in Abuja

Oyinlola, Gusau, Igali, Minimah, others elected Kida emerges NBBF president 24 hours after Umar’s reelection in Kano Olawale Ajimotokan in Abuja No fewer than 177 of 396 candidates jostling for positions in the 31 national sports federations in Nigeria were disqualified in the elections that held in Abuja yesterday. Most of the candidates were disqualified based on lack of tax clearance in their application forms. In some instances, the clearance documents presented were adjudged not up to date. In other instances, the candidates were reportedly not to have indicated their constituencies. The following were the elected national sports federations presidents: Sam Ochebo, Handball; Francis Orbih, Badminton; Boye Oyerinde, Squash; Fatayi Babatunde Williams, Swimming; Daniel Igali, Wrestling; Prince Olagunsoye Oyinlola, Golf; Musa Kida, Basketball; Kelvin Erhuwunse, Gymnastics; Hon Tikom, Table Tennis; Sen. Abdul Ningi, Hockey; Lekan Adeyemi, Chess. Others include; Dayo Akindoju, Tennis; Silas Agara, Karate; Usman Ahmed, Nigeria Deaf Sports Federation. The elections that held at the National Stadium, Abuja, threw up intrigues, surprises and in most-situations, brawling. Senator Ningi, a former deputy majority leader of the Nigerian Senate, was returned unopposed as the president of the Nigeria Hockey Federation. Musa Nimrod, was elected as new president of the Nigeria Volleyball Federation. He caused a stir by polling 38 to 14 votes to defeat a former Director General of the National Sports Commission

(NSC), Alhassan Yakmut. Nimrod’s shocking victory left volleyball coaches, referees, players and administrators alike in a fit of jubilation. Also, former President of Handball Federation of Nigeria (HFN), Yusuf Dauda was unsuccessful in bid for reelection following his loss to Sam Ochebo. Dauda, who held sway for eight years as president, lost a keenly contested race. Ifedayo Olaloye Akindoju jolted Godwin Kienka to emerge the president of the Nigeria Tennis Federation (NTF). Hon. Ibrahim Shehu Gusau, a former member of the House of Representatives garnered 48 votes to emerge the president of the Athletics Federation of Nigeria (AFN). He defeated his opponent, Rosa Collins, who had only two votes. In the election for the position of vice-president, George Olamide, an ex athlete and a member of the Ondo State House of Assembly got 43 votes to defeat former African sprint champion Mary Onyali, who got 3 votes. Another upset was recorded at the Nigeria Cricket Federation where the erstwhile President, Emeka Onyeama, was defeated while Elizabeth Dinga became the first female president of a sports federation. Dinga was elected unopposed following the disqualification of the former president, Timothy Nsirim. The Deputy Governor of Nasarawa State, Mr Silas Agara was elected new president of the Nigeria Karate Federation (NKF). Silas ousted the Pillar of Sports in Nigeria, Donatus Ejidike. Former Governor of Osun

State, Prince Olagunsoye Oyinlola was yesterday elected as president of the board of the Nigeria Golf Federation (NGF). His election marked his second coming to the NGF board as president, five years after his first tenure ended in an unceremonious sack for unsatisfactory performance. He was elected yesterday by voice affirmation. Also on the new board is the Director General, National Council of Arts and Culture, Otunba Olusegun Runsewe. Runsewe will oversee the

technical department of the federation. The other members of the board include; Emy Ekong (international), Ekanem Ekwueme (athletes representatives), AVM K.G Lar, Dada Adekunle, Ehi Uwaifor, Niku Ahmed Jimkawi, Omatsola William and the President of West African Golf Tour, Emeka Okatta. Runsewe, who spoke to reporters after the election, said the team led by Oyinlola comprised individuals capable of delivering and developing golf in Nigeria.

He said the board would place emphasis on developmental programme for the youths across the country. A brawl climaxed the election at the Judo board election following a free for all fight by delegates over eligibility. The elections into the Rugby board was inconclusive and was therefor postponed till July 1. However, the election that threw up Musa Kida as the new president of the Nigeria Basketball Federation (NBBF)

has now put Nigeria at the risk of a FIBA sanction. FIBA approved the election in Kano on Monday evening that returned Tijjani Umar for another term as president. Umar’s purported disqualification from the Abuja election violates the constitution of the game’s governing body. A former Nigerian senior basketball team Captain, Olumide Oyedeji, who was voted as Umar’s vice-president at the Kano election, is FIBA’s players’ representative for Africa.

L-R: Head Coach, Nigerian Paralympics Powerlifting Team, Mr. Feyisetan Are; Managing Director, FrieslandCampina WAMCO Nigeria Plc. Mr. Ben Langat; Director and Head of Lagos Liaising Office, Federal Ministry of Youth and Sport, Dr. Segun Akinlotan; Corporate Affairs Director, FrieslandCampina WAMCO Nigeria Plc. Mrs, Ore Famurewa; and the Company’s Finance Director, Mr. Drik Van Breen at the formal handover of the Paralympians Gymnasium of the National Stadium Lagos to the Peak milk brand of FrieslandCampina WAMCO for equipping and renovation…yesterday sunday adigun

N P F L … N P F L … N P F L … Peak Milk to Refurbish Paralympians Gymnasium Sunshine Stars Banished to Ijebu Ode Indefinitely Nigerian Paralympians who have braved the odds winning countless gold medals from global championships for Team Nigeria have been promised a brand new gymnasium to further boost their morale to do more. Peak Milk, the country’s top milk brand produced by FrieslandCampina WAMCO Nigeria Plc, has promised to refurbish the paralympians gymnasium at the National Stadium in Lagos and equip it with modern training and fitness equipment within eight week. Speaking at the handing over of the gymnasium to the brand yesterday, Director and Head of the Lagos Liaising Office of the Federal Ministry of Youth and Sport, Dr Segun

Akinlotan, praised Peak Milk for coming to the aid of the ministry. Head Coach of the Nigerian Paralympics Powerlifting team, Feyisetan Areh, described the gesture by Peak Milk as the best thing to happen to sports development in the country. This is very inspiring coming after several years we have been abandoned to our fate with obsolete and non-fuctional gym equipment,” Areh stressed. In his remarks, the Managing Director of FrieslandCampina WAMCO Nigeria Plc, Mr. Ben Langat, stated that the decision to renovate the gym was in line with the brand’s promise to enable and empower its teeming consumers to attain their peak regardless of their limitations or challenges.

Goalkeeper Ariyo handed 12-match ban Duro Ikhazuagbe For breaching its order to play behind closed door, Sunshine Stars has been ordered to play its home matches at the Otunba Dipo Dina Stadium in Ijebu Ode while the club’s goalkeeper, David Ariyo has also been slammed with a 12-match suspension. In addition, a total fine of N1million is to be paid by the Akure Gunners for various other rule breaches. The League Management Company (LMC), handed out these sanctions after reviewing events of Matchday 23 of the Nigeria

Professional Football League (NPFL) in Akure between Sunshine Stars and Plateau United FC of Jos. In a bold move to enforce regulations and come down hard on unruliness of players, club officials and violent fans, the LMC ruled that “in view of the breach of the ‘closed door’ order, and upon consideration of the provisions of Rule B4.7 (Overriding considerations and general public interest), an order is hereby made moving Sunshine Stars to the Otunba Dipo Dina, Stadium, Ijebu-Ode for its home matches henceforth and until further notice”.

The matches will be played under closed doors until the LMC is satisfied that the club can guaranty security at its games and also control the unruly supporters. The LMC reiterated that Sunshine Stars must be seen to have complied with earlier orders for the Club’s home matche to be played behind closed doors and the requirement for revised and satisfactory safety and security measures to be put in place before the Akure Township Stadium is re-admitted to host NPFL matches. The LMC further warned the club that should there be

similar breaches or disturbances, the suspended three points deduction will be implemented. For failure to control the players in breach of Rule C9, the club was fined N750,000 while another fine of N250, 000 was imposed on the club as compensation to the assaulted Assistant Referee pursuant Rule C12 and this will be in addition to payment of any additional certified medical expenses incurred by the Referee.

TODAY

Akwa Utd vs Wikki

FRIDAY

Lobi vs Rivers Utd

Wednesday June 14, 2017

UT H

& RE A S O

Price: N250

MISSILE

Korodo to FG

”If there is fuel in the other depots under System 2B, the tanker drivers will go there and load and decongest Apapa. But we don’t understand the policy of the federal government. Previously, they suspended loading activities at all the depots in System 2B because of vandalism. But recently, they told us that they had resumed loading but as I speak to you, no loading is taking place in Ibadan, Ore and Ilorin.” – The Western Zonal Chairman of NUPENG, Alhaji Tokunbo Korodo explaining that the failure of the Nigeria National Petroleum Corporation to effectively activate the depots along the System 2B to facilitate loading of products from other depots across the country is fundamentally responsible for the vehicular siege on Apapa roads.

FEMIFALANA GUEST COLUMNIST

For Economic Restructuring T he demand for fiscal federalism is to enable the federating units control their resources with a view to funding social services and infrastructural development. In making a strong case for federalism, Chief Obafemi 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 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 and N316 billion to the Federation Account. No state government has shown any interest in the recovery of the huge

Buhari 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.

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

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 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 neo-liberal 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

socio-economic restructuring which will replace the peripheral capitalist system, which has consigned them to poverty and misery. [1] 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 Atiku 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 a 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