2016 BUDGET PALAVER: Presidency gives fresh conditions for assent

...towards a better life for the people VOL. 25: NO. 63003

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MONDAY, APRIL 11, 2016

Nigeria remains best place to invest in the world — DANGOTE 2

UBA AGM—From right: Chairman, United Bank for Africa Plc, UBA, Mr. Tony Elumelu; Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza and Vice-Chairman, Ambassador Joe Keshi, at the 54th Annual General Meeting of the bank held in Lagos, Friday.

2016 BUDGET PALAVER:

Presidency gives fresh conditions for assent

By Soni Daniel, Henry Umoru, Emman Ovuakporie, Charles Kumolu, Joseph Erunke, Johnbosco Agbakwuru & Levinus Nwabughiogu

•Confronts NASS with details of distortion •Wants them to rework bill or accept supplementary budget •Senators, Reps divided; to tackle issue tomorrow •FG to borrow N1.884trn from external, domestic markets

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BUJA—THE Presidency has confronted the leadership of the National Assembly, NASS, with details of distortions orchestrated by the lawmakers in the 2016 budget and asked them to urgently address them in the interest of the nation.

The Presidency handed down the plea at a crucial meeting summoned by President Muhammadu Buhari on Saturday night with the Vice President, Yemi Osinbajo; Senate

Continues on Page 5

NFF: FIFA ban looms•P.48 Mr & Mrs VANGUARD AWARDS—Front right: Executive Governor of Delta State, Dr. Ifeanyi Okowa, presenting Vanguard Personality of the Year award to former Vice President, Dr. Alex Ekwueme at the 2015 Vanguard Awards, while his wife, Dr. Helen Ekwueme, looks on. More pictures on Pages 12, 13 & 14.

COLUMNISTS:

Women as expendables

•P.33

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Buhari's compulsive leap into a debt trap •P.32

Our plan to restructure Nigeria's economy, by Adeosun 2

2—Vanguard, MONDAY, APRIL 11, 2016

Falana threatens to sue FG over plans to borrow $5.5bn

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AGOS — AN activist and Senior Advocate of Nigeria, Mr Femi Falana, has threatened to go to court if the Muhammadu Buhari administration goes ahead to borrow $5.5 billion from international creditors.

Instead of taking loans to increase the nation’s debt profile, the Lagos lawyer advised the government to recover the $200 billion allegedly withheld by federal agencies and multinational corporations.

Falana’s threat was contained in a letter to the Minister of Finance, Mrs Kemi Adeosun, dated April 8.

In the letter entitled, “Request for the Collection of Outstanding Revenue of $200 billion Withheld from the Federation Account or Stolen

by Looters,” the lawyer also warned the government against collecting a $2 billion loan from the Chinese government.

Following a report that the administration had concluded plans to borrow $2.5 billion from the World Bank and another $1 billion from the African Development Bank, Falana said he wrote requesting the government to jettison the plan.

In a previous letter, dated February 12, addressed to Mrs. Adeosun, the lawyer said he urged the government to explore alternative revenue sources to fund the 2016 budget instead of increasing the nation’s external debt which currently stands at $64 billion.

He said: “In particular, we requested the Federal Government to embark on the recovery of the revenue of $42 billion withheld from the Federation Account from 19992012 by some transnational oil companies, the Nigerian National Petroleum Corporation and other agencies of the Federal Government.

“In your reply dated March 17, 2016, you (Mrs. Adeosun) assured us that the issues raised in our letter were receiving the attention of the Federal Government. We were, therefore, surprised to learn that the administration had applied to the Chinese Government for another loan of $2 billion.

“In urging the Federal Government to desist from taking the loan of $2 billion from China or any other country, we are compelled to advise the Federal Government to intensify efforts to recover the nation’s wealth which has been criminally diverted by a handful of local and foreign looters."

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Our plan to restructure the economy, by Adeosun

By Omoh Gabriel

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AGOS — THE Minister of Finance, Kemi Adeosun, has set out the Federal Government’s plan to reset Nigeria’s economy with structured borrowing, targeted investment and diversified growth.

Speaking to some of the country’s most influential captains of industry, in Lagos at the Lagos Business School breakfast meeting, the minister told the audience: “We have inherited a set of conditions that requires us to refine how we collectively work towards ushering in a new era in Nigeria.”

Pointing to the impact of falling global oil prices on the economy, Adeosun said: “In the past, we had the means but not the will. Now we have the will but we no longer have the money to invest. The safety blanket of oil has been ripped away, laying the poverty of Nigeria’s institutions bare.

“We have spent too many years tinkering at the edges of our institutions, our infrastructure and our economy and that the mistakes and misjudgements of the last 40 years have set our clocks back by decades.”

fund the budget deficit and negative trade balance cost effectively.

She said the targeted outcomes include: Substantial increase in gross capital formation; acceleration of GDP growth; infrastructure development to unlock economic growth; diversification of the economy and growth of the nonoil sector; improvement in the overall business environment; improvement in key socioeconomic indicators and jobs and wealth creation.

However, the minister warned those thinking the borrowing would open the door to renewed fiscal indiscipline that she

planned to continue her “aggressive programme of fiscal housekeeping.”

She said: “We must safeguard this borrowing, ensuring that the wastages within the existing systems are firmly addressed. We cannot mortgage our future based on a system that has failed us for generations. We must be careful in our borrowing and prudent in utilization."

A nation of entrepreneurs

The minister spoke directly to the hard working men and women who run Nigeria’s vital small and medium

sized companies.

She said: “We are a nation of entrepreneurs, and our entrepreneurs need reliable infrastructure, skilled employees and transparent systems and regulation that support them as they grow. We are introducing sound policies and robust systems that will benefit the micro, small and medium enterprises.

“With courage, discipline and open minds, we begin our journey to build an economy whose resilience is not controlled by oil prices, but by our determination to reset the economy and finally give our people the chance they deserve.”

A blueprint for growth

Setting out government’s ambitious blueprint for growth, Adeosun said: “We must collectively adopt a blueprint that equips the future generations to be creative and dynamic, that allows us to articulate a vision of a Nigeria, with a strong educational foundation; rich in depth of knowledge with a breadth of skills, an expansive infrastructure capable of servicing the needs of a nation of 150 million Nigerians.”

In an hour long presentation, the minister detailed what she described as an “expansionary budget for investment and growth.”

She told the distinguished audience: “We must find the money, and create a system that enables targeted expenditure, based on the nation’s priorities.

This expenditure will be efficient and impactful, focused on creating wealth for the majority.”

Outlining N1.8 trillion in borrowing to invest in the priorities of transport, roads, housing, power and health, the minister said: “We are committed to a countercyclical budget expenditure model. This has been a success in other nations, offsetting the risk of recession and creating an economy which is not based on either fragile consumer spending or over-reliance on oil.”

The minister used her presentation to set out the four pillars of the economic plan: Stimulate economic growth to achieve a real GDP growth of 4.2% in 2017; reduce the cost of governance and strengthen institutions to combat corruption, extract efficiencies in public service; increase government expenditure on infrastructure and

MEETING: From left, Senator Ifeanyi Ararume; former Governor of old Anambra State, Senator Jim Nwobodo; All Progressives Congress, APC, Chairman, Enugu State, Dr Ben Nwoye and APC South-East National Vice Chairman, Chief Emma Enukwu, at the APC South-East Zonal Executive Committee meeting, in Enugu, yesterday. Photo: NAN.

Nigeria remains best place to invest in the world —Dangote Inaugurates $1bn cement plants in Edo

By Naomi Uzor

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HAIRMAN of Dangote Group, Alhaji Aliko Dangote, has said he will never shy away from investing in Nigeria's economy as his company, yesterday, performed the $1 billion ground breaking of Dangote cement plants at Okpella, Edo State.

The new plants are expected to add six million metric tonnes of cement per annum to the company ’s current output, bringing it to 41 million metric tonnes per annum, with potentialities for 6,000 new jobs.

Speaking during the groundbreaking ceremony, Dangote said Nigeria remained the best place to invest in the world, adding that a key factor that drove investments in an economy was the presence of an investorfriendly business climate.

The African richest man noted that Edo State was today one of the most attractive investment destinations in Nigeria.

He said: “The economic reforms in Edo State, especially in the area of tax, innovations in rural finance and investment on

infrastructure, have produced an enabling environment that has further provided a platform for future growth. All these factors made us consider investing in the state.

“Nigeria is a growing economy.

Our developmental challenges are quite enormous and will require the combined efforts of government and private sector to overcome them. It is in this light that we are here to contribute our own quota to transforming the economy of Edo State as we have done elsewhere."

Dangote explained that the investment at Okpella, Edo State, was one their several successful projects ongoing in parts of the country and in more than 15 other locations in Africa, in line with their Pan-African investment strategy.

He said: “Last June, we commissioned our cement plant in Ethiopia, and in August of same year in Zambia and Cameroon. We commissioned our plant in Tanzania in October. We plan to commission very soon, some of our other African plants in Senegal and South Africa.

“Also last year, in Lagos, we signed a deal valued at $4.34 billion, with Sinoma International Engineering Company Limited, for the construction of 10 additional new cement plants across Africa, with one in Nepal in Asia. The combined capacity of these new projects will be 25 million metric tons per annum.

“By the time all these new projects are completed in the next few years, we will have a total capacity of 81 million metric tons per annum. This will make us one of the top six cement companies in the world. We are currently consolidating our cement businesses across Africa in order to reap the benefits of scale. As a matter of fact, our operational offshore cement plants have started to make substantial contributions to our group revenue.

“By God’s grace, we will all gather here again to commission this plant within the next 26 months. There is no doubt that the presence of the plant here will impact positively on the community, its people and the state."

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4—Vanguard, MONDAY, APRIL 11, 2016

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Vanguard, MONDAY, APRIL 11, 2016—5

POCKET CARTOON

MEN AT WORK—President Muhammadu Buhari, Vice President Yemi Osinbajo and Minister of Budget and National Planning, Senator Udoma Udo Udoma putting heads together on the way forward for the 2016 Budget, yesterday. State House picture.

2016 budget: Presidency gives fresh conditions for assent

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President, Dr. Bukola Saraki and the House of Representatives Speaker, Yakubu Dogara, and ministers in attendance.

Sources close to the meeting, which took place at the Presidential Villa, told Vanguard that the President used the opportunity of the meeting to review the budget with the leadership of the NASS and highlighted the areas of concern to his administration.

However, the House of Representatives insisted that what it did was in tandem with President Buhari’s change agenda.

In particular, the president complained to the leadership of the legislature that the huge sums of money the lawmakers removed from key areas of infrastructure, agricultural and socioeconomic development and added to nonessential areas would derail the agenda of his administration.

The president was said to have expressed regret that it amounted to a slap on his change agenda for the money meant for the strategic Calabar-Lagos

Coastal Railway project and major agricultural projects to be removed by the lawmakers when the administration was trying to open up the country and provide mass transportation scheme for goods and services.

The meeting was called after ministers had spent the night to rush through the details of the budget which the lawmakers transmitted to the Presidency only last Thursday.

The ministers, it was learned, came to the conclusion that their budget had been significantly distorted and that it would be impossible for them to make the needed change if the budget was accepted the way it was given to them by the NASS. For that reason, the presidency has asked leadership of the NASS to take back the document and rework it to accommodate the key national projects, which they removed and to eliminate the ones inserted by them to enable the president assent to the budget.

Alternatively, the

IT'S UP TO YOU

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BY AYO ADIO

OMMITTED people believe they can achieve their goals. They can visualize and are confident of crossing the finish line. It’s up to you.

TAKE HEART

BY ELLA RANDLE

It is not in the stars to hold our destiny but in ourselves — William Shakespeare

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ASTERING your destiny begins with identifying your character strengths, your gifts – what you inherently know how to do well, often without thinking. Each of us is designed to have a unique impact on the world around us; when we are awake to the impact we can and do have, and consciously focus on enhancing this gift, we become masters of our destinies.

SAYINGS OF OUR PEOPLE You don't kick at a tree in the bush from your living room.

president would sign the budget as a formality and introduce a supplementary budget to remove the offending items and to reflect his wish for Nigerians.

The distortions

Among the offending discoveries in the budget which the de tails, President is uncomfortable with are the huge sums of money taken away from key projects and added to constituency projects of the lawmakers, most of which were never discussed or proposed by the executive.

Other infractions noticeable in the budget details are: * N4 billion removed from Ministry of Health budget and added to Code of Conduct Tribunal * Cost of 80 illegal roads without designs added to Works budget, 30 of them not Federal * Money meant for Works, power transmission, diverted by lawmakers for tricycles, town halls, boreholes in their constituencies * 73 illegal projects added to Education budget – no designs available for the projects, and no tenders conducted * Lawmakers slashed money for poor students by 50% in Education budget and added same to their states constituencies.

Vanguard learned that although the N60 billion meant for the CalabarLagos rail budget was not in the original budget, the Budget and National Planning Minister, Senator Udoma Udo Udoma, successfully defended and got it included in the amended budget.

President Muhammadu Buhari, who left Abuja for Beijing, China, last night, to press for more financial support for the country, was said to be working on the premise that the NASS would rework the budget to meet his expectation for assent upon his return within the

week.

Lawmakers, especially those who were schemed out by the leadership in the sharing of the constituency projects are upset by the discovery and are likely to confront the beneficiaries as they resume today for plenary.

Meanwhile, some Senators and members of the House of Representatives were divided, yesterday, over refusal of President Muhammadu Buhari to assent to the Budget.

For instance, Senator John Enoh and Chairman House of Representatives Committee on Appropriation, Abdulmunin Jibrin, disagreed over the inclusion of the rail project in the budget.

While Enoh said it was included and wondered who removed it, Jibrin said the Lagos-Calabar rail proje ct was never included.

Our action in line with Buhari’s policy thrust – Reps

This is as many lawmakers from both chambers shared different thoughts with the House of Representatives insisting that the budget was in tandem with Buhari’s change agenda.

The House of Representatives insisted that whatever it did was in line with the principles of the constitution and the policy thrust of President Buhari’s administration.

Chairman, House Committee on Media and Public Affairs, Abdulrazak Namdas told Vanguard that though the National Assembly had the constitutional powers to appropriate, what was sent to the presidency was not intended to offend anybody.

Namdas, who said that he was not going into the specifics until tomorrow when the House will resume for sitting, maintained that what was done was in line with the cardinal thrust of the administration.

Commenting on the development, a member of the Appropriation Committee and member representing Esan Central/Esan West/ Igueben Federal Constituency of Edo State, Joseph Edionwele, said any omission will be corrected.

According to him: “It looks as if we are working at cross-purposes with the executive, no, the success of Mr. President is our success. If there is anything like that, it is something that we can rectify.

He said that the National Assembly should be commended instead of being vilified, stressing that the budget document was very ‘dirty’ and full of errors which they painstakingly tried to make implementable for the good of Nigerians.

The member

representing Abi/Yakurr Federal Constituency Cross River State, Bassey Eko Ewa, expressed surprise that the LagosCalabar rail project that will benefit the people was removed from the budget.

“I am so surprised to hear this. How will it not be in the budget? The money that was appropriated to it, where is it?”

He, however, said that if the allegation was true, it may have happened at the compilation stage without the knowledge of the leadership of the House, even as he promised that lawmakers from Cross River State will take it up with the leadership.

Enoh, Bassey disappointed

Speaking on the missing rail project, Enoh representing Cross River Central Senatorial zone said: “Well, you know the National Assembly cannot remove it. If anything like that has happened,then I think the people to answer to that should be the appropriation people.

And I think that is one of the problems with, perhaps our procedure of not insisting on our own to look at the details before it is transmitted.

FG to borrow N1.884trn—DMO

Meanwhile, the Director General of Debt Management Office, DMO, Dr Abraham Nwankwo has said that the Federal Government would be borrowing N900 billion and N984billion from the external and domestic markets, respectively to finance the 2016 budget.

He also said the external and domestic borrowings are to rebalance total public stock in favour of less costly external funds.

Nwankwo further noted that the utilization of the borrowing proceeds would be on capital projects to support the growth of productive capacity.

He said this at a oneday workshop on Debt Sustainability and the Challenge of Financing Economic Recovery organised by the DMO

for the Nigeria Union of Journalists, NUJ, in Abuja.

Calabar-Lagos rail project not in budget – Jibrin

However, Chairman House of Representatives Committee on Appropriation, Abdulmunin Jibrin, denied that the CalabarLagos rail project was included in the 2016 Budget.

Speaking on his tweeter handle, he said the Lagos-Calabar Rail was never included. "How could NASS have removed what was not there? But the nation is being misled. All they, and those spreading the false information needed to have done is check the initial document sent by the Executive. Executive seems to favour a topdown approach. But this is not enough reason to mislead Nigerians on the role of NASS on the budget."

Nothing unusual — Ali Ndume

Senate Leader, Senator Ali Ndume, said there was nothing unusual or extraordinary if President Buhari returns the 2016 Appropriation Bill to the National Assembly for necessary correction or amendment before assenting to it.

Speaking with Vanguard , Senator Ndume, who noted that former President Goodluck Jonathan had done same in 2014, said that the present government of the APC was that of change, adding that as a new government, delay must be expected, if the mistakes of the past must be corrected.

Action exposes APC’s depth of ignorance – Senator Ogbuoji On his part, Vice Chairman, Senate Committee on Appropriation, Sunday Ogbuoji, said the allegation that the National Assembly mutilated the 2016 budget exposed the height of ignorance of governance by the All Progressives Congress, APC-led federal administration.

6 — Vanguard, MONDAY APRIL 11 , 2016

Lagos completes Ago Palace Way rehabilitation

CHIBOK GIRLS: Tunde Bakare weeps, says FG not doing enough

By Olasunkanmi Akoni

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HE Lagos State Government is set to commission the newly rehabilitated 7.1 kilometer, Ago Palace Way, in Isolo Local Council Development Area, LCDA of the state.

The road, which was completed two weeks ago, is expected to aid motorists accessing Festac/ Mile 2 area, via Okota road.

The road is complimented with, drainage, street lights, and walkway.

Governor Akinwunmi Ambode had paid an unscheduled visit to the area in December 2015, where he expressed dissatisfaction over the slow pace of work on the road and immediately mobilised and ordered the contractor to return to site and deliver the road within the first quarter of 2016.

By Omeiza Ajayi

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BUJA—FIERY preacher and Senior Pastor of the Latter Rain Gospel Assembly, Pastor Tunde Bakare yesterday in Abuja, amid tears, chided the Federal Government for doing so little to rescue the 219 Chibok girls abducted two years ago.

Bakare, a former political ally of incumbent president, Muhammadu Buhari spoke yesterday in Abuja at a special sit-out of the

#BringBackOurGirls, BBOG. Pastor Bakare berated past and present administrations in the country for their failure to rescue the girls saying; “The whole nation has failed these children.”

According to him; “Parents, families and friends of our dear daughters, I am here today not just to speak to you, but to speak to the nation and to the world as one of you. I’m here as a father burdened by the captivity of our daughters, and I am here as a

friend. I am here to express our frustrations and to speak of our undying hope as we wait expectantly for the return of our dear Chibok girls.

“We are not unmindful that the Nigerian state failed to provide security for our daughters as they gathered to write final examinations despite prior intelligence reports that suggested they were in danger.

“It is most severely injurious to see that the fate of our daughters has been frequently politicized.

Rather than rise to the occasion as stakeholders and custodians of the security and welfare of the

PANAMA PAPERS:

SERAP gives CCB ultimatum

By Abdulwahab Abdulah

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HE Code of Conduct Bureau has been given a 14-day ultimatum to investigate current and immediate past highranking public officers named or maintaining foreign accounts outside the country and refer such officers for prosecution.

Socio-Economic Rights and Accountability Project (SERAP) who made the request to Chairman, Code of Conduct Bureau, Mr Sam Saba, said the revelation by Panama Paper have shown the extent to which public officers in the country are concealing their stolen wealth, contrary to the Code of Conduct for Public Officers which prohibits them from maintaining and operating foreign accounts.

The statement signed by Tokunbo Mumuni, executive director, SERAP, noted, the Bureau will be doing a great public service by investigating the officials and immediately recommend those found wanting for prosecution before the Code of Conduct Tribunal.

While threatening a legal action for the Bureau’s failure to do what is necessary, SERAP said, “it shall take all appropriate legal actions to compel the Bureau to effectively discharge its constitutional and statutory mandates in this instance.”

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MEETING: Ekiti State Governor, Mr. Ayodele Fayose (middle) being welcomed by General Adeyinka Adebayo, retd (left) to the Ekiti Parapo meeting held in Lagos on Saturday, while the Chairman of the occasion, Prince Julius Adelusi-Adeluyi watches.

citizens of this nation, political parties and politicians have paid lip service, using our pain and plight of our daughters to score cheap political points. ‘’We are not convinced that the matter of our daughters has been given the needed thoughtfulness.

“We do not believe that those who are in a position to act have taken sufficient actions towards addressing the issue or even towards claiming our anxiety as waiting parents.”

According to him, the girls would have been rescued if they were children of politicians and renowned pastors.

The sit out marked 712 days since the girls have been kidnapped and part of BBOG Global Week of Action to mark the two years anniversary of the abduction.

He said that those responsible for the rescue of the girls have not taken sufficient actions in the last two years that the girls have been abducted.

“We do not believe those concerned have taken sufficient actions concerning the rescue of these girls”, he said, expressing optimism that the girls would be rescued even as he prayed God to see to that.

“We believe that they are still alive, at least no evidence, satellite evidence that they are in a mass grave. We believe they are alive.

It remains a scar on the soul of this nation until these girls are brought back,” he said.

‘Lagos needs $3.5bn to execute water master plan'

By Monsuru Olowoopejo

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AGOS—THE Lagos Water Corporation, LWC, will need 3.5 billion dollars to execute the Water Master Plan to construct additional large water schemes by 2020 to cover the state.

The former Managing Director, Lagos State Water Corporation, LSWC, Mr Shayo Holloway said that the current water production by the corporation stood at 210 million gallons per day, MGD. According to him, this leaves a shortfall or deficit of 330 million gallons per day, even if the total water assets available in the state run at 100 per cent efficiency.

He said that to address the current water demand and meet the projection of the near future, the corporation developed a Water Master Plan to construct additional large water schemes by 2020.

Holloway said that the plan would involve taking raw water from rivers and lagoons for treatment purifying it.

“This plan will take the state from its current 210 million gallons per day to 745 million gallons per day, MDG. “The corporation will need $3.5 billion to execute the Water Master Plan.

“This is an investment which the state cannot solely undertake, as

it will take it two-and-half years to fund, with every Naira inflow going into the water sector only.

“That is why the state seeks to partner with the private sector to

accelerate the development of water infrastructure with private capital, to make water available,” he said.

He, however, said that the state

government had commenced the implementation of the master plan, with the ongoing construction of Adiyan Phase 2, being funded by the state.

Lagos Assembly to strengthen Primary Health Centres

By Ebun Sessou

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AGOS—CHAIRMAN, Lagos State House of Assembly House Committee on Health, Mr Segun Olulade,has said that the committee will soon embark on an assessment tour of primary health centres in the state.

Olulade, who spoke in Lagos yesterday said the step was necessary to strengthen health care delivery at primary level.

“I want to assure you that this current government is committed to improving health services for all and sundry. “We are also looking at ways to strengthen the capacity of the services at the primary health centres by equipping them adequately.

“The committee has concluded its oversights to all the state’s General Hospitals, soon we will move to all primary health centres to know their state and strengthen them for better services,” he said.

Olulade (APC-Epe II) said that the oversight would help the

committee to know how the health care services at the centres could meet the world standard.

According to him, there is no doubt, the state does not have enough primary health centres compared with its population; but

efforts are being made to create more and enhance their performance.

The chairman urged health care providers in the state to exhibit professionalism in the discharge of their duties.

Police investigate murder of 56-yr-old woman in Lagos wanted over the murder.

By Evelyn Usman

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HE Lagos State Police Command yesterday said it had begun investigations into the murder of a 65-year-old woman, Slifat Ayodele.

The deceased was murdered last Friday at her Satellite Town abode in Lagos, by unknown gunmen.

But the Command spokesman, Dolapo Badmus, said a private guard and some other persons with undisclosed identities have been declared

There were conflicting reports on the circumstances that led to the murder of Ayodele.

An account said the tragedy occurred barely two days after those declared wanted threatened to kill the woman during an altercation between them. Another version claimed that quarrel ensued between the deceased and a private guard in the area over failure to pay security levy.

It was gathered that at about 2.20pm Friday, unknown persons stormed her house, where she was killed in cold blood.

Vanguard, MONDAY, APRIL 11, 2016 — 7

PDP wins Ife Central Federal Constituency bye-election Osun PDP wants arrested ballot box snatchers unmasked

By Gbenga Olarinoye

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SOGBO—THE Peoples Democratic Party, PDP, candidate in the Ife Central State Constituency bye- election, Chief Dipo Eluwole was yesterday declared winner of the exercise held on Saturday and concluded yesterday.

Eluwole, who was returned elected with a total of 5,504 votes, beat the Accord Party candidate, Mr. Segun Fanibe and ‘Tilewa Sijuade of All Progressive Congress, APC, to second and third positions respectively.

The Accord Party, AP, candidate polled 4,790, while APC candidate, garnered 4,587 votes.

Independent National Electoral Commission, INEC, had on Saturday declared the rerun election inconclusive.

The Returning Officer for the election, Mr. Francis Oladimeji said while

speaking at the collation centre said: “Election in two polling units were cancelled.

That is Agbedegbe Street, Moore Ojaja Unit 02 and Moore Ojaja.

“The number of accredited voters in the two units is 872. The margin between the first two candidates is 710 by our record. Following the regulation, where the number of cancelled votes is more than the margin between the two leading candidates, we cannot announce the winner.”

Osun PDP wants arrested ballot box snatchers unmask

Meantime, the Osun State chapter of the PDP, yesterday urged the state Police command to make public the identities of the hoodlums arrested over snatching of ballot boxes and voters cards during the Saturday rerun election.

The party in a statement

issued in Osogbo by its spokesperson, Prince Diran Odeyemi, said “PDP is demanding details of those apprehended because we had earlier before Saturday election accused the APC

of importing thugs from Lagos” “The PDP could not have attempted to disrupt an election it was winning so convincingly.”

The party said further that

beside parading the suspects, they should also be prosecuted to serve as deterrent to others that may be planning to engage in such act in future elections in the state.

VAT INCREMENT: FG imposing more hardship on Nigeria — FAYOSE

By Rotimi Ojomoyela

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DO-EKITI— GOVERNOR Ayodele Fayose of Ekiti Statehas described the proposed increment of Value Added Tax (VAT) from the current five per cent to 10 per cent, as insensitive to the plight of Nigerians who have already been traumatised and impoverished from the bad economic policies of the President Muhammadu Buhari-led All Progressives Congress government.

Vice President Yemi Osinbajo had said on

Thursday, in Lagos that the current five per cent VAT rate in the country was very low, and went on to add that the Federal Government would increase the taxpayer base this year.

Reacting through his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said any increment in VAT or any other tax being paid by Nigerians at this time will further make life unbearable for the people.

“Nigerians are suffering and the little that they have, federal government is planning to take back through VAT increment, this is wickedness!

“Under three months, electricity tariff was increased despite epileptic power supply, N50 stamp duty was imposed on bank customers for money received into their accounts via electronic transfer, cash

and cheques; petrol is being sold for as high as N400 per litre and now they are talking about increasing VAT to 10 per cent, this is the height of insensitivity to the plight of Nigerians,” he said.

The governor, who lamented the increase in the cost of living of Nigerians, occasioned by the bad economic policies of the Federal Government, said “even recent figures from the National Bureau of Statistics (NBS) revealed that prices of food have hit a record high and inflation is worsening.

“How can government be considering 100 per cent increment in VAT when businesses are folding up, prices of essential commodities have skyrocketed, millions of Nigerians are losing their jobs and those who are still employed are no longer getting paid regularly?''

FALAE GUARD’S MURDER BY HERDSMEN: OPC wants

Buhari’s intervention

By Dayo Johnson

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K U R E — FOLLOWING the killing of one of their members in Ondo State, the Oodua Peoples Congress, OPC, weekend asked President Muhamadu Buhari to speak out and check the continued assault on Yoruba people by Fulani herdsmen in the country.

The Coordinator of OPC in Akure North area of the state, Ayodele Ige, who was deployed with others to secure the farm of the former Secretary to the Government of the Federation, SGF, Chief Olu Falae against incessant invasion by the herdsmen was killed weekend when the herdsmen again invaded the politician's farm.

The herdsmen kidnapped Ayodele and his corpse was found some C M Y K

days later in a pool of water far from the farm located at Ilado, in Akure North Area of Ondo State.

Ondo State Police Command has feigned ignorance of the attack on the Falae's farm and the killing of the OPC member.

A statement by its state coordinator, Comrade Ogunsanya Pius, issued in Akure said; ‘’The killing has once again brought to the fore the danger posed by the herdsmen to their peaceloving host communities.

“The heartless murder of Ayodele Ige, the coordinator of the OPC in Akure North Local Government Area of Ondo State would not be allowed to be swept under the carpet like many of several other innocent people killed across the country by Fulani herdsmen.

“It is particularly worrisome that these people have continued their killing spree across the country without any major condemnation by the Federal Government.

Glo maintains lead as best data network in NCC Feb report

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AT I O N A L telecoms operator, Globacom, has again maintained its lead as the first network of choice in the area of new internet subscriber acquisition in the country.

Latest industry report for the month of February, 2016, released over the weekend showed that Globacom added the most number of new internet users with a total of 248,593 new internet subscribers. It grew its data customer base from 25,436,244 in January to 25,684,837 in February.

Airtel came second with 224,037 new data customers in February which saw its total figure rising from 16,855,609 in January to 17,079,646 in February.

However, MTN recorded a heavy loss during the month under review. The network which had in the last 12 months recorded steady decline in its internet customer figure lost a whopping 2,614,489 million internet subscribers in February.

The total data users on the network fell from 38,218,859 in January to 35,604,370 in February.

There was a marginal increase of 52,251 new internet subscribers for Etisalat as its internet customer base rose from 15,231,652 in January to 15,283,903 in February.

The February figure has reconfirmed Globacom as leader in the data market. In January, the company led in new subscriber acquisition with a total of 354,178, which represented 95% of all new data subscribers who joined the four major telecom networks that month.

For the industry as a whole, it was a total loss of 2,194,110 internet subscribers within one month. While there was a total number of 95.94 million data subscribers across the networks in January, only 93.75 million surfed the net in the following month of February.

Of this figure, 93.6 million were on the GSM networks, while only 150,125 users were on the CDMA networks, Visafone and Multilinks.

8—Vanguard, MONDAY, APRIL 11, 2016

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Vanguard, MONDAY, APRIL 11, 2016—9

NESG queries banks over illegal fixing of CBN, few banks fixed interbank rate forex rate How Banks make N100/$ round-tripping

By Babajide Komolafe

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AGOS — THE Nigeria Economic Summit Group (NESG) has queried the 22 commercial banks over what it describes as illegal fixing (cap) of the interbank foreign exchange rate.

Among other things, the group complained that the cap on the interbank foreign exchange rate was impacting negatively on member companies and contravened the Foreign Exchange Act of 2004.

The group also alleged that the development was being exploited by some banks to engage in unethical practices, such as extorting customers in a bid to maintain the stagnation.

Entitled, “Reports by the Organised Private Sector on the Current Practices by Banks in the Nigerian Foreign Exchange Market,” the query was signed by the Chief Executive of the NESG, Mr. Laoye Jaiyeola.

Copies of the query were also sent to the Central Bank of Nigeria (CBN), Chartered Institute of Bankers of Nigeria (CIBN), Financial Market Dealers Quote (FMDQ), OTC Securities Exchange and Nigerian Bar Association (NBA) Section on Business Law. The query stated: “Our members have brought to our attention certain issues and practices in the Nigerian foreign exchange market which are impacting negatively on their business activities and the economy as a whole.

“We are informed that over the last year (February 13, 2015 to date), the foreign exchange rate quoted by banks to authorised sellers (such as, International Oil Companies (IOCs), importers, etc.) has remained consistent at N197/$ regardless of the transaction amount or timing of the transaction.

"Despite recent events in the FX market, which has led to exchange rate volatilities, the purchase price quoted to authorised sellers has remained stagnant, thus not providing a true reflection of the current state of the FX market.

“Our members have also reported that the apparent cap in FX rates has also motivated some banks to indulge in unethical practices, such as extorting customers in a bid to maintain reconciliation with the perceived rate cap.

“Upon thorough review of the CBN guidelines and circulars, we find no indication of any regulatory action/directive imposing a cap on the rate at which banks can buy foreign currrncy from authorised sellers.

Indeed, Section 9 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 2004 (The FEMM Act) provides that 'the rate at which each transaction in the market shall be executed shall be the rate mutually agreed between the applicant and purchaser and the C M Y K

authorised dealer or authorised buyer concerned'.

“The foregoing provision suggests that the purchase rate ought to be based on bilateral agreements and, as such, is inconsistent with the current practice of quoting a fixed FX rate.

“Based on the foregoing, we request an explanation of your institution’s adherence to this practice, despite no precedent or directive to this effect. We would be grateful to receive your response within 48 hours of receipt of this letter."

How CBN, few banks fixed interbank rate

Investigations, however, revealed that the cap in the purchase of FX rate in the interbank market was one of the outcomes of a secret meeting between the CBN and some banks a few days to the general election of last year.

A few weeks to the general elections, the foreign exchange

market experienced volatilities occasioned by the uncertainty about the general election and the exchange rate of the naira. To address these volatilities, the CBN, according to industry sources, held a secret meeting with the Chief Executive Officers of some banks.

The CBN was said to have prevailed on the bank CEOs to assist in pegging the interbank rate to a maximum of N2 above the CBN rate. The bank CEOs were to direct their treasurers not to trade and the foreign exchange dealers not to deal in the two-way quote interbank market.

Consequently, the banks involved stopped offering twoway quote in the interbank market and offered only a one-way quote.

By so doing, they controlled or determined the rate at which anybody can sell foreign exchange in the market.

Investigation, however, revealed that the arrangement was informal with no circular or directive to that effect and it was

supposed to be temporary, till after the general election.

But it has remained in force for more than a year due to the reluctance of the CBN to revert to status quo. Also, the arrangement created opportunities which many banks have exploited to either extort customers or engage in round tripping of foreign exchange

Banks earn N100/$ roundtripping forex

Investigations revealed that though banks purchase foreign exchange from authorised sellers like IOCs and exporters at N197 per dollar, they, however, sell the same dollars at exchange rate as high as N300 per dollars through overseas ATM withdrawal or PoS transaction made by customers via their debit Mastercard or debit Visa card.

Confirming this, an importer, who spoke on anonymity, said the exchange rate charged for his debit card transactions had always been above N300 per dollar.

LAYING FOUNDATION: Governor Abdullahi Ganduje of Kano State (left) and Vice President Yemi Osinbajo laying foundation for construction of 2,000 afordable housing units at Amana City, Kumbotso Local Government of Kano State, weekend.

CBN invests N26bn in Niger sugar factory

By Emma Ujah, Abuja Bureau Chief

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BUJA — THE Central Bank of Nigeria (CBN) has invested N26 billion in Sunti Golden Sugar factory in Niger State and plans more investments in the real sectors of the economy.

The CBN Governor, Mr. Godwin Emefiele, announced this during a tour of the newly completed factory, weekend.

“The bank has invested about N26 billion in the project of such magnitude in order to encourage import substitution and backward integration strategy,” he was quoted as saying in a statement by the bank in Abuja, yesterday.

Emefiele assured that the apex bank was prepared to cooperate with genuine investors to support them towards self-sufficiency in local production of essential goods and the economic diversification drive of the present administration.

According to the CBN boss, such investments would be geared towards employment generation and wealth creation.

He, therefore, urged smallholder sugar cane farmers in the area to leverage on the presence of the factory to boost their production, as the company would now buy all their produce.

Speaking earlier, the Chairman of the Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, M r.

John Coumantaros, appreciated what he described as “the uncommon support,” which the CBN gave to company, without which the project wouldn’t have been completed on schedule.

The chairman noted that the N45 billion sugar-refining project was expected to create over 15,000 jobs.

Presidency, Finance Ministry give conflicting signals on China loan will sign during the visit. be signed by the President during plans, the government was

By Emeka Anaeto, Economy Editor

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AGOS — A MAJOR controversy appears to have surrounded the official trip of President Muhammadu Buhari to China as the Presidency and Ministry of Finance gave conflicting information on the agenda for the meetings between Nigerian government and Chinese officials currently going on in Beijing, China.

The spokesman for the Presidency, Mr. Femi Adesina, had told Reuters last Wednesday that key on the agenda of the presidential visit was a loan agreement which the President

But a top official of the Finance ministry said no such loan deal would be signed during the visit.

In the Reuters report, Adesina was quoted to have, however, declined to disclose the amount involved in the loan deal until the signing day, adding that there would also be some bilateral agreements between the two countries to be signed during the meeting.

The report also indicated that the amount could be in the region of $2 billion.

However, a source close to the Minister of Finance, Mrs. Kemi Adeosun, told Vanguard that the minister was not aware of any such loan deal with China, adding that no such deal would

the visit.

In its place, the ministry said Nigeria was considering selling Chinese Panda bonds to help finance the 2016 budget.

Chinese Panda bond is a yuandenominated debt instrument issued by non-China based institutions and sold on China’s domestic money market to raise funds for projects and businesses outside China.

The Finance ministry is also looking at selling Eurobonds as part of government’s international arrangements for the 2016 budget deficit funding of about N2.2 trillion.

On borrowings for the budget funding, Adeosun had said in addition to the above funding

looking at borrowing, first from multilateral agencies.

She said: “Our borrowing policy will remain conservative and will see us access the lowest available funds, hence our decision to approach multilateral agencies in the first instance, for budget support at concessional rates as low as 1.5% per annum.

“We have also secured commitments from Export Credit Agencies that are tied to specific capital projects, including key initiatives in power, transport and other infrastructure, and at semiconcessional rates.

“The balance will be sourced commercially to create a blended cost of capital that’s as low as possible."

10—Vanguard, MONDAY, APRIL 11, 2016

Police investigate alleged murder of woman, 56

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HE POLICE Command in Lagos said it is investigating the alleged murder of a 56year-old woman, Silifat Ayodele.

In a statement by Dolapo Badmos, the command’s spokesperson, Ayodele was allegedly murdered by unknown persons on Friday at about 2.20p.m. in her house at Plot 25, Site Afsa, Satellite Town.

It stated that a security guard in the area and some other persons whose names were not mentioned had been declared wanted over the case.

“We are on the trail of one Suleiman, another name yet unknown, a security guard in the area, with his colleagues are now at large.

“They are suspected to have perpetrated the act,” the statement added.

Meanwhile, the corpse has been deposited at Navy Hospital, Satellite Town for autopsy.

Boy, 13, arrested for stealing, cultism

By Olasunkanmi Akoni & Esther Onyegbula

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13-YEAR-OLD boy, Opeyemi Johnson, was, weekend, arrested by the operatives of Rapid Response Squad, RRS, of Lagos State Police Command, for robbery and being a member of the dreaded cult group known as “Awawa Boys.”

It was learnt that the suspect and 20 other members of the cult group were, yesterday morning returning from a street carnival somewhere around Agbado Crossing, when they reportedly went on rampage and started dispossessing passers-by of bags, phones and other valuable items when he was arrested.

According to Opeyemi, a Junior Secondary School student of a private school in Sango, Ogun State (name withheld): ”I followed my cult members to a carnival at Power Line, Agbado Crossing. On our way home, our Capol, nicknamed ‘Ijaomode’ instructed us to start robbing anybody we met on our way.”

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Land dispute: 2 feared dead, village sacked, 3,000 homeless in Otukpo

By Peter Duru

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AKURDI—TWO persons were feared dead, weekend, while close to 3,000 people have fled their homes following a protracted bloody land dispute between inhabitants of Ondo-Ugboju village and Ogobia community all in Otukpo Local

Government Area of Benue State.

Vanguard learned that the crisis which had lingered over a period of time was a fall-out of disagreements between the locals over the original owners of Ogobia community, a fast developing settlement in the outskirts of Otukpo town.

According to our source, the

rural dwellers in Ondo-Ugboju had persistently laid claims to Ogobia community and also regarded residents in the area as visitors, who had no rights of sales or permanent ownership of any parcel of land in the town.

“That is just the reason for this crisis which led to yesterday’s killing of the two young men, who

PRESENTATION: From left: Director, Digital Business, Etisalat Nigeria, Adia Sowho; Chief Product and Information Officer, Etisalat, Otuyemi Otule, presenting car keys to Etisalat Star Prize Winner, Callister Ihemegbulam; West Africa Managing Director, TIMWE, Brume Cardoso, and Head, Consumer Protection Council, Lagos, Joshus Nggada, during the presentation of Etisalat Win Big Promo Prize, in Lagos. Photo: Bunmi Azeez

were engaged by the Otukpo Caretaker Chairman, Ijachi Udeh, to work in his site at OndoUgboju.”

Continuing, the source said: “For a very long time the people of Ondo-Ugboju have continually claimed that they owned Ogobia town and that those residing there were visitors.

“They also claimed that the ‘visitors’ in Ogobia were selling parcels of land without authorization from the original owners of the area warning that any further sales would be resisted.

“However the claims and threats were resisted by the inhabitants of the fast growing community which is less that 20 minutes drive from Otukpo town.

They also claim ownership of the area.

“Their resistance led to this dispute which has lingered over time resulting in the death of innocent lives and sacking of over 3,000 inhabitants of OndoUgboju, rendered homeless.”

Though the Otukpo Caretaker Chairman could not be reached on phone, the Benue State Police Public Relations Officer, PPRO, Assistant Superintendent, ASP, Moses Yamu, who confirmed the development, said the matter was being investigated and arrests being made.

Man stabs friend to death over N2,000 in Lagos

By Esther Onyegbula

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had already gone to Badagry General Hospital to retrieve the remains for burial according to Muslim rites.

Before burial, family members took the corpse to the Baale of Ayetejuesefo community in Elija, where the alleged suspect fled to after committing the crime.

HE REMAINS of 37-yearold Kamoli Isiaka, who was stabbed to death by his friend Azeez, last week, at Ololade Street at Morogbo community, have been committed to mother earth at a Muslim burial ground at Iyana Isashi.

It was gathered that the late Isiaka and his friend, Azeez, had issue over N2,000 given to them by one Mr. Ololade in the Perez Brisibe neighbourhood, which led to the former being stabbed in the neck by the latter.

BRAKA—M E M B E R When Vanguard reporter visited representing Ethiope the scene of the incident at Ololade East constituency in the Delta Street in Morogbo community, the State House of Assembly, Hon. family and friends of the deceased Evans Iwhurie, weekend, said

According to the deceased stepbrother, Alfa, “the man, whom they named the street after, gave Isiaka, and two of his friends N2,000 for a reason yet to be known. It was while they were sharing the money that Isiaka and Azeez began to fight. While people who were around tried to

intervene , Azeez rushed into his house, picked a bottle, broke it and stabbed Isiaka.

Immediately neighbours around tried to save isiaka's life by taking him to the hospital, unfortunately, he died on the way due to loss of much blood.”

Fulani herdsmen kill university staff, farmer in Delta

A

suspected Fulani herdsmen shot dead a staff of the Delta State University, DELSU, Abraka and a farmer at their farms in cold blood at Abraka.

The lawmaker, while lamenting the menace of some Fulani herdsmen in the area,

LAWMA staff dies, 3 others injured as vehicle plunges into ditch

By Monsuru Olowoopejo

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-YET-TO-BE IDENTIFIED Staff of the Lagos State Waste Management Agency, LAWMA, was, yesterday, feared dead and three others severely injured, as the agency’s vehicle plunged into Obadore ditch on LASU-Isheri Expressway.

When Vanguard arrived the scene at about 3p.m., it was gathered that the vehicle with the inscription, ‘LAWMA Advocacy

Team,’ plunged into the ditch between the two lanes of the bridge at about 2p.m.

The vehicle, sources said, was conveying three passengers (two adult females and a 12-year-old male student) who was expected to resume with his peers for the third-term academic session.

The vehicle with number plate EPE 493 AX, eyewitnesses said, somersaulted thrice before plunging into the ditch between the LASU-Isheri Bridge. They

added that this led to the student been flung out of the vehicle and sustained severe injuries.

It was learned that the two female passengers in the vehicle also sustained severe injuries while the driver was recovered from the vehicle several minutes later.

A resident of the community, Biodun Adewale, who also escaped being crushed by the vehicle, said, “we could not rescue the driver immediately."

said one of the victims, Mr. Francis Okotie, 52 and father of 8 was a senior staff of the university attached to the university library.

Giving details on the incident, Iwhurie explained that, Mr. Okotie was shot twice, on his arm and on the back of his head in an execution style at his plantain and palm oil plantation farm where he had gone to fumigate.

“It is easy to identify the culprits because they always leave behind trails of cattle excreta, and damaged crops by their herds,” he stated.

According to him, the killing of the university staff was coming on the heels of a similar incident involving an indigene of Abraka, Philip Obayendo, who was shot and matcheted in pieces by his assailants at his farm at OriaAbraka.

Vanguard, MONDAY, APRIL 11, 2016—11

NDDC owes contractors N450 billion —Semenitari T

HE Acting Managing Director, Niger Delta Development Commission, NDDC, Mrs. Ibim Semenitari, weekend, said the biggest challenge she was facing since assumption of office, was the fact that “we are owing so many people.”

Mrs. Semenitari disclosed this on Sunday when she featured on the News Agency of Nigeria Forum in Abuja.

She said the commission owed more than 8,600 contractors between N400 billion and N450 billion when she assumed office, but about 600 of them had been paid by her administration.

According to her, the paucity of funds coupled with the public perception of the commission became sources of concern for the management of NDDC. She, however, said that the commission had to deal with both challenges and reinvigorate the workforce to be able to get to its present state.

Semenitari said: “That is a lot of money. So, the first challenge was, we had so many contracts and and so much debt, so there was a big hole right there. The second was the perception problem. The commission was perceived, rightly or wrongly, as

a place you just come, take your own share and go. It was also perceived to be a corrupt place. And we also had to deal with the need to professionalise the workforce basically in terms of how you reposition the people. Also, we had to reinvigorate the workforce so that people

would have a sense of freshness and a sense of new challenges because we can get people back on track.”

She assured that better days would come for the commission by the time its funding partners paid up the amount they were owing, noting that with payment of

the outstanding money, the projects the commission was handling would become visible.

She added that the late passage of the budget of the commission had hampered proper planning and proper management of the commission.

VISIT: Chief Simeon Ohwofa, Urhobo Social Club President (6th left), and Chief Gabriel Ofotuku, Urhobo Progress Union, UPU, interim President-General (7th left), and other members of the UPU and the club's executives, during a visit by UPU executives to Urhobo Social Club in Lagos.

Arco vs Agip: Court orders party to be served hearing notice

By Jimitota Onoyume & Abdulwahab Abdulah

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ORT HARCOURT—A Federal High Court sitting in Port Harcourt has ordered that a hearing notice be served on Conoco Philips Petroleum Nigeria Limited in the ongoing legal tussle between Arco Group Plc and Nigerian Agip Oil Company, NOAC. This came as Justice Muhammed Liman, who gave the order, fixed June 14 for the hearing of arguments on originating summons, contempt of court and preliminary objections canvassed by parties before the court.

Justice Liman said: “I also order that the third defendant be served with hearing notice. I observed that they were not represented in court today. “ Arco Group, an indigenous oil servicing company, had dragged Agip, the Nigerian National Petroleum Corporation, NNPC, Conoco Philips Petroleum Nigeria Limited, and the National Petroleum Investment Management Services to court, praying it to determine whether under the Nigerian Content Act, Agip was under obligation to award maintenance contract of OB/OB, Ebocha and Kwale gas plants to it or not.

Arco had, in the suit, submitted

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that the alleged refusal of NOAC to comply with the provisions of Section 3 SubSections 2 and 3 of the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, was illegal. The law encourages the involvement of more indigenous participation in the nation’s oil and gas operations.

It stated that having successfully maintained the OB/ OB, Ebocha and Kwale gas facilities for many years, it had

the prescribed equipment, machines and skilled manpower to execute the contract and further prayed the court to grant it several other declarative and injunctive reliefs.

At the resumed hearing of the case, Friday, Justice Liman said he was new to the matter, hence he should be allowed to familiarise himself with all the files and details of the case.

He also suggested to counsel in the suit that to save time, the

court should take arguments on originating summons, contempt of court and preliminary proceedings on the matter on the same day which they all conceded to.

Earlier, Mr Akpomudje Albert, SAN, who led other counsel for the plaintiff, Arco Group Plc said they had commenced contempt proceedings against the defendant for allegedly disobeying two orders of the court.

Okowa congratulates Jim Ovia, Dafinone over Vanguard Personality Awards

By Emmanuel Aziken, Political Editor

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OVERNOR Ifeanyi Okowa of Delta State has congratulated leading banker and Chairman of Zenith Bank Plc, Mr Jim Ovia and renowned Accountant, Senator David Dafinone, on their receipt of the 2015 Vanguard Personality Awards as Businessman of the Year and Lifetime Achievement Awards, respectively.

Senator Okowa, in a statement issued weekend, said the two men had through their actions continued to bring deserving laurels to Delta State.

The governor in the congratulatory message issued

by his Chief Press Secretary, Mr Charles Aniagwu, extolled the leadership qualities and astute contributions of the awardees to the development of Nigeria and Delta State.

He described Ovia, as an illustrious son of Delta State whose remarkable contribution to the banking industry in Nigeria was legendary and worthy of emulation.

“Mr Jim Ovia is an illustrious son of Delta State in whom we are well pleased. His astute contributions to the development of the banking industry in Nigeria as well as his efforts in pioneering the digitalization of banking services in Nigeria no doubt

made Zenith Bank Plc a leader and pacesetter in the industry today."

Also praising Senator Dafinone, Governor Okowa said: “The Dafinones are known as the family with the highest number of chartered accountants in the world. The record is yet to be broken by any family worldwide and it is worthy of emulation. We are proud to identify with the family as Deltans on this Lifetime Achievement Award bestowed on their patriarch by Vanguard.

Governor Okowa also lauded Senator Dafinone for the huge investments in agriculture in the state and called on well meaning Deltans to emulate the octogenarian.

Urhobo Social Club assures UPU of support to restore pivotal role

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OREMOST Urhobo socio-cultural group, Urhobo Social Club, Lagos, has assured the interim executive of Urhobo Progress Union, UPU, that the club will join hands with other well-meaning Urhobos to ensure that the glory and pivotal role of UPU is restored.

President of the club, Chief Simeon Ohwofa, gave the assurance when the club played host to the Chief Gabriel Ofotuku-led UPU executive in Lagos. The club promised to support Chief Ofotuku and his executive to ensure that reliable and selfless leaders emerged in the new UPU executive.

Responding, Chief Ofotuku solicited the support of the club in reconciling UPU factions in Diaspora.

Other members of the club present at the meeting were Chief Johnson Barovbe, chairman, board of trustees; Chief Chris Umukoro, first vice president; Prince Austine Isire-Enajemo; Dr. Isaac Feludu, secretary; Mr. O. A. Odoh-Tadafe, past president, Snr. Evangelist Emmanuel Evue, also a past president of the club and Chief Samson Okuesa, chairman, think tank, among others.

PDP'll become stronger in 2019 —Wike

By Jimitota Onoyume

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ORT HARCOURT— GOVERNOR Nyesom Wike has expressed optimism that the Peoples Democratic Party, PDP, will be stronger ahead of the 2019 general elections.

The governor who spoke, weekend, at Government House, Port Harcourt, as the Chairman of PDP National Convention Committee, said the party’s national convention would set in motion, the machinery for the party to win more states.

According to him: “One thing that is important is that this committee will revive our party. It will also allay the fears of our members over the rumours they hear. It is important for us to rebuild PDP to be a stronger party. PDP is our home in Rivers State. This is the only party we know here."

12—Vanguard, MONDAY, APRIL 11, 2016

VANGUARD PERSONALITY AWARDS

VANGUARD PERSONALITY AWARDS Faces at the Vanguard Personality Awards ceremony at Eko Hotels and Suites, Lagos, last Friday

From left, Dr. Oba Otudeko,Alhaji Lai Muhammed, Minister of Information & Culture, receiving award on behalf of President Muhammadu Buhari, and Mr. Sam Amuka,Chairman, Vanguard Media Limited, during the Vanguard Personality of the Year Awards 2015, at Eko Hotel, Victoria Island, Lagos. Photos;Joe Akintola, Photos: Editor; Kehinde Gbadamosi, Lamidi Bamidele, Bunmi Azeez, Akeem Salau, and Akinwunmi Ibrahim

From left, Dr. Alex Ekwueme, former Vice President of Nigeria; Senator Ibikunle Amosun, Governor of Ogun State/Vanguard Governor of the Year, and Dr. Otudeko.

Ibrahim Dankwambo,Gombe State governor, displaying his Vanguard Governor of the Year Award, flanked by the chairman of the occasion, Dr. Oba Otudeko (7th right), and other Gombe State guests.

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Mr. Dele Alake, receiving Vanguard Hero of Democracy Award, on behalf of Asiwaju Bola Tinubu,National Leader, All Progressives Congress, APC.

Mr. Ibrahim Babaganna (left)and Mr Steve Ayorinde, Lagos State Commissioner for Information and Strategies.

Jim Ovia, Chairman, Zenith Bank Plc, with his wife, Mrs Ovia, displaying his awards.

From left, Mr. Jide Ajani, Editor, Sunday Vanguard; Adejuwon Soyinka, Ogun State Senior Special Assistant to the Governor on Media & Publicity, and Mr. Richard Okotie.

From left, Arc. Ken Ekwueme, Mrs. Lami Ekwueme, Ms. Adaeze Ekwueme, Mrs. Chidi Ekwueme-Onyemelukwe, Dr. Alex Ekwueme, and wife, Dr. Helen Ekwueme.

Photo: Emeka Agnam

Vanguard, MONDAY, APRIL 11, 2016—13

VANGUARD PERSONALITY AWARDS

Governor Kashim Shettima of Borno State and Dr. Otudeko (middle) with executive members of Borno State government.

Chief Ede Dafinone, representing his father, Senator David Dafinone (right) and Erelu Abiola Dosunmu.

Governor Shettima (left) receiving his award from Dr. Otudeko.

Borno State governor's entourage.

From left—Nkachi Ali-Balogun, Bunmi Oke and Alhaji Garba Kankarofi, Registrar/Chief Executive, Advertising Practitioners Council of Nigeria, APCON.

From left— General Manager/ Editor-in-Chief, Mr. Gbenga Adefaye; Sunday Editor, Mr. Jide Ajani, and AGM, Brands, Mr. Fred Odueme, all of Vanguard Newspaper.

LEFT: From left— Deaconess Lizzy Okagbe, Mrs. Dorothy Ufot and Chairman, APCON, Udeme Ufot.

BELOW: From left— Chief Chris Muroro, Chief Johnson Baroube and Chief Simeon Ohwofa.

Otunba Gani Adams, Coordinator, Oodua Peoples Congress.

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14—Vanguard, MONDAY, APRIL 11, 2016

VANGUARD PERSONALITY AWARDS

From left— Former Vice President, Chief Alex Ekwueme, Governor Ibikunle Amosun of Ogun State and Dr. Oba Otudeko.

Representative of President Muhammadu Buhari, Minister of Information and Culture, Alhaji Lai Mohammed (right) and Corporate Affairs Manager/Protocol, Vanguard Newspapers, Mr. Victor Omoregie.

Governor Adams Oshiomhole of Edo State (middle) flanked by his wife, Iara, and Dr. Oba Otudeko, Chairman of the occasion.

Governor Ibikunle Amosun of Ogun State and his wife, Olufunso.

From left— Consulate General of Italy, Mr. Vincent Delace, Mr. Andrea Pompermaier, Mr. Charles Obi and Dr. Celey Okogun.

From left— Chairman Ohanaeze Ndigbo, Chief Oliver Akubueze; Eze Uche Demgba; Eze Pat Ene and Eze Anthony Elui.

From left— Vice President, Yeye Adenike Shobajo; DG, Mr. Muda Yussuf; Deputy President, Mr. Babatunde Ruwase; Vice President, Chief Olawale Cole, all of Lagos Chamber of Commerce and Industry, LCCI.

Cross section of guests.

Ushers.

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Vanguard, MONDAY, APRIL 11, 2016—15

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16 — Vanguard, MONDAY, APRIL 11, 2016 Abia State Governor, Dr Okezie Ikpeazu, offered a useful and wise piece of advice to the Acting Managing Director of the Niger Delta Development Commission (NDDC), Mrs Ibim Semenitari, when she recently visited his office in Umuahia, as part of her tour of the eight states of the Niger Delta.

The Governor pleaded that all stakeholders in the NDDC should not extend the unhealthy political atmosphere perpetrated by the ruling All Progressives Congress (APC) and their rivals, the People’s Democratic Party (PDP) in their struggle for power and control of the states within the oilrich region.

This call is timely and on point, and we support it without reservation. The politics of the 2015 general elections, the electoral tribunals as well as the rerun polls in Bayelsa and Rivers States exacted a heavy toll in human

Keeping NDDC out of politics lives and property. Firearms and other dangerous weapons were freely used; a Youth Corps member was murdered and a party chieftain gruesomely beheaded.

Leading politicians, particularly of the APC and PDP, did not comport themselves in an exemplary manner and elections ended inconclusively. At the end of it all, the PDP is now in control of six of the eight states under the NDDC’s mandate – Abia, Akwa Ibom, Bayelsa, Delta, Ondo and Rivers – while the APC retains Edo and Imo States and took over control of the Federal Government. This is a dramatic

departure from the past when the PDP used to be in charge of all the states in the region as well as the Federal Government.

The NDDC’s new helmsmen and stakeholders must learn to cohabit harmoniously under the new political mix and configuration, eschew bitter politics and unhealthy partisan differences and close ranks to improve the track records of service delivery in the Commission.

After all, partisan politics is only a means to an end, the end being good governance and delivery of benefits to the people. The NDDC is a core service delivery agency.

It is not a political outfit, and it

should not be politicised, as this will compromise its ability to contribute its quota to the development of the region.

We urge the Board of the Commission to consult widely among the critical stakeholders, especially the state governors, the youth organisations, oil community leaders and other legitimate vested interests to ensure minimum disruption of the activities of the Commission.

We also plead with stakeholders to adjust to the new political realities now steering the affairs of the Commission and offer every assistance to enable them succeed. Grievances should be properly channelled and promptly addressed.

Irrespective of which party is in charge, the NDDC and other state agencies set up to uplift the quality of life of the people must carry out their mandates without let or hindrance.

OPINION

By Julius Oweh

T

HE separation of religion from statecraft is predicated on the time honoured principle of protecting the fundamental rights of the citizens to practise any religion of their choice without let or hindrance. The secular nature of a state is further strengthened on the score that no religion is adopted as state religion and the founding fathers of Nigeria were very much aware of this and so adopted this model in the Federal Republic of Nigeria. There are Muslims, Christians, African traditional religion adherents and those who do not believe in any form of organised religion. The beauty of that arrangement is that nobody is discriminated against on the basis of religion.

But the vibrations coming from Aso Rock and the political and diplomatic dispositions of President Muhammadu Buhari, to say the least, are not comfortable at all. During a recent visit to Saudi Arabia, the media handlers of the president said that Buhari rejected the suggestion of the Saudi authority to join Islamic coalition against terrorism.

But the president speaking to Al Jazeera contradicted the views of his media advisers, saying that the country has a lot to gain by joining the coalition against terrorism and that in fact, Nigeria is already a member of that coalition headed by Saudi Arabia. This is how the nation helmsman puts it: `We C M Y K

Nigeria’s

secular

are part of it because we have got terrorists in Nigeria who claim that they are Islamic. So if there is an Islamic coalition to fight terrorism, Nigeria will be part of it because we are casualties of Islamic terrorism”.` Many Nigerians are taken aback by the sentiments of the president about the so called benefits of belonging to the group in a multi religious nation like ours. The president failed to tell Nigerians the benefits of belonging to such group. But the greater danger and political implication is that Nigeria is a member of military coalition without the approval of the National Assembly. This is a clear breach of the constitution by any stretch of political imagination. The 1999 constitution, the fundamental law that governs the operations of the present democratic dispensation in Sections 217219 forbids the president from entering into any military pact or deployment of our soldiers in foreign land without the

The present administration should not do things that may endanger the present religious harmony

state

question

approval of the National Assembly. The same constitution also maintains `the National Assembly shall have power to make laws for the regulation of (a) the powers exercisable by the President and Commander-in-Chief of the Armed Forces of the Federation. That is the more compelling reason that the president should withdraw our membership of that coalition and seeks the consent of the National Assembly before entering into such military pact.

It is this kind of disposition that made people like Governor Ayodele Fayose of Ekiti state to say that Buhari was on the verge of Islamising the country.

Speaking recently in Port Harcourt, Fayose warned Nigerians on the looming disaster of foisting Islamic theocracy on the nation. His sentiments: ‘They (APC) have started subtle moves to make Nigeria an Islamic nation but God will stop them. This was done in 1984, it failed. It would fail again.....Nigeria is a free nation where we proclaim the name of Jesus Christ freely, and we believe in Allah for those who are Muslims. This nation will not be taken for an Islamic nation.

Religion is so toxic and combustive that it should not be mixed with politics or the governance of a nation. Saudi Arabia is free to practise theocracy but Nigeria should not be drawn into the diplomatic

faceoff between Saudi Arabia and Iran.

Furthermore, should Nigeria remain in the coalition against terrorism, the message to the Islamic State of Iraq and Levent (ISIL) is that Nigeria is an enemy and that would peak up the co-operation between Boko Haram and ISIL. Nigeria would be worst for it. That is the more reason the Abuja authority in the interest of the nation should severe any link with that coalition. Those who want to fight international terrorism are free to do so and should not be done under the veneer of Islam. Nigeria is a secular state and nothing should be done to paint the country otherwise.

There are many problems plaguing the country and the present administration should not add religion to it. For long, Nigerians have tried to understand why a country whose lingua franca is English has the Islamic motif and Arabic signs on its currency. It’s about time someone explained the rationale behind this to Nigerians. The present administration should not change the secular nature of the country and do things that may endanger the present religious harmony. And it is not too late for Buhari to retrace his steps or the National Assembly do the right thing by invoking the necessary constitutional provisions to protect the secular nature of Nigeria.

•Mr. Oweh, a journalist, wrote from Asaba, Delta State.

APRIL 11, 2016

FRC, shareholders poised for war over audit committee chair … Audit committee chair must be professional accountant — FRC … It’s not necessary, shareholders declare, demand reversal

By NKIRUKA NNOROM

T

rouble is brewing between the Financial Reporting Council (FRC) and notable shareholder groups in the country over a draft rule

by FRC spelling out the qualification individuals aspiring to the position of audit committee chairmen of quoted companies must possess.

FRC in the draft rule directed that such persons must be members of certified professional accounting body in the country. The Council based its argument on the premise that

professional accountants are more reliable, saying that their education and training allow for their judgment to be relied upon.

However, leaders of renowned shareholder groups have frowned at the guideline, which they describe as unnecessary and called for immediate reversal. According to them, the FRC rules is in contravention of section 359(3) and (6) of Companies and Allied Matters Act, Cap. C20.

Controversial rule/guideline The draft rule contained in a circular

titled “Transitional Concessions Agreed between the Nigerian Stock Exchange (NSE) and the Financial Reporting Council of Nigeria (FRC) regarding Rules 1& 2 of the FRC’s Rules” published by the NSE on March 29, 2016, with reference no:NSE/ LARD/LRD/CIR5/16/03/29, states thus: “Chairman of audit committee, to annual report, financial statements, accounts, financial report, returns and other documents of a financial nature, shall be a professional member of an accounting body established by Act of the National Assembly in Nigeria.”

VISIT - From Left: Mr Tony Agenmonmen, 1st Vice President &Vice Chairman National Institute of Marketing of Nigeria (NIMN), Mr Yaw Nsarkoh, Managing Director, Unilever Nigeria plc, Mr Ganiyu Koledoye, President & Chairman of Governing Council, NIMN and; Mrs Nsima Ogedi-Alakwe, Brand Building Director, Foods Unilever Nigeria Plc, during a courtesy visit by executive members of NIMN to Unilever Head Office in Lagos.

PHOTO: Kehinde Gbadamosi

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It, however, states that current chairman of the audit committee shall be permitted to attest to accounts of financial nature regardless of whether he is a professional member of an accounting body or not for the current financial year only.

The FRC added in the circular that "The foregoing concessionary arrangement shall apply only to entities which in the case of a holding company shall include its subsidiaries): (i) Which are not currently in court with the FRC and/or having any of its director(s) currently holding FRCN numbers that have been suspended by the FRC. Every subsequent annual report, financial statements, accounts, financial report, returns and other documents of a financial nature of the audit committee shall be attested to by a chairman who is a professional member of an accounting body established by Act of National Assembly in Nigeria in compliance with FRC Rule 2.”

Again, the FRC in its ACT No. 6 2011 expressly reaffirmed the above position on qualification of audit committee chairman, warning that certifications that do not comply with the Council’s pronouncement shall be deemed as non-compliance with its rule and capable of rendering the financial statements misleading. “Appropriate penalties as provided for in the FRC Act, 2011 and the FRC Guidelines/ Regulations for Inspection and Monitoring of Reporting Entities 2014 shall apply,” it warned.

Provisions of CAMA Relevant sections of Companies and Allied Matters Act - Section 359 (3 & 4), that relate to qualification and experience of audit committee Continues on page 18

18 — Vanguard, MONDAY, APRIL 11, 2016

Cover

Turning great Ideas into great money

H

COLLOQUIUM - From left: Principal Partner, Technique Loss Adjusters Limited, Mr. Ralph Opara; Deputy President, Nigerian British Chamber of Commerce (NBCC), Mr. Akin Olawore; Chairman, Nigerian Insurers Association and Managing Director, Linkage Assurance Plc, Mr. Gus Wiggle; Director –General NBCC, Mrs. Joyce Akpata and Director–General Chartered Insurance Institute of Nigeria, Mr. Rola Ahmed at the NBCC’s Nigerian Insurance industry Colloquium in Lagos.

FRC, shareholders poised for war over audit committee chair Continued from page 17 members, including the chairman provide that: The chairman of the audit committee should be a nonexecutive director, to be nominated by the members of the audit committee.

Basically, members of the committee should be able to read and understand basic financial statements, and should be capable of making valuable contributions to the committee. Moreso, members of the committee should possess a thorough understanding of the company ’s business, its products and services, a reasonable knowledge of the risks facing the company and the essential controls the company has in place, inquisitiveness and dependable judgment and ability to offer new or different perspectives and constructive suggestions.

Like any non-executive director, audit committee members should (at least as a group) possess a wide range of knowledge, skills and personal attributes: sound judgment; integrity and high ethical standards; strong interpersonal skills; and the ability and willingness to challenge and probe.

Specifically, audit committee members must be able to understand the rules and, more importantly, the principles that underpin the preparation of financial statements.

Shareholders agitate In his reaction, Mr. Boniface

Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN) insisted that a shareholder need not possess any accounting qualification as adduced by FRC to sit as chairman of audit committee, arguing that no requirement like being an ICAN member was attached as pre-conditions to buy shares.

He said: “FRC has no legal backing to say that shareholders should not be audit committee except they are ICAN qualified. That means you must be chartered accountant before you can serve in audit committee. We say no because that law is alien as far we are concerned.

Nobody told shareholders that before you buy can shares, you must possess a degree; you must be an accountant or an engineer before you buy into

Like any nonexecutive director, audit committee members should (at least as a group) possess a wide range of knowledge, skills and personal attributes

a company.

“The law says that shareholders should nominate two or three members to contest in audit committee in any quoted company, while the directors should nominate their own members. And all the directors nominated in the committee must not be chartered accountants. They can be from any profession.

The requirement is that audit committee members should be able to read and write. The audit committee is not auditing account; they are looking at what the auditors, who are accountants, have done. They are reviewing what the auditors have done; they are looking at reports written by management.

It is the audit committee that ensures that the recommendations made by the auditors to the management team are enforced; that is basically what they do. In terms of looking at figures, they can liaise with the auditors who are paid to audit the figures.”

Continuing, he said: “So, what kind of law is Financial Reporting Council making. We rely on CAMA and FRC cannot make any law for us.

Any law today governing shareholders activity is made

by CAMA. The law of CAMA stipulates that if you can read and write and interpret figure, you can be audit committee members. That’s all!

So, this law that is being proposed by the FRC should be discarded; we will fight it at the court of law. It has no Continues on page 19

aving a great business idea is only the first step in the journey to raising your business empire. Turning your business idea into a moneymaking venture requires raising the capital necessary to get your blessing running and that represents the next step of thousands of other steps. In starting your own business, the most challenging task you have to face as an entrepreneur is raising money as capital.

The ability to raise money to start a business is one of the tests you must undergo as an entrepreneur. As daunting as it may seem, the challenge of raising money is not as tough as you think. It is no secret that in your quest to raise money to start your business you are bound to face a lot of obstacles.

It would be very unfair of me to promise you otherwise.

However, the good news is that it can be done as there are some people, some institutions and some organisations willing to look at investing in start – up businesses.

There are many tried and tested ways of raising money to start your business which have been used by many famous entrepreneurs whose businesses have become household names, including Bill Gates (Microsoft), Michael Dell (Dell computers) and Richard Branson (Virgin), to name a few. For maximum success, you would do well to use a combination of different tactics to employ when you want to raise capital for your great business idea.

Using feasibility business Ideas The first and basic key to raising money is to have a business idea that is feasible, that is practicable, and that is workable. You wonder why? The first question any investor you approach will ask is this: How profitable is your business idea?

That is because no investor will want to put his money in a business that is impossible and not viable. They will also want to know the expected return on their investment and the time frame within which to recoup their initial investment. Before you embark on a quest to raise money, carry out a feasibility study to determine the profitability of your business

idea.

Using a business plan Another prerequisite in the process of raising money for your business idea is a good business plan. One of your first moves when you want to source for funds to start your business should be to put a comprehensive business plan.

Your business plan will include details of your background, education, training experience and any other personal qualities you possess. Your personal qualities and experience are often regarded as assets to your business.

Your business plan should also explain in detail the modalities of how you are going to use the money you need.

It should also explain in detail your proposed business idea, associated expenditure, the market research undertaken, and your financial projection and so on. Above all, your business plan should describe in detail what makes your business differs from that of your competitors. What will interest your investors the most about your business plan should state precisely what any investor should expect as returns on their investments and also, when and how you are going to pay it.

Personality, Appearance and presentation style Next thing to consider is your personality, your appearance and your presentation style. When approaching an investor, remember you have only a chance to create an impression in his or her mind.Therefore,you must be conscious of your appearance, don’t appear rough and unkempt and, please, try to look professional. In the game of raising money for your business, appearance matters a lot.

Now to your presentation style: your manner of presentation will determine the success or failure of your quest to raise money for your business idea to your investors with a high level of confidence, because the better you are at communicating your strengths to them, the better your chances of raising money.

If you lack communication skills, read up books on the topic.

Vanguard, MONDAY, APRIL 11, 2016 — 19

O

ne news item in the international wire service last week caught my attention.

It is the fact that the United States of America has turned again to Nigeria for crude oil. The new twist in the US quest for Nigerian oil is coming on the heels of the slow down in shale oil fracking in the US. The US oil production has fallen by about 600,000 barrels a day since peaking in 2015, and imports have filled the gap.

The news looks cheering going by the fact that several tons of Nigerian crude have been on the high sea looking for buyers. According to the report, refineries along the US coasts are choosing to buy imports instead of local crude. “One of the biggest winners is Nigeria, which is regaining lost market share. Imports from Nigeria surged to 559,000 barrels a day in mid-March, compared with an average of 52,000 for all of 2015.

The opening up of the US market is giving Nigeria a new beginning with the US in oil trade. However, it is because the price of crude has dropped so low that it is no longer profitable for the US shale producers to continue in business. The current price of crude has made oil recovery from shale far more expensive than imported oil.

The question is: will this bring relief to Nigeria's dwindling revenue? Perhaps, in the last few years, Angolan crude has been finding it easier to attract buying interest than the light sweet and better quality Nigerian crude, which, until a few years ago, was the preferred choice for most refiners. But it is not only due to higher prices and economics that Nigerian crudes are struggling; a lot has to do with the customer base of both countries. “Angolan crudes rely on countries that are growing at a rate of 5 per cent to 8 per cent while crudes out of Nigeria rely heavily on Europe, where economies are generally on a decline.”

It must have been giving Nigeria's oil authority a nightmare that the country’s export crude cargoes every month are grappling to attract end-users and refinery demand, and are instead being stored on ships and on storage terminals, idling away. It is said that bulk of the oversupply in

US importing Nigeria crude oil again? the Atlantic Basin crude market is comprised more of Nigerian crudes. What is further worrisome is the fact that a lot of Nigerian crude had been floating on the seas and in storage tanks with no home and no destination. But with the US now buying an average of 559,000 barrel per day, Nigeria can now have a respite.

As a result of the boom in shale oil that the US experienced in the last few years and the crash in crude oil prices, the US Senate lifted its embargo on oil export. In the three months since the U.S. lifted its 40-year ban on crude oil exports, rather than flooding global markets, U.S. crude shipments to foreign buyers have stalled. At the same time, imports into the U.S. jumped to a three-year high in what looks to be a reversal of a year-long decline in the amount of foreign crude brought into the American market.

According to Bloomberg report, “As of March 25, the four-week average of imports was running at 7.9 million barrels a day, 9.8 per cent higher than the year before.

“That’s not a one-week blip,” says Tim Evans, an energy analyst at Citi Futures. “We’re seeing a consistent pattern.”

As it tuned out, the US producers, who reaped the benefits of the shale revolution,

no longer enjoy a steep price advantage over foreign rivals in selling to domestic refiners.

Production has fallen by about 600,000 barrels a day from its peak of 9.6 million in 2015.

Curiously, almost the 600,000 barrels shortfall from US local production is now being imported from Nigeria. At the moment, refineries are buying foreign oil to replace the lost U.S. output—and, along with traders, are storing much of the less-expensive imported oil to sell when prices rise.

According to Bloomberg, “During the early years of the U.S. shale boom, millions of barrels of light, sweet crude had one big problem: no affordable

Return of the US to buying Nigerian crude will ensure that there is a ready market for Nigeria; the NNPC had better take this chance seriously

access to refiners on the coasts of Texas and Louisiana. To tap into the cheaper oil pooling in Oklahoma, pipelines that used to bring imported oil up from the Gulf were reversed to take shale oil down to the coast.

Refiners in Philadelphia and New Jersey also began buying North Dakota crude instead of foreign oil, moving it by train across the country. By October 2014, U.S. imports had fallen by about 40 per cent from a high in 2006.

“Analysts say that West Texas Intermediate crude has to be $3 to $5 cheaper than imported oil to pay for those pipeline and transportation costs. From 2011 to 2014, U.S. oil was on average $12.61 cheaper than equivalent foreign oil. The discount slowly narrowed as pipeline projects were completed and U.S. crude began to flow more freely from the middle of the country down to the Gulf Coast.

“A week before the US Senate approved lifting the export ban on December 18, WTI traded around $3 below Brent. Over the next month, the discount disappeared, and, for the first time in six years, WTI traded at a premium to Brent for a few days in January. WTI is now less than a dollar cheaper than foreign barrels available on the Gulf Coast.

The irony of the shale boom, and all the light crude it unlocked, is that it came just as

U.S. refiners were spending billions to process heavy oil. “In theory, there was always going to be a linkage between freeing up U.S. barrels and replacing them with foreign crude that U.S. refiners are better suited to run,” says Kevin Book, managing director at ClearView Energy Partners.

“For some of the weakest U.S. producers with the highest costs, lifting the ban didn’t matter because they can’t compete on the global market, says Abudi Zein, co-founder of ClipperData, which uses customs data and ship-tracking information to estimate global oil flows. For U.S. producers with the highest costs, “they’ll never be able to export because all of a sudden, they ’re competing with Saudi Arabia and Iraq.”

The U.S. is hoarding a lot of the imported oil. As of March 25, U.S. commercial crude inventories hit 534 million barrels. That’s near the all-time high in 1929, when U.S. commercial storage hit 545 million barrels, as huge oil finds coincided with the beginning of the Great Depression. Today, with oil so cheap, producers and traders are opting to wait for prices to rise instead of selling, especially with the futures market signaling that oil prices will rise. Traders can lock in those prices by taking out a contract for delivery a few months down the road”.

How this will help Nigeria shore up its dwindling revenue is not yet clear. But one thing is certain, return of the US to buying Nigerian crude will ensure that there is a ready market for Nigeria. The NNPC had better take this chance seriously.

Cover Story FRC, shareholders poised for war over audit committee chair Continued from page 18 power.” He, therefore, called on the presidency to reconstitute the Board of FRC, saying that it cannot continue to be run as a one-man-show.

Corroborating his views, Sir Sunny Nwosu, National Coordinator, Independent shareholders Association of Nigeria (ISAN) said that the rule is uncalled for and threatened to sue the Council at the expiration of two weeks ultimatum already handed out to it.

“There is difference between rules and laws and where there is clash, the law overrides the

rule,” he said, adding that provisions of the Companies and Allied Matters Act (CAMA) supersede FRC regulation and as such the Council should reverse the regulation which he said runs contrary to CAMA requirements.

“Audit committee is a law by CAMA; therefore, they should allow the audit committee to appoint its own chairman. We will take action. Already, we have written them and we have given them 14 days to rescind that. If they don’t, we shall be in court,” he declared.

He added: “If accountants in Nigeria have become jobless

and need job, they should look elsewhere and not audit committee job.”

Contributing, DR. Farouk Umar, President, Association for the Advancement of the Rights of Nigerian Shareholders, regretted that FRC recently rejected the appointment of very knowledgeable shareholder (who can dissect financial accounts) from serving as chairman of an audit committee on account of the new rule.

Expressing disappointment with the rule, Umar said: “you don’t need to be an accountant to read and understand a financial statement. We reject

the rule in its entirety and will head to court if the rule is not

changed.”

UNVEILING - From left: Mr Segun Macaulay, Vice-President, Sales and Distribution; Nitin Anard, Vice-President, Data and Digital Services and Adefemi Adeniran, Head, Public Relations, at the unveiling of Airtel Smart Speedo in Lagos.

20 — Vanguard, MONDAY, APRIL 11, 2016

Business & Economy

Nigeria facing image problems over fuel crisis, others — FG

By MICHAEL EBOH

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he Federal Government has stated that the myriad of problems currently facing the country is creating an image problem for the country.

Permanent Secretary, Ministry of Information and Culture, Mrs. Ayotunde Adesugba, who stated this at the monthly meeting of the Nigeria Institute of Public Relations, NIPR and launch of the Institutes monthly newsletter, lamented that the fuel crisis and other economic challenges are denting the image of the country.

Adetugba, who was represented by the Director, Information and Communication Technology (ICT), Mrs. Veronica Adeyemo, called on professionals, such as the NIPR to always remember the country in their deliberations and engagement so as help lift the country from these problems.

She tasked the NIPR, as well as other professional associations, to proffer solutions to salvaging the country ’s image and in solving the problems confronting the country.

In his response, Mr. Tayo Haastrup, Chairman NIPR, Capital City Chapter, Abuja, promised to support the government in projecting a positive image for Nigeria.

According to him, the NIPR would introduce programmes and policies that would support the efforts of President Muhammadu Buhari to present a positive image of the country both locally and internationally.

He said, “We need a national conference on national integration, and what the present government is doing would be a very good direction for anybody to support. Image laundering and policies are very important.

“Let me also tell you that the Buhari is already helping us in the aspect of image laundering. He is a man of integrity; he is a man that developed countries believe in, and you can see him travelling here and there; there are receiving him very well. This is the number one citizen that is already helping us to launch and launder our image all over the world.

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UNVEILING - From left: Dr Olatunde Aworanti, Registrar/CEO, NABTEB; Dr Doyin Salami, Guest Speaker; Mr Kunle Akinniran, Managing Director, Vatebra; Mr Mike Aigbe, Deputy Maaging Director and Dr Iyi Uwadia, Registrar, West African Examination Council, WAEC during the unveiling of new name for Fleet Technologies Company as Vatebra in Lagos. Photo Lamidi Bamidele.

CBN averts closure of 200 manufacturing firms through forex access

BY FRANKLIN ALLI

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he Central Bank of Nigeria, CBN, has averted the closure of over 200 companies in the manufacturing sector of the economy through its recent allocation of foreign exchange to the affected industries to bring in their raw materials.

Recall that the apex bank had in a bid to stabilise the exchange rate, in protection of foreign reserves, following oil price decline, excluded 41 products from access to the foreign exchange market (interbank foreign exchange market and Bureau de Change).

This led to inability of some

manufactures to sustain production due to lack of Forex to import raw materials C o n s e q u e n t l y , Manufacturers Association of Nigeria cried out three months ago that if the dollar scarcity persists, an estimated 200 of its members out of the 1,600 surviving companies would close down their operations by the end of the first quarter of 2016.

With the first quarter over, Dr. Frank Jacobs, MAN President, said: “The good news is that CBN has started allocating forex to manufacturers. Thought, it is not exactly what we want but it is better than none. Some weeks ago, we had challenge in getting some forex, so I

had a meeting with the CBN Governor, Godwin Emefiele.

“At the meeting, he promised that he was going to make sure that manufacturers' requirements are met although he said he cannot guarantee their requirements will be met 100 per cent. After the meeting with the CBN Governor, I met with MAN members and conveyed the message that their requests are being attended to and they are happy that although that is not exactly what they want but that they are happy that something is happening. I am very happy about where we are today and we hope the CBN will sustain that effort,” he said.

According to him, it was the outcome of their public outcry that led the CBN Governor to have a meeting with “’Me. When he saw the reports, we discussed at length and he promised that he would ensure that manufacturers’ requirements are met.”

Fielding question on the way forward, he noted: “Yes, the way forward is we are happy at present our requirements are being met, and our prayer is that it should be sustained so that we can together grow the economy.

He stressed that although, the current allocation of forex to manufacturers is not able to satisfy their demand 100 per cent, but at least it is better than nothing.

“We are happy that at least CBN is sensitive to our needs now even though they are not able to give us 100 per cent access pending the time when the forex improves, and when the price of oil goes up and foreign reserve improves.

Like Oliver Twist, in order to satisfy our raw materials requirement, actually, we want hundred per cent of the requirements because when you apply for $100,000 but you were given $50,000 dollars, it means that your production is going to be cut into half and cutting your production into half would mean that you won’t be able to work the numbers of hours you are supposed to work in a day.

That is why we are hoping that with time they should be able to give us everything we want. So we are happy that something is coming that when nothing was coming at all. He disclosed that in order to cut down on dependence on imported raw materials for production, MAN is in discussion with the Raw Materials Research and Development Council, RMRDC.

IFRS: ICAN certifies more members

BY PROVIDENCE OBUH

T

he Institute of Chartered Accountants of Nigeria (ICAN) has certified about 30 members with the International Financial Reporting Standards (IFRS) Certification More so, 15 members were certified for the Forensic Accountant of Nigeria and Financial and Information Technology Consultant respectively.

Speaking at the occasion of the Faculties Joint Induction Ceremonies for the 2015 Forensic Accounting; IFRS and Consultancy and Information Technology Certification training programmes, ICAN President, Otunba Olufemi Deru, said that the Faculties were created by the Council in 2001 as part of strategies to address the postqualification specialisation needs of members in response to market demand.

According to him, “Over the years, the institute has been producing chartered accountants who have diverse competencies in the practice of audit, taxation, insolvency,

corporate finance, financial advisory services, secretariat services, public finance, information technology amongst others.

“However, developments in the market place now point to the need for specialists in these various areas of accountancy. The advent of globalisation and the revolution in information technology have significantly altered the traditional mode of accounting processes and by extension, the pace, mode and the service delivery by chartered accountants.

“The challenges imposed on players in the economy by these complex changes have invariably increased the premium placed on the skills and competences of chartered accountants resulting in the expansion of their responsibilities beyond the traditional attestation functions.

“It was in response to these dynamics, the resulting market preference for specialists and the need for post-qualification by members that about seven faculties were created by the Council,” he said.

Deru charged the inductees to continue to fly the profession’s flag

of honesty, integrity and excellence with distinction in their respective spheres of influence, no matter the odds.

“This noble Institute, in my view, has pioneered various initiatives and made remarkable progress in various fields both locally and internationally by leveraging on the expertise and ingenuity of its members.

“Therefore, except you continue to demonstrate these great ideals and thrive on the virtues of your profession through exemplary conduct, we cannot legitimately claim to be the conscience of the nation,” he said.

In his remark, Chairman, Board of Audit, Investigation and Forensic Accounting Faculty, Mr. Francis Medessou, said that there is a need for more accountants due to the rise in economic and financial crimes in the nation.

“There is a need for more chartered accountants especially those trained as forensic accountants with skills to investigate financial crime and produce reliable and credible reports with which they will report the evidence that will facilitate judicial decisions on matters of fraud and financial and economic crimes.”

Vanguard, MONDAY, APRIL 11, 2016 — 21

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22 — Vanguard, MONDAY, APRIL 11, 2016

Banking & Finance

Ecobank to drive efficiency, financial inclusion with technology

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he Managing Director, Ecobank Nigeria, Charles Kie, has disclosed that the bank will adopt top of the range banking technology to push its market penetration strategy to become one of the top three Nigerian banks in the next three years. Mr. Kie who assumed leadership of Ecobank Nigeria in January said rather than build new branches the bank would continue to deploy its state of the art technology including social media, analytics, and cloud, among others to reach every segment of the Nigerian population.

Kie, who was speaking to newsmen in Lagos, maintained that the best means to achieve penetration of financial services is not by branch network but robust technology through alternative channels.

According to the Ecobank Managing Director, the bank has no plans to embark on branch expansion or merger and acquisition to achieve financial inclusion in Nigeria.

Chamsmobile, Skye Bank partner on egift payment

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ISA eGift payment card has been launched by ChamsMobile, a licensed Mobile Money Operator in Nigeria, in partnership with Skye Bank Plc. It is an online VISA card, which ChamsMobile Kegow subscribers can send by mobile phone. The eGift card follows the successful introduction of Kegow’s virtual VISA card in August 2015, the first of its kind in the Nigerian market.

The eGift card works exactly the same way, but is mainly for sending monetised gifts to family, friends, business associates etc., in order to eliminate the stress and worry of what to buy for them on special occasions. It is an entirely digital payment card for online and mobile use, locally and internationally and is unique in that recipients get a full picture of the Virtual eGift Card on their mobile screen, PC, or tablet.

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COMPETITION - From left, Group Head, Proposition & Products, Sterling Bank Plc, Adewale Akinrinde; Principal Consultant, Wiseplanner Consulting, Sam Omole; Group Head, Digital & Transaction Banking, Sterling Bank Plc, Olugbenga Adams; Chief Consultant, HT Limited, Feyikemi Odunuga, and Group Head, Strategy & Communications, Shina Atilola, at the presentation of the finalists/contestants in the “Meet The Executive” Business Plan competition organized by the Bank in Lagos.

Investors demand for N2trn government securities in March STORIES BY BABAJIDE KOMOLAFE

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nvestors demanded for N2 trillion worth of government securities in March, reflecting the level of idle funds (excess liquidity) in the banking system.

Analysis of trading in government securities, also known as treasury bills, for the month of March revealed that the amount offered by the Central Bank rose by 31 per cent to N762 billion from N584 billion in February.

Demand by investors, or public subscription, rose by 35 per cent to N2.09 trillion, while the amount sold rose marginally by 0.8 per cent to N902 billion from N894 billion. However, the amount of treasury bills (TBs) repaid by the CBN dropped by 21 per cent to N512 billion from N644 billion Further analysis revealed that investors showed that while demand for freshly issued TBs, also known as Primar y Market Auction (PMA) rose during the

month, demand for existing TBs also know as Open Market Operation (OMO) declined.

Demand for OMO bills dropped by 14 percent to N543 billion from N631 billion in February. The amount offered and sold by the apex bank also dropped by 25 percent and 43 percent respectively to N150 billion and N290 billion from N200 billion and N510 billion in the previous month. Similarly the amount of matured OMO bills repaid during the month

dropped by 74 percent to N67 billion from N260 billion.

Demand for PMA bills however rose sharply by 59 percent to N1.54 trillion from N914 billion in February. The amount offered and sold by the CBN also rose by 69 percent and 59 percent to NN612 billion from N384 billion. Also the amount of matured PMA bills repaid during the month rose by 16 percent to N445 billion from N384 billion in February.

Recalled that the Monetary Policy Committee (MPC) at its meeting held on March 22nd, 2016 had complained about the amount of excess liquidity in the banking system, saying it is driving demand for foreign exchange, and has the tendency to worsen the rising inflation rate.

The Committee said, “From the monetary data, the Committee noted that the excess liquidity in the banking system was contributing to the current pressure in the foreign exchange market with a strong pass-through to consumer prices.

Money market interest rates reflected the liquidity situation in the banking system.

Average inter-bank call and OBB rates, which stood at 0.5 and 2.77 per cent on 25 January 2016, closed at 4.00 and 5.00 per cent, respectively, on March 9, 2016. Between January 25th and end-February 2015, interbank call and OBB rates averaged 1.43 and 2.68 per cent, respectively. This was traced to liquidity surfeit in the banking system. The deposit money banks were, however, reluctant to grant new credit because of rising non-performing loans (NPLs), mainly in the oil sector, amongst other reasons.”

Forex: Bankers Committee calls for adjustments *CBN appoints 2 super agents for financial inclusion

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he Bankers Committee has said that the scarcity of foreign exchange in the country requires adjustment on the part of every Nigerian.

Addressing journalists at the end of the Committee’s meeting in Lagos on Thursday, Managing Director/ Chief Executive, GTBank Plc, Mr. Segun Agbaje said that the Committee is of the opinion that foreign exchange situation calls for adjustment on the part of everybody.

He spoke in company of Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins, Managing Director/ Chief Executive, Fidelity Bank Plc, Mr. Nnamdi

Nwankwo, Managing Director/ Chief Executive, Unity Bank Plc, Mrs Tola Somefun and the Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor.

Agbaje said, “The reality on the ground is that we are coming from $115 per barrel oil price to somewhere around N37 per barrel. We all have to make adjustment. Our habits have to change a bit because we have less money to spend. As corporates, you have to invest in import substitution and develop things locally. We all have to grind now, and make sure we allocate the scarce foreign exchange we have now, to make the best out of it.

“What we have in Nigeria today is a supply problem.

And the way you deal with a supply problem is first we have to cut back on demand, we have to develop import substitution so that at some point you are able to meet the type of demand that you have.

I am not sure there is any magic we can perform as a country other than get your supply to meet the type of demand that you have.”

Mr. Okoroafor however said that there has been noticeable improvement in allocation of foreign exchange to manufacturers.”

Meanwhile the CBN has appointed two firms as super agents to drive financial inclusion in the country.

Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins disclosed this at the end of the Bankers Committee meeting, the name of the super agents are Interswitch Financial Inclusion Services and Innovatives Limited.

She said, “You will recall that sometimes past the CBN started agency banking. Now there are two new agents, called super agents that are supposed to recruit other agents that are supposed to distribute financial services at cheaper prices. Hopefully this would carry banking services to the nooks and crannies of Nigeria at affordable prices.”

Vanguard, MONDAY, APRIL 11, 2016 — 23

Corporate Finance

Fraudulent practices: CIS de-registers erring member, suspends another STORIES BY NKIRUKA NNOROM

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he Chartered Institute of Stockbrokers (CIS), has struck out the name of one of its members, Mr Adewale Adegboyega, from the members’ register for false representation, forgery and fraudulent practices.

In the same vein, Barrister Alex Ogbebor, CEO, Forthright Securities and Investment Limited, has been suspended from all stock market activities for a period of six month having been found guilty of three charges preferred against him.

Adegboyega was deregistered after serving three month jail term following his conviction by the Chief Magistrate Court of Lagos State,

sitting at Igbosere, Lagos Island, Lagos on May 7, 2013 .

Ogbebor, in his own part, was found guilty of writing to run down a competitor, Pan African Capital Plc, through deliberate misinformation.

CIS said in a statement that Ogbebor failed to observe high standards of commercial honour in its business with Pan African Capital and deliberately misled the institute through falsified facts to gain personal advantage over it.

It stated that the two stockbrokers were uncovered following investigation by CIS disciplinary tribunal which investigates and judges cases of unethical behaviours among the members.

Giving details, CIS

said that having been found guilty of three charges preferred against him under the Criminal Code Cap C 17 Vol. 2 Laws of Lagos State of Nigeria 2003, and on completion his jail term, Adegboyega’s case was referred to the CIS Investigating Panel.

“The Investigating Panel reported that the offences are incompatible with the status of a member of the Institute as they are capable of bringing discredit to the member, his employers and the institute, thereby becoming liable for unprofessional conduct.

In his judgement, Chairman, CIS’ Disciplinary Tribunal, Mr Oluwaseyi Abe, said the Tribunal upheld the view that Adegboyega’s conduct was of such a magnitude which warrants striking off his name from the register of members”.

PRESS BRIEFING - From left: The Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje; Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor; Director, Banking Supervision Department, CBN, Mrs. Tokunbo Martins; Managing Director, Unity Bank Plc, Mrs. Tomi Somefun and the Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo during the press briefing on Bankers’ Committee decisions.

UBA shareholders task new MD on value addition ...endorse 60k dividend

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hareholders of United Bank for Africa (UBA) Plc have called on the incoming Group Managing Director/CEO, Mr. Kennedy Uzoka, to create unequalled value for all stakeholders during his tenure.

Uzoka will take over from the incumbent, Mr. Philip Oduzua, who retires on July 31, 2016 after successfully completing a two term tenure as the helmsman.

The shareholders also ratified the payment of N0.60 dividends for the year ended December 31, 2015.

Making the call at the th bank’s 54 Annual General Meeting (AGM) in Lagos, they said that the bank under Oduzua was investors’ friendly and urged Uzoka to strive and beat the record set by his predecessor.

Speaking on behalf of other shareholders, Sir Sunny Nwosu, National C o o r d i n a t o r , I n d e p e n d e n t S h a r e h o l d e r s Association of Nigeria (ISAN) appreciated Oduzua for his stewardship, saying that he won shareholders over to his side and commanded their respect throughout his tenure.

Commending the outgoing GMD, he said: “You are wonderful; we do not even expect the dividends being paid today. We wish you well anywhere you are going to,” while urging the incoming GMD to ensure that he adds value to what he met on

ground.

He expressed his appreciation to the bank’s board and management for growing profit and increasing dividend payment at a time when many other banks recorded lower profit and had to cut dividends, saying: “this dividend payment reinforces the resilience of the bank amidst challenging operating environment and also shows the quality of the bank’s management.”

In his address, the chairman of the bank, Mr. Tony Elumelu, charged the incoming GMD to put his best foot forward, saying: “To

whom much is given, much is expected. We suppose shareholders dividend will increase in your tenure.”

Speaking on the bank’s performance during the year, Elumelu said: “2015 was a challenging year, yet it was productive.

We grew post tax profits, we made considerable gains in efficiency, we have been prudent in risk management.

The collaborative effort of our supportive shareholders and hardworking and dedicated staff have continued to ensure that we profitable results.”

“We recorded N314 billion in gross earnings, representing 10 per cent year-onyear growth.

Stanbic IBTC Bank donates ICT lab to school

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o help bridge the gap for qualitative education for Nigerian students, Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc., has donated a state-of-the-art information and communications technology (ICT) laboratory to Government Secondary School, Apo, Abuja.

The donation is in line with the group’s corporate social investment and forms part of initiatives to provide an ideal learning environment for the students that will help bolster their learning abilities, Stanbic IBTC said.

The ICT lab comes fully equipped with 14 units of high-grade desktop personal computers, two HP Deskjet 2135 printers, 120GB Smile Internet modem subscription, a digital projector with screen, four Channel CCTV system and two 2-horse power airconditioners. The laboratory also boasts of an ultramodern server and a 15 KVA generator and a 6KVA inverter system as back-up power source.

At the lab commissioning, Chief Executive, Stanbic IBTC Bank, Mr. Yinka Sanni, represented by the Head, Public Sector Group, Stanbic IBTC Bank, Mr. Yusufu Modibbo, said education remains the bedrock of society and that the Stanbic IBTC Group continues to seek opportunities, through its corporate social investment arm, for intervention to help build a vibrant educational sector in Nigeria.

24 — Vanguard, MONDAY, APRIL 11, 2016

Corporate Finance

Fidson Healthcare records N838m PAT

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idson Healthcare Plc has recorded 18 per cent growth in Profit After Tax , PAT for its audited 2015 financial results from N631million in 2014 to N744million in 2015.

This performance is in spite of a 16 per cent decline in turnover to N8.21billion, which was a result of the challenges to sales and distribution faced during the first half of 2015 largely due to the general elections. The upturn in sales witnessed in the second half of the year was curtailed by the paucity of foreign exchange for the importation of products and essential raw materials, which severely affected product availability.

The financial results also showed an increase of 6 per cent in operating profit from N1.45billion last year to N1.52billion.

According to management, the increase is largely as a result of the company’s cost optimization strategy and a reduction in selling and distribution expenses. The company’s cost improvement trend, which it embarked on a couple of years ago, is in line with its strategy to drive efficiency in the face of a challenging business environment.

There was a 29 per cent increase in finance cost, mainly due to the N2billion fixed-rate Bond issued in November 2014, from N554million to N715 million.

This impacted on Fidson’s profit before tax, which marginally dipped from N870 million last year to N838million – a decline of 4 per cent.

The company continues its focus on extensive brand building as part of its longterm strategy and will be introducing a number of new products into the Nigerian market. This is a direct result of the move to the company ’s new World Health Organisation Good Manufacturing Practice (WHO-GMP), where local production is being ramped up.

Acccording to a statement from the company “A new product line – Intravenous fluids – to be added to five existing product lines at the new factory will enable Fidson consolidate its manufacturing base in the near future.”

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FCMB supports agric sector for sustainable economic growth

By PETER EGWUATU

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irst City Monument Bank (FCMB) has continued to empower farmers with a view to reducing the level of poverty among them as part of its financial intermediation role for national economic growth.

This can be buttressed by the fact that the bank’s intervention has resulted in better access to financial resources by deserving individuals, organisations and companies. It has also led to improved processes, better output and profitability.

Much more, it has enhanced confidence in the ability of the financial services sector to drive economic growth.

First City Monument Bank’s intervention in the agribusiness sector is making far-reaching impact on the economy, as attested to by the Chairman of Tractor Owners and Hiring Facilities Association of Nigeria (TOHFAN), Alhaji Danladi Garba, when he commended FCMB for its support to the agric sector and farmers, at an engagement with the media in Lagos. FCMB had had provided funding worth N300 million to TOHFAN for the acquisition of tractors that were distributed to farmers in Kaduna state.

The Bank also collaborated with Doreo Partners to launch a support programme for farmers, known as BabbanGona (or ‘’great farm”).

This is an agricultural franchise

Mr. Ladi Balogun, MD/CEO, FCMB M M M M M model, where farmers are approval on the Bank’s trained and offered strategy and commitment to specially packaged loans to good corporate governance carry out their farming and risk management. He activities. said, “This partnership with The Bank recently IFC would help First City designed a series of training Monument Bank achieve our Mthis Mpopulation M M Rof smallM R strategic growth objectives”. for holder farmers for all- It is indeed comforting that inclusive agro-finance the bank’s helmsman, Mr. empowerment with a Balogun reiterated that its primary objective of agriculture intervention is eliminating poverty, real, and that it is building a encouraging agriculture as solid agric business that is at an alternative source of the centre of transforming the economic recovery for economy. He advised, ‘’if we Nigeria. truly want to continue emMr. Ladi Balogun, Group ploying the growing populaManaging Director/Chief tion, we need to not only Executive, First City feed Nigeria, but also set our Monument Bank Limited, sights on feeding the world.” had viewed IFC’s In the same vein, Mr. investment as a stamp of Kudzai Gumunyu, Divisional

Head, Agricultural Business Finance, First City Monument Bank (FCMB), while elaborating the bank’s interest in Agric financing, asserted that agriculture was the first occupation for man from creation and will remain the most vital until the end of days. He stated “at the fact that Agriculture has the potential to stimulate economic growth is no longer news. It is logical to expect that that agricultural financing will become an important instrument of economic policy for Nigeria, in her effort to stimulate development in all directions.

“Mr. Gumunyu revealed that FCMB intends to continue to partner with players in the agric space with a view to taking advantage of the many opportunities it presents and ultimately contribute positively towards economic growth, employment creation, import substitution and economic sustainability”.

With regards to the fears by farmers that the turn-around time and conditions attached to some credit facilities could be prohibitive, he allayed the fears, saying it is a positive experience with the FCMB facility. In his words: “Farmers have a point in complaining about slow approval processes as their businesses are seasonbound and need timely access to finance. Most complaints stem from some financial institutions not understanding the farmer’s businesses. Fortunately they will not experience this at FCMB as we have a team of experienced and qualified Agric Bankers who do not only have a holistic knowledge about agriculture, but its associated businesses, especially the fact that they are time and season-bound. We are committed to providing feedback to clients on the status of their requests within competitive timelines provided we are in possession of all the requisite information which can enable us make a decision.

NASD OTC positions for greater efficiency, unveils action plans

By NKIRUKA NNOROM

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ASDD OTC Plc, promoter of a trading network that eases secondary market trading of all securities of unquoted public companies in Nigeria, has outlined action plans in 2016 that will position it as a more efficient market in Africa.

As part of the plans, the Exchange said it has aligned its system with consensus reached at the 2015 African Securities Exchange Association (ASEA) conference which includes positioning to benefit from active investors across the globe that are looking for potential in African markets to invest.

Speaking at an interactive

forum with Chief Executive Officers of participating stockbroking houses in Lagos, the NASD Managing Director, Mr. Bola Ajomale, said the exchange will launch link notes, market making programmes and Private Equity fund in the second quarter of the year to take advantage of funds that are seeking investment destination.

The NASD boss said that the Exchange would tighten price structure within the year and is targeting two to three price bands for an effective price discovery.

“Regarding funds and investments wanting to come into Africa, we think that the way it is going to come in is in private equity and the funds

that want to come in are looking past the macro. They are looking for multiple returns, not percentage returns.

“So, as a result, ahead of the ASEA conference which happened few months ago, we have started work on private equity side; we have committees, they are active and working. We have engaged SEC in the process and we that in few months time we are going to be launching the private equity fund,” he said.

According to him, the exchange has identified about 100 companies that will be prospected for listing on its platform. He added that NASD OTC is in the process of joining the ASEA and hopes to complete the process and become a full member in the

second quarter.

On the performance of the exchange for the first quarter of the year, Ajomale said that 16.3 billion shares certificates have been dematrialised, while 144 million units valued at N959 million were traded.

He noted that the market slowed down after ‘a big jump in June 2015’, attributing the decline in activities to the Securities Exchange Commission (SEC)’s pronouncement that only companies quoted on the Nigerian Stock Exchange (NSE) are under its purview.

“We hope that this number will jump significantly in the next quarter, because we are hoping that SEC will correct the statement that only stocks on NSE are under its purview.”

Vanguard, MONDAY, APRIL 11, 2016 — 25

Homes & Housing Finance

How NMRC’s mortgage refinancing works US mortgage rates sink to 14-month low

By YINKA KOLAWOLE

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he Nigeria Mortgage Refinance Company (NMRC) was established to bridge the funding cost of residential mortgages and promote the availability as well as the affordability of good housing to Nigerians. It will achieve this by providing increased liquidity in the mortgage market through mortgage and commercial banks.

The company is driven by substantial private sector participation consisting of commercial banks, primary mortgage banks, insurance companies, private equity investors and international financial institutions through the Ministry of Finance. The aim is to help develop primary and secondary mortgage markets, raising long-term funds from both domestic capital market and foreign markets to provide accessible and affordable housing to Nigerians. Recall that NMRC last year announced the refinancing of 577 mortgages with the sale of N10 billion bonds. The 15-year bonds, listed on the Financial Market Dealers Association trading platform, is meant to refinance existing mortgages that meet specified underwriting requirements, according to Prof. Charles Inyangete,

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Typical housing estate that requires mortgage financing Managing Director/CEO of NMRC. But how exactly does the refinancing cycle work?

Refinancing cycle NMRC serves as a financial intermediary between the capital market and financial institutions that provide

mortgage loans to average working Nigerians. It will access the capital market by issuing long-term bonds, and utilise the proceeds of the bonds issued to provide liquidity to mortgage lending institutions by providing

NMRC acts as a simple intermediary between mortgage lenders and the capital markets

What to ask when buying a house You can learn a lot about a home before inspection, thanks to the Internet and your realtor’s digital tools. However, sometimes, it is best to ask the agent some questions when you’re touring a property before taking a decision to buy.

Why is the owner selling?

It’s crucial to know who owns the property, the relationship to the property and the motivations. Is it the original purchaser or the recipient of a bequest from a will? Though, the agent isn’t obligated to tell you, he or she might. The answer could reveal issues not included in the listing description.

Is there a new road planned nearby? Is the seller experiencing financial difficulty, are there litigation issues, any family disputes or criminal activity? If the agent does reveal, for instance, that the owner is desperate to close quickly, you might be able to use that to your advantage when negotiating price.

Type of title Some homeowners are finicky about disclosing their title deed on a property directly to buyers for a number of reasons.

However, a professional agent would have seen the document and can attest to its originality before showing the property. In that case, ask what type of title it is and whether or not you will be given the original copies at the point of sale.

Sellers’ timeline Does the property owner need to relocate

immediately for work/green card lottery/ business venture? Or are they waiting for the kids to finish the current school year? It’s important that your timeline for moving into the home and the owner ’s timeline for moving out match up.

What, exactly, is for sale?

Find out precisely what is included in the selling price. Are the furniture and fittings part of the deal? What about the adjoining land/ compound? Learn whether the appliances and fixtures, such as ceiling fans, are included in the sale price.

Are there issues with the property?

Though, sellers are supposed to reveal most problems; the norm is that any problems will usually be hidden but a chatty sales agent, neighbour or landlord might reveal more than is included in the listing. It certainly can’t hurt to ask. Does the house or street flood during the rainy season? Is there security and regular power supply?

The neighbours Asking about the people that live nearby and their profile is a significant piece of information in your property search. Is there an ex-Governor down the street, or perhaps a current state commissioner, diplomat, public servant, business mogul or first class royalty who lives next door?

The standing and status of these personalities in the society can significantly affect the attractiveness of a particular neighbourhood. *Culled from Lamudi Nigeria

refinancing facilities secured by the mortgage pool created according to an agreed underwriting standard.

Initial step is for a borrower to take out a mortgage loan from a participating mortgage lender based on the uniform underwriting criteria set by NMRC. In return the borrower will provide regular repayments of the loan principal plus interest. The borrower will also provide collateral in the form of a mortgage over the property to be purchased.

Second step is for the participating mortgage lenders to refinance the loans with NMRC. The participating mortgage lender in turn, provides security over its mortgage portfolio in favour of NMRC. It acts as a simple intermediary between mortgage lenders and the capital markets. By using its size and credit worthiness, NMRC is able to raise funds at a cheaper rate.

The third step is for NMRC to raise its own funding by accessing the capital markets and issuing bonds. NMRC refinances the mortgage loans of banks with recourse to the financial institutions. It will issue corporate bonds which do not involve any pass through of the credit risk attached to the mortgages.

NMRC acts as a simple intermediary between mortgage lenders and the capital markets. By using its size and credit worthiness, NMRC is able to raise funds at a cheaper rate. This is attributable to the stron\g shareholders, strong capital base, excellent quality of assets in its books and the fact that NMRC is regulated by CBN and SEC.

ortgage rates in the US fell to the lowest in more than a year, reducing borrowing costs during the peak season for home buying.

The average rate for a 30year fixed mortgage was 3.59 percent, down from from 3.71 percent last week and matching the level in early February 2015, Freddie Mac said in a statement Thursday.

The average 15-year rate slipped to 2.88 percent from 2.98 percent, the mortgagefinance company said.

Mortgage rates tracked a sharp drop in yields last week for the benchmark 10-year Treasuries, which have fallen on concerns of a slowing global economy. As the key U.S. spring buying season gets going, low borrowing costs will help fuel demand for the short of homes on the market, according Keith Gumbinger, vice president of mortgage-data company HSH.com.

“To the extent they incentivize more wannabe homebuyers into the marketplace, that only puts more upward pressure on prices,” he said in an interview Wednesday.

Purchases of existing homes decreased in all four major regions of the country in February, led by a 17 percent monthly plunge in the Northeast, as a lack of inventory limited transactions, according to the National Association of Realtors.

The average 30-year rate has been below 4 percent since the start of the year and is approaching the lowest level since 2013. It reached a record of 3.31 percent in November 2012.

Federal Reserve Chair Janet Yellen said last week that caution in raising U.S. interest rates is “especially warranted” as the global economy presents heightened risks.

Matthew Pointon, U.S. economist for Capital Economics Ltd., said he expects two Fed rate increases this year as the American economy shows strength, leading to a slight rise in borrowing costs. “The improving economy and inflationary pressure will force the Fed to act,” Pointon said in a phone interview Thursday. But rates “ will remain low for a long time. I don’t think mortgage affordability will be a huge issue.”

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26 — Vanguard, MONDAY, APRIL 11, 2016

Insurance

Premiums on policy to continue softening — BoE

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nsurers should check their capital levels as premiums on policies will probably continue to soften this year, a senior Bank of England official said.

Chris Moulder, the BoE’s Director of general insurance, said the “very tough market conditions” are likely to continue in much the same vein in 2016.

“We see premium rates in several lines continue to fall and, at the same time, extended terms and conditions are being accepted,” Moulder said in a speech.

Companies have been cushioned by the continued absence of significant natural catastrophe losses, and prior year reserve releases, Moulder said.

Many business plans at insurers still, however, contain some element of growth for 2016.

“I want to be quite clear that we don’t consider this, in itself, to be problematic. It is, however, important that firms that are looking to expand in current market conditions do so in a responsible and sustainable manner and are transparent with Boards about how they intend to attract business.”

“Insurers lack standardisation in cyber policy”

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yber insurance has evolved considerably since 1999 but commercial insurers lack standardisation in cyber policies and there is not a lot of data available for underwriters, said Alice Underwood, Executive Vice President of Willis Re Inc. “The data is not all that robust at this point in time. The available data depends on lot on what people are required to report. If they don’t have to report something, they are kind of inclined not to report it.” Insurers, by contrast, “can make a decent model of life insurance for individuals based on how old are you and do you smoke,” Underwood noted during a conference session at the International Cyber Risk Management Conference.

“The question as an actuary you want to know if you want to quantify something is, first of all, what the heck is it that you’re quantifying?”

Underwood said. “In terms of cyber coverage, what kinds of things are covered by this policy?

Liquidity squeeze and traction of pension funds

By PADDY EZEALA

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he challenges of infrastructure are a major impediment to the diversification of the economy.

The infrastructural deficiencies of the country are acknowledged and welldocumented and the negative impact on productivity glaring.

Our mineral resources would not have a competitive price tag if the cost of production remains prohibitive because of lack of basic infrastructure and necessary incentives. The same goes for agriculture which produce rots away owing to inadequate storage facilities.

We should see infrastructure beyond buildings, roads, electricity, running water, etc.

It should also include the necessary policy framework to drive growth.

The Contributory Pension Scheme (CPS) has the potential to provide the necessary financial cushion in our drive to build a solid economy beginning with addressing our infrastructural deficiencies. From a deficit of more than N2 trillion in the old defined benefit scheme before 2004, the CPS is closing in on N6 trillion in the amassment of pension funds even when a greater percentage of this is illiquid as pension funds don’t lie idle in bank accounts. This is even with far less than 10% market penetration in the pension industry. In other words, less than 10% of Nigerian workers in the formal and informal sectors of the economy have enrolled in the CPS. This explains the great potential and immense possibilities of the industry.

While savouring the excitement generated by the remarkable success of the CPS, it is important to note the marked difference between it and the old defined benefit scheme. This is because the word pension in Nigeria has acquired a pejorative connotation as a result of the runaway corruption that characterized the old scheme and still persists.

The various tiers of government have been eyeing the pension funds as a possible source of funding for infrastructure and other development projects.

Interestingly, this includes some states that have yet to comply with the Pension Reform Act 2014, by putting the necessary structures in place and enlisting in the CPS. The

Federal Government has yet to wield the big stick to bring every state and every worker into the scheme.

There is no gainsaying the fact that there must be an airtight policy framework for investment to ensure that risks are reduced to the barest minimum. Pension funds are held sacrosanct in view of the fiduciary relationship that exists between the Retirement Savings Account (RSA) holders and the Pension Fund Administrators (PFAs).

It should be reiterated that pension funds are wellpositioned to play a critical role in economic development in Nigeria. However, excitement must give way to reason to ensure proper application of the funds. It is gratifying that the investment portfolio in the pension industry has since 2010 been diversified to allow

investments in infrastructure funds and bonds as well as other asset classes such as supranational bonds and private equity funds. Before then, The National Pension Commission (PenCom) regulation on the investment of pension assets only allowed investment in ordinary shares, money market, corporate bonds and open -and close-end funds.

The CPS has the potential to provide the necessary financial cushion in our drive to build a solid economy beginning with addressing our infrastructural deficiencies

All these are core asset classes.

PenCom has done a marvelous job in regulating the industry so far.

The question now remains how funds in this subsector can be mobilized without the necessary prudential safeguards watered down or even compromised. The Minister of Power, Works and Housing, Mr. Babatunde Fashola recently at the Nigerian Pension Industry Strategy Implementation Roadmap Retreat organised by PenCom advocated the use of pension funds to address the infrastructural deficiencies of the country. In fact, the minister stated that Nigeria should take the lead in Africa in using people’s funds to drive inclusive growth. Said he, “I see a future for Africa led by Nigeria, using the resources of the people to build a future that include the people.”

LAUNCH - From left: Executive Director, Public Sector, Union Bank, Ibrahim Kwargana, Director Transformation Union Bank Plc- Mr. Joe Mbulu, Abia State Commissioner for Women Affairs-lady Mrs. Chinedu Brown , Head of Retail Union Bank, Mr, Carlos Wanderly at the Unionkorrect Product Launch and Branch Unveil of Union Bank, held at 10 Library Road, Umuahia, Abia State.

Dangote investing $200m in Cote d’Ivoire cement industry

By FRANKLIN ALLI

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angote Cement Plc is investing $200 million in Cote D’ivoire cement industry. Dangote Group Executive Director, Strategy, Projects and Portfolio Management, Mr. Devakumar Edwin , who disclosed this weekend in Lagos, said work has already started on the new 3 million metric ton per annum capacity cement grinding plant in Cote d Ivoire.

He stated that said the Cote Diviore project would cost the company $200 million and would be completed in 18 months.

“The project which has aroused a lot of interest from both the government and people of Cote d Ivoire, is sitting on over 60 hectares of land, next to the New Industrial Park in

Yongbon, a city just outside of Abidjan, the nation’s capital. “The grinding plants, made up of two lines of 1.5 million metric tonnes capacity each, when completed, will more than double the total capacity of local cement production in the francophone West African nation, as the plant would raise total local cement production capacity of the country by over 100 per cent.

“The plant when completed will utilize power off the grid and provide direct and indirect jobs for over 3,000 people from within Cote d Ivoire and other west African countries,” he said.

Mr. Edwin disclosed further that upon completion, Nigerian experts would be deployed to carryout initial training of local manpower and skill transfer.

Vanguard, MONDAY, APRIL 11, 2016 — 27

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“

e will deliver 10,000MW target, Fashola says.”PUNCH, April 2, 2016, p 8. That statement, already made stale by previous administrations, was uttered on April 1, 2016. Nigerians hope that in three years it would not turn out to be an April fool’s joke. For three weeks before the Minister of Power restated that pledge, power supply had averaged less than 2500MW and Nigerians had been treated to the same litany of familiar, and stale, excuses – vandalisation of pipelines, no gas supply, breakdown of systems etc. With all due respects to Fashola, one might ask where he had lived these past sixteen years. When the All Progressive Congress, APC, promised change, the least people expected were positive changes with respect to power, fuel, jobs and security. Excuses would not do; certainly not almost a year after taking over.

With the uncertainties associated with power and fuel not abating it is difficult to imagine any sort of rapid economic progress being made.

It is easily demonstrable that every economy runs on power and fuel supply. The twenty largest economies are also among the largest producers and consumers of power and fuel. Additionally, the power and fuel supply remain uninterrupted 24/7 in every leading country. This is not the case in Nigeria as recent events have demonstrated.

On March 31, 2016, eight of Nigeria’s power plants were shut. The nation recorded zero power generation for hours – driving consumers to either stop work or resort to the use of generators. That would have been disastrous enough in another country. But, the total power outage occurred at the same time that Nigerians were still serving the “economic death sentence” pronounced by the Minister of State for Petroleum who had announced that fuel scarcity will linger until May. But, even the two months deadline was not categorically

Economic summit: elephant goes into labour delivers a mouse – 2 stated. Dr Kachikwu had told us quite clearly that, “I don’t want to put a time frame”. So, even regular fuel supply is not guaranteed by May. Under those circumstances what could the Summit, which had more low points, be discussing? The nation will have neither power nor fuel to carry out its programmes anyway. However, since the Federal government had organized an economic retreat and the results of their deliberations had been released, there is a need to examine some of them.

Whoever said that “the more things change, the more they remain the same” must have had the retreat in mind. From what was released, it was clear that nobody in attendance at that retreat had even a modest recollection of Nigeria’s economic history. The Summit would have benefited from the advice of somebody who remembers yesterday.

The National Agricultural Land Development Agency, NALDA, was an initiative of the Babangida administration which failed woefully. The

reasons NALDA failed in the 1990s are too numerous to recount here. But, one of my first commentaries in the VANGUARD, during IBB’s regime was in relation to NALDA. Then, as now, the praise-singers and spokesmen of the government had hailed it as a great initiative which would solve the problem of food security once for all. I thought differently. In fact, the point was made then, and is being repeated now, that NALDA was,

Even before the break-up of some of the LGs, it was virtually impossible to obtain 10,000, 20,000 or 50,000 hectares anywhere to be used for NALDA’s projects

and is, based on faulty foundations and that it would only result in massive fertilizer fraud. By the time IBB’s NALDA was laid to rest, virtually no state of Nigeria had established the machinery to make it work.

NALDA failed then for one cardinal reason.

The programme clashed with the entrenched Land Use Decree of 1978 – which Obasanjo as military Head of State used to forcefully acquire peoples’ land at Sango Ota for Obasanjo Farms – which was called Temperance Farms at the time.

The states still own the land, and for NALDA to take off, each state would have to grant the required parcels of land in each Local Government to the Federal Government. Anybody in Abuja who thinks that state governments are prepared to give up 50,000 hectares of land in each LG must be living in a fool’s paradise. The LGs when IBB established NALDA were about 583 in number; now they are 774. Even before the breakup of some of the LGs, it was virtually impossible to obtain 10,000, 20,000 or 50,000 hectares anywhere to be used

for NALDA’s projects.

Furthermore, some states are more urbanized than others. In the 1990s, a question was asked, and the question is repeated now. Where in Lagos Island, Lagos Mainland, Ikeja, Mushin, or Apapa can anybody find 100 hectares of land for NALDA? The same question can be asked of Ibadan, Abeokuta, Akure, Ado-Ekiti, Benin, Onitsha, Enugu, Portharcourt, Aba, Calabar, Uyo, Kaduna, Jos, Kano etc.

Any funds to be allocated to the scheme will ab initio amount to cheating for the most urbanized states which can never provide the land mass needed to prosecute their own programmes. Bluntly put, NALDA is a basically rural Northern programme from which no Southern state can benefit. Where is 50,000 hectares in Abak for God’s sake?

Another programme borrowed from the IBB era is the wheat project. Those of us who were close to the fraudulent wheat project on which IBB’s government threw away hundreds of millions of naira can only hope that there was a typo-graphical error there somewhere. Only God knows who persuaded Babangida that wheat, which is a temperate zone crop, could be cultivated, with comparative advantage, in the tropical sun.

Microfinance

NNEW women MfB a big achievement in 2015 — Women Entrepreneurs ...As Okanlawon bows out as President STORIES BY PROVIDENCE OBUH

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ECA’s Network of Entrepreneurial Women (NNEW) has described the NNEW Women’s Microfinance Bank Limited as a big achievement in 2015 even as it urged government to ensure conducive environment for women owned businesses to flourish.

Meanwhile, President, NNEW, Mrs. Lola Okanlawon, bows out after a five year tenure expired April 2016.

Speaking at the NNEW Annual General Meeting in Lagos, Okanlawon, said that the year 2015 was challenging with persistent difficulties in the business environment.

In addition, she said that women entrepreneurs also bore the brunt, “nearly every Nigerian, having to grapple with lowering income, high cost of doing business, multiple taxes and levies, competing financial C M Y K

demands, poor SME-support system, among others.

She pointed out that SMEs with female ownership in Nigeria represent about 30 to 37 percent which is about eight to 10 million. To this end, she said, “The governments, at all levels, need to ensure a conducive environment for business to flourish and the economy to grow.

“But in spite of the seeming gloom, NNEW achieved great strides as a business network.

Significantly, in March 2015, the Central Bank of Nigeria (CBN) formally handed over the certificate granting NNEW Women’s Microfinance Bank Ltd a unit license. This Bank is the first of its kind in Nigeria as well as in the whole of West Africa.

“In 2015 also, NNEW participated actively in the United Nations Industrial Development Organization (UNIDO) National Quality Infrastructure Project (NQIP) for Nigeria to support the economic competitiveness of the trade and investment

sectors in Nigeria,” she said.

Also, DG, Nigeria Employers Consultative Association (NECA), Mr. Segun Osinowo, commended the network, pledging continuous support.

Osinowo who was

represented by the Director, Social ,Economic and Labour Affairs, Mr. Timothy Olawale, advised members of the network to contribute to funding of programmes to enhance financial sustainability.

He said, “The period of five years was a period when businesses were going

through challenges but through synergy and collective activities, your businesses are waxing stronger. This is why forming group is very important.

People who because of subscription fee refuse to join the network have a lot to lose.”

Umuchinemere Procredit MfB projects N1.5bn loan disbursement in 2016 beneficiaries in 2015.

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muchinemere Procredit Micro Finance Bank (UPMFB) has projected a total disbursement of N1.5 billion in 2016.

Meanwhile, the bank disbursed a total of N1, 141, 937, 000 in 2015, out of which N712.4 million micro credit funds were given to 3,814 active poor people while the rest was given as other loans.

This is contained in an unaudited management report made available by Head of Credit, UPMFB, Mr. Ikechukwu Ngene.

Ngene advised the bank’s loan beneficiaries to ensure

prudent use of the facilities on viable ventures and avoid multiple borrowing, saying, “Credibility is paramount to borrowing. I am happy that despite the hash economic condition, the bank’s credit beneficiaries are doing well.”

On the Federal Government’s Micro, Small and Medium Enterprises (MSME) Special Development Fund, being disbursed, in partnership with Enugu State Government, Head of Public/Media Relations Unit, Mr. Abuchi Anueyiagu, disclosed that the bank disbursed a total of N180, 740, 000 to 548

Anueyiagu said, “The gender distribution of the facilities indicates that there were more male beneficiaries of the bank’s micro credit funds than females in 2015.

Of the total beneficiaries, 2,085 were males while the remaining 1,729 others were females. “In the previous year, there were also more male beneficiaries of such facilities than the females, as the male beneficiaries in 2014, for instance, were a total of 2,300, while the females were 1,986. In 2014, the bank gave out a total micro loans of N659,700,000 but stepped it up by N52.7million in 2015,” he said.

28 — Vanguard, MONDAY, APRIL 11, 2016

e-Commerce Konga, Lagos partner to empower MSMEs

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UNVEILING - From left: Director of Commerce, Ministry of Commerce, Industry & Cooperatives, Mr. Hakeem Adeniji; Konga’s Director of Marketing & Customer Experience, Mayowa Adebayo; Commissioner for Commerce, Industry & Cooperatives, Prince Rotimi Ogunleye; Permanent Secretary, Ministry of Commerce, Industry & Cooperatives, Mr. Akodu Olalekan and Industry Manager, Google, Mrs. Jola Aderemi-Makinde at the unveiling of MSME Exclusive Fair in Lagos.

n a bid to empower the medium, small and micro enterprise, MSME operators in Nigeria, Nigeria’s online mall, Konga.com, has entered into strategic partnership with the Lagos State Ministry of Commerce, Industry and Cooperatives to host and sponsor the first MSME Exclusive Fair that will nd take to th place from May 2 8 2016 in Lagos.

Speaking at the unveiling of the logo for the maiden MSME Exclusive Fair before a stakeholders’ forum in the State, the commissioner for Commerce, Industry &

Demand for online car loans, insurance hits 65% growth STORIES BY JONAH NWOKPOKU

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emand for loan facilities and insurance products through the internet have increased significantly by over 65 per cent, according to a survey by online vehicle marketplace, Carmudi.com.

Carmudi said its several partnerships with lenders and insurance providers to make services available online

especially for online car shoppers have seen over 65 per cent subscription for car loans and 35 per cent subscription for auto insurance.

According to the online car dealer, “Many loan and insurance providers are now making use of Nigeria’s growing internet penetration and smartphone usage to advertise their services and connect with customers directly. In 2014, only 2.5

million vehicles had valid insurance meaning that more than 85 per cent of the 15 million cars plying the Nigerian roads were insured.

The number was much lower in 2012 and 2013.

“The last quarter of 2015 saw an improvement in the number of car insurance policies bought by car owners. According to the Nigerian Insurers Association (NIA) an estimated 3 million

Nigerians had valid car insurance at the end of 2015 and by the end of the first second quarter of 2016 the number of car insurance holders is estimated to rise by 39 per cent.”

Analysts believe that that the rise in the number of insurance policies could be attributed to the increase in internet penetration and the use of mobile and other digital marketing and information services.

Cooperatives, Prince Rotimi Ogunleye said: “The State is committed to strengthening enterprise by bringing together and to the fore indigenous brands proudly founded, created and owned

by Nigerians and in Nigeria.

This is why the Ministry of Commerce, Industry & Cooperatives is organizing the first MSME Exclusive Fair to enhance industrial and commercial activities in the State as well as promote economic growth and development.”

In her remarks, the Director of Marketing & Customer Experience, Konga.com, Mayowa Adebayo said: “It is the intention of Konga to empower indigenous entrepreneurs to sell on the Konga Mall. Being the engine of trade and commerce in Africa, we are determined to provide market access to at least 50 per cent of the SMEs currently available in Nigeria.

We will teach them how to sell, how to promote their products, link them with mentors for guidance, support them using new media to extend their reach as we currently deliver to 36 states in Nigeria. Konga would be equipping them with the right tools to sell more and showcase their indigenous products to the entire world.

Aviation

Aviation industry contributed $685m to Nigeria’s GDP in 2015 — Demuren

By LAWANI MIKAIRU

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he Nigerian aviation industry contributed $685 million to the country’s Gross Domestic Product, GDP, in 2015, just as $50 billion would be needed over the next 28 years to grow the sector .

These revelations were made by the Managing Director, EAN Aviation, Mr. Olusegun Demuren, at the Nigerian Business Aviation Conference 2016, held in Lagos.

The conference with the Theme “ Sustaining Nigeria’s Position on the Africa Business Aviation Landscape “ emphasised the need for Africa governments to enact enabling legislations to make aviation contribute more to the economic growth of the continent as it has been witnessed in other continents.

Demurin said business aviation, which comprised chartered and private jet operators contributed 25 per cent out of the total $685 million the sector contributed last year . He however added that there is need for more operators to come in to the burgeoning

business aviation sector.

On the viability of the business aviation sector, he revealed that there is growing interest in the use of private jets and helicopters for Intelligence Surveillance and Reconnaissance, ISC, stressing that the Nigerian Customs Service, NCS, recently acquired a Cessna CJ4 jet for border patrol. Some states have acquired up to four Intelligence Surveillance and Reconnaissance (ISC) helicopters.

He also said Nigeria Police Force has a fleet of surveillance helicopters in Abuja and Niger Delta. This, he said, would drive demand for more fixed based operations, maintenance facilities and create jobs.

Demuren gave a statistical data of the growth of the business or private jet operation of the Nigeria civil aviation. He said that in 1980s, only 15 business jets were in operation in the country, and in 2006, the number grew to 30 and 150 by 2015. According to him, the growth was further propelled by 305 per cent in dollar

millionaires seen between year 2000-2005. He said “Five per cent projected fleet Compound Annual Growth Rate (CAGR).Fifty per cent

business aviation fleet is in Nigeria and South Africa.”

On some of the factors mitigating against the fast growth of aviation in Nigeria,

Demuren said double taxation and imposition of duties like the five per cent import duty tax on aircraft is against international conventions. Nigeria is a signatory to the Cape Town Convention, which does not require payment for tax on moveable assets.

NCAT rector calls for improvement in manpower training sector and its supply chain and in other countries as well as

By LAWANI MIKAIRU & DANIEL ETEGHE

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he Rector, Nigeria College of Aviation Technology, Zaria, NCAT, Captain Samuel Caulcrick has called for massive investment in human capital development so as to ensure a sustainable air transportation growth. He said the industry must pursue “smart, coordinated, and cooperative manpower development strategy “ for the nation’s air transport industry.

Delivering a paper entitled:”The essence of a welltrained manpower to the aviation industry ”, at an aviation summit held in Abuja, Capt Caulcrick observed that the availability of qualified and competent personnel is the propelling force for the sustainable growth of aviation

Nigeria, adding that it is also the path towards excellence in safety and security.

The NCAT boss said, “It is the quality and proficiency of the aviation personnel that can credibly give birth to a safe air transport industry, build air travellers’ confidence, make valuable contribution to the nation’s Gross Domestic Product (GDP)”.

According to him the aviation sector in Nigeria contributes 0.4percent to Nigerian GDP. He listed the benefits to include, ¦ 59 billion directly contributed through the output of the aviation sector (airlines, airports and ground services); ¦ 34 billion indirectly contributed through the aviation sector’s supply chain; and ¦ 27 billion contributed through the spending by the employees of the aviation

in addition to ¦ 78 billion in catalytic benefits through tourism, which raises the overall contribution to ¦ 198 billion or 0.4% of GDP. In his opening address, organizer of the Airport Business Summit and Expo, Mr. Fortune Idu said for the industry to continue to improve in the delivery of quality passengers experience in safe and secured manner, policy makers, aviation professionals, air transport investors and the users of air transport services will need to meet periodically to share information and deliberate on the future of the industry and to help direct national policies, planning, programmes and projects towards improving airport facilities, air transportation infrastructures and general operations.

Vanguard, MONDAY, APRIL 11, 2016 — 29

Economy

Stakeholders challenge monopoly in oil & gas sector … Policy review may be underway … Nigerdock offers 30% cost reduction STORIES BY EMEKA ANAETO, ECONOMY EDITOR

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midst growing concerns over alleged monopoly status enjoyed by one of the operators in the Nigerian Oil and Gas Logistics and supply services, key stakeholders have called for regulatory appraisal of the competition environment.

There are also indications that a policy dialogue would be established by the federal ministry of transportation for stakeholders in the maritime industry to address the lingering issues of monopoly and trade malpractices.

The indication came with recent acrimony generated by alleged forceful diversion of businesses to a particular operator under unsubstantiated government directive.

Last week, an official of the ministry told Vanguard that the authorities in the ministry as well as the Nigerian Customs Service, NCS, may call a stakeholders’ meeting to resolve the festering crisis.

He also indicated that the Federal Government of Nigeria would be reviewing the relevant laws and other directives guiding private sector operators in the maritime logistics services with a view to ensuring even playing field.

Also reacting to a similar complaint by the chairman of Jagal Group, owners of Nigerdock and Snake Island Intergrated Free Zone, SIIFZ, Mr. Anwar Jarmallami, The Comptroller-General of NCS, Col. Hameed Alli (Retd) said last week that federal government would look into the industry competition issues with a view to redressing any anomaly,

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adding that the complaints earlier made by the management of the company would be scrutinized by top management of NCS who are knowledgable enough to know the right thing to do.

In his words “our people are knowledgable of what the law says and what happens here.

We will go back and look at your claims and address anything that undermines the success of the industry.

“The idea of change is getting business on the line of law, equity and justice and we shall ensure that happens

here”.

According to industry sources the operators are restive over the dominant monopoly in the Nigerian Oil and Gas Logistics and Supply Services which has existed for 20 years, sabotaging the national economy, conspiring and working against any potential competitors.

Giving the details of the complaints Jarmallami had told the NCS boss who was on official visit to the company last that the monopoly has consistently and aggressively used different government institutions to compromise,

maintain and entrench its monopoly position with impunity.

He stated that attempts have been made in times past to also use the Customs. According to him the net effects of the monopoly’s actions include driving away investments from Nigeria, while making the oil and gas sector in Nigeria the most expensive in the world, adding extra cost of between USD3 and USD5 per barrel of oil produced in Nigeria which translates to over USD1.5 billion per annum.

Meanwhile Jarmallami has stated that SIIFZ and Nigerdock are open for competitive business and we are determined to bring down •Ibe Kachikwu, Minster of operational costs of their State for Petroleum Resources clients by at least 30 per cent.

Economists forecast March inflation at above 12% A

fter a massive leap in inflation for the month of February 2016 economy analysts are seeing further rise to range between 11.76 to 12.1 per cent amidst costpush rises in consumer prices across the country in the last one month.

Inflation rate had risen in February to 11.38 from 9.6 per cent in January, a 1.77 percentage point surge, the steepest in recent times with the National Bureau of Statistics and independent analysts attributing the rise to cost pressures arising from pass-through effects of foreign exchange crises in the economy, which in turn pushed import components of the inflationary measures very high.

This time analysts are seeing the effect of the prolonged energy crises in the country as major contributor to the cost pressures in March, leading to a third consecutive monthly increase in inflation rate this year.

As a result economists at Financial Derivatives Company Limited, FDC, run by one of Nigeria’s notable

economists, Bismark Rewane, stated “we are projecting a significant increase of 0.7 per cent in the March inflation number to 12.1 per cent”.

They explained “the month of March was unique as the fuel scarcity intensified and higher transport costs filtered through to commodity prices such as beans, tomato and pepper.

“While our initial time series analysis projected an increase of 0.4 per cent, the severity and longevity of the prevailing fuel scarcity has distorted price levels.

“Our retail study showed that prices of many consumer goods have remained stubbornly high and in some cases increased in spite of consumer resistance.

“The factors that are contributing to the spike in inflation include seasonality, cost push factors, money supply and foreign exchange shortage.

“These factors while transient in nature are becoming more permanent. As these factors grow increasingly embedded, they are making consumers panic.

“Anticipated inflation is more important because of the

pass through effect of increased demand and expectations of higher prices on current prices”.

FDC economists also stated that the dichotomy between urban and rural prices may persist given the impact of rising transport costs and exchange rate pressures on urban prices.

A little more conservative in its own analysis and forecast, economists at FSDH Merchant Bank Limited stated “we expect the March 2016 inflation rate to increase to 11.76 per cent from 11.38 per cent recorded in the month of February 2016.

“We expect the increase in the inflation rate to come from increase in transportation cost and food and beverages as a result of the shortage in fuel supply.

They however, added that other factors that would drive inflation rate are include the implementation of the new electricity tariff and the impact of the weak foreign exchange rate on imported goods.

The Food Price Index, FPI, that the Food and Agriculture Organization, FAO, released last week shows that the FPI was up 1.0 per cent in March.

The increase recorded in the FPI was because of a strong recovery in sugar prices and increase in vegetable oil prices.

The increases in both sugar and vegetable oil were more than enough to offset the plunge in dairy prices.

FSDH economists stated “our analysis indicates that the value of the Naira remained stable at the inter-bank market while it appreciated at the parallel market.

“The appreciation recorded at the parallel market between the two months under review moderated the impact of the imported consumer good prices in the domestic market”.

They further informed that “the prices of most of the food items that FSDH Research monitored in March 2016 increased.

“The prices of tomatoes, rice, vegetable oil, beans, yam and meat increased by 15.56%, 11.11%, 7.59%, 6.67%, 4.76%, and 1.11% respectively.

However, the prices of onions, Irish potatoes, fish and garri fell by 16.19%, 5.56%, 4.71% and 3.61% respectively”.

According to their research prices of sweet potatoes and palm oil remained unchanged.

30 — Vanguard, MONDAY, APRIL 11, 2016

People in Business manufacturing firm in Nigeria. We are very good at selling plastics but I am looking for women in the field and I hope that via this medium, we will be able to come together and form a female plastics manufacturers association.

If only industries could be provided with power, a lot of people will enjoy — Mrs Adebisi Kuforiji

By EBELE ORAKPO

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rs Adebisi Kuforiji is the Managing Director/Chief Executive Officer of Hindle Plastics Limited, plastics manufacturing outfit b ased in Lagos. In this chat with Vanguard, the Abeokuta, Ogun State-born computer scientist-turnedmanufacturer, speaks on how she ventured into manufacturing, the challenges, and says getting raw materials is very difficult despite the fact that Nigeria produces oil, their major source of raw materials. Excerpts: Background: Armed with a degree in Computer Science from the University of Ife (now Obafemi Awolowo University) in 1986, Mrs. Kuforiji worked with Société Générale Bank for nine years before leaving Nigeria because she was not really fulfilled. "I thrived on the training aspect; programming/ system design was not really my thing. But the job prepared me for the days ahead. When I left the bank,I relocated to the US and then England. After having my twins 13 years ago, I came back to Nigeria because I was tired of that system.

Relocating to Nigeria: Kuforiji who insists her first job is being the mother of four children and manufacturer of plastics is her second job, said: “Before I came back, my younger sister’s husband said he wanted to set up a plastics factory from scratch. I had no idea what that entails but I said if he told me what he wanted, I could do it because I have always believed in Richard Branson’s saying that if someone asks you if you can do something, just say yes and then go and learn. That was exactly what I did. He had massive land and a lot of money to work with. So I took up the challenge. I saw it as a job that would be fulfilling both financially and morally.

I relocated and started to build. I called all the mentors I had in various industries, I went on the internet, and got all the help I could get. One of them is Shoga Sonaike who is in charge of a massive plastics manufacturing firm in Lagos.

He put me under his wings and taught me a lot.

Cartel: Sonaike told me the secret of the business. He said it is a man’s world aside from being an Indians’ world. They hoard the materials, block access to those that you can buy moulds from; those that will give you the parts etc. But I agreed to take up the challenge.

Machines/Moulds/Raw materials: I had to go to India C M Y K

•Mrs Adebisi Kuforiji

•The products •Dame Abimbola Fashola (r) endorsing Hindle's sitz bath.

and Dubai to get the best of raw materials and machines.

We have different types of machines – injection machines, blow-moulding machines for bottles, kegs etc. I bought the machines and two moulds at that time. The difficult part was getting raw materials. We are supposed to be sourcing our raw materials from Eleme Petrochemical Company but they never have enough so we import. Imagine us in Nigeria where raw materials for plastics are a by-product of our oil , yet, we don’t have! And because we have to get from India, the Indians monopolized the market and whatever they say is the cost is what we pay. We tried to bring in and we had our fingers burnt. It is a massive cartel; very scary so we buy from them unless you don’t want to produce.

A lot of companies use recycled materials which is cheaper but because we make medical products, we cannot afford to use recycled raw materials. We use virgin because we want them to be as clean as possible. We can use recycled for large jerry cans that people use for fuel.

In less than six months, (November-March), because of

the dollar fluctuations, prices have doubled. cannot pass the cost to customers for now, so absorb it.

the We our we

Going solo: I had a contract with my brother in law because you don’t want businesses to go on for too long so it doesn’t destroy relationship. So we agreed that at the end of two years, I would have employed the staff, run the products and ensure a proper handover. I said: “Look, I love this business. It’s something I would really like to go into.

Could we reach an agreement

We are supposed to source raw materials from Eleme Petrochemical Company but they never have enough...Imagine Nigeria where raw materials for plastics are a byproduct of our oil , and we have to import

whereby I can do things that you do not do at all?”

Incidentally, the plastic firm is just a small part of his business group.

He agreed. Nigeria is unbelievable in terms of market strength. That was how we started Hindle Plastics. Hindle House is where I used to live in England; that was where I had my twins so that name gives me good memories.

My first director in the bank believed in me and in the project and encouraged me. I try to have what we call Personal Network Development; people are always useful all of your life. I brought some other people on board. Nobody produces sitz baths in Nigeria except us.

When I had my twins in England, they gave me sitz bath for healing rather than the traditional hot water and cloth.

Virtually all teaching hospitals in Lagos use it and we can't even meet demand; we don‘t have money.

What happens is that if a customer orders 10,000 pieces, we source for money to do 7,000, deliver, collect the money and use part of it to produce the remaining 3,000.

Women: I do not know any other woman that owns a plastics

Challenges: Funding is one. A lot of people want to invest but as a business owner, you have to think of either going for debt financing or equity financing.

For now, I do equity financing. We do not owe any bank. We have a couple of directors that have invested in the business but I am careful so that we don’t go past the 50% for me and have a case of sharing until you lose control. I have very good and supportive directors. Any time there is a problem, they invest.

Each mould, mostly made of German steel, and weighs minimum of two tons, costs N2.5m.

We tried to make one here but it started to rust after three months. The ones we get from China have five-year warranty and it can produce between 500,000 and one million products.

So we just need money from Bank of Industry and Microfinance companies or a company to give us money and say 'ok, use this to run this particular project.

Return in three or six months.' We don’t have such offers.

Selling: Our sitz bath is our number one product, the others are slow and we have shifted our focus to the sitz bath and we produce the others only on order.

Power: If only government can provide power for industries, a lot of families will be fine.

We are all suffering. Imagine the bakery in my area shut down for two weeks for lack of fuel to power the generator!

Let us prioritize ministries, do it step by step, focus on one thing first and get it right. If small businesses can be given power at least 12 hours a day, they will manage it. Without a generator, no factory can function in Nigeria. We have a transformer! Why should a company buy a transformer?

But we had to.

Next five years: Our sitz bath weighs 330 grams at N1,500 maximum while those in US weigh 170g and go for $10 each. It means you are getting what is almost twice the size, locally made and of high quality. We should look inwards. My vision is to have a one-stop shop for medical plastics. Anyone who wants kidney dishes, sitz baths, test tubes, etc., can go to Hindle Plastics.

Vanguard, MONDAY, APRIL 11, 2016 — 31

Advertising & Media Sustainability as instrument of change for FBN Holding Stories by PRINCEWILL EKWUJURU

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s a successful global business concern, businesses understand that their actions and vision play a foundational role in ensuring the success of future generations.

They understand that their progress require that they invest in the regions and locations where they operate, building healthy, resilient communities.

While businesses exist to make profit, and this isn’t meant to change as a goal. The reality is that no organisation operates in isolation. CSR is about managing these relationships to produce an overall positive impact on society.

Since businesses thrive within communities they operate.

Therefore they should take some responsibility for the wellbeing of its operating communities and also endeavor to manage the direct and indirect impact of its business activities. And this doesn’t always have to be in terms of money, but in terms of opportunities for advancement and growth.

Based on this premise, FBN Holding has undertaken several social responsibility drives and more. It’s been no doubt in the mind of the management of the company that the communities where its people live and work have been instrumental to its success. That must be why a major aspect of the Group’s citizenship is the “Supporting our Communities” platform, which has helped it build its various communal impacts through commitment to the fundamental areas of education, health, welfare and economic empowerment. Today, as one of Africa’s leading brands, it appreciates the need for supporting ideas and enabling the dreams of individuals within the communities where it operates.

In terms of “Environmental Sustainability,” the Group has endeavored to focus on initiatives that serve to minimize carbon footprints,

INAUGURATION - From Left: Chairman, Lagos State Chapter of Nigerian Institute of Public Relations (NIPR), Olusegun McMedal; Chief of Staff to the President of the Institute, Willy Ogbidi; and Chairperson, Caretaker Committee, Ethel Agbeyegbe handing over to the new Chairman at the inauguration of new executives of the Chapter in Lagos. while promoting wildlife and biodiversity conservation and preservation towards carbon neutrality in partnership with relevant bodies.

Presently, it is working on the more comprehensive Environmental, Social & Governance Management System (ESGMS) as part of its structured approach to embedding sustainability and minimizing adverse environmental and social impacts.

Riding on its rich tradition of giving back to society and

nurturing intellectual development, which dates as far back as 1978, when the Group started the National Essay Competition where winners gain automatic employment among other prizes, FBN Holdings has continued to impact lives, operating through specific strategic programmes.

In partnership with the Lagos Empowerment and Resource Network (LEARN) and Junior Achievement Nigeria (JAN), FBN Holdings has been driving career counselling &

SMEs role and Lekki Garden brand value

S

ince the Lekki Garden collapse incident occurred, sentiments have been wiped, there’s been blames and counter blames, yet no one invests to lose it overnight, and expects to remain in business.

Whichever way, the Lekki Garden brand has had its own image bashing via the incident that occurred in March 2016.

However, its contribution as a Small and Medium

Enterprises, SMEs cannot be over-looked with the major role they play in economic development of countries, particularly in developing countries. For example, formal SMEs contribute up to 45 percent of total employment and up to 33 percent of national income, that Gross Domestic Product, GDP in emerging economies. These numbers are significantly higher when informal SMEs are included.

Airtel unveils Smart Speedoo …Offers free surfing

A

Financial Literacy for young ones through the Future First programme, designed to empower students of secondary schools between the ages of 13 and 17years.

Through their collaboration with JAN, the Group has been providing students with the tools and knowledge required for long term financial independence, availing senior secondary school students of practical business experience through the organization and operation of an after-school business enterprise.

Another Community Support initiative of the Group is the FirstBank Infrastructural Development programme, which has been promoting infrastructure development in schools and hospitals, in recognition of its importance in improving the quality of life.

In recent years, the programme has seen it support projects like the Faculty of Arts Building at the University of Port-Harcourt, the Entrepreneur Centre at the University of Abuja, the Sports Pavilion for Queens College, the Squash Court for Kings College, an Administrative Block for Jesuit Memorial College, a Red Cross Clinic in Ibadan, the Langbasa Potable Water Projects in Eti Osa Local Government Area of Lagos State, a 500-seater lecture theatre for the Federal University of Technology Akure and a Solar Lightening Project in Kirikiri Town, Apapa, Lagos.

irtel Nigeria, has unveiled SmartSpeedoo, a revolutionary service that allow customers experience real data while browsing at affordable tariff and enjoyingfree megabytes.

Airtel Smart Speedoo, which can be activated using *141#, was unveiled in Lagos, the Chief Commercial Officer, Airtel, Ahmad Mokhles, said the company is passionate about creating innovative mobile Internet platforms, value offerings and opportunities that will help telecoms consumers in Nigeria stay connected and be fully empowered to fulfil their dreams.

“Airtel Nigeria is intensely interested in democratizing data tariff and we have taken a huge step forward in this journey in line

with our major objective of becoming the provider of first choice for mobile Internet services,” Mokhles added. Speaking on how Airtel Speedo works, Vice President, Data & Digital Services, Airtel, Nitin Anand, said customers using Smart Speedoo enjoy low rate in addition to free data the more they browse.

“When a customer uses up to 10mb at 1kobo/ kb, Airtel gives him 10mb free. And when his usage gets to 50mb, the browsing rate drops to 0.5kobo/kb, then he gets 50mb free. When the customer’s usage reaches 100mb, the rate drops further to 0.2kobo/kb and he is given 100mb free,” Anand explained.

Anand further noted that this cycle continues every month, thereby giving Airtel customers the FREE SURF experience.

According to estimates,600 million jobs will be needed in the next 15 years to absorb the growing global workforce, mainly in Asia and SubSaharan Africa. In emerging markets, like Nigeria, most formal jobs are with SMEs, which also create 4 out of 5 new positions. Even though finance is a key constraint to their growth; without it, many SMEs languish and stagnate.

A World Bank Group study suggests there are between 365445 million micro, small and medium enterprises, MSMEs in emerging markets: 25-30 million are formal SMEs; 55-70 million are formal micro enterprises; and 285-345 million are informal enterprises.

Meanwhile, with Nigeria standing at 17 million housing units deficit currently, and chances are that the government will not be able to fulfill its campaign pledge to provide 1 million units for Nigerians yearly, the country cannot afford to run down any of the big players in the industry particularly if the company has no history of collapse or poor quality delivery until now. This was the view of a structural Engineer, Samuel Ekulumba and Sons.

Giant vitamin water hits Nigeria

G

iant Vitamin Water, a breakthrough product with a range of variants is now available in the country. The brand, which is the first of its kind in the Nigerian beverage market has formally been unveiled in Lagos.

The product, from the stable of Giant Beverages Limited, is made from demineralized water, infused with natural fruit extracts, vitamin and minerals unlike carbonated drinks made from chemical compounds and sugar. It does not contain artificial flavours, colours and preservatives.

According to the Marketing Manager of the company, Mrs. Bose Ogunyemi, Giant Vitamin Water comes in one bottle size of 500ml but 6 delightful variants - Blackcurrant-Acai, Lingonberry-Boysenberry, Pineapple-Passion, OrangeLime, Lemon-Balm, and Prickly Pear-Kiwi.

Each variant, according to her has blend of vitamins and fruit extracts to deliver refreshing and naturally tasting hydration.

Pampers wins Moms confidence

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ampers Baby-Dry, from Procter & Gamble, P&G Nigeria, has won the confidence of nursing mothers for delivering on its promise of superior dryness and comfort.

This was the outcome of a special event tagged ‘Moms Know Best’ held for select mothers and hosted by Pampers brand Advocate, Tiwa in Lagos penultimate week.

The event was a learning scene for no fewer than a hundred mothers who shared motherhood tips and experiences with others.

Many of the moms expressed their satisfaction on the usage of the improved Pampers diaper saying that it gives their children the needed comfort and soothes their skins. One of such is Mrs. Anike Sholanke one of the moms who attended the event from Bauchi state said that ever since she switched to Pampers Baby Dry some months ago, it provides the needed comfort for her baby.

In her words: “To say I love Pampers Baby Dry for my baby is an understatement. After my babies developed rashes from using another diaper, I decided to switch to Pampers. Since then I believe there are no diapers that compare to Pampers baby dry when it comes to versatility and affordability, Pampers Baby Dry delivers ultimate comfort to my baby.

32 — Vanguard, MONDAY, APRIL 11, 2016

(0805 220 1997)

Buhari’s compulsive leap into a debt trap I

n a recent discussion with some media practitioners, I ‘innocently’ asked the innocuous question of who actually owns the reported foreign reserve balance of about $27.8bn?

Expectedly, the response was a spontaneous chorus of “Nigeria of course”!

But, then I quickly reminded my audience of an incidence in far away China just about three years ago, when former President Jonathan and Coordinating Minister of the Economy, Ngozi Okonjo Iweala, visited Beijing with the prime objective of seeking a $1.5bn ‘soft’ loan, to IMPROVE our decayed transport infrastructure.

Incidentally, Lamido Sanusi, the incumbent Governor of CBN was also in President Jonathan’s delegation, albeit, apparently, for a different purpose. Indeed, in response to questions from journalists, Sanusi noted that, he was seeking to diversify CBN’s foreign currency reserves away from dollar holdings, and the Chinese Yuan was consequently being considered as a possible option. In essence, CBN would exchange part of its existing dollar reserves for Yuan. Thus, in farcical twist, Chinese Bankers who exchange their Yuan for Sanusi’s dollars, could also turn around and offer the same dollars, plus additional cost of borrowing to Jonathan’s delegation; in such event, Nigerians would have been sold a dummy, which will, inexplicably, still be celebrated, as a testimony of Nigeria’s credit worthiness!

Surely, it would be totally inappropriate, for Jonathan’s delegation, to have traversed the world in search of dollar

loans, when our own CBN is equally in possession of idle dollar reserves which earn minimal or nil returns.

Ultimately after the preceeding narrative, I again asked my audience, about the ownership of the present $28bn reserves?

Not surprisingly, this time, everyone chorused something to the effect that “ the CBN obviously owns the reserves”. However, news of President Buhari’s imminent visit to China in search of a $5bn foreign loan, despite CBN’s presents custody of almost $30bn, largely idle reserves, clearly evokes memories of the embarrassment of the Jonathan/Okonjo Iweala/ Sanusi earlier misadventure in China in 2013.

Surely, it would be more responsible management, with less risk to our sovereignty to borrow $5bn directly from our own CBN, than to expose the nation to increasing debt accumulation, at a time when we already require up to 35kobo from every Naira income earned to service existing debt annually. Surely, It is clearly irresponsible to compulsively seek additional loans (whether domestic or external) without first shedding the ‘excess fat’, mischievously, deliberately couched in the 2016 budget.

Indeed, President Buhari’s patriotic concern that we do not stumble into another ignoble debt trap, should have advised against further borrowing until a thorough audit of ongoing capital projects have been completed, to determine their viability and potential for positive social and economic impact.

Indeed, the President’s men should have meticulously sieved the wheat from the

chaff, with these projects and saved the Nation, the agony of losing hundreds of billions of Naira already spent on projects which are then simply abandoned for political or self serving reasons.

Similarly, it is also pertinent to interrogate why the sustenance of an unwieldy deficit and borrowing plan in the 2016 budget remains sacrosanct, when indeed, the projected revenue shortfall could have been funded from non debt sources, such as the elimination of the alleged fraudulent components of the

In essence, CBN would exchange part of its existing dollar reserves for Yuan u budget and the capture of the significant revenue accruals from loot so far recovered from corrupt public servants.

So who are the ‘smart’ civil servants who sold Buhari, the dummy of the highest ever budget deficit, despite the stark reality of dwindling revenue? Furthermore, what advised the decision to borrow over a third of the budget rather than to responsibly, cut our coat according to our cloth, so as not to compound our already oppressive debt burden, especially when additional borrowing may again become imperative to sustain expenditure in 2017, if very low crude oil prices

Business & Economy

the dollar, even when our forex earnings grossly exceed our expectations.

Nonetheless, we must ask, the question, which business CBN operates to consolidate its billions of dollar reserves?

Instructively, these reserves, are consolidated whenever CBN captures the nation’s crude oil dollar revenue and then proceeds to freshly create and directly substitute Naira allocations to the three tiers of government. Consequently, the higher the crude price and output, the bigger, also will also be the related forex earnings and the more burdensome inadvertently also, will be the volume and value of Naira substituted and injected into the money market to precipitate a disenabling market paradigm with the defining feature of too much Naira persistently chasing rations of dollars and relatively less supply of and goods and services, to invariably induce the disenabling prospect of a weaker Naira exchange rate and spiraling inflation.

Invariably, therefore, fortuitously increasing dollar revenue, will translates to increasingly bloated, distortional and disenabling excess Naira liquidity, but this process ironically expands the cache of dollar reserves from which CBN regularly auctions dollar rations in a Naira surfeit market; ultimately the Naira exchange rate becomes a product of monopolistic price setting by the Central Bank, which also invariably unilaterally determines the Naira exchange rate.

Worse still, in the guise of defending the Naira exchange rate, the CBN’s dollar auctions ultimately ironically favors the highest Naira bids against the dollar and therefore further depreciates the Naira.

Save the Naira, Save Nigerians!

persist.

Furthermore, if Buhari’s government must borrow from the domestic market, why aren’t such loans, obtained with minimal or nil cost from the trillions of idle Naira deposits, that CBN continuously borrows and warehouses as sterile funds to reduce the burden of suffocating Naira spending value in the system, despite the inordinate cost of such counterproductive loan accumulation.

Similarly, the CBN’s relatively substantial dollar reserves, which currently earn little or no yield, could also have provided a ready, and less risky source of raising the projected $4.5bn foreign loan required to partly fund the 2016 budget. Indeed, the residual reserves in CBN’s custody after such deduction, is still, i.e much more than the reserve base of most African Countries, with the exception of Algeria and South Africa.

Nevertheless, the misguided public perception still persists, that it is more economically redeeming for billions of dollars to remain as idle reserves, with CBN rather than to apply same to fund budget deficits and also eliminate the risk of borrowing externally at shylock rates, that may eventually mortgage our sovereignty. Indeed, CBN has successfully promoted this odious propaganda over time, to engender public perception that reserves in CBN’s custody are to be primarily dedicated to defending the Naira exchange rate in the currency market. This tragic faux pas is so distressing, because the process through which CBN accumulates it’s so called “dollar reserves”, is itself a disenabling framework that deliberately pressurizes the Naira exchange rate against

Enugu investment summit to reposition Minister of Foreign Affairs, state's economy Geoffrey Onyeama, have all been

By YINKA KOLAWOLE

T

he Enugu State government is set to attract prospective investors to take over the operations of identified state owned companies and corporations, for which the Enugu State Investment Summit (ESIS) scheduled to hold from April 12 – 14, 2016 will provide a platform.

The summit is an initiative of the Enugu State Economic Advisory Committee, which was set up by Governor Ifeanyi Ugwuanyi in June 2015 to advise and guide the state on the best economic policies that would C M Y K

help to engender sustainable economic growth.

A statement Ike Chioke, the Summit’s Director-General, noted that the summit will serve as a catalyst to reposition the economy of the state in a manner that the living standard of the people will be uplifted. He added that the summit is a platform through which the government of Enugu State seeks to collaborate with the private sector to promote enterprise and improve economic productivity. Minister of Power, Works & Housing, Babatunde Raji Fashola, SAN; Minister of Industry, Trade & Investment, Okechukwu Enelamah; and

confirmed as speakers at the summit.

The three-day summit with the theme, “Beyond Oil: Fostering Inclusive Economic Growth & Sustainable Development”, will bring together local and international business leaders and investors, bankers, financiers, the diplomatic community and the academia to explore Enugu’s rich potential – and the entire South-East – in a wide range of industries including agriculture, solid minerals and mining, power generation and distribution, infrastructure and real estate development, tourism and hospitality, education, ICT, media and entertainment.

Omoh Gabriel Babajide Komolafe Clara Nwachukwu Peter Egwuatu Yinka Kolawole Favour Nnabugwu Godwin Oritse Godfrey Bivbere Michael Eboh Franklin Alli Ifeyinwa Obi Rosemary Onuoha Nkiruka Nnorom CONTRIBUTORS Princewill Ekwujuru Jonah Nwokpoku Naomi Uzor Providence Obuh LAYOUT

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Group Business Editor Deputy Business Editor Energy Editor Asst. Business Editor Snr Bus. Correspondent Insurance Correspondent Maritime Correspondent Maritime Correspondent Energy Reporter Industry/Agric. Reporter Maritime Reporter Insurance Reporter Capital Market Reporter

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Media/Marketing E-Commerce Industry Micro Finance Graphics Department

Vanguard, MONDAY, APRIL 11, 2016—33 Send Opinions & Letters to: opinions1234@yahoo.com

Women as e xpendables expendables

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S is usually the case with teenagers leaving home for the first time, when I went to the university, I was adventurous.

During my first semester holidays, rather than go home in Lagos, I went with my new found friend, Edmond Enaibe whose home was in Port Harcourt. From Port, I travelled to my ancestral home, Patani to see my maternal grandmother.

There was no East-West Road in those days, and a journey from Port Harcourt included going by road, crossing a river by boat, and completing the journey through bush paths by motorcycle.

Of course, there was no cellular phone. Although Patani had a telephone exchange, in almost all cases, you had to go to its office to make or receive calls. So I arrived unannounced. Next day,I must have woken up by 5am and was surprised my grandmother had gone fishing on the Forcados River. She left a message that my breakfast was in the kitchen. Some hours later, she was back with her catch which she dropped on her way to the farm. In the afternoon, she

returned, prepared lunch, and was soon on her way to the market to sell her farm products.

I was to discover that this was her daily routine. She was no young woman, and I asked how she coped. A smile played around her lips; this has been her pattern since teenage hood. That was before she got married; before my mother was born!

In my tribute to my mother when she passed away on April 3, 2013, I wrote: “Even as a child, I thought I knew her suffering; she was typical of many mothers in those days when I was growing up in Obalende, Lagos; they woke before cock crow and you never knew when they retired to bed.

They were engaged in all sorts of trade and a seemingly endless race to make ends meet… I developed my pro-women advocacy from watching our mothers struggling to ensure a better future for their families, especially we their children.”

Women are the bedrock of the home; they hold the family together and guarantee our collective future. That is why the slogan ‘Build a woman, build a Nation’ is a truism. Any

conscious country would not only fanatically protect children, but would give the girl-child special attention in upbringing, training and education.

These are my beliefs; you can therefore imagine my pain when under-aged girls in our country are being kidnapped, raped and sometimes impregnated by adults known to law. I believe in the right of everybody to hold his or her own opinion, and I am ready to engage in debates. But I am not sure I will have the patience to debate with any human being who rationalise such criminality under the guise of tradition, culture, religion or protection of his ethnicity. As I write, there are still children under such bondage and I think the first steps should be their rescue and the sack of all officials including police, security and staff of the National Agency for

However, it is not all about law and order, it is a mindset that sees the woman as an object, a toy, a commodity, a necessary part of home furniture which can be acquired legally, or even illegally

Understanding Oshiomhole’s industrialisation policy

By John Mayaki

I

T may not be possible for a government to build industries across the state and turn the economy around within a short time of eight years. There are however quick-wins that a serious government can undertake to achieve stunning results to the acclaim of a famished people. In other words, there are opportunities that a government can exploit immediately they present themselves to boost the living standards of the people. These opportunities will always present themselves in the life of every administration and whatever an administration makes of such opportunities depends on that administration’s policy thrust as powered by its economic team, if any.

Bottomline is, even a bad situation can be quickly turned around by a government that thinks on its feet. That is what Governor Adams Aliyu Oshiomhole has succeeded in doing in Edo in his little more than seven years of being in charge. Today, the result is there for all to see.

The governor had stated from the onset that governments have no business running industries but creating the enabling environment for investors.

Indeed, he had stated that his primary focus was to ensure that businesses thrive through the creation of enabling climate.

Today, the proof of that conventional wisdom is the avalanche of private sector industries dotting the entire length and breadth of Edo State – thanks to the vastly improved environment for doing business which his policies have brought about.

As they say – the proof of the pudding is C M Y K

in the eating. That the industrialisation policies are impacting positively on the socio-economic landscape of the state is no longer in contention. The fact that multinationals like Dangote Group of Companies, Yong Xing, Wells Farms, Bua Group, Azura power among others have registered their presence in the state goes beyond mere acknowledgement of the changing times but of the immense possibilities in the future. To be sure, some of these investments come under publicprivate-partnership initiative of the state government; others are wholly private sector driven. Together, the state is the richer for it.

Never mind that dearth of statistics has remained the bane of the nation, it is projected that no less than 100,000 job opportunities have been created over the course of the last seven years under the Oshiomhole administration. These jobs cut across the public and private sector just as they straddle information and communications technology, health and social welfare and other sectors of the state’s economy. Some of the jobs directly created are in the Information and Communication Technology Agency, the Board of Internal Revenue, Edo State

It is in the understanding of the linkages that justice is done to the Oshiomhole legacy

the Prohibition of Trafficking in Persons (NAPTIP) who are found to have been negligent in rescuing victims and bringing culprits to book.

There is the case of Miss Lucy Ejeh, who was a 15-year old pupil of Government Girls’ College, Talata Mafara, Zamfara State when she was abducted on October 31, 2009. She was found three days later in the house of an adult, Alhaji Awaisu and all efforts by her father, Mr. David Ejeh to secure her freedom failed.

He said he wrote NAPTIP on November 13, 2009, and in seven years, the agency has failed. On January 28, 2010 he petitioned the Office of the Inspector General of Police (IGP) Mr. Ejeh has a copy of this petition with the acknowledgement stamp of the IGP’s office dated February 3, 2010; in over five years, the highest police authority in the land is unable to rescue a girl whose location and abductor is known! In a country with the Child Right Act, a constitution that provides 18 as the age of consent and laws against abduction and kidnapping, it is criminal for such cases to drag on. There is no fundamental difference between a girl like Ese Oruru being kidnapped and forced into marriage by an individual, and the Chibok girls being abducted, married or sold off by a terrorist group like Boko Haram.

However, it is not all about law and order, it is a mindset that sees the woman as an object, a toy, a commodity, a necessary part of home furniture which can be acquired legally, or even illegally.

It is therefore not surprising

University, Central Hospital. These agencies among others, have employed and continue to employ thousands of youths many of whom would have remained in the labour market were these opportunities not opened up to them. That is not all. The state government is retooling Central Hospital to a Five-Star Hospital; it is building a new university all of which would further boost economic activities of the state and its people.

Today, the state can count its chicks in the spin-off from private investment promotion. Wells Farm alone for instance, promises to employ over 80,000. Ditto Bua and Dangote both of which are also looking at employing thousands of youths just as Okpella Cement factory has employed several youths and still counting. Yong Xing and Azura power have also employed and will continue to employ youths in their thousands. Add to this the fact that workers in the public service are earning salaries as at when due; the pensioners are of course not left out. Taken together with the newly engaged workers in the various companies all of whom are now contributing actively to the economy, the state’s rising profile under its current helmsman is better appreciated.

This is where the effects multiplier comes in. To bring the picture of the concept clearer home, it refers to the increase in final income arising from any new injection of spending. In simple terms, if the beneficiaries of the different opportunities being created in the state, for example, opt to complete the building of their new houses with their salaries, the project injects extra demand and output into the economy of the state.

Imagine that not a few businesses including architects, suppliers of blocks, sand, water, iron rods, wood etc. will benefit directly or indirectly from the beneficiaries’ expenditure. The building of a new house, in other words, generates a new flow of income which includes wages

that the Senate on March 15, 2016, threw out the “Gender Parity and Prohibition of Violence against Women” bill presented by Senator Abiodun Olujimi, Ekiti South. The bill had sought marital equality, education and job rights for women. Thirteen days earlier, while contributing on the floor of the Senate on the need to buy local goods, my friend, Senator Dino Melaye likened women to commercial goods. He said: “ We will also move in order to encourage the production of made-in-Nigeria products, begin to talk about made-in-Nigeria women…We must as a people stop paying dowries in dollars and pounds. It is time for my colleagues here to become bornagain and start patronising made-in-Nigeria women.” He had actually mentioned a leading politician who married a non-Nigerian which made his contribution more disagreeable as families should be a ‘no-goarea’ in politics.

It is this mindset that would have informed Senate Leader Ali Ndume making women the butt of jokes. On March 8, 2016, while contributing to a debate on International Women Day, Senator Ndume said, “As a sign of respect and love for the women, I urge all men, unless their religion prohibits, to marry more than one wife.” Stretching the joke further, Senator Sulaiman Nzif, Bauchi North, seconded the motion.

But women are not expendables to be used and discarded; they are no commodity to be sold or bought off the shelf; they are the mainstay and guarantee of a sustainable society.

and profits. The workers in turn engage drycleaners or washer men, lesson teachers, mechanics, artisans among others. They pay rents, if they are not building their homes. As for companies that have opened up in the state, their various host communities will benefit not just in terms of tremendous exposure but also in terms of increase housing needs and other infrastructure.

As would be expected, the net effects of the development will extend beyond the frontiers of the state to neighbouring states. After all, economists will argue that when income is spent, the spending becomes someone else’s income which in turn stimulates another wave of demand and supply spawning investment by individuals, construction firms and business entities, not least saving by households – and ultimately the national GDP. The resultant boost in the GDP is called the multiplier effect.

Truth is – it seems fairly easy to appreciate the direct impact of the physical engagement of the workers in terms of their salaries and wages. This is a far cry from the multiple impacts spawned by the hospitable environment deliberately promoted by the Oshiomhole administration. It is in the understanding of the linkages that justice is done to the Oshiomhole legacy.

Today, economic potentials of Edo State have grown to humongous proportions – thanks to the creative policies of the Oshiomhole administration. Aside attracting investors to the state, there is no doubt that the foundation for the future has been firmly laid. In years to come, citizens of Edo State will certainly remember the Oshiomhole years not just in glowing terms but specifically as the golden years of its industrial transformation.

*Mr. Mayaki, is executive director, Media&Public Affairs, Governor's office, Edo State.

34 — Vanguard, MONDAY, APRIL 11, 2016

T

HE All Progressives Congress (APC) Federal Government led by President Muhammadu Buhari appears hell-bent on imposing the establishment of grazing reserves across Nigeria in spite of the many unpalatable implications it will unleash on unsuspecting Nigerians. st On Thursday, 31 March 2016, I wrote an article on this column entitled: “Ranching, yes; grazing reserves, no!”

The article called attention to what was then speculated as intentions of the Federal Government to launch this obnoxious policy aimed at handing over lands belonging to indigenous communities to Fulani cattle owners in the guise of establishing “grazing reserves”.

Now, the masquerade has been unmasked: the Minister of Agriculture, Mr. Audu Ogbeh, has disclosed that President Buhari has directed him to implement the programme. According to him, he will start it from the North, where he will establish 50,000 hectares of grazing reserves. Then, he will import his beloved Brazil grass to feed the cattle.

When he is done with that, he will, in his own words: “move South”.

With the Fulani herdsmen now settled in their newly-acquired grazing lands, perhaps without paying a kobo or even negotiating with landowners and obtaining their express permission to use their land, the herdsmen will stop invading communities, destroying the farms of poor villagers, killing, maiming, kidnapping, raping and dehumanising innocent Nigerians.

Nigeria will become self-sufficient in animal and dairy products, and everybody will live happily ever after.

That is the picture Ogbeh and his paymasters are painting for us.

However, we have very strong reasons to suspect that the establishment of grazing reserves is an ancient agenda of ethnic imperialism which dates back to the Fulani Jihads that Islamised the North about two hundred years ago.

I read an interesting article by one Dr. Gundu of the Department of Archaeology, Ahmadu Bello University, Zaria. He gave a useful insight into the grazing reserves phenomenon, which should jolt our complacently ignorant countrymen, especially those from the Southern parts of the country. Gundu’s article is entitled: History Class On Grazing Reserves: “Why Fulani Herdsmen Want Your Land”. It traces the historical experiments in the North to impose this policy and an outcome of it in some parts which you will not want repeated in your local community.

According to Gundu: “Grazing reserves and stock routes are known to dominate Fulani demands on the country and all leading presidential

Grazing reserve is ethnic imperialism candidates in previous elections in the country since 1999 have committed themselves in writing to the Fulani on the issue of grazing reserves”.

Gundu also observes that the idea dates back to colonial times. The British colonial masters, who handed over power to the Fulani (the overlords of the North) had toyed with the idea of granting them this wish but did not have enough time to do so. So, when the Sardauna of Sokoto, Alhaji Ahmadu Bello, became the Premier of the Northern Region, he established the first grazing reserves and “”stock routes” in Sokoto, Katsina, Zaria and Bauchi Provinces in 1965.

An angle of it will interest (and warn) you. Today’s Southern Kaduna was part of Zaria Province, so Ahmadu Bello sited a grazing reserve in Kachia (a Christian part of old Zaria Province which the Usman Dan Fodio Jihadists were unable to Islamise). He settled his ethnic Fulani herdsmen there. They became known as Kachechari (or Fulani’s of Kachia).

Though the indigenes still regard them as “visitors”, these Fulani’s who have been settled in this territory for 50 years now demand a chiefdom, which will

Ogbeh and his paymasters are blundering into a foolish and explosively risky national policy which consequences they may not be around to shoulder

officially confirm their ownership of the land that belongs to Kachia people. Till date, it is a source of tension between the two sides, and the “herdsmen” have been armed to assert their “ownership rights”.

President Buhari is, by posture and disposition, first of all Fulani/Muslim before any other thing. He essentially models himself as the modern-day Ahmadu Bello, a prince of the Sokoto Caliphate (though Buhari is no prince).

Gundu notes that when General Sani Abacha was the Head of State and Buhari was his highly privileged cohort and the Executive Chairman of the Petroleum Trust Fund (PTF), he put pressure on Abacha to revive Ahmadu Bello’s grazing reserves scheme. This, however, could not take off before Abacha died.

It is also on record that President Buhari, a well-known cattle business owner, was (and maybe still is) the Grand Patron of the association Fulani cattle owners and herdsmen, the Minyeti Allah. In fact, he once led a delegation of his members to former Governor Lam Adesina of Oyo State when clashes between Fulani’s and indigenes in Oyo state to loss of many Fulani lives. He is quoted to have asked Governor Adesina: “why are your people killing my people?”

So, it should not come to anyone as a surprise that, as President of Nigeria, Buhari will be pushing this policy in this day and age when nomadic pastoralism has gone out of fashion except in backward climes in Africa and Asia where some elements among the Mongols, Fulanis and Masais are still tightly clinging to their ancient cultural lifestyle.

It is also not surprising that some state governors in the North, like Kano and Plateau, have already offered to participate in the grazing reserves project. Kano, in fact, boasts that it was the one that revived the idea. If Kano

and other Northern states where Fulani herdsmen have ancestral homes and legitimate titles to land prefer to establish reserves rather than encourage cattle owners to set up modern ranches, so be it.

If Plateau has opted for it after herdsmen slaughtered men, women and children (especially babies) in isolated communities for more than ten years, I hope Governor Simon Lalong has consulted his people and secured their approval to do so. I know, for sure, that Benue State Governor, Samuel Ortom, has vowed his state will not be part of it, but politicians are like chameleons.

Whatever he does, he must implement the wishes of his people.

That is the bottom line of this matter.

Every state governor, whether they are of the APC or PDP or any other party, must consider the implications of creating and handing over lands for grazing reserves to Fulani cattle businessmen and their armed militias.

It simply means you have converted them to automatic indigenes of your state. If that is what the people of your state want then go ahead.

Otherwise, you will be setting the perfect scenario for future wars between the children of the indigenes and the Fulani “visitors” in years to come.

Fulani herdsmen will not always be allowed to continue to terrorise other Nigerians unchecked. A time will come when people could take matters into their hands, even if it means confronting the law enforcement agencies which are reluctant to enforce the law and protect those being attacked in their communal lands. Buhari will not always be there to guarantee the safety of those he wishes to foist on indigenous communities through this ethnic expansionist policy.

The only sensible alternative, I restate, is to create a national policy to covert herdsmen into ranchers. Ranching is a business – big business. Modernised animal agriculture is an essential part of our drive for employment, economic diversification and self-sufficiency in food. We must plan big for it and make it attractive for as many Nigerians as possible to venture into it. Animal agriculture does not have to be an exclusive ethnic occupation or preoccupation.

Ogbeh and his paymasters are blundering into a foolish and explosively risky national policy which consequences they may not be around to shoulder. They must be stopped by well-meaning Nigerians and people of good will before they plunge this country into another Sudan Darfur.

A word is enough for the wise!

OPINION A reset for Nigeria-South Africa relations

By Chukwudi Enekwechi

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ITH a population of about 53 million people and a GDP of close to 350 billion US Dollars, South Africa is considered as a buoyant economy.

Additionally, as an emerging economy with requisite technological know-how, South Africa will by all means represent a suitable partner with Nigeria in our quest for growth and national development. With the precarious economic situation of Nigeria arising from fall in oil prices, the seeming renewal of economic cum diplomatic relations between Nigeria and South Africa will greatly impact positively on the country.

It is therefore illustrative that the South African President Mr. Jacob Zuma's state visit to Nigeria in company of over 150 businessmen and potential investors is instructive. Nigeria as a country is in a situation where in her bid to diversify her sources of revenue, is exploring other areas, especially manufacturing, mining and agriculture. Incidentally, these are the major areas of the emerging economic blueprint of the President Muhammadu Buhari administration and they are in tandem with the capacity of South Africa as a potential partner to deliver to Nigeria.

There is no doubt that President Buhari’s economic blueprint for Nigeria which will include eliminating bottlenecks to businesses and offering incentives to foreign investors is beginning to yield desired result.

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Our reset with South Africa wherein her President led some of the country’s biggest businessmen on a state visit to Nigeria signposts a new dawn in our bilateral relations with South Africa.

Since 1999 the number of major South African companies operating in Nigeria has risen to about 120.

What this translates to is that both countries’ relations have become more robust and has the potential to improve. It is estimated that at least eighty bilateral agreements have been signed by both countries to boost trade, investment and diplomatic relations.

Nigeria with a population of about 173 million people and gross domestic product of nearly 521 billion US Dollars offers the South African businesses a huge market for her products and services.

It is equally remarkable that the South African government is offering its support to Nigeria in the war against terrorism.

Already, Nigerian defence It is expected officials have signed agreement with their South that measures African counterparts for the will be put in deployment of that country's Special Forces to assist in the place to war against terrorism. balance trade This reset of bilateral between both cooperation appears to be a reciprocal action for Nigeria’s countries many decades of support to

South Africa especially during the years of anti-apartheid struggle. Gladly, the South African president during his address to the joint session of the National Assembly had acknowledged the role of Nigeria in helping his country in their years of struggle for emancipation from the clutches of apartheid.

It is also pertinent to note that the new interest being developed in Nigeria by South Africa is easily traceable to political and economic reengineering being carried out by the President Muhammadu Buhari administration. The openness and sincerity the president has brought to bear in statecraft has greatly restored the confidence of the international community to Nigeria.

South Africa as a country is famous for its advancement in technology. In this regard, Nigeria stands to benefit from South Africa’s experience in mining, auto assembly, metal work, machinery, textiles, iron and steel, chemicals, fertilizers, foodstuffs and commercial ship repairs. It is worthy of note that South Africa is the world largest producer of platinum and chromium.

In the desire of the Buhari administration to diversify Nigeria’s economy, there is no doubt that South Africa’s time-tested knowledge in mining will be of immense value and advantage to Nigeria. With the visit of South African President to Nigeria, and considering their huge investments in Nigeria, it is expected that on the basis of reciprocity, that measures will be put in place to balance trade between both countries.

Mr. Enekwechi, a journalist, wrote from Abuja.

Vanguard, MONDAY, APRIL 11, 2016 — 35

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IODUN Shobanjo is the most revered marketing mind in Nigeria. His big ideas have helped to establish modern Nigerian marketing communications. He produced many of Nigeria’s most famous and sophisticated campaigns with a style, wit and convictions that helped mold an industry.

As the founder of Troyka Holdings; Nigeria’s biggest and most sophisticated marketing communications group, Biodun Shobanjo finds that retaining the benchmark of being Nigeria’s number one marketing group hasn’t been much of a pressure: “We were clear about what we wanted to do and how we were going to do it.

And once we were able put all the blocks in place; all I did was just sit down and see how things would turn out. And I dare say that while it may look simple, the critical challenge was finding those building blocks in terms of people. And I guess I was lucky in finding the right people who are doing an incredibly great job”.

Parent corporation Troyka is the parent corporation that owns voting stock in eight major communications firms comprising Insight Advertising, The Quadrant Company, Optimum Exposure, Media Perspectives, Hot Sauce, Promo World, Thiinkshop, and All Seasons Media.

The journey began in 1979 when he founded Insight Communications which has since gone on to earn the reputation of being Nigeria’s biggest and most creative advertising agency.

A decade later, he initiated Troyka as a holding company: “When we started out 36 years ago, nobody gave us a chance,but through dint of handwork and innovation, we were able to do things differently.

Then, finding the right people who will do that in an environment where you don’t have too many skillful people is also very challenging because to be at the cutting edge of this business, one needs a combination of knowledge and skill. Also, in terms of currency, you must know what’s going on all over the world since the clients

Art of Legacy Biodun Shobanjo Chairman, Troyka Holdings that we work for don’t benchmark us against what’s happening locally but against the best international standards and that really puts a lot of pressure on us.

That said we have faced all the challenges and realized that the easiest way for us to continue to maintain our position is to keep investing in our staff. That is why ‘never ending training’ is the secret of our success”.

Airing frustration at the lack of quality in creative advertising today, Shobanjo says that to address the decline in advertising standards, past creatives must play a bigger role at nurturing other talents to succeed them just as their attitude to technology must change: “ I find that quite a number of our people on the creative side of things easily get burnt out.

That is, after putting in a number of years, they all go into retirement. I know of top creative advertising personnel in the UK who have put in over 35 years on the job and who are still playing actively in the business. And not only are they still very active but also making such strong effortsto develop other talents who’ll hopefully surpass them. Now look at this market; in the past 35 years, which creative talents do you know of that have replicated

We need to turn what we’ve done into institutions that will outlive us and Troyka’s partnership with Publicis Groupe is one route to doing that

themselves? Even the schools are not helping matters either because they are not producing creative talents for our own industry”.

“Thinking creatively from a consumer perspective is a different ball game entirely so somebody must talk people through how that evolves. That is missing; that is the challenge that the industry has and these are some of my concerns for the industry”. Since being on the job, the ability to leverage the diversity of creative thought across the broad spectrums of his communications firms in order to enhance productivity and innovation has become a distinct competitive advantage: “The beauty of our group is that there is a DNA that everybody falls in line with. And so you’ll find that once that is accepted as the norm it then rolls out across the group.

That’s why when you talk about creativity in what we deliver, it is creativity not just from the point of view of telling a story on television; it’s also creativity in the way that media buyers buy media for clients.

T h e r e must be creativity in the plans they lay out for clients and in the way they buy media.

The best way that I can define

BIO BRIEFS Date/ Place of Birth: 1944, Kwara State Insight Grey, Azzagai, Optimum Exposure, Media Perspective, Mediacom, The Quadrant Company and Halogen Security, Hot Sauce, Education: British Institute of Public relations and the British Institute of Marketing C M Y K

Biodun Shobanjo

it is that things must be done in such a way that a consumer can connect with our services. That’s the essence of creativity”. In terms of how the group has leveraged digital media as part of the creative process, Shobanjo says he thought that was something that was applicable on the business side but quickly realized that today consumers’ lives are entirely digitized: “I think that digital has become a way of life for consumers and I didn’t quite understand it at a point in time and when I eventually did the big question was how to reach them because a lot of them can do what we do now.

Creative agency It therefore behooves everybody in the entire spectrum to understand the role of digital and how we can use it as a platform to reach our consumers.

Even clients on the advertising side of the business want solutions that transcend mainstream media. Therefore, whether you go to our creative agency or our media agency, you find that they all understand digital”.

“Infact, a lot of our staffare Google certified so they understand the language and they can use it to communicate because we are in the business of communication”. Just as the role of digital media in effective marketing communications is beginning to take shape in Nigeria, the explosive growth in advertising spend by major global brands in Africa has really upped the ante for some countries on the continent. Back home in Nigeria, Shobanjo think the reverse is the case: “The total advertising spend last year was 150 billion Naira.

That’s not a lot, given the size of the Nigerian market of 1 7 5 million

people where 78% of whom are very young. When compared to what obtains in other countries, the market here is still relatively small. So, when you convert our total advertising spend in dollar terms at the black market exchange rate, how much do you think that is?

Even if we are to use the official exchange rate it’s still not as much as a billion dollars.Now, when you situate that to what a country like Ghana spends on advertising, not to talk of South Africa then you will get the point that I’m trying to make”.

He goes further to explain that the reason why advertising spend in Nigeria is not as high as it ought to be is because media rates are too low: “For the size of this market, the first question to ask is: what is the figure of largest circulating newspaper in Nigeria today”.

“Is there any Nigerian newspaper that circulates 50,000 copies per day? Even at that, how could a newspaper becirculating 50,000 copies in a country that has 175 million people? That’s where the problem comes from.

These are the issues and when newspapers don’t deliver large numbers, advertisers won’t pay high rates.

Proudest achievement And now, newspapers have just increased cover prices to 200.

The implication of that is that circulation will drop and that’s going to be another issue altogether ”. In a quest to consolidate on his legacy in Nigeria’s marketing communications industry, Troyka Holdings recently entered into an equity partnership with Publicis Groupe, a French multinational advertising and public relations company, headquartered in Paris.

The terms of the milestone deal makes Publicis a part-owner of Troyka with a 25 per cent equity holding. The Nigerian agency network will on the other hand become the sole representative of the global network in Nigeria.

That means they will fully warehouse the Publicis brands as its full-fledged partner in Nigeria.

“What we have is an equity partnership situation. They are part owners of Troyka; it naturally means that Troyka, as a member of the Publicis family, will inherit all the assets and liabilities that Publicis has in this market”. The joint venture with the world’s fourth-largest agency is Biodun Shobanjo’s proudest achievement. In many ways, it signals the birth of an initiative that he’s certain will outlive him: “Over the past 36 years we’ve built some very dynamic companies and when you reflect on these things you find that again history is replete with wonderful ideas and companies that Nigerians have built and as soon as the founders of those businesses die, those businesses flounder and die as well. I think that we need to turn what we’ve done into institutions that will outlive us and Troyka’s partnership with Publicis Groupe is one route to doing that”.

36—VANGUARD, MONDAY, APRIL 11, 2016

PANAMA LEAK: British PM publishes tax details as pressure grows

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RITISH Prime Minister David Cameron has released details of his income tax affairs for the past seven years in an attempt to defuse criticism of his investment in an offshore trust run by his late father.

Cameron became the first British leader to document his financial affairs hours after he told a meeting of activists from the Conservative Party, which he leads, that he was wrong to have been so slow to acknowledge his investment in Blairmore Holdings.

His father Ian, a millionaire stockbroker, organised the Bahamian investment fund with help from the Panamanian law firm Mossack Fonseca, which was the subject of a massive document leak last week.

The three-page summary of the prime minister's earnings and tax payments since 2009 showed on Sunday that Cameron made $15,297 (at the time) in profits from the 2010 sale of his stake in

Chad votes as Idriss Deby eyes fifth term this year his chances of

ca. winning again have been In the run-up to the strengthened by fracHE people of Chad have voted in a pres- election, security was tures in the opposition. idential election widely stepped up, with protest One prominent opposiexpected to deliver Pres- marches banned and ac- tion activist, Ngarlejy ident Idriss Deby a fifth tivists imprisoned.

Yorongar, was banned Despite Chad's new oil from standing. term in office.

Mr Deby, who took wealth, half its 13 million A referendum in Chad power in a coup 26 years people live in poverty. in 2005 scrapped a The opposition boycott- clause restricting presiCameron and his mother who gave him a £200,000 gift ago, is seen by Western ed the last election in dents to two terms but governments as a bulafter his father's death.

2011, allowing Mr Deby Mr Deby says he will rewark against Islamist an easy victory, while instate it if re-elected. militants in central AfriBlairmore shortly before he £46,899 from annual rental of the Cameron family home, became prime minister.

His wife recorded an equal and £3,052 in interest earned share of profit, allowing both from savings on deposit in a to narrowly avoid paying cap- London bank. Cameron also announced plans on Sunday ital tax on the shared gain.

Thedocuments,puttogether to create a so-called "task OTERS went to the

by English accountancy firm force" to scrutinise the inpolls in the Indian volvement of UK consortiums RNS and published by Cameron's Downing Street office, and individuals in funds and Ocean archipelago of the show that Cameron paid companies registered by Comoros on Sunday in a face-off between the cur£75,898 ($107,230) on tax- Mossack Fonseca. rent vice president and a It was also disclosed that able income of £200,307 (more than $280,000) in the most re- his mother gave him a former coup leader who £200,000 gift after his father's ruled the country for sevcent tax year.

His 2014-15 income includ- death which could potential- en years.

The second round of ed a prime minister's salary ly avoid inheritance tax, his the presidential election and expenses of £150,356, accounts show. comes after Vice President Mohamed Ali Soilihi - known as Mamadou - won the first round in February with 17.88 perof Paravur in Kollam disKerala's Home Minister cent of the vote.

President Dhoinine whose completion of a fiveThe two other contendtrict.

Ramesh Chennithala told year term in the archipelago is seen as a sign of ers are the governor of Thousands of people Reuters news agency growing stability in the Comoros were packed into the tem- that 60 of the 100 dead Grande Comore island, ple when an explosion had been identified while Mouigni Baraka, who was heard at about 3am the number of people ad- garnered 15.62 percent people lining up at poll- the opposition Juwa parlocal time. The blaze then mitted to hospitals in Kol- in the first round, and ing stations watched by ty, which has no candispread quickly through lam and the state capital 1999 coup leader Colo- a discrete police pres- date in the second nel Azali Assoumani, ence. the building, trapping had risen to 383. round.

Assoumani is seen as people inside.

Al Jazeera’s Divya Go- who took 15.10 percent.

Voting started calmly Mamadou’s main rival Local TV channels palan, reporting from The Juwa party split just after 0400 GMT, with after he was endorsed by showed footage of huge Delhi, said daily celebraover the endorsement, clouds of white smoke bil- tions were being held in lowing from the temple, the country to mark a as fireworks continued to Hindu festival. explode in the night sky.

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Tight race expected in Comoros presidential runoff

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Indian temple fire kills over 100

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massive fire has swept through a temple in the southern Indian state of Kerala during a fireworks display, killing at least 106 people and injuring more than 350 others.

The fire broke out on Sunday morning, officials said, when a spark from the show ignited a separate pile of fireworks that was being stored at the Puttingal temple complex in the coastal town

Staff evacuated from Libyan oil fields due to militant threat

BRUSSELS ATTACK: Bombers initially planned to hit France

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HE suspected surviv ing bomber in the Brussels attacks has admitted the group was initially planning a new attack on France, Belgian prosecutors say.

Mohamed Abrini said the group had decided to attack Brussels instead after the arrest of fellow suspect Salah Abdeslam.

He also reportedly admitted being the third bomber in the airport attack, fleeing without setting off his device.

Gun and bomb attacks in Paris on 13 November killed 130 people.

A further 32 were killed in the attacks on an airport and metro station in Brussels on 22 March.

Both attacks were C M Y K

claimed by the Islamic State group, based in Syria and Iraq.

Abrini, who was arrested in Brussels on Friday, re-

portedly told interrogators that the arrest of Abdeslam on 18 March had prompted the plotters to change track.

US 2016: Sanders beats Clinton in Wyoming caucuses

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ERNIE Sanders has won the latest stage in the battle for the Democratic nomination in the US presidential poll by securing victory in Wyoming.

The state's 14 delegates will be awarded proportionally. Mr Sanders has won seven of the latest eight states.

However rival Hillary Clinton maintains a clear lead in the overall race.

Both are concentrating their efforts on the key New York primary later this month.

In the Republican race, Ted Cruz won a clean sweep in Colorado.

In state assemblies which culminated on Friday, Mr Cruz won 21 delegates and a further 13 at the Colorado Republican Convention on Saturday.

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TAFF have been evacuated from three oil fields in eastern Libya because of fears of at-

tacks by Islamic State militants, but production has not been affected because the fields are shut,

National Card unveiled for Commonwealth citizens

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OPE has risen for the citizens of 54 Commonwealth Nations in their bid to have British citizenship enhancement status as well as protection from unlawful arrest, unlimited travel restriction in Britain and her territories.““This revelation was made by the Commonwealth Liberation Party (TCLP) during the party’s launch of British Commonwealth National Card (BCNC) recently in London.

The initiative which was backed by the Universal Declaration of Human

Rights (UDHR) 1948 will afford all members of Commonwealth Nations, automatic British subject status.

According to Protectorate Identity Commission, an agency of TCLP, some of the benefits embedded in being a holder of the British Commonwealth National Card includes: “The Protection of the Identities of Commonwealth Citizens and Non-Commonwealth Citizens and their Rights of Recognition in the globalised sustenance of economic relations”.

oil and security officials said on Sunday.

Islamic State militants have launched frequent attacks on Libyan oil fields and terminals in recent months, damaging facilities but not taking control of them.

Unlike in Syria and Iraq, Islamist militants have never controlled oil fields in Libya, but officials worry this could happen in the future, along with existing material and human damage.

Mohamed al-Manfi, an oil official based in eastern Libya, said the Wafa field had been completely evacuated and the Tibesti and Bayda fields were partially evacuated after security forces warned of possible planned attacks.

Vanguard, MONDAY, APRIL 11, 2016—37

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38—VANGUARD, MONDAY, APRIL 11, 2016

2015 presidential election.

Against the background of the fact that both men had not been seen on the same public platform since the May 29, 2015 transition, the Vanguard Awards presented a bold opportunity for the two men to publicly express themselves on the same stage.

Given the increasingly discordant tone in the land, especially fanned by the determination of the new All Progressives Congress, APC led administration to forge ahead with its programmes, Vanguard’s decision to bring Buhari and Jonathan together must have been a masterstroke in the eyes of many pundits.

Democratic instincts

VANGUARD AWARDS: When Buhari,

Jonathan renewed faith in Nigeria LAST Friday’s Vanguard Awards ceremony may have come and gone but the expressions of the joint winners of the Personality of the Year, 2015 would indicate abiding faith in the Nigeria project

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By Emmanuel Aziken, Political Editor

EMARKABLY, the two joint winners, President Muhammadu Buhari and his

predecessor Dr. Goodluck Jonathan were awarded the joint top recognition for their abiding faith in Nigeria. Buhari for his resilience and abiding

faith in democracy, using democratic means to seek the presidency three successive times before making a score.

Dr. Jonathan on the other hand

was honoured for his faith and acceptance of democracy as the will of the people especially in the light of his historic acceptance of the result of the

President Buhari PRESIDENT Buhari used the opportunity to address issues concerning his alleged slow response to the pains in the land.

Speaking through Mohammed, the president assured Nigerians that he is feeling the pains of the ordinary masses. The assurance came just ahead of the reported protest against the visit of VicePresident Yemi Osinbajo to Kano.

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S a government that was propelled into office by the •Buhari power of the people, we cannot but feel the pains of our compatriots, and we deeply empathise with them. We are working round the clock to ease the pains of Nigerians, and the efforts of the government have started yielding fruits as we seek to make the petroleum products available nationwide, restore gas supply to the power generating firms, reflate the economy and put Nigerians back to work.

We understand that Nigerians have started questioning whether this indeed is the CHANGE they voted for, while some have even gone as far as saying that by voting for our party, Nigerians C M Y K

have entered one chance.

Well, I can tell Nigerians that our CHANGE AGENDA is real, and that indeed, they will get the change they voted for. Nigerians have not entered One Chance, because the One Chance drivers and their conductors have been driven out of town.

While we cannot but provide context for the challenges being faced by our countrymen and women today, in the sense that it has taken years of mismanagement, corruption and inefficiency to get to this sorry pass, we make no excuses.

After all the people voted for us so we can correct the mistakes of the past and enthrone good governance. We are doing just that. But we want our compatriots to realize that 16 years of rot cannot be cleaned up overnight.

It is much easier to destroy than to build. But we are determined to rebuild our country and Continues on page 39

That the award committee vested the two men with the top prize was mainly centred on their democratic instincts and not based on other extraneous facts outside the pace and pattern of democracy.

Remarkably, nature and official commitments combined to rob the galaxy of Nigerians that were gathered for the awards ceremony at the high brow Expo Hall of Eko Hotel and Suites, Lagos last Friday the opportunity of seeing the two men together.

President Buhari’s trip to China seemed to have derailed his scheduled encounter. Dr. Jonathan on the other hand was held back in Yenagoa, Bayelsa State by the funeral ceremonies of Chief Dipereye Alamieyeseigha, the first civilian governor of Bayelsa State under whom, Dr. Jonathan served as deputy governor.

The fitting excuse, however, did not stop the two men from sending worthy Continues on page 39

Ex-President Jonathan FOR President Jonathan the opportunity was one for him to inform Nigerians of his next steps after his well applauded exit from power. Pointing at his future in human capacity development, the former president said:

I

WISH to end this remarks by again thanking Uncle Sam and the Management of Vanguard for this honour and recognition.

I also wish to let Vanguard and the wider media know that I will be seeking your cooperation as I embark on a post-presidential life of working with Governments in Africa, private sector as well as civil society to inspire more cooperation and commitment towards improving our societies and making a change in the lives of the ordinary people in our various countries. This will be the focus of my foundation which would be launched soon.

•Jonathan It is important to note that the work of the foundation will be more potent in two key areas.

First, is to work for good governance in our continent by promoting transparent, credible elections and peaceful transitions as a means of strengthening our institutions and fostering political stability.

The foundation would also be working to encourage young

Continues on page 39

VANGUARD, MONDAY, APRIL 11, 2016—39

By Mike Ebonugwo

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UST like a captivating movie. That is how a visibly impressed, and indeed overjoyed, guest described the Vanguard Personality of the Year Awards 2015 which held Friday night at the prestigious Eko Hotel and Suites in Lagos. The likening of the event to a potentially box office hit movie was quite apt.

And why not? It flowed from beginning to the end like a wellscripted movie boasting an engaging story line, impressive plot treatment, proper sequencing and creatively directed by a master of the art. A great credit to the organisers.

Indeed, it came across as a big and impressive show that did not fail to elicit rapturous effusion of praises from most of those who attended it. First, was the grand layout of the event venue that sparkled and glowed with colour and glamour.

This was complemented by the carnival-like atmosphere created by the impressively attired participants, especially the guests who more or less represented a roll-call of who is who in the media, in politics and governance, business and industry, entertainment, including Nollywood, music industry and the rapidly expanding world of comedy.

Indeed, fashion was in full expression, with the men strutting around in sartorial elegance while the younger of the women cat-walked and swayed seductively in their skimpy and flamboyant wears as they made a bold statement that world of fashion is theirs to conquer.

Cultural troupes For the older women, maturity demanded that fashion is expressed with elegant poise.

The arrival of the awardees was not without its own fanfare. Some of them came accompanied by cultural troupes whose drumming, singing and dancing lent a festive air to the entire programme. Among these praise-singing cultural groups were two Igbo cultural dance troupes, the Ugonabo Umuoji and the Obieziokwu.

The former came with some masquerades in tow and drew a large crowd of curious onlookers during its performance. The latter which was an all-women group led by Mrs Ndidi Acholonu came at the instance of High Chief John Nwosu, the Eze Ndigbo of Mushin, Lagos, aka Obieziokwu 1 of Mushin to lend support to Second Republic Vice President, Dr Alex Ekwueme, who was honoured with a Lifetime Achievement Award.

According to Mrs Acholonu, the dance troupe was on hand to join Vanguard to celebrate an icon, one who has contributed immensely to the development of Igboland and Nigeria in general.

Inside the hall, a musical group, C M Y K

An entertaining celebration of excellence and achievements

VANGUARD AWARDS:

•Award Winners -From left, Mr Dele Alake, representing Bola Tinubu, Kashim Shettima, Governor, Borno state, Ibrahim Dankwwambo, Governor Gombe state, Adams Oshiomhole, Governor, Edo state, Dr Alex Ekwueme, Former Vice President, Mr Sam Amuka, Publisher Vanguard Newspapers, Dr. Oba Otudeko, Chairman of the occasion, Alh. Lai Mohammed, representing President Muhammadu Buhari, Senator Ibikunle Amosun, Governor, Ogun state, Chief Dr. Mrs Nike Akande, President, Lagos Chamber of Commerce and Industry, Mr. Jim Ovia, Chairman, Zenith Bank plc, Prince Dayo Adeyeye, representing Dr. Goodluck Jonathan and Chief Ede Dafinone, representing David Dafinone

the Sharp Band, entertained the audience with some popular hit tracks of yesteryears. Soon enough the event took off rather smoothly with the comperes confidently on the driving seat.

One of them, Helen Paul aka Tatafo, did not waste time in displaying her comedy signature of speaking in a mimicry of a naïve eight or ten-year-old girl.

Her trade mark comical pitch was considered necessary for a ceremony that had on parade as award recipients some of the most celebrated and influential personalities in politics,

governance and the corporate world. At least to dilute the

It flowed from beginning to the end like a well-scripted movie boasting an engaging story line, impressive plot treatment, proper sequencing

boredom of long-drawn speeches which fortunately was not the case during the event.

Indeed, Tatafo lived up to her billing in this regard as she theatrically engaged her partner in comical arguments or disagreements about the night’s proceedings.

The laughter her theatrics engendered soon heightened when ace stand up comedian, Kofi, was invited on stage. He was soon in his elements as he made rib-cracking jokes of the lingering fuel scarcity in the country among other

When Buhari, Jonathan renewed faith in Nigeria Continues from page 38 representatives. Alhaji Lai Mohammed, the minister of information and former spokesman of the APC was on hand as a fitting representative for the president.

President Jonathan was also represented by Prince Dayo Adeyeye who served in the

Jonathan cabinet as minister of state for works.

The award ceremony on Friday, April 8 was a night when leading elements in the professions combined with one another to rekindle the Nigerian I can do spirit.

The Vanguard Award ceremony also brought to light the willingness of Nigerians to

President Buhari Continues from page 38 to make life more abundant for our people.

Change is a process, and that process has begun. We commend Nigerians for their perseverance. We urge them not to lose their confidence in the ability of this Administration to bring about the much-needed change.

The pains of today are temporary, and will soon give way to abundance joy as we put our country firmly on the path of sustainable growth and development.

melt their various differences when opportunity so demands.

Outside the hall, Igbo cultural groups easily intermingled with cultural groups from the far north in a seeming dismissal of the divisiveness that have recently attended dealings between some of the country ’s leading ethnic groups.

Ex-President Jonathan Continues from page 38 men and women in Africa to develop businesses of their own as a way of mitigating the dire jobless situation among our teeming young population.

The foundation’s idea of promoting youth and women entrepreneurship will centre around building their capacities, sharpening their business skills and assisting them to access take-off grants.

That way, we will be able to set up micro, small and medium enterprises of their own while placing less emphasis on paid employment.

developments of national concern.

The musical interludes, with different musicians performing, also accentuated the dramatic relief which the audience so much craved. Performances by Harry Song, Kycee, Olumide and home boy, Finest were loudly applauded.

Perhaps more so was Olumide’s moving rendition of Doris Day’s famous number, Que Sera Sera which obviously appealed to the gathering like a cherished anthem as many of them sang enthusiastically along while the performance lasted.

Juicy meat of the feast The cultural dance groups also took their turns to perform, especially when some of the award recipients were called out to be honoured. They also clearly left their mark in the hearts of members of the audience who enthusiastically applauded their efforts.

But even as the audience savoured the performances and basked in the entertainment they offered, all knew that the presentation of the awards remained the juicy meat of the feast. And they did not have long to wait for this.

It all began with former Ogun State governor, Olusegun Osoba being invited to present Senator David Dafinone with the Lifetime Achievement Award which was received by one of the famous accountant’s sons.

40—Vanguard, MONDAY, APRIL 11, 2016

C M Y K

Vanguard, MONDAY, APRIL 11, 2016—41

IPOB, Igbo youths, women fault DSS claim on killing of northerners

By Emeka Mamah & Chimaobi Nwaiwu

E

NUGU—THE Indigenous People of Biafra, IPOB, Igbo Youths Movement, IYM and the Igbo Women Association, IWA, yesterday denied the claim by the Department of State Services, DSS, that five northerners were killed and buried in a forest in Abia State, saying that it was a ploy by the Federal Government to engineer another round of mass killing of Igbo in the north.

They made this known in three separate statements made available to Vanguard in Enugu, adding that it was “not in the character of IPOB as a non-violent organization to kill innocent people.”

According to them, the Federal Government, “ with a predetermined agenda to cloak IPOB in the garment of violent organisation deliberately designed such propaganda in order to ignite ethnic cleansing.”

help of Boko Haram detainees.

IPOB, in a statement by its Media and Publicity Officer, Mr Emma Powerful, said the Federal Government, the Department of State Services, DSS and officials of Kuje Prison held a meeting where they agreed that they will use Boko Haram detainees to eliminate Mr. Kanu.

IPOB said: “In the meeting, they agreed to use some

acclaimed Boko Haram leaders who were arrested and kept in an unknown prison but will be brought to Kuje prison after being taken to court, where they will be remanded in the same prison with Mr Kanu and be given weapons to attack him and claim he insulted them which led to physical combat that claimed his life.

“Another game plan, according to our intelligence

arm, revealed that the Boko Haram fighters will break into where Mr Kanu is presently being detained in Kuje prison to assassinate him by strangling him to death and afterward, escaping from the prison and then government will claim that the Boko Haram attacked the prison to free their members who were detained in the masterminded jail break,” said IPOB.

Another plot to kill Kanu

Also yesterday, the Indigenous People of Biafra, IPOB, again alleged that it has uncovered another plan by the All Progressives Congress, APC-led Federal Government to assassinate its leader, Mr. Nnamdi Kanu, in Kuje Prison through the

VISIT: From left: Mr. Tony Ojobo, Director, Public Affairs, Nigerian Communications Commission, NCC; Prof. Umar Danbatta, Executive Vice-Chairman, NCC; Johan Jemdahl, Managing Director, Ericsson; Mr. Usman Malah, Chief of Staff to Danbatta and Mr. Shiletsi Makhofane, Head, Government and Industry Relation, Ericsson, during the courtesy visit

by Ericsson to the Commission.

Enugu govt, Fulani herdsmen agree on c'ttee to curb violent clashes

By Emeka Mamah

F

ULANI herdsmen operating in parts of Enugu State and the state government, yesterday, agreed to set up a joint standing committee to entrench lasting peace and harmony between the host communities and the herdsmen and also curb criminalities suspected to be perpetrated by the herdsmen.

The decision was a major outcome of a crucial meeting between the herdsmen and Governor Ifeanyi Ugwuanyi at Government House, Enugu, convened by the governor who has been seeking ways to arrest the growing insecurity generated by frictions between the herdsmen and members of their host communities.

Governor Ugwuanyi, who played host to the herdsmen operating under the aegis of Miyetti Allah Cattle Breeders Association of Nigeria, South- East zone, who came in their numbers, explained the reason for convening the meeting, saying it was to forge a better relationship with the cattle breeders and curb on-going frictions between them and their hosts, especially in view of the recent clash between Fulanis and the people of a community in Awgu council area C M Y K

of the state.

The governor told them that “this meeting has been summoned essentially for purposes of entrenching peace in Enugu State. It will, however, dwell on recent happenings in the state which are not only posing a significant threat to peace and the security of lives and property of our people but are also threatening to spiral out of control.

“We are all witnesses to the

rising wave of undesirable incidents and criminal activities in the state particularly kidnapping, armed robbery and clashes between Fulani herdsmen and farmers in some rural communities in Enugu State."

The chairman of the cattle breeders, Alhaji Gidado Sidikki, in his address, enumerated incidents that have constituted sources of estranged relations between them and their hosts

and appealed to the governor to do all within the ambit of his powers to reverse the situation.

“We are aware that such incidents are currently promoting a sense of insecurity and restiveness among our people and if not promptly and effectively checked, could lead to a breakdown of law and order as well as avoidable but potentially lethal clashes between groups or communities in the state."

NERC commissions Awka, Abakaliki forum offices

By Emeka Mamah

T

HE Nigerian Electricity Regulatory Commission, NERC, will commission two additional Forum Offices in the South-East in line with its mission to promote and ensure an investor-friendly environment as well as meet the quest of Nigerians for safe, adequate, reliable and affordable electricity.

The forum offices which are under the jurisdiction of the Enugu Electricity Distribution Company, EEDC, include Awka, Anambra State and Abakaliki, Ebonyi State.

The Minister of Labour and Employment and former governor of Anambra State, Dr Chris Ngige, will commission the Awka Office on Thursday, April 14, 2016, while his counterpart in the Ministry of Power, Works and Housing, Babatunde Fashola, SAN, will commission the Abakaliki office on Thursday, April 28.

The commissioning will bring the total number of Forum Offices within the Enugu Electricity Distribution Company, EEDC, coverage area to three including Enugu, with the Zonal Office in Owerri, Imo State.

A statement by the Head, Communications, EEDC, Emeka Eze, stated that “the setting up of the forum offices

by NERC is to ensure that electricity disputes are resolved and that customers have a say in what affects them as customers of electricity providers.

“With the commissioning of these additional offices, customers can now lodge their electricity complaints at any of the NERC offices at the following location/address: Abakaliki Forum Office: 3 Ezekuna Crescent, Off Nsugbe Street, Abakaliki, Ebonyi State. "

N90bn Onitsha shopping mall for commissioning Friday

By Vincent Ujumadu

A

WKA—THE N90 billion shopping mall built by Anambra State Government, in collaboration with a private investor in Onitsha is to be commissioned Friday next week.

The construction of the project began 30 months ago, and by yesterday those who rented the shops were putting finishing touches and getting ready to start business after the commissioning.

The mall is one of the three inherited by the Willie Obiano administration from his predecessor, Mr. Peter Obi. The other two are located at Awka and Nnewi and would be completed before the end of this year, according to Governor Obiano’s Special Adviser on Economic Planning and Budget, Mr. Mark Okoye.

The Mall has a land size of 40,000 square metres, with gross built area of 18,000 square metres and gross letable area of 12,000 square metres. It also has capacity to accommodate 450 cars.

Imo Speaker calls for regular eye tests

By Chidi Nkwopara

O

WERRI—THE Speaker of Imo State House of Assembly, Chief Acho Ihim, has appealed to the citizenry to embrace regular eye tests to avoid what he termed “the increasing but avoidable loss of vision among the people.”

Chief Ihim, who also doubles as the Vice President, C o m m o n w e a l t h Parliamentary Association, African Region, made the call, weekend, at Umuozu Health Centre, Nwangele Local Government Area of the state, while flagging off the free eye screening exercise organized by one of the communications network providers in the country.

“The eye is the window of the entire body. Without functional eyes, a person will be thrown into total darkness”, Chief Ihim said.

According to the Speaker, with good eyesight, one can distinguish between food with adequate oil and one without oil, stressing that it was therefore imperative for all Imolites to check their vision regularly.

42—Vanguard, MONDAY, APRIL 11, 2016

Financing our future

By Kemi Adeosun

W

RITING this, my third article on the economy, I’m keenly aware that the question Nigerians want answered is: what is government doing to address our economic challenges? The first thing to state is that there are no quick fixes, but our strategy is clear and the expected outcomes are pretty compelling. Our immediate economic imperative is to provide a Keynesian stimulus to reflate the economy. The 2016 focus is underpinned by a desire to radically reposition Nigeria’s economy. This administration believes very strongly that the previous direction was far from optimal. We are pursuing a fresh direction consistent with our belief in building a resilient economy.

The strategy itself is worth reiterating. The 2016 Budget is being debt funded and the borrowings are targeted at the financing of capital projects to address the infrastructure deficit, create jobs and build the platform for optimisation of the non-oil economy that will see Nigeria prosper. To this end, we have commenced an aggressive programme of fiscal housekeeping: increasing revenues and reducing recurrent expenses. This will ensure that we move towards our objective of financing recurrent expenditure from revenue, rather than borrowing as obtained before now.

KEMI ADEOSUN In addition, we have signalled through our financial decisions that we are moving away from oil. Government investment in oil will be limited. We are inviting private sector participation in the funding of cash calls for our Joint Ventures rather than tapping the Federation Account. This is guaranteed to improve our cash flow. As I have stated previously, oil is important but oil is not enough. Therefore, if faced with an option to invest borrowed funds in our railways or power or fund oil cash calls, we will strategically fund non-oil. This is in the knowledge that there are private sector solutions to the funding needed for oil, but few sources other than government for investment in physical infrastructure.

The debate about whether Nigeria should borrow is well

intentioned and cannot be dismissed without careful analysis, given our antecedents as a nation. I am in agreement with those who argue that Nigeria should not borrow simply because its debt to GDP level is low enough to accommodate such borrowing.

There must be a clear business case backed by justifiable benefits. I believe that Nigeria has such a case at the present time. Simply put, we need capital investment to grow our economy.

At 13% debt to GDP, we compare favourably with the threshold of 30% for developing economies.

Our low debt to GDP ratio is not exactly a positive attainment because it is accompanied by critically low level of infrastructure investment. It is actually a false economy. Low capital formation is a risk which, if uncorrected, hinders future economic growth and this is already evident.

Borrowing, as we propose, will increase debt to GDP to 16% and still leave us significantly lower than our peer group including Ghana at 70%, South Africa at 50% (2015) and Angola at 31% (2014).

Appropriate levels of fiscal deficit have been used to grow many of the most successful global economies.

Economic multiplier effect As ours develops, our sources of revenue will grow, diversify, and become less susceptible to external shocks. Our need to borrow will reduce accordingly.

It’s important to note that capital spending creates an asset, and this gives a return over time in the form of growth. Infrastructural projects such as rail and roads create jobs, generate taxes and stimulate further spending. This is the economic multiplier effect that capital spending brings.

Therefore, while an increase in public spending may create a deficit in the short term, the resultant increase in productivity will lead to a higher rate of economic growth and greater tax revenues. According to the International Finance Corporation (IFC), for every one billion US dollars invested in infrastructure in developing economies, between 49,000 and 110,000 jobs are created.

Our borrowing policy will remain conservative and will see us access the lowest available funds, hence our decision to approach multilateral agencies in the first instance, for budget support at concessional rates as low as 1.5% per annum. We have also secured commitments from Export Credit Agencies that are tied to specific capital projects including key initiatives in power, transport and other infrastructure, and at semi-concessional rates.

The balance will be sourced commercially to create a blended cost of capital that’s as low as

Nigeria possible. We are addressing the relatively high debt service to revenue ratio which saw 28.1% of our 2015 revenues devoted to debt. This will be done through a systematic restructuring of inherited debt portfolio into a profile that is aligned with our medium term outlook as well as an increase in our revenues.

Borrowing is not our primary focus. Increasing our Internally Generated Revenue is critical because it is sustainable; and because much of the funds collected went unremitted to Government – something we are tackling now.

Revenue collection processes Our Revenue Team holds daily revenue sessions with MDAs during which clear targets are set and agreed; monitoring and evaluation are continuous. We are deploying cash-less revenue collection processes in our high earning agencies to ensure maximisation of our receipts. We are working through Treasury Single Account balances with a view to identifying monies that can potentially be used to fund the budget and reduce borrowing.

Other costly leakages are being blocked. We have completed a detailed review of tax and duty waivers and discovered that in some cases, Nigeria lost significant revenues and with limited benefits. We are set to begin consultations with stakeholders on a revised policy aligned with the best interests of Nigeria.

Furthermore, we are identifying funds that can be released from hitherto untapped

There is sufficient diversity of opportunity which our capital investment can unlock

President Buhari sources, including idle and underutilised government assets that have commercial potential including real estate. To this end, Ministry of Finance Incorporated (MOFI) is to become a professionally operated Asset Manager, rather than a passive holder of government assets. It will be actively managed to ‘sweat’ Nigeria’s very valuable global asset portfolio. This will generate earnings and constitute additional budget funding.

Gradually and with the requisite safeguards, we will authorise the investment of part of the estimated N6Tn currently held in pension funds into key infrastructure that will provide workers with higher returns on their pension funds while enhancing capital formation and economic growth. Nigeria’s first ever Project Tied Infrastructure Bonds are being designed.

These are novel structures that will see borrowings tied to specific revenue generating projects, bringing private sector financial discipline to the project structuring and delivery process, thereby improving value.

Our first quarter-planned release of N350Bn is ready and is sure to have significant impact, in addition to exploring opportunities to reduce contract prices. Our conditions for release of funds are clear and the mandate is a simple one: to define and agree the number of Nigerians to be engaged as a result of this funding. Priority will be given, without apology, to those creating jobs and opportunity for Nigerians. This level of investment, predominantly capital, exceeds the total capital spend for the whole of 2015 and the tempo will be sustained until the green shoots of recovery begin to appear.

John Maynard Keynes’ famous quote on fiscal stimulus - that when economies a r e depressed, “Government should pay one man to dig a h o l e and pay

another to fill it back” - is an extreme example and suggests an economic benefit in seemingly pointless activity. In Nigeria’s case, the activity to be triggered will be a fully productive one. We will pay men and women to meet our critical needs in power, transport, housing, agriculture, solid minerals, health and education - and lay the foundation for a collective future that is more positive than our current situation may suggest.

One of Nigeria’s greatest strengths is the resilience of her people. Even beyond our shores it is widely acknowledged that if you can survive in Nigeria, you can thrive anywhere. Our ability to overcome obstacles and our ingenuity in exploiting opportunities, are legendary; our economic policy will ensure more of us succeed in creating wealth.

Sufficient diversity There is sufficient diversity of opportunity which our capital investment can unlock. We will always celebrate the emergence of billionaires, of course, but we recognise that a thousand millionaires have greater fiscal impact. Therefore, where the number of private jets was touted in the past as a measure of success, we will take pride in the number of people lifted out of poverty, and the number of new jobs created. The idea that Nigeria can succeed this time is, for some, unthinkable. But for those of us privileged to be part of this determinedly patriotic team led by President Muhammadu Buhari, it is and will be possible.

Mrs. Kemi Adeosun is the Minister of Finance

Vanguard, MONDAY, APRIL 11, 2016 — 43

LEISURE

YOUR LUCK TODAY

By Joshua Adeyemo Phone 08056180139 LIBRA: Pressure that came your way suddenly will give way unexpectedly, today, to the betterment of your course.

The more financially ambitious you are today, the better for you. Be steadfast.

SCORPIO: You sincerely believe in intelligent argument or discussion. And if you allow your ability to be diplomatic come to play today, you’ll be better for it. Enjoy your love life.

SAGITTARIUS: You’ll tend to become both creative and persuasive to the administration of others. Then those who’ve been resisting secret love may slip suddenly and become excited.

CAPRICORN: Even if opposition persists, supports you are getting from the influential people will be enough to see you through. Yet, the more cooperative you are the better.

AQUARIUS: Your creativity quotient within your working arena will today be enhanced. You’ll be blamed if you keep official issues secrets from your challenges at work.

THOUGHT FOR TODAY

By Richard Eromosele

Limiting Your Expectation

R

ECENTLY, a journalist acco sted me and wanted to know from me what my expectation is concerning the new government. My answer simply is:

I expect nothing special. Before you crucify me, let me ask you. Haven’t we been having new governments

TERROR MUDA

in Nigeria? Government come and go but our problems don’t just remain, they get bigger and bigger.

in “Never say goodbye”

Over the years, I have learned not to expect much from government as well as individuals. My policy is: blessed is he that expects nothing for he shall not be disappointed.

By Lanre Kehinde

PISCES: After a few tension soaked days, you’ll have the needed opportunity to look through windows of the world and have your way as well. Magnetic and/or magic days is predicted for lovers today.

ARIES: Even if you continue to work under pressure via increased workload, you will have good results to show for your efforts today. Be steadfast.

TAURUS: Promise made to genuine personalities should be kept if not because of today but for better tomorrow. Be reasonable and clean.

GEMINI: Those of you willing to let go hard feelings at work are for a progressive day to the betterment of your finances. Let go yesterday, move ahead.

CANCER: Once again, you’ll have the needed opportunity to assert yourself to the administration of others. Both love and financial success can be yours with efforts. Reason with your tried and trusted friends.

KAPTAIN AFRIKA

in

“Pretty Lunatic’

By Andy Akman

LEO: You can make it a successful day with positive approach on your part. You will be in a better position to defuse tension within your working arena. Try to be more ambitious.

VIRGO; Yes! You’re not scared a bit even, when opposition and/or competition come your way but, if you give in to diplomatic approach, you’ll fare better today.

ASTROLOGICAL COUNSELLING Send yyour our dat tr ological datee and place of bir th ttoo the As Astr trological Counselling, PP.M.B .M.B 1100 00 7, Apapa, Lagos 007,

What’s my Horoscope?

Dear Joshua, Kindly tell me how the planets lined up when I was born and the day of the week I was born but don’t publish my date of birth.. Please tell me my full horoscope Anonymous, Nigeria.

VIRGINIA

dadadekola@yahoo.com

Dear Anonymous, You were born on a Sunday.

YOUR HOROSCOPE DATA Day of Birth = Sunday Sun Sign = Scorpio. Sun in Zero Degree of Scorpio Moon Sign = Libra: Moon in 5th Degree of Libra Mercury in 12th Degree of Scorpio Venus in Zero Degree of Sagittarius Mars in 1st Degree of Aquarius Jupiter in 29th Degree of Cancer Saturn in 10th Degree of Scorpio Uranus in 27th Degree of Cancer Neptune in 25th Degree of Libra Pluto in 26th Degree of Leo North Node in 8th Degree of Capricorn South Node in 8th Degree of Cancer No planet in earth spar sign, one in available, two in fire, three in air, four in cardinal, fixed and water star signs hosted five planets each.

PHYSICAL INFLUENCE = 50% NON-PHYSICAL INFLUENCE =50% PLANET AT HOME = NONE ANALYSIS OF THE HOROSCOPE DATA You are both an intelligent and emotional person. And as there was planet at home when you were born, too many ideas will always struggle for prominent place in your mind, thus decision making is difficult but most times, your intelligence comes to the rescue.

Certainly, you appear to other as a gentle person who can be mistaken for soft fellow but your inner-self is the personality with a steel like will power.

You are the consistent type who may find it difficult to change once you have made up your mind as indicated by distribution of the planets as written out in paragraph two of this exercise.

One major challenge you have been battling for a very long time is constant worries, some times, necessarily and the other time, uncalled for, as indicated by conjunction Mercury and Saturn formed when you were born.

HOME & ABROAD

By Lawrence Akapa

44—Vanguard, MONDAY, APRIL 11, 2016

Vanguard CLASSIFIED AKPOGHENE—I, formerly known and addressed as Miss Akpoghene Oke Ejiro Anita, now wish to be known and addressed as Mrs. Anita Marvel Dick. All former documents remain valid. General public please take note.

ERUVWESEMEWHANRA —I, formerly known and addressed as Robert Comfort Eruvwesemewhanra, now wish to be known and addressed as Asiughwu Comfort. All former documents remain valid. General public please take note.

CHIMELU—I, formerly known and addressed as Chimelu Stanley, now wish to be known and addressed as Nlemelu Stanley Chinazor. All former documents remain valid. General public please take note.

OGODOGBO—I, formerly known and addressed as Miss Ogodogbo Ejoke Tina, now wish to be known and addressed as Mrs. Aruwa Ejoke Tina. All former documents remain valid. General public please take note.

Confirmation of Name

Addition of Name KINGSLEY—I, formerly known and addressed as Augustine Kingsley, now wish to be known and addressed as Augustine Kingsley Anighoro. All former documents remain valid. General public please take note.

EBOTA—I, formerly

HOUNZA—I, formerly

known and addressed

known and addressed

as Miss Cecilia Ebota,

as Hounza Jacob, now

now wish to be known

wish to be known and

and addressed as Mrs.

addressed as Samuel

Cecilia Alemeke. All

Jacob. All former

former documents

documents remain

remain valid. General

valid. General public

public please take.

please take note.

public please take note.

AKANDE—I, formerly known and addressed as Sunday Oluwaseun Akande, now wish to be known and addressed as Sunday Oluwaseun Ayomide.

All former documents remain valid. General public please take note.

OWENS-IBIE—I, formerly known and addressed as Miss Lisa Abiemwense Owens-Ibie, now wish to be known and addressed as Mrs. Lisa Abiemwense Egbon. All former documents remain valid. General public please take note.

UDUMUKWU—I, formerly known and addressed as Ezinne Chidinma Udumukwu, now wish to be known and addressed as Ezinne Chidinma Osisiogu. All former documents remain valid. General public please take note.

OKOH—I, formerly known and addressed as Miss Okoh Chioma Gloria, now wish to be known and addressed as Mrs. Ekeke Chioma Gloria. All former documents remain valid. General public please take note.

OTUOHERE—I, formerly known and addressed as Miss Otuohere Love Onyinyechi, now wish to be known and addressed as Mrs. Anyanwu Love Onyinyechi. All former documents remain valid. General public please take note.

BAKARE—I, formerly known and addressed as Bakare Ayo, now wish to be known and addressed as Mrs. Sagay Umukoro Ayo. All former documents remain valid. General public please take note.

Confirmation of Name

I hereby confirm that the name Adebimpe was abbreviated in my name as, Bimpe Joy Koiki but my full name is Adebimpe Joy Koiki.

All former documents bearing both names remain valid. General public please take note.

OGUERI—I, formerly known and addressed as Miss Ogueri Elizabeth Chioma, now wish to be known and addressed as Mrs. Osuhon Elizabeth Chioma. All former documents remain valid. General public please take note.

OBUAH—I, formerly known and addressed as Miss Helen Ifunanya Obuah, now wish to be known and addressed as Mrs. Helen Ifunanya Okafor. All former documents remain valid. General public please take note.

OKEKE—I, formerly known and addressed as Miss Okeke Joy Nneoma, now wish to be known and addressed as Mrs. Mba Joy Nneoma. All former documents remain valid. General public please take note.

AKANG—I, formerly known and addressed as Miss Rosemary Nnana Akang, now wish to be known and addressed as Mrs. Rosemary Emmanuel Solomon. All former documents remain valid. General public please take note.

AKANKALI—I, formerly known and addressed as Miss Eziafa Esther Akankali, now wish to be known and addressed as Mrs. Eziafa Esther Yogo. All former documents remain valid. General public please take note.

EKONG—I, formerly known and addressed as Ekong Mensah Emmanuel, now wish to be known and addressed as O n y a m e k y e Emmanuel. All former documents remain valid. General public please take note.

OSUAGWU—I, formerly known and addressed as Gloria Okeibunor Ozoemena Osuagwu, now wish to be known and addressed as Gloria Okeibunor Ozoemena.

All former documents remain valid. General public please take note.

JOSEPH—I, formerly known and addressed as Joseph Emmanuel Abuh, now wish to be known and addressed as Abutu Joseph. All former documents remain valid. General public please take note.

CHIKA—I, formerly known and addressed as Miss Okwumbu Chika Judith, now wish to be known and addressed as Mrs. Chika Judith Okwumbu Nkwor. All former documents remain valid. General public please take note.

PAT I E N C E — I , formerly known and addressed as Miss Eghwubare Emotivere Patience, now wish to be known and addressed as Mrs. Asayenu Tivere Patience. All former documents remain valid. General public please take note.

IKPOKU—I, formerly known and addressed as Okeoghene Uremezi Ikpozu, now wish to be known and addressed as Mrs. Okeoghene Uremezi Diji. All former documents remain valid. General public please take note.

OKEH—I, formerly known and addressed as Miss Okeh Rita, now wish to be known and addressed as Mrs. Utuedor Rita Ogheneyole.

All former documents remain valid. General public please take note.

OGUDE—I, formerly known and addressed as Miss Joanne Okeoghene Ogude, now wish to be known and addressed as Mrs. Joanne Okeoghene Akolo. All former documents remain valid. General public please take note.

Confirmation of Name

Confirmation of Name

The names, Useh Uruemuesiri Godwin and Useh Godwin belong to one and the same person but now wish to be known and addressed as Useh Uruemuesiri Godwin.

All former documents remain valid. General public please take note.

The names, Oghogho Mary and Oghogho Efemena Merry belong to one and the same person but now wish to be known and addressed as Oghogho Efemena Merry. All former documents remain valid. General public please take note.

AKHAMIE—I, formerly known and addressed as Miss Bolanle Sidikatu Akhamie, now wish to be known and addressed as Mrs. Bolanle Sidikatu Oraseme. All former documents remain valid. General public please take note.

OYA K H I R E — I , formerly known and addressed as Miss Ivbuoaemi Syngle Oyakhire, now wish to be known and addressed as Mrs. Ivbuoaemi Syngle Okokpujie. All former documents remain valid. General public please take note.

O D U S A N YA — I , formerly known and addressed as Miss Odunsanya Wasilat Oluwatoyin, now wish to be known and addressed as Mrs. Tijani Wasilat O l u w a t o y i n Oluwanishola. All former documents remain valid. General public please take note.

A K A N D E — I , formerly known and addressed as Miss O l u w a t o y i n Oluwakemi Akande, now wish to be known and addressed as Mrs. O l u w a t o y i n Oluwakemi Oyewo.

All former documents remain valid. General public please take note.

EZE—I, formerly known and addressed as Opara Chimezie Eze, now wish to be known and addressed as Opara Chimezie Ezekwesili. All former documents remain valid. General public please take note.

SUNDAY—I, formerly

ODIEN—I, formerly known and addressed as Miss Edith Eruvwhu Odien, now wish to be known and addressed as Mrs. Edith Eruvwhu Omokoro. All former documents remain valid. General public please take note.

Correction of Name My correct name is George Konfaa Oribrimate , but it was wrongly written as Goerge Oris Oribrimate on some of my documents. All former documents remain valid. General public please take note.

C H I AW U O T U — I , formerly known and addressed as Victoria Chiawuotu Okere, now wish to be known and addressed as Victoria Chibuzor Christian Ubanyionwu.

All former documents remain valid. General public please take note.

O L U WA F O R — I , formerly known and addressed as Oluwafor Eniola Aina, now wish to be known and addressed as Lasisi Eniola Aina. All former documents remain valid. General public please take note.

TUNDE—I, formerly

EGWAGWA—I, formerly known and addressed as Miss Egwagwa Oghogho Lucy, now wish to be known and addressed as Mrs. Oghogho Lucy Amazino. All former documents remain valid. General public please take note.

known and addressed as Rebecca Sunday, now wish to be known and addressed as Eyerike Rebecca. All former documents remain valid. General public please take note.

I, Essilie Peter Ubi hereby confirm that the names Edify Peter Ubi and Ubi Essilie Peter as they appear on some of my documents refer to one and the same person. All former documents remain valid. Access Bank, NYSC and general public please take note. known and addressed as Tunde Ganiyatu, now wish to be known and

addressed

as

Babatunde Ganiyat. All former

documents

remain valid. General

Vanguard, MONDAY, APRIL 11, 2016 — 45

Vanguard CLASSIFIED FAKEYE—I, formerly known and addressed as Boladale Olabimpe Fakeye, now wish to be known and addressed as Boladale Olabimpe AkintoyeAgoro. All former documents remain valid. General public please take note.

Oluwafemi Joshua dethrones world heavyweight boxing champion

C

HARLES Martin has lost his International Boxing Federation (IBF) title to Nigerian-born British boxer Anthony Joshua in their title bout Saturday.

The bout which took place at the 02 Arena in London saw a more confident Joshua snatching the heavy weight title at the second round after stunning the former champion.

Joshua was on the front foot from the beginning and had Martin rattled in just the first round.

The 26-year-old then

UMBA—I, formerly known and addressed as Mr. Moses Paul Umba now wish to be known and addressed as HRH Moses Okafor Ngele. All documents bearing former names remain valid. The general public should please take note.

OBIEZE—The entire family of Obieze Oseloka Ikechukwu Henry and Ifeoma Chizoba wishes to be known and addressed as Success Oseloka Ikechukwu Henry and Success Ifeoma Chizoba. All former documents bearing Obieze remain valid.

General public please take note.

OGUJIUBA—I, formerly known and addressed as Miss Linda Chinwendu Ogujiuba, now wish to be known and addressed as Mrs. Amina Chinwendu Jibo. All former documents remain valid. General public please take note.

NWA N G W U— I , formerly known and addressed as Miss Nwangwu Mabel Nneka, now wish to be known and addressed as Mrs. Ogbaji Mabel Nneka (Nee Nwangwu). All former documents remain valid. General public please take note.

Confirmation of Name

This is to confirm that the name(s) Onah Sunday Chisom and Onah Sunday Kingsley refer to one and the same person. That I now wish to be known and addressed as Onah Sunday Kingsley. All former documents remain valid. First Bank Plc and the general public please take note.

AJAYI—I, formerly known and addressed as Miss Ajayi Bolaji, now wish to be known and addressed as Mrs. Adesida Bolaji. All former documents remain valid. General public please take note.

C M Y K

caught Martin with a counter right hand, sending him crashing to the canvas, before landing another big right for a knockout win.

Champion Martin, who was making the first defence of the title he won in January, entered the ring wearing a tall crown, a furtrimmed, velvet cape and a smile. But the smile soon disappeared.

Some thought previously unbeaten Martin, 29, would trouble Joshua with his southpaw stance – he was the first left-hander Joshua had faced in the paid ranks – but he barely threw a punch in anger.

IOC/NOC advanced spor ts management course begins in Lagos

CHAMPION... Oluwafunmi Joshua displays his new World Heavyweight belt.

Zenith WBL: 18 teams hit Asaba for second phase

T

HEsecondphaseofthe Zenith Bank Women Basketball League starts today (Monday) at the basketball court of the Asaba Township Stadium, Delta State as the race for the final8playoffgathersmomentum.

The flagship Nigerian women league organised by the Nigeria Basketball Federation (NBBF) will involvealleighteenclubsthat made up group A and group B. Defending champion, Dolphins basketball club will look to consolidate its grip of group-Aasitwillbattleagainst eightotherteamsinthegroup

Dream Team Continued from B/P 45

FIFA, Sports Vanguard gathered yesterday, may be breathing down on Nigeria for taking its case to ordinary courts. FIFA frowns against taking football matters to law courts for the resolution of football matters.

A very senior Nigerian football stakeholder informed us yesterday that the World soccer-ruling body would make its stand known on the Nigerian crisis today. ‘’The court case sacking NFF President, Melvin Amaju Pinnick happened late on Friday and they(FIFA) don’t work at the weekend. Definitely, tomorrow(today) you will be hearing from them’’, our source said.

The source regretted that the U-23 team would be

whichcomprisesoffour-time champion, First Deepwater basketball club, currently placed fifth in the group with three wins from eight games played at the first phase in Abuja.

Otherteamsingroup-Aare host of second phase Delta Force, Nigeria Customs, GT 2000 of Kaduna, Zamfara Babes, AHIP Queens of Kano, Oluyole Babes of Ibadan and Nigeria Immigration.

Leading group-B is Nigeria’s most decorated women team, First Bank basketball club with six titles of the Zenith Bank Women league, the Elephant Girls aresettocontinuefromwhere excluded from the draws as well as the senior national team, the Super Falcons from the 2016 Africa Women Cup of Nations in Cameroun which begins on November 19 and end on December 3.

“It’s going to be the beginning of more misery for soccer fans as everything related to football in Nigeria will be clamped by FIFA’’, the source regretted.

Also, former Scribe of NFF Sani Ahmed Toro warned yesterday that the court ruling in Jos was a violation of article 68 of FIFA Statutes. ‘’FIFA will definitely hammer us by invoking articles 14 and 70 of their statutes’’, the former House of Representative member said.

they left off from the AbujaFirst-Phase but might face some opposition from rejuvenated IGP Queens of Lagos.

T

rd HE 3 IOC/NOC Advanced sports management course will begin in Lagos from Tuesday 12 through Thursday 14.

According to the Project Officer, Deborah Chidobi, the course which is meant for State Directors of Sports, Directors of sports in universities and other high calibre sports administrators

Rowing course ends

HE NOC/Olympic T Solidarity Technical Course in Rowing came to a

colourfulendyesterday.

The 3-day train the trainers coursestartedon7th-10thApril 2016 and was aimed at developing Rowing sports in Nigeria.ExpertsfromtheBritish Rowing and UK Sports, conductedthecourse.

Twelve coaches were trained toidentifymorecoachesaswell as athletes. They were also charged with the responsibility of popularizing the sport in Nigeria Aspartoftheirdevelopmental program they are scheduled to visitandinspectUnilagLagoon frontAkoka,Bicsboatsclub,Lekki, Lagos and Jabi Lake, Abuja.

They are also expected visit the

Mikel Continued from B/P 45

the France international, who has also been linked with possible moves to Europe’s elite clubs including Real Madrid, Barcelona and Paris SaintGermain.

But Mikel’s rep has dismissed the idea as the defensive midfielder was recently offered a new contract, which he’s still mulling over.

“If Chelsea have plans to sell him, they will not offer him a new contract. It is normal paper talk and not true,”Mikel’s rep said.

“Mikel remains a player of Chelsea and wants to finish up the season before weighing his options.”

BritishHighcommissionandthe Honourable Minster of Youth andSports,SolomonDalung.

The second session of the NOC/Olympic Solidarity Technical Course in Rowing takesplaceinOctoberatSailing Club, Navy Town, Ojo.

will be held at Command Guest House, 26 Child Avenue, Apapa, Lagos.

The course which involves serious academic work will run for five sessions which will be divided three days each with the last presentation of case studies/ projects.

This makes a total of 15 residential days for the five sessions. The course is to be anchored by International Olympic Committee approved Course Directors and National Course facilitators; Prof Clement Fasan and Mr Jonathan Dyagas.

Spurs thump Man U 3-0

T

OTTENHAM maintained their Premier League title challenge with a thumping victory over Manchester United.

Having seen Leicester beat Sunderland earlier, Tottenham scored three goals in six second-half minutes to stay seven points behind the Foxes.

Dele Alli slotted in from inside the area and Toby

Alderweireld headed home, before Erik Lamela’s sweet strike.

Anthony Martial drove straight at Hugo Lloris after a weaving run, to register the away side’s only shot on target.

Kick-off was delayed by half an hour as the United team bus was stuck in London traffic en route to White Hart Lane.

Enyimba Continued from B/P 45

the competition was in 2011.

Mfon Udoh gave Enyimba the lead after nine minutes from the penalty spot.

The home team piled on more pressure in search of more goals so that the return leg in Sousse will only be a mere formality.

They doubled their advantage in the 55th minute through Mfon Udoh for his sixth goal of

the competition. The striker tapped in from close range off a long-range drive by Dare Ojo. This was after Alaya Brigui had almost drawn Etoile level in the 50th minute, but Ifeanyi Anaemena cleared his goal-bound effort.

Etoile suffered another setback after defender Ghazi Abderrazak was sent off in the 71st minute after his second booking for dissent.

46 — Vanguard, MONDAY, APRIL 11, 2016

Pinnick is still NFF President — Keyamo W

E published a story yesterday reflecting the view of Festus Keyamo, NFF’s attorney, on the Jos court ruling in respect of the NFF crisis.

Below is the full statement by Festus Keyamo.

“We are solicitors to the Nigerian Football Federation led by Amaju Pinnick. We are also solicitors to the Defendants in suit No. FHC/J/CS/77/ 2016: Between Yahaya Adama & Anor. V. Maigari & Ors. Our attention has been drawn to several media reports to the effect that the Federal High Court sitting in Jos sacked the Board of the Nigerian Football Federation (NFF) led by Mr. Amaju Pinnick and installed Mr. Chris Giwa as the new Chairman of the NFF. This is nothing but total and complete falsehood. We are constrained to issue this

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statement to set the records straight owing to the sensitive nature of football administration in Nigeria.

For the purpose of clarity, at no time did the Honourable Court order the installation of one Chris Giwa as Chairman of the NFF as neither Chris Giwa nor Amaju Pinnick are parties to the present suit in JOS. It is therefore a distortion of the Order of the Honourable Court to assume that Chris Giwa was ordered to resume as the Chairman of the NFF. The Supreme Court of Nigeria has held times without number that no court of law can issue an Order against a person that is not a party in a suit before a court without joining or hearing from that party. And no court of law can also install a party in an office who is not before the Court praying for such an Order. The said Chris Giwa is not a party before

the case at the Federal High Court and the Court NEVER made an Order installing him as NFF President. It is like the bizarre case of the proxies of a loser in an election suing only INEC without joining the other victorious party in the case. How can a Court of Law or Tribunal remove the victorious Party from office without joining him or even making a positive Order to that effect? It is simply a legal impossibility.

What the so-called Chris Giwa is attempting to do is nothing but sheer brigandage and we shall be writing to all authorities concerned to arrest and prosecute him if he dares to take the laws into his hands. The Minister of Sports must not also aid this sheer madness.

Whoever wants to remove Amaju Pinnick and members of the NFF board from office must approach the court to join them as

parties and must seek clear and positive Orders against each and everyone of them. The public and all football lovers must ignore this storm in a tea cup.

There is simply NO COURT ORDER removing anybody from office.

To set the records straight, sometime in 2014, one Yahaya Adama and Obinna Ogba commenced an action against Alhaji Aminu Maigari and three others challenging the convening of the Ordinary General Assembly and the subsequent election conducted into the various offices of the NFF on 30th of September, 2014. In the course of the proceedings, the Court made three different Orders as follows: 1. The Court first issued an Order dated 19th September, 2016, restraining the Defendants from proceeding with the Congress 2. The Court later issued

an Order dated 23rd Day of October, nullifying or setting aside the purported election conducted into the Executive Committee/ Board of the NFF 3. Finally, the Court made an Order dated 30th October, 2016, setting aside all the previous Orders made above Please, find attached a Certified True Copy of the last Order made.

The last Order was made just before the case was withdrawn and struck out on the 30th October, 2016.

However, in December, 2015, Messrs Yahaya Adama and Obinna Ogba again applied to the Federal High Court for a relisting of the Suit and the restoration of “....... all Orders made by this Honourable Court in suit no. FHC/L/CS/77/ 2014 before this suit was struck out by this Honourable Court on 30th October, 2014.”

Gentlemen, it is the exact prayer as stated above that the Court granted on Friday, April 8, 2016. What this clearly means is that

the court also restored its final Order made on the 30th of October, 2014, as stated above before the case was struck out, that set aside all the previous Orders made, especially the one nullifying the NFF election held in Warri on 30th September, 2014. In fact, the court could not have granted the Plaintiffs a final Order at an interlocutory stage. Anyone who feels otherwise should go back to Court.

In any event, we are dissatisfied with the relisting of the case and a Motion or an application urging the Court to set aside its Ruling has been filed and is pending before the Court. The Defendants have also lodged an appeal against the Ruling of the Court and have also filed an application for stay of further proceedings pending the determination of the Appeal. It is expected that as law abiding citizens, no steps would be taken by any party to frustrate the judicial process.”

Vanguard, MONDAY, APRIL 11, 2016—47

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Vanguard, MONDAY, APRIL 11, 2016

Chelsea’ll not sell Mikel – Agent

O

BI Mikel will not be sold by Chelsea in the summer to fund a move for Juventus star Paul Pogba, according to a representative of the

Nigeria captain.

Reports had claimed that the Stamford Bridge side will sell Willian, Oscar and John Obi Mikel to pay for Continues on Page 45

Dream Team risks expulsion from Rio as FIFA hammer looms

By Tony Ubani

A

S Nigerians come to grips with the ouster of the Super Eagles from the African Cup of Nations holding in Gabon next year, more misery and pain await soccer fans as Samson Siasia’s Dream Team(U-23) may be excluded from the draws of the football event of the Rio Olympic Games which holds on Thursday at the Maracana Stadium, Brazil.

Following the annoying rumbles from the court in Jos that sent dangerous signals to the world that Nigerian football is engulfed in confusion, Continues on Page 45

EXCEPTIONAL...Koffi Nti of FC Ifeanyi Ubah (red) jumps over Nnamdi Anyasodo of Rangers during the NPFL match on Saturday, Rangers won 1-0.

T OD AY'S PUZZLE ODA

Spurs thump Man U 3-0 Pg 45

•Mikel

Udo’s hat-trick fires Enyimba over Etoile du Sahel M

FON Udoh fired a hat-trick for Enyimba Sunday to take a big step towards featuring in the group stage of this year’s CAF Champions League after they defeated Etoile du Sahel from Tunisia 3-0 in Port Harcourt.

The last time Enyimba played in the moneyspinning group phase of Continues on Page 45

•Udoh

Nigeria – NPFL Rangers Ikorodu Utd El-Kanemi Kano Pillars Plateau Utd Warri Wolves Akwa Utd Heartland *Abia Warriors

1 0 2 2 2 1 2 2 1

Ifeanyi Ubah Sunshine Shooting Stars Nasarawa Utd Giwa FC MFM FC N/Tornadoes Rivers Utd Lobi Stars

0 0 0 1 0 0 0 1 0

England - Premier League Sunderland Leicester City Liverpool Stoke City Tottenham Hotspur Manchester Uted

0 2 4 1 3 0

Italy - Serie A Empoli Fiorentina Napoli Hellas Verona Sampdoria Udinese Torino Atalanta

2 0 3 0 2 0 2 1

Spain - Liga Sporting Gijon Celta Vigo Valencia Sevilla Zaragoza Mallorca

0 1 2 1 2 1

QUICK CROSSWORD

FRI DAY'S ANS WERS FRID ANSWERS

ACROSS 1 Attic (6) 5 Plan (6) 8 Shorten (8) 9 Even (4) 10 Obese (3) 12 Furze (5) 15 Ocean (3) 17 Scull (3) 18 Spout (3) 19 Writing-fluid (3) 20 Similar (5) 21 Moose (3) 22 Finish (3) 23 Vehicle (3) 24 Brown (3) 26 Happening (5) 29 Bow (3) 33 Visit (4) 34 Stealing (8) 35 Disclose (6) 36 Tolerate (6)

DOWN 2 Fragrance (5) 3 Discourteous (4) 4 Dance (5) 5 Clothe (5) 6 Yielding (4) 7 Clearing (5) 10 Swoon (5) 11 Symbol (5) 12 Class (5) 13 Elevate (5) 14 Expel (5) 15 Strict (5) 16 Enquired (5) 25 Astound (5) 27 Essential (5) 28 Din (5) 30 Proprietor (5) 31 Adhesive (4) 32 Greedy (4)

YESTERDAY'S SOLUTIONS ACROSS: 1, Canal 5, System 8, Parch 10, Choice 11, Avid 14, Malice 15, Reached 18, Ton 19, Den 21, Rent 23, Level 24, Clan 27, Dim 29, Cad 31, Lenient 32, Editor 34, Dune 35, Idiocy 38, Arson 39, Reveal 40, Geese.

DOWN: 2, Ash 3, Apiece 4, Lac 5, Sham 6, Sailor 7, Modest 9, Receded 12, Vat 13, Dine 16, Evil 17, Devil 20, Nemesis 22, Noon 24, Clever 25, Acid 26, Nature 28, Divine 30, Don 33, Real 36, Dog 37, Cos.

How to Play Sudoku

P

lace a number (1-9) in each blank cell. (No line can have two of the same number).

Each row (nine lines from left to right), column, (also nine lines from top to bottom) and 3 X 3 block within a bold block (nine blocks) contains number from 1 through 9. This means that no number can appear twice in any block, column or row.

No mathematics is involved – no adding, subtraction, division or multiplication, just plain logic and your imagination.

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