Monday 19th June 2017

Kale: Nigeria Will Exit Recession Next Year Obinna Chimawithagencyreport Barring further economic upheavals or exogenous shocks, the Nigerian economy is expected to exit the recession in 2018, the Statistician General of the

Federation, Dr. Yemi Kale has said.

His forecast on the economy is more conservative than that of other watchers of the economy, including the Central Bank of Nigeria (CBN) Governor, Mr. Godwin

Emefiele, Special Adviser to the President on Economic Matter, Dr. Yemi Dipeolu, the International Monetary Fund and World Bank, which have forecast that the Nigerian economy will exit the recession this year.

In an interview with Economic Confidential in Abuja, Dr. Kale said that “if oil prices do not collapse and the Niger Delta remains stable, by 2018 we would recover”.

On the performance of the Nigerian economy in the past

one year, he added: “It was an extremely difficult period and we all felt it. But I will say that most of the indicators suggest that we are coming out of it.

“We have not come out of it yet, but the worst has

already happened and it’s a slow process of recovery.

There is also what we call technical recovery, different from the recovery Nigerians would prefer.

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PDP Crisis: Sheriff, Makarfi Factions Endorse Governors’ Position… Page 10 Monday 19 June, 2017 Vol 22. No 8096. Price: N250

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2017 Budget: Osinbajo’s Comments Threaten Executive, N’Assembly Virement Deal Damilola Oyedele in Abuja There are indications that the agreement brokered by the executive and National Assembly, paving the way for a virement request as a

pre-condition for the assent of the 2017 budget, may be in jeopardy due to the comments made by acting President Yemi Osinbajo last week.

Osinbajo had during the

budget’s assent last Monday disclosed that the executive arm of government and legislature had agreed to a virement request to reinstate several budgetary proposals altered in the Appropriation

Bill by the National Assembly.

Some of the key projects affected by the National Assembly’s alterations included allocations to the Lagos-Ibadan expressway, the Mambilla power project,

railway projects, and the Second Niger Bridge, among others.

According to sources in the presidency, the legislature shaved off an estimated N500 billion from such critical

infrastructure projects and inserted 4,000 new projects that were never proposed by the executive in the 2017 budget.

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Southern Leaders Unite, Insist on Restructuring Want concrete steps taken on Confab report before Oct 1 Enough of bloodshed, Ag. President tells S’East traditional rulers DSS warns agitators, ethnic jingoists Omololu Ogunmade and Paul Obi in Abuja Shola Oyeyipo in Lagos Following the refusal of the relevant security agencies to apprehend some Northern youths under the auspices of the Arewa Youths’ Consultative Forum (AYCF) which recently issued a quit notice to Nigerians of Southeastern extraction, leaders in the South have resolved to work together to protect the interest of the region.

They also resolved to pursue the restructuring of the country and called for concrete steps to

be taken on the implementation of the 2014 National Conference report before October 1, 2017 Rising from a meeting that lasted for about four hours yesterday, leaders of the three geopolitical zones in the region – the South-west, South-east and South-south – declared in a communiqué that they were forging a common front to pursue the interest of the region, noting that rather than reduce the issue to the North and the South-east, it was an issue of the entire Southern and Northern Nigeria.

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PETRALON, JULIUS BERGER TO COLLABORATE…

L-R: Financial Controller, Petralon Energy, Mrs. Adeola Akinrinmade; Founder and CEO, Petralon Energy, Mr. Ahonsi Unuigbe; Chairman, Petralon Energy and Julius Berger Plc, Mr. Mutiu Sunmonu; and Managing Director, Julius Berger Plc, Mr. Wolfgang Goetsch, during the signing of a strategic partnership and joint investment agreement between Petralon Energy and Julius Berger Plc for the acquisition and development of Nigerian oil fields, held in Abuja… recently julius atoi

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PDP Crisis: Sheriff, Makarfi Factions Endorse Governors’ Position Onyebuchi Ezigbo in Abuja The two antagonists in the leadership crisis rocking the Peoples Democratic Party (PDP) – the Senator Ali Modu Sheriff-led executive and the Senator Ahmed Makarfi-led National Caretaker Committee (NCC) – have expressed their support for the resolution reached by the governors to reunite the party irrespective of the Supreme Court ruling on the leadership tussle.

Although the two sides have expressed confidence that they would get favourable judgement from the Supreme Court, but with the ruling still pending, both sides seem to be toning down their hardline positions.

The apparent softening has enabled the warring sides to avoid duplicating candidates

during elections, pending the final resolution of the matter at the Supreme Court.

In line with the new spirit, the Sheriff-led executive said at the weekend that it agreed with the position of the PDP Governors’ Forum that there will be no victor, no vanquished after the Supreme Court verdict.

In the same vein, a founding member of the party and former Minister of Education who is also the Chairman of the Sub-committee on Strategy set up by the NCC, Prof. Tunde Adeniran, said that at the end of the Supreme Court ruling the entire PDP family would come together and keep moving on no matter what camp they belonged to.

The side led by Makarfi had appealed to the Supreme Court against the affirmation of Sheriff

as the National Chairman of the PDP by the Appeal Court and is seeking to upturn the judgment of the lower court.

But after obtaining oral and written submissions from both sides in the case, the Supreme Court adjourned without giving a definite date for delivering its judgment.

While speaking on the outcome of the governors’ meeting held last Thursday in Abuja, the Ekiti State governor and the chairman of the forum, Ayo Fayose, said they had resolved to “remain confident, committed and loyal to the PDP, believing that the party which is more democratic than any other one in the country, will be united towards winning elections at all levels in 2019”.

“We are hopeful that the outcome of the Supreme Court case will further unite the party.

There will be no winner, there will be no vanquished. We believe in the PDP and we believe in the tomorrow of this party,” he had said.

Also, in a telephone interview with THISDAY at the weekend, Sheriff’s deputy, Dr. Cairo Ojougboh said the position the governors had taken was the correct one, adding that the party was one and will reunite and grow from there.

Ojuogboh said the executive led by Sheriff was of the view that no one will be punished for any role he or she might have played during the conflict, in the spirit of no victor, no vanquished.

“We totally agree with the position of the governors. It is the Lord’s doing but from experience, we do hope that they will abide by what they have said. You know that we love

the party, all of us, including the national chairman. We love the party and we will do everything possible to grow the party.

“We encourage them to abide by what they have said that it will be no victor, no vanquished and we urge them to hold tight to what they believe in, because if the ruling turns against them they should not say that they are pulling out.

“We believe that the position they have taken is the correct one and that the party is one and will reunite and grow from there. Nobody will be punished for any role he or she might have played during the conflict in the spirit of no victor, no vanquished.

“It will now be the time for reconciliation, reconstruction and remaking the party,” he said.

On whether the Supreme

Court had set a date for its ruling on the PDP leadership tussle, Ojougboh said the court was yet to communicate a date to them.

On his part, Adeniran said irrespective of the court’s ruling, the entire PDP family would come together and keep moving forward.

Adeniran, in an interview with THISDAY yesterday, said: “We are still talking with other parties of like-minds; political parties that want the very best for this country and want to ensure that we change the trend of things and to give power back to the people.”

Adeniran, however, insisted that the PDP has nothing to do with the new political parties that were recently registered by the Independent National Electoral Commission (INEC).

2017 BUDGET: OSINBAJO’S COMMENTS THREATEN EXECUTIVE, N'ASSEMBLY VIREMENT DEAL This, according to sources, caused consternation among the ministries, departments and agencies (MDAs) during the budget’s review, after its passage by the National Assembly, and was blamed for the delay in the document’s assent until a deal was struck between both arms of government for a virement request to reinstate the alterations.

However, one day after he assented to the budget, Osinbajo criticised the legislature for altering the budget, saying it was not constitutionally empowered to change the budget proposals submitted by the executive.

Expectedly, his remark elicited a response from the National Assembly, which

said Osinbajo must have been “misquoted”, reminding him that the constitution remains clear on its powers to legislate and alter the budget, since it is not the rubber stamp of the executive The legislature also reminded the acting president that the power on the interpretation of the constitution with respect to its powers to legislate on Appropriation Bills lies with the judiciary, not the executive.

Despite the responses by both chambers of the National Assembly to Osinbajo’s remarks, several lawmakers, THISDAY learnt, were still smarting at the weekend over comments.

The angry lawmakers insisted that Osinbajo had made his

remark in bad faith, in order to pit Nigerians against the legislature.

Accordingly, they are now threatening not to entertain the proposed request for the virement of funds, or even a supplementary budget proposal from the presidency.

Some lawmakers, who spoke with THISDAY off the record, queried the rationale for making the remark, particularly as a deal favourable to both parties, had already been agreed upon.

“The statement was deliberate, maybe to deflect the attention of Nigerians away from how he had to be granted permission by the president to sign the budget.

“The statement from the

acting president was just simply him playing to the gallery. His position as acting president is being undermined and he does not want Nigerians to talk about that,” one senator said.

“He has now taken the same position with the aides of President Buhari, who have been pitting us against each other.

This is however disappointing because he should know better as a law professor who should be versed in the constitution.

“He should study Sections 59, 80-83 (of the constitution) very well. The law says: ‘In a manner prescribed by the National Assembly’,” he added.

Another senator also stressed that all the inclusions made in the

budget were for developmental purposes.

“Yes, we made increments to the budget by adding funds for the take off of some projects.

We put some money for the commencement of work on a second runway for the Nnamdi Azikwe International Airport.

“Are senators or House of Representatives members the only users of the airport? Can we quantify what was lost in the six weeks the airport was shutdown?

“Some people’s entire livelihoods depend on that airport. So how is that inclusion a bad thing, or inclusion of some funds to upgrade the Abeokuta airport, as an alternate airport to

Lagos, bad?” he queried.

THISDAY gathered that several senators are now insisting that except Osinbajo withdraws his remark, no virement would be entertained by the National Assembly.

A member of the House also noted that the acting president should not have signed the budget into law if he strongly believed that the National Assembly does not have the powers to alter the budget.

“Maybe he should have gone to court first. I do hope he knows that now he has signed the budget into law, it must be implemented. Failure to implement is an impeachable offence,” the member said.

of America does it once a year.

Those ones (countries) have more money, so they do it every year; other than the fact that their economy is more dynamic.

“Technology is changing so many things, so they have to upgrade all the time. If you don’t rebase your economy, it is like using the Betamax VCR system.

“When we rebased the economy, politicians grabbed at it because it favored them.

If it were negative, nobody will even talk about it.

“I was surprised to see during the election period that APC went to our website to retrieve all the positive figures but refused to accept the ones that were negative.

“PDP too took all the positives and refused the poverty rate figures. Meanwhile, all of them are NBS data. I have even seen a minister who agreed with chapter two in one report and said chapter three was not correct.

“While commending us for a job well done in chapter two, chapter three was tagged as incorrect in the same document,” he said.

III regulation.

The CBN is expected to introduce the Basel III regulation in 2019, effectively requiring banks to hold more capital.

The CBN last year announced the delay in implementing the regulation following the country’s slide into recession.

In addition, analysts explained that the allure of the debt market would also be driven by international regulators requiring Nigerian lenders with foreign subsidiaries to beef up their capital.

Speaking in an interview, the chief executive of FMDQ OTC, Mr. Bola “Koko” Onadele said more banks would be expected to raise additional debt capital so as to meet the upcoming regulation.

“Basel III is on the way, maybe in the next two years.

Its implementation would put some obligations on the liquidity of the banks,” the FMDQ boss added.

Rand Merchant Bank Nigeria, as part of its debt-issuance programme, last week issued N80 billion commercial papers.

The Ecobank Group plans to sell a $400 million five-year convertible bond this month to refinance debt and provide short-term funding for Ecobank Nigeria, while 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.

But Onadele said some banks might have decided to have “a multi-currency programme

and can decide to issue in local currency”.

Also, the chief executive of Financial Derivatives Company Limited, Mr. Bismark Rewane, pointed to another factor that would compel more banks to issue dollar-denominated debt, explaining that Nigerian lenders have foreign currency obligations which would be maturing soon.

“Now that the currency has appreciated, they want to raise the international capital needed.

Those in the United States and UK are being asked by their regulators to raise additional capital.

“So, it is in compliance

KALE: NIGERIA WILL EXIT RECESSION NEXT YEAR “When you tell somebody the economy is coming out of recession, they would say what do you mean. After all prices are still high. Coming out of a recession means recording positive growth. And your positive growth can be plus zero point one per cent (+0.1).

“But that does not mean everything is fine. It technically means you are no longer in negative territory.”

He further posited that the fact that the economy is no longer contracting does not translate to buoyancy, stressing that there is going to be a gradual process of recovery as the economy improves.

“At least all the indicators are suggesting that things are getting better. Also, people always make this mistake when we say inflation is slowing down.

“Inflationary slowdown does not mean prices are coming down. Inflation by definition is always a rise in price. All we are saying is that the increase is decelerating.

“Before it rose by 100 per cent, but this time it went up by 50 per cent. As such, having double-digit inflation figure is still a huge problem. The fact that it went down from over 18 per cent to 17 per cent and now to 16 per cent shows improvement. But I can tell you 16 per cent is not good,” he said.

According to him, if the current macroeconomic trends continue, by the end of the year things should have normalised and by 2018 Nigerians would

feel the recovery.

“If oil prices do not collapse and the Niger Delta issue is managed, by 2018 we should experience full recovery,” he said.

He also acknowledged that 2016 was extremely difficult for the country but the economy had started slowing down as far back as 2014.

“I have to speak frankly as I have always done in the past, the economy has been slowing down since 2014. Anyone that was following the numbers should know that the economy was slowing down.

“From 6 per cent, GDP growth fell to 5 per cent, then to 4 per cent, then to 3 per cent, then 2 per cent, before it became negative.

“The fact that the economy was slowing down did not mean it went from six to zero, it was gradual. If you were paying attention to the data, you would have known that the problem was looming.

“Since it was an election year, people did not pay rapt attention to the slowdown. And so 2016 was horrible, because we went through hell. We had an economy, in my opinion, that was dysfunctional,” he said.

Kale likened the Nigerian economy between 2014 and 2016 to a house built on three foundations, saying that the foundations were shaky and weak.

“You have the oil sector which is one pillar, then there is the non-oil sector that is dependent on oil, which is the second pillar, and we have the non-oil sector

that is not dependent on oil, like agriculture, which is the third pillar.

“Two pillars were directly dependent on oil. So when oil collapsed, two legs were impaired leaving us with one pillar. And that is the problem we had.

“Rather than diversify the economy, we had an economy solely dependent on oil. The other sectors depended on oil to survive. We have, for instance, manufacturing, but their production input is dependent on foreign materials.

“And the foreign input is dependent on foreign reserves, while our foreign reserves depend on oil earnings. So when the oil price goes down, and we do not have enough reserves, manufacturers do not get foreign exchange to get their inputs, they cannot produce and so resort to the black market to source for foreign exchange at high prices and the cost of production goes up.

“This cost will eventually be passed to consumers. In this scenario, demand goes down while cost goes up,” he explained.

Speaking on whether the economy can be rebased in a recession, Kale said the economy is supposed to rebased every five years.

“We are supposed to have to done it this year, but no allocation was made in the budget for that.

“Every country does its rebasing in a maximum of five years. The United States

More Banks to Raise Debt In related development, following the successful outing of two of the country’s Tier 1 banks – Zenith Bank Plc and United Bank for Africa (UBA) Plc – in raising dollar-denominated debt recently, more Nigerian banks have indicated their readiness to raise debt ahead of the Basel

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T H I S D AY MONDAY JUNE 19, 2017

STATEMENT OF THE NEWSPAPERS PROPRIETORS ASSOCIATION OF NIGERIA. dŚĞ EĞǁƐƉĂƉĞƌ WƌŽƉƌŝĞƚŽƌƐ͛ ƐƐŽĐŝĂƟŽŶ ŽĨ EŝŐĞƌŝĂ ;EW EͿ ŚĂƐ ƌĞĐĞŝǀĞĚ ǁŝƚŚ ŐƌĂǀĞ ĐŽŶĐĞƌŶ͕ ƚŚĞ DŽŶĚĂLJ :ƵŶĞ ϭϮ͕ ϮϬϭϳ ŝŶǀĂƐŝŽŶ ďLJ ƚŚĞ ŽƉĞƌĂƟǀĞƐ ŽĨ ƚŚĞ ĐŽŶŽŵŝĐ ĂŶĚ &ŝŶĂŶĐŝĂů ƌŝŵĞ ŽŵŵŝƐƐŝŽŶ ; & Ϳ ŽĨ ƚŚĞ ƉĂƉĂ͕ >ĂŐŽƐ ŽƌƉŽƌĂƚĞ ,ĞĂĚƋƵĂƌƚĞƌƐ ŽĨ dŚĞ ^ƵŶ EĞǁƐƉĂƉĞƌƐ͘ &ĂĐƚƐ ďĞĨŽƌĞ ƚŚĞ EW E ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ & ŽƉĞƌĂƟǀĞƐ ƐǁŽŽƉĞĚ ŽŶ ƚŚĞ ŶĞǁƐƉĂƉĞƌ ŝŶ ƚŚĞ ĞĂƌůLJ ŵŽƌŶŝŶŐ ŽĨ :ƵŶĞ ϭϮ͕ ǁŚŝůĞ EŝŐĞƌŝĂŶƐ ǁĞƌĞ ĐŽŵŵĞŵŽƌĂƟŶŐ ƚŚĞ ŚŝƐƚŽƌŝĐ ĚĂLJ ŽĨ &ƌĞĞ džƉƌĞƐƐŝŽŶ͕ ĂŶĚ ŽƌĚĞƌĞĚ ƐĞĐƵƌŝƚLJ ŵĞŶ ƚŽ ƚĂŬĞ ƚŚĞŵ ŽŶ Ă ŐƵŝĚĞĚ ƚŽƵƌ ŽĨ ƚŚĞ ƉƌĞŵŝƐĞƐ ŽĨ ƚŚĞ ŶĞǁƐƉĂƉĞƌ͘ dŚĞ & ŽƉĞƌĂƟǀĞƐ ƐƵďƐĞƋƵĞŶƚůLJ ƉƌĞǀĞŶƚĞĚ ũŽƵƌŶĂůŝƐƚƐ ĂŶĚ ƐƚĂī ĨƌŽŵ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞŝƌ ĐŽŶƐƟƚƵƟŽŶĂů ĚƵƟĞƐ͕ ĂŶĚ ĂďƌŝĚŐŝŶŐ ƚŚĞŝƌ ƌŝŐŚƚƐ ƚŽ &ƌĞĞ ^ƉĞĞĐŚ ďLJ ƉƌĞǀĞŶƟŶŐ ƚŚŽƐĞ ǁŚŽ ǁĞƌĞ ŝŶ ƚŚĞ ƉƌĞŵŝƐĞƐ ĨƌŽŵ ůĞĂǀŝŶŐ͕ ĂŶĚ ŽƚŚĞƌƐ ƌĞƉŽƌƟŶŐ ĨŽƌ ĚƵƚLJ ĨƌŽŵ ĞŶƚĞƌŝŶŐ ƚŚĞ ƉƌĞŵŝƐĞƐ͘ ůƚŚŽƵŐŚ ƚŚĞ & ƐĂŝĚ ƚŚĞLJ ǁĞƌĞ ƚŚĞƌĞ ƚŽ ĞŶĨŽƌĐĞ Ă ϭϬͲLJĞĂƌ ŽůĚ /ŶƚĞƌŝŵ KƌĚĞƌ ŽĨ &ŽƌĨĞŝƚƵƌĞ ŽŶ ƚŚĞ ƐŚĂƌĞŚŽůĚŝŶŐ ŽĨ ^ƵŶ EĞǁƐƉĂƉĞƌƐ͕ ƚŚĞ ĚŝƚŽƌƐ ŽĨ ƚŚĞ ^ƵŶ EĞǁƐƉĂƉĞƌƐ ƐĂŝĚ ƚŚĞ & ŽĸĐŝĂůƐ ǁĞƌĞ ƚŚĞƌĞ ŽŶ Ă ǀĞŶŐĞĂŶĐĞ ĂŶĚ ŝŶƟŵŝĚĂƟŽŶ ŵŝƐƐŝŽŶ ƚŽ ƐĞƩůĞ ƐĐŽƌĞƐ ŽŶ ƐĞǀĞƌĂů ƐƚŽƌŝĞƐ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ ŶĞǁƐƉĂƉĞƌ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂůůĞŐĞĚ ŽǁŶĞƌƐŚŝƉ ŽĨ ĐĞƌƚĂŝŶ ƉƌŽƉĞƌƟĞƐ ďLJ ƚŚĞ ǁŝĨĞ ŽĨ ƚŚĞ & ĐƟŶŐ ŚĂŝƌŵĂŶ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ĐƟŶŐ ŚĂŝƌŵĂŶ ŚĂĚ ƚŚƌĞĂƚĞŶĞĚ ůŝďĞů ůĂǁƐƵŝƚƐ͘ /ŶƐƚĞĂĚ ŽĨ ůĂǁƐƵŝƚƐ͕ ƚŚĞ & ŽƉĞƌĂƟǀĞƐ ƌĂŝĚĞĚ ƚŚĞ ŶĞǁƐƉĂƉĞƌ ŽĸĐĞƐ ƚŽ ƌĞǀŝǀĞ Ă ϭϬͲLJĞĂƌ ŽůĚ /ŶƚĞƌŝŵ KƌĚĞƌ ŽĨ &ŽƌĨĞŝƚƵƌĞ ƚŚĂƚ ŝƐ ĂůƌĞĂĚLJ ďĞĨŽƌĞ ĂŶ ĂƉƉĞůůĂƚĞ ĐŽƵƌƚ͘ 'ŝǀĞŶ ƚŚĞƐĞ ĚĞǀĞůŽƉŵĞŶƚƐ͕ ŝƚ ŝƐ ŽƵƌ ĐŽŶƐŝĚĞƌĞĚ ǀŝĞǁ ƚŚĂƚ ƚŚĞ & ͕ ďĞŝŶŐ Ă ^ƚĂƚĞ ŝŶƐƟƚƵƟŽŶ ĂŶĚ Ă ĐƌĞĂƟŽŶ ŽĨ ƚŚĞ ůĂǁ͕ ĐĂŶŶŽƚ ďĞ ĂďŽǀĞ ƚŚĞ ůĂǁ͗ ĂŶĚ ƚŚĞ ŵĂŶŶĞƌ ŽĨ ƚŚĞ ŝŶǀĂƐŝŽŶ ƚĞŶĚƐ ƚŽ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ & ǁĂƐ ŽƵƚ ŽŶ Ă ƐĞůĨͲŚĞůƉ ŵŝƐƐŝŽŶ͕ Ă ǀŽLJĂŐĞ ƚŽ ŝŶƟŵŝĚĂƚĞ ũŽƵƌŶĂůŝƐƚƐ͕ ĐƌŝŵŝŶĂůŝƐĞ ũŽƵƌŶĂůŝƐŵ ĂŶĚ ĐŽǁĞƌ ĨƌĞĞ ƐƉĞĞĐŚ͘ tĞ ƐŚŽƵůĚ ĐŽŶƟŶƵĞ ƚŽ ƌĞŵŝŶĚ ŽƵƌƐĞůǀĞƐ ƚŚĂƚ ƚŚŝƐ ĐƌƵĚĞ ƚĂĐƟĐƐ ŽĨ ŝŶǀĂƐŝŽŶ ŽĨ ŵĞĚŝĂ ŚŽƵƐĞƐ ĂŶĚ ŚĂƌĂƐƐŵĞŶƚ ŽĨ ũŽƵƌŶĂůŝƐƚƐ ĚŝĚ ŶŽƚ ǁŽƌŬ ŝŶ ƚŚĞ ƉĂƐƚ͕ ŝƐ ŶŽƚ ŐŽŝŶŐ ƚŽ ǁŽƌŬ ŶŽǁ͕ ĂŶĚ ǁŝůů ŶĞǀĞƌ ǁŽƌŬ͘ /ƚ ŝƐ ƵŶŬŶŽǁŶ ƚŽ dŚĞ ŽŶƐƟƚƵƟŽŶ ŽĨ dŚĞ &ĞĚĞƌĂů ZĞƉƵďůŝĐ ŽĨ EŝŐĞƌŝĂ͘ tĞ ĐĂůů ŽŶ ƚŚĞ &ĞĚĞƌĂů 'ŽǀĞƌŶŵĞŶƚ ŽĨ EŝŐĞƌŝĂ ĂŶĚ Ăůů ƉĞŽƉůĞ ŽĨ ƌĞĂƐŽŶ ĂŶĚ ŐŽŽĚǁŝůů ƚŽ ĐĂůů ƚŚĞ & ƚŽ ŽƌĚĞƌ ĨŽƌ ƚŚĞ ŐƌĞĂƚĞƌ ŐŽŽĚ ŽĨ ƚŚĞ &ĞĚĞƌĂů ZĞƉƵďůŝĐ EŝŐĞƌŝĂ ĂŶĚ ƚŚĞ ƌƵůĞ ŽĨ ůĂǁ͘ sĞƌLJ ŵĂŶLJ ƚŚĂŶŬƐ͊

NDUKA OBAIGBENA

President, EĞǁƐƉĂƉĞƌ WƌŽƉƌŝĞƚŽƌƐ͛ ƐƐŽĐŝĂƟŽŶ ŽĨ EŝŐĞƌŝĂ ;EW EͿ

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T H I S D AY MONDAY JUNE 19, 2017

COMMENT

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

EVANS: THE ARREST OF A KIDNAPPER Many of the affluent in society are also hardened criminals, writes Kingsley Ogbeide-Ihama

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he unveiling of a high profile kidnapper, Chukwudi Dumeme Onuamadike, also known as Evans, was reported as a riddle of seven years, solved by men of Intelligence Response Team (IRT), a special outfit of the Nigerian Police.

As pictures and videos of Evans’ arrest and interrogation keep flooding the media, those who know him must have been shocked to learn of a man they have always seen within their community being described as a notorious criminal on a wanted list for so long: whereas the things about Evans’ life, ranging from the physical settings of his home and family depict a man living a very peaceful life. Not a makeshift lifestyle which needed to be sneaky and always prepared for an easy getaway.

A man having enough romantic time to mate his wife with five successful records of impregnations, which products he may have also been taking his time to groom in securing a better peaceful and successful living.

And the big question is “Was Evans truly in hiding?” The pictures of the houses displayed as his cannot be said to be located in isolated places. The two buildings so far revealed were sandwiched amongst other clusters of buildings on popular streets where a good number of people also have their residences. It is also expected that for one reason or another, people of such communities should meet to deliberate on mutual interests.

In the likelihood that Evans’ houses suddenly appeared at the locations or were bought as completed buildings; then the excuse of members of his community not knowing him well enough may be tenable. But for the special and costly taste of some items found in one of the houses, there is no gainsaying that Evans must have done some painstaking personal supervision in customising his home to suit his rich taste for materialism. And at the different times of such supervision, they could not have been carried out with Evans wearing a hood or mask over his head or face respectively.

In earnest, if ours was truly a society where everybody minded his or her business, the now revealed communal un-mindfulness or unheard quibble objections to the communal acceptance of an unscreened Evans would have made more sense: But nay.

Unfortunately, ours is such a hypocritically gossiping society.

Day in, day out, several hours are spent gossiping at work, homes, religious and social places, and people have lost the moral essence of finding out the truth about their subjects of gossips or presumptions. Instead of creating a greater bond and trust from inquisition about the truth in each other, we are trapped in the opaque view of our desires for others and bigoted alienation.

As in the case of Evans, some persons may have made snide

THE OTHER COMPELLING REASON A PERSON LIKE EVANS CAN REMAIN UNNOTICED IN OUR SOCIETY IS BECAUSE EVEN THE POLICE ARE NOT LOOKING FOR CRIMINALS AMONG THE RICH

remarks as to why his home is like a fortress. After all a house that is so tastefully furnished, commencing from the gate, with two sound-proof electricity generating sets to serve just a single family occupants, who are obviously not also using such residence as a production factory, ought to stir up some ‘digging deep’ beyond mere gossip. But where can any genuine inquisitor go for updated personal information in a country so far lacking a single credible repository of citizens’ information?

However, the other compelling reason a person like Evans can remain unnoticed in our society is because even the police are not looking for criminals amongst the rich ones. Before now, anything suggestive of Evans as a criminal would have been hastily discarded because he would be considered too rich and ‘blessed’ to fudge with such demeaning acts like kidnapping or armed robbery.

Furthermore, a celebrated chieftaincy title; a prominent member of a notable religious body; the deployment of some policemen as personal guards; or access to a political power through warped elections are all venerated means of avoiding the Nigerian security radar. Essentially, the wielding of political power comes with added means of sluicing justice because it allows even a suspect to carry-on with more gusto.

Even now, anybody presuming that the arrest of Evans would deter other prospective kidnappers is definitely not working with obvious facts. A lot of young ones have heard him mention the mind-boggling ransoms he has collected at different times and places. For such young ones, while understanding that kidnapping is not a mind-candy game, but the lure has its stronghold on our criminally ravaged and economically suppressed non-empowering society.

Added to the foregoing is another constantly alluring deceit.

The mind keeps pounding with the instruction ‘Just undertake the needed few criminal acts and straighten out afterwards into a more criminal-free life’. In this regard, a lot would now blame Evans for staying on too long after making a handful of astounding successful heist.

Truly, all the sins of Evans would have remained forever buried if he had since stopped kidnapping to make a political heist into any political position: preferably one of the high profile political positions where justice is scared to visit.

But so long as the Nigerian justice system or the police service would keep looking for criminals amongst the poor, there will be so many palatial buildings and venerated institutions to provide cover for numerous Evans, and our society keeps providing a heaven for criminals while ensuring that the cookies or criminals never get crumbled.

FOUNDATIONS FOR A NEW NIGERIA (1) Jide Loye writes that Nigerians should be actively involved in politics As soon as any man says of the affairs of the State “What does it matter to me? The State may be given up for lost” - Jean-Jacques Rousseau, the Social Contract.

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hat makes a society a decent society and how do we ensure we get the best people to run the affairs of our country?

Without the right mix of people leading our country, I am afraid the Promised Land may take a very long time to reach. We have more than enough capable hands in Nigeria; however, they appear reluctant to come forward. Two thousand years ago, Aristotle observed that “Man is a political Animal”. He was not just referring to men. He was referring to both men and women. So why is that when it comes to political participation, we are short of capable men and women in a country with a population of about 188 million? It can’t continue like this. We need to take some proactive steps to turn this appalling situation around.

It has been argued that political participation is driven primarily by innate motivation relating to one’s belief that one can lead, govern or influence government. How do people participate in politics?

Political participation can be grouped into two headings –conventional participation which is the traditional ways of influencing the government, namely voting, joining a party, campaigning, actively supporting a party and even running for office. The unconventional participation is the employment of non-traditional methods; for instance, an attempt to influence or challenge the government through civil disobedience, peaceful protest, violent protest and other deviant ways. I am focusing on the conventional type of participation since I believe Nigeria needs more of her capable citizens to come to her rescue. If we want to make a difference in our community, state or country then there is no better way other than joining a party and becoming more

actively involved. Nigeria needs more noble and capable people to run its affairs.

In reality though, the degree to which one is actively involved in politics depends on one’s social economic class, political ideology, family, education and the skill to deal with individuals from different social backgrounds. However, the vast majority of Nigerians are poor, uninformed, unemployed and struggling to survive. So it is not surprising that the level of political participation is Nigeria is abysmally low when we were told by the Independent National Electoral Commission (INEC) that about 67.5 million were registered to vote in the 2015 general elections in country of about 188 million.

And out of the 67.5 million registered voters about 30 million actually voted.

What is even alarming is that with the apparent pervasive hardship and inequities in the last 20 years in Nigeria, one would have expected a higher percentage of highly educated elite from noble background to participate more in the running of the affairs of our country. But sadly, they have chosen to sit docile, remain silent and somewhat unperturbed with all the happenings in the country. As it is, it may appear challenging to envisage a better Nigeria, let alone how to go about actualising such a vision.

The answer can only be for more of us to become actively involved in politics, A close look at our political culture with regard to active participation reveals that most Nigerians generally regard party membership as unimportant.

Whilst they are not actively engaged in politics, they can be found on social media - Facebook, Chat forums, online tweeters, public places and such, strongly expressing their views about Nigeria but fail to join any political party and participate constructively. These kinds of ineffective nonelectoral participation cannot achieve much. This phenomenon reflects a lackadaisical and apathetic attitude towards how our country is governed. Such attitude lacks good sense since the more politically docile the people, the worse will be the quality of

our governance and thus allowing for mediocre leaders to emerge.

Also, paradoxically, it seems a lot of these educated, enlightened, social media bloggers, online tweeting Nigerians who have strong views about how Nigeria should be governed see no nexus between not getting actively involved and the appalling state of affairs. It is as if they fail to realise or refuse to accept, that the so called “uncouth”, good for nothing”, retrogressive, “semi-illiterate embezzlers, dollar hoarding politicians are the ones controlling the affairs of the nation. The noble, honest and capable citizens who could make a huge and positive impact on the governance and development of our country appear to not realise that by not getting involved in politics especially in a developing nation like ours comes everything that is bad.

Furthermore, women participation in Nigerian politics is extremely unimpressive. There are relatively few women prominently active in politics.

The reason for this phenomenon is our culture’s condescending view on women’s capabilities. In Nigeria, our culture does not encourage women to go into politics. They are culturally assigned to cater to the needs of their husbands and children.

Nigerian girls are at disadvantage when it comes to access to basic education. A lot of our young girls are prevented from furthering their education due to poverty, teenage pregnancy and early marriage.

For example, in the Northern part of the country, women are less likely to attain a high level of education. They are generally less educated than their male counterparts. The few ones that have managed to scale the barrier are voiceless and not expected to be heard.

However, a few countries in sub-Saharan Africa namely Rwanda, Mozambique, South Africa and Tanzania have raised the bar. They have done considerably well by having more than 30% in their parliaments but Nigeria has a bad record. Nigeria, the so called “Giant of Africa,” has less than seven per cent of women in the House of Representatives

and the Senate. In the 2015 general elections, the percentage of women who participated was not up to 10% of the total candidates that contested.

And less than seven per cent were elected to both the National Assembly and the Senate. As a nation should we not be encouraging women to take an interest in politics and entering onto the political platform?

It is recommended that the government should employ a type of gender quota system to increase the number of women in government. It can be done! The president should appoint capable women to meet the National Gender Policy’s 35% recommendation. The National Gender Policy (NGP) recommends at least 35% affirmative action for both elective political positions and appointive public service respectively but that has not been the case.

For a better Nigeria, education for girls should be made a priority; more women should be encouraged and empowered to make political and public life a career. Let’s just do the right thing! It will go a long way. No more lip service from the government but action, sustained action.

It is time to recognise and accept that joining a political party and becoming more actively involved in politics will significantly improve the quality of our society. Being a citizen who is politically ignorant; or who criticises on social media and votes in elections but does not participate actively in politics; or who goes to bars, lounges, beer parlours complaining about Nigeria; or who goes to churches, or attending holy ghost night vigils looking for miracles, listening to their pastor telling them that “it is well with them”, and that their miracle day is coming, “and that complete restoration is nigh”, will achieve nothing. Why expend a lot of energy criticising politicians and political affairs and engaging unproductively when individuals could use that energy more productively by participating actively in politics.

Loye, a legal consultant on laws of war, wrote from Abuja

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T H I S D AY Ëž ÍŻÍˇËœ Í°ÍŽÍŻÍľ

EDITORIAL THE POWER SECTOR CHALLENGE Electricity shortages should be addressed in a holistic manner

A

fter four years of privatisation, majority of Nigerians have come to the inescapable conclusion that the exercise was not the silver bullet to our electric power challenges.

The process, which countries such as India, Singapore and a host of other emerging economies had successfully used to reset their electric power challenge is proving too difďŹ cult to be applied effectively on our shores. Instead of generating, transmitting and distributing enough megawatts of electricity to homes and industries across the country, what we get almost on a daily basis are excuses from the authorities.

To compound the problem, hardly a week passes without either the 26 electricity generation companies (Gencos), the 11 distribution companies (Discos) and the lone transmission company (TCN), which is still within government’s control, passing the buck. At the receiving end most times are the Discos which represent the direct link with the consumers. They have been accused of investing little or nothing to improve their networks and THE TCN HAS BEEN services since they UNABLE TO WHEEL MORE took over. They have THAN 5074 MEGAWATTS also been called out OF ELECTRICITY—WHICH for failing to take REMAINS THE COUNTRY’S more power from the HIGHEST GENERATED grid to their customers, and therefore AND TRANSMITTED POWER—ON THEIR 330KV increasing the volume of power stranded at TRANSMISSION LINES the Gencos. Even in ACROSS NIGERIA market transactional practices, the Discos are often said to have little regard for rules and obligations as rightly spelt out.

However, while the foregoing points may be valid, it is also true that other stakeholders in the power sector, including—if not especially—the federal government, have contributed to the challenge of electricity supply in Nigeria. Indeed, with the exception of maybe the

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2017 BUDGET AND NEEDLESS DISTRACTION

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Gencos which have clearly made investments and commitments to improve their capacities, all other players have leveraged several loopholes in the sector to get off their responsibilities to the detriment of the Nigerian consumers.

For instance, the present confusion in the market which has forced the federal government to put out about N701 billion payment guarantee fund for the Gencos as well as negotiate with the World Bank to create a recovery plan, was fostered by the initial disposition of the current administration that saw nothing good in the power privatisation exercise of the Goodluck Jonathan era, and was at best confused about what to do with it. Instead of working to improve on what they met on ground, they opted to waste time by staying action on critical policy decisions for the sector.

Added to the problems was the fact that it took the government more than a year to appoint a board of commissioners for the Nigeria Electricity Regulatory Commission (NERC) after the tenure of the last board had expired. The lag on regulatory tasks that was created by this singular act is immeasurable as evidenced in the workings of the market. Also, up till now, one of the fundamental challenges of the industry is the non-completion of the gas market privatisation.

Similarly, the TCN has been unable to wheel more than 5074 megawatts of electricity—which incidentally remains the country’s highest generated and transmitted power so far—on their 330KV transmission lines across Nigeria. There were also reports that the quality of power transmitted by the TCN is poor and sometimes rejected by the Discos to protect their distribution equipment and consumers’ gadgets. To worsen matters, the government has frequently ďŹ ddled with the statutory exercise of allowing for a cost-reective tariff for the market to encourage further investments and growth.

Given the foregoing, putting all the blame of the power sector on the Discos, as the authorities seem to be doing, is neither right nor is it the correct way to address the challenge of a sector.

t is no longer news that Acting President, Professor Yemi Osinbajo has signed the N7.44 trillion 2017 Appropriation Bill into law. Prof. Osinbajo signed the budget inside his conference room at Aso Rock, Abuja, in the presence of Senate President, Bukola Saraki; Speaker of the House of Representatives, Yakubu Dogara; Deputy Senate President Ike Ekweremadu; Majority Leader of the House of Representatives, Femi Gbajabiamila; Federal Ministers, the Chief of Staff to President Muhammadu Buhari, Abba Kyari; and other top government officials.

With the signing of the 2017 budget into law, the federal government will authorise the release of N7.441trillion from the Consolidated Revenue Fund. Out of the amount, N438 billion will be for statutory transfers, N1.8 trillion will be for debt service, N177 billion will be for a Sinking Fund for maturing bonds, N2.988trn for recurrent non-debt expenditure while N2.178trn will be for contribution to the development fund for capital expenditure, exclusive of capital expenditure in statutory transfers for the year ending on December 31, 2017.

For a nation that is currently experiencing tough economic challenges, the signing of the budget should, no doubt, be cheering news.

It is expected that swift implementation of the budget would improve the economy, reduce unemployment and improve infrastructure across the country.

Meanwhile, it is important to reflect on a particular issue that one feels was an unnecessary distraction in the whole 2017 budget signing narrative. Nigerians were still heaving a sigh of relief that the 2017 appropriation bill has, at last, been signed into law, only for Senior Special Assistant to President Buhari on Media and Publicity, Garba Shehu, to bring in a rather pointless angle to the subject.

According to reports, Garba Shehu in a statement confirmed that his principal had asked Osinbajo to assent to the budget. The statement

reads: “Following the receipt of a full brief on the 2017 Appropriation Bill as passed by the National Assembly, and to buttress the unity at the highest level of government, President Muhammadu Buhari has indicated that it is in the interest of the nation’s economy for the Acting President, Professor Yemi Osinbajo, to sign the Appropriation Bill into law�.

Now, the question is: of what essence is this information and what actually is the intention of Garba in issuing the statement? Though Garba sneakily pretended to be deploying his statement to highlight “the unity at the highest level of government�, he, no doubt, has other intents.

And, perhaps, part of these other aims might be to present the acting president as a lame duck who cannot perform such a routine task as signing a budget except he takes order from the president.

Really, things happen on the corridors of power! Several political manoeuverings that neither add value to governance nor improve the well-being of the people take place on the power corridor all for the sake of relevance and self-preservation.

Till date, President Buhari has demonstrated his resolve to stick to constitutional provisions with regard to transmitting power to his deputy whenever there is a need for such. But then, it should not be surprising if some of the president’s aides are not too comfortable with this. So, it wouldn’t be odd if they engage in acts that might sometimes undermine the acting president’s sphere of influence, albeit surreptitiously.

Garba’s ostensibly harmless statement falls perfectly into this picture.

Part of what Garba wanted to achieve through the statement is to divert attention from the main issue, which in this case is the signing of the budget by the acting president.

Tayo Ogunbiyi, Ikeja, Lagos

ECONOMIC POTENTIAL OF TRAILER PARKS

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t is usually mentioned that a legitimate business of about N900,000 has been transacted if a trailer (articulated vehicle) load of goods moves from Lagos to any major city in the far northern states.

What is of importance here is that, at the near-snail pace at which these trailers move, they must of necessity spend a good chunk of a week on the road. Therein lies the great potential for doing business. Trailer drivers and driver helpers (motor boys) are known to be heavy spenders because, in addition to the legitimate waybill, underground “sharp� haulage businesses exist to ensure that the drivers and motor boys augment their pay and have enough money to spend on their often perilous and lonely journeys. It is known that wherever these drivers and motor boys make as their truck-stops, such place experiences a boom in business activities and an up-tick in social life, often on a disorganised scale. This boom and up-ticks are what state governments should help organise so that the oft-romanticised “trailer parks� that form in the consciousness of many Nigerian travellers would become veritable business centres that would draw in revenues for the host state government. State governments interested in this idea should build very expansive parking lots for these heavy duty vehicles off the shoulders of major expressway at designated locations within the boundary of the state whence trailers that have repaired for a long rest would be charged bearable parking fees and their drivers and entourage encouraged to lodge in clean, self-contained rooms. Any such inviting environment would ensure that the drivers and their entourage spend “a little� over there before moving on. Such rested bodies and minds would have minimal propensity to be involved in road accidents.

Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna

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T H I S D AY • MONDAY, JUNE 19, 2017

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

POLITICS

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

What Buhari Has Done Right?

Earlier this month, we considered some of the policies introduced by the administration of President Muhammadu Buhari which helped neither his government nor the people. Tobi Soniyi now considers his government’s noteworthy efforts

Buhari... right to make fight against corruption a priority

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lthough, there are a lot of issues the present administration has failed to handle properly, there are areas in which it has done well and deserved commendations. We have identified twelve of such lofty deeds of the administration.

1. The Problem is Corruption, not Restructuring President Muhammadu Buhari is correct in his diagnosis that the problem with Nigeria is corruption and not restructuring. Although, many disagreed with this diagnosis, the president in our view, is right in disregard. The agitation for restructuring became widespread and loud following the failures of successive governments to deliver on their promises.

The irony of the call for restructuring is that those who participated in looting the country are today joining the restructuring call. Buhari rightly, in our view, made the fight against corruption one of the main priorities of his administration. The president is right to do so because Nigerians agreed that corruption remained endemic and has continued to hamper the development of the country.

The United Kingdom based Chatham House, the Royal Institute of International Affairs in a recent publication titled, ‘Collective Action on Corruption in Nigeria, a Social Norms Approach to Connecting Society and Institutions’ stated that close to $400 billion

was stolen from Nigeria’s public accounts from 1960 to 1999 and that between 2015 and 2014 some $182 billion was lost through illicit financial flows from the country.

The report said: “This stolen common wealth in effect represents the investment gap in building and equipping modern hospitals to reduce Nigeria’s exceptionally high maternal mortality rates-estimated at two out of every 10 global maternal deaths in 2015, expanding and upgrading an education system that is currently failing millions of children; and

One may disagreed with his approach, but you can not fault him for making the fight against corruption a priority. If all the monies stolen from the country had been spent on the projects for which they were budgeted, perhaps no one will be calling for restructuring today.

procuring vaccinations to prevent regular outbreaks of preventable diseases.”

One may disagreed with his approach, but you can not fault him for making the fight against corruption a priority. If all the monies stolen from the country had been spent on the projects for which they were budgeted, perhaps no one will be calling for restructuring today.

In view of this high level of corruption in the country, many supported Buhari because he promised to be tough on graft compared to his opponent who believed that petty stealing, and not corruption was in vogue. True to his words, the president did not disappoint.

Many arrests were made. Prosecution is ongoing in many courts while some have voluntarily returned money they stole. All this reinforced the position of the president.

2. Fixing the Oil industry The government has had a mixed bag of accomplishments in the oil and gas industry of the country since it took over.

On one hand, it has done quite well in rectifying and fixing prevalent industry ill practices such as corrupt subsidy on domestic consumption of petrol which had eaten deep into the country’s purse, but failed on the other hand to leverage the huge goodwill it initially got from the country’s populace to deregulate the downstream petroleum sector and allow the market forces determine the real pump prices of petrol at service stations.

Instead, it opted for what it called ‘price modulation’ which was another term for fixing pump prices and now appear to have backfired on it as most of the oil marketers in the country have left the practice of petrol importation for the Nigerian National Petroleum Corporation (NNPC) alone to bear, a burden Minister Kachikwu said was beginning to weigh in on the corporation.

Also, the government negotiated and got a $1.7 billion discount on arrears of cash call it owed international oil companies (IOCs) who are into joint venture (JV) operations with it in crude oil production.

The cash call debt was subsequently reviewed downwards to $5.1 billion from $6.6 billion, and parts of it would be paid back on the basis of incremental production volumes from new oil fields, while an exit agreement was signed by the NNPC and the IOCs. Under the new arrangement which came into effect following the signing of the agreement between the NNPC and the IOCs JV partners, the entire NNPC equity oil and gas revenues would now to be paid directly into the Federation Account.

Hitherto, competition from other appropriated items of expenditure in the federal government’s budget has always limited the deduction of technical cost required to fund the cash calls on monthly basis.

It is then expected that execution of this CONT’D ON NEXT PAGE

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POLITICS

MONDAY DISCOURSE W H AT B U H A R I H A S D O N E R I G H T ? service to openness and transparency. The administration should push the National Assembly to enact the policy into a law.

agreement would end the long standing cash call challenges that have impacted the Nigerian oil and gas industry over the years.

With this arrangement, the federal government will continue to receive royalties, taxes and profit from its equity share of JV oil and gas production while the cost of operation is deducted upfront.

The agreement also provides that the outstanding cash call arrears will be repaid within a period of five years through incremental production revenues without impacting the established based production revenue.

Further reforms in the business processes of the NNPC have also taken place with the corporation now pushed to regularly open its operational and financial books every month for stakeholders to review and track its operations.

The government has also set a target to exit importation of petroleum products and has set in motion processes to revamp NNPC’s derelict refineries in Port Harcourt, Kaduna, and Warri, through a mix of equity finance for repairs, and use of Original Refineries Builders (ORB), and co-location of greenfield refineries alongside the existing ones.

3. Power Sector Reform Asides the recent initiation of a recovery plan – the Power Sector Recovery Programme, with the World Bank which would also invest millions of dollars in the electricity market, and the approval of a N701 billion loan to the Nigerian Bulk Electricity Trading Plc, to guarantee payment for power produced by generation companies (Gencos), the government has done very little to improve the lots of the country’s privatised electricity market.

It recently opted to declare the ‘eligible market’ regime, a legal framework that would allow Gencos sell their stranded power to any willing consumer in the market.

Though the move has been rather controversial especially on the basis of arguments by distribution companies (Discos) that the market had not attained the level of competition needed to sustain the eligible market regime, Gencos have welcomed it as the necessary tonic to help the market pivot and engender competition for improved efficiency.

4. Addressing Security Challenges Before Buhari was elected president, Boko Haram had taken over some states in the north-east and hoisted its flag in the states. Governors of the affected states were administering their states from other states.

Today, the governors are back in their states.

In case we have forgotten, while Dr Goodluck Jonathan was president, the Federal Capital Territory became so unsafe. No one knew where the next bomb would explode and people became very apprehensive. Security agencies including the Nigerian Army had to erect concrete wall to protect themselves.

But today, such concrete barriers had given way. Residents of FCT are no longer looking over their shoulders. This is to the credit of the present administration. No one should underestimate the importance of security in a country like ours or any country for that matter. The president has done very well in this regard. If there is any issue both supporters and adversaries of the present administration agreed on, it is that it has done well in tackling the security challenges.

5. The Agriculture Promotion Policy (20162020) of the government if implemented strictly promises to reduce dependency on importation and save foreign exchange.

Previous governments paid lip services to diversifying the economy and reduce the country’s dependence on oil. However, only the Buhari’s administration has shown enough commitment to following through on this. The Anchor Borrowers Programme” (ABP) for rice farmers has already yielded promising results. The program was designed to assist small scale farmers to increase the production and supply of feed stock to agro-processors. The programme which was launched in November 2016, initially targeted 14 states of Kebbi, Sokoto, Niger, Kaduna, Katsina, Jigawa, Kano, Zamfara, Admawa, Plateau, Lagos, Ogun, Cross-Rivers and Ebonyi for rice and wheat farmers to

10. Dumping Confrontation for Dialogue in the Niger Delta Another sensible policy was the decision to abandon military option for dialogue in the resolution of the Niger Delta crisis. It appeared the government came into office with a view that it could use military to solve every political problem. There was an apparent militarisation of the system. But, when it appeared that force alone would not solve the problem, the government changed tactics. Apart achieving a relative peace in the Niger Delta, all Chiboks Secondary School Girls recorded so far were the direct result of negotiation and not force. In view of the success recorded so far with dialogue, the present administration will be well advised to engage those seeking their own republic.

It is not a sign of weakness to negotiate, rather it shows that the government is one that listens.

Osinbajo....determined to simplify doing business

advance their status from small holder farmers to commercial or large growers.

The underlying principle is to diversify the economy by addressing local production of agricultural products. Speaking at the launching of the new agric policy, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh said in the vision was to revive agric sector to boost food production in the country. According to him, the policy will serve as the new fulcrum for economic diversification inclusive growth and sustainable development in the sector.

Besides, contribution of agriculture to the economy has been on the increase since the president took over power.

6. Introduction of Treasury Single Account Although the Treasury Single Account (TSA), was not the idea of the president, his commitment to its implementation helped the government to block a lot of loopholes. Despite

On one hand, it has done quite well in rectifying and fixing prevalent industry ill practices such as corrupt subsidy on domestic consumption of petrol which had eaten deep into the country’s purse, but failed on the other hand to leverage the huge goodwill it initially got from the country’s populace to deregulate the downstream petroleum sector and allow the market forces determine the real pump prices of petrol at service station

the devastating poverty past governments were unable to block wastes. A full TSA regime ensured that not less than N3 trillion which would have disappeared without trace was saved. The closure of all multiple accounts in ministries, departments and agencies of government helped in blocking wastes.

7. Retaining Good Policies One of the developmental challenges the country has consistently failed is lack of continuity in implementation of government policies. One of the mistakes of the Umaru Musa Yar’adua administration was to revoke some of the policy directions initiated by the administration of Olusegun Obasanjo.

As stated earlier, the TSA was not Buhari’s idea but he implemented it religiously because he was convinced that it was good for the country. He did not only retain the deregulation of parts of the power sector, he also sustained it because he believed that it was the proper direction to follow.

In agriculture, some of the policies put in place by the Jonathan’s administration were sustained. An example is the e-wallet system for fertilisers allocation and distribution.

Continuing with good policies inherited from past administrations is a good policy option that investors like to see.

8. Infrastructures Development The administration of Buhari has shown serious determination to invest in infrastructural development.

A whopping N1.2 trillion had been released for capital expenditure in the 2016 budget the single largest of such budgetary allocation in the history of the country. This explains while many of the road projects abandoned by previous government were resuscitated and are now ongoing. The government has shown uncommon zeal in reviving railway in the country. In this wise, it has continued with the 3500 kilometres network narrow-gauged railway project. The Abuja-Kaduna railway line is another example.

9. Introduction of the Whistle blowing Policy.

Although this is yet to have a legal backing, the policy has already yielded results with recovery of huge sums of money hidden across the country. The policy isn’t perfect yet but observers believe that it is a right step in the right direction. It also proves that government isn’t not just paying lip

11 Ease of Doing Business Too many regulations, multiple taxation among others remain impediments to investments in Nigeria. But for the first time, the government is serious about addressing the problem and the private sector is beginning to take note. The president in August 2016 inaugurated the Presidential Enabling Business Environment Council with the vice president as chairman. The council has successfully introduced measures that promised to make doing business a lot faster, if consistently implemented. Notable among these measures are: Intending business owners can now search for company names on the website of the Corporate Affairs Commission (CAC); they can now upload their registration documents directly to the website of the CAC; reduced the role of lawyers in business registration documents; and the introduction of a single form for company incorporation to save time and reduce cost.

Other reforms are also being put in place to make it easier for business men and women to get Nigerian visa while the process of clearing of goods at ports is also being simplified.

Goernment’s agencies that inspect products and goods have been mandated to reduce the number of days needed to carry out the inspection.

12. Social Investment Programme The Buhari administration introduced a Social Investment Programme (SIP) with four components. Although, the programme isn’t far reaching enough, it is a good straying point. have now taken off. The government described it as the “largest and most ambitious social safety net programme in the history of Nigeria”.

Details released by the government, which have not been independently verified so far show that more than 1 million beneficiaries have been recorded so far —200,000 N-Power beneficiaries (160,000 of them have had their details validated and are now receiving the monthly N30,000 stipend, while the rest are undergoing verification.

3,162,451 people belonging to 26, 924 registered cooperatives have been registered for the Government Enterprise and Empowerment (GEEP) Scheme. 57,234 interest-free (except a one-time low administrative fee) loans have been issued, across 28 States and the FCT. 56% of loans so far disbursed has gone to female beneficiaries.

1,051,000 Primary School Pupils are currently benefiting from the Homegrown School Feeding Programme (HGSFP), in 8,587 schools across seven States. More than 11,000 cooks have been employed for the HGSFP. Government also claims that “under the Conditional Cash Transfer (CCT) Programme, 26, 942 beneficiaries are now receiving the monthly N5,000 stipend in 9 States and 84 Local Government Areas. The States are Borno, Cross River, Niger, Kwara, Ekiti, Kogi, Oyo, Osun and Bauchi.

If targeted at the right people, the SIP offers a lot of hope in poverty alleviation.

However, to have the desired impact, the federal government should encourage states to key into it

T H I S D AY • MONDAY, JUNE 19, 2017

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POLITICS

Ambode’s Two Years in the Saddle At a time when many thought they had seen the height of credible governance in Lagos, Akinwunmi Ambode, in the last two years, has succeeded in raising the bar, writes Segun James

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olitics in Nigeria means many things to different people. For some, the platform presents an opportunity to meet the expectations of the people who have given them the mandate to serve. But for others, it is a once-in-a-lifetime opportunity to get their share of the national cake.

Certainly, Lagos State Governor, Mr. Akinwunmi Ambode, falls in the first category. His track record since inauguration into office 24 months ago has become a reference point in good governance in Nigeria.

Not many would recall his perceived slow start in the first three months of his administration. There was a general feeling among many Lagosians that the shoes left behind by his predecessor, perhaps seemed too big to fill. But the governor explained that the slow start, was to enable him understand the terrain and tailor out his strategies to change the face of Lagos forever.

For him, the task of governing Lagos was not a 100-metres dash that required hasty decision making, but a four-year journey that would require careful, thorough and coordinated policy and decision making as well as careful execution.

It did not take too long before he began to exhibit his leadership acumen and a man who was not occupying an office by chance.

Hence, six months into his administration, the travails of the first few weeks in office, became a thing of the past.

In the last two years, the story has become even better. Determined to better his first term scorecard, the governor wasted no time in setting the ball rolling in his second term.

One sector which Ambode’s administration has become synonymous with is the area of security. For him, the huge investment in providing equipment and adequate welfare for security agencies was worth the while and his administration therefore would stop at nothing to ensure the state remains safe and secured for residents and investors.

An issue that was a recurring menace in the state was the case of land grabbers, popularly known as ‘OmoOnile’ who for long had posed a huge security threat to land owners and property developers in the state and the present administration was determined to stop them in their tracks.

This was core reason that made the governor sign the Lagos State Properties Protection Law, otherwise known as the Anti-Land Grabbing Law in August 2016, which for many represents a crucial and commendable step in the efforts to deter what has become the state’s biggest threat to land development.

Still in an effort to improve on security in the state especially in the communities, Ambode same day, signed the Lagos Neighbourhood Safety Corps Law. On March 27, 2017, the corps was officially inaugurated by the governor at the Agege Stadium with a total of 177 cars and vehicles equipped with necessary communication gadgets, 377 motorcycles, 377 helmets, 4,000 bicycles, metal detectors for ensuring that illegal weapons are not smuggled into public places, among other operational equipment handed over to the corps for effective community policing. The governor’s commitment to security did not go unnoticed. In South Africa, the ever-efficient Rapid Response Squad (RRS), was awarded the Best Anti-Crime Police Squad in West Africa. Overall, Lagos was awarded the Best Security and Most Safety Conscious State in Africa.The appreciable level of peace and security in the State has in no small way given opportunity for massive development to take place.

His passion to decongest traffic especially in the metropolis has seen some innovative strategies that have, in no small way, reduced travel time motorists spend on the roads.

From Oworonshoki to Ketu Alapere to Ojodu Berger, the story has changed for good. In

Ambode...proved skeptics wrong

Berger, Ambode has engineered what many describe as a total transformation. With two pedestrian bridges measuring 98 metres, lay-bys and slip road, the once notorious Ojodu Berger, the gateway into the state, has become the symbol of free flow of traffic.

The governor alongside his team had visited the area a few months after the inception of his administration having identified the axis as one of the major traffic flashpoints that required urgent attention.

In September 2016, the 114 inner roads which the governor promised would be delivered every year were commissioned across the 20 local governments and 37 local council development areas in the state.

The Alapere slip road and laybys which has greatly reduced the traffic congestion within the Alapere- Iyana Oworo axis followed an earlier intervention in the popular Oworo bus stop outward Third Mainland Bridge which was once synonymous for regular gridlock especially during peak period.

However, out of the major interventions in the area of traffic reduction, the Ajah and Abule-Egba flyover bridges stand tall.

Christened ‘Jubilee Bridges’, aside a record time of completion, the state government has with both projects opened up the state for further economic opportunities as ime lost

There was a general feeling among many Lagosians that the shoes left behind by his predecessor, perhaps seemed too big to fill. But the governor explained that the slow start, was to enable him understand the terrain and tailor out his strategies to change the face of Lagos forever.

in traffic has reduced drastically.

The Ajah Bridge, completed within a space of 10 months is a 160metres long dual carriageway with total length of 620metres, while the Abule-Egba Bridge is measuring 1.3km with a water fountain that has become the cynosure of all eyes in the area. The governor said the construction of the bridge was the beginning of a process to transform the axis to the new economic hub of the state adding that the ongoing Bus Rapid Transit (BRT) lane from Oshodi to Abule-Egba would be followed by another BRT lane from Abule -Egba to Ogun State border.

But Abule- Egba residents have course to haeave a sigh of relief as beyond the bridge, the governor had given his word that all adjoining roads disrupted in the course of the construction of the bridge had been awarded for rehabilitation.

To complement the infrastructural interventions to reduce traffic, Ambode has also perfected plans to phase out the yellow commercial buses popularly known as ‘Danfo’ under the Bus Reform Initiative.

The initiative is a three-year plan aimed at introducing over 5000 air-conditioned buses to replace the danfo buses, which many agree are no longer befitting for the State’s mega city status.

The initiative aimed at giving Lagosians an integrated public transportation system is expected to kick start this year, and it would provide a viable alternative for residents to commute easily within the State.

The housing sector has also receied serious attention from Ambode’s administration. The decision of the State Government to reshuffle its housing initiative under the Lagos Housing Mortgage Scheme (Lagos HOMS) has brought a new dimension to making home ownership much easier and flexible.

In December 2016, the government flagged off its Rent-to-Own Scheme. The initiative offers prospective beneficiaries the opportunity to pay the required five percent of the value of the housing unit as commitment fee while the balance is spread over ten years. The scheme is specifically developed for low and medium income earners.

Every month, the government hands over keys to 200 allottees of various schemes spread across. To ensure the scheme runs seamlessly, the state has a pool of 4,355 homes available

under the policy in five estates including Sir MichealOtedola Estate Odoragunshin, Epe; Oba Adeboruwa Estate, Igbogbo, Ikorodu; Choice City, Agbowa, Hon. Olaitan Mustapha and Alhaja Adetoun Mustapha, Ojokoro, while a total of 12 schemes have been earmarked for the policy.

Like the housing sector, the environment sector is also to witness a massive turnaround courtesy of the proposed Cleaner Lagos Initiative.

The initiative embedded under the Environmental Management and Protection Law which the governor signed earlier this year,is expected to go a long way to secure the public health safety of residents most especially children.

Under the initiative, the commercial sector would be serviced by licensed waste management operators while an environmental consortium will provide waste collection, processing and disposal services for residential properties through a long term concession.

The health sector has also continued to witness massive infrastructural upgrade.

In February, at least 14 primary health care centres across the state were upgraded to run a 24-hour service, while other existing centres were also equipped to cater for the health needs of residents especially at the grassroots.

It was within the same period the governor commissioned the first state owned Helipad for medical emergencies at the Lagos State University Teaching Hospital (LASUTH). This facility would come in handy to evacuate persons with health challenges from areas that are not motorable and where time is of essence.

In the education sector, a significant level of development has also been recorded. Ambode approved N15.5million as seed funding and grants for university entrepreneurs under the Ready. Set. Work initiative as well as training of 422 graduates on entrepreneurial skills.

So far, in the last one year, over N11.5 billion has been expended on improving infrastructure in schools across the state. While about 79 public schools were renovated, 16 schools were fenced, six new classroom blocks were constructed and 707 double-bunk beds and 469 mattresses were supplied to boarding schools, among other projects executed.

The construction of three new world class model blocks of classrooms in public secondary schools has also begun in earnest and other several educational projects all in a bid to improve the standard of education.

Tertiary institutions are also not left out as the Ambode administration has invested massively to upgrade infrastructures within the campuses of the state-owned institutions and there are plans to do more.

The repositioning initiated and sustained

by Ambode are already yielding result with the recent ranking of Lagos State University (LASU) as the best state university in Nigeria in 2016 by the National Universities Commission (NUC). Also, after several years of waiting, LASU secured full accreditation of its Faculty of Dentistry by the Medical and Dental Council of Nigeria, the first state university to do so in Nigeria, among other numerous achievements, while as we speak, Governor Ambode is perfecting plans to construct a 6000-bed hostel within LASU campus in Ojo. In another major fulfillment of the electioneering promises to the people of the state, Ambode launched the N25billion Employment Trust Fund to facilitate access to loan by artisans and entrepreneurs. The aim of the initiative is to boost the informal sector realizing its importance as the next frontier of the Lagos economy. Over N2billion has been disbursed to residents and still counting, while the governor has also launched the N500million Disability Trust Fund to assist people living with disability, among other initiatives aimed at reflating the economy and empowering the people to be wealth creators.

MONDAY, JUNE 19, 2017 • T H I S D AY

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

The buildings burnt down by suspected Fulani herdsmen

Benue and the Unwanted Herdsmen George Okoh writes about the incessant killings by herdsmen in Benue State and what the government is doing about it

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n the first week of May, there were series of attacks on Benue communities

by Fulani herdsmen. The last of them were the deadly attacks on Mbavuur and Mbaya council wards in Logo and Buruku Local Government Areas, where scores of people were killed.

These attacks came on the heels of bloody invasions in Tse-Akaa, Mba’abaji and TseOrlalu in Logo LGA where several residents were killed and several others were sacked by the marauding herdsmen. These attacks have become a daily occurrence that the people of Benue State now sleep with both eyes open.

Unfortunately, the invasion of these hitherto peaceful communities have continued unabated despite the outcry that trailed the unprovoked attacks and killings. Today, majority of the inhabitants of the affected communities have become refugees in their own land, abandoning their large scale farming activities which the people are known for.

Sadly, the people have also been abandoned to their fate. From Makurdi to Zaki Biam, Otukpo to Agatu, it’s the same sad story of bloodletting and devastation that has left hundreds killed, property destroyed, and farmland and food barns razed.

The developments have also affected farming activities in the state. Most farming communities have been deserted. This has left most people in rural communities in

abject poverty and delusion of a possible end to the endless killings.

Regrettably, while the global community continues to reminisce around the recent

Today, majority of the inhabitants of the affected communities have become refugees in their own land, abandoning their large scale farming activities which the people are known for.

Sadly, the people have also been abandoned to their fate. From Makurdi to Zaki Biam, Otukpo to Agatu, it’s the same sad story of bloodletting and devastation that has left hundreds killed, property destroyed, and farmland and food barns razed

genocide in Agatu, which left hundreds of defenceless persons dead, the blood thirsty herdsmen have now bared their taste for blood on Ukum, Buruku and Logo LGAs, regarded as the food baskets of the state.

Benue and, in particular, Ukum and Logo, are known for their massive production of yam tubers and grains sold across the country, but with the attacks the economic fortune of these councils is heading for the rocks. A tuber of yam that was selling in the state before these crises for a N100 now sells for N600 and above.

The frequency of the attacks has kept pundits pondering on the motive of the attacks by the herders. Hardly has a day passed within the said period without reported cases of invasions and killings in parts of the state by herdsmen who have now devised the strategy of occupying any ‘conquered’ community.

It is estimated that over 2,000 innocent people have been killed in places like Agatu, Obagaji, Vaase, Igbongum, Swende, Tsukwa, Ugondo, Tyovgbenda, Ankyor, Chambe and Anawah settlements at Gaambe-Tiev, Dusa villages in Turan council ward, Uzzar, Anyii and several others, in Logo and Ukum LGAs Some of the slain had their heads cut off, some had their legs and hands severed from their bodies while many were shot at very close range. The death toll keeps rising.

These herdsmen usually attack from the

neighbouring state of Nasarawa, Kogi and Taraba with devastating effect.

A month ago, the uproar that greeted the killing of a septuagenarian was yet to die down when another incursion was recorded at Tiza Village in Tombo ward, where Samuel Wayo, a primary School supervisor with Logo LGA was killed along with one Msugh Oriin.

Shortly after that attack, a fresh offensive was also launched on parts of Chambe and Anawah settlements at Gaambe-Tiev in Logo Local Government Area by the marauders. According to an eyewitness, the armed herdsmen stormed the villages, singing war songs, shooting sporadically and razing down houses, huts and food barns in the affected communities.

He said, “like the cases before now, the attack was unprovoked, the armed Fulani herdsmen stormed the settlements shooting sporadically and singing at the same time.”

He stated that over 25 lives were lost in that attack while several others sustained machete cuts and bullet wounds.

Continuing, he said, “As if that was not enough, after chasing the people away, they took over and occupied the affected settlements while some houses and huts were also set ablaze. That is the situation we have found ourselves in this part of the country, we are completely helpless, our women and children are also being tormented and killed almost on a weekly basis. Maybe the Fulanis want

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FEATURES

Ortom...condemns attacks on Benue communities by suspected Fulani herdsmen us to vacate Benue State for them.

“At the moment most of our people are also moving in their numbers from villages adjoining the attacked communities. Majority of them are fleeing to Anyii, the local government headquarters where most of the wounded are also receiving medical attention.”

Reacting recently on the attack on Tse Aondo, Tse Ankyou and Igbogom communities in Ukum LGAs where about 10 persons were killed and scores injured by the marauders, the State Deputy Governor, Mr. Benson Abounu lamented that the state was under the siege of herdsmen despite the genuine efforts of the government to checkmate the unending killings.

The Deputy Governor said the information at the disposal of the government indicated that herdsmen storm the affected communities from neighboring Taraba State.

Abounu said, “these attacks clearly show that we are a state under siege, that is the mildest way anybody can put it. These killings are quite unfortunate, just when you think that the matter had died down one wakes up to news of another ugly attack and killing of innocent people. This ugly trend will no longer be condoned, the bad side of it is that these attackers came in with their cows from neighbouring Taraba State and unleashing mayhem on the people.

“The government is terribly bothered and very worried by these developments and we are not sleeping over the matter, we will not continue to take this, we will soon take stringent measures to check these incessant attacks.”

Governor Samuel Ortom, on his part, lamented that his government was helpless and could not contain the activities of the herdsmen whom he said were killing, maiming and raping women in Benue villages.

Ortom said, “after committing the atrocities they sack the locals from their abode after which they occupy the ‘captured territory’.

“It is a bad situation, everyday you hear how my people are being killed, raped and maimed by these mercenaries; they do not have respect for the rule of law nor for security personnel. The situation has gotten to a point where we will contain the crisis in one community and they would move quickly to another to massacre the people.

“These are wicked mercenaries under the guise of herdsmen who are attacking us and taking over our farmland, I have said it several times that we do not have land for grazing in the state, let them move out of the state if they cannot respect the rule of law and the sanctity of human lives.

“There is a limit to which I can appeal to my people to restrain themselves from reprisal attacks, if all of them are killed then

Burnt houses in Logo LGA by Fulani headers

Buildings burnt down by Fulani herdsmen I might be the next target. We are helpless and if nothing urgent is done we might have a major crisis in our hands.”

After committing the atrocities they sack the locals from their abode after which they occupy the ‘captured territory’.

It is a bad situation, everyday you hear how my people are being killed, raped and maimed by these mercenaries; they do not have respect for the rule of law nor for security personnel. The situation has gotten to a point where we will contain the crisis in one community and they would move quickly to another to massacre the people

However, the governor offered solutions to the crises, one of which was the idea of ranching.

He urged Nigerians to encourage the herdsmen to resort to ranching rather than wild grazing. He said that ranching of cows was the panacea to the lingering clashes in parts of the country.

“The solution to Fulani invasion is ranching,” he said. “There is nowhere in the world where we have cattle moving about except in Nigeria. Why must we live with animals?

How can we continue to spend on security in the midst of recession? We must ranch our cattle. Nigeria must come together to support herdsmen ranching their cattle. The people must also learn to report to security agencies whenever there are issues in their communities. Two wrongs can never make a right. People will begin to be afraid of Benue if we continue in crisis this way. No matter the provocation, we must be law-abiding so that government can fight for us.”

To further press its plan to keep the alleged killer herdsmen in check, the state government recently signed a law enacted by the 8th Benue Assembly prohibiting open grazing of livestock in the state.

Apart from providing for the establishment of Ranches and Livestock administration, regulation and control, the bill also provides that anybody who engages in Cattle Rustling shall be liable, on conviction, for imprisonment for a term of not less than three years or One Hundred Thousand Naira per animal

or both.

Cited as the Open Grazing Prohibition Establishment Law, 2017, the bill was passed after the House considered the report of its Committee on Agriculture and Natural Resources as presented by its Chairman, Mr. James Gbande, in the Committee of the Whole chaired by the Speaker, Mr Terkimbi Ikyange.

Among other things the bill provides that “no individual or group shall, after the commencement of this law, engage in open nomadic livestock herding or grazing in the state outside the permitted Ranches.”

Section 19 (2) provides that “any person or group of persons who contravenes the above provision shall be guilty of an offence and shall, on conviction, be liable to five years imprisonment or One million Naira fine or both.”

The bill also provides for monetary compensation in case of any damage to a property and imprisonment of two years of the livestock owner or manager in case of injury to any person within the State.

According to the bill “where such contravention causes the death of any person within the state, the owner or manager of such livestock shall be guilty of an offence of culpable homicide punishable under the Penal code.”

With the signing of the bill into law, it is a huge relief to residents of the state who have suffered so much due to the activities of the killer headsmen.

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T H I S D AY MONDAY JUNE 19, 2017

T H I S D AY • MONDAY, JUNE 19, 2017

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Quick Takes TBWA Tasks SMEs on Branding, Marketing

NSE-BLOOMBERG CEO ROUNDTABLE

L-R: Managing Director, Okomu Oil Palm Company Plc, Dr. Graham Hefer; CEO, Nigerian Stock Exchange, Oscar Onyema; Chief Executive, Stanbic IBTC Bank, Dr. Demola Sogunle; and Head, Market Structure Strategy, Middle East & Africa, Bloomberg LP, Mrs. Selloua Chakri; during the NSE-Bloomberg CEO Roundtable at the Nigerian Stock Exchange, Lagos…recently

Adeosun: FG Committed to Infrastructure Devt, Economic Diversification Goddy Egene The Minister of Finance, Mrs. Kemi Adeosun has restated the federal government’s commitment to infrastructure development and economic diversification, saying about N200billion was invested on roads in 2016.

Speaking at the third Nigerian Stock Exchange (NSE) & Bloomberg Chief Executive Officer Roundtable in Lagos, Adeosun explained that the N200 billion, which was an increased from the N90 billion spent in 2015, was out of the N1.2 trillion earmarked for capital projects to ensure ease of doing business.

She stated that the government will continue to prioritise infrastructure development to unlock growth potential, noting

ECONOMY that the diversification of the economy would not be achieved without a good transportation system and power supply to improve ease of doing business.

According to the minister, the country was very vast and to actualise her potential, infrastructure development was very crucial for sustainable growth and development.

“For the past two years in Nigeria, the road had been rough in economic terms but the worst times are over and we have the opportunity to grow,” she said.

Adeosun stated that Nigeria cannot rely on oil to grow, explaining that oil contributes 10 per cent of the gross domestic product (GDP) and 60 per cent of the government’s revenue.

She said: “The President Muhammadu Buhari-led administration has an ambitious but fundamentally different vision for this economy and much has been said of our over reliance on oil. We believe that Nigeria is an oil-plus economy and I repeat that the statistics of oil is 10 per cent of our economy yet representing 60 per cent of government revenue, this is why when the price of oil fell we had a double impact. We lost revenues and the government found it hard to really meet its needs.

We cannot benchmark ourselves against the Saudis because they have 30 million population and generate 10 million barrels of oil every day and with 180 million people and 2.2 million barrels, we cannot afford to be in such peer group, rather we are closer

to the Indonesia which have 250 million population and 800,000 barrels a day. For every barrel produced in Nigeria, 90 people are sharing it, this shows that we cannot continue to rely on oil, rather we must use the oil revenue to generate and stimulate activity in other areas of the economy.

And this is encapsulated in our Economic Recovery and Growth Plan (ERGP).”

The minister added Nigeria has the potential to be regionally dominant, noting however, that central to realising that potential are three key factors.

“These are getting best value in the redeploying of government’s resources in the focus of enabling infrastructure, partnership with the private sector in Continued on page 24

Survey: Only 20% of Family Businesses Have Succession Plan Obinna Chima Only about 20 per cent of family businesses in Nigeria have plan for leadership succession and a minuscule three per cent have a laid down strategy for wealth transfer, a report by KPMG Nigeria has revealed.

But the report pointed out that clearly defined structures for leadership succession and wealth transfer are essential building blocks for sustainable family businesses.

These findings were presented

by KPMG Nigeria in its latest report titled: “Nigerian Family Business Barometer,” obtained at the weekend.

The report noted that clearly

ECONOMY defined structures are essential building blocks for effective transition and sustainability for the family and its businesses.

These structures include family councils, clearly defined vision and constitution for the family, requirements for participation in the business, among others.

The report followed a survey of family businesses in Nigeria carried out by KPMG with the aim of assessing the key issues and challenges affecting family businesses across Nigeria, proffering solutions to these challenges and positioning them to thrive and endure beyond the founder’s

generation.

The survey revealed that family businesses in Nigeria have demonstrated strong resilience to external pressures and challenges in the last one year and are optimistic about the future.

To better define the top issues of Nigerian family businesses, the entrepreneurs were asked to highlight their top three “stay awake” issues. Forty seven per cent of the respondents cited limited access to finance as their most important stay-awake issue followed by fluctuating exchange rate (42 per cent), and declining profitability (27 per cent).

In Nigeria, 58 per cent of family businesses have a formal

board of directors in place, compared to about 46 per cent of respondents across Africa.

According to the survey, for family businesses in Africa, the future is all about sustainable growth. Although the respondents were optimistic, there are still major challenges inhibiting their growth plans.

The report pointed out that like all companies; family businesses need financing, just as expansion is the priority for most in both the short term and the long term.

“The short-term focus is on organic growth in existing markets, but in the long term,

Managing Director, TBWA Concept, Mr. Kelechi Nwosu, has called on the SMEs in the country to adopt the techniques that would grow their businesses through branding and marketing or face crashing.

Nwosu made this call during the SME breakfast hosted by TBWA Concept onThursday in Lagos with the theme “Growing SMEs through Brands and Marketing.”

He advised the SMEs to endeavor to cave niche for themselves, addingthattheyshouldbebrandeddistinctlyasitwouldurgeconsumers to go for the product.

The MD said: “My mission is brands evangelism, it on how SMEs would use branding to advance the growth. It is about capturing the market through brand loyalty.

He noted that 96 percent of businesses in Nigeria are SMEs, noting that they contribute 48 percent of the country’s GDP. He added: “The relationship is to see how we can collaborate with Aba SMEs with branding that meets international standard. Aba is the Japan of Africa, the city of hard work.”

Nwosu explained: “Brand is a bundle of benefit to the owner, purpose, proposition, personality and positioning is required in branding. A brand is the memories, the stories, and the experience the consumer has with you. When people experience your brand, they come up with the preposition that your brand is different. Apple is a success because of its exceptionality in branding.

Earlier in his welcome address, Osibo Imhoitsike, Business Director, TBWA stated that the company provides marketing network for global products, adding that teaching SMEs to drive growth through branding, marketing and social media networks was part of its obligations.

‘Avoid Unregistered Packaged Water’ National President, Association ofTableWater Producers of Nigeria (ATWAP), Dame Clementina Chinwe Ativie, has called on Nigerians not to patronise package water unregistered by the National Association of Food, Drug Administration and Control (NAFDAC).

Ativie said a lot of unregistered water now floods the country, urging NAFADAC to help tackle the menace.

She made the call in Lagos during ATWAP election where Alhaji Isa Adeoye emerged Lagos chairman.

She said these unregistered packaged water producers are giving the association a bad name. “Ours is an association that respects the rule of law. Our members make bold to say, that we are registered and also do our business as duly registered NAFDAC members. We call on the body to intensify its effort in ensuring that illegal packaged water producers are stopped,” she said.

She urged all registered members to see themselves as one big family irrespective of who won and lost at the election.

Agusto Rates Crusader Sterling Pensions

Agusto & Co has assigned the ‘A’ (PFM) rating to Crusader Sterling Pensions Limited.

A statement by Crusader Sterling Pensions Limited at the weekend welcomed the rating.The rating, according to the company, re-affirmed Crusader Sterling Pensions’ increasing uniqueness in the Pensions Industry.

It is also a reflection of the Company’s stability and reputation of being a well-established franchise with strong commitment to delivery of superior value to stakeholders and excellent service to customers, it said.

In its published report, Agusto& Co recognised the strength of the company as experienced and capable management investment committee; disciplined investment process; adequate oversight of investment risks; clear operational structure and segregation of duties; and robust risk management and control framework.

Speaking on the new ratings, the company’s Managing Director, Adeniyi Falade, said the company is pleased to join the club of ‘A’ rated institutions.

“The rating only goes to confirm our consistency over the years in delivering superior value to our stakeholders and commitment to our core principles of business integrity, professionalism and devotion to excellence in our business operations and customer service delivery.”

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

Mr. Kamar Abass Continued on page 24

T H I S D AY • MONDAY, JUNE 19, 2017

24

BUSINESSWORLD ADEOSUN: FG COMMITTED TO INFRASTRUCTURE DEVT, ECONOMIC DIVERSIFICATION

service delivery and effective revenue mobilisation,” she said.

Adeosun explained that in Nigeria, we have simply in the past adjusted to every challenge but the last two years which have been rough, has shown that there is a limit to adjustment.

SURVEY: ONLY 20% OF FAMILY BUSINESSES HAVE SUCCESSION PLAN

the more ambitious strategies of acquisitions and expansion into new geographical markets are the main focus,” it added.

When asked to identify future objectives, unsurprisingly, 62 per cent cited improved profitability, 38 per cent, higher turnover and 27 per cent – diversification as their top business goals.

In Nigeria and Africa, Family Businesses identified easier access to financing, infrastructure development, reduced administrative burden and lower tax rates, as key changes required to boost their growth prospects. The report urged operators of family businesses in Nigeria to start looking at HNWIs (High Net Worth Individuals) as a viable source of financing.

“HNWIs are happy to be involved and offer their advice, which is a trait that many family businesses are looking for. They would often like to have an equity stake, which (in some cases) could be a barrier to investment.

“The highest priorities for family businesses over the next two years relate to improved profitability, increased turnover and diversification. Family businesses must begin to enforce strategic cost optimisation as a means of tackling decline in profit levels.

“Businesses that do not take firm and sustainable cost optimisation measures will likely soon find themselves dealing with ever tightening profit margins and a stagnant bottom line,” it advised.

Commenting on the report, a Partner and Head, Management Consulting, KPMG in Nigeria, Segun Sowande said: “Families in business have an opportunity to create a lasting legacy that brings with it a sense of accomplishment and pride.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

NBC Names Six States as Model for Digital Switch Over Emma Okonji and Raheem Akingbolu The Director General of the National Broadcasting Commission, Mallam Is’haq Modibbo Kawu, has said that Nigeria will adopt phased implementation of switch over from analogue to digital broadcasting (Digital Switch Over) (DSO), beginning with six states.

The confirmation came few days after the Minister of Information, Mr. Lai Muhammed, dropped the hint, while playing host to the Niger’s Minister of Communication, Koubra Abdoulaye that Nigeria would switch over from analogue to DSO in six states across the six geo-political zones within the next one month.

According to Kawu, the six states that have been chosen include Enugu in the Southeast, Kaduna in the Northwest; Gombe in the Northeast; Kwara in the North Central; Delta in the South-South and Osun in the Southwest.

The Director General stated that the commission will remain optimistic; adding that by the end of the year, at least half of the country would have access to Free Digital Television content.

He said: “Our timeline plan is to execute a phased implementation of six states, at a period. So as we conclude the six states currently in progress, we would choose another set of six states, reflecting the geo-political zones, for the next phase, until the entire country is completely covered.

“Following the successful launch of the Abuja switch over last December, we announced a plan to launch in one state from each of the six geo-political zones of Nigeria.

Consequently, the following states were chosen for the next

phase of the project: Kaduna in the Northwest; Gombe in the Northeast; Kwara in the North Central; Osun in the Southwest; Delta in the South-South and Enugu in the Southeast.

“I am happy to inform you that at our last stakeholders’ meeting last week, the decision was taken to launch in Ilorin Kwara state by the end of June; Kaduna by the beginning of July, these follow the completion of the installation of the transmission facilities in these locations; and subsequently, we would launch Osogbo in Osun; Enugu in Enugu state; and then Delta as well as Gombe state.”

While admitting that Nigeria

could not completely switch over from analogue to digital TV broadcasting on June 17, 2017 as earlier projected by the federal government, he pointed out that the DSO process is a huge financial, technical and logistical challenge and switching on a huge country like Nigeria, requires tremendous financial commitment.

DSO is a global movement driven by technology to migrate from current analogue TV experience where viewers use antennas to search for signals to a crisp screen viewership and multiple channels access using Set Top Boxes (STBs) connected to TV.

The transmission directive was handed down to nations by the International Telecommunications Union (ITU) to make plans to switchover as soon as possible so that more frequencies that are now very strategic for broadband penetration are released as dividends.

Speaking further on why Nigeria is making progress that are worthy of emulation by other African countries, the NBC DG explained that many have misconstrued the process, assuming that on that date, (June 17, 2017) almost like a magic wand, Nigerians would wake up to find that the whole country had switched

off analogue and switched on digital television.

“But as I have always informed Nigerians and journalists, June 17th, 2017, is a benchmark date for the digital switchover in our country. Our mission remains constant: to switch off analogue completely when we achieve up to 95 percent access to Free Digital Television content across our country.”

He however noted that all Nigerians, regardless of class, are entitled to access to information, stating that the new technology of digital broadcasting is already enhancing access in a most revolutionary manner.

CFOS’ SUMMIT

L-R: Chief Financial Officer (CFO), Fidson Healthcare Plc, Mr. Oludare Adanri; Head, Internal Audit, IHS Nigeria, Mr. Rotimi Adenigba; Group CFO of Jagal Limited, Mr. Richard Turner; Executive Director, Finance/CFO of First City Monument Bank (FCMB), Mrs. Yemisi Edun and Finance Director, Rack Centre, Mr. Azfar Hussain, during the first CFOs Summit organised by InstinctWave in Lagos... recently

FAAN Lists Agencies to Africa, UAE Sign MoU to Develop Interface with Passengers African FinTech Ecosystem at Airports Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) has listed the six agencies approved to interface with passengers at the country’s airports henceforth.

In a public notice issued at the weekend, FAAN informed airlines, passengers and the general public of the new development.

“The Federal Airports Authority of Nigeria hereby serves notice to Airlines, passengers and the general public that in compliance with the provisions of the Executive Order recently approved by the Presidency, only the under-listed security agencies have been given approval to interface with passengers at our Terminals.

“The affected agencies are: Nigeria Immigration Services (NIS), The Nigeria Customs Services (NCS), National Drug Law Enforcement Agency (NDLEA), State Security Services (SSS), Explosive Ordinance Disposal Unit (EOD)

Emma Okonji

and Nigerian Agricultural Quarantine Services (NAQS).”

FAAN said in the statement that” it has reconfigured the affected agencies’ orientation at the airports as follows: Nigerian Immigration Services (NIS) and National Drug Law Enforcement Agency (NDLEA) will now operate at Arrival and Departure halls; Nigeria Customs Services (NCS) will operate at the Arrival Hall only; the State Security Services (SSS) and Nigerian Agricultural Quarantine Services (NAQS) will operate at the Cargo Terminals only, while the Explosive Ordinance Disposal Unit, (EOD) will be operating at the baggage hall.”

“Consequently, all agencies required by law to be on uniform while on duty must be fully kitted at all times with their name tags conspicuously visible and must remain within the confines of their responsibilities, the agency said, even as it urged management of the affected agencies to ensure strict compliance with the directive.

In order to promote financial inclusion through the acceleration of FinTech across Africa, the Abu Dhabi Global Market (ADGM), of the United Arab Emirates (UAE) and TechPreneur Africa, have signed a memorandum of understanding (MoU) to foster and support the growth and activities of FinTech in the Middle East and African regions.

Announcing the agreement reached between the two groups recently, TechPreneur Africa, a social impact firm focussed on harnessing innovation and entrepreneurship to achieve real economic impact across Africa, said ADGM was the first in the Middle, East and Africa region to have a FinTech regulatory laboratory regime to foster innovation in financial services.

By taking into account the unique business model and risks of the FinTech participant and customising the test boundaries and regulatory requirements accordingly, the ADGM regulatory labora-

tory allows the participant to develop and test its FinTech proposition in a safe environment, without putting undue regulatory burden on the participant.

FinTech participants admitted into the regulatory laboratory will have access to dedicated regulatory support and guidance, and will have a period of up to two years to develop and test their FinTech proposition.

The Chief Executive Officer of ADGM, Mr. Richard Teng, said: “The new partnership with Technpreneur Africa marks another achievement towards strengthening the connections between FinTech communities, and harnessing synergies in innovations and capabilities through global collaboration.

The MEA region has tremendous demand and growth opportunities for financial services.

“We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the needs of the industry and support economic growth and

development in the region. This new partnership will open up new avenues and create opportunities for FinTech firms in the Middle East and Africa looking to expand into each other’s markets.”

Techpreneur Africa, who officially launched operations in the African Market in 2015, is delighted at the potential the opportunity presents to African Fintech entrepreneurs, firms and the financial services industry in its drive towards 30 per cent financial inclusion growth by 2020.

During the recent unveiling of the MIT REAP Lagos strategy, the CEO of the firm, Mr. Bolaji Finnih, gave his commitment to the mutual goal of promoting financial inclusion and developing the African Fintech Ecosystem.

Through TechPreneur Africa, African innovators can apply to ADGM’s regulatory laboratory to test their FinTech innovations and prepare to serve the financial markets as regulated FinTech firms, according to both groups that signed the MoU.

T H I S D AY • MONDAY, JUNE 19, 2017

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BUSINESSWORLD

MARKET REPORT

Equities Market Defies Profit Taking, Gains N188bn Goddy Egene and Nosa Alekhuogie

cent following gains in Nigerian Breweries (+2.3 per cent). Conversely, the NSE Oil & Gas Index and the NSE Industrial Goods Index fell 1.1per cent apiece as investors booked profit in Mobil Oil, Seplat and Lafarge Africa.

The market ended the last day of the week with a marginal growth as the index grew by 0.04 per cent propelled by gains in Nigerian Breweries Plc, Nestle Nigeria Plc, Presco, Ecobank Transnational Incorporated and Zenith Bank Plc.

The Nigerian equities market remained bullish last week on continuing positive investor sentiments, which lifted the market capitalisation by N188 billion or 1.63 per cent to close higher at N11.692 trillion. Similarly, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 1.60 per cent to be at 33,810.56 amidst profit taking activities. Although some investors moved in to lock in profits recorded in the past weeks, the bulls had the upper hand, making the market to close the week higher for the fourth consecutive week. Apart from the index and market capitalisation ending the week positively, the value of stocks traded equally rose to N32.042 billion invested in 2.737 billion.

All other Indices finished higher during the week with the exception of the NSE ASeM, NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods Indices that depreciated by 0.32 per cent, 4.20 per cent, 0.71 per cent, and 0.28 per cent respectively.

Daily Market performance As expected, the trading resumed at the stock market on Monday with investors taking profit. Consequently, the benchmark index fell by 0.12 per cent to close at 33,235.28, while market capitalisation shed N14.3 billion to close at N11.49 trillion.

The decline was influenced by profit-taking in Nestle, International Breweries Plc and Total Nigeria Plc among others. According to analysts at Meristem Securities Limited, “while we observed that the positive sentiments towards a number of counters were still maintained, we attribute the day’s marginal decline to profit-taking activities on counters that had rallied in recent weeks.”

International Breweries Plc led the price losers, depreciating by 8.6 per cent to close at 29.45 per share. The stock had surged by 33.2 per cent last week on the news of its planned merger with two other breweries. UAC of Nigeria Plc shed 5.8 per cent, while AIICO Insurance Plc went down by 5.3 per cent. Fidelity Bank Plc and University Press Plc depreciated by 4.9 per cent apiece.

Seven-Up Bottling Company Plc, Learn Africa Plc and United Capital Plc closed 4.8 per cent, 4.7 per cent and 4.4 per cent lower respectively.

Similarly, Nestle Nigeria Plc, NEM Insurance Plc and Total Nigeria Plc shed 4.1 per cent, 4.0pe cent and 3.9 per cent respectively.

Total Nigeria had in the previous week assured shareholders of its commitment to grow its business in Nigeria in particular and Africa at large. According to the Chairman of Total Nigeria Mr. Stanislas, the company has no intention to withdraw it business from Nigeria or Africa.

The equity market depreciated further on Tuesday as profit taking continued, leading to a decline of 0.28 per cent in the index to close at 33,141.85. The depreciation recorded in the share prices of Nestle, Forte Oil, UBA, FBN Holdings and Dangote Cement was mainly responsible for the loss recorded in the Index The total value of stocks traded on that day was N5.55 billion, down by 9.26 per cent from N6.11 billion recorded on Monday. The most actively traded sectors were: Financial Services (309.56 million share), Conglomerates (50.57 million shares) and Consumer Goods (21.60

million shares), while the three most actively traded stocks were: Zenith Bank (62.30 million shares), Transcorp (49.20 million shares) and FCMB (41.45 million shares).

However, after two days of slide, the market recorded a rebound and appreciated by 1.38 per cent to close at 33,598.20.

Gains in Nigerian Breweries, GTBank, UBA, FBN Holdings and Zenith Bank boasted the rebound.

Investors recouped N157.8 billion as market capitalisation expanded to N11.6 trillion. Also, activity level improved as volume and value traded grew 85.0 per cent and 13.5 per cent to 759.0 million shares units and N6.3 billion respectively.

Performance across sectors was bullish as all indices appreciated.

The NSE Banking Index led with 2.9 per cent on the back of gains in GTBank (+5.0 per cent) and Zenith Bank (+5.0 per cent) while appreciation in AXA Mansard (+3.3 per cent) and Continental Reinsurance Plc (+2.7 per cent) drove the NSE Insurance Index 1.5 per cent northwards. Similarly, the NSE Oil & Gas Index appreciated 1.3 per cent as a result of gains in Oando (+8.1 per cent) and Seplat (+1.2 per cent), just as the NSE Consumer Index appreciated by 1.0 per cent boosted by gain in Nigerian Breweries Plc. The NSE Industrial Goods Index rose 0.8 percent following gain by Lafarge Africa.

The market sustained the positive momentum for the second day on Thursday, lifting the index by 0.59 per cent. The positive performance resulted from sustained buying interest in blue-chip banking and consumer goods stocks. Specifically, the day’s

performance was driven by gains in Zenith, Nigerian Breweries, GTBank, and Unilever.

However, contrary to the previous trading session, performance across sectors was mixed with three of the five indices closing in the green. The NSE Banking index gained the most,

TOP TEN BROKERS

appreciating by 1.8 per cent on the back of gains in GTBank (+1.7 per cent) and Zenith Bank (+4.6 per cent) while price rally in AXA Mansard (+4.8 percent) lifted the NSE Insurance Index by 1.4 per cent.

Also, similarly, the NSE Consumer Goods Index appreciated 1.1 per

(BY VALUE)

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED RENCAP SECURITIES (NIG) LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD

11,642,513,712.72 8,496,091,512.21

18.16 13.25

6,218,466,895.02 4,439,024,680.98

9.70 6.92

EFCP LIMITED

3,634,671,400.32

5.67

FBN SECURITIES LIMITED

2,990,480,822.06

4.66

CORDROS SECURITIES LIMITED - BRD

2,296,515,099.54

3.58

2,175,162,878.13

3.39

INVESTMENTONESTOCKBROKERSINTLLTD-BRD A.R.M SECURITIES LIMITED - BRD CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

Market turnover Meanwhile, investors exchanged 2.737 billion shares worth N32.042 billion in 32,217 deals last week, compared with 3.100 billion shares valued at N29.180 billion that exchanged hands the previous week. The Financial Services Industry remained the most traded, accounting for 2.189 billion shares valued at N21.792 billion traded in 18,832 deals, thus contributing 79.98 per cent and 68.01 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 287.945 million shares worth N621.772 million in 2,031deals. The third place was occupied by Consumer Goods Industry with a turnover of 114.832 million shares worth N5.370 billion in 5,040 deals.

Trading in the top three equities namely, Access Bank Plc, Zenith Bank Plc and Transnational Corporation of Nigeria Plc accounted for 918.046 million shares worth N10.324 billion in 5,809 deals, contributing 33.53 per cent and 32.22 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 16,300 units of Exchange Traded Products (ETPs) valued at N973,376.00 executed in three deals compared with a total of 40.317 million units valued at N178.841 million transacted in the preceding week in 12 deals.

Similarly, a total of 12,193 units of Federal Government Bonds valued at N12.440 million were traded last week in 14 deals, compared with a total of 10,860 units valued at N10.196 million transacted the previous week in 10 deals.

2,039,464,836.65

3.18

1,365,704,651.39 45,298,096,489.02

2.13 70.66

(BY VOLUME)

BROKER STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED

AS LAST FRIDAY VOLUME

%VOLUME

651,596,821

11.90

467,724,701

8.54

305,704,235

5.58

213,012,770 179,456,719

3.89 3.28

CARDINALSTONE SECURITIES LIMITED

177,358,158

3.24

MORGAN CAPITAL SECURITIES LIMITED

173,378,086

3.17

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

149,285,622

2.73

CORDROS SECURITIES LIMITED - BRD

136,292,334

2.49

EFCP LIMITED

110,036,653

2.01

2,563,846,099

46.83

RENCAP SECURITIES (NIG) LIMITED READINGS INVESTMENTS LIMITED - BDR CHAPEL HILL DENHAM SECURITIES LTD - BRD

Price Gainers and Losers A look at the price movement chart showed 38 stocks appreciated, while 42 others depreciated. May & Baker Nigeria Plc led the bulls, surging 60.5 per cent. Skye Bank Plc trailed with a gain of 41.5 per cent, while Cement Company of Northern Nigeria Plc chalked up 33.6 per cent.

Transcorp Plc garnered 22.3 per cent, just as Ashaka Cement Plc, Unilever Nigeria Plc and Okomu Oil Palm Plc appreciated by 21.2 per cent, 20.9 per cent and 15.7 per cent respectively. Presco Plc, Unity Bank Plc and Fidson Healthcare Plc added 15.7 per cent, 15.4 per cent and 15.3 per cent in that order.

On the downside, International Breweries Plc led the price losers with 19.1 per cent, followed by Forte Oil Plc with 13.5 per cent. Learn Africa Plc and Champion Breweries Plc shed 12.6 per cent and 8.5 per cent respectively. Custodian and Allied Plc went down by 8.4 per cent, just as Diamond Bank Plc and Mobil Oil Nigeria Plc depreciated by 7.6 per cent respectively.

Other top price losers were: Cutix Plc (7.4 per cent); Dangote Sugar Refinery Plc (7.1 per cent0 and N.E.M Insurance Plc (7.0 per cent).

T H I S D AY • MONDAY, JUNE 19, 2017

26

BUSINESSWORLD

INSIDE BROAD STREET

Banks Tighten Terms for Credit Cards Obinna Chima The second quarter credit condition survey has revealed that lenders tightened their credit scoring criteria for granting credit card loan applications in the second quarter of 2017, as part of risk management measures.

Owing to this, the proportion of approved credit card applications decreased.

But the survey of households, small businesses and corporate entities indicated increases in the availability of secured, unsecured and corporate credit to the aforementioned segments respectively.

According to the Central Bank of Nigeria’s Credit Conditions Survey Report for second quarter (Q2) 2017, lenders resolved to tighten the credit scoring criteria in granting overdraft/ personal loan applications in the current quarter and decreased the proportion of approved household’s overdraft/personal loan applications in the current quarter.

Therefore, due to lenders’ resolve to tighten the credit scoring criteria for total unsecured loan applications in Q2, 2017, the proportion of approved total loan applications for households decreased in the quarter.

Lenders were expected to further tighten the credit scoring criteria in the next quarter, and were still of the opinion that the total loans applications to be approved in Q3, 2017 will further decrease.

“Lenders tightened the credit scoring criteria for granting credit card loan applications and the proportion of approved credit card applications to decreased in Q2, 2017.

“Lenders resolve to tighten the credit scoring criteria in granting overdraft/personal loan applications in the current quarter, decreased the proportion of approved household’s overdraft/personal loan applications in the current quarter.

“Lenders reported that spreads on credit card lending widened in Q2, 2017, but was expected to narrow in the next quarter. Spreads on unsecured overdrafts/personal loans on approved new loan applications widened in the current quarter and was expected to remain widened in the next quarter.

“The limit on unsecured credit cards on approved new loan applications decreased in Q2, 2017 and was expected to decrease further in the next quarter.

“The minimum proportion of credit card balances to be paid on approved new loan applications increased in the review quarter, and was expected to further increase in the next quarter.

“Maximum maturities on approved unsecured new loan applications were shortened in the current quarter, but were lengthened in the next quarter,” the report explained.

But demand for unsecured credit card lending from households increased in Q2, 2017 and was expected to increase in Q3, 2017 (Question 1a).

Similarly, demand for unsecured overdraft/personal loans from households increased in Q2, 2017 and was expected to increase further in Q3, 2017.

Lenders experienced higher default rates on credit card and overdrafts/ personal lending to households in the current quarter. They however, expect improvement in default rates in the next quarters. Losses given default on total unsecured loans to households improved in Q2, 2017 and were expected to improve further in Q3, 2017.

Credit for Corporates The credit conditions in the corporate sector vary by size of the business.

CBN Governor, Godwin Emefiele

The survey asked lenders to report developments in the corporate sector by large and medium-size private non-financial corporations (PNFCs), other financial corporations (OFCs) and small businesses.

The overall availability of credit to the corporate sector increased in Q2, 2017 and was expected to further increase in Q3, 2017.

The report stated that the major factors contributing to the increase in credit availability were brighter economic outlook, favourable liquidity conditions, tight wholesale funding conditions, changing sector specific risk and increased appetite for risk.

Lenders reported that the prevailing commercial property prices negatively influenced credit availability of the commercial real estate sector in the current and next quarters.

Similarly, lenders expected the prevailing commercial property prices to negatively influence secured lending to PNFCs in the current and next quarters.

Small businesses were defined as those with an annual turnover of under N5 million. Medium-size corporates were defined as those with an annual turnover of between N5 million and

N100 million, while large corporates were defined as those with an annual turnover of more than N100 million.

“Availability of credit increased for all sized business except the OFCs in Q2, 2017. Similarly lenders report credit availability for all sized businesses, except the large PNFCs and OFCs in the next quarter.

“Changes in spreads between bank rates and MPR on approved new loan applications to the small, medium, large PNFCs and OFCs widened in Q2, 2017. Conversely, spreads for all size business types is expected to narrow in the next quarter except for medium PNFCs. “The proportion of loan applications approved for the medium and large size firms decreased in the current quarter and were expected to decrease further in the next quarter.

“Lenders required stronger loan covenants from all sized businesses in the current and next quarter,” it added.

Furthermore, the report showed that fees/commissions on approved new loan applications fell for all firm sized businesses in both the current and next quarters.

It also showed that all firm sized

businesses except the small businesses did not benefit from an increase in maximum credit lines on approved new loan application in Q2, 2017.

“Similarly, lenders expect that the small businesses and OFCs will benefit from an increase in maximum credit lines on approved new loan application in Q3, 2017.

“Lenders demanded more collateral requirements from all firm sizes on approved new loan application in Q2, 2017. Similarly, lenders will demand for more collateral from all firm sizes in the next quarter.

“Demand for corporate lending from small businesses, medium & large PNFCs businesses increased in Q2, 2017. They were also expected to increase in the next quarter. Demand for overdrafts/personal loans in Q2, 2017 were higher in comparison with other business types.

“The most significant factors that influenced demand for lending in Q2, 2017 were the increase in inventory finance and capital investment, and they were expected to remain the main driver in the next quarter,” it added.

Also, it showed that corporate loan performance as measured by the default rates improved for the large PNFCS and the OFCs businesses in the review quarter, while it deteriorated for the small businesses and medium PNFCs. Default rates on lending to all sized businesses was also expected to improve in the next quarter except on small businesses.

The average credit quality on newly arranged PNFCs borrowing facilities improved in Q2 2017 but was expected to deteriorate in Q3, 2017. The target hold levels associated with corporate lending improved in Q2, 2017 and was expected to improve further in Q3, 2017. Loan tenors on new corporate loans deteriorated in Q2, 2017 and were expected to deteriorate further in the next quarter.

Also, draw down on committed lines by PNFCs improved in the current quarter, but was expected to deteriorate in the next quarter.

Lending to Households In the review quarter relative to the previous quarter, lenders reported an increase in the availability of secured credit to households. Lenders noted that anticipation of a brighter economic outlook; favourable liquidity positions, higher appetite for risk and tight wholesale funding conditions were major factors behind the increase. The availability of secured credit was also

expected to increase in the next quarter with favourable liquidity positions as the major contributory factor.

“Despite lenders stance on tightening the credit scoring criteria in Q2, 2017, the proportion of loan applications approved in the quarter increased.

Lenders still expect the credit scoring criteria to remain tightened in the next quarter and a further increase in the proportion of approved household’s loan applications in Q3, 2017.

“Maximum Loan to Value (LTV) ratios increased in the current quarter, but was expected to decrease in the next quarter. Lenders expressed their willingness to lend at low LTV ratios (75% or less) in both the current and next quarters. “However, they expressed unwillingness to lend at high LTV (more than 75%) in the current quarter and the next quarter.

The average credit quality on new secured lending improved in Q2, 2017 and was expected to improve further in Q3, 2017.

“Lenders reported that the overall spreads on secured lending rates to households relative to MPR widened in Q2, 2017 and was expected to further widen in the next quarter. Widened spreads were reported for prime, buy to let and other lending in Q2, 2017 and Q3, 2017,” it stated.

Furthermore, households demand for lending for house purchase increased in Q2, 2017 but was expected to increase in the next quarter. Of the total demand, increase in households demand for prime and buy to let were reported. Demand for secured lending on the prime and buy to let were expected to increase in the next quarter.

“Households demand for consumer loans rose in the current quarter and is expected to rise in the next quarter, demand for mortgage/re-mortgaging and small businesses declined in Q2, 2017 but was expected to rise in Q3, 2017.

“Secured loan performance, as measured by default rates improved in Q2, 2017 and was expected to improve further in Q3, 2017. Similarly, loss given default improved in the current quarter and it is expected to improve in the next quarter,” the report added.

The availability of unsecured credit provided to households rose in the current quarter and was expected to further rise in the next quarter.

Lenders reported brighter economic outlook, lower cost/availability of funds and higher appetite for risk as factors that contributed to the increase in Q2, 2017.

27

T H I S D AY MONDAY JUNE 19, 2017

S/N

CUSTOMER

ITEM OF IMPORT

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

1

CBN

UNUTILZED BAL

12-Jun-17

320.00

2

CBN

UNUTILZED BAL

12-Jun-17

320.00

744.00

3

CBN

UNUTILZED BAL

12-Jun-17

320.00

40,962.33

150.00

4

CBN

UNUTILZED BAL

12-Jun-17

320.00

5

CBN

UNUTILZED BAL

12-Jun-17

320.00

5,340.00

6

CBN

UNUTILZED BAL

12-Jun-17

320.00

23,400.00

7

CBN

UNUTILZED BAL

12-Jun-17

320.00

1,399.00

8

CBN

UNUTILZED BAL

12-Jun-17

320.00

9

CBN

UNUTILZED BAL

12-Jun-17

320.00

3,180.60

10

MULTIPRO CONSUMER PRODUCT

DIVIDEND REMITTANCE

12-Jun-17

306.15

170,000.00

11

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

88.36

12

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

292.77

13

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

293.19

14

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

295.40

15

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

16

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

395.40

17

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

402.86

18

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

19

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

793.24

20

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,062.01

21

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,113.30

22

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

23

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,281.16

24

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,593.01

25

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,618.92

26

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,630.21

27

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

1,998.51

28

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

2,399.86 2,433.74

11,883.00

115.00

358.89

716.00

1,122.01

29

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

30

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

2,511.75

31

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

3,199.75

32

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

4,231.14

33

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

34

CORONATION MERCHANT BANK

BANK CHARGE

12-Jun-17

306.15

112.35

35

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

158.17

36

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

255.34

37

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

292.11

38

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

303.15

39

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

40

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

349.17

41

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

401.50

42

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

407.24

43

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

410.42

44

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

532.06

45

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

46

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

639.39

47

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

866.25

48

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

1,349.46

49

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

50

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

1,467.32

51

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

1,907.48

52

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

2,725.33

53

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

54

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

2,932.46

55

CORONATION MERCHANT BANK

BANK CHARGE

13-Jun-17

306.20

3,160.02

56

FAREAST (NEW HOME PRODUCTS IND

57

FAREAST (NEW HOME PRODUCTS IND

SCANFROST BRAND REFRIGERATOR

13-Jun-17

306.20

92.32

58

TELECOM POWER SOLUTIONS LIMITED

INDUSTRIAL VALVE REGULATED RECHARGEABLE BATTERY

13-Jun-17

306.20

103.57

59

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRY ARTIFICIAL RESINS

13-Jun-17

306.20

103.57

60

FRIESLANDCAMPINA WAMCO NIG PLC

GUM BASE MP- GROWING UP MILK

13-Jun-17

306.20

295.88

61

CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT

13-Jun-17

306.20

315.00

SCANFROST CLOTH DRYER

13-Jun-17

306.20

61.45

322.93

593.14

1,410.64

2,827.87

35.18

62

VIRAMSUN NIGERIA LIMITED

RAW MATERIAL FOR BOOK PRODUCTION,PLAIN

13-Jun-17

306.20

718.38

63

MINL LIMITED

AURAMINE DYE

13-Jun-17

321.50

28,400.00 270,000.00

64

MINL LIMITED

INDUSTRIAL RAW MATERIALS ROLLED ALUMINIUM COILS

13-Jun-17

321.50

65

CROWN FLOUR MILLS LIMITED

GLUTEN PACKED IN MANITO PAPER BAGS

13-Jun-17

321.50

257,964.41

66

FRIESLANDCAMPINA WAMCO NIG PLC

COPPER WIRE 1.24MM

13-Jun-17

321.50

369,045.02

67

PLASTIFLEX NIG LTD

TASNEE LDPE

13-Jun-17

321.50

145,860.00

68

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS MIKSI FAT-FILLED MILK POWDER INSTANT

13-Jun-17

321.50

691,080.00 329,797.44

69

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS WHOLE MILK POWDER FORTIFIED

13-Jun-17

321.50

70

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS WHOLE MILK POWDER FORTIFIED

13-Jun-17

321.50

327,176.64

71

PROMASIDOR NIGERIA LIMITED

CARTONS OF COWBELL TINA INFANT FORMULA

13-Jun-17

321.50

298,807.11

72

CROWN FLOUR MILLS LIMITED

SUPPLY OF FABRICATED SILO PANEL WITH TOOL

14-Jun-17

306.20

0.54

73

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

34,815.18

74

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

631.58

75

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

3,315.78

76

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

426.64

77

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

511.63

78

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

499.38

79

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

962.70

80

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

81

CORONATION MERCHANT BANK

SUBCRIPTION FEES

14-Jun-17

324.25

42.98

82

PROMASIDOR NIG LTD

TECHNICAL FEES

14-Jun-17

324.25

7,831.45

83

CROWN FLOUR MILLS LIMITED

WHEAT GERMAN WHEAT IN BULK(12.5% PROTEIN

14-Jun-17

324.25

25,000.00

962.70

84

MINL LIMITED

WEIGHING SCALE, SPARE OF PRINTING MACHINE

14-Jun-17

324.25

6,841.40

85

CROWN FLOUR MILLS LIMITED

GERMAN MILLING WHEAT

14-Jun-17

324.25

37,500.00

86

CHI LIMITED

FRUIT JUICE CONCENTRATE

14-Jun-17

324.25

18,359.86

87

WORLDWIDE COMMERCIAL VEN LTD.

NOVO NORDISK PERISHABLE COLD CHAIN PHARMA PROD (ACTRAPID)

14-Jun-17

324.25

112,298.74

88

CROWN FLOUR MILLS LIMITED

GERMAN MILLING WHEAT

14-Jun-17

324.25

112,500.00

89

GMT (FRIESLANDCAMPINA WAMCO NIG

EVAPORATED UNSWEETENED FULL CREAM MILK PEAK

14-Jun-17

324.25

171,124.03

90

VIK INDUSTRIES LIMITED

RAW MATERIAL - PROPYLENE COPOLYMER

14-Jun-17

324.25

100,000.00

91

STARSONIC NIGERIA LIMITED.

POLYPROPYLENE COPOLYMER

14-Jun-17

324.25

56,100.00

92

CROWN FLOUR MILLS LIMITED

WHEAT GERMAN WHEAT IN BULK(12.5% PROTEIN - 10,000 M.TONS)

14-Jun-17

324.25

75,000.00

93

PROMASIDOR NIGERIA LIMITED

TECHNICAL FEES

14-Jun-17

324.25

85,275.97

94

PROMASIDOR NIGERIA LIMITED

TECHNICAL FEES

14-Jun-17

324.25

150,000.00

95

CORONATION MERCHANT BANK

BANK CHARGE

15-Jun-17

306.25

3,638.04

96

CORONATION MERCHANT BANK

BANK CHARGE

15-Jun-17

306.25

5,754.50

97

VACC TECHNICAL NIGERIA LTD

PLUMBING MATERIALS

15-Jun-17

306.25

734.19

98

VIK INDUSTRIES LIMITED

RAW MATERIALS FOR THE MANUFACTURE OF INJEC MOULDED PLASTICS

15-Jun-17

306.25

941.88 1,086.22

99

FOLAWIYO ENERGY LTD

7000, METRIC TONS VAC +/- 10% GASOIL

15-Jun-17

306.25

100

VIK INDUSTRIES LIMITED

RAW MATERIALS FOR THE MANUFACTURE OF INJEC MOULDED PLASTICS

15-Jun-17

306.25

1,211.61

101

VIK INDUSTRIES LIMITED

RAW MATERIALS FOR THE MANUFACTURE OF INJEC MOULDED PLASTICS

15-Jun-17

306.25

1,378.53

102

VIK INDUSTRIES LIMITED

MOULDS MADE OF STEEL AND MONOFILAMENTS

306.25

1,588.50

103

GMT (CFAO YAMAHA MOTOR NIG LTD)

ASSEMBLY PARTS FOR YAMAHA MOTORCYCLE

15-Jun-17

306.25

1,623.40

104

MINL LIMITED

MACHINERIES & EQUIPMENTS OF CHAPTER 84

15-Jun-17

306.25

1,652.88

105

GMT (CFAO YAMAHA MOTOR NIG LTD)

ASSEMBLING PARTS FOR YAMAHA MOTORCYCLE

15-Jun-17

306.25

2,122.83

106

CHI LIMITED

FRUIT JUICE CONCENTRATE

15-Jun-17

306.25

131.00

15-Jun-17

107

KGM INDUSTRIES (NIGERIA) LIMITED

MASTER BATCHES (PIGMENTS AND PREPARATIONS BASED

15-Jun-17

306.25

254.48

108

CHI LIMITED

FRUIT JUICE CONCENTRATE

15-Jun-17

306.25

289.87

109

WACOT LIMITED

ARGENTINA ORIGIN DE-OIL SOYA MEAL

15-Jun-17

306.25

110

DE-UNITED FOODS IND LIMITED

CHILLI POWDER FOR SEASONING

15-Jun-17

306.25

525.87

111

VIRAMSUN NIGERIA LIMITED

PASSENGERS CAR TYRES AND LIGHT TRUCK TYRES

15-Jun-17

306.25

548.86

112

DE-UNITED FOODS IND LIMITED

CHILLI POWDER FOR SEASONING

15-Jun-17

306.25

1,001.25

113

MULTIPRO CONSUMER PRODUCT

DIVIDEND REMITTANCE

16-Jun-17

306.75

397,949.29

114

EKO SUPREME RESOURCES

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

16-Jun-17

306.75

2,050.71

S/N

CUSTOMER

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT 150.00

OTHER SOURCES 1

2

OTHER SOURCES 2

12-Jun-17

320.00

744.00

3

OTHER SOURCES 3

12-Jun-17

320.00

40,962.33

4

OTHER SOURCES 4

12-Jun-17

320.00

11,883.00

5

OTHER SOURCES 5

12-Jun-17

320.00

5,340.00

6

OTHER SOURCES 6

12-Jun-17

320.00

23,400.00

7

OTHER SOURCES 7

12-Jun-17

320.00

1,399.00

8

OTHER SOURCES 8

12-Jun-17

320.00

9

OTHER SOURCES 9

12-Jun-17

320.00

3,180.60

10

OTHER SOURCES 10

12-Jun-17

305.65

200,000.00

11

12-Jun-17

320.00

1

115.00

OTHER SOURCES 11

13-Jun-17

305.70

25,000.00

12

OTHER SOURCES 12

15-Jun-17

305.75

25,000.00

13

OTHER SOURCES 13

16-Jun-17

306.25

200,000.00

14

OTHER SOURCES 14

16-Jun-17

306.25

200,000.00

15

OTHER SOURCES 15

12-Jun-17

196.00

16

CBN

14-Jun-17

323.75

250,000.00

17

CBN

13-Jun-17

321.00

2,718,130.62

18

CBN

14-Jun-17

323.75

750,000.00

1

TOTAL AMOUNT

2

AVERAGE AMOUNT

18,420.00

4,473,724.55 248,540.25

347.84

T H I S D AY • MONDAY, JUNE 19, 2017

28

BUSINESSWORLD

INTERVIEW

Abass: Ubiquitous Broadband Will Drive Telecoms Growth The Chief Executive Officer of ntel, Mr. Kamar Abass, spoke with Emma Okonji on the challenges of the telecoms industry and the need for increased broadband access to address poor service quality, among other issues. Excerpts: for the best return on investment. Customers can buy our unlimited package, which allows them to have unlimited access to the internet.

We have other packages that allow the customer to use a define volume of data, based on its budget limit. So we are not providing services for only the elites, because we have wide range of packages that address the needs and financial capacities of different customers.

The contribution of telecoms consumer to the Nigerian economy is put at N11.5 million in two years. What percentage of this amount did ntel subscribers contribute?

Telecoms subscribers on the ntel network have never had it so good in terms of their experience with our telecoms service offerings.

They are experiencing better telecoms service on our 4G LTE network. So they have the latest generation of mobile services, which has enhanced their contributions to the Nigerian economy. We offer our customers various levels of services from our 4G LTE fiber connection and the speed of connectivity is very high.

We need to offer choice services that exceed the level of excellence and we need to offer steady services.

How are telecoms operators maximising the forex opportunity created for them by the telecoms regulator, the Nigerian Communications Commission (NCC)?

We are in a world where we have to deal with issues affecting us. But if the NCC is making efforts to create a window of opportunity for telecoms operators in the forex market, we will welcome it as a good development because it will come with some forms of relief. The truth is that telecoms operators, alongside the ministries of communications and finance, have been lobbying for easy access to foreign exchange (forex), and as a priority sector that needs to purchase the needed equipment in foreign currencies, the telecoms operators need such widow of opportunity to enable us have access to forex. Although it is an ongoing discussion between NCC and the Central Bank of Nigeria (CBN), but we are yet to benefit from it, because the telecoms operators are not yet on the priority list of the federal government for those sectors that should have easy access to foreign exchange. The negotiation is ongoing and we are glad that the ministries are supporting our request to be part of the priority list of the federal government for access to forex.

Are there no more issues of poor telecoms services?

There are issues of poor service quality, occasioned by the economic recession, which the country is currently facing. We are providing the best of telecoms services, but infrastructure is a challenge because we do not have the required number of base stations that will give full telecoms coverage across the country. We are faced with willful destruction of telecoms facilities and these also affect service quality.

Today the county has over 150 million mobile subscribers across networks, but the number we are expecting by 2020, will be well over 220 million subscribers. The growth rate will be largely driven by broadband. It is expected that 2/3 of the total number of subscribers will be on mobile broadband. So there are lots of investments to make and we need our shareholders to release the cash for such investments.

Telecoms subscriber number declined in the first quarter of the year, from 154 million to about 152 million. What could be responsible for the drop?

The truth is that the number of 2G customers is declining because the 2G technology has been overtaken by 3G and 4G LTE technologies, which most operators currently provide. The 2G standard has always been an interim standard because 2G was dominated by voice, with little data offering, through the GPRS. 3G technology came and tried to collaborate data with voice, but 4G is a pure data technology in which data is the focus, but could accommodate voice in an Internet Protocol (IP) environment. So it is no surprise that customers are migrating from 2G to 3G and from 3G to 4G LTE. The 4G technology is better than 3G and the 2G in terms of speed of connectivity, picture and voice clarity among others, which is the reason for the drop in 2G and 3G technologies, especially the 2G technology and this could be accountable for the drop in subscriber number.

In one year of commercial rollout, how has the ntel brand fared?

In one year, ntel as a brand has done very well. We have set up a billing system that gives us better integration between the sales representatives and the customer care system.

It has given us significant ease to operate in a unique way that is different from other operators. We have 70 per cent coverage in three states currently, with plans to expand to more states. We have made tremendous progress in one year on the number of customers that are now on our network. We got award from an American company as the fastest internet service provider, and I see this as a great feat in one year of rollout. But this is not even a surprise to us because we know we are the clear leader in the industry, offering 4G LTE

Abass services to customers.

Customers seem not to feel the strong presence and vibrancy of ntel because it eliminated the physical recharge cards and compelled customers to recharge their phones online.

What is your take on this?

We sell recharge cards and use other available channels to have customers connected to the ntel network. The fact is that we are not ready yet to operate the physical recharge card system, but with time we will. Our network is a conceivable integration network, having the next generation billing system, and we are working on that even though we have not yet explored the physical recharge channel option.

Ntel offers 4 G LTE Advance network. What makes the offering differ from the offerings of other telecoms operators?

Now let’s look at it from the customers’ needs. Customers want easy access and they want to exchange information and share pictures at a very high connectivity rate, and this is faster with 4G LTE. On the

supply side, we need only one site to cover several sites covered by 3G network, and once the area is fully covered, the better it is for customers to get fast downloads and uploads, with highly reduced latency period, which is a period of delay.

What is the penetration level of the ntel network?

Our coverage is expanding and we have 70 per cent coverage area in each of the three states that we presently cover, Lagos, Abuja and Port Harcourt. Our plan is to ensure that customers on the ntel network are very productive when they subscribe to our 4G LTE services.

There is a public perception that the ntel network is for the elites. What is your take on it?

That perception is completely incorrect because we have packages that cut across all cadre of people. Our packages are designed for both the high and low income earners in the society, with some packages having lowest level of pricing that is as low as N500

How is the economic recession affecting telecoms business, especially the ntel business?

Since we had our commercial launch last year, we were able to do the much we could, given the prevailing circumstances posed by the recession. We raised money to acquire the business, we also raised money to commence the first commercial rollout, and since then we have been in the business and we are now about to begin the process of raising another money to expand the business beyond our existing three cities. Telecoms is about the ability to connect people and we see that the customers are using data services more, probably because of the benefits attached to data services; but even with the economic recession, we are building more 4G LTE sites, and within one year, we have over 1000 4G LTE sites.

How does the broadband plan of ntel key into that of the federal government?

Our business plan is to have full broadband coverage areas and we are meeting up with that target plan. The reality is that we need to raise more money to invest in broadband. So to the extent that we can raise more money, we will deliver the broadband plan. All we need from the government is to ensure equal access to infrastructure and that our infrastructure is protected from vandalism by social miscreants. We also need a fair pricing regime from government to take care of the interests of the different players in the industry, according to their financial capabilities. We see ourselves as central to the broadband agenda of the federal government, because we are driving the industry to deliver broadband services.

What are the unique offerings that your customers are getting that make them feel CONTINUED ON PAGE 29

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T H I S D AY MONDAY JUNE 19, 2017

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T H I S D AY MONDAY JUNE 19, 2017

DEBT MANAGEMENT OFFICE NIGERIA

NIGERIA OFFERS ITS FIRST SOVEREIGN SUKUK As part of the plan to fast track the development of infrastructure and engage in purposeful and project-tied capital raising, the Federal Government of Nigeria is issuing its first Sukuk.

Issuance Date: Offer will be opened on Wednesday, June 28, 2017 to the investing public and will run for three (3) working days.

How to Invest: Investors should contact First Bank of Nigeria Limited and Lotus Financial Services Limited branches nationwide.

For Who: All classes of investors: Individuals, Corporates, Co-operative Societies, Government Agencies, Staff Schemes, Non-Bank Financial Institutions, Pension Fund Administrators, Foreign Investors, Trade Unions, Community Associations, Cultural Associations, Religious Institutions, etc.

Benefits to Investors: x Rental income will be paid half-yearly directly into Sukuk holder’s account. x Good investment opportunity towards retirement and future projects, etc. x Sukuk investment can be transferred and traded in the Nigerian Stock Exchange and FMDQ OTC Securities Exchange. x The Custodian Accounts of Sukuk Holders will be credited and text alerts will be sent to investors on Settlement Day. Benefit to Government: x Funds will be used to fund roads projects in the six (6) geopolitical zones across the country. x Diversification of sources of government funding, deepening of the market for domestic securities, improving financial inclusion.

Features x Tenor: x Issue Amount: x Profit Payment: x Mode of Issuance: x Rental Rate: x Subscription Period: x Minimum Subscription: x Security:

7 years.

N100 Billion.

Half-yearly.

Book-Building.

To be announced by the DMO. Three (3) days.

N10,000.00 with multiples of N1,000.00 thereafter.

Backed by the full faith and credit of FGN.

Contact: Investors should contact the Debt Management Office and the Financial Advisers (FBN Merchant Bank Limited and Lotus Financial Services Limited) to the issue.

DEBT MANAGEMENT OFFICE The Presidency NDIC Building (First Floor) Plot 447/448 Constitution Avenue Central Business District P.M.B. 532, Garki, Abuja Tel: +234 - 8110000881-3 Website: http://www.dmo.gov.ng Email: enquiries@dmo.gov.ng

FBN Merchant Bank Ltd RC 264978 10 Keffi Street, Off Awolowo Road S.W. Ikoyi, Lagos, Nigeria Tel: +234 1 2702290-4 www.fbnmerchantbank.com

Lotus Financial Services Ltd 1b Udi Street Osborne Foreshore Estate Osborne Road Lagos Nigeria Tel: 234 1 2713228 -2 Website: www.lotuscapitallimited.com

32

T H I S D AY MONDAY JUNE 19, 2017

T H I S D AY MONDAY JUNE 19, 2017

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34

T H I S D AY MONDAY JUNE 19, 2017

MONDAY, JUNE 19, 2017 • T H I S D AY

35

BUSINESS/MONEYGUIDE

CEOs Optimistic about Global Economy Prospects Nume Ekeghe The KPMG International’s “2017 Global CEO Outlook,” which was based on interviews with nearly 1,300 CEOs of some of the world’s largest companies, has revealed that 65 per cent of the business executives see disruptive forces as an opportunity, not a threat for their businesses.

The CEOs according to the report, were broadly confident about the prospects for the global economy, but their optimism was more modest than it was last year, with 65 per cent expressing confidence compared with 80 per cent last year.

“Disruption has become a fact of life for CEOs and their businesses as they respond to heightened uncertainty,” Global Chairman of KPMG,

John Veihmeyer said.

“But importantly, most see disruption as an opportunity to transform their business model, develop new products and services, and reshape their business so it is more successful than ever before. In the face of new challenges and uncertainties, CEOs are feeling urgency to ‘disrupt and grow,” he added.

The report provided insights of global CEOs’ expectations for business growth, the challenges they face and their strategies to chart organisational success over the next three years.

More than six in 10 CEOs (65 per cent) saw disruption as an opportunity, not a threat, for their business.

Also, three in four (74 per cent) said their business was aiming to be the disruptor in

its sector.

Within their own businesses, more than eight in 10 CEOs (83 per cent) described themselves as confident in their company’s growth prospects for the next three years; with around half (47 per cent) saying they were very confident.

In addition, almost seven in 10 (68 percent) said they were evolving skills and personal qualities to better lead their business.

Cyber security, which CEOs ranked at the top risk in 2016, this year fell to fifth position (of 16), in part, reflecting CEO views on the progress their business has made in cyber risk management.

Presently, four in 10 (42 percent) said they feel adequately prepared for a cyber event – up from 25 per cent in 2016.

Rand Merchant Bank Issues N80bn Commercial Paper Obinna Chima Rand Merchant Bank (RMB) Nigeria has issued an N80billion Commercial Paper (CP) on the FMDQ OTC Securities Exchange.

The formal signing of the deal was conducted in Lagos at the weekend with officials of FMDQ, as well as the joint lead arrangers, Standard Chartered Bank, Rand Merchant Bank Nigeria and Stanbic IBTC Capital, and law firms -Aluko & Oyebode and Banwo & Ighodalo in attendance.

CPs are short-term debt financing instruments (no longer than 270 days in tenor), consisting of unsecured and discounted promissory notes issued by large corporates, which can be readily traded. CPs are usually issued by companies with very high credit ratings.

For RMB Nigeria, the programme was a debut as an

issuer in the Nigerian money markets and would form an integral part of the bank’s funding strategy as it provides an avenue to successfully diversify its short-term funding sources, thereby delivering value to its shareholders.

It is also expected to position RMB Nigeria to easily and quickly raise short-term finance from the debt market.

The CEO RMB Nigeria, Michael Larbie explained that the bank decided to issue the CP as part of its funding to support funding and its activities.

“As part of our funding strategy, we seek to employ a variety of options and as you know, CP is one of the options that allow you to do that. So, we are excited to do this. It is going to be part of a package of funding solutions which would include a bond issuance which we working

on, in addition to corporate deposit that we raise.

“We believe CP is efficient and quick to do. But more importantly, it is short-term and aligns with the short-term businesses that we do,” he added.

On his part, the CEO, FMDQ, Mr. Bola Onadele described the move by RMB Nigeria as a huge step in the right direction.

Onadele added: “Remember about three years ago, we started talking about developing the CP market in Nigeria to allow corporates to be able to access the debt market.

“For RMB, a merchant bank that typically would not tap the retail market for deposit, so, it has to source its money from the wholesale market, which is really very short. But with this, RMB has put stability in its funding and has started to build it track record in the debt market,” he said.

Fidelity Bank TrainsYouths on Entrepreneurship In line with its commitment to build the next generation of sustainable Nigerian businesses, Fidelity Bank Plc in partnership with Empretec Nigerian Foundation recently concluded a graduate entrepreneurship training programme for 200 youths in Cross River State.

The initiative was part of the next phase of the bank’s entrepreneurship support interventions for state governments and micro, small, and medium scale enterprises (MSMEs).

The bank explained in a statement that its Managed SME Division, through its Youth Entrepreneurship team had

put in place a programme for identifying and building young and budding entrepreneurs who will become tomorrows’ big SME customers.

Organised under the auspices of the United Nations Conference on Trade and Development (UNCTAD), the week-long training programme was designed strategically to provide vivid insights into the theoretical and foundational knowledge required to manage sustainable businesses.

Speaking at the opening ceremony of the graduate entrepreneurship programme held in Calabar, Cross River

State, the bank’s CEO, Mr. Nnamdi Okonkwo said that the programme was aimed strategically at helping young entrepreneurs build capacity needed to own and manage successful businesses.

Okonkwo who was represented by the bank’s Group Head, Specialised SMEs, Mr. Ndubuisi Onuoha said: “The idea is to inculcate in youths the entrepreneurship spirit that will enable them establish on their own and eventually become employers of labour instead of roaming about the streets looking for white collar jobs that do not exist.”

GTBank Launches Product for Military Personnel Guaranty Trust Bank Plc (GTBank) has launched GTPatriot, a unique Salary Account Package, which it said offers Nigeria’s servicemen and service women subsidised banking products and dedicated value added services.

The bank explained that GTPatriot Account, allows serving members of the military and Paramilitary institutions to open accounts with zero minimum balance whilst offering reduced Current Account maintenance fees and access to loans at reduced interest rates, amongst

other value added services.

GTBank said it has been at the forefront of providing innovative account packages designed for the unique needs of various segments of the society. Among these account packages are the GTBank Seniors Account, which offers senior citizens aged 65 years and above free banking services.

With the introduction of the GTPatriot Account, the bank will expand and deepen its relationship with another core segment of the society in line

with its goal of enriching the lives of all customers and the communities in which it operates, it added.

Commenting on the launch of the GTPatriot Account, the Managing Director of GTBank, Mr. Segun Agbaje said: “As an institution that deeply believes in service, we are excited to introduce this premium account that recognises, applauds and appreciates the invaluable service that members of military and paramilitary institutions offer to the nation.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 • Source - CBN

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

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

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 15 JUNE 2017 The price of OPEC basket of thirteen crudes stood at $44.38 a barrel on Thursday, compared with $45.16 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

MONDAY, JUNE 19, 2017 • T H I S D AY

36

MARKET NEWS

Ecobank’s Shareholders Approve $400m Convertible Bond Issue Goddy Egene Nosa Alekhuogie Shareholders of Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, last Friday approved the bank’s move to strengthen the group’s capital position. The shareholders gave the approval at the 29th annual general meeting (AGM) and

extraordinary general meeting (EGM), held in Lomé, Togo.

Addressing the shareholders, the Chairman of the Ecobank Group, Mr. Emmanuel Ikazoboh said the convertible bond issue would have a maturity of five years and a coupon of 6.46 per cent above 3-month LIBOR, with an option to convert at an exercise price of 6 US cents during the conversion period.

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

DEALS

MARKET PRICE

According to him, the bond will be on offer to all Ecobank shareholders on identical terms shortly, noting that the proceeds have been earmarked to repay the bridging finance required to create a Resolution Vehicle(RV) to manage Ecobank’s legacy loan portfolio and to optimise the maturities of the Group’s debt portfolio.

“We are delighted with the

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

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

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

Current Price 44.18 46

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

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

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

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

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

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

Current Price 4.79

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

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

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

Current Price 0.5

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

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

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

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

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

Current Price 0.78

Current Price 34.83 Current Price 2.12

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

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

strength of the support shown for the issue by our existing shareholders, as it vindicates the vigorous action taken to address our challenged legacy assets, as well as indicating their confidence in Ecobank’s future.

Nevertheless, it is a matter of great regret that the board was unable to recommend the payment of a dividend in respect of 2016,” Ikazoboh said.

STO C K

He assured stakeholders that the Ecobank’s senior management is united in its firm resolve to work urgently, yet diligently, to reinstate cash dividends as soon as ETI’s financial position permits.

Commenting on Ecobank’s recent performance, Group Chief Executive Officer (CEO), Ade Ayeyemi, said: “Despite continued macroeconomic challenges

in some parts of the continent, all of our businesses are making meaningful progress, with an ongoing focus on cost discipline, stringent credit control and the increasing digitisation of our services to enhance the customer experience. I am confident that these positive developments will be reflected in an improving performance from Ecobank going forward.”

E XC H A N G E

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

DEALS

MARKET PRICE

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

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

Current Price 1.3

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

Current Price 11.25 6.08 29.6 4.28 0.87 42

Current Price 0.5

Current Price 1.45 Current Price 36.45 9.69

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

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

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

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

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

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

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

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

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

Current Price 0.5

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

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

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

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

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

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

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

No. of Deals 1 1 1 1

Current Price 0.9

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

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

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

Current Price 15.01

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

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

No. of Deals 10 10 10 429 4,216

Current Price 169

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

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

Current Price 3.2

37

˾ MONDAY, JUNE 19, 2017

MARKET NEWS

NSE to Support FG’s $600m Mining Sector Investment Fund Goddy Egene The Nigerian Stock Exchange (NSE) has promised to work with the federal government, through the Ministry of Mines and Steel Development, towards the establishment of $600 million Investment Fund expected to boost sector.

The Chief Executive Officer of NSE, Mr. Oscar Onyema stated this last week at the National Mining Summit in Lagos.

According to him, the role of the capital market in harnessing the

Nigerian mining sector’s potential and providing entrepreneurs with access to large, affordable funding for capital intensive projects cannot be overemphasised.

“Investors typically look to the capital market for credible issuers for wealth creation, while the issuers leverage the capital market to attract global investments, resulting in enhanced corporate governance and a diverse pool of investors,” Onyema said.

He explained that the NSE is well positioned as premiere listing destination for African

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

corporates, governments and international issuers looking to access the capital market of the largest economy in Africa.

“With a total market capitalisation of N19.1 trillion ($62.6 billion) as at June 9th 2017 across all asset classes, the NSE provides a platform to raise both equity and fixed income capital for project financing and business expansion. There are currently 175 listed companies on the exchange representing diverse sectors of the economy, and the market capitalisation of 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 15-June-2017, unless otherwise stated.

natural resources sector, which includes one metal and one mining company amongst others, is a little over N5 billion. On the Fixed Income side, we have a total bond market capitalisation of N7.54 trillion ($24.6 billion) of which N563.6 billion ($1.85 billion) was issued amongst 18 State Governments for Infrastructure and project funding,” he said.

The NSE boss noted that for the Nigerian mining sector, current statistics present an immense opportunity for growth, saying that the sector accounts

for 0.02 per cent of exports, 0.3 per cent of national employment and contributes 0.5 per cent an estimated $2.0 billion to the nation’s Gross Domestic Product.

“This representation pales in comparison to global trends for the sector .In 2015, the South African mining industry contributed $19.6billion towards the country’s GDP representing 7.1 per cent of overall GDP. The Canadian mining sector contributed $56.0 billion (3.4 per cent)to GDP and accounted for 19 per cent of its export value

in the same year. The Australian mining sector on the other hand contributed 6.9 per cent ($114.9 billion) to GDP in 2016,” he said.

Onyema added that globally, the metals and mining sector is among the largest industry sectors by the number of companies in operation and its employment size.

“The sector has always been reliant on the capital markets to provide funding for the exploration and development of high and low risk mineral projects,” he said.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 164.00 165.09 29.31% Nigeria International Debt Fund 223.53 224.99 5.44% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.75 0.76 7.71% 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 18.82% 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 16.08 16.56 30.23% ARM Discovery Fund 345.52 355.94 20.32% ARM Ethical Fund 24.81 25.56 11.07% ARM Money Market Fund 1.00 1.00 16.39% 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 138.16 139.13 31.35% AXA Mansard Money Market Fund 1.00 1.00 18.59% 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 15.76% Paramount Equity Fund 11.27 11.56 20.41% Women's Investment Fund 91.09 93.41 7.67% 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 18.45% 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 1,084.27 1,085.40 7.22% FBN Heritage Fund 132.30 133.33 18.63% FBN Money Market Fund 100.00 100.00 19.66% FBN Nigeria Eurobond (USD) Fund - Institutional $109.31 $109.92 6.13% FBN Nigeria Eurobond (USD) Fund - Retail $108.34 $108.94 5.91% FBN Nigeria Smart Beta Equity Fund 149.08 151.20 32.39% 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 1.27 1.29 36.17% Legacy Short Maturity (NGN) Fund 2.76 2.76 7.24% 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 2,638.25 2,700.74 20.13% Coral Income Fund 2,286.65 2,286.65 8.67% 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 13.95% 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 17.83% Vantage Balanced Fund 1.98 2.01 18.01% Vantage Guaranteed Income Fund 1.00 1.00 16.43%

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 8.54% Lotus Halal Fixed Income Fund 1,034.90 1,034.90 5.16% 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 12.60 13.06 32.21% 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 13.27% PACAM Fixed Income Fund 10.62 10.69 2.21% PACAM Money Market Fund 10.00 10.00 16.65% 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 2,077.62 2,089.85 13.47% Stanbic IBTC Bond Fund 159.85 159.85 3.83% Stanbic IBTC Ethical Fund 0.94 0.95 22.73% Stanbic IBTC Guaranteed Investment Fund 200.22 200.22 7.13% Stanbic IBTC Iman Fund 162.14 164.40 24.95% Stanbic IBTC Money Market Fund 100.00 100.00 18.48% Stanbic IBTC Nigerian Equity Fund 9,037.23 9,141.57 19.17% 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 12.00 12.20 23.73% Zenith Ethical Fund 12.73 12.87 16.34% Zenith Income Fund 18.03 18.03 9.07%

REITS NAV Per Share

Yield / T-Rtn

11.41 127.46

1.01% 2.82%

Bid Price

Offer Price

Yield / T-Rtn

10.16 98.99

10.26 100.82

15.63% 30.61%

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

4.04 7.97 15.90 20.09 129.88

4.08 8.05 16.00 20.29 131.88

46.07% 13.30% 31.97% 25.79% 0.76%

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

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T H I S D AY MONDAY JUNE 19, 2017

IN THE FEDERAL HIGH COURT

T H I S D AY MONDAY JUNE 19, 2017

IN THE FEDERAL HIGH COURT OF NIGERIA

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MONDAY, JUNE 19, 2017 • T H I S D AY

40

CITYSTRINGS

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

Bayelsa’s Painful Rains The rainy season this year in Bayelsa, a state which literally lies below the sea level, brings with it not so palatable stories for its residents, writes Emmanuel Addeh

A flooded street in Yenagoa

B

ayelsa State is peculiar in many respects, one of which is its topography. The state is located in the heart of the Niger Delta, South-south geographical zone of Nigeria and directly borders the Atlantic Ocean.

A lowland with just about 20 per cent land and 80 per cent water, the state experiences one of the heaviest rainfalls in the country, lasting between the months of March to the early part of November.

This year, the rains have started and the perennial problem of flooding in the city centre especially, has begun to take its toll on residents.

Like many urban areas in Nigeria, the initial Yenagoa Master plan which was drawn in 1984 by a team of town planners and reviewed in 2007 remains severely distorted.

Of course the situation has been made worse by rapid population growth which has culminated in indiscriminate construction in marshy terrain that is prone to flooding.

Compliance and implementation of the original design remains a major challenge.

The result, compounded by poorly constructed and blocked drainages, worsened by residents' habit of clogging the system

have combined to aggravate the danger of flooding now manifest in Yenagoa.

Buildings have sprung up in designated green areas, floodplains as well as sewage points and when the rains do not find any space to empty their excess, they drain

Several of such incidents have occurred this year alone, but by far the most impactful was last Tuesday’s downpour which disrupted life in Yenagoa for the entire period. From Agudama-Epie to Tombia, from Yenegue to Opolo, from Okaka to Kpansia, from Ekeki to Amarata, the story of regret induced by the about nine-hour rain was the same

directly to residential areas.

And in very bad times, this could be worsened by the intermittent over-flowing of nearby rivers and its numerous tributaries.

So, though the rains are still in their early months, residents of Yenagoa may have started sleeping with one eye closed when the rains start in the night or become extremely anxious when it becomes cloudy in the day.

Several of such incidents have occurred this year alone, but by far the most impactful was last Tuesday’s downpour which disrupted life in Yenagoa for the entire period.

From Agudama-Epie to Tombia, from Yenegue to Opolo, from Okaka to Kpansia, from Ekeki to Amarata, the story of regret induced by the about nine-hour rain was the same.

Recall that earlier in the year, the Nigeria Meteorological Agency (NIMET), led by Prof.

Sani Mashi, had also predicted mass flooding in several states, including Bayelsa.

But residents have continued to count their losses after many homes were taken over while many of them worked round the clock to salvage what was left of their valuables after the last set of downpours.

Narrating his experience, Mr. Godbless

Timi, a resident of Amarata told THISDAY that it was a terrible ordeal watching his belongings getting flooded and damaged.

“The whole house was filled up. The foams, the televisions were already soaked by the time I got inside while myself and some members of my family tried to ‘bail’ the water. But there was really nothing we could do.

“We moved the children to a neighbour’s apartment which was upstairs so we could salvage what was left of our property, but the rain came suddenly and after some hours of trying, we got tired and just allowed the water to take over,” he said.

He blamed the local governments for abandoning their primary duty of ensuring that gutters are not clogged, insisting that until the government wakes up from its slumber, such occurrences might even become deadlier.

On the other hand, Timi said the people who live in the city could not be exonerated from the repeated blocking of the drainages.

“The people who use the gutters as their refuse dumps should also take some of the blames. So also those who build on where they should not. The way forward is for the people to stop messing up the gutters

MONDAY, JUNE 19, 2017 • T H I S D AY

41

CITYSTRINGS

Homes and streets affected by the downpour in Yenagoa

A flooded house in Yenagoa

A foam spread in the sun aftermath of the downpour

Chief of Staff to Bayelsa State governor, Mr. Talford Ongolo, led other government functionaries to inspect affected areas after the heavy downpour in Yenagoa

and for government to stop shirking its responsibility,” he added.

Newspaper houses were not spared during the downpour as Punch Road and other adjoining streets which house some media houses were also affected. It took days before things began to return to normal.

A sales representative with one of the national newspapers on Imgbi Road, said the media house incurred some losses as a result of last week’s rains.

“I was sitting in the office here when it started raining around 12 in the afternoon.

Then I noticed that it got heavier, but I still didn’t feel anything untoward was happening until I saw water near my feet.

“I wasn’t expecting it because even when our neighbours' houses are soaked, ours is usually not affected because this office is a bit higher than theirs.

“When I noticed the rains coming in, I immediately locked the doors and the windows, alas, that was when the real thing started. After bailing water for more than three hours, I got tired and tried to save what I could. But most of the ‘unsold’ newspaper copies were already soaked and damaged,” he said.

Also affected by the torrential rains were Ekeki Housing Estate, along Azikoro Road in the heart of Yenagoa, either due to blocked or non-existent drainages.

Some residents of the area said they were already making efforts to relocate from their

homes to avoid the kind of disaster that occurred in 2012 which led to the setting up of Internally Displaced Persons (IDPs) camps in some parts of the state.

But in a statement after the first major rain that also affected some schools, the Governor of Bayelsa State, Seriake Dickson, sympathised with victims of the flood that ravaged parts of the city, describing the incident as “sad

And a day after last Monday’s severe flooding, the state government said it had unfolded plans to checkmate incessant flooding in some parts of the state capital,Yenagoa and again warned residents against indiscriminate dumping of refuse, blockage of the drains and illegal structures

and unfortunate.”

Dickson in a statement by his Chief Press Secretary, Daniel Iworiso-Markson, attributed the floods to the fact that the “entire state is resting below sea level and is surrounded by water.”

He advised Bayelsa people to observe environmental best practices by cleaning their surroundings always, particularly drainages so as to allow the free flow of water when it rains.

While calling on the people to also stop the indiscriminate dumping of refuse, the governor equally advised them to stop building on the right of ways.

The governor added that he had directed relevant agencies of government to clear the blocked areas arising from the flood and urged residents to bear with the government.

And a day after last Monday’s severe flooding, the state government said it had unfolded plans to checkmate incessant flooding in some parts of the state capital, Yenagoa and again warned residents against indiscriminate dumping of refuse, blockage of the drains and illegal structures.

The Chief of Staff, Government House, Mr. Talford Ongolo who led other government functionaries including the state Commissioner for Information and Orientation, Mr. Jonathan Obuebite, Commissioner for Works and Infrastructure, Mr. Lawrence Ehwrujakpor, Commissioner for Environment, Mr. Williams Alamini on an assessment to some areas

ravaged by the floods said the administration was committed to putting an end to it.

The governor, according to him has set up an inter-ministerial committee to look into the issue and proffer a lasting solution, adding that relevant government agencies had commenced work on the clearing of drainages to ensure free flow of water.

He called for the collaborative efforts of the people of the state to ensure that the issue of flooding becomes a thing of the past.

Also, the state Commissioner for Works and Infrastructure, Ehwrujakpo said the government would adopt a short term measure of clearing the drainages and channeling them to a particular point.

However, he warned that any resident caught violating the state's environmental law will be dealt with in accordance with the law.

According to him, some people build houses on canals, thereby impeding free flow of water in the natural channels and subsequently resulting into flooding in the affected areas.

“That the government will not hesitate to demolish houses that are blocking the canals,” he maintained.

But the fact is that it is still early days yet. The torrential rains are just starting.

Flooding in the state capital is likely to get worse if agencies of government who have the responsibility to enforce the laws do not go beyond mere rhetorics.

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MONDAY JUNE 19, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Brexit: 2018 Queen’s Speech Cancelled

by Government There will be no Queen’s Speech next year to give MPs more time to deal with Brexit laws, the government says.

Leader of the Commons Andrea Leadsom said the next parliamentary session was being doubled in length to two years.

The highly unusual move would allow MPs to scrutinise “substantial amounts of legislation”, she said.

This year ’s Queen’s Speech was due on Monday but has been put off until Wednesday as Theresa May’s minority government seeks a deal with the DUP. The Queen’s Speech traditionally takes place during the ceremonial State Opening Of Parliament, setting out the government’s proposed

legal programme for the coming year.

The last time it was cancelled was in 2011 by the then ConservativeLiberal Democrat coalition government.

That decision, the first time it had been taken since 1949, was criticised at the time by Labour as an “abuse of power” aimed solely at easing the passage of controversial legislation.

Announcing the scrapping of the 2018 event, Mrs Leadsom said the European Union exit legislation would begin with the “Great Repeal Bill”.

She said: “We will build the broadest possible consensus for our Brexit plans, and that means giving Parliament the maximum amount of time to scrutinise

these bills by holding a two-year session of Parliament.

“It will mean we can work together to deliver a successful Brexit deal and a strong social legislative programme that delivers justice and opportunity to everyone.”

The government also wanted to pass “a domestic agenda which aims to tackle the social injustices in our country”, she added.

Meanwhile, Labour leader Jeremy Corbyn has accused the government of being “in no position to negotiate a good deal for Britain” with the EU. Writing in the Sunday Mirror, he said that if the prime minister “can’t command the support of Parliament, we are ready to take that responsibility”.

Mali Tourist Resort ‘Under Attack’ A tourist resort in Mali popular with Westerners is under attack by gunmen.

The country’s government said “suspected jihadists” were behind the assault, AFP reports.

Nearby residents reported hearing shots fired at the luxury destination Le Campement resort in Dougourakoro, to the east of the capital Bamako.

The government says the attack is ongoing.

Malian troops and soldiers from France’s Bakhane counter-terrorist force are at the site.

There was no information immediately available on casualties.

“Security forces are in place. Campement Kangaba is blocked off and an operation is under way,” security ministry spokesman Baba Cisse told Reuters.

The European Union training mission in Mali, EUTMMALI, tweeted that it was aware of the attack and was supporting Malian security forces and assessing the situation.

Mali has been fighting a jihadist insurgency for several years, with Islamist fighters roaming the country’s north and centre.

In November 2015, at least 20 people were killed when gunmen took

guests and staff hostage at the Radisson Blu hotel in Bamako.

Al-Qaeda’s North African arm, Al-Qaeda in the Islamic Maghreb (AQIM), said it was behind that siege.

Mali has been in a state of emergency since the Radisson Blu attack. It was extended for a further six months in April.

The country’s security has gradually worsened since 2013, when French forces repelled allied Islamist and Tuareg rebel fighters from parts of the north.

French troops and a 10,000-strong force of UN peacekeepers have been battling to stabilise the former French colony. -BBC

Macron’s Party Set for Parliamentary Majority, Polls Show French President Emmanuel Macron’s party is on track for a parliamentary majority, exit polls suggest, weeks after his presidential victory.

Two polls have his La République en Marche, alongside its MoDem allies, winning between 355 and 425 seats in the 577-seat National Assembly.

The winning margin is lower than some expected with turnout down from 2012.

The party was formed just over a year ago, and half of its candidates have little or no political experience.

The result, if confirmed, will give the 39-year-old president a strong mandate in parliament to pursue his reform plans.

The second round of the parliamentary election was marked by low voter turnout and was down sharply on five years ago.

Correspondents say opponents of Mr Macron may simply have not bothered to turn out for the vote.

Two polls projected La République en Marche (Republic on the Move or LREM) and MoDem combined winning 355-360 seats, but a third poll by Elabe awarded the two parties a much bigger majority of between 395 and 425 seats.

It will be seen as a big blow to traditional parties on both the left and right.

The conservative

Republicans and their allies could form a large opposition block, with 97133 seats. But this figure is down from 200 seats in the last parliament.

The Socialists, who were in power for the past five years, alongside their partners, were predicted to get only 29-49 seats - their lowest tally ever.

The far-right National Front (FN) party may get between four and eight seats.

FN leader Marine Le Pen, 48, has won a seat in parliament for the first time, representing HeninBeaumont, a depressed former mining town in the north. But two of her top aides were eliminated.

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d K& &hE y , E' WhZ , ^ Z d ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϮͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϯͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ ϭϰͲ:ƵŶ

ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϱϳ͘ϬϬ ϯϮϲ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϬϳ͘ϭϬ ϯϮϱ͘ϱϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϲ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϲ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϭϱ͘ϱϬ ϯϭϱ͘ϱϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϳϬ͘ϱϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϲ͘ϬϬ ϯϮϲ͘ϬϬ ϯϮϲ͘ϬϬ ϯϱϳ͘ϬϬ ϯϬϲ͘ϮϬ ϯϭϲ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϲ͘ϬϬ ϯϮϲ͘ϬϬ ϯϭϱ͘ϱϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϲ͘ϬϬ ϯϮϲ͘ϬϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ

DKhEd ϱϭ͕ϯϬϲ͘ϯϵ ϰϱ͕ϬϬϬ͘ϬϬ ϭϲϮ͕Ϭϳϴ͘ϲϭ ϴ͕ϯϲϴ͘ϱϬ Ϯϲϵ͘Ϯϯ ϴϬϳ͘ϲϵ ϭϬϬ͕ϬϬϬ͘ϬϬ ϯϱ͕ϳϵϵ͘Ϭϯ ϱ͕ϬϬϬ͘ϬϬ ϯ͕ϬϬϬ͘ϬϬ ϭϬϬ͕ϬϬϬ͘ϬϬ ϰϬϯ͘ϴϱ ϭϯϮ͕ϲϬϴ͘Ϭϴ ϯϮ͕ϬϮϵ͘ϰϮ Ϯϳ͕Ϭϵϰ͘ϳϵ Ϯϵϱ͘ϬϬ Ϯ͕Ϭϱϵ͘ϭϭ Ϯ͕ϱϯϭ͘ϬϬ ϭϬϰ͕Ϭϳϲ͘ϬϬ Ϯ͕ϰϵϬ͘ϬϬ ϭ͕ϱϬϬ͘ϬϬ ϭϮ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϬϬϬ͘ϬϬ ϱϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ Ϯ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϬϬϬ͘ϬϬ ϭ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϴϴϲ͘ϯϵ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϱϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϱϬϴ͘Ϯϱ ϭ͕ϬϬϬ͘ϬϬ ϴϳϵ͘ϳϬ ϭ͕ϬϬϬ͘ϬϬ ϯ͕ϵϴϲ͘ϯϯ Ϯ͕ϭϱϬ͘ϬϬ ϰ͕ϳϮϯ͘ϱϬ ϯ͕Ϭϰϴ͘ϬϬ ϱϴ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱϳ͕ϯϱϬ͘ϭϰ ϰϯϰ͕ϵϯϰ͘ϱϬ ϳϵ͕ϳϭϮ͘ϭϯ ϲ͕Ϭϱϳ͘ϲϵ Ϯ͕Ϭϭϵ͘Ϯϯ ϭϮ͕ϬϬϬ͘ϬϬ ϯ͕ϱϬϬ͘ϬϬ ϯ͕ϳϯϱ͘ϬϬ ϭ͕ϳϰϬ͘ϬϬ ϭ͕ϳϰϬ͘ϬϬ ϭ͕ϳϰϬ͘ϬϬ ϭ͕ϳϰϬ͘ϬϬ ϭ͕ϳϰϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϵϵϮ͘ϴϬ ϯ͕ϵϵϳ͘ϱϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϱϬϬ͘ϬϬ ϯ͕ϬϬϬ͘ϬϬ ϭ͕ϭϭϲ͕ϵϲϬ͘ϯϱ ϴ͕ϬϬϬ͘ϬϬ Ϯ͕ϭϭϳ͘ϬϬ ϰ͕ϱϯϴ͘ϰϲ ϲ͕Ϭϯϲ͘ϱϮ ϯϴϱ͘ϮϬ ϯϴϰ͘ϲϮ ϯϭ͕Ϯϯϭ͘ϯϳ ϭϮϱ͕ϵϯϵ͘ϴϵ ϮϮϱ͕ϬϬϬ͘ϬϬ ϯϬ͕ϬϳϬ͘ϬϬ ϯϵ͕ϯϱϬ͘ϬϬ ϭϴϲ͕ϳϮϵ͘ϳϲ ϭϲϮ͕Ϯϱϴ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϭ͕ϰϬϬ͕ϬϬϬ͘ϬϬ ϭϰϲ͕ϵϮϮ͘ϲϯ ϲϰϱ͕ϴϵϴ͘ϵϮ ϭϴϱ͕ϮϬϮ͘ϯϳ ϯϱ͕ϭϬϬ͘ϬϬ ϭϯϱ͕ϮϴϬ͘ϬϬ ϳϯ͕ϯϱϯ͘ϲϬ ϭ͕ϴϴϱ͘ϰϱ ϭ͕Ϯϭϭ͘ϱϰ Ϯϳϯ͕ϵϬϬ͘ϬϬ ϯϯϯ͕ϴϴϰ͘ϭϰ ϭϬϵ͕ϬϰϬ͘ϬϬ ϭϵ͕ϭϯϮ͘ϱϬ ϭϳ͕ϰϵϴ͘Ϯϰ ϰϲ͕ϴϬϬ͘ϵϮ ϲϬ͕ϳϱϬ͘ϬϬ ϰϯ͕ϯϬϬ͘ϳϱ ϭϴ͕ϲϭϬ͘ϬϬ ϭϯϭ͕ϰϭϰ͘ϰϬ ϭϵϬ͕ϱϬϬ͘ϬϬ ϭϳϯ͕ϮϱϬ͘ϬϬ ϱϬϬ͘ϬϬ ϲϱϬ͘ϬϬ ϵϬϬ͘ϬϬ ϴϯϯ͕ϯϬϬ͘ϱϰ ϯ͕ϬϰϬ͕ϬϬϬ͘ϬϬ ϱϬϬ͕ϬϬϬ͘ϬϬ ϭ͕ϰϭϰ͘ϯϰ ϭϱϬ͕ϱϬϬ͘ϬϬ ϭϰ͕ϴϬϱ͘ϭϮ ϵϯ͕ϲϬϬ͘ϬϬ ϰϲϰ͕ϴϱϭ͘ϱϭ ϱϮ͕ϲϬϬ͘ϬϬ ϯϰ͕ϬϮϬ͘ϬϬ ϭϭϮ͕ϴϴϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϱ͕ϰϭϵ͘ϴϬ ϮϬ͕ϬϬϬ͘ϬϬ ϱϬϬ͘ϬϬ ϲϳϬ͘ϬϬ ϯϲ͕ϯϭϰ͘ϯϴ Ϯϱϱ͕ϬϬϬ͘ϬϬ Ϯ͕ϱϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϯ͕ϬϬϬ͘ϬϬ ϭ͕ϱϬϬ͘ϬϬ Ϯ͕ϰϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϭ͕ϱϳϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ

ϭϲϴ ϭϲϵ ϭϳϬ ϭϳϭ ϭϳϮ ϭϳϯ ϭϳϰ ϭϳϱ ϭϳϲ ϭϳϳ ϭϳϴ ϭϳϵ ϭϴϬ ϭϴϭ ϭϴϮ ϭϴϯ ϭϴϰ ϭϴϱ ϭϴϲ ϭϴϳ ϭϴϴ ϭϴϵ ϭϵϬ ϭϵϭ ϭϵϮ ϭϵϯ ϭϵϰ ϭϵϱ ϭϵϲ ϭϵϳ ϭϵϴ ϭϵϵ ϮϬϬ ϮϬϭ ϮϬϮ ϮϬϯ ϮϬϰ ϮϬϱ ϮϬϲ ϮϬϳ ϮϬϴ ϮϬϵ ϮϭϬ Ϯϭϭ ϮϭϮ Ϯϭϯ Ϯϭϰ Ϯϭϱ Ϯϭϲ Ϯϭϳ Ϯϭϴ Ϯϭϵ ϮϮϬ ϮϮϭ ϮϮϮ ϮϮϯ ϮϮϰ ϮϮϱ ϮϮϲ ϮϮϳ ϮϮϴ ϮϮϵ ϮϯϬ Ϯϯϭ ϮϯϮ Ϯϯϯ Ϯϯϰ Ϯϯϱ Ϯϯϲ Ϯϯϳ Ϯϯϴ Ϯϯϵ ϮϰϬ Ϯϰϭ ϮϰϮ Ϯϰϯ Ϯϰϰ Ϯϰϱ Ϯϰϲ Ϯϰϳ Ϯϰϴ Ϯϰϵ ϮϱϬ Ϯϱϭ ϮϱϮ Ϯϱϯ Ϯϱϰ Ϯϱϱ Ϯϱϲ Ϯϱϳ Ϯϱϴ Ϯϱϵ ϮϲϬ Ϯϲϭ ϮϲϮ Ϯϲϯ Ϯϲϰ Ϯϲϱ Ϯϲϲ Ϯϲϳ Ϯϲϴ Ϯϲϵ ϮϳϬ Ϯϳϭ ϮϳϮ Ϯϳϯ Ϯϳϰ Ϯϳϱ Ϯϳϲ Ϯϳϳ Ϯϳϴ Ϯϳϵ ϮϴϬ Ϯϴϭ ϮϴϮ Ϯϴϯ Ϯϴϰ Ϯϴϱ Ϯϴϲ Ϯϴϳ Ϯϴϴ Ϯϴϵ ϮϵϬ Ϯϵϭ ϮϵϮ Ϯϵϯ Ϯϵϰ Ϯϵϱ Ϯϵϲ Ϯϵϳ Ϯϵϴ Ϯϵϵ ϯϬϬ ϯϬϭ ϯϬϮ ϯϬϯ ϯϬϰ ϯϬϱ ϯϬϲ ϯϬϳ ϯϬϴ ϯϬϵ ϯϭϬ ϯϭϭ ϯϭϮ ϯϭϯ ϯϭϰ ϯϭϱ ϯϭϲ ϯϭϳ ϯϭϴ ϯϭϵ ϯϮϬ ϯϮϭ ϯϮϮ ϯϮϯ ϯϮϰ ϯϮϱ ϯϮϲ ϯϮϳ ϯϮϴ ϯϮϵ ϯϯϬ ϯϯϭ ϯϯϮ ϯϯϯ ϯϯϰ ϯϯϱ ϯϯϲ ϯϯϳ ϯϯϴ ϯϯϵ ϯϰϬ ϯϰϭ ϯϰϮ ϯϰϯ ϯϰϰ ϯϰϱ ϯϰϲ ϯϰϳ ϯϰϴ ϯϰϵ ϯϱϬ ϯϱϭ ϯϱϮ ϯϱϯ ϯϱϰ ϯϱϱ ϯϱϲ ϯϱϳ ϯϱϴ ϯϱϵ ϯϲϬ ϯϲϭ ϯϲϮ ϯϲϯ ϯϲϰ ϯϲϱ ϯϲϲ ϯϲϳ ϯϲϴ ϯϲϵ ϯϳϬ ϯϳϭ

> EZ t :h :K^,h K> t > ͬWd K tK> KDK> ',K :ͬWd h < Z E> / ͬWd </E> </Et > K> ͬWd Z/ K KE Wd >d ͬ d / <t 'ZK /E h^dZz ͬWd /s/E K< ,K/ >d ͬ d K> /WK ^ Dh > dKz/EͬWd E:K ' KK> ͬWd ͘ W W Z Θ ^d d/KE Zz K͘ >d ͬ d Dh, DD Dh<,d Z ͬWd / Kth dhE ^ , ͬWd > ^,/E>Kz K>h&hE< DͬWd DKZ>/ ^d, /Ed ZΖ> >d ͬ d KdKD tK ^d >> KDK^,h< ͬWd K Z ,h<th Ed ZWZ/^ ^ͬWd ,h<thD Z/: /< K'hͬWd D/Z/</ ^ Dh > dKW ͬ d W/E h^ D /Ed͘ KDW Ez >d ͬWd d, E dK^ '>K > /EEKs d/KE >d ͬ d EE :/ > y /< ,h<thͬWd DKZ/ Z D hZ E KͬWd &/Z^d D/ , >d, KE^h>d/E' >d ͬ d ' Z hZh / Z 'Z ͬWd KE t/>>/ D^ '>K > ^ Zs/ >d ͬ d E/<h K hDE D :K,EͬWd ^ E/ : D/>h ' ͬWd h^D E Z Dh & KͬWd EhZh E & >/>h K> <Kz :KͬWd KDKZK' K>ht dK^/E ͬWd W Ed, EKE /Es ^dD Ed >d ͬ d hDK' , ' KZ' : Z D/ ,ͬWd /EE z /Ed> >/D/d ͬ d K>h' E/ zK > D/^ h KͬWd K> t > dK>h>KW Z , >ͬWd > K ^/</Zh dKE ͬWd dZ E '>K > / KE^ /Ed 'Z d >d ,K:Z : /E h^dZ/ ^ W> W>hdh^ /E h^dZ/ ^ >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d d K E/' >d D/ < z > z KDD Z / > Kz D/ < z > z KDD Z / > Kz D W> > & WZ ^^ >d E yh^ &KZ >/& E yh^ &KZ >/& ^d >>/KE W> ^d/ ^ /E h^dZ/ ^ >/D/d D h< d d KEKzKD DKEz h'h^d/E E< KEz /th ,h<^ /Es ^dD Ed E/' >/D/d EdZ > E< K& E/' Z/ W ,/ Z /E h^dZ/ > KDW Ez >/D/d > ^^ /EEK ^d /E h^dZ/ > KDW Ez >d ^K'KK &KZD d/KE ^z^d D^ >/D/d /&z E ,/ E/' >d ^h s/ KE^ KE ZE^ >/D/d ^K '>K > Ed ZWZ/^ ^ >d ͬ d D h /EK /Ed ZE d/KE > KDW Ez >/D/d hZK t & ^,/WW/E' >/E >d 'Z E Zd s Z 'Z/ h>dhZ > KDW Ez >/D/d </E ,h<^ /Ed ZE d/KE > >/D/d E D E E/' Z/ >d Z ' dd /E h^dZ/ ^ >/D/d Z ' dd /E h^dZ/ ^ >/D/d >/& d/D ^^KZ/ ^ KDW Ez >d >/ d,Yh E dZ /E' K >d ^ E dKZ > / DD Eh > K>htK> > ^^/ ^K W /E h^dZ/ ^ E/' Z/ >/D/d > ^^/ ^K W /E h^dZ/ ^ E/' Z/ >/D/d > ^^/ ^K W /E h^dZ/ ^ E/' Z/ >/D/d Ez , >h W,Z /D ,h<th'K / ' <K : EE/& Z /: KD 'hE>Kz Kz t > :h ,D Dh^ /E t </E<hED/ K> dKZ Z ͘ K </Ed zK d D/dKW KDKthED/ Ez , >h W,Z /D ,h<th'K / / /: KD '/E/< Et Z/E ^hE z DK> ' Z :/DK, / Kth / Z ,/D d hD Z E' D 't / K' ,/ h'K ,/ ^, <tK>K s/ hD ,/ h^d/E s E h , E^ > > D ,/ 'Z d / > >d

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ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϬϲ͘ϮϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϬϳ͘ϮϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϮϱ͘ϱϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϮϱ͘ϱ ϯϮϱ͘ϱ ϯϭϴ͘ϱ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϮϱ͘ϱ ϯϮϱ͘ϱ ϯϭϱ ϯϭϱ ϯϲϯ ϯϲϯ ϯϲϯ ϯϮϱ͘ϱ ϯϮϱ͘ϱ ϯϭϴ͘ϱ ϯϮϱ͘ϱ ϯϮϱ͘ϱ ϯϭϴ͘ϱ ϯϮϱ͘ϱ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϭϱ͘ϱ ϯϯϭ ϯϲϬ ϯϲϯ ϯϲϬ ϯϲϬ ϯϱϳ ϯϱϳ ϯϱϳ ϯϱϳ ϯϱϳ

ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϴϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϵϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϳϱϬ͘ϬϬ Ϯ͕ϬϬϬ͘ϬϬ ϭ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϭϳϭ͕ϬϬϬ͘ϬϬ ϭϬϮ͕ϲϵϬ͘ϬϬ ϭϭ͕ϯϰϲ͘ϱϬ ϭϰ͕ϳϴϰ͘ϱϬ ϭϬ͕Ϯϰϵ͘ϯϴ ϴ͕ϭϳϵ͘ϰϬ ϴ͕ϯϴϱ͘ϱϬ ϵ͕Ϯϵϵ͘ϱϵ ϵ͕Ϭϴϱ͘ϲϬ ϴ͕ϰϯϴ͘ϳϱ ϭϬ͕ϵϭϬ͘ϬϬ ϴ͕ϴϲϲ͘ϳϱ ϭϰ͕ϵϳϮ͘ϲϰ ϭϬ͕Ϭϱϱ͘ϮϬ ϭϱ͕ϬϮϰ͘ϬϬ ϱϰ͕ϵϵϬ͘ϬϬ ϰϬ͕ϴϯϬ͘ϬϬ ϭϰ͕ϳϮϬ͘ϬϬ ϵϱ͕Ϭϱϳ͘Ϭϵ ϲϰ͕ϳϲϵ͘ϵϴ Ϯ͕ϱϬϬ͘ϬϬ ϭϬ͕ϱϵϯ͘ϭϵ Ϯ͕ϵϰϴ͘ϰϬ ϮϬ͕ϬϬϬ͘ϬϬ ϱϵ͕ϰϱϭ͘ϭϮ ϭϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϭϬϬ͕ϬϬϬ͘ϬϬ ϭϬ͕ϬϬϬ͘ϬϬ ϭϰ͕ϰϲϰ͘ϳϴ ϱϬ͕ϬϬϬ͘ϬϬ ϭϮϴ͕ϵϲϬ͘ϬϬ ϲϰ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ Ϯ͕ϳϰϵ͘ϵϮ ϮϬ͕ϰϬϬ͘ϬϬ ϯϬ͕ϯϵϯ͘ϬϬ ϰϬ͕ϵϯϮ͘ϬϬ ϭϳ͕ϭϯϬ͘ϰϬ ϯ͕ϲϲϵ͘Ϯϯ ϭ͕ϭϱϯ͘ϴϱ ϰ͕ϴϴϵ͘ϬϬ ϭϭ͕ϭϰϰ͘ϭϵ ϭ͕ϱϬϬ͘ϬϬ ϭ͕ϱϰϱ͘ϲϬ ϱ͕ϲϵϮ͘ϯϭ ϭ͕Ϯϴϰ͘ϬϬ ϱϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϲ͕ϴϭϰ͘ϯϱ ϱ͕ϲϵϮ͘ϯϭ ϵ͕ϵϵϵ͘ϵϴ ϯ͕ϴϱϮ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϭϬ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ Ϯ͕ϰϵϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϴϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϭϯϴ͕ϭϳϯ͘ϵϬ Ϯϰϭ͕ϰϱϳ͘ϱϳ Ϯϵ͕ϰϯϱ͘ϯϮ ϭϱϬ͕ϬϬϬ͘ϬϬ ϲϲ͕ϳϬϳ͘ϮϬ ϱ͕ϬϬϬ͘ϬϬ ϭ͕ϭϮϬ͘ϬϬ Ϯ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϯ͕ϴϴϮ͘Ϭϴ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϯ͕ϬϬϬ͘ϬϬ Ϯ͕ϯϱϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱϬ͕ϵϲϬ͘ϬϬ ϭϳ͕ϲϵϱ͘ϬϬ ϲϵ͕ϯϲϰ͘ϬϬ ϱϯϴ͘ϰϲ ϭ͕ϲϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ Ϯ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϱϬϬ͘ϬϬ ϯ͕ϴϲϰ͘ϭϳ ϱ͕ϬϬϬ͘ϬϬ ϭ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰϱϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϭ͕ϱϬϬ͘ϬϬ ϵϵ͕ϬϬϬ͘ϬϬ ϰϬ͕ϰϳϲ͘ϳϭ Ϯϯ͕ϵϯϴ͘ϬϬ ϭϮ͕ϱϰϬ͘ϬϬ ϳϰ͕ϳϯϲ͘ϬϬ ϯϴ͕ϲϵϬ͘ϬϬ ϰϳϲ͘ϬϬ ϵ͕ϭϮϯ͘ϳϯ ϭϮϵ͕ϲϱϵ͘ϭϵ ϭϭϴ͕Ϭϲϱ͘ϳϱ ϰϲ͕ϯϮϱ͘ϬϬ ϭϭϳ͕ϯϬϬ͘ϬϬ Ϯϳ͕ϳϬϮ͘ϰϵ ϭϳ͕ϱϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϰ͕ϬϬϬ͘ϬϬ ϴϬϬ͘ϬϬ Ϯ͕ϬϬϬ͘ϬϬ ϱϱ͕ϵϯϮ͘ϬϬ ϴϵ͕ϯϯϱ͘ϯϯ Ϯ͕ϲϲϱ͘ϲϳ ϮϬϲ͕ϵϬϴ͘ϬϬ ϭ͕ϴϲϰ͘ϱϭ ϮϬ͕ϬϬϬ͘ϬϬ ϱϯ͕ϬϬϰ͘ϳϭ ϮϮϵ͕Ϯϵϱ͘ϳϲ ϭϱϬ͕ϬϬϬ͘ϬϬ ϭϮ͕ϭϱϬ͘ϰϭ Ϯϭ͕ϮϮϲ͘ϯϳ

ϯϳϮ ϯϳϯ ϯϳϰ ϯϳϱ ϯϳϲ ϯϳϳ ϯϳϴ ϯϳϵ ϯϴϬ ϯϴϭ ϯϴϮ ϯϴϯ ϯϴϰ ϯϴϱ ϯϴϲ ϯϴϳ ϯϴϴ ϯϴϵ ϯϵϬ ϯϵϭ ϯϵϮ ϯϵϯ ϯϵϰ ϯϵϱ ϯϵϲ ϯϵϳ ϯϵϴ ϯϵϵ ϰϬϬ ϰϬϭ ϰϬϮ ϰϬϯ ϰϬϰ ϰϬϱ ϰϬϲ ϰϬϳ ϰϬϴ ϰϬϵ ϰϭϬ ϰϭϭ

^> ^dK < ZK< Z^ >d ^> ^dK < ZK< Z^ >d ^> ^dK < ZK< Z^ >d ^> ^dK < ZK< Z^ >d , Z/dz Ed E/' >/D/d / E'K&& t͘ ;E/'Ϳ >d K, '>K > Z ^KhZ ^ >/D/d z E D y /Es ^dD Ed >/D/d s ZDKZ hE/d KDW Ez >/D/d & D Z ,K E/' Ed ZWZ/^ ^ &ŝƌƐƚ ŝƚLJ DŽŶƵŵĞŶƚ ĂŶŬ >d &ŝƌƐƚ ŝƚLJ DŽŶƵŵĞŶƚ ĂŶŬ >d &ŝƌƐƚ ŝƚLJ DŽŶƵŵĞŶƚ ĂŶŬ >d &ŝƌƐƚ ŝƚLJ DŽŶƵŵĞŶƚ ĂŶŬ >d &ŝƌƐƚ ŝƚLJ DŽŶƵŵĞŶƚ ĂŶŬ >d &/Z^dE d/KE /Zt z^ 'Z E '>K > /Ed 'Z d KE Wd^ >d 't 't > Z E , , >D Z hZKW E WZK: d dKK>^ >d , D/^h DK, DD , ^^ E /Ed Z: d E/' Z/ >/D/d /WKEZ/ Z E , / h ' hE D DKdKZ^ E/' >d :DZ /E&Kd , E/' Z/ >/D/d < ^< E /E h^dZ/ ^ >/D/d > K' '>K > /Es ^dD Ed >d D Zz K^ : dKDK / DdE E/' KDDhE/ d/KE^ >d E E: E /E h^dZ/ > >d K<K>/^KE ZKd, Z^ E/' Z/ >/D/d K<th^ K /Ed ZͲ>/E< /Ed ZE d/KE > >/D/d W K WZKW Zd/ ^ /Es ^dD Ed >/D/d W ZD^ E'/E Z/E' E W < '/E' s EdhZ ^ >d W ZD^ E'/E Z/E' E W < '/E' s EdhZ ^ >d Z,/EKD E/' Z/ >/D/d ^KE 'ZK , D/ > >d ^^K Ks Z^ ' E z E/' ^dh /K WZ ^^ E/' Z/ W> ^dh /K WZ ^^ E/' Z/ W> h E D^ KWd/KE^ >/D/d

>K E Z W zD Ed >K E Z W zD Ed >K E Z W zD Ed >K E Z W zD Ed &KZ WZK h d/KE 'Z/ h>dhZ > <E W^ < ^WZ z Z &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE ^K&dt Z ^h ^ Z/Wd/KE ^K&dt Z ^h ^ Z/Wd/KE ^K&dt Z ^h ^ Z/Wd/KE ^K&dt Z ^h ^ Z/Wd/KE ^K&dt Z ^h ^ Z/Wd/KE s/ d/KE W zD Ed &KZ WZK h d/KE d &KZ WZK h d/KE /Es/^/ > &KZ WZK h d/KE D ^d Z Z &KZ WZK h d/KE /Es/^/ > &KZ WZK h d/KE &KZ WZK h d/KE /Es/^/ > /Es/^/ > &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE &KZ WZK h d/KE /E h^dZ/ > Z t D d Z/ >^ /E h^dZ/ > Z t D d Z/ >^ &KZ WZK h d/KE

ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ ϭϲͲ:ƵŶ

ϯϳϰ ϯϳϰ ϯϳϰ ϯϳϰ ϯϲϬ ϯϯϭ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϯϭ ϯϯϭ ϯϯϭ ϯϯϭ ϯϯϭ ϯϱϳ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϱϳ ϯϲϬ ϯϯϭ ϯϲϬ ϯϲϬ ϯϲϬ ϯϱϳ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϲϬ ϯϯϭ ϯϯϭ ϯϲϬ

Ϯ͕ϰϴϭ͘ϲϵ Ϯ͕Ϯϳϭ͘Ϭϱ ϴϮϬ͘ϳϰ ϭϳ͕ϵϬϱ͘ϴϳ ϮϬ͕ϬϬϬ͘ϬϬ ϭϳϱ͕Ϭϱϵ͘ϴϴ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϱϭ͕ϴϴϭ͘ϴϱ ϵϬ͕ϵϬϵ͘ϭϬ Ϯϱ͕ϬϬϬ͘ϬϬ ϰϳϴ͕ϳϵϲ͘ϬϬ Ϯϳ͕ϯϬϬ͘ϬϬ ϰϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϱ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϲ͕ϵϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϭ͕ϱϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϳϭ͕ϯϵϵ͘ϭϯ ϮϬ͕ϬϬϬ͘ϬϬ ϭϵ͕ϲϬϬ͘ϬϬ ϲ͕ϮϬϬ͘ϬϬ ϯϴ͕ϳϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϭ͕ϵϲϬ͘ϬϬ ϳ͕Ϭϵϱ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϮϬ͕ϬϬϬ͘ϬϬ ϴϬ͕ϯϵϭ͘ϯϬ ϴϬ͕ϳϴϲ͘ϴϰ ϭϬ͕ϬϬϬ͘ϬϬ

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/DdK /DdK /DdK /Ed Z E< Kd, Z^ /DdK EdZ > E< K& E/' Z/ EdZ > E< K& E/' Z/ Kd, Z^ Kd, Z^ EdZ > E< K& E/' Z/ /DdK /Ed Z E< /DdK /DdK Kd, Z^ Kd, Z^ EdZ > E< K& E/' Z/ /DdK Kd, Z^ Kd, Z^ /Ed Z E< EdZ > E< K& E/' Z/ Kd, Z^ /DdK /DdK /Ed Z E< Kd, Z^ Kd, Z^ /DdK /DdK /DdK ^D/^ Z d /> &t ϮϴͲ h'ͲϮϬϭϳ /DdK E & y E & y /DdK /Ed Z E< E & y /Ed Z E< Kd, Z^ /DdK /DdK /DdK Kd, Z^

d K& &hE WhZ , ^ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϮͬϭϳ ϲͬϭϯͬϭϳ ϲͬϭϯͬϭϳ ϲͬϭϯͬϭϳ ϲͬϭϯͬϭϳ ϲͬϭϯͬϭϳ ϲͬϭϯͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϰͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϱͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ ϲͬϭϲͬϭϳ

y , E' Z d

DKhEd

ϯϱϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϬϲ͘ϲϬ ϯϭϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϮϱ͘ϬϬ ϯϮϱ͘ϬϬ ϯϲϬ͘ϬϬ ϯϲϬ͘ϬϬ ϯϱϳ͘ϬϬ ϯϱϱ͘ϬϬ ϯϬϱ͘ϳϬ ϯϱϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϳϬ͘ϬϬ ϯϭϰ͘ϱϬ ϯϮϰ͘ϰϭ ϯϱϱ͘ϬϬ ϯϭϰ͘ϱϬ ϯϭϰ͘ϱϬ ϯϬϲ͘ϳϬ ϯϮϰ͘ϵϲ ϯϲϬ͘ϬϬ ϯϱϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϬϲ͘Ϯϱ ϯϭϰ͘ϱϬ ϯϭϰ͘ϱϬ ϯϱϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϱϱ͘ϬϬ ϯϭϴ ϯϱϱ ϯϳϯ ϯϯϬ ϯϱϱ ϯϭϱ ϯϲϮ ϯϬϱ͘ϳϱ ϯϭϰ͘ϱ ϯϱϱ ϯϱϱ ϯϱϱ ϯϭϰ͘ϱ

ϲϬ͕ϬϬϬ͘ϬϬ Ϯϭϲ͕Ϭϴϵ͘ϭϭ ϭϭ͕ϭϱϴ͘ϬϬ ϭϬϬ͕ϬϬϬ͘ϬϬ ϭϵϱ͘ϯϮ ϲϴ͕ϰϬϲ͘ϯϴ ϴ͕Ϭϳϲ͘ϵϮ Ϯ͕ϲϵϮ͘ϯϭ ϭ͕ϬϬϬ͘ϬϬ ϯ͕ϵϲϲ͘ϬϬ ϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬ ϭϲϳ͕ϴϯϵ͘ϵϬ ϭϱϬ͕ϬϬϬ͘ϬϬ ϯϬϬ͕ϬϬϬ͘ϬϬ ϰϭ͕ϲϯϭ͘ϯϳ ϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϱ͕ϱϭϭ͕Ϯϵϴ͘Ϭϲ ϳϵ͕ϭϱϭ͘ϭϮ ϭϰϯ͘ϵϭ ϰϯϬ͘ϬϬ ϱϬ͕ϬϬϬ͘ϬϬ ϲ͕ϲϭϮ͕ϰϯϳ͘ϭϰ ϰϬϬ͘ϬϬ ϯϵ͕Ϯϯϱ͘ϳϲ ϴϴ͕ϵϭϲ͘Ϯϳ ϱϬ͕ϬϬϬ͘ϬϬ ϯϳϬ͘ϬϬ ϭϬϭ͘ϳϵ ϮϬϬ͕ϬϬϬ͘ϬϬ ϯϮϭ͕ϵϰϯ͘ϰϯ ϭϴϰ͕ϭϳϴ͘ϱϯ ϲϬϲ͕ϭϲϱ͘ϳϱ ϳϬ͕ϲϳϮ͘ϵϰ Ϯϯ͕ϰϳϵ͘ϯϱ ϭ͕ϵϮϰ͕ϮϰϮ͘ϰϮ ϯϬϱ͕ϳϬϭ͘ϵϯ ϱϱ͕ϵϯϮ͘ϬϬ ϯϮϬ͕ϴϭϬ͘ϬϬ Ϯϱ͕ϬϬϬ͘ϬϬ Ϯϳ͕ϭϱϲ͘ϬϬ ϮϬϬ͕ϬϬϬ͘ϬϬ ϭϲ͕ϮϬϬ͘ϱϰ Ϯϴ͕ϯϬϭ͘ϴϮ Ϯϴ͕Ϯϴϳ͘ϱϬ

56

T H I S D AY MONDAY JUNE 19, 2017

57

˾ MONDAY, JUNE 19, 2017

PAGE FIFTY-SEVEN NBS BOSS: NIGERIA WILL EXIT RECESSION NEXT YEAR with their host countries’ requirements. Now that the conditions are right, they are trying to raise additional capital and then they will come back home later to raise additional funds when the stock market

is stable,” Rewane explained.

But he pointed out that if the country gets out of recession this year and starts achieving positive growth of around one or two per cent next year, then the rate of default by Nigerian

banks and level of impairments would begin to reduce.

He also said that if stock prices continue to rise, the environment would be right to raise additional capital.

“Capital raising is a cushion

against shocks. If you are raising capital now, it would give you the tailwind to ride through the next boom and prepare you for the next shock,” he added.

To an analyst at Vetiva Capital

Management Limited, Lekan Olabode, more lenders will issue Eurobonds because they need dollars to offer loans in foreign currency or to repay debt.

Union Bank Plc plans to raise N50 billion through a rights

issue scheduled to take place by the end of this quarter.

Also, Sterling Bank Plc is waiting for market conditions to improve before another issuance, according to its chief financial officer, Abubakar Suleiman.

the two zones that we are interested in consulting with initially, is as wide as possible and we have tried to inculcate that even in our meeting with traditional rulers today.

“As you are aware, there has been agitation from some of our youths in the Southeast, urging secession, the creation of Biafra. In apparent response, young people in the Northern states, under the aegis of Arewa youths, have purportedly issued an ultimatum where they have set a date for the eviction of persons from the Southeast region who live in the Northern states.

“Those agitations, the manner of those agitations, the method and objective are wrong, unlawful and violate the laws of Nigeria and the constitution of Nigeria.

“I want to repeat that both the agitations for secession and the ultimatum to leave the Northern states are wrong and a violation of our constitution.

“Our constitution says in Section 2 that Nigeria is one indivisible and indissoluble sovereign state to be known by the name Federal Republic of Nigeria. That is the law of our country.

“Let us not be in any doubt about the fact that the federal government is committed to ensuring that our country remains united, and that anyone who violates the law in the manner such as we are seeing all over the place will be met with the full force of the law.

“And the reason why it is so is because enough blood has been spilled and many hundreds of thousands of lives have been lost.

“Many have paid for the unity of this country with their lives and it will be wrong of us as men and women of goodwill in this generation to toy with those sacrifices that have been made.

“This is why men of goodwill in our generation must not tolerate any tendency that drags us in the direction of yet another civil conflict.

“But we must be sensitive to the reasons why there are agitations by the various young men across the various zones of this country. Many have to do with perceived marginalisation.

“Some have argued that safety in different zones has been compromised. But I want to say the only way to make things right is to do things right.

“And it will be wrong of us to approach even our grievances by threatening to disobey the laws or by threatening the integrity of our nation.

“What the federal government is committed to doing is ensuring that we listen to all the reasons, the various suggestions and the various agitations and the reasons for those agitations and to ensure that we do justice to all persons, regardless of where

you are from in this country.

“That is the commitment of the federal government which I am able to make to you today.

“I recall that President Muhammadu Buhari said that as a person who served in the Nigeria Army, he committed his life to the service of this country, and that he did so not alone but with others from the North, South, West and East of Nigeria.

“And that he fought side by side from Congo to so many related places where he had served the country, protecting each other’s lives and ensuring that all of them were safe.

“That in the Nigerian Army, they were men and women from all parts of Nigeria and that is the reason, according to him, he is so committed in ensuring that Nigeria remains one united country.

“Our greatness lies in our being together and I believe very strongly that as our royal fathers, you will ensure the message is clear to all, that the greatness of any people lies in their ability to work together despite our differences, despite the types of offence that have been caused between each other.

“The greatness of any community lies in our unity.

We trust that you our royal fathers will give us the right directional advice to ensure that our country remains together,” he stated.

Ondo State, on the 3rd March, 2016.”

The DSS said that those behind the “misleading and despicable acts” have since been warned to desist from anything capable of causing disaffection and stoking nationwide tensions.

“Consequently, the service, in line with its statutory mandate of ensuring the internal security of the country, wishes to inform the public that it will stop at nothing to deploy all resources at its disposal to identify and deal with all those culpable, as well as maintain peace and order in every length and breadth of the Nation.

“To this effect, it warns, in very clear terms, all those who are charting the course of disunity among Nigerians to desist from their divisive actions.

“The service is also not oblivious of the efforts of some miscreants to ignite fear and cause ethnic tensions across the country. It strongly condemns in its entirety the call for relocation of anyone to places against their wishes.

“Such relocation order is not only illegal, it is strongly viewed to be against the spirit of our constitution which allows for freedom of movement and association, among others.

“The DSS, therefore, frowns at the tendency some ethnic chauvinists easily and cheaply resort to hate speeches, misinformation and total manipulation of information, especially on the social media simply to fan the embers of discord and subvert the efforts of government in implementing its policies for the good of everyone.

“Well-meaning and law abiding citizens and residents are enjoined to disregard persuasions by these tribal jingoists to make our beloved country a theatre of the absurd and bloodletting.

“It is time for us Nigerians to show our humanness and patriotism which have been our defining strength as one united indivisible nation,” it added.

The DSS also said that it has commenced a detailed investigation to get the perpetrators of the hate campaigns as well as their sponsors.

“At the appropriate time all those involved in these condemnable acts will be unmasked and decisively dealt with in line with the laws of the land.

“The service wants to reassure the entire populace that it will not leave any stone unturned to ensure that those who are bent on causing a breakdown of law and order are not spared,” it said.

It encouraged anyone with useful information to volunteer same to the DSS or the nearest security agency or formation for prompt action.

SOUTHERN LEADERS UNITE, INSIST ON RESTRUCTURING The communique signed

by Afenifere chieftain, Ayo Adebanjo, on behalf of the South-west; founding DirectorGeneral of the National Intelligence Agency (NIA), Chief Albert Horsfall for the South-south; and former Chief of General Staff, Commodore Ebitu Ukiwe (rtd.) for the South-east, also criticised the manner in which the federal government and the acting President Yemi Osinbajo have handled the ultimatum given to Igbos resident in the North.

Part of the communique read: “We the people of Southern Nigeria, comprising the South-east, South-west and South-south of Nigeria, decided to come together to forge a common and formidable front for the sustenance of sound principles of national development, equity, fairness, social justice and political emancipation.

“The meeting held against the backdrop of the ultimatum given by the Arewa youths to the people of the Southeast and by extension to all Southerners to vacate the North

by October 1, 2017, and the refusal of the Nigerian state to activate the law against any of them, giving us the impression that these youths are not acting on their own but on the back of their establishment.

“We consider the need to avert the impending danger arising from the ultimatum given by the Arewa youths. We agreed that there is a growing demand by our people and other Nigerians to form a stronger federation in which the principles and practice of true federalism are upheld.

“We observe that the cry for self-determination will continue unabated and become much more stringent unless the federal government sincerely addresses the issue of Nigeria’s restructuring.

“We therefore resolved that we reject the attempt to reduce the current crisis in Nigeria, flowing from the unresolved nationality question, to an Igbo and North affair.

“The meeting therefore insists that any further discussion on this crisis should be between the entire South and the North of Nigeria.

The South-east is advised to consider any further meeting where the South-west and South-south are not involved as Southern Nigeria because the issues involved affect all of us.

“We also demand that the Arewa youths and their sponsors must withdraw the quit notice given to the people of the South-east, as failure to do so will be taken as an ultimatum given to the entire Southern Nigeria to quit their region and any attack against anybody from the South, will be considered an attack against Southern Nigeria.

“We therefore advise the federal government to take seriously and live up to the primary responsibility of any

government, which is to protect the lives and property of every citizen of Nigeria wherever they may reside.

“The meeting also condemned in the strongest terms the activities of Fulani herdsmen who have taken over the entire Southern and Middle Belt of Nigeria, including invading state Houses of Assembly preventing them from making laws; cows going into classrooms and chasing our children out of schools; killing our farmers on their farms and raping their wives.

“Now, we also resolved on the need for the restructuring of Nigeria and to uphold the principles of true federalism as agreed by the founding fathers of Nigeria and practiced effectively in the years before the first military coup in Nigeria.

“We reaffirm our stand on true federalism as the system of government founded on democratic principles and institutions in which the power to govern is shared between the national and the federating units.

“Such units have control over their own affairs and are bequeathed equal status with their constitution, which is consistent with the federal constitution.

“We affirm and are resolved on the implementation of the report of the 2014 National Conference aimed at the complete transformation and restructuring of our country and to build and confederate Nigeria’s unity through peaceful and harmonious unity, progress and genuine development.

“We want concrete steps taken on the implementation of 2014 National Conference Report before 1st October 2017.

“We resolve to reawaken once more the spirit of friendship and mutual respect among our people and extol our common determination to pursue peace, progress and enhance the continued existence of Nigeria, just as we commend the convener of this dialogue in bringing us together. We appeal to them to continue to do so in future.”

Some of the eminent Southern leaders present at the meeting which held at the Lekki, Lagos home of Adebayo included General Alani Akinrinade (rtd.), President, Ohaneze Ndigbo, Nnia Nwodo, Secretary, Afenifere, Mr. Femi Okunrounmu, Dr. Okey Anueyiaya, Chief Sydney Dike, Chief Eric Ebeh, Walter Ofonagoro, Senator Bucknor Akinrele, Ogita Iyalla-Finnih, Dr. Kunle Olajide, Chief Mike Uwaka and Abdulaziz Ude. Others were Chief Goddy Uwazurike, Prof George Obiozor, Prof. Joe Irukwu, Charles Odunukwe, Iyaze Ebigwe, Col. Tony Iyiam, Senator Femi Okunrounmu, Dr. Amos Akingba, Supo Shonibare, Chief Tokunbo Ajasin, Senator Bassey Henshaw, Air Comodore

Idongest Nkanga (rtd) and Chief Guy Ikokwu.

‘Enough of the Bloodshed’ The meeting of the Southern leaders came on the heels of Osinbajo’s meeting yesterday with traditional rulers from the South-east.

During the meeting, the acting president informed his audience that enough blood had been spilled on Nigerian soil, warning that events hurtling towards further bloodshed in any part of the country would be resisted.

The acting president made this remark at the opening of his meeting with the traditional rulers at the Banquet Hall of the Presidential Villa in Abuja, in continuation of his meetings with leaders of Northern and South-eastern Nigeria.

Osinbajo, who told the traditional rulers that yesterday’s meeting had become imminent in view of the influence that the traditional rulers wield in their respective domains, said many Nigerians had paid the supreme sacrifice for the unity of the country and hence, attempts to toy with such sacrifices by dragging the nation towards another civil war would not be allowed.

Recalling the protracted agitations for secession in the South-east as well as the attendant ultimatum from the North, the acting president said both incidents were in grave violation of Section 2 of the constitution which recognises Nigeria as both a sovereign state and an indissoluble entity.

Observing that such agitations were predicated on perceived marginalisation and compromised safety in such regions, Osinbajo submitted that the federal government has a responsibility to ensure that such perceived injustice is dealt with, pointing out that Nigeria’s greatness lies in its unity.

“In planning these meetings, I was conscious that we should have a separate set of meetings with our traditional rulers because of the peculiar and the unique positions that they hold especially in their relationship with those that live in their kingdoms.

“This was the reason we chose to have two separate meetings, one with the South-east traditional rulers and tomorrow evening, I will be having one also with traditional rulers from the North.

“I want to emphasise that it is the unique position that traditional rulers occupy that is behind the separate consultations and we want to take advantage of it as much as possible.

“Most of us are aware, especially for those who have been following the consultations, that we have worked very hard to ensure that the representations across

DSS Warns Agitators, Tribal Jingoists Meanwhile, the Department of State Services (DSS) yesterday also warned regional agitators and tribal jingoists in the country against hateful utterances and misinformation likely to threaten the unity of the country.

In a statement signed by Tony Opuiyo on behalf of the DSS, the agency said: “The Department of State Services has watched with keen interest the disturbing trend desperate and mischievous elements that have tended to steer the ship of our nationhood to calamity and irretrievable destruction.

“Only recently, the Arewa Youths in a press statement called for the relocation of the Igbos from the North.

Unfortunately, this development has been followed by a release from an unknown source styled, Niger Delta Watchdogs, threatening all Northerners to quit Niger Delta region.

“Meanwhile, another group went to the extent of harvesting from the internet, a horrific accident scene, for the purpose of making it look like a site of massacre of the Igbo ethnic group by Northern youths.

“However, the service has been able to establish that the purported murder scene being depicted as a field of massacre was a high casualty accident scene which occurred along the Owo-Akure road,

MONDAY, JUNE 19, 2017Ëž T H I S D AY

58

NEWS

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

Nâ&#x20AC;&#x2122;Delta Youths Kick against Non-inclusion of Indigenes in Pâ&#x20AC;&#x2122;Harcourt Refinery Concession Threaten oil production Sylvester Idowu Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C; The nationâ&#x20AC;&#x2122;s oil production which peaked to about 2.2 billion barrels per day and increased in revenue generation for the country is now being

threatened as a Niger Delta youth group at the weekend threatened to disrupt the oil exploration activities in the region over an alleged exclusion of indigenes in the concessioning of refineries by

NNPC: Weâ&#x20AC;&#x2122;ve Crashed Price of Diesel by 42% Chineme Okafor Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039;

address sufficiency issues across the country. It stated: â&#x20AC;&#x153;Since January this The Nigerian National Petroleum Corporation (NNPC) yesterday year, we have worked very hard said some of its key strategic with relevant stakeholders to interventions have resulted to improve distribution from a significant drop in the price refinery depots, by implementing of diesel by about 42 per cent a robust loading programme.â&#x20AC;?

It also said it was able to across the nation.

It explained in a statement resuscitate its critical pipelines from its Group General and depots in places such as Manager, Public Affairs, Mr. Atlas Cove-Mosimi; PortNdu Ughamadu, in Abuja, that Harcourt Refinery-Aba; and this downward price trend has Kaduna Refinery-Kano, in its been observed by it over the quest to improve the distribution of diesel. last six months.  Efforts, it added, are also NNPC stated that in the first quarter (Q1) of 2017, the retail ongoing to revamp and prices of diesel which is one commission other critical pipelines of the deregulated petroleum across the country.  The corporation noted that products in the country was N300 per litre in major demand another key intervention that has centres, but that prices were now enhanced supply and distribution within a bandwidth of N175 of diesel in the country was its robust engagement with critical and N200 per litre. â&#x20AC;&#x153;Such unpleasant situation downstream stakeholders where placed a huge burden on truck salient issues were raised and duly drivers, who need the product addressed.  These stakeholders it for transporting their vehicles; the nationâ&#x20AC;&#x2122;s manufacturing added include the Major Oil sector which requires it to run Marketers Association of its operations; as well as on Nigeria (MOMAN); Nigerian the masses who need it for Association of Road Transport household power generation. Owners (NARTO); Petroleum â&#x20AC;&#x153;However, following Tanker Drivers (PTD); as well strategic intervention efforts by as Independent Petroleum the NNPC towards sustained Marketers Association of Nigeria improvement in the supply (IPMAN).

It added that as a result of of the diesel, the productâ&#x20AC;&#x2122;s retail prices as at the end of consistent positive engagement May 2017 ranged from N175 with the Central Bank of Nigeria to N200 across the country (a (CBN), it has equally extended significant price drop of about the expansion of foreign exchange 42 per cent), while ex-depot intervention scheme for petrol prices also dropped to between to accommodate diesel and N135 and N155,â&#x20AC;? said NNPC aviation fuel.

NNPC thus said with its in the statement. NNPC said some of its plans, it would continue to strategic interventions in this ensure seamless supply and regard included improving the distribution of diesel and other supply of diesel and remodelling petroleum products across the of the product distribution to country.

CrusaderSterling Pensions Bags Agusto â&#x20AC;&#x2DC;Aâ&#x20AC;&#x2122; Rating The foremost rating agency, Agusto & Co, has assigned the â&#x20AC;&#x2DC;Aâ&#x20AC;&#x2122; (PFM) rating to CrusaderSterling Pensions Limited.

A statement by CrusaderSterling Pensions Limited welcomed the rating being the first of its kind in the local pension industry.

The rating, according to the company, re-affirms CrusaderSterling Pensionsâ&#x20AC;&#x2122; increasing uniqueness in the pensions industry. â&#x20AC;&#x153;It is also a reflection of the companyâ&#x20AC;&#x2122;s stability and reputation of being a well-established franchise with strong commitment to delivery of superior value to

stakeholders and excellent service to customers,â&#x20AC;? it said.

In its published report, Agusto & Co recognised the strength of the company as follows:Â experienced and capable management investment committee, disciplined investment process, adequate oversight of investment risks, clear operational structure and segregation of duties and robust risk management and control framework.

Speaking on the new ratings, the companyâ&#x20AC;&#x2122;s Managing Director, Adeniyi Falade, said the company is pleased to join the club of â&#x20AC;&#x2DC;Aâ&#x20AC;&#x2122; rated institutions.

the federal government.

The youth group, Pan Niger Delta Youth Leadership Forum (PANDLEAF), at a press conference in Warri yesterday said its members were ready to disrupt oil exploration in the region should the government go ahead to concession the refineries, as it is happening to the Port Harcourt refinery, without the inclusion of indigenes of the area.

President of PANDLEAF, Hon. Famous Daunemigha, warned that the double speak of the federal government on the issue of concessioning of the Port Harcourt refinery would soon lead to chaos.

He argued that though the indigenes of the Niger Delta had shown seriousness and capability with provision of $1.2 billion required as third financier demanded by the

federal government for the rebuilding of the refineries, the double speak by the Minister of State, Petroleum, Dr. Ibe Kachukwu is an indication of hidden agenda to bring in multinationals at the expense of locals. â&#x20AC;&#x153;The hidden attempt by the federal government to bring in the multinationals at the expense of indigenes who have shown the capability to raise the 1.2 billion required as third party financier will provoke a total shut down of oil production in the region. â&#x20AC;&#x153;It is unfortunate that the leaders of our nation speaks from both sides of their mouth. Only on Friday, we submitted a memorandum to the Senate ad hoc committee on the concessioning of the refineries. The other day,

the Minister of State, Dr. Ibe Kachukwu, came out to say they are not planning to concession the refineries but that they are looking for third party financiers to finance the rebuilding of refineries to the tune on $1.2 billion. â&#x20AC;&#x153;We however wish to say as a people, our rights to economic, social and cultural development as enshrined in the United Nation and African Union Charter in Article 22 of the African Charter on Human and Peopleâ&#x20AC;&#x2122;s Rights provide that â&#x20AC;&#x2DC;the people shall have the right to their economic, social and cultural development with due regards to their freedom and identity and in equal enjoyment of the common heritage of mankind,â&#x20AC;? he added.

Daunemigha therefore declared â&#x20AC;&#x153;We shall resist any attempt at bringing any company (Oando and Agip inclusive) in the name of concessioning or as a third party financier in the business of rebuilding the Port Harcourt refinery without the inclusion of companies owned by persons from the Niger Delta region. â&#x20AC;&#x153;That we have gotten together a consortium of indigenous investors, financiers and corporations with necessary resources, capital, technical knowhow, manpower and have created s special purpose vehicle (SPV) for the purpose of putting together the $1.2 billion as stated by Dr. Ibe Kachikwu and we are willing to present all relevant request,â&#x20AC;? he added.

CELEBRATING FATHERâ&#x20AC;&#x2122;S DAY

L-R: Acting President, Prof. Yemi Osinbajo; his brother, Femi; and his wife; Speaker, House of Representative, Hon. Yakubu Dogara, with others, during a service to mark Ftherâ&#x20AC;&#x2122;s Day, at the Aso Villa Chapel in Abuja....yesterday

Ë&#x203A;

Bakare Warns Coup Plotters, Power Mongers Says Buhari is still alive Shola Oyeyipo Former vice-presidential running mate to President Muhammadu Buhari during the 2011 general election and founder, Latter Rain Assembly, Pastor Tunde Bakare, yesterday warned those wishing the president dead and those eyeing the presidency to have a rethink, saying nothing will happen to Buhari.

Speaking during a state-ofthe-nation address at his church in Lagos with the theme: â&#x20AC;&#x2DC;Birth Pangs to a New Nigeriaâ&#x20AC;&#x2122;, Bakare, who is also the convener, Save Nigeria Group (SNG), warned power mongers speculating the presidentâ&#x20AC;&#x2122;s death as a basis to grab power to desist from such act or face the wrath of God. The political activist who drew inferences from the biblical stories of Absalom and Adonijah who both haboured what he

tagged â&#x20AC;&#x153;inordinate ambitionsâ&#x20AC;? to take over power from King David while on sick bed, said all ploys to hijack power by some elements in the corridor of power will fail because President Buhari is still alive. â&#x20AC;&#x153;Because of the present health challenge of our president, many think it is the end. They are preparing their horses and chariots of war, forgetting that victory belongs to God. All coup plotters and their collaborators, trouble is comingâ&#x20AC;&#x2122; upon your head. We gave you the uniform.

We gave you the guns. Why would you use them against us? Caution must be exercised by those in military testing the water of coup,â&#x20AC;? he said. Â Though he admitted that the â&#x20AC;&#x153;diminishing health challengesâ&#x20AC;? of President Buhari is not the best for Nigeria at a time the country requires strong

leadership, Bakare emphasised that it is incorrect to give the president up for dead. Â â&#x20AC;&#x153;Who can say who is the first to die between the patient in an Intensive Care Unit (ICU) and the doctor? Only God knows who will die first. Scenario and permutations do not work because I know scenarios are also in the minds of the people. But he (Buhari) is not dead yet. Stop the postulation and scenario,â&#x20AC;? he urged.

Comparing the current situation in Nigeria to labour pains, Bakare said: â&#x20AC;&#x153;What Nigeria is going through is not new or strange.

We are in birth pangs. Nigeria is in intensive labour. The president is serving the nation he loves with diminishing health. Nigeria needs anointed midwives to deliver her painlessly. â&#x20AC;&#x153;Those within the polity with inordinate ambitions to take over

power by all means will have themselves to blame because your inordinate ambition will kill your children in your lifetime. â&#x20AC;&#x153;There are things happening behind the scene. All the actors in the corridor of power can keep on trying but the residual power still resides in the hand of he that is old.â&#x20AC;?

On the alleged coup plot, the clergy who said Nigerians as the rest of the world are against military intervention, vowed to mobilise Nigerians to vehemently resist such action. â&#x20AC;&#x153;Though I have said I will not march again but if they dare, I will mobilise the forces of the nation against any military incursion. They will be taking us back to the woods. Even as bad as Trump is the military is not threatening him,â&#x20AC;? he said.

59

MONDAY, JUNE 19, 2017˾ T H I S D AY

NEWSXTRA

FG to Execute Three-pronged Strategy to End Fuel Importation by 2019 Davidson Iriekpen To achieve the President Muhammadu Buhari

administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019

Presidency: We Don’t Consider Nnamdi Kanu a S’East Leader of Thought The presidency has said it does not consider the arrowhead of the Indigenous Peoples of Biafra (IPOB), Nnamdi Kanu, as a leader of thought in the South-east region.

The Special Adviser to the president on political matters, Babafemi Ojudu, gave this as the reason why Kanu was left out of the ongoing consultations of Acting President Yemi Osinbajo with leaders of the South-east last week.

“Well, the thing is that we were looking for leaders of the people, leaders of thought and we do not see him as a leader of thought in the east. May be opportunity will come at one time or the other for him to be engaged,” Ojodu said yesterday.

“But so far, what we have done is to look at people who have influence in the communities, whether it is religious, whether it is traditional, whether it is political, social or governance. These are the people we brought in for discussion.”

Ojudu, according to TheCable, said the agitation for secession and calls for referendum being championed by IPOB were not up for discussions during the meeting.

“Nobody has tabled that in all the discussions we have had. Nobody, I can tell you.

Ohanaeze came with a prepared

document. They never talked about referendum. They never.

They never even talked about secession,” he said.

“They made complaints about police harassment at road blocks.

They made complaints about losing some key positions, not being appointed into security positions and all those kinds of things.

“And these are things that can easily be addressed. Nobody canvassed secession at those meetings, nobody canvassed referendum.”

The presidential aide further noted that the South-east leaders were in agreement with the federal government that Nigeria should remain as one.

He said the government will work towards addressing the problem of youth unemployment and frustration across the country.

“So, for us, and that was the conclusion that everybody came to in the consultations we have had that we should all agree that we can live together peacefully.

“We should address injustice where we find it and the government should be equitable in the distribution of resources across the country snd then, find solution to youth unemployment and the frustration that is confronting most of the young people across this country.”

We Import Poison, Not Rice, Bagudu Warns Nigerians The Governor of Kebbi State, Abubakar Bagudu, has condemned the continuous importation of rice into the country, describing it as importation of poison.

Bagudu, who is the Chairman of the Presidential Task Force on Rice and Wheat Production, told journalists yesterday in BirninKebbi that the imported rice, auctioned by different countries, was no longer good for human consumption.

The chairman, who expressed regret over citizens’ patronage of foreign rice, said imported rice usually contained preservatives, which are poisonous.

He disclosed that there were three major importers of rice into the country who specialised in importing very cheap, auctioned rice into the country.

The governor said Thailand in April 2017 auctioned 1.62 million tonnes of rice at about $140 per tonne whereas the market price of it was $700 per tonne.

“Countries, particularly Thailand, India, China and Vietnam, buy a lot of paddy from their farmers and keep in storage sometimes, as long as

nine years so that by so doing, they are supporting their farmers.

“A country like Thailand, for example, may have eight million tonnes of rice in storage; so occasionally, they will auction the ones that are almost going bad that is, the one that is not fit for human consumption.

“They sell the paddy as low as 20 per cent less than the international market price.

“Those who import rice into Nigeria will go and buy the paddy and clean them up.

“Because they do not buy rice at the international price, our local farmers who are offering rice for $500 will not be competitive.

“This is the biggest obstacle to our rice efforts because consumers say local rice is expensive; it is not expensive because we are not comparing it with equivalent rice elsewhere,” the chairman explained.

The governor, according to the News Agency of Nigeria (NAN), said out of the 600 million tonnes of rice produced in the world, Nigeria produced about six million tonnes which represented one per cent of the production.

which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy.

The strategy was articulated by the Minister of State of Petroleum, Dr. Emmanuel Ibe Kachikwu, in his latest monthly podcast to stakeholders in the oil sector.

According to the minister, the expected benefits from the strategy include: foreign exchange conservation, job creation, ensuring stability of the market place in terms of pricing, stability of production as well as earning some credibility in OPEC as an oil producing country which successfully transited from importation to local processing.

“Unless we focus strongly on how to bring long-term sustainability in refining and local supply of products, we are going to continue to face serious challenges.”

The strategy has four components. First, is a plan to attract massive finance to fund the repair and upgrade of three key refineries in Port Harcourt, Warri and Kaduna to boost and stabilise supply of petroleum products.

The second component of the strategy is strengthening government support for private sector-led Greenfield refinery projects such as the Dangote Refinery.

The third component is the structuring and mainstreaming

of private sector-driven modular refineries to further increase the supply of petroleum products and end importation.

Kachikwu confirmed that the ministry’s drive to seek financing for the revamp of the country’s refineries has received the interest of serious global investors.

The investors, according to the minster, have expressed willingness to provide support and finance the repairs of the three refineries that are estimated to cost about $1.2billion.

The country is producing only a small proportion of what it currently consumes.

The national daily average

production in refining output and production is about six million liters, about 22-24 per cent of the total daily consumption of about 35 million litres.

The minister also stressed that the importation of petroleum products at current levels has led to huge and unsustainable capital flight.

Approximately N3.35 trillion was spent between January 2016 and December 2016 to import 20 metric tonnes of imported petroleum products.

In all, close to 30 per cent of foreign exchange released by the CBN goes to importation of petroleum products - a huge drain on foreign exchange.

BUILDING MANAGERS’ CAPACITY

L-R: Executive Director, Commercial and Institutional Banking, Sterling Bank, Lanre Adesanya; Executive Director, Retail & Consumer Banking, Grama Narasimhan; Associate Director & Operations Leader, PwC Nigeria, Adedoyin Amosun; Managing Director/CEO, Yemi Adeola; Advisory Partner and Chief Economist, PwC Nigeria, Dr. Andrew Nevin; Partner & Mining Leader, Cyril Azobu and Executive Director, Finance and Strategy, Sterling Bank, Abubakar Suleiman, during a workshop for the senior management of the bank in Lagos... weekend

N5bn Scam: No Money Traced to Goje’s Account, Says EFCC Investigator Alex Enumah ÓØ ÌßÔË˿ An investigator with the Economic and Financial Crimes Commission (EFCC), Solomon Okotie, has told a Federal High Court sitting in Jos that his investigation revealed that no money from the award of contracts in Gombe State could be traced to the account of the immediate past Governor, Senator Danjuma Goje.

Okotie, who is the Prosecution Witness 1 (PW1), made the revelation at the resumed trial of Goje who is being prosecuted by the EFCC for allegedly embezzling N25 billion.

The EFCC investigator further informed the court that due process was followed in the award of contracts in Gombe State during Goje’s tenure as governor.

Under cross-examination from counsel to Goje, Chief Chris Uche (SAN), Okotie stated that “with specific reference to the Universal Basic Education Commission (UBEC), there was a letter from the commission that it approved the action plan and

the award of contract.

The witness also admitted that having obtained the contractor’s bank statement and studied same and confirmed that the monies covered by the vouchers went into the account of the contractor, Real and Integrated Hospitality Company which is Zenith Bank.

Okotie also stated that at the end of his investigation, he did not trace one naira from the contract money to any account belonging to Goje, any company or person related to him.

He declared that the contracts for which the former governor is standing trial were fully executed.

The second prosecution witness who is the SolicitorGeneral and Permanent Secretary in the Gombe State Ministry of Justice Bar. Magellan Dedi had in his testimony told the court presided over by Justice B.O Quadiri that he was informed by the state UBEB officials that due process was followed in the award of the contract and that he was made to understand

that the former Attorney-General received instruction from the 1st defendant (Goje) to terminate the contract for non-performance within the stipulated time of three months.

Specifically, the EFCC is prosecuting Goje over allegations that he conspired with others sometime between May 2003 and May 2001 in Gombe to misappropriate the sum of N5billion property of the state government which was, or in whole or part, directly represented proceeds of an illegal act contrary to Section 17 of the Money Laundering (Prohibition Act) 2004.

Other charges include: “That you Alhaji Danjuma Goje “m” former Governor of Gombe State sometimes between May 2003 and 2011 in Gombe within the jurisdiction of the Federal High Court committed an offence to wit; converted the sum of N5,000,000,000 property of Gombe State and thereby committed an offence contrary to section 14 of the money laundering prohibition act 2004.

“That you Alhaji Danjuma

Goje “m” former Governor of Gombe State Nigeria sometimes between May 2003 and 2011 in Gombe within the jurisdiction of the Federal High Court committed an offence to wit; converted the sum of N1,920,000,000 property of Gombe State and thereby committed an offence contrary to section 17 of the money laundering prohibition act 2004.

“That you Alhaji Danjuma Goje “m” former Governor of Gombe State, Alhaji Aliyu Ubadone El-Nafaty “M” former Executive Chairman of the UBEC, and others sometimes between May 2003 and 2011 in Gombe within the jurisdiction of the Federal High Court committed an offence to wit; with an attempt to convert, conspired among yourselves and others to conceal or disguise the sum of N830,725,685.82 property of the UBEC, an agency of the federal government which was, or in whole or in part, directly or indirectly represented proceeds of an illegal act contrary to section 17 of the money laundering prohibition act 2004.

60

MONDAY, JUNE 19, 2017Ëž T H I S D AY

NEWSXTRA

38 Compulsorily Retired Army Officers Seek Buhariâ&#x20AC;&#x2122;s Intervention Joseph Ushigiale President Muhammadu Buhari has been urged to constitute an impartial panel to review the cases of the 38 serving military officers compulsorily retired by the Army High Command for their alleged partisanship in the 2015 general election as well as involvement in defence contracts scam on the grounds that some of them were not only unfairly treated but that the exercise failed to follow due process.

In an article titled: â&#x20AC;&#x2DC;Injustice, Human Rights and the Nigeria Army,â&#x20AC;&#x2122; signed by Ishaq Yusuf, a public affairs commentator, he described the reasons given for their compulsory retirement as untenable because the retirement had nothing to do with the so-called â&#x20AC;&#x2DC;service exigencyâ&#x20AC;&#x2122; and clearly contravened the Armed Forces Act (AFA), CAP A20 Laws of the Federation of Nigeria 2004 on which their compulsory retirement was grounded.

Citing instances where the AFA was contravened, Yusuf pointed out that in the AFA, â&#x20AC;&#x153;all military officers are entitled to appear before a court martial to ascertain their guilt or otherwise when accused or alleged to have committed an offence. However, he said in the instant case, as a clear abuse of the rules, no court martial was convened in respect of these officers. â&#x20AC;&#x153;Investigation shows that nine officers that is; Maj. Gen. M.Y Ibrahim, Maj. Gen. S.D Aliyu, Maj. Gen. F.O Alli, Maj. Gen. L.I Wiwa, Maj. Gen. E.L Atewe, Brig. Gen. Mormoni-Bashir, Brig.

Gen. D.M Onoyiveta, Brig. Gen A.L Onibasa and Brig. Gen D Abdusalam appeared before the arms contract panel. â&#x20AC;&#x153;While another 11, Brig. Gen A.S.H Saad, Brig. Gen Koko Essien, Col F.D Kayode, Col D.R Hassan, Col. T.T Minimah, Lt. Col T.O Oladuntoye, Lt. Col. C.O Amadi, Lt. Col O.A Baba-Ochankpa (late), Lt. Col Egemole, Lt. Col. K.O Adimoha

and Lt. Col A.S Mohamed attended the Maj. Gen. Oyebade then GOC 1 Divisionâ&#x20AC;&#x2DC;s Board of Inquiry on Election Partisanship as witnesses,â&#x20AC;? they stated.

Pointing out his strong conviction that the Chief of Army Staff, Lt. Gen. Tukur Buratai, had a hidden agenda in ensuring that the 38 officers were booted out of the service, Yusuf stressed that in some instances, some of the compulsorily retired officers were out of the country at the time some of the infringements were allegedly committed, while others had neither been queried nor ever received any summons before a civil or military tribunal or inquiry.

According to him, â&#x20AC;&#x153;there were 18 officers, who were never queried, charged or appeared for investigation. They include Maj. Gen. Ijioma, Maj. Gen. Ejemai, Maj. Gen Ilo, Maj. Gen. Ude,

Brig. Gen. Aghachi, Brig. Gen Fibuonuma, Brig. Gen L.M Bello, Brig Gen. I.M Lawson, Col F.E Ekpeyong, Col. O.U Nwankwo, Col. M.A Suileman, Col. C.K Ukoha, Lt. Col A Mohammed, Lt. Col G.C Nyekwu, Lt. Col D.B Dazang, Lt. Col T.E Arigbe, Lt. Col Enemchukwu and Maj. Williams. â&#x20AC;&#x153;Out of them, four (Lawson, Agachi, Suleiman and Arigbe) were actually on assignment out of the country, but were also retired without fair hearing. The affected officers therefore appealing to President Buhari, through the Chief of Defence Staff, General AG Olonisakin, against their wrongful retirement from the army, seeking for redress,â&#x20AC;? they stated.

Challenging Buratai on his claim that â&#x20AC;&#x153;painstaking procedure to ensure we didnâ&#x20AC;&#x2122;t pick innocent ones,â&#x20AC;? Yusuf insisted that â&#x20AC;&#x153;when Buratai was

appointed as Chief of Army Staff in July 2015 at the start of a two year tenure, one of the first things he did was to review disciplinary cases in the army, especially of soldiers in the defunct Operation Zaman Lafiya, North-east Operations.

He halted the various courts martial and constituted a committee to review the cases.

At the end of the review, it was announced that the Nigerian Army has pardoned and reinstated a total of 3,032 soldiers out of the 5,000 that appeared before the committee.â&#x20AC;?

He now wondered why â&#x20AC;&#x153;under his watch, none of the 38 senior officers was made to appear before a court martial to determine their guilt or otherwise. It is admitted that several officers appeared before one inquiry or the other but they were not granted an opportunity for fair hearing

via a courts martial where they would have been entitled to legal representation and access to any charges or allegations against them. Let us not even mention those that were not queried, charged or tried, theirs is a no case submission.â&#x20AC;?

Citing the position of an established legal luminary, Femi Falana to buttress his position, the aggrieved officers quoted him to have posited that â&#x20AC;&#x153;Despite the clear provisions of the 1999 Constitution, compliance with the minimum human rights standard in the administration of military justice in Nigeria has remained a mirage. It is obvious that the reason for reversal of the majority of cases decided by courts-martial by the appellate courts is the breach of the fundamental rights of convicted soldiers to fair hearingâ&#x20AC;?.

APC, PDP Donâ&#x20AC;&#x2122;t Mean Well for Nigerians, Says ADP We will take over from APC in 2019 Ogheneuvede Ohwovoriole Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; One of the newly-registered political parties, the Action Democratic Party (ADP), has said it will work very hard and mobilise Nigerians against the All Progressives Congress (APC) with the hope of becoming the ruling party in the 2019 general election.

It also said the ruling party, the APC and the Peoples Democratic Party (PDP) are destroying the principles of democracy in the country and do not mean well for Nigeria.

The National Chairman of the party, Mr. Yusuf Yabagi Sani, stated this in Abuja while addressing a press conference at the partyâ&#x20AC;&#x2122;s national secretariat after its National Executive Committeeâ&#x20AC;&#x2122;s (NEC) meeting. Â Promising to right the wrong of the two parties, the National Chairman of ADP said the party is now fully on ground with the collection of its certificate of registration from the Independent National Electoral Commission (INEC) last Friday. â&#x20AC;&#x153;We are prepared for the coming elections. Even before the INEC Chairman said the commission was prepared for the election, we were prepared; our members in various states were just waiting patiently for this day, registration and collection of our certificate of registration, which has come,â&#x20AC;&#x2122;â&#x20AC;&#x2122; he stated. Â â&#x20AC;&#x153;Believe you me, we are ready because Nigerians are ready for the real change and not the cosmetic change that you have been seeing that have plunged us into what we are seeing today. â&#x20AC;&#x153;We believe that all Nigerians have been waiting for us and this is the beginning the journey to greatness, a great nation, a

safe place where you can live anywhere and do business anywhere. In Anambra State governorship election and other elections that are coming, you will see wonders.â&#x20AC;? Â He also said the party would not allow impunity to grow and destroy the party like it did to the PDP and is now doing to the APC. Sani said the constitution of its party does not recognise persons but the political parties. â&#x20AC;&#x153;Political parties as institutions have been taken for granted.

Before we thought it was just a platform that people can use to run for an election but parties like APC and PDP are destroying the principles of political partiesâ&#x20AC;?, ADP added.  â&#x20AC;&#x153;We have realised that it is unthinkable to talk about democracy without talking of political parties. Which means that political parties have the responsibility to make sure that democracy is entrenched and managed professionally. â&#x20AC;&#x2DC;â&#x20AC;&#x2122;You donâ&#x20AC;&#x2122;t leave political parties in the hands of lame men or dropouts. Educated and enlightened people should manage political parties because whatever they do affects everybody. Let all Nigerians come and join us and letâ&#x20AC;&#x2122;s rescue Nigeria together.â&#x20AC;?  He added that the party would provide purposeful leadership that is currently lacking in the country and will be transparent, accountable and responsive to the people.  According the National Chairman, â&#x20AC;&#x153;ADP is a party of necessity; a party borne out of genuine desire to make Nigeria secure, stable and egalitarian; a country where democracy and rule of law shall reign.â&#x20AC;&#x2122;â&#x20AC;&#x2122;

A DAY FOR FATHERS

L-R: President, Menâ&#x20AC;&#x2122;s Fellowship, Rhema Chapel International Church, Mr. Oluyinka Akinsola; Minister-in-Charge, Pastor Caleb Ayinla; and his wife, Pastor Romoke; shortly after the Fatherâ&#x20AC;&#x2122;s Day celebration service, held at the church at Ebute-Metta, Lagos...yesterday

THISDAY, LASUTH, 104 Others Nominated for Healthcare Excellence Award Martins IďŹ jeh THISDAY Newspapers, the Lagos State University Teaching Hospital, LASUTH, Sokoto State Ultra Modern Trauma Centre and 103 other institutions and individuals have been nominated for the 2017 Nigeria Healthcare Excellence Award (NHEA).

The winners, who the organisers said have contributed to the countryâ&#x20AC;&#x2122;s health sector in various capacities between June 2016 to May 2017, would be announced at a grand ballroom ceremony on June 23, 2017 at Eko Hotel and Suites, Victoria Island, Lagos.

According to the jury, some of those nominated for different categories are Reddington Hospital Group, The Bridge Clinic, Nigerian Turkish Nizamiye Hospital Abuja, Access Bank, Delta State Contributory Health Insurance Scheme, Diamond Bank, Kaduna

State Primary Healthcare Under One Roof, AVON Healthcare Limited, AXA Mansard Health Limited, St. Nicholas Hospital, and Amino Kano Teaching Hospital.

Others are University College Hospital, Ibadan, JNC International Ltd, Medplus pharmacy, Fidson Healthcare Plc, Greenlife Pharmaceuticals, Ondo State Trauma and Surgical Centre, Pharmanews, Health Matters on TVC, Sterling Bank, Lagoon Hospital, Pathcare Laboratories, National Eye Centre Kaduna, Smile 360 Dentals, Fidelity Bank, University of Nigeria Teaching Hospital, Nsukka, Prof. Ezekiel Olasunkanmi of Babcock University, among others.

According to the Chairman, Jury Board, Dr. Anthony Omolola, several thousands of nominations were made

by Nigerians across the country

through E-voting, SMS voting, survey monkey, among others, adding that the Jury Board painstakingly made the selections for the final nominees based on set criteria. Â â&#x20AC;&#x153;In some categories, we had to visit these nominated institutions, made our own research before the final nominees were finally selected, adding that they also worked in partnership with other external accreditors like First and Sullivan in Asia and Anadach Group, USA, who monitored the whole process. The final winners will be announced at the grand ceremony later in the month,â&#x20AC;? he added.

While stating that the award is aimed at recognising and celebrating the achievements of personalities and organisations who have contributed immensely to the growth and development of the Nigerian health sector in the year under review, he said

the winners will be announced in a grand ceremony that will bring all major healthcare players in the country under one roof. Â The award, dubbed the â&#x20AC;&#x2DC;Oscarâ&#x20AC;&#x2122; of the Nigerian healthcare, focuses on outstanding performances, the creation of new business models, recognising and embracing new trends in the health sector, the role of technology, and the capacity of organisations and individuals to influence and set new performance standards in Nigeria and beyond.

THISDAY won the print edition of the Healthcare Media Excellence Award for 2016 after being nominated along side The Punch, Vanguard Newspapers and BusinessDay Newspapers. Â The organisers, last year said THISDAY won the print media category for its zeal in advocating and promoting the cause of excellence in the field of healthcare in Nigeria.

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Osinbajo Tells Church to Reject Treasury Looters The Acting President, Prof.

Yemi Osinbajo, has said people who loot the public treasury or their organisations are doing so out of greed, and not because of any political objective of keeping a war chest for the future.

Osinbajo made the remark yesterday at the celebration of Father’s Day at Aso Villa Chapel, during which he also challenged the church to teach the lessons of honesty and integrity. ”Many would say the reason why they steal is because they want to have an arsenal for future political exploits. It is a lie. It is greed.

In any case, even if you want to do that, you have no right to do it,” he said.

His message from the pulpit certainly strikes a chord against the backdrop of the avalanche of corruption cases the Muhammadu Buhari

administration has been pursuing.

The campaign had suffered some setbacks of late, with controversial verdicts by the court that tend to let go the accused.

Osinbajo, a professor of law and also a pastor of the Redeemed Christian Church of God, felt the church has a role to play.

“If the church says we will not accept you here or that we will expose you if you are stealing the resources of the country or stealing the resources of a private company or other establishment where you work, we would not have the type of problem that we have in this country.”

“In Genesis 18:19. God was speaking about Abraham. And God said he had known him or called him in order that he may command his children

and his household after him that they keep the way of the Lord with righteousness and justice that the Lord may bring to Abraham what He had spoken to him.

“In other words, God was saying that He called Abraham, in particular, because he realises that Abraham will command his household, will command his children to do righteousness and justice and to fear God. And if you back this up with Genesis 12:2, God has spoken concerning Abraham, that He will make Abraham a great nation. Genesis 12:3 says, God said, I will make you a great nation.

“In other words, the role of the father is supposed to be that of building nations, building generations. And Abraham is the example God set for us; of a man who God wanted to be the exemplar of the type of conduct that God

expects of fatherhood; a man who will teach his children and children thereafter the way of righteousness and justice and the way of fear of God. “When I listened to His Eminence, the Prelate of the Methodist Church a few minutes ago, talking about the importance of the type of training that he received as a child in his family. I’m sure many of us here are reminded of that type of training. A type of training where you are taught and reminded about integrity, primarily as the first order of business; that you must be a person of integrity. You must be truthful, you must be trustworthy, you must be honest, you must be forthright. That is the foundation. And in the days he referred to, Catechism was an important part of our lives. Even just knowing the 10 commandments was enough to teach you about righteousness,

APC Leaders Shun Atiku’s Presidential Campaign Parley in Enugu Christopher Isiguzo ÓØ ØßÑß Notable leaders of theAll Progressives Congress (APC) in Enugu at the weekend boycotted a meeting convened by leaders of the Integrity Group camp of the party presently mobilising support for the presidential bid of former Vice President Atiku Abubakar.

The group led by the party’s Deputy Chairman, Adolphus Ude, is said to be working round the clock to ensure that they take control of party structures in the state.

They were however disappointed at the poor turn out at the meeting despite using the name of the Foreign Affairs Minister, Geoffrey Onyeama.

Among those who did not attend the meeting are the National Vice Chairman, South-east, Emma Eneukwu, Director General of Voice of Nigeria (VON), Osita Okechukwu, immediate past Governor of Enugu

State, Sullivan Chime and Chief Gbazuagu Nweke Gbazuagu.

Following the absence of these party bigwigs, the minister instead of taking a final stand with the Integrity Group on the simulated intra-party crisis in the zone, opted for consultations, and due process as enunciated by the constitution of the party.

Speaking on the development, James Okugo Nwanjoku, the Zonal Organising Secretary of APC Enugu West senatorial zone, described the minister’s stand to plead for peace, consultation with key stakeholders and due process as enunciated by the constitution as a big setback to Integrity Group.

“The minister’s stand to plead for peace, consultation with key stakeholders and due process as enunciated by the constitution of our great party, is a big setback to Integrity Group. Ude had hoped to railroad Onyeama into his bid to hijack the APC structure.

“He wanted by all means to hijack the APC via Enugu West senatorial zone, so as to demonstrate to Atiku that Enugu APC is in his hand, but it has collapsed.

Because his bid to impose zonal vice-chairman on the zone was buried in the last meeting, Mr. Ike Omenkeukwu remains the authentic vice chairman Enugu West senatorial zone.” Nwanjoku said.

The leader of the Integrity Group, Udeh was late last year eased out as the chairman of the Buhari Support Organisation (BSO), following his attempt to hijack the pressure group by allegedly infusing BSO/ IntegrityGroupininvitationtextmessages tomeetingsofBSO. Ude’sconductraised eyebrowsfrommembersoftheoriginal BSO like Mr Osita Okechukwu, Chief OnyemucheNnamani,andChiefAnike Nwoga who queried him, pointing out that BSO is not ambiguous and that President Muhammadu Buhari is the only rallying point. Udeh armed with huge war chest moved on with

Ignore Agitation for Disintegration, NGE Tells Nigerians Gboyega Akinsanmi The Nigerian Guild of Editors (NGE) at the weekend asked Nigerians to ignore those agitating for the dismemberment of the country and go about their businesses without fear or hindrance.

Rather than focusing on sectional agitation springing up in different parts of the country, the guild urged Nigerians to team up with the leaders to reposition Nigeria for present and future generations.

This was contained in a communiqué the guild issued after the second quarterly meeting of its standing committee held in Lagos last Friday in which it condemned hate speeches from different sections of the country.

The communiqué which was signed by its President, Mrs. Funke Egbemode and its General Secretary, Mrs. Victoria Ibanga, called for restraint and tolerance among Nigerians, stressing that the country “remains stronger together.”

The guild said those sowing

seeds of discord “should realise that they are not just destroying the dreams of the nation’s founding fathers, but the progress we have made over the years as a nation; their actions have the capacity to alter the destiny of Nigeria negatively.”

It noted that as major stakeholders in the Nigerian project, editors and journalists fought for the enthronement of the current democratic dispensation, with some paying the supreme price, to birth a constitutional government.

It lamented that the elders from different parts of the country kept quiet for too long, which allowed the youths to take over the sociopolitical space and brought the nation to the present situation.

It, therefore, urged the elders across the country to always keenly take interest in the affairs of the nation, rather than play the ostrich while condemning the hate speeches from different sections of Nigeria.

The guild also urged Nigerians to ignore those agitating for the dismemberment of the country

and to go about their businesses without fear or let, and focus more on repositioning the country for present and future generations.”

It, however, condemned the firm and decisive intervention of the Acting President, Prof.

Yemi Osinbajo, which it said, had calmed the situation and urges the government to do more.

It lamented that the InspectorGeneral of Police, Ibrahim Idris, had been issuing orders to “his men to get these persons arrested but is worried that no commensurate action has been taken. It urges the police to be more responsive and pragmatic.”

The guild, however, commended the Nigeria Police Force for the arrest of the kidnap kingpin, Chukwudi Dumeme Onuamadike and other kidnappers.

He urged that the police should do more “to ensure the release of the abducted pupils of Igbonla Model College, Epe in Lagos State, who have been missing for more than three weeks now.”

Integrity Group recruiting prominent people like Mrs. Julie Ibekaku, Special Adviser to President on Justice Reform in theAttorney General’s Office and former deputy governorship candidate of the party in Enugu State.

Asked what the next move is, Nwanjoku said for them in the BSO and the party in general, they would rely on the due process and the rule of law as enshrined in the constitution of their great party as the Integrity Group has resorted to all manner of brigandage and

teach you about the way of truth and I think that is very important, especially for us today as Christians.

“Christian fatherhood in particular is a position that God has placed us as exemplar to our nation. The Christian father is the one referred to in Genesis 18:19; the one who will teach the way of righteousness and justice to his children and would teach the fear of the Lord. And I just want to say to all of our leaders (and I was speaking with few of our Christian leaders just

last week, both of the PFN and CAN just last week on various occasions) that it is the role of the church to build this nation.

And the church has that role because God has said concerning us that we are the light of the world and we are the salt of the earth. That role is a very, very difficult role.

“We are not to teach the world how to be like the world but to teach the world how to be like the one who saved the world, how to be like Jesus.

It is not easy.

LOSS OF CERTIFICATE OF OCCUPANCY.

This is to inform the general public that Original Right of Occupancy and Acknowledgement ĞƌƟĮĐĂƚĞ͕ ďĞůŽŶŐŝŶŐ ƚŽ K>h' E' K>h& D/ K ^ E:K ŽǀĞƌ ƉůŽƚ ϭϬϱϬ͕ ^ŝƚƵĂƚĞĚ Ăƚ ĂĚĂƐƚƌĂů ŽŶĞ Ϭϵ͕ 'ƵnjĂƉĞ ŝƐƚƌŝĐƚ͕ ďƵũĂ ǁŝƚŚ ŽůĚ ĮůĞ EŽ͘ K' Ϯϰϳϵ ĂŶĚ EĞǁ &ŝůĞ EŽ͘ K' ϭϬϮϰϵ͕ ĂƌĞ ŵŝƐƐŝŶŐ ĂŶĚ Ăůů ĞīŽƌƚƐ ƚŽ ƚƌĂĐĞ ƚŚĞŵ ƉƌŽǀĞĚ ĂďŽƌƟǀĞ͘ /Ĩ ĨŽƵŶĚ͕ ƉůĞĂƐĞ ĨŽƌǁĂƌĚ ƚŽ D ^^Z^͘ & D/ Kz <K> Θ K͕͘ ^ƵŝƚĞ ϭϲ͕ >ĂŶĚŵĂƌŬ WůĂnjĂ͕ ƉůŽƚ ϯϭϮϰ͕ / tĂLJ͕ DĂŝƚĂŵĂ͕ ďƵũĂ͘ ďƵũĂ 'ĞŽŐƌĂƉŚŝĐ /ŶĨŽƌŵĂƟŽŶ ^LJƐƚĞŵƐ͕ ƉůĞĂƐĞ ŶŽƚĞ͘

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Osinbajo to Address Challenges in Aviation Sector

Chinedu Eze

The Acting President, Prof. Yemi Osinbajo, has said the federal government will urgently address challenges facing the aviation industry in Nigeria which have hitherto hampered the growth and development of the sector.

Some of these challenges include inadequate supply and high prices of aviation fuel, difficulty in accessing forex, nonestablishment of maintenance, repair and overhaul facility in the country, poor airport infrastructure and high taxation.

Osinbajo said Nigeria has failed to take advantage of its natural geographical position as the hub for Africa but promised that government would begin to tackle these problems.

The acting president gave the assurance during a meeting

with a delegation of Airline Chief Executives of the Airline Operators of Nigeria (AON) in his office in Abuja at the weekend.

Osinbajo said he used the meeting as a fact finding exercise to hear firsthand from the airline operators what domestic airlines are going through within the sector.

He said he wanted to know why in spite of the huge potential as a country blessed with a natural, God-given geographic location at the centre of Africa (4.30hrs to most parts of Africa); with most of its airport at approximately sea level and being the 6th largest producer of crude oil in the world with a population of 190 million and the attendant skilled manpower, yet Nigeria is not a hub for aviation activities on the African continent.

After listening to the AON

representatives, the acting president acknowledged the difficult situation the airlines face and promised to take a closer look into the various issues raised in order to find ways of addressing them, making it more friendly and promoting the ease of doing business in the airline industry as well as position Nigeria to take advantage of the geographical location as the hub in Africa During the interaction with the acting president, the Chairman of AON, Nogie Meggison, said some of the major issues facing airlines currently include the imposition of Value Added Tax (VAT) ( as domestic airlines are the only

mode of transport paying VAT – Marine, Road, Rail and even the International airlines don’t pay VAT); harmonisation of over 35 multiple charges; reviewing five percent Ticket Sales Charge (TSC) to a flat rate (in line with the world practices); poor navigational and landing aids, high cost and epileptic supply of aviation fuel, obsolete infrastructure, limiting operations to daylight operation for most airports (Nigerian airlines fly an average of only five hours as against the average of 10 hours worldwide per airplane); and lack of consultations with airlines before introduction of new charges and policies among others.

“There is an urgent need for a deliberate economic policy that will support the positive growth of aviation and survival of domestic airlines in the country. For instance, following the air crashes of 2005/06, government came up with a policy to ensure air safety. Similarly, the economic policy for the sustenance of the industry needs to be seriously looked into.

“Safety and economic policy go hand-in-hand. Where there is no financial profit for airlines safety would be compromised.

A clear economic policy for the survival of domestic airlines is very critical at this time which has resulted over the years in

the death of over 25 airlines in 30 years. Safety and financial economic policy must go handin-hand; as airline investors are in the business of aviation for the profit and can’t make profit without safety or have a safe airline without profit,” Meggison said.

He explained that this was one of the main reasons why airlines in Nigeria have short lifespan for the short life span, averaging about eight years.

Meggison stressed that Nigeria has the same four major catalysts that transformed Dubai from a desert into a hub in the Middle East today..

Sheath Your Swords, Aro Advises Kogi Political Gladiators Former House of Representatives member representing Yagba Constituency, Hon. Aro Bamidele Samuel, at the weekend urged political gladiators in Kogi State to create an enabling environment that would engender development of the people rather than stoking the political crisis in the state.

Aro who stated this at an interactive session with a select group of journalists in Abuja, said the feud among the political actors in the state cannot help development.

He noted that “close to two years after election had been held and government sworn into office, we are still carrying on as if we are politicking at the expense of

development of our state and her people.”

Aro called on stakeholders to intervene in the crisis even as he urged the state governor, Alhaji Yahaya Bello, to ignore the gimmick of politicians and concentrate his efforts on developing the state.

According to him, “Bello cannot afford to follow the leads of politicians because at the end of it all the people have their expectations of his administration.

“The governor should put his energy into areas where the peoples’ expectations would be met,” he added.

He urged the governor to be wary of politicians who want to profit from the crisis that has

pervaded the state, stressing that “anybody claiming to have come out to provide help for Governor Bello today does not need to expand the frontiers of the crises we already have in Kogi State.

“The people we need now are genuine peacemakers that will douse the tension and create an atmosphere that will engender good governance in the interest of Kogites.

“This is not a time for mercenaries whose agenda is to stoke the fire of disagreement between members of the same political family with the hope of a heroic advantage,” he counseled.

Aro reasoned that the political crisis rocking the state has overstayed its welcome and urged politicians who belong to the All Progressives Congress (APC) to allow for peace in the state.

“Intra-party crises have always been a part of the dynamics of party politics.

It is however strange that members of the same party have constituted themselves into a viable opposition against the government formed by their own party and this trend will negatively impact on good governance.

T H I S D AY ˾ MONDAY, JUNE 19, 2017

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MONDAYSPORTS

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

NPFL…NPFL…NPFL…

Plateau Utd Maintains Lead Despite Slip in Umuahia Plateau United lost 1-2 at the death to Abia Warriors in a dramatic Nigeria Professional Football League (NPFL) contest in Umuahia yesterday evening but still stays top of the log.

Shedrack Asiegbu had put the hosts in front in the 11th minute with a superb strike but they were pegged back by the leaders who snatched an 80th-minute equaliser through Hamzat Owolabi.

There was to be late drama at the venue though as Asiegbu completed his brace with a well-taken penalty in the eighth minute of added time of the second half as the Warriors completed a late victory.

United, however, stays top of the standings despite the loss with 45 points from 25 matches, five points clear of the chasing pack after second-placed MFC FC lost 1-3 in heart breaking fashion to Kano Pillars.

Pillars took an early lead at the Sani Abacha Stadium in Kano after Rabiu Ali plundered a 12th-minute penalty.

MFM, however, stirred from hibernation and hit back through the league’s top scorer, Stephen Odey, who made it 15 goals for the season with a 63rd minute strike.

Late goals from Amos Gyang and Adamu Mohammed meant MFM FC finished the encounter bruised and badly beaten.

El-Kanemi Warriors were the biggest gainers of the day as they moved up four places on the log to second after a 2-0 win over Remo Stars in Maiduguri.

Sunday Anthony was the hero of the day as he netted both goals for the Warriors either

side of half time.

Akwa United were also 2-0 winners on Sunday as they overpowered Katsina United at the Godswill Akpabio International Stadium in Uyo. Alhassan Ibrahim, with an eighth minute penalty, and Musa Newman, with a 13th minute effort, were the goalscoring contributors for the Promise Keepers at the Nest of Champions.

Sunshine Stars eased their relegation worries with a 2-1 win over Gombe United in Akure while Nasarawa United pipped Enyimba International 1-0 in Lafia.

Shooting Stars were also big winners on the day as they moved up two places from the bottom of the log with a 2-0 victory over ABS FC. Ibrahim Adebayo opened the scoring for the Oluyole Warriors in the 57th minute before Sunday Faleye made the points safe, eight minutes from time.

FC Ifeanyiubah dropped valuable points at home to Wikki Tourists as they drew 0-0 in Nnewi with the Bauchi club who are hovering just above the drop zone.

MATCH DAY 25 (Results) Lobi Stars 1-0 Rivers Utd 3SC 2-0 ABS FC Nasarawa 1-0 Enyimba Elkanemi 2-0 Remo Stars Kano Pillars 3-1 MFM FC Abia Warriors 2-1 Plateau Sunshine 2-1 Gombe Utd Akwa Utd 2-0 Katsina Utd Ifeanyi Ubah 0-0 Wikki Tornadoes 0-0 Rangers

Confed Cup: Eunisell Backs Rivers Utd Eunisell, the official front-of-shirt sponsor of Nigerian side, Rivers United, has charged the PortHarcourt club to overcome their Ugandan opponents, Kampala City Council Authority, in Tuesday’s CAF Confederation Cup clash, at the Yakubu Gowon Stadium, Port-Harcourt.

The Nigerians lost the reverse fixture 1-2 in Kampala and require victory to boost their chances of making it to the knock-out stage.

“As front-of-shirt sponsor, Eunisell strongly believes Rivers United can achieve victory, on Tuesday. The interesting aspect of football is the determination to succeed. You have to fight till the end.

“Excellence is our watchword at Eunisell and we believe Rivers United can imbibe same to revive their continental campaign. It is a new beginning and Rivers United can take full control,” Eunisell said in statement made available to the media.

Eunisell, a leading global chemical and specialty fluid management company, supplying key products and

solutions to a wide base of customers operating in Africa, entered the history books as the first brand to remain front-of-shirt sponsor in the Nigeria Professional Football League for three consecutive seasons.

Meanwhile, Head Coach of KCCA, Mike Hillary Mutebi, and his wards arrived Nigeria yesterday ahead of the Tuesday clash in Port Harcourt.

Mutebi told Rivers United official website, www. riversunitedfc.com.ng that things are evenly poised on a knife edge in the group and that goals difference could represent a tie-breaker eventually.

“We have not been effective so far as we should have won the (reverse fixture) 5-2.

“The result in Lugogo was not a true reflection of our dominance,” the KCCA gaffer noted.

Other teams in the Group A pairing include; FUS Rabat of Morocco and Club Africain of Tunisia.

Chile players celebrating the 2-0 defeat of Cameroon in the ongoing FIFA Confederation Cup in Russia last night

F I FA C O N F E D E R AT I O N S C U P

Winning Start for Chile as Cameroon Loses in VAR Drama Arturo Vidal’s late header helped Chile to a 2-0 win over Cameroon in their Confederations Cup Group B opener in Moscow last night, as the Video Assistant Referee (VAR) played a prominent role.

Chile dominated an entertaining, but goalless, first half as Eduardo Vargas saw his strike ruled out by the video assistant.

The Copa America champions had to wait until the 81st minute though to find a breakthrough, which was provided by a flying header from Bayern Munich midfielder Vidal.

Vargas, who missed a host of earlier chances, added a second in added time after another video review.

The victory gave Chile a perfect start to their maiden Confederations Cup campaign, after they qualified by successfully defending their Copa America title last year.

Reigning World Cup-winners Germany and Australia make up Group B, and they go head-to-

head today.

The South Americans made a blistering start and almost took the lead inside the first minute, but striker Vargas’ shot crashed back off the post, before Jose Fuenzalida saw his low effort well saved by Cameroon keeper Fabrice Ondoa just seconds later.

The Africa Cup of Nations holders did look a threat on the counter-attack and Vincent Aboubakar was denied by the legs of Johnny Herrera, who was in the Chile goal ahead of usual captain Claudio Bravo.

Ondoa was the busier of the two keepers in the first half though and he had to be alert to keep out Edson Puch’s long-range strike.

The best chance of the opening 45 minutes fell to Vargas after he was played through by Vidal’s pass, but he blazed over.

Controversy reigned on the stroke of halftime at the Otkrytiye Arena as Vargas saw his stoppagetime goal ruled out.

The 27-year-old clipped the ball home, but over a minute after the ball had hit the net, the video assistant adjudged the Tigres forward to have been marginally offside.

Alexis Sanchez, who had been struggling with an ankle injury before the game, was introduced by coach Juan Antonio Pizzi 12 minutes after the interval as he looked for the 38th international goal that would make him Chile’s outright record scorer.

Cameroon were much-improved in the second half as they gained a measure of control, but Benjamin Moukandjo could only curl a free-kick wide.

Vargas continued to see chances come and go, with his latest effort being deflected behind for a corner.

That set-piece almost saw the deadlock broken, but Mauricio Isla flicked a header past the far post with the goal gaping.

Sanchez made a difference as Chile finally forged ahead with

nine minutes to play.

The Arsenal forward’s dinked cross was met by Vidal, whose powerful header gave him a 23rd goal for his country.

Sanchez should have broken the record, but saw his shot blocked after rounding Ondoa, only for Vargas to poke in the rebound.

After the game’s second review, the goal and three points for Chile were confirmed.

Earlier, Cristiano Ronaldo brushed off speculation about his Real Madrid future, although Portugal conceded a late equaliser in a 2-2 draw with Mexico at the Confederations Cup yesterday.

Ronaldo teed up Ricardo Quaresma to fire Portugal ahead in the first half in Kazan, but the goal was cancelled out before the break by Mexico striker Javier Hernandez’s bullet header.

Cedric Soares restored Portugal’s lead on 86 minutes, but Hector Moreno’s stoppagetime header salvaged a point for Mexico in their Group A opener.

Raffoul, Unaeze, Fingesi Shine at Rivers @50 Golf Tourney Olawale Ajimotokan in Abuja The maxim that ‘many are called but few are chosen’ was redefined at the recently conducted Rivers @50 Golf Tournament at Port Harcourt Club1928 Golf Section.

Such was the size of the field that 108 players turned up against the projection of the organisers, who anticipated only a guest list of 80 golfers for the shot gun fanfare.

At the end of the 18-hole tournament, the name that echoed like a decimal on everybody’s lips was Nain Raffoul, who emerged the winner of the men Best Nett prize.

Raffoul, a nine-handicapper, helped himself to a 68 nett to carry the day by a slim margin of one shot ahead of Elie Anthony.

Victor Ogolodom, who plays off 7-handicap, was restricted to the second runner up net position behind Anthony on the count-back rule after both competitors carded 69.

Similarly, the count-back rule was applied to determine the winner of the Lady Best Nett prize.

It benefitted Mrs Kate Unaeze, who stunned Princess Joyce Nule at the award night, though they both finished in a two-way tie for 72 nett.

U. Happiness finished three strokes off the pace to settle for the 2nd runner up position.

Former Flag Officer Commanding Western Naval Command and a one-time Captain of Ikoyi Club 1938, Admiral O.P Fingesi (retired), shot 71 nett to win the Super Veteran category prize.

Aja O. Aja retraced Fingesi’s steps to secure the Veteran Prize with 70 nett, edging Sir Ken Nwogbo by one shot.

Although Lucky Emmanuel posted 75 to win the Best Gross prize, the tournament’s best round of -3 under par 67 was signed by Michael Ubi in

the professional competition.

Ubi beat Ibrahim Ocheje by two-shot, while Musa Maniru shot +2 over par 72 for the second runner up position.

The ancillary prize of longest drive men went to former Lagos Open Champion, Samuel U. Amadi, while Mrs Desire Leghemo won the ladies version.

The first Governor of Rivers State, Amanyanabo Twon-Brass, King Alfred Diete-Spiff, was honoured with Icon of Golf Award, while members of the club gave Governor Nyesom Ezenwo Wike, the Golden Award.

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MISSILE Nigerian Professionals to Nigerians “These developments are the cumulative result of leadership failures and poor choices over the years at various levels, including government, political parties, security agencies, business, traditional institutions, communities, places of worship, schools, and civil society across the country.” – Nigerian professionals rallying Nigerians to shun hate speeches and divisive tendencies which are aimed at creating ethnic tensions to over heat the polity.

CHIDIAMUTA GUEST COLUMNIST

Season of Nonsense

T

he descent has been willful and rapid. In just two years, camouflaged hate has come to the surface. Love thy neighbor has virtually degenerated into loathe thy neighbor. The freedom of diverse voices which democracy so highly values has become a license to insult, abuse and denigrate each other. In the extreme, the ritual of communal living has recently been truncated by spontaneous blood letting often on an industrial scale. The social media which elsewhere is contributing to the spread of knowledge and fraternity has become for us a highway for a free trade in sectional abuse and unprintable sectarian and primitive divisiveness. The smart phone in your hands is now a veritable time bomb, a purveyor of incendiary hate and avoidable self- flagellation. This no longer looks or sounds like Nigeria.

In 2015, there was a country. That country behaved like one nation in rejecting misrule and governmental rascality at the polls. Our people voted massively for a reinstatement of the Nigerian ideal and with it a tolerable level of responsible government. Mr. Buhari was anointed as the mascot of a Nigerian restoration. His appeal for that role was in the general feeling that he symbolized, more than the incumbent, a more disciplined approach to governance and a battle -tested commitment to national unity.

The millions of Nigerians who trooped out to vote at the presidential election of 2015 wanted their country back as a union of hope and purpose, a place to call home after decades of wasted time and squandered opportunities. No one dreamt then that after only two years, the cries of separatism will rise so high as to overwhelm even the mighty voice of the federal state. The central irony of the Buhari presidency at mid term, therefore, is that a mandate to unite and refocus a nation has degenerated into an untidy rehearsal for a dance of national death and a deafening cacophony of divisive noise. My appeal is first that we do not allow Mr. Buhari to end up as the most divisive leader in post civil war Nigeria.

An untidy collection of ‘youth’ groups at Arewa House in Kaduna have issued notice of the Nigerian equivalent of Trump’s travel ban on fellow Nigerians. Ours is a ‘residency ban’ with a grace period of 3 months. The quit notice stands out in its laughable treasonable absurdity. Yet, we cannot laugh it off casually or hope that the sanctimonious exhortations of officialdom will frighten off determined anarchists. This was a well-orchestrated affair involving sponsored miscreants, clandestine zealots and mischievous political merchants.

If it could be dismissed initially as the handiwork of political orphans, the quick ownership of the toxic project by a certain Mr. Ango Abdullahi shredded the veil. Now we know the foot soldiers, shareholders and sponsors of this project of hate. Taken together, both the ‘quit notice’ and the sagacity of

President Muhammadu Buhari

its ownership represent the return of the ugly politics of bad manners and youth bad upbringing that most sensible Nigerians thought was far behind us.

Happily though, the rise of a whirl of sensible voices all over the country has somehow begun reassuring a shocked public. My friend and brother, Governor El-Rufai of Kaduna state, the Emirs of Kano and Zaria as well as Acting President Yemi Osinbajo have raised voices of reason.

Organs of the state (the police especially) have twitched predictably into life to reassert the imperatives of the Nigerian constitution just as the Acting President has embarked on a series of important dialogues.

Still, the corrective point needs to be made very strongly. Nigeria is a constitutional secular republic of free citizens. Our social contract with the Nigerian sovereign binds us as individuals to the sovereign. We are not Nigerians as Efiks, Kanuri, Hausas, etc. but as individual citizens with constitutionally guaranteed rights and obligations. Those insisting on relating to fellow citizens as tribal ambassadors belong to a medieval ethos that has no place in the Nigeria of 2017. Discrimination against fellow Nigerians on grounds of ethnic branding and profiling remains a treasonable breach of the constitution.

Ostensibly, the ‘quit notice’ politics is a reaction to the perceived excesses of the Biafra spring. For the avoidance of doubt, I am a Nigerian citizen of Igbo extraction. I experienced the civil war in various capacities. I share the burden of its sad collective memory. But the burden of collective memory is usually relieved when a group that has suffered loss is allowed occasion to remember their loss and mourn their dead. I am not aware of any nation in which a group collective memorial is so criminalized as to be shot down in a hell of bullets. Soldiers and policemen that behave like an occupation force will not help restore a psychology of normalcy. They can only annoy, infuriate and alienate citizens while

emboldening separatist militants.

For as long as there is no violence, the Biafra enthusiasts ought to be entitled to their day of remembrance. In New York, for instance, when it is a Jewish holiday, it is futile to go out shopping. Most businesses are closed because Jews own them. They observe their holiday and next day, life goes on. No one threatens, arrests or shoots them for closing their shops nor do Irish or Indian native Americans issue them a ‘quit notice’ to leave the United States!

The separatist agitation for a relapse into the hubris of a new Republic of Biafra is an entirely different matter. I see it mostly as bad politics slipping into dangerous territory.

It is primarily an instrument for political agitation in the context of the injustices of present day Nigeria. It is perhaps the only potent instrument remaining to protest the scandalous inequities in Nigeria’s present allocative federalism. Maybe the pro-Biafra movements have learnt that competing geopolitical blocs in Nigeria have accessed the apex of federal power through orchestrated campaigns and disruptive behavior. The Niger Delta, the South West and the northern half of the country have had the presidency as a trophy for taking turns in disturbing the peace and frightening the rest of us. But no democracy grows by bending the arc of justice to the weight of sectional blackmail and trouble making.

There is an even more mischievous side to the politics of the Biafra thing. I suspect that the political elite of the South East is using Biafra as a diversionary tool. The existence of the Biafra pressure guarantees Ohaneze a seat at the Aso Rock table. But a vast amount of federal revenue has accrued to the South East since 1970. It may not be anywhere near what other regions have cornered on account of their dominance of Federal power. But the results on the ground do not match the sheer quantum of resources. Sadly also, after the era of Sam Mbakwe and Jim Nwobodo, the region has witnessed an abysmal decline in the quality of political leadership and governance. An embarrassing succession of glorified thugs, uneducated errand boys and political pimps has traversed the various government houses as governors since 1999, leaving the region impoverished and hopeless. This coupled with deliberate and benign federal neglect and criminal indifference has devastated the zone. So, for the political leadership of the South East, Biafra turns the heat away and beams it on Abuja.

I suspect that Nigerian citizens of the South East may have fallen victim of Nigerian myth making and age long blackmail. The line that the Igbos are very enterprising, hard working, innovative etc. is hogwash. We do not embody any of these values than any other sample of Nigerians in this diverse federation. If the Igbos were so wonderful, Mr. Dangote and the top 5 after him in the billionaire’s row would have featured some Igbos. Since Forbes started listing Nigerian

and African billionaires, how many Igbo people have made the list? Among the major indices of power (money, religion, media, traditional authority, raw coercive power), which one is controlled by the Igbo in Nigeria?

If the Igbos were such wonderful entrepreneurs and innovators, the entire South East would have been more like the Israeli homeland –highly developed infrastructure, high level of skilled manpower, best schools, factories, best hotels, shopping centers etc. Yes, there are Igbo people all over the federation. But they are mostly struggling as retail realtors, janitors, petty traders selling inconsequential merchandise; white and blue collar slaves, street hawkers, artisans, prostitutes etc. They are engaged in very visible daily life- and -death struggles to survive in a country they call theirs but which is deviously indifferent to honest strivings. The Arewa ‘youth’ and others like them should not isolate the Igbos for further selective victimhood. It will create in them a deeper sense of persecution and deepen the kind of insular solidarity that could worsen the Biafra headache.

We can forgive the youthful effervescence of the pro-Biafra movement. Being mostly aged under 45, they did not see hell with us. Mob hysteria and naïve romance with the past is not a crime until it threatens the peace of others. In terms of commonsense and hard history, the new Biafra project is a foolish and expensive gambit. The only thing that is worrisome is that the movement is drawing its followership from among impressionable youth, the rural poor and half educated urban mob. That makes them potently dangerous because they are not equipped to understand the lessons of history.

Here are some obvious lessons of history for the benefit of the new Biafra devotees: First, no one people can survive being defeated in two civil wars in one century.

Second, anarchic mobs and their hysteria do not lead sensible people to any good destination. Third, when a people allow their towns, villages and backyards to be theatres of war, recovery takes more than a century.

Fourth, the first Biafra was a man made disaster and huge human sacrifice to the gods of political folly. Fifth, the next Biafra, which is unlikely, will be a self- inflicted carnage.

Clearly, Nigeria is facing problems of mismanaged communal living. The solution is not to threaten to quit (Biafra, Arewa, Niger Delta or Oduduwa) or to threaten exclusion of some groups from the fold (‘quit notice’). The urgent need is to adopt a smarter template of governance led by enlightened younger Nigerians who can manage the commonwealth for the good of all Nigerians. Above all, we need to urgently replace this ‘allocative’ federalism with a new one in which viable federating units fiscally subscribe to a central government in return for collective security and other sovereign benefits.

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