CRISIS: Why we removed Sheriff — PDP govs by Vanguard Media Limited

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VOL. 25: NO. 63033

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MONDAY, MAY 23, 2016

NLC suspends nationwide >>44 strike

Provide information on ‘missing’ N30trn, court orders FG, Okonjo-Iweala >>8

Presidency scales down Buhari's visit to Lagos >>6 •As Osinbajo represents President

CRISIS: Why we removed Sheriff — PDP govs

By Emmanuel Aziken, Political Editor, Henry Umoru & Ben Agande

•Police cordon off national secretariat •As Makarfi plans take-over today •Sheriff insists he is still chairman •We have achieved our objectives — Gana •We've no factions in PDP — Ekweremadu

AGOS— GOVERNOR Nyesom Wike of Rivers State, yesterday, justified last Saturday’s removal of Senator Ali Modu Sheriff as national chairman of Peoples Democratic Party, PDP, at the Port Harcourt convention, saying the party under the erstwhile leadership was headed for the precipice. Wike’s justification of Sheriff ’s sack was welcomed by Prof. Jerry Gana, leader of the PDP Concerned Stakeholders, who convened a parallel convention in Abuja to press for the removal of the Sheriff-led executive of the party. Meanwhile, heavily armed policemen, Continues on Page 5

Fayose threatens reprisal over herdsmen's attack on Ekiti community >>7

Mr & Mrs CORDONED OFF: National Headquarters of Peoples Democratic Party, PDP, Wadata Plaza, Abuja, cordoned off by the Police, yesterday. Photo: Abayomi Adeshida.

COLUMNISTS:

Teach the children the truth •P.33 C M Y K

‘Of exchange rate mechanism, exchange rate and devaluation’

Buhari’s archaic approach to Niger Delta problems

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Building on growth Temel Kotil CEO, Turkish Airlines •P.35

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POCKET CARTOON speak further, pointing out that he did not have the facts of the matter. He said the chairman of the caretaker committee and his team would formally assume office today at the party secretariat. Meantime, Sheriff and some of his loyalists in the just dissolved NWC were said to be locked in a meeting yesterday night. Repeated efforts to reach them and their aides were unsuccessful as the phone calls were either not answered or their phones were switched off.

ARRIVAL: From left, Member, House of Representatives, Toby Okechukwu; National Chairman of Peoples Democratic Party, PDP, Senator Ahmed Makarfi, and Deputy President of the Senate, Senator Ike Ekweremadu, on arrival at Nnamdi Azikiwe International Airport, Abuja, yesterday, after the PDP convention in Port Harcourt.

Why we removed Sheriff — PDP Govs Continues from Page 1 yesterday, took over the national secretariat of the party, denying entry and exit from the building. The development, which came ahead of today’s expected takeover of the national secretariat by the Senator Ahmed Makarfiled caretaker committee, was also shadowed by continuing intrigues as the ousted Senator Sheriff executive was last night also said to be preparing to fight back. Sheriff and his aides, who could not be reached for most of yesterday, were said to be engaged in a meeting with his dissolved National Working Committee, NWC. Speaking after the 2016 national convention, Wike said: “All along, the crisis has been about the former acting chairman whose emergence was strongly opposed. This is destabilising the party and so we had to let him go. What is important is the party and not the

individual. No sacrifice is too much for anyone to make as far as PDP is concerned.” He noted that he had no personal interest in supporting Senator Modu Sheriff as he was the best option at the time he emerged. He said PDP will continue to grow from strength to strength as it remained the only hope for the country. Governor Wike said: “We will not allow the PDP to die or suffer divisions under our watch. History will never forgive us if we watch the party die.” The governor said the party leaders would work towards maintaining unity among all members of the party. He said despite the challenges, the 2016 national convention was successful as the party had been repositioned in the interest of the nation.

Police block entry into secretariat

IT'S UP TO YOU

BY AYO ADIO - 08104802192

HE true test of a vision is when it meets with stiff opposition and yet finds a way to thrive even against the odds. It's up to you.

TAKE HEART

BY ELLA RANDLE- O8084919482

Respect yourself to walk away from anything that no longer serves you —J. Johnson

VERY choice, decision and action we take has the energy of intention behind it and also has an energetic outcome. This is called “cause and effect.” It might sound so simple, but many people are blissfully unaware of how much power they possess to create deep and profound change for themselves. This means getting rid of everything in your life that no longer serves you.

SAYINGS OF OUR PEOPLE A chick that will grow into a cock can be spotted the very day it hatches.

Last night, five police vehicles, comprising two trucks and two pick up vans, blocked access on both ends of the street in front of the secretariat in the Wuse Zone 6 Area of Abuja. The vehicles conveyed a detachment of policemen, who took positions and blocked the entry into the secretariat. The two sides of Dalaba Street, leading to the front and back gates of the secretariat, were barricaded by stern-looking security operatives brandishing weapons. Findings by Vanguard showed that men of the Nigeria Police, Nigeria Security and Civil Defence Corps, NSCDC, and private security guards manning the secretariat had been replaced with new ones. A source, who spoke on condition of anonymity, said, yesterday, that the security men might have been deployed to forestall any vandalism of the party’s property. Mr. Temitope Kolawole, a Deputy Superintendent of Police, who was the most senior office in the team, refused to give reasons for the cordoning off of the secretariat, yesterday, as he told reporters who approached him that only the Police Public Relations Officer could speak on the development.

Makarfi plans takeover today Meanwhile, Secretary of the Caretaker Committee of the party, Senator Ben Obi, has said the committee would take over the secretariat of the party today. In an exclusive interview with Vanguard, Senator Obi acknowledged that he had been informed about the police presence at the secretariat but declined to

Sheriff insists he is still chairman

We have achieved factions within the PDP family as I speak. What we our objectives have are contending Sheriff, last night, insisted — Gana

that he remained the chairman of the party, saying all that transpired after he cancelled the convention on Saturday were null and void by the fact that he had postponed the convention. Speaking through his Senior Special Assistant on Media and Publicity, Inuwa Bwala, who addressed journalists in Abuja, yesterday, Sheriff said the NWC under his leadership would make its position known today. He said: “What transpired in Port Harcourt was a nullity. We have decided to go to court to vacate the order of the court. It is after that that we will fix a date for another convention. “By Friday, they served him (Sheriff) four court papers. At that point, he felt that he would summon a meeting of the necessary organs and inform them that before he went to Port Harcourt, he heard of court papers but he had not been served. The orders of the court were contradictory and he felt that if he obeyed them, he would be acting in defiance of the court order. “He informed the governors that with this court ruling, we would be going contrary to the court order and called for the shifting of the convention since the court said their tenure still subsists. "As at Friday, we approached a court in Lagos to vacate the existing court order and we were denied. He advised that the convention should be shifted but some governors agreed while others disagreed. He summoned the NWC as critical stakeholders and sought their opinion. "Some interested NWC members were parties to the court and naturally agreed. He summoned a press conference. All NWC left except Uche Secondus. It is contradictory that the chairman who cancelled the convention was being represented. Their personal interest took a better of them against the law.”

Gana told Vanguard, yesterday, that his group of stakeholders was fully satisfied with the developments in the party, saying they would work with Makarfi, who he said was even originally part of them. Gana also paid encomiums to some of the stakeholders, who attended the Port Harcourt convention, who helped to keep the communication between the two groups. Gana, particularly, cited Governor Segun Mimiko, who he said was a central figure who helped to drive the peace process. He said: “Definitely, we want to appreciate the efforts on all sides, both those who gathered with us in Abuja and those who went to Port Harcourt. "The key objectives have been achieved because we wanted a leadership that is credible, a leadership that will emerge through a constitutional process. "They realised that some of the congresses were not done properly, they also realised that the processes of zoning were not acceptable and that the process of putting the former chairman was not acceptable, and so, a lot of very important decisions have been taken which are in the overall interest of our party and believe me, even of the nation.”

We've no factions in PDP — Ekweremadu On his part, Deputy President of the Senate, Senator Ike Ekweremadu, dismissed as untenable suggestions that the party was divided. Ekweremadu, the highest elected political office holder on the platform of the opposition party, spoke to airport correspondents in Abuja on his return from the Port Harcourt convention yesterday. Ekweremadu, who was in the company of the acting national chairman, Senator Makarfi, said: “For the purpose of clarification, there are no

interests. Such is common in any party. "Yes, there were some disagreements, but the good thing is that we have not allowed such disagreements to degenerate into a major crisis that would warrant factions. “Instead, what happened in PortHarcourt over the weekend further confirms PDP’s capacity to resolve issues in favour of laid down precepts and in the overall interest of our great party and nation. "I’m sure what happened in Port Harcourt remains a disappointment for those who were expectant of major crisis and factions in the PDP because we emerged from the convention more determined to change the change, to save our economy, reposition the electoral process, and make life more bearable for the suffering masses of Nigeria again.”

No legal encumbrances to the convention Ekweremadu said there were no legal or judicial encumbrances to the convention or the emergence of the interim NWC. He maintained that the convention did not conduct any elections, but simply acted within its constitutional powers as the highest decisionmaking organ of the PDP to appoint an interim NWC to oversee the affairs of the party and also conduct elections into the NWC positions within 90 days. The Deputy President of the Senate, who congratulated the interim NWC, expressed strong confidence in the leadership qualities of the national chairman, Maikarfi, and his team. He enjoined them to make the reconciliation of all aggrieved and divergent interests within the party their priority.

6 — Vanguard, MONDAY, MAY 23 , 2016

STATE OF THE NATION: Bakare backs petroleum sector deregulation By Dapo Akinrefon

AGOS—CONVENER of the Save Nigeria Group, SNG, Pastor Tunde Bakare, has thrown his weight behind the deregulation of the petroleum sector saying; “Nothing short of a complete deregulation of the sector, characterised by adequate local refining, will salvage the petrol crisis in Nigeria.” He also called on the Nigeria Labour Congress, NLC and Nigerians to dialogue with the Federal government with a means to finding a solution to the persistent fuel crisis in the country. Bakare said this yesterday, during a state of the nation broadcast, entitled “The Courage to Do the Right Thing”, at the Latter Rain Assembly in Lagos. He, however, dismissed insinuations that the removal of subsidy in 2012 was the same as in 2016 saying the present economic situation is unfavourable. His words: “To begin with, unlike the 2012 situation when the price of crude oil was over $100, the global economic condition is highly unfavourable with the fall in crude oil prices from about $65 when the current government came into power to about $48 presently. The depletion of external reserves through years of mismanagement and corruption, coupled with the fall in crude prices, has severely weakened the naira in relation to the dollar.” Making a comparison between the situation in 2012 and 2016, Bakare said; “The Naira was 218 to a dollar at the parallel market as at the time the new government came into power; it is now about 340 to a dollar. In comparison, it was about N164 to a dollar in 2012 when we protested. ‘’In the midst of such a chaotic economic environment, the new government met an alarming subsidy debt. We can recall that, by December last year, at the height of excruciating suffering experienced by Nigerians due to fuel scarcity, approval was given for the payment of N407.07 billion of the outstanding N642.922 billion, which implied that N235.852 billion remained outstanding - a sum that would likely increase due to exchange rate differentials and interest charges.

Presidency scales down Buhari’s visit to Lagos By Levinus Nwabughiogu

HE Presidency yesterday scaled down President Muhammadu Buhari’s two-day official visit slated for today and tomorrow. “The truth is that the VicePresident, Prof Yemi Osinbajo, will now represent the President in Lagos, said Senior Special Assistant to the President on Media and Publicity, Garba Shehu. According to Shehu, ‘’The President is faced with scheduling difficulties and that is the reason for the postponement of the visit. He needs more time for Lagos and for Edo which had earlier been stepped down. ‘’As a result of this, the visit has been scaled down and he is being represented by the VP, who is going to Lagos to commission a few projects, leaving the rest for Mr. President. The President will undertake these visits after the Ramadan The Muslim 30-day fasting period, Ramadan, may however not start until June 6. The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, also confirmed the development, saying he was already in Lagos It was gathered last night that members of the President’s

...Osinbajo to represent him advanced team consisting of protocol officials, security agents, medical officers and journalists were already in Lagos ahead of President Buhari when his trip was cancelled. The cancelled trip would have been President Buhari’s first official visit to the state since he assumed office about a year ago. A statement by the State Commissioner for Information

and Strategy, Mr. Steve Ayorinde, announcing the visit, stated that it would have been the first time in about 15years that a sitting President will be visiting the State on a working visit and is a testimony to the good working relationship between Lagos State and the Federal Government. Ayorinde added that President Buhari during the visit, would formally commission the Lagos

State Emergency Management Agency (LASEMA) Rescue Unit in Cappa Oshodi built by the State Government to ensure prompt and swift response to emergency situations in the state. He said the President would thereafter commission the newly constructed Ago Palace Way in Okota, Isolo after which he will pay homage to the Oba of Lagos, His Royal Majesty, Oba Babatunde Rilwanu Aremu Akiolu at the Iga Iduganran, Lagos Island.

DONATION: From left; Bashiru Ishaku, Head Teacher, Tundun Wada Primary School, Mayo Belwa, receiving some of the Back-to-School Kits donated by Etisalat Nigeria to primary schools in Adamawa State from Mohammed Suley-Yusuf, Head, Government and Community Relations, Etisalat Nigeria; Rahima Aminu, Manager, Special Projects, Abuja Global Shapers Community; HRH Alhaji Mustafa Aminu, Galadima Adamawa and Hassan Muhammed Toungo, Executive Chairman, Adamawa State SUBEB in Yola recently.

‘Nigeria should worry about spread of Zika, Yellow fever’ By Sola Ogundipe, Chioma Obinna & Gabriel Olawale

EKNOWED Virologist and President of the Nigeria Academy of Science, Professor Oyewale Tomori, has said the discovery of a strain of Zika virus circulating in Brazil and other parts of the Americas in the Cape Verde area of Africa, should worry Nigeria. Tomori, who is Head of the World Health Organisation, Advisory Panel on Yellow fever, and Chairman Lassa fever Control Committee in Nigeria, advocated improved surveillance system to prevent spread of Yellow fever to Nigeria and other West African countries. “We had thought that the return of Zika, even as a ‘changed’ or ‘mutated’ should not cause any severe disease in West Africa, since we have evidence of previous infection with Zika and other related viruses (Yellow Fever, West Nile, Dengue) in Nigeria and some countries in West Africa. “Finding Zika in Cape Verde should be of serious concern to us in Nigeria. This tells us that the Zika outbreak is not only a problem of South America, but one that is knocking on the gates of West Africa. “In Nigeria, we need to increase our surveillance for Zika

transmission and congenital malformations, such as microcephaly, as well as GuillainBarré syndrome. In particular, we need to step up our preparedness efforts for early detection, confirmation and management of potential complications related to Zika infection. Further, Tomori said: “To achieve (i) above, we must resuscitate our moribund and comatose national

disease surveillance system and in particular, our mosquito-borne virus disease surveillance systemat the Department of Virology, University of Ibadan and the National Arbovirus Research Institute at Enugu. “We should, according to the WHO, heighten risk communication to pregnant women to raise awareness of complications associated with the

Asian type of Zika virus and promote protection steps to avoid mosquito bites as well as sexual transmission. Any Nigerian who has travelled to any of the affected countries, and comes down with a febrile infection should be tested for evidence of Zika virus infection; if found positive, he should avoid sexual contact with his spouse, because Zika virus can be transmitted sexually.''

OONI'S VISIT TO ALAAFIN: Monarchs assure of enduring unity peace moves assured that the development. Without peace and By Ola Ajayi

BADAN—AS the Ooni of Ife, Oba Adeyeye Ogunwusi visited the ancient Oyo town for the second time since he ascended throne, he and Alaafin of Oyo, Oba Lamidi Adeyemi, have agreed to always promote unity and peace among Yoruba people and the traditional institutions in the zone. This emerged yesterday at the award of Extraordinary Ambassador of Peace organised by Methodist Church Nigeria, Diocese of Oyo. At the award ceremony, which was entitled, ‘Honour to whom is due’, Oba Adeyemi, who commended the Ooni for his

peace process that had begun between them would be further strengthened to bring speedy progress and development to the zone. The two prominent monarchs and the former President, Chief Olusegun Obasanjo were among those honoured. Chief Obasanjo was represented by his wife, Iyabo. Others included Lere Paimo; a popular figure in theatre and home videos, Rector of The Polytechnic, Ibadan, Prof. Olatunde Fawsley and many others. According to Oba Adeyemi; “The peace process that I and the Ooni began will definitely yield good result. We are on a mission to unite all Yoruba race and Ooni’s interest is a welcome

tolerance, we cannot establish lasting unity among our people.” The influential monarch shed light on why there were strained relationships between him and other successive governors in the state. “I have no problems with governors in Oyo State, what I was against is the act of relegating the position of royal fathers which is against our tradition,” the monarch clarified. In his own comments, Oba Ogunwusi sponse, Ooni said, “I am here in the presence of the people of Oyo and God our creator who knows everything. Today is a day of joy when Yoruba race comes together to celebrate its own leaders. It is also a day of joy because I am celebrating with our king the Alaafin of Oyo.''

Vanguard, MONDAY, MAY 23, 2016 — 7

Why we support subsidy removal, by S'West NANS By Daud Olatunji

•Current President, Rotary Club of Maryland, Lagos, Rotarian Dr. Femi Akodu (m), with other past presidents, serving and past editors of HOPE Magazine at its formal presentation at Ikeja, Lagos.

Fayose threatens reprisal over herdsmen’s attack in Ekiti By Rotimi Ojomoyela

DO EKITI – Governor Ay odele Fayose of Ekiti yesterday threatened a repraisal attack if the herdsmen that killed two people and wounded many others in Oke-Ako, town in Ikole Local Government Area of the State. According to him; “I am sounding a note of warning to the Fulani herdsmen and those who can talk to them should also do so now. If they continue with these wanton attacks, killing of the people and destruction of farmlands in Ekiti, I cannot guarantee that there won’t be reprisal attacks. “I can also not guarantee the level that the reprisal attacks can get to because as a governor, it is my responsibility to defend and protect my people.” He urged the people of OkeAko to remain calm as security agents try to fish out those who killed two persons in the community on Friday. This is contained in a statement by the governor’s Special Assistant on Public Communication, Mr Lere Olayinka. The statement condemned the attack by suspected herdsmen.

“Fayose described the attack which claimed two lives as the height of callousness on the part of the cattle rearers. “He warned the perpetrators to desist from such heinous crime as he would not guarantee whether there could be reprisal attacks if repeated on the town or elsewhere.” It added that the agents of the devil must be fished out and punished accordingly. “I will not fold my hands while

armed herdsmen invade communities in Ekiti, killing people and destroying farmlands at will, like they did in other states. “I have directed the police and other security agencies in the state to fish out the killer herdsmen”, the statement said. The governor commiserated with the people of Oke-Ako, especially the family of the deceased, vowing to do everything humanly possible to forestall a reoccurrence as well as bring the

Traders reject strike as Oyo govt backs deregulation By Ola Ajayi

BADAN—TRADERS in various markets in Oyo State have dissociated themselves from the on-going strike embarked upon by a faction of the Nigeria Labour Congress, NLC. Speaking through Mrs Juliana Raimi, Chairperson, Association of Commodity Market Women and Men of Nigeria, Oyo State Chapter, in Ibadan, weekend, the traders condemned the industrial action describing it as belated and a mere distraction. She condemned how the NLC

tried to lure the traders to join them, saying: “Majority of us are not interested in the strike, as you can see from their body language. Why did the labour Union wait till now before reacting. “We traders expected the labour leaders to have protested before now especially when we were buying the petroleum products at exorbitant prizes which had already affected prices of commodities. “We are not in support of the government of the day for increasing petroleum pump price in this difficult time, but we are

NATIONAL PROBLEMS: Afe Babalola recommends regional govt By Rotimi Owomoyela

DO-EKITI—A Senior Advocate of Nigeria, Chief Afe Babalola (SAN), has said that the root cause of the problems confronting the nation is the quasi-federalism the country is operating at the moment. He advocated a return to regional government to make the country recover fully from its economic and socio-political woes. Babalola, founder and Chancellor of Afe Babalola University, Ado Ekiti (ABUAD), explained that the country’s development has continued to suffer because of too much concentration of powers at the centre, adding that a large, multi-ethnic and religious nation like Nigeria needs a regional

culprits to book. It said the herdsmen were becoming major threat to the unity of Nigeria and its people adding the he was in constant touch with the security agencies. “The people of Oke-Ako should therefore remain calm while the security agents do their job, “The security agents must, however, be mindful of the fact that the people’s patience has a limit and they must act promptly and decisively”, it said.

government where each region is allowed to develop at its own pace. Babalola said this in Ado Ekiti, weekend during a programme tagged ‘diplomatic talk’ organized by the Department of International Relations, where Malaysia High Commissioner to Nigeria, Mr Lim Juay Jin was the guest speaker. According to him, “If we had maintained the regional

government as found in the 60s, we would have developed even better than Malaysia. Delivering his lecture, Ambassador Jin, who described ABUAD as a new face of Nigerian education, insisted that Nigeria should have made very good exploit in eco and medical tourism, but for pervasive insecurity in the system.

urging the labour leaders not to inflict more pains on us by asking us to stay at home again” the Iyaloja noted. She advised the organized labour union to employ another way to make the government realize the harsh effect of their action on common people and not by stay-at-home order. In the same vein, Oyo State government said yesterday that it supported deregulation of oil sector, warning workers that joined the strike to be ready to pay the price of ‘no work, no pay.’ Secretary to the State Government, Mr. Olalekan Alli, who conveyed the government’s position in a statement, yesterday, said deregulation of the downstream oil sector was the best option open to the Federal Government in the prevailing circumstance.

BEOKUTA—THE leadership of the National Association of Nigerian Students in the South West Zone has explained why it supported the removal of subsidy by the President Muhammed Buhari's administration. The students leaders in the South West described the Federal Government’s policy on subsidy removal as a necessary sacrifice that is required to reposition the country towards the path of economic recovery. The Nigerian students said they threw their weights behind the Buhari-led Federal Government for deregulating the down stream sector and called on Nigerians to support the government. Addressing newsmen yesterday in Abeokuta, the Ogun State capital, the NANS South West Coordinator, Comrade Okikiola Ogunsola commended the President Buhari-led federal government for taking the bold step by removing the subsidy which he said has over the years, succeeded in slowing down the nation’s economic growth. Flanked by other South West executive members which included: Oloja Olanrewaju (Secretary), Awowole Samuel (PRO) and seven others in attendance, Ogunola, said they were convinced that removal of the subsidy would put an end to the monopolistic tendencies of the few who have over the years, benefited from it, while the average Nigerians would be the ultimate beneficiaries.

8—Vanguard, MONDAY, MAY 23, 2016

FG bans wood, charcoal exportation

VISIT: From left— Deputy Chairman, Senate Committee on Capital Market, Foster Ogala; acting Managing Director, News Agency of Nigeria, NAN, Mr. Jones Afolabi, and Chairman, House Committee on Capital Market, Tajudeen Yusuf, at the committee's working visit to NAN headquarters in Abuja.

By Godwin Oritse

HE Federal Government has banned wood and charcoal exportation, following exporters’ refusal to adhere to the directive of cut-one planttwo policy. The Chief Executive Officer of Nigerian Export Promotion Council, NEPC, Mr. Olusegun Awolowo, disclosed this at the just-concluded twoday retreat organised by the United Nations Industrial Development Organisation, UNIDO, at the Free Trade Zone, Onne, Rivers State, for the Ministry of Industry, Trade and Investment and its agencies. Awolowo told Vanguard that the new directive had thrown exporters of charcoal into confusion as some of them had existing agreements with their partners abroad. He said government must explain the reason for the move, adding “I just got that circular; this is part of the policy somersault we are talking about. “How can the government ban charcoal when people have been processing it? They did not even carry exporters along.” Also confirming the development, Customs Public Relations Officer of Tin Can Island Port, Mr. Chris Osunkwo, said they were aware of the ban, adding that they were, however, waiting for the memorandum. Commenting on the development, Mr. Giovani Locano, General Manager, China Shipping, told Vanguard that he was not aware of the fact that charcoal had been banned. Although, Locano supported the decision of government to ban wood and charcoal exportation, he called for a more proactive approach so that peoples’ businesses are not affected. Osunkwo explained that wood and charcoal were banned because the exporters of these items failed to meet up with the agreement they had with the government on tree planting. C M Y K

Provide information on ‘missing’ N30trn, court orders FG, Okonjo-Iweala By Innocent Anaba

Federal High Court sitting in Lagos has ordered former Minister of Finance, Dr. Ngozi OkonjoIweala, and the Federal Government to provide information on the spending of alleged missing N30 trillion, being income accruable to the government during the last four years of the administration of former President, Dr. Goodluck Jonathan. Trial judge, Justice Ibrahim Buba, made the order in a Freedom of Information suit by Socio-Economic Rights and Accountability Project, SERAP. SERAP’s suit followed revelations by the former Governor of Central Bank of Nigeria, CBN, Charles Soludo, that at least N30 trillion “has either been stolen or unaccounted for, or grossly mismanaged over the last few years under the Coordinating Minister of the Economy and Minister of Finance, OkonjoIweala’s watch.” Justice Buba, in his judgment, said: “Mrs OkonjoIweala and the Federal Government have no legally justifiable reason for refusing to provide SERAP with the information requested for. “The court has gone through the application and agrees that SERAP’s application has merits and the argument is not opposed. SERAP’s application is granted as prayed.” The court agreed with the arguments by SERAP’s Deputy Director, Mr. Olukayode Majekodunmi, that Okonjo-Iweala and the Federal Government “should have either supplied the information requested by SERAP or communicate her denial within seven days of receipt of the letter from SERAP if she considers that

the request should be denied.” Justice Buba said: “Preliminary objection by Okonjo-Iweala and the Federal Government is misconceived; the court upholds the arguments by SERAP for the reasons stated herein. “SERAP commenced this proceeding by way of Originating Summons dated February 23, 2015 and filed February 25, 2015. Mrs Okonjo-Iweala and the Federal Government filed a Memorandum of Conditional Appearance, a Notice of Preliminary Objection and written address, all undated but filed on September 29, 2015. “The preliminary objection is on the following grounds: that SERAP did not obtain the mandatory leave of the Federal High Court to issue and serve the Originating Summons and other processes outside Lagos State; that there is no mandatory endorsement on the Originating Summons that it is to be served on OkonjoIweala and the Federal Government in Abuja and

outside jurisdiction of this Court. “The only issue for determination is whether Okonjo-Iweala and the Federal Government should be heard on their preliminary objection, considering the totality of the circumstances of this case. “He who wants equity must do equity. This suit was filed on February 25, 2015 and from the record of the court was served on Okonjo-Iweala and the Federal Government on July 30, 2015. “It took about three months for them to come up with technical response to the request for information under the Freedom of Information Act 2011. “Mrs Okonjo-Iweala and the Federal Government have, therefore, been caught by Order 29 of the Rules of this Court, which requires that an application shall be made within 21 days after service on the Defendants of the originating summons. “If Okonjo-Iweala and the Federal Government want to raise issues about service, the

law does not permit demurer. The proper route for them should have been to join issues with the originating summons and also file their objections. “In the present case by SERAP, the Notice of Preliminary Objection by Okonjo-Iweala and the Federal Government is incurably defective for not conforming to order 29 of the Rules of this Court. “The process adopted by Okonjo-Iweala and the Federal Government in this suit is to come by way of demurer. This process has long been abolished by the Rules of this Court. By Order 16 Rule 1 of the Rules of this Court, no demurer shall be allowed and Rule 2 provides that a party shall be entitled to pursue by his pleadings any point of law and any point of law so raised shall be disposed by the judge who tries the cause at or after trial. “The implication of this clear provision of the rule of court is that Okonjo-Iweala and the Federal Government must join issues with SERAP on the originating summons no matter how flimsy, instead of looking for a technical way out. This technical way out has failed.”

FG earmarks N9bn for 30,000 housing units By Chris Ochayi

BUJA—THE Federal Government, weekend, said that it has concluded arrangements to spend N9 billion on construction of 30,000 housing units for low income earners across the country. The scheme, a collaboration between Federal Mortgage Bank of Nigeria, FMBN, and the Federal Housing Authority, FHA, is part of plans to tackle the nation’s over 16 million housing deficit. The Minister of Works, Power and Housing, Mr. Babatunde

Fashola (SAN), had recently urged FMBN and FHA to collaborate and deploy their special skills and capability towards provision of affordable housing for Nigerians. Inaugurating the joint FMBN/FHA Inter-Agency Committee in Abuja, the Acting Managing Director of the bank, Mr. Richard Esin, assured that the 30,000 housing units would be delivered to Nigerians in the next 12 months. He said: “The MD of FHA has said they have land in different locations and different parts of this country

and we are into financing. “We expect that will take up to N9 billion to produce the 30,000 houses across the country. Specifically, we want to start with Lagos, Kano, Abuja and Port Harcourt as soon as possible.” On whether poor Nigerians could actually get the houses, Esin explained: “What we do in FMBN is to finance houses for Nigerians who are contributors to the NHF who are workers. “Because when we finance an estate, it is only the workers who contribute to the NHF that can access it. So there is no provision for a politician or businessman to come and take houses.”

Vanguard, MONDAY, MAY 23, 2016—9

Legislative aides threaten breach of peace in NASS By Joseph Erunke

BUJA—AIDES of senators and House of Representatives members, on the platform of National Assembly Legislative Aides Forum, NASSLAF, yesterday, warned that alleged plans by police to arrest their factional Chairman, Darlington Udeh, would result in a breach of public peace. The legislators’ aides said the move was aimed at paving way for the inauguration of Samuel Melaye, younger brother to Senator Dino Melaye, who heads a faction of the union. In a statement by the Public Relations Officer, Yusuf Bamidele, the aides insisted that the continued use of the police to harass and intimidate elected

leadership of their association could result in a breakdown of law and order in the National Assembly. The statement read: “We are reliably informed that a serving Senator has influenced the Police to rearrest the duly elected Chairman of the National Assembly Legislative Aides Forum, Darlington Udeh, with effect from Monday April 23, for the purpose of arraignment on spurious allegations yet to be investigated. “It is the plan to keep him indefinitely in detention to pave way for the inauguration of an illegal contraption, led by Samuel Melaye, a younger brother to Senator Dino Melaye, who

chairs the Senate Committee on Federal Capital Territory, notwithstanding the fact that the duly elected executive committee of NASSLAF has since petitioned the Inspector-General of Police alleging the harassment and intimidation. “What this portends is gradual drive towards a total breakdown of law and order in the National Assembly should they go on with their threat.” The group alleged that the plot, allegedly orchestrated by an unnamed serving senator and one C. J. Osman, Secretary, Corporate Services, National Assembly, was intended to ensure Darlington Udeh’s indefinite detention by the police.

The Divisional Police Officer of National Assembly, Nancy Ajaponna, in a letter dated May 5, had alleged a breach of peace and public disturbance involving Mr. Darlington Udeh, the newly-elected Chairman of NASSLAF. Ajaponna, who copied the Commissioner of Police and Area Commander of the Police FCT Command, had requested Udeh to report to the Divisional Crime Officer, National Assembly Division office on Monday, May 9 at 1a.m. The Udeh-led executive committee, however, honoured the invitation by the Police Division of the National Assembly last Monday.

APCON'S DINNER: From left—Registrar, Alhaji Bello Kankarofi; President, Kelechi Nwosu, both of Advertising Practitioners Council of Nigeria, APCON; Speaker, Akwa Ibom State House of Assembly, Mr. Onofiok Luke; Group Managing Director, SO&U Limited, Mr. Udeme Ufot, and Akwa Ibom State Commissioner for Information and Orientation, Mr. Aniekan Umanah, at APCON's welcome dinner hosted by SO&U in Uyo.

N100bn Pension Assets: EFCC probes ex-lawmaker, South African bizman By Soni Daniel

BUJA—THE Economic and Financial Crimes Commission, EFCC, has launched a probe into the over N100 billion worth of pension assets being managed by First Guarantee Pension Limited, with a view to preventing undue stripping. Already, operatives of the commission have questioned a senior staff of the Ministry of Justice, Mrs. Chinyere Ekweonu, who stood surety for a former lawmaker, Chidi Duru, said to be on the run, a senior operative of the antigraft agency said in Abuja, yesterday. The EFCC source said the former House of Representatives member and a South African, Mr. Derrick Roper, representing Novare Holding Limited’s interest, were being probed for diversion of millions of Naira of FGPL, a licensed pension administrator. The anti-graft agency specifically accused Duru of

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diversion of N16 million, being part of the equity contribution of Novare Holding, a South African firm, to another business and collection of N20.5 million as “executive allowance” without board approval and diversion of the company’s assets worth millions of Naira for his personal use. On the other hand, Duru, whom EFCC said was fronting for some powerful political forces, had also been accused of serving as chairman of the board executive committee of FGPL that was involved in engaging the services of Hard Rain Software Limited to develop a software for the licensed pension administrator at the cost of N31 million, despite PENCOM’s objections. EFCC also accused him of approving payments amounting to $285,102 to Novare Investments for “questionable” consultancy services and other charges without board approval. “Also, Duru’s bank cheques,

totalling N30 million, presented as evidence of part payment of his portion of the start-up share capital was found not to have been debited from his bank account upon verification,” the EFCC’s report further stated. The anti-graft agency also accused Duru and his collaborators of forgery of some shareholders signatures on a document referred to as the “Shareholders Resolution,” which purportedly mandated

him to negotiate with Novare Holding on behalf of other shareholders during the acquisition of the FGPL’s shares by Novare Holding. Some of the shareholders, who Duru allegedly forged their signatures include former Speaker of House of Representatives, Alhaji Ghali Umar Na-Abba; former Deputy Speaker, Austin Okpara; Senator Annie Okwonkwo; Alhaji Kasim Ibrahim Iman and others.

Don’t give impression of witch hunt — ONAIYEKAN By Tare Youdeowei

BUJA—THE F e d e r a l Government has been told to ensure fairness and transparency in the way the anti-corruption battle is fought in order not to give the impression of witch-hunting any particular set of people. The advice was given by the Catholic Archbishop of Abuja, John Cardinal Onaiyekan, at the weekend. According to him, Nigerians have agreed that there is an intolerable level of corruption in the country and that something should be done about it, but it should not be done by just rounding up a few people. He said: “Government should not let people have a feeling that the war against corruption is about targeting certain people. That will defeat the war against corruption. ‘’My feelings about this whole thing is based on my understanding of the fact that the kind of corruption in Nigeria we had was endemic. While not saying people who took money should be allowed to go free, I think that the emphasis should be on the system. ‘’Reorganize the system of governance in the country in such a way that it would not be easy for anybody to steal millions and billions of naira because of the position he or she had held in government. “Insist that structures that regulate the affairs of governance, especially the financial aspect, be done in such a way that you do not have to be a saint to be honest.”

External reserves record modest decline By Emeka Anaeto, Economy Editor

HE nation’s external reserves recorded a modest decline last week, contrary to speculations that Federal Government’s new policy on downstream oil sector liberalization would extend its foreign exchangerelated pressures on the reserves. Gross foreign reserves had

opened at USD26.787 billion on Thursday, May 12, a day after the Federal Government announced liberalization of petrol imports, directing importers to the autonomous market for sourcing the required foreign exchange, a decision which immediately sparked off speculative pressures on the parallel market. At close of business last Thursday, May 19, the

reserves were USD26.587 billion. Though at USD200 million or 0.75 per cent decline, the reserves went down at higher rate weekon-week compared to the preceding week's decline of 0.49 per cent, banking industry operators believed there was no transfer of pressure on the reserves as the Central Bank of Nigeria, CBN, maintained its usual trading positions in terms of both volume band and exchange rate.

10—Vanguard, MONDAY, MAY 23, 2016

35-yr- old man nabbed for defiling sister-in-law By Esther Onyegbula , Suzan Edeh & Faith Ake

35-YEAR- OLD man, Monday Enogwor from Edo State has been arrested by the police for defiling his sisterin-law’s, seven-year-old daughter (name withheld) who lives with them in Ajegunle area of Lagos. It was learned that after the victim’s aunt left the house last week Tuesday, the suspect Monday called the victim, who was already set for school, removed her pants and defiled her on the account that he will not pay her school fees if she mentioned it to her mother or anybody else. How it was discovered However, trouble started after the victim went to school and her school teacher noticed blood stained on her uniform and on her pants, before the matter was reported at the Trinity Police Division and the suspect later arrested. Victim’s account Calling the suspect Daddy, the seven-year-old girl said: “My daddy removed my pants and put his penis inside my bumbum. He said I should not scream that if I scream he will not pay my school fees again. I saw blood on my pants when I came back from school and I showed my Mummy and I told her everything. Denying the allegation, the suspect, Monday Enogwor, said “I don’t know what she is saying. Her mother only told me about it this morning and I ask her to go get the baby for me to take her to the hospital for proper check up, but I was arrested thereafter.” Man rapes 8yr-old In a related case, a 33 year old man, Auwalu Adamu was arrested for having carnal knowledge of eight year old girl. Bauchi State Police Public Relation Officer, DSP Haruna Mohammed, told newsmen in Bauchi yesterday that the suspect was arrested by his men at Azare, Katagum LGA of Bauchi State. C M Y K

We sleep with men, 'Chair Lady' collects the money —Calabar teenage sex workers By Emma Una

ALABAR— FOUR Teenage girls, who were tricked into prostitution in a notorious Calabar brothel, Vegas Flex, weekend recounted how they sleep with more than 20 men daily and how their ‘Madam’ collects the money. The girls, Felicia Nzuworgar, 17; Patience Williams, 18; Angela Benjamin, 17 and Charity Nkwogor all from Okun Local Government Area of Benue state said Abigail Aliyu whom they call “Chair Lady” took them from their homes in Benue State in January this year on the pretext that she was taking them to Lagos to work as sales girls in her drinking spot, but ended up as sex workers in the brothel located at 26 Bedwell Street, Calabar. One of the girls, Felicia, told Vanguard, “the woman told me that she has a beer parlour in Lagos and wanted me to work as sales girl there, but when we got here she gave me boxer shorts to wear and when I asked her where the drinking parlour is for me to start working, she said I should hustle like other girls by sleeping with men and when I refused she beat me up.” The girls, with different cane marks on their bodies, said the lady beat them to

submission, adding that when they started it was very painful as they were not used

to sleeping with such large number of men daily. Patience recounting her

Wreckage of the vehicle in which two died, yesterday, at Ogere, on Lagos-Ibadan Expressway. Photo: Jimoh Babatunde

2 die in auto accident, 12 others sustain severe injuries By Jimoh Babatunde

GERE—AT least two persons lost their lives in an auto crash that occurred at Ogere, on the Lagos Ibadan express way yesterday. The incident which involved a 13- seater bus which was coming from Offa, Kwara state ran into a stationery trailer, at about 12.noon. The bus with number plates OYO DDA40XA reportedly had issue with its steering wheel and in the driver’s attempt to bring it under control, it veered off the road and rammed into the stationed truck, killing a female passenger on the spot. Another male passenger said to have been in critical condition, reportedly gave up the ghost about five minutes later, before help could come. At about 12: 15 pm when

this reporter got to the scene, the corpses were still lying close to the affected vehicle. The female corpse was identified as the driver’s wife .Twelve other passengers were seen writhing in pains with various degrees of injuries . Officials of the Federal Road Safety Corps arrived 30 minutes but were not with any first aid kits. The corpses were driven away in the corps vehicle with number plates A0/1 85RS while one of them informed that other vehicles would be brought to take the injured passengers to the hospital for treatment. Driver of the affected vehicle identified simply as Femi, was rescued without a scratch by some drivers of parked trailers in the area and subsequently taken to the Police at Ogere. An eye witness, who spoke on condition of anonymity said “ the driver told us that

when he noticed that the steering was stiff, he tried to move out of the express way only to ram into one of the trucks parked along the road. We did not inform him that his wife died in the incident. We suspect that he was on high speed, following the impact of the collision with the stationed vehicle. We had to rescue him immediately because some government agents usually inject drivers to death if found to be the cause of any road crash”. Another driver, who also refused to mention his name in prints, expressed shock over the incident, informing that he left Offa at about 8am, with driver of the affected vehicle. Sympathisers around the vicinity called on the Ogun state government to prevent truck drivers from parking their trucks along the express way.

experience said “Every day we sleep with over twenty men for N500.00 each and because we are young, men do line up to have us. At about 12 midnight, ‘Chair Lady ’ will come in and collect the money, because she counts the condoms she gives to us, if you do not give her all the money she will beat you mercilessly.” The girls said Abigail and the men working for her normally, searched their room and their bodies at the close of each day to ensure they had not hidden any money and beaten if any money was found on them. They said Abigail on arrival in Calabar collected their phones and did not allow any of them to step outside the brothel for fear that they might run away. They said when Angela and Charity attempted to escape that they were beaten to a state of unconsciousness by the woman and some of her male friends. Angela said “ When I tried running away, she brought a soldier and a policeman, who are her boyfriends, and they beat me up and poured tear gas in my eyes. I later fell sick because of that beating for many days”. On why they followed the woman without letting their parents know, they said once the woman touched them on the shoulders they became confused and went with her. “ I was walking in our market in Okun Local Government Area when she greeted me and touched me on the shoulder and that was how I followed her and we entered vehicle to Enugu to the house of a juju man, who prepared a medicine (concoction) for us to drink which she said was to protect us from sickness, but when we got to Calabar, she said if we run away the medicine the man gave us will make our private part to rot,” Charity narrated. But the Ebonyi State born, “Chair Lady” , Abigail Aliyu , said her arrest by operatives of the Anti Human Trafficking operatives of the Cross River State Police Command was due to jealousy, adding that she was not the one that brought the girls to Calabar. Mr John Eluu, Cross River State Police Public Relations Officer, said the woman will soon be charged to court after investigation and warned youths to be cautious and not go with anyone who promises them jobs in Lagos or any other town without any proof.

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12—Vanguard, MONDAY, MAY 23, 2016

Omatseye appeals 5-yr jail sentence By Innocent Anaba

ONVICTED former Director General of Nigerian Maritime Administration and Safety Agency, NIMASA, Temisan Omatseye, has appealed the five year - jail term slammed on him by Justice Rita OfiliAjumogobia of a Federal High Court sitting in Lagos. Omatseye was prosecuted by Economic and Financial Crimes Commission, EFCC, on a 27count charge of bid rigging and contract splitting worth N271 million while he was the boss of the maritime regulatory agency.

The former NIMASA boss in the appeal by his lawyer, Edoka Onyeke, is arguing that he was persecuted and not prosecuted, stressing that contract splitting though existing in the law, the approval above threshold does not exist. The lower court in its judgement noted that the embattled former DG of NIMASA was on suspension. According to Onyeke, “Interestingly, the judge who had been transferred to the Kwara State jurisdiction threw out a January 23, 2013 letter from the Bureau of Public Procurement, BPP, which

cleared Omatseye of any wrong doing while in the agency. The letter addressed to former President Goodluck Jonathan, signed by Emeka Ezeh, former DG of BPP informed the president that after a scrutiny of the case, the Bureau was of the view that the 27 count charges were breaches brought under sections of the procurement Act that deals with administrative breaches rather than real offences under the Act that can attract conviction or sanctions from the regular courts. “However in delivering the judgement, Justice OfiliAjumogobia surprisingly

jettisoned the report admitted as evidence in court, while relying on a secret circular issued in 2007 by the Office of the Secretary to the Government of the

Federation. She discharged and acquitted Omatseye on a three count charge bordering on contract splitting, while sentencing him to five years imprisonment on 23-count charge of N2.5million approval above his threshold, which doesn’t exist in law.”

Why we support fuel subsidy removal — Oshiomhole, Kachikwu By Simon Ebegbulem

ENIN CITY— GOVERNOR Adams Oshiomhole of Edo State has explained why he stood with the Federal Government on the new price of petrol, saying that the fundamentals and economic indices were different from what they were a few years ago. He said Nigerians must undergo some pain before reaping the gains. The governor said it did not make economic sense for the government to spend more than half of its earnings on fuel subsidy to the detriment of other development programmes. Speaking at a s p e c i a l thanksgiving service organised by Apostle Charles Osazuwa, Senior Pastor and founder of Rock of Ages

Christian Assembly International, RACAi, Benin City, to round off a seven-day programme of the church, yesterday, Oshiomhole said that the former government of President Goodluck Jonathan spent as much as N1.2 trillion on fuel subsidy. He said, “I have listened to our chairman Chief John OdigieOyegun and he reminded us that Minister of Petroleum, Kachikwu, has been under fire. I believe the fire will continue for some time. Despite what he is going through, the minister recognised that we can’t be too busy to come to the church to ask God to help us to do the job." Also speaking, Minister of State for Petroleum, Dr. Ibe Kachukwu insisted that the government of President Muhammadu Buhari is a government of hope, explaining that things could not continue the way they have been. In the same vein, the national chairman of All Progressives Congress, APC, OdigieOyegun, noted that the country was going through difficult times, but the people must change their ways for things to get better.

N700m campaign funds in Edo:

EFCC invites Orbih By Simon Ebegbulem

ENIN CITY-THE Economic and Financial Crimes Commission, EFCC, has invited former chairman Board of Trustees of the Peoples Democratic Party, PDP, Chief Tony Anenih, and the state chairman of the party, Chief Dan Orbih, to appear before it to explain how the N700 million presidential election fund was expended. EFCC also extended invitation to a chieftain of the PDP Okharedia Ihimekpen, who was asked to come and explain how the funds were equally shared. When contacted, Ihimekpen confirmed the invitation, saying “They called me but I told them to put the invitation in writing which they promised to do. I hope to receive the letter tomorrow, then I will go.”

It will be recalled that the Edo State Coordinator of the President Goodluck Jonathan’s campaign organisation, Pastor Osagie Ize-Iyamu and the former Deputy governor of the state, Mr Lucky Imasuen, were also invited by EFCC penultimate Tuesday on the issue. Ize-Iyamu who briefed journalists in Benin city, said he collected the money from Fidelity Bank on behalf of the party and that the money was shared to the executive members of the party in the 18 local government areas of the state for the election of former President Jonathan. On his part, Imasuen who is now a member of All Progressives Congress, APC, said he went to the bank as a witness following pleas from Chief Orbih, who asked him to be at the bank as witness to enable the bank give the money to Ize-Iyamu.

Vanguard, MONDAY, MAY 23, 2016—13

Agip crude oil pipeline set ablaze ...as armed youths nabbed for blowing up Agip pipeline By Samuel Oyadongha

ENAGOA —A crude oil pipeline belonging to Nigerian Agip Oil Company, NAOC , has been set ablaze in Ikienghenbiri community in Southern Ijaw Local Government Area of Bayelsa State, following a clash between rival armed groups over alleged disputed surveillance contract. The incident, which occurred at 2a.m., Sunday, sources told Vanguard, caused panic in the riverside community with many residents fleeing their homes to neighbouring communities. The latest skirmish is coming on the heels of calls by ex-militants in the Niger Delta under the aegis of Leadership, Peace and Cultural Development Initiative, LPCDI, on reneged militant groups in the region to stop attacks on oil and gas pipelines to allow President Muhammadu Buhari fulfill his electoral promises to the region. Meanwhile, a group of armed youths from Ikienghenbiri community have been arrested for allegedly blowing up a major oil pipeline line owned by Agip with dynamites. The armed men, who attacked the pipeline in the swamp of Azuzuama-Ikienghenbiri axis of the trunk conveying the crude oil from Tebidaba to Brass terminal, were allegedly led by Suoyou,

Iyelawei and Fyneboy. A statement, yesterday, in Yenagoa by the state Commissioner for Information and Orientation, Jonathan Obuebite, said that the pipeline vandals were apprehended by youths of Azuzuama community, who got wind of the attack. On the pipeline that was set ablaze, an indigene of Ikienghenbiri community told Vanguard that the armed groups were locked in struggle for control of the Tebidaba-Brass

crude trunk line, which passed through the area. “The armed men vandalized the pipeline along AzuzuamaIkienghenbiri axis of the Tebidaba-Brass pipeline with dynamites and also ignited fire on the line. The vandalized point is still on fire,” said a community service. Another source, said: “We understand that it is a conflict between two armed groups for access to the crude pipeline, one group claims to be working to

safeguard the pipeline and said that members of tthe other group are vandals, they have been shooting. “The sound of the gunfire is scaring and there is no sign of the Joint Task Force, JTF, soldiers who are supposed to be patrolling the area, we have not seen any soldier.” According to him, the pipeline was set ablaze while the two groups engaged each other in a gun battle, adding that there was no way to

Committee of Benin Elders led by Chief E. U. Emovoen, during a visit the Benin Crown Prince, Prince Eheneden Erediauwa.

Edo 2012: Airhiavbere declares, begs Oshiomhole to hand over to him By Simon Ebegbulem

ENIN CITY—FORMER Commander Army Finance Corps and governorship aspirant of All Progressives Congress, APC, Gen. Charles Ehigie Airhiavbere, yesterday, pleaded with Governor Adams Oshiomhole whom he ran against in 2012 as candidate of Peoples Democratic Party, PDP, to anoint him as candidate of the party.

Airhiavbere, while declaring his intention to run for the September 10, 2016 governorship election at the Nigeria Union of Journalists, NUJ, Press Centre, weekend, said that he is the closest person to Oshiomhole having been his opponent in 2012 “when I was the PDP governorship candidate and today we are in the same ship, so I deserved the ticket of the APC.” According to him, “Oshiomhole has tried as a

governor but I want to succeed him so that we can take Edo to the next level. I am an accountant by profession, I have all it takes to improve our economy, create jobs, industrialize the state and improve federal roads in our state. Since people like us left PDP, the party has gone into oblivion. “Those who believe in it have decided to join forces with Oshiomhole, today as he cruises the full length of his tenure, by November 12, there will be a

...Senator Yisa Braimoh backs Ize-Iyamu By Gabriel Enogholase

ENIN—AHEAD of the governorship primaries of Peoples Democratic Party, PDP, in Edo State next month, a former member of the Senate, Senator Yisa Braimoh has thrown his weight behind the governorship aspiration of Pastor Osagie IzeIyamu. Senator Braimoh, who is a foundation member of PDP and a member of the Nigerian Senate between 2007 and 2011, said IzeIyamu towered above other PDP governorship aspirants in terms of energy, intelligence, integrity, achievements and godliness, C M Y K

adding “In about a month’s time, we shall confirm our statement with the result of the primaries.” Speaking at his residence in Owan East Local Government Area of the state when IzeIyamu and his supporters visited him, the former deputy governorship aspirant of the defunct National Republican Convention, NRC, said IzeIyamu has been tried and tested, hence the resolve by the entire leadership of Edo North PDP to endorse him. “I know there are four aspirants in the race. The Bible says we should knock and the door shall be opened unto us. As a senator, none of the other

aspirants has knocked at my door. The only one, who has consistently knocked is Pastor Osagie Ize-Iyamu. Good thing is that he is not an upstart politician. He is a successful lawyer, farmer and politician. Look at his track record. Beyond envy, it is intimidating.” Appreciating Senator Braimoh, and the Edo North PDP leaders, Ize-Iyamu regretted that the two local government areas in Owan were neglected by the state government despite the huge human resources in the councils, saying “even in Etsako Central, the development was restricted to a small community.”

new occupant at Osadebey Avenue. I stand before you to pledge that I am the hopeful because I was the PDP governorship candidate in 2012, I am the candidate to beat today. I made up my mind after consulting God Almighty to run for the 20-16 governorshi. “I have picked the expression of interest form and the party nomination form. Those that have been making noise over who is supporting who, this group representing thatgroup, will now rest. We cannot toil with the fiture of Edo children. That is why I came out to lead the people of this state after I spent 35 years in the army. “I have never believed that my faith is in the hands of any body. My destination is Osadebey Avenue. The delegates will speak loud and clear on June 18 primaries. Those of them I have met I have told them not to sell their conscience for a pot of porridge, or sell theirr future for N1,000. I want to plead with our delegates to shun the politician’s money and vote their conscience so that we can take Edo State to the next level.”

Delta govt tasks contractors qauality of work By Festus Ahon

S A B A — DE LTA State Commissioner for Works, Mr. James Agoye, has charged contractors handling government road projects in the state to speed up their pace of work and ensure quality in their execution. He also urged communities where projects are on-going to give the contractors the needed cooperation to do their work. Agoye, who inspected the ongoing Jeddo/ Ughoton Road, Ejinyere/ Orodje Street Road, Omonigbo/Hospital Road, Ubeji Road, Okere-Urhobo community Road, Dederu Street Road, Okpare/ Umolo Road, Oteri township Road, Emede Road and Emede/Olomoro Road, weekend, pledged the state’s government commitment to continue to provide quality roads for Deltans that would impact positively on the social life and economy of the state.

Ogulagha leader backs monarch over alleged neglect By Tare Youdeowei

PROMINENT leader from Ogulagha Kingdom, in Burutu Local Government Area, Delta State, Chief Beck Hitler has backed the kingdom’s paramount ruler, Capt. Joseph Timiyan, who lamented the marginalization of Ogulagha oil rich kingdom by successive governments and particularly Shell Petroleum Development Company, SPDC. The paramount ruler had expressed displeasure over the neglect of his kingdom by government when the Delta Deputy governor, Kingsley Otuaro paid him a courtesy visit on the renewed pipeline attacks by suspected militants. Hitler, who spoke in Warri, yesterday, corroborated Ogulagha monarch’s position that Ogulagha Kingdom alone has Forcados Terminal Crude Loading Platform, South Bank Flow Station, amongst several others .

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CONVOCATION OF ESPAM FORMATION UNIVERSITY, COTONOU

From left; Kadji Moukam Prince, Registrar; Prof Martial Lipeb, Pro Chancellor/ Vice Chancellor, both of Ecole Superieure Panafricaine de Management Applique (Espam Formation University, Cotonou); HRH Dr Abubakar Buba Atare, Emir of Mai Tula 11, Chancellor ESPAM Formation University Cotonou and Prof Igbasan Sam Odunayo, Dean, Faculties of Pure and Applied Science during the 6th convocation ceremony and the conferment of honorary doctorate degree of International Relations and Chancellor of ESPAM FORMATION UNIVERSITY on the monarch. Photos by Akeem Salau.

From left; Leonard Yakubu, Magajin Tula; Engr Maaji Adamu Mohammed, Dakajin Tula; Hon Jalo Ahmed Ganga, former member Gombe State House of Assembly and Hon Inuwa Garba, former Speaker, House of Assembly Gombe State, who represented the Governor of Gombe State.

From left; Mr Nathan Elias Yatufate, Nigerian Representative for ESPAM Formation University, Cotonou; Prof Igbasan Sam Odunayo; Beatrice Ikeku Thomas, Acting Ambassador in Charge of Affairs, Embassy of Nigeria,Cotonou and Alhaji Ibrahim Aliyu.

C r o s s section of Traditional Council of Mai Tula at t h e ceremony.

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APC not managing its victory well— Okorocha By Chidi Nkwopara

WERRI—THE Chairman of All Progressives Congress, APC, Governors Forum and Governor of Imo State, Chief Rochas Okorocha, has expressed concern that his party “is not managing its victory very well.” Fielding questions from newsmen in Owerri yesterday, Governor Okorocha said: “Make no mistake about it, All Progressives Congress, APC, is a good party by all standards. But my regret is that we are not managing our victory very

Says he'll use rejected salaries for projects well.” When asked to assess President Muhammadu Buhari’s one year in office, Okorocha said: “I have no doubt in my mind that the old man (Buhari) will succeed. All I pleaded with Buhari to capture in the current fiscal year are in the budget. I want to assure Ndigbo that all that are due to us will definitely get to us.” Answering a question on the raging labour war against the new pump price of premium

motor spirit, the governor said he was in full support of the deregulation of the oil sector. While using the opportunity to lampoon Peoples Democratic Party, PDP, and its leadership at the national and state levels, Governor Okorocha, however, revealed that he had not seen any reliable person in PDP to work with. When reminded that Imo workers are being owed salaries since February, he said he was very comfortable

with the 70:30 ratio agreement with labour, even as he warned that any time workers refused their salaries, he would use it to carry out projects. He said: “Pension and internally generated revenue, IGR, are serious problems for me. Only recently, I ordered all the Board of Internal Revenue officers to go on leave, but they have written to say it was unconstitutional to ask all officers to go on leave.”

PARLEY: Governor Rochas Okorocha of Imo State (5th right), speaking at a parley with journalists in the state, weekend. With him are (from right) Mr. Acho Ihim, Speaker, Imo House of Assembly; Sir George Eche, Secretary to the State Government; Sir Calistus Ekenze, Head of Service; Mr. Kingsley Uju, Deputy Chief of Staff, all of Imo State, and others.

I remain loyal to Gov Umahi, says former aide By Peter Okutu

BAKALIKI—THE immediate past Senior Special Assistant to Governor David Umahi of Ebonyi State on Internal Security, Mr. Ali Odefa, weekend, said he was not fighting Governor Umahi. He expressed worry that some mischief makers had hijacked the opportunity of his botched ambition during the last Peoples Democratic Party, PDP, zonal congress in Enugu to cause disaffection between him and the governor. In a statement in Abakaliki, the former zonal Publicity Secretary said: “I did not set out to desecrate the office of the Governor or look down on the person of Governor David Umahi, who is like a father figure to me. “I remain a full and loyal member of our great party, PDP, and charge all members and loyalists to continue to support the governor.”

IPOB registered in 30 countries—KANU By Ikechukwu Nnochiri

BUJA—THE detained leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, has prayed the Community Court of Justice of the Economic Community of West African States, ECOWAS, to compel the Federal Government of Nigeria to pay him monetary compensation of $800 million for the gross violation of his human rights. Kanu, who has been in detention since October 14, 2015, admitted before the court that he was the founder of IPOB, a body he said was duly registered in over 30 countries of the world. He further told the court that Radio Biafra Limited was duly registered under the United Kingdom Companies Act, 2006, and certified by the Registrar of Companies for England and Wales. According to the document before the court, IPOB was registered under the United Kingdom Companies Act 2006, with certificate registration number 9141882. Kanu told the court that he came to Nigeria to visit his parents as well to join his heavily-pregnant wife, who,

... seeks $800m compensation he said, was expected to give birth through caesarean operation in the UK. More so, Kanu told the regional court that his legs and hands were chained by operatives of the Department of State Services, DSS, while he was in their detention facility, a treatment he said “amounts to the worst dehumanisation, degrading treatment and torture.” Cited as defendants in the suit marked ECW/CCJ/APP/ 06/16, which Kanu filed through his lawyer Mr. Ifeanyi Ejiofor, are the Federal Republic of Nigeria, Attorney General of the Federation and Minister of Justice, and the Director General, Department of State Services, DSS. The plaintiff told the

ECOWAS court that he is not facing any terrorism charge before any municipal court of competent jurisdiction in Nigeria or elsewhere. Aside praying the ECOWAS court to order his release from detention, Kanu also wants “an order directing the defendants and/ or their agents individually and/or collectively to pay $800 million to the plaintiff for the gross violation of his human rights, the subject matter of this suit, and to provide other forms of reparation, which may take the form of restitution, satisfaction or guarantees of non-repetition, and other forms of reparation that the honourable court may deem fit to grant.”

FG wades into non-Abia civil servants’ sack By Ugochukwu Alaribe

BA—MORE than four years after nonindigenous workers were disengaged from Abia State civil service, help appears to be on the way as the Federal Government has said the problem was receiving necessary attention. Recall that the disengaged workers had petitioned President Muhammadu Buhari, intimating him of how on October, 2012, Abia State Government disengaged over 4,000 of them, who were termed nonindigenes, from the state workforce without any monetary compensation. The workers, who stated that 79 of their members had died, lamented that the unlawful disengagement was carried out without regard to those who had put in almost 35 years of service and were not given any terminal benefit and urged the President to prevail on the state government to pay them off. In a letter addressed to the disengaged workers, dated March 16 and signed on behalf of the Attorney General of the Federation and Minister of Justice by Director, Citizens Rights Department, Ministry of Justice, F. R. Bebu, entitled Discrimination of Nigerians in Abia State: Plight of Sacked Workers in the State (Re: Acknowledgement of Petition), the Minister acknowledged receipt of the petition of the workers. It read in part, “I am directed by the Honourable Attorney General of the Federation and Minister of Justice to acknowledge the receipt of your petition, addressed to the President and to inform you that your petition is receiving the necessary attention.”

Herdsmen attacks: No grazing land in Ebonyi—CAN By Peter Okutu

BAKALIKI—EBONYI State chapter of the Christian Association of Nigeria, CAN, weekend, said there was no grazing land for Fulani herdsmen in the state. State Chairman of CAN,

Rev. Dr. Emmanuel Nshii, said this during a peaceful protest by members of the association in Abakaliki, adding “we, Igbo, also rear cattle but due to lack of land, we used to restrain our cattle. We, therefore, declare that our land is entirely for

cultivation of rice, cassava and yam.” The protesters carried placards with inscriptions such as Fulani herdsmen and their destruction, Killing is unlawful, Disarm Fulani herdsmen, Cattle rearing is private business, Stop killing innocent farmers among others.

16 — Vanguard, MONDAY, MAY 23, 2016 ON Wednesday May 11, 2016, the Federal Government, through the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC)/Minister of State for Petroleum Resources, Dr Ibe Kachikwu, announced “price adjustment” for premium motor spirit from N86.50 to a “band” between N135 and N145 per litre. He also declared that the Federal Government could no longer afford to subsidise or provide the foreign exchange cover for the importation of the product. This brought mixed reactions, not just from organised Labour but the populace at large. While the Nigerian Labour Congress (NLC) led by Comrade Ayuba Wabba went on strike, the Comrade Joe Ajaero faction and the oil industry unions (NUPENG and PENGASSAN) as well as transport unions, refused to join. The prices of goods in the

Deregulation all the way markets, such as household items, foodstuffs, transportation and the like, immediately went up. The common people, already hit hard by high unemployment, delayed salaries, higher electricity tariffs and the general economic downturn, are saddled with higher cost of living. It is a great irony that the All Progressives Congress (APC) which, as an opposition party four years ago, massively mobilised to truncate the deregulation of petroleum products in 2012 by the President Goodluck Jonathan regime, is now championing the price hike and subsidy removal.

It is a clear negation of their campaign promises to make life easier for the people. Muhammadu Buhari, as the presidential candidate of the APC, had maintained that subsidy was “a fraud”, and that on assuming power, he would simply clean up the oil industry and the prices of petroleum products would come down. Now faced with concrete reality, and after eight months of paying petrol subsidy, the APC Federal Government has decided to toe a policy line that should have gone into effect four years ago when the nation was in a better shape

to cope with its painful side effects. Be that as it may we still strongly believe, as we did in 2012, that total deregulation of the downstream sector of the oil industry, is the best way forward. If we had acted four years ago, we would have saved the over four trillion naira wasted on fraudinfested subsidies. We do not support mere “price adjustment” or “modulation” which the Federal Government calls this policy. We believe that though total deregulation will bring initial sharp pains, it is the only way out of frequent fuel scarcity with their negative impacts on the economy. It is the only way that private sector investments in local refineries will blossom. We urge Nigerians to work with government to ensure the success of total deregulation, and put an end to crises in the downstream sector of the petroleum industry.

OPINION Still on Cameron’s comments By Adewale Kupoluyi

XPECTEDLY, people should react to what can best be described as glib talk by the British Prime Minister, David Cameron, who has tagged both Nigeria and Afghanistan as “fantastically corrupt” nations, during a video conversation he had with Queen Elizabeth of England. The Prime Minister was talking about the anticorruption summit, which was recently held in London that took place at Buckingham Palace, to mark the Queen’s 90th birthday. No doubt, Cameron’s statement can be said to be both true and false. True in the sense that Nigeria is noted to be a top country when it comes to being corruption and impunity, at least, borrowing from the recent statistics, which indicated that Afghanistan was ranked at 167, ahead of only Somalia and North Korea, in Transparency International’s 2015 corruption perception index in which our dear country, Nigeria was 136th! But false in the sense that concerted efforts are being made to put the country on the right track. This, the British authorities cannot claim ignorance. Therefore, his allegation cannot be said to be truly sincere going by the context in which it was made. No wonder that after Mr. Cameron made his costly comments, Archbishop of Canterbury, Justin Welby, was said to have interjected by saying: “But this particular President (Muhammadu

Buhari) is not corrupt … he’s trying very hard.” It is unfortunate that Nigeria has found itself in this mess. Over the years, our leaders have milked the nation dry in great proportions. What this simply means is that what should be the commonwealth has ended up in the pockets of the very few elite at the great expense of the multitude, who daily die as a result of the perilous situation they have been subjected to by our leaders.

Cameron’s statement was reckless, purely political Not only do we find ourselves in this unfortunate circumstance. Stolen wealth of the nation have been domiciled in foreign lands with the hope it would serve as the save haven made possible by the various legislation in these countries that encourage stolen monies to be safely kept. Cameron cannot claim ignorance of this reality. To say the least, our British friends have remained accomplices in the crime over the years. This was the editorial of The Guardian of the United Kingdom titled, “The Guardian View on Corruption: David Cameron Should Look Closer to Home”, which observed that the British system makes it possible to “hide their ill-gotten gains in your luxury homes, department stores, car dealerships, private schools and anywhere else that will accept

their cash with no questions asked. The role of London’s property market as vessels to conceal stolen wealth has been exposed in court documents, reports, documentaries and more.” This well respected publication stated further that “the president of the Nigerian senate, Bukola Saraki, currently facing allegations that he failed to declare his assets, owns a property in London’s Belgravia in his own name. But last month’s Panama Papers revealed that the £5.7m property next door is owned by companies incorporated in the Seychelles and British Virgin Islands, whose respective shareholders are Saraki’s wife and former special assistant. And a £1.65m townhouse in Kensington is shown as belonging to a BVI company whose sole shareholder is Folorunsho Coker, former head of the number plate production authority of the state of Lagos and currently business adviser to the governor of Lagos. None of these individuals may have done anything wrong, but the charge from those campaigners is hard to duck. Under successive governments, from Thatcher to Blair to Cameron, London has become the financial centre for the world’s dirty money”. That is why it is not too surprising that the response given by President Buhari seems to be impressive. Afterall, the man knows what is happening in Nigeria. Buhari, who spoke briefly with Sky News after he delivered his keynote address at the Commonwealth event tagged, “Tackling Corruption Together: A Conference for Civil Society, Business and Government Leaders”, said he would not demand an apology from

Cameron for describing Nigeria as a “fantastically corrupt” country. Rather, Buhari had said all he would demand from Cameron was the return of Nigeria’s stolen assets. That is what we certainly need for now and not any apology. It is sheer distraction. Let the monies be repatriated and injected into our comatose economy. Not only that, we should ensure that the existing framework that makes it possible to loot the economy with ease is redressed. From all that have transpired, what one can comfortably say that the Cameron’s statement was reckless, purely political and was meant to discredit the integrity of Nigeria, perhaps, to score cheap credit before the Queen, as it was not necessary at all to have passed such a statement in the first instance. Silence could be golden at times. Rather, what the United Kingdom should do to help the Nigeria is to: Firstly, stop receiving stolen money from Nigerians. When it simple logic that conversion is promoted when there is a reliable custody to hide stolen resources. Secondly, help repatriate the looted funds that are stashed away in the British economy. Rather than feeding fat on the looted funds from other nations, usually developing countries, the colonial masters should evolve strategies that would do-away with dirty monies from their economies. Thirdly, support the government in its antigraft war. One of the simplest way of doing this is to present correct facts and figures about the nation to the international community, not falsehood and half-truths. •Mr. Kupoluyi, wrote from Federal varsity of Agri., Abeokuta, Ogun State.

MAY 23, 2016

From left: Chairperson, NASCON Allied Industries Limited, Yemisi Ayeni (Mrs); Outgoing Chairman, NASCON Allied Industries Limited, Aliko Dangote; Managing Director, NASCON Allied Industries Limited, and Paul Farrer at the 2015 Annual General Meeting of NASCON Allied Industries Limited, held in Lagos. Photo: Kehinde Gbadamosi

How NSE’s N1trn market capitalisation bid flopped By PETER EGWUATU

resh facts have emerged why the Nigerian Stock Exchange, NSE rescinded its N1 trillion market capitalisation target by 2016. Lack of liquidity , low capacity building, unfavourable economic policies have been adduced as major constraints militating against the growth of the market in the past fours years. Vanguard’s investigation reveals that after four years that the guidelines for securities lending, short selling were introduced by the NSE to boost market activities and

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in turn increase market capitalisation, capital market operators are yet to execute transactions from these products, a situation they attributed to lack of liquidity, capacity building, unfavourable economic policies, among others. Securities lending is one of the products initiative introduced by the Nigerian Stock Exchange that was expected to boost the amount of money that is quickly available for investment spending and in turn boost market capitalisation to the level of N1 trillion mark by 2016. Securities lending is the market practice of temporarily transferring securities, for a fee, from their holder

(the lender) to another party (the borrower), with the borrower agreeing to return the securities to the lender either on demand or at the end of the agreed loan time. This practice usually requires the borrower to back the transaction with cash or other valuables equal to or greater than that of the lent securities, in order to protect the lender against counterpart credit risk. Securities lending plays an important role in capital markets by providing liquidity, which in turn reduces the cost of trading and promotes price discovery. It will be recalled that the Securities and Exchange Commission, SEC appointed Stanbic IBTC, UBA, Capital

Bancorp and First Bank as securitieslending agents in 2012 and since then no transaction has been executed. For short selling, it is the practice of selling securities that the seller does not currently own, and subsequently repurchasing them (“covering”). If a broker has sold securities short, it must borrow those securities in order to fulfil its settlement obligation in the securities settlement system. The short-seller hopes to profit from a decline in the price of the assets between their sale and their repurchase, as, in that scenario, the seller will pay less to buy the assets than it received when selling them. On the other hand, the short-seller will incur a loss if the price of the assets rises, as it will have to buy them at a higher price than it sold them. There is no theoretical limit to the loss that a short seller can incur. Short selling is a legitimate trading strategy on the floor of the Nigerian Stock Exchange, provided that, prior to initiating a trade on a security, that security has been borrowed and is in the account of the seller. Naked short selling – the practice of selling shares a broker does not own without borrowing them or making arrangements to borrow them – is banned for all participants in the NSE. In an exclusive chat with Vanguard, Managing Director, Highcap Securities Limited, Mr. David Adonri said: ”Lack of liquidity and knowledge base are the major constraints militating against the implementation of these products in our market. There is no liquidity in the market and the awareness of these products has not spread. In advanced economies, these products help to move the market as investors are highly educated. So, government has a big role to play in terms of educating the investing public. Once there is demand for the products, I believe the operators in the market will execute transactions. "Also, liquidity is another key factor; local investors like to keep securities for long. How would such people lend to people that requires the shares. So, we need a lot of education so that the local investors will know that it is better to sell securities than to keep them for long term purposes." Speaking as well, Executive Director, Valueline Securities & Investment Limited, Mr. Erem. O Erem said: “The Continues on page 18

18 — Vanguard, MONDAY, MAY 23, 2016

Cover

How to start a business with little or no funding

WORLD AIS DAY - From left: Capt. Dere Ore, Aviation Expert; Mr. Matthew Pwajok, Representative of MD, NAMA; Capt. William Inyang, Chief Pilot, Medview Airline receiving the Award of Excellence For Medview Airline's Contribution to AIS and President, Aeronautical Information Services Association of Nigeria (AISAN), Mr. Sarafa Babatunde Shittu during the 2016 World AIS day on Management of Aeronautical Information; A Prerequisite To Safe Air Navigation at NCAA Annex, Ikeja Lagos. Photo Lamidi Bamidele.

How NSE's N1 trn market capitalisation bid flopped Continued from page 17 Nigerian capital market is suffering from lack of liquidity and inconsistent government policies that have been affecting the growth of the market. If there is no liquidity, how do you think there will be securities lending, market making, short selling among others. So, the market requires enough liquidity for these kinds of advanced products to take place in the country. Another major problem is education, as lack of knowledge of these products by local investors has made it difficult for market to grow. Even when some of the operators are knowledgeable about the products, the investors are lagging behind. It is the investors that will initiate demand for the products, while operators will execute them. So there is need for government to intervene in this regard by educating Nigerians about these products.” The Chairman, Association of Stockbroking Houses of Nigeria, ASHON, Mr. Emeka Madubuike said: “Lack of enlightenment about securities lending and short selling is a major constraint to the development of these products. It is the investors that will demand for the products before the market will key in. Another problem is liquidity. If there is no liquidity these products will not fly. Asset Management Corporation AMCON has many shares. If they can offload them, there will be shares in the market for investors to trade. Also, the operating environment has been unfavourable to quoted entities and other capital market operators. The monetary policy is not helping matters and this C M Y K

affecting our market. The foreign investors are ready to come to our market but government’s policies are scaring them away. For securities lending to be active in Nigeria, government must do a lot in terms of educating the masses. There should be massive enlightenment from government and complemented by the private sector.” The General Manager, Operations, Central Securities Clearing System (CSCS) Limited, Mr. Joseph Mekiliuwa, in a chat with Vanguard said: “I think the problem we are having in Nigeria on these products is lack of awareness. They are sophisticated products and that is why African Securities Exchange Association, ASEA th organised its 5 seminar themed: 'Building African Financial Markets ( BAFM) Capacity Building' in Nigeria, being the first time that such seminar is hosted outside South Africa. South Africa is the only market in Africa where

The market requires enough liquidity for these kinds of advanced products to take place in the country

securities lending is in operation. In Nigeria, the NSE has come out with the guidelines and it is now left for operators to key in. I believe after this seminar and with more enlightenment we would begin to see some of these products take off.” The Head, Investor Services (West Africa) Stanbic IBTC, Mr Segun Sanni in his remark said “There are benefits in securities lending. To the lenders, there is additional income from investment portfolios and also market liquidity by increasing the number of potential sellers and buyers in the market. To the borrowers, the market making without having to carry inventory; failed trade protection (covered short selling ); additional income; market liquidity by increasing the number of potential sellers and buyers in the market and hedging against volatility. He stressed that the market will be better for it as liquidity will be enhanced by increasing the number of potential sellers and buyers; there will be price discovery, which will lead to efficient pricing and market depth. Also the market will be more competitive. Sani said that securities lending is very important to market development, noting “Sometime in the early 1990s the G-30 recommended securities lending in order to reduce the high rates of trading “fails” that were discouraging cross border investors and rendering domestic capital markets illiquid and prone to paralysis.” According to him, “G-30 urges regulators to take down regulatory and taxation barriers Continues on page 19

o you tried everything and entails a lot of sacrifice in your asked everyone, but personal life and tightening the nobody offered you a loan? Well, belt. Once you have set a do not despair; others have deadline to launch your started businesses in similar business, you have to learn to circumstances. Starting a live on less and put money aside business without outside to help you fund the business. funding is known as 2. Back yourself bootstrapping. In bootstrapping, An entrepreneur who is not the entrepreneur uses his or her willing to invest his own money personal savings, overdraft, or into his business does not bond on their home. Most well- believe in himself. Once you can known successful business invest your own resources into entrepreneurs like Bill Gates the business, you can expect (Microsoft), Michael Dell (Dell support from close relatives and computers), and Richard friends who believe in you and Branson adopted a combination know the amount of money you of personal bootstrapping plans have pumped into the business, to start- off their businesses. To which is a clear indication of obtain maximum result, you your commitment to make the need to use a combination of business succeed. bootstrapping options to 3. DIY (Do – It- Yourself) leverage every opportunity An entrepreneur at the startinstead of focusing on one up must endeavour to be jack option. There’s is no uniform of- all –trades. Although you “Start- up” fee for building a may have your own specialty it business, so different businesses does not matter when you add will have different needs. It’s some other works to your important to first estimate how business, after all, the more you much you need before you start do, the less you need to pay finding alternative methods to someone else. This can help you fund your business. There are save some money and get the two main parts of starting a business off the ground. The business with less: Lowering entrepreneur and the your costs or Increase your management team at the startavailable capital from outside up stage must train themselves source. These have three to do most of the work instead of options, but I will discuss one. outsourcing. Reduce your needs: your first 4. Work in Parallel option is to change your At the start-up stage of your business model to demand fewer business, you can sell your time needs. For example, if you were to raise some money while you planning on starting a company are building your business from of personal trainer, you could the income generated from the reduce your “employee” consulting work. expenses by being the sole 5. Keep the End in Mind “employee” at the start. Unless Although consulting can you need office space, you can generate some money for a startwork from home. up business, there is a possibility You can do your home- work of over dependence and to find cheaper sources of forgetting the big picture of suppliers or even cut out the developing your own brand. entire product lines that are too This means the entrepreneur expensive to produce at the can become greedy and caught outset. up in a circle of generating The following money outside of tactics will help the business, with you start your f e w e r business with opportunities, than minimal capital: selling from within To obtain maximum result, the business. SIX TACTICS the latter you need to use a Although FOR STARTING will take time and A BUSINESS combination of needs a long-term WITH NO/ bootstrapping mentality, the M I N I M A L options to rewards could be CAPITAL greater. leverage every 1.Break the opportunity Focus on cashG o l d e n flow. Cash is the instead of Handcuffs king, queen, and The reality is that focusing on one prince of every starting a business option business.

Vanguard, MONDAY, MAY 23, 2016 — 19

inister of Information, Lai Mohammed last week said that Nigeria is broke. He spoke to State House correspondents at the end of the Federal Executive Council (FEC) meeting in Abuja. He said the Federal Government took a painful decision by increasing the pump price of petrol from N86.50 to N145 per litre. According to him, the current problem is not about subsidy removal but a result of dwindling income of the government. He said: “The current problem is not really about subsidy removal. It is that Nigeria is broke. Pure Nigeria is indeed on financial demand and simple! is therefore “It is like somebody who has life support machine if you substantial. The CBN is not been earning N100,000 a like. This government should the principal source of foreign month and he is faced with a have told the nation the whole exchange. Autonomous situation where his employer truth. Nigeria is broke, please sources provided $4.08 billion says henceforth, you will be understand and bear with the in January, compared with earning N10,000 a month. He government. The average CBN’s $1.30bn, and would would need to make some very Nigerian would have listened. have included remittances of Nigerians can see for about $1.80bn as well as oil painful decisions and some very painful adjustments. That themselves how the slide in exports generated by the is the situation with Nigeria the oil price has brutally private sector. exposed Nigeria’s Achilles today. Comments last week by Vice“A few months ago, we were heels. Foreign exchange President Yemi Osinbajo, and earning as much as $100 for inflows at the CBN in January the announcement by the every barrel of crude. In the amounted to just $1.30 billion, NNPC of a new authorised months of February and which represented a year-on- price band for sales of petrol/ March, we were short of…so, year decline of 46.7 per cent. gasoline, have fuelled we no longer have the Skeptics of this administration speculation that a devaluation resources, the foreign could point out that the oil of the naira exchange rate exchange to bring in refined price has recovered above the may be coming. fuel products. And our $38 budget bench mark to Most Nigerians do not economy is shrinking. We about $48/b but Nigerians realise the nation has been appreciate the fact that the must understand that sabotage living in The Matrix. This decision is going to affect and disruption in the Niger- subsidy removal is perhaps Delta have picked up to a level the red pill that may wake everybody. “We appreciate what we are not seen since the period Nigerians up to reality. going through, but Nigerians preceding the Yar ’Adua Nigeria is poor. It is broke. should also know that the amnesty. Oil industry sources Nigeria has been raped, government has the have said that Nigeria's output pillaged, looted and left for responsibility at times to take is at the moment as low as 1.40 dead. very difficult decisions. So, it mbpd. Whichever data is used, All these years, the nation’s is not always about it has become obvious why economy has been sustained access to foreign exchange on the junk food of corruption popularity.” Lai Mohammed was only has become problematic and and Nigeria had kwashiorkor stating the obvious. This why the CBN is selling no but because it looked chubby, fundamental truth was not told more than $200m per week at Nigerians thought the nation to Nigerians from the very the official rate. was healthy. Nigerians were While foreign exchange busy throwing money around. beginning. This is what Lai Mohammed and his supply has crashed with the Those who had political principals should have told oil price since mid-2014, godfathers and had access Nigerians before the hike in demand has not eased. The were renting two bedrooms in the pump price of petrol. gap between supply and Abuja for N700 million.

Welcome to the reality: Nigeria is broke Houses were springing up around the country from the proceeds of corruption. It was unbelievable that make-up artistes were charging N500, 000 and pre-wedding photo shoots were going for N700, 000. Aso ebi for wedding, naming or burial ceremonies were sold for N90, 000. These Nigerians were busy buying Rolex watches and Ferraris. Range Rover Sport was everywhere you turn to in Lagos, Abuja and Port Harcourt. To these sudden wealthy people, the items were like Keke Napep. Little did they know that it is all fake life. The perception of a wealthy nation was all a mirage. Nigerians have all been living off the spoils of corruption. That’s why the country seems so hard and difficult now that nobody has access to free money anymore. There is at the moment no money circulating because there is none to steal and rent flats and shops for girlfriends. There is no more money for civil servants to steal to pay bogus tithes of N500, 000 to unsuspecting churches and take an equally bogus title from traditional rulers. There is no money for Nigerian lawmakers to spray in dollars at their daughters’ weddings; for Lagos big boys to spend N2 million every Friday night at

nightclubs. It’s time for Nigerians to face reality. The party is over. Buhari must deregulate completely the oil sector whether labour likes it or not. CBN must not back down on its foreign exchange policy. It must not reverse itself on the 41 items denied access to foreign exchange. It is time for Nigerians to learn the hard way. It is time to see the real Nigeria and Nigerians. Now that money budgeted will go into our roads and bridges and hospitals, there will be economic progress. Such budgetary allocations will now benefit those who do not have a rich corrupt uncle with connections in oil and gas. Those who cannot travel to Dubai to celebrate birthdays will do so here in Nigeria. Those who do not know what Coldstone ice cream tastes like will benefit from government programmes. Now is the time for those who have stolen Nigeria’s money to invest in real estate and reap the benefit of corruption. Hopefully, the real estate markets will crash. The thieves with 15 houses in Abuja will be forced to sell them fast for cash. It would, however, be better if EFCC seized and auctioned them. All those in the service industry will have to reevaluate their pricing. You cannot charge 500,000 to paint faces anymore; free money is gone for ever. Nigerians welcome to the real world.

Cover Continued from page 18 that inhibit securities lending. This was so well embraced that throughout the 1990’s, countries like Japan, Australia, UK, Switzerland , Italy, France etc acted to remove the barriers. From the beginning in the 1990’s in Europe, the total repo and securities lending transactions settled on the Euroclear settlement platform amounted to 95 trillion Euro for the year 2000. It is our hope that African countries, like Nigeria will key into these products.” In this development, he said “Securities lending is crucial to the growth and liquidity of our markets, just as lending is essential to a functional banking system.” Meanwhile, the NSE in its securities lending guidelines stated that the Nigerian capital market has a reputation for the C M Y K

How NSE's N1 trn market capitalisation bid flopped professionalism of the firms that participate in it and their employees. All participants in the securities lending market have a common interest in maintaining this reputation. They also have a common interest in ensuring that the securities lending market operates in a sound and orderly manner. To achieve these aims it is essential that firms and their staff adopt prudent practices, act at all times with integrity, and observe the highest standards of market conduct. It further stated: “Participants should possess requisite skills and act with due care and diligence. Staff should be properly trained in the practices of the securities lending market

and be familiar with these guidelines. Participants must accept responsibility for actions of their staff. Market professionals should pay particular attention to ensuring fair treatment for and between clients who are not market professionals where conflict of interest cannot be avoided. Participants in the securities lending market should at all times treat the names of parties to transactions as confidential to the parties involved." The guideline sated: “In order for the benefits of the securities lending market to accrue generally to market participants, it is essential that securities lending activity does not distort the market either in

borrowing/lending or in the securities themselves. To this end, participants in the securities lending market must not in any circumstances enter into any transactions or holding arrangements designed to limit the availability of a specific security or with the intention of creating a false or distorted market in the underlying securities." For Preliminary Issues, the guideline states, “Where relevant, participants should ensure that they have appropriate prior authority from the beneficial owners of the securities, or from a party suitably authorized by the beneficial owners, for the security to be lent. All participants should ensure

that there are no legal obstacles to their undertaking securities borrowing and lending transactions and that, where necessary they have all relevant permissions from the regulatory authorities. They should become familiar with the rules, procedures and conventions of the market in which they will operate in order to fully comprehend the business and its associated risk. Participants should ensure that they have established and fully understood their tax position in relation to securities lending transactions. Such transactions should be carried out in accordance with the relevant market and tax regulations.”

20 — Vanguard, MONDAY, MAY 23, 2016

Business & Economy

Economic downturn: Experts task advertisers on budget cut By PRINCEWILL EKWUJURU

dvertisers in the country have been advised not to cut down their advertising budget during periods of difficult economic climate. Lampe Omoyele, a brand research and consumerism expert, gave the advice at the maiden edition of Advertisers’ Association of Nigeria, ADVAN Marketers Conference in Lagos. Lampe who is also the Managing Director of The Nielsen West Africa, a brands and marketing research company, urged that brands should not succumb to the pressure of cutting down their marketing budgets despite internal and external economic crunches because they will ultimately make more gains after the dust had settled. Presenting a paper on ‘Consumer Confidence Trends and Engagement’, Lampe observed that since the third quarter of 2015, consumer confidence in the economy has dipped significantly, and dropped further in the first quarter of 2016 due to nagging issues like devaluation, foreign exchange crisis, high inflation, budget delay and many others. He also stated that his company’s research showed there was a general decline in job prospects and a reduced willingness to spend by most consumers. He explains that most households now use scale of preference on their expenditures and are consistently cutting down on what they spend. Lampe also noted that, as expected, the sector that has had been the worst hit was the Fast Moving Consumer Goods, FMCGs, which is usually a major indicator for consumer confidence in any country. Most of the companies in the FMCG, he said, have reported losses. On the other hand, Alcoholic beverage brands, Telco brands and nonalcoholic beverage brands have all recorded some growth despite the drop in consumer confidence. C M Y K

PRESS CONFERENCE - From left: GMD/CEO, Access Bank Plc, Herbert Wigwe; Chairman, Institute of Human Virology, Nigeria (IHVN), Professor Emeritus Umaru Shehu; CEO, Dangote Foundation, Zouera Youssoufou; Chief Executive Officer, IHVN, Dr Patrick Dakum and Executive Director, Personal Banking, Access Bank Plc, Victor Etuokwu, at a press conference on the proposed N5bn fund raising for the International Research Center of Excellence by IHVN in Lagos

Current economic woes negatively affecting MFBs — Operators By MICHAEL EBOH

perators of microfinance banks in Nigeria have lamented the current economic situation in the country, stating that if the Federal Government fails to take urgent steps in strengthening the economy, many businesses would fail and microfinance banks would be negatively affected. Speaking at the second edition of the Nigerian Microfinance Platform in Abuja, Chairman, Board of Directors, NPF Microfinance Bank Plc, Mr. Joel Udah, stated that the worrisome state of economic growth and high level of poverty is one of the challenges hindering financial inclusion which is a major platform of microfinance banks. He added that the current economic challenges had brought about a low propensity to save among low income earners and the active poor, who constitute majority of the country’s population.

Also speaking, Mrs. Nwanna Joel-Ezeugo, Chief Risk Control and Compliance Officer, Accion Microfinance Bank, said due to the tough operating economic conditions and foreign exchange policy of the government, businesses are finding it very difficult to cope. She blamed the development on the inconsistent policies of the Federal Government which, she said, is stifling businesses.

She said, “Microfinance banks actually deal with people at the bottom of the pyramid and I must tell you that the economic situation is not funny. Initially, I thought it was ACCION that was only affected, but from the meeting we had yesterday, where all the managing directors of the Nigerian Microfinance Platform attended, it was the same complain.

FG plans agro-dealers network to ensure availability of farm inputs

he Federal Government says it is working towards developing agrodealers network across the country to ensure that fertilisers and other inputs are available and accessible to farmers all year-round. Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, stated this in

Abuja at the 2nd Annual West African Fertiliser Stakeholders’ Forum. “It is one of the current government’s aspirations to empower these agro-dealers to function independently in making fertilisers and other agroinputs accessible to farmers always. “We want to develop agro-

NAHCO invests N1.4bn on infrastructure By FAVOUR NNABUGWU

“The real people in the market are actually finding it very difficult to cope because they are so many inconsistent government policies that are not enabling them to actually run their businesses the way they used to. Of course, if they are having issues, automatically, it would affect their ability to operate effectively with microfinance banks. “The foreign exchange policy is a major issue. The reason being that in the middle of last year, the CBN came up with a list of activities that can be accessed through the official exchange rate. And we know Nigeria has so far been an import dependent economy. When that policy came up, a lot of people were taken away from their jobs and businesses. “And of course, even the increase in the exchange rate, those that can access official rate, the funds are not available at the CBN, because of the drop in the price of oil and declining reserves. At the end of the day, you find out that either way, the economy is not favourable to the people in the market.” She called on the Federal Government to churn out concrete economic blueprint that would help point out the direction of the country ’s economy, stating that “If everyone knows the direction we are heading, we will begin to strategise on how to get there. But where there is no clear cut policy, these inconsistencies will kill more people and throw a lot

he Nigerian Aviation Handling Company (NAHCO) has invested N1.4 billion to upgrade infrastructure and equipment after privatisation ten years ago, its Managing Director, Mr. Nobert Bielderman has said. Bielderman who led a delegation on a visit to the Acting Director-General of the Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akpotaire in Abuja, said that NAHCO was poised to sustain its position as a leading success story of the privatisation and reform programme of the Federal Government. “NAHCO has since its privatisation in 2006, invested N1.4 billion to upgrade its

infrastructure.” The NAHCO boss said that having grown NAHCO’s revenue base from N3.5 billion to N8.5 billion in the last six years, the enterprise was determined to sustain the tempo, despite the current economic downturn. He added that the investments made in the acquisition of new equipment, human capacity development and good corporate governance would enhance optimal service delivery and shore up the company’s revenue base. According to him, the company which was privatised through a public offer in 2006 and promptly listed on the Nigerian Stock Exchange (NSE) has recorded favourable profit margin for shareholders above the 50 kobo share price before privatisation.

dealers network in the rural communities where majority of our farmers reside to access these inputs without much stress.” The minister said that the country hosted the African Fertiliser Summit in June 2006 and proposed a number of actions for boosting fertiliser production and usage in Nigeria and the rest of the subregion. He listed the actions to include: development of a favourable policy framework for full private sector investment in the fertiliser industry, quality control and monitoring mechanism to regulate the sector. “The summit also proposed to protect the interests of investors and farmers, specific programmes to improve mechanisms for the administration of targeted subsidy to farmers. “I am delighted that this Forum has provided us another opportunity to reflect on the progress we have made over the years with respect to the implementation of the abovementioned actions.

Vanguard, MONDAY, MAY 23, 2016 — 21

Interview

Why we’re investing in commercial production of sorghum, cassava

BY FRANKLIN ALLI

Nicolaas Vervelde is t h e Managing Director/CEO, Nigerian Breweries Plc. He spoke with VANGUARD about the company’s 70 years of operation in Nigeria, the challenges of investing in the brewery sector, among other salient issues. At 70 what percentage of your raw materials are being sourced locally and even exported to other countries? We maintained our contribution to the development of the agriculture value chain in Nigeria as parts of our focus on sustainable sourcing of raw materials. For instance, in 2015, 47.4 per cent of our raw materials were sourced locally. Hopefully by 2018 we should be able to achieve a benchmark of 60 per cent and Heineken, our parent company has a commitment that by 2020 we should be able to attain 99 per cent local sourcing of raw materials. Every year, we improve on our local content inputs so we are making progress with our partners –International Fertilizer Development Centre, IFDC, and Psaltry International, a local processing company on value extraction from cassava. We are also making progress in the development of new hybrid Sorghum varieties with the potential of increasing yield for sorghum farmers as well as improving the quality of sorghum malt which is a raw material input in our operations. I want to know specifically, which areas of the challenging operating environment that is affecting you? And what would you want government to do with a view to helping corporate entities like Nigerian Breweries remain competitive? I am not sure I am in a position to give advice to the government on what to do to mitigate the tough operating business environment. Nevertheless, we have to consider the effect of the global economy which is playing out, especially the decline in oil prices, which was due to global recession, worries about China and oil supply countries like OPEC reducing prices with increased outputs. All these have effects and we also know that Nigeria is to a very large extent, dependent on oil revenues and this is affecting C M Y K

– MD, NB Plc

•Nicolaas Vervelde

the salaries of civil servants in both the states and local level. Of course, if there is improved revenue, it will also help in relieving the forex situation. It is now very clear that other brands of beer like Golden Guinea is coming into the market in the third quarter of the year, I want to know how ready you are to take the heat that will break in the aftermath of their entry into market. We agree there is going to be increased competition and over the last few years we have been working on a competing portfolio and on a far more diverse group of

In Nigeria with a population of over 170 million, per capita consumption of beer is 11 litres whereas in Brazil with 200 million populations per capita consumption of beer is 70 litres; Russia 64 litres, Mexico 60 litres and South Africa it is 60 litres per person; Burundi 40 litres.

consumers and their needs. Today we have portfolios with 20 brands all have segments. And having been operating in the market for 70 years, we have very strong position in the market to weather competitions and instead of down trading we will grow big in our offerings with the supports of Heineken, an international brand. 70 years is no mean feat, do you have plans to start growing some of the raw materials locally? Second, what are the main challenges of breweries in Nigeria compared to the global market? First of all, I can say that Nigeria Breweries has always been committed to Backward Integration. Our first backward integration started in the 80s during the Structural Adjustment Programmes, SAP. At that time forex were not available for much of what we buy, and then NB with the support of technology from Heineken started developing beers brewed with corn. In 2006, due to investments made by NB, we have been able to invest in two varieties of Sorghums and now harvesting four tonnes per hectare from one tonnes per hectare. Today we have created jobs for over 250,000 farmers through our investments in sorghums and cassava farming. Our target is to make it commercial and we have signed a Memorandum of Understanding with the ministry of Agriculture to upscale it for two to three years and then make it commercially available.

We have been working on this for five years because the point is; backward integration only makes sense if it is commercially sustainable. If it becomes a subsidized system, the more the funds are there and the subsidy is accessed, the business is gone. Backward Integration is a long term commitments before you see the results. It demands long years of hard work. What is the level of the consumption of beer in Nigeria compared to other countries, and what is NB doing to better the percentage of beer drinking in Nigeria? Although, 23 percent of Nigeria's population is middle class, yet per capita consumption of beer is low compared to markets across the globe. In Nigeria with a population of over 170 million, per capita consumption of beer is 11 litres whereas in Brazil with 200 million population per capita consumption of beer is 70 litres; Russia 64 litres, Mexico 60 litres and South Africa it is 60 litres per person; Burundi 40 litres, Cameroun 40L and Sub-Saharan Africa 17liters. The last time Nigeria had high per capita consumption of beer was 1984, and it was 17 litres per person. First of all, there are many ways companies like Nigerian Breweries can increase per capita consumption of beer. One of it is road to markets, by making sure that the brands is always there, not only in the urban areas but in the rural areas which is not a small part given the huge landmark of Nigeria. The other one is try to address all the consumer needs including pricing. Over the last few years, we see that par capita consumption started going down because if you look at the statistics, the average income of workers decreased mainly due to inflation and devaluation of the Naira How was the brewed products market in 2015? The overall performance of the brewed products market

Backward integration only makes sense if it is commercially sustainable. If it becomes a subsidized system the more the funds are there and the subsidy is accessed, the business is gone. mirrored the general performance of the economy. Indications are that the sector in Nigeria has been undergoing slow growth for four consecutive years. The sector grew by 1 per cent last year compared to 9-10 per cent recorded in the years before 2010. The slight growths recorded by operators in the sector were in the areas of products innovation and expansions of beer plants driven by acquisition. Among the players in the industry, Nigerian Breweries alone has 20 products category, 11 beer plants and two malt plants in Aba and Kaduna. 70 years in Nigeria - what have been your impacts on the economy and the people? Government, host communities and shareholders feel our positive socio-economic impacts. For instance, in 2015, despite tough operating environment, the company paid N16 billion as tax to the Federal Government for the financial year 2015 and N38 billion to shareholders. Employmentwise, the company has 4,000 Nigerians on its payrolls across the country while 280,000 people have been indirectly employed by our transporters, distributors and other ancillary businesses. We also spent over N130 million on corporate social responsibility projects across the country in 2015.

22 — Vanguard, MONDAY, MAY 23, 2016

Banking & Finance MPC: Experts predict further hike in Monetary Policy Rate CBN disburses N55.4bn to 24 firms to boost power supply

he Central Bank of Nigeria (CBN) on Friday disbursed N55.4 billion to 26 power firms to address funding impediments to power supply in the country. The power firms include three distribution companies, 14 generation companies, six gas companies and one services provider. The funds represent the fourth batch disbursed under the N213 billion Nigerian Electricity Market Stabilization Facility (CBNNEMSF). Speaking at the presentation of payment documents to the 26 power firms in Lagos, CBN Governor, Mr. Godwin Emefiele, said, “The Central Bank of Nigeria (CBN) initiated a N213billion Nigerian Electricity Market Stabilization Facility (CBNNEMSF) as a follow up to commitments reached with other stakeholders to address debts owed by generating companies to gas suppliers. The first disbursement was effected on February 12, 2015 to industry participants. “This 4th batch disbursement marks a major milestone in the effort of the Bank in collaboration with the Federal Government to achieve a Contract Based Electricity Market. “It will feature Signing of Power Purchase Agreement (PPA) Activation Agreement by Nigeria Bulk Electricity Trader (NBET) to signal activation of Industry contracts for Power Generation under a Contract Based Market; and the disbursement of a further N55.456billion out of the N213billion to 24 industry participants, namely 3-Discos; 14 Gencos- NIPP inclusive; 1Service Provider; and 6Gascos ) to further address the challenges of the sector. “This includes N8.67 billion to thee Discos, N35.83 billion to 14 Gencos, N10.49 billion to six Gascos and N459.68 million “New entrants into the scheme are two (2) Distribution companies (Benin and Jos) and eight (8) generating companies that include two (2) IPPs (Agip/Okpai and Shell) and six (6) NIPP plants (Alaoji, Geregu, Ihovbor, Olorunsogo2, Omotosho2 and Sapele2).” C M Y K

*Call for adjustment to forex policy Stroies by Babajide Komolafe

conomic experts have predicted that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will further raise the Monetary Policy Rate (MPR), in order to address rising inflation in the country. Some of them however opined that the Committee should adjust the foreign exchange policy to allow for efficiency in the foreign exchange market. The 11 member MPC commenced its bi-monthly meeting on Friday in Lagos with presentations of departmental reports by CBN staff. Committee members will today discuss highlights of the CBN staff reports as well as latest inflation and Gross Domestic Product data released by the Nigeria Bureau of Statistics (NBS) last week. The meeting will conclude tomorrow with policy recommendation by each committee member and announcement of policy measures adopted. At the end of its meeting in March, the MPC decided to tighten money supply by raising the MPR to 12 percent from 11 percent. It also raised the Cash Reserve Requirement (CRR) of banks to 22.5 percent from 20 percent and narrowed the upper and lower bands around the MPR to +200 and

*CBN Governor - Godwin Emefiele -700 basis points to +200 and -500 basis points. The MPC is expected to further tighten money supply especially in view of the jump in inflation to 13.6 in April from March, as well as the commencement of the implementation of the 2016 budget, which is expected to inject massive liquidity into the economy. “The more appropriate policy expected in my view from MPC, will be a slight upward adjustment of current MPR as a tightening response to the current inflationary trend’, said Mr. Victor Ogiemwonyin, Managing Director/Chief Executive, Partnership Investment Plc. He added that, “The 2016 budget just signed into law is a large reflationary budget

which will also put further pressure on inflation. The large spending budget is needed at this time to get economic activity up, but also has the potential to further stoke inflation. A

Market conditions are arguably too liquid for a sizeable devaluation to be considered just yet

Heritage Bank to launch financial inclusion comic book

eritage Bank is set to launch a comic book to drive financial inclusion among children. The launching of the book is one of the highlights of the bank’s Children Banking Month 2016, which is a financial literacy campaign to commemorate the May 27th Children’s Day celebration. In a personal letter conveying details of the Children Banking Month 2016 of young customers of the Bank, Managing Director/Chief Executive, Heritage Bank, Mr. Ifie Sekibo said, “May 27 has been set aside nationally as Children’s Day and to honour you, our leader of tomorrow, for the second year running, we at Heritage Bank have declared the entire month of May as Children Banking Month. “We are dedicating this month to you, our young customer, because of the important

position you hold in the destiny of our great nation, Nigeria. “Our theme for this year’s celebration is “Taking the Early Lead” and aligned with this is our financial literacy campaign geared towards equipping you with the requisite knowledge to make you a remarkable leader in future. This is also in keeping with the bank’s vision of creating, preserving and transferring wealth across generations. “I personally want to congratulate you on behalf of the management and staff of Heritage Bank ahead of the Children’s Day celebrations on the May 27 and to urge you to stay in school and stay focused on your academics. I also want to let you know that you can be anything you want to be in future if you listen to mummy and daddy and also to your teachers in school. As

the buds of today and the stars of tomorrow, we are counting on you to make the difference in our great nation. “Throughout the month of May my colleagues in the bank will go round a great number of schools throughout the country imparting knowledge on elementary finance and at the same time, we will also invite some of you on an excursion of the bank to let you see firsthand, the workings of a modern day financial institution. I have also made sure that you will be entertained if you walk into any of our Experience Centers. “On the 24rd of May, we will launch the first ever comic book for children and youth. This financial literacy resource kit will feature creative visuals and highly intelligent and funny comic characters to drive financial education in a fun way.”

tightening stands will be understandable.” On her part, Razia Khan of Standard Chartered Bank, London, predicted that MPC will raise the MPR to 13 percent. In an email response to Vanguard, Khan, who is the Managing Director, Chief Economist, Africa, and Global Research for Standard Chartered Bank, said, “We have been monitoring inflation risks for some time. With April composite Price Index (CPI) confirmed at 13.7 percent, we now expect the CBN to tighten its policy rate by 100 basis points to 13 percent at the May meeting, rather than in September, as previously forecast. Inflation is largely cost-push in nature, and the economy is weak. A hike of 100 bps will not result in a positive real MPR, but the 200 bps upper corridor around the MPR is likely to result in a SLF (Standing Lending Facility) rate of 15 percent. This should be sufficient for the MPC.” Though Khan ruled out the possibility of any adjustment to the exchange rate, Ogiemwonyin and Afrinvest Plc called for removal of foreign exchange restrictions. According to Khan “We do not expect any big foreign exchange liberalisation moves just yet. Although the release of a new fuel pricing template with its exchange rate assumption of N285 per dollar has raised market anticipation of an imminent change in policy, there has been little official indication of any change in thinking. Market conditions are arguably too liquid for a sizeable devaluation to be considered just yet.” Making a case for the removal of foreign exchange restrictions, Ogiemwonyin said, “I also expect removal of controls from the Foreign Exchange market. As this will be the only way to make this market efficient. Efficient markets work for all of us. There will be no need to announce any devaluation of the naira, only that the CBN is getting out of Transactionary Naira. i.e they will no longer sell dollars to banks just as they have done with BDC. Banks will be free to source Dollars at their supplier’s rate and sell at the rate customers are ready to buy. The CBN will henceforth intervene like other central banks when rates get out of control. They will offer very large amounts to ease supply and cool the market when necessary.”

Vanguard, MONDAY, MAY 23, 2016 — 23

Corporate Finance

Stanbic IBTC, Zenith, others set to finance state govt projects By PETER EGWUATU

ome of the banks have indicated their interest to finance viable state governments’ projects that are expected to impact on the lives of the people. The strategic intermediation role played by financial institutions in society will be further tested in the coming months as some states finetunes its developmental agenda to ensure prosperity for residents of their states. Stanbic IBTC Plc, Zenith Bank Plc , Heritage Bank, GT Bank Plc and First Bank Plc co-sponsored the two day Kaduna State Investment Economic Investment Summit tagged KadInvest. The government reforms in agriculture have also attracted financial commitments from the financial industry. Today, banks have invested billions of naira across the agricultural value chain. As well, banks continue to tap into the small and medium scale enterprises sector to create value. The Chief Executive, Stanbic IBTC Holding, David-Borha said that Stanbic IBTC has “begun partnership with Kaduna State in the area of small and medium scale enterprises." So often, financial institutions, which are mindful of toxic loans, are hampered by governments from playing this critical role. The required fiscal discipline, commitment and transparency to ensure realization of development plans are sometimes missing, making financial commitments difficult. In reference to that, Acting Managing Director, Bank of Industry, Mr. Waheed Olagunju, said: “If the blueprint is religiously followed through successfully in terms of implementation, they state government would have substantially de-risk the business environment in Kaduna. And by so doing they will ease the ability of entrepreneurs in Kaduna to meet the Bank of Industry’s risk acceptance criteria, thereby facilitating access to its loans.” Meanwhile, public financial institutions such as the Bank of Industry, the World Bank, the African Export and Import Bank, the International Monetary Fund and the International Finance Corporation made very strong contributions at the two-day summit. The Kaduna state government talked about “productivity and C M Y K

•Mr. Oscar Onyema , Chief Executive Officer, NSE

competitiveness”. Financial institutions will be the critical springboard for the competitiveness of the entire state, no doubt. At the recent inaugural annual Kaduna State Economic and Investment Summit, the

(KADIPA), with help from the Nigerian Investment Promotion Council and the Nigerian Economic Summit Group and co-sponsored by Stanbic IBTC, el-Rufai unveiled a five-year developmental plan for the

We are also a mining institution. Across Africa, we have provided financing in mining, and we believe we can do the same in Kaduna State state governor, Mallam Nasir el-Rufai, made a strong case for investment in the state by the private sector. At the summit, organised by the Kaduna State Investment Promotion Agency

state. Some of the critical sectors to be addressed in the fiveyear developmental plan are transportation, power, agriculture, education,

mining, housing, health, security and the judiciary, among others. Financial institutions, both public and private, have a critical role to play in the actualization of the plan. “The government will continue to finance part of its capital programme with internal and external loans obtained on concessional terms” the governor said in acknowledgement of the role of financial institutions. Perhaps to further underscore this role, they were involved at every stage of the summit. The aggregate capital expenditure projection for the state’s five-year plan is about N108 billion for 2016, N87 billion for 2017, N100 billion for 2018; N111 billion for 2019 and N126 billion for 2020. In all, the state government needs roughly N1.5 trillion in the next five years. Private sector players are expected to provide around half the fund, about N800 billion. The financial institutions will provide the needed credit to both the government and the private sector players like Olam, which announced plans to invest $150 million (about N30 billion) in animal feed, poultry, hatchery factory in Kaduna, and Dangote, which indicated interest to invest N10 billion in tomato paste processing plant in the state, among other expected investors.

FCMB’s Training Academy gets CIBN accreditation The capacity building and training programmes offered by First City Monument Bank (FCMB) Limited’s Training Academy have received due recognition and positive affirmation from Chartered Institute of Bankers of Nigeria, CIBN. The Academy has been certified and granted full accreditation status due to its compliance with best practices and other requirements set by the Institute. The certification came at the end of a recent evaluation exercise carried out by the CIBN which is the sole accreditation agency under the Competency Framework for the country’s Banking and Finance industry put in place by the Central Bank of Nigeria, CBN . During the evaluation exercise, the CIBN team carried out various reviews and processes regarding the services provided by the Academy. These covered operating procedure, programmes and curriculum, quality of internal and external pool of faculty, programme delivery and evaluation process and facilities in place, among others. With the accreditation, employees of FCMB will be granted automatic exemptions in certain subjects and levels of professional certification, such as Diploma Level, Intermediate Professional Level and Chartered Banker Level in the Institute’s Banking Professional Examinations leading to the Award of Associate of the Chartered

Institute of Bankers. Speaking at the certificate presentation ceremony in Lagos, the President/Chairman of Council of the CIBN, Otunba (Mrs.) Debola Osibogun said, “I am indeed elated that First City Monument Bank (FCMB)’s Learning Academy has also joined the league of institutions certified to provide training services in the industry. I thank the Chief Executive Officer (CEO) of FCMB, Mr. Ladi Balogun for deeming it fit to tap into the scheme for the benefit of staff ”. The Group Managing Director/Chief Executive, Mr. Ladi Balogun, said ‘’This is another landmark achievement. It is a clear demonstration that the various strategic approaches we have adopted to boost our workforce’s learning and development through our Training Academy are yielding the desired results and our stakeholders appreciate them”. Balogun, who was represented by the Bank’s Divisional Head, Human Resources and Change Management, Felicia Obozuwa, added that, ‘’capacity building and innovation are key priorities of the Bank. We will continue to upscale our focus on these critical areas across all cadres of employees to further reinforce our core values of professionalism, sustainability, customer focus and excellence. ”

Champion Breweries predicts sustained growth after rebound

mboldened by its movement from a position of deficit to surplus, Champion Breweries Plc has promised shareholders of its determination to sustain the current growth with a view to achieving payment of dividend very soon. Chairman, Dr. Elijah Akpan who stated this in Lagos during the company’s 40th Annual General Meeting said Champion Breweries recorded substantial improvement in its trading results in the year under review compared to previous years. According to him, revenue increased to N3.5 billion from N3.3 billion in 2014 while operating profit was N207 million as against N26 million recorded in 2014. Besides, profit before tax was N210 million away from N1.1 billion loss recorded in 2014. “The company’s successful conclusion of debt refinancing, increase in production and sales volume of Champion Lager Beer as well as re-introduction of Champ Malta has resulted in positive turnaround of the business performances during the year ” he said. He assured the shareholders of better days ahead, saying they will soon start enjoying the dividend of their investments. “Considering our present financial position from deficit to surplus, our company has the right mindset and structures to achieve payment of dividend to you our dear esteemed shareholders in no distant time” he said. Akpan who predicted stronger competition with ongoing global mergers between brewing giants in the world, noted that the situation would lead to more innovations and inflow of new brands in the market. He also expressed optimism in Nigeria’s outlook in 2016 which according to him is brightened by the large and varied opportunities in different sectors of the economy. “We shall explore the available possibilities the Nigerian business environment is offering to increase our market share within our business region” he emphasised.

24 — Vanguard, MONDAY, MAY 23, 2016

Corporate Finance

NSE sustains winning streak, as in or s’ invvest estor ors’ wealth rise N2 14bn N21 BY NKIRUKA NNOROM

ctivities on the Nigerian Stock Exchange, NSE, continued upbeat at the close of transactions last week as sustained optimism reigned in the market throughout trading session, resulting in N214 billion appreciation in investors wealth. Specifically, at the end of trading last week, the market capitalisation, rose to N9.313 trillion in comparison to the opening figure of N9.099 trillion, representing 2.4 per cent increase. Similarly, the All Share Index, ASI, appreciated by 2.5 per cent, closing at 27,116.45 basis points from 26,441.03 points. The positive sentiment observed within the equity market filtered through the key sectors as the Oil and Gas sector posted a 0.9 per cent daily return to lead sector gains, on the back of gains in Oando Plc’s shares which rose by 1.5 per cent. The financial services was also up 0.5 per cent driven by price appreciation on the shares of Zenith Bank Plc (+1.8%) despite losses in Guaranty Trust Bank (-3.7%). In a same vein, price appreciation in Lafarge WAPCO (+1.8%) and DANGCEM (+0.05%) drove a 0.2 per cent positive return in the Industrial Goods Index, just as the Consumer Goods sector added 0.2 per cent on the back of gains in Nigerian Breweries, which rose by 0.4 per cent. Investment analysts at United capital had predicted that another positive week would be recorded barring any proposed disruptions to trading activities by the actions of the National Labour Congress, NLC. “Barring proposed disruptions to trading activities by the actions of the National Labour Union, we anticipate another positive week for equities this week, as optimism from investors’ positive expectations on domestic economic reforms continues to drive demand. Foreign money managers are also likely to watch closely, as news around possible review of the foreign Exchange, FX, policy framework gathers momentum,” they said.

Nkiruka Nnorom writes that the Debt Management Office is making concerted efforts to ensure that N1.88 trillion to be borrowed by the Federal Government to fund budget deficit is utilised for the intended projects. The Federal Government recently revealed plans to borrow N1.884 trillion from both local and international debt markets to fund the 2016 budget deficit which is put at N2.24 trillion. According to the government, N900 billion will be borrowed externally, while the remaining N984 billion will be borrowed from domestic debt market to provide infrastructure needed to boost productivity and create jobs. The borrowed funds, according to the FG, would be deployed to fund only capital projects. In demonstration of the government’s commitment to capital projects development, President Muhammadu Buhari assured at the signing of 2016 budget of immediate release of N350 billion capital projects development funds into the economy. Buhari revealed that N200 billion has been mapped for development of road network, saying that it is just a figment of other capital projects which cut across health, railway, energy, sports , hospitality, education, security and aviation among others. The Vice president, Professor Yemi Osibanjo, as well as Zainab Ahmed, Minister of State for Budget and National Planning, had

•Mr. Abraham Nwankwo, DG, DMO

•Kemi Adeosun, Finance Minister

DMO: Driving efficient utilisation of borrowed funds earlier stressed the federal government’s commitment to ensure that 2016 budget is fully implemented while funds meant for capital projects are affectively directed to the projects. Osinbajo disclosed in a paper entitled: ‘The economy – Where we are today ’, delivered at a presidential retreat organised by the Office of the Secretary to the GoverAnment of the Federation for ministersdesignate, that the government was working towards pegging capital expenditure in the 2016 budget at N2 trillion, about 30 per cent of the budget sum. This, he said, was against the N1.31 trillion allocated to

capital expenditure in 2015 budget. He further said that while the percentage of capital expenditure to recurrent expenditure in the 2015 budget was 19.4, the government tinkered with 40 per cent for 2016 budget. Osinbajo said: “The budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year. DMO’s efforts To ensure efficient utilisation of the borrowed funds, the Debt Management Office, DMO, recently organised a one-day workshop tagged “Public Debt and the Challenge for Financing Nigeria’s

NASCON Allied commits N7.3bn to new product-lines expansion … as Dangote retires as Chairman

NASCON Allied Industries Plc said it has spent over N7.3 billion in the last three years to expand its product lines to include tomato paste, vegetable oil and seasoning in a bid to transform to a full Fast Moving Consumer Goods, FMCG, company and improve earnings. This is even as Alhaji Aliko Dangote has retired as the Board chairman having served in the capacity for 10 years since Dangote Group acquired the old National Salt Company, NASCON in 2007. Mrs. Yemisi Ayeni, a Chartered Accountant with experience in audit, finance, asset/investment management, and corporate planning takes over in his stead as the new Board chairperson. Addressing shareholders at the company ’s Annual General Meeting, AGM, in Lagos, Alhaji Dangote said despite the challenges

associated with fall in crude oil price, volatility in the Naira and ban of 41 items from foreign exchange, forex, market which affected manufacturing activities and consumer spending, the company was able to deliver sales and revenue growth in its core business with moderate contribution from the new product lines. He noted that the company’s objective in 2015 was to grow the seasoning, refined oil and tomato paste businesses to ensure that they complement and strengthen the existing refined salt business in order to contribute to revenue and profit growth. Accordingly, NASCON Allied has strengthened and restructured every aspect of its existing operations in the last three years, while the marketing and promotional activities were also strengthened to fuel sales, Dangote said, adding that the

salt business registered excellent growth, while the Dan-Q Seasoning increased its market share significantly through focused and consistent marketing efforts. Consequently, he said for year ended December 31, 2015, the company recorded total turnover of N16.2 billion, a 43 per cent increase over N11.25 billion posted in full year ended December 2014. Profit after tax increased by 11 per cent to N2.1 billion from N1.9 billion in the previous year. “The overall financial stability continued to remain strong with N2.5 billion of cash and its equivalent as reserves. We achieved this by becoming more customer focused, managing our costs and improving our efficiencies,” he said. Following the impressive performance, the Board of Directors recommended N1.46 billion dividend, translating to N0.55 per share, which was approved by shareholders present at the meeting.

Economic Recovery ”. The workshop provided the Agency the opportunity to give further impetus to steps being taken by the Federal Government, FG, to finance 2016 budget deficit. It also served as an avenue for the Agency to give an update on it is doing to ensure that the funds are efficiently utilised. Mr. Abraham Nwankwo, Director General, DMO, reechoed that the federal government is focused on ensuring that the funds to be borrowed for 2016 budget financing would be committed to financing capital projects. He assured that the DMO is committed to raising capital to fund the 2016 budget deficit. Such funds, he said, are to be raised from appropriate sources and through suitable mix during the 2016 fiscal year to make sure that capital projects are adequately funded. “The DMO is committed to making sure that we raise money to fund the 2016 budget deficit from appropriate sources and through appropriate mix during the fiscal year to make sure that capital projects are funded,” he said. Nkwnkwo said that Nigeria is rightly positioned to borrow more hence the country’s debt to GDP ratio is 13 per cent. “The debt to GDP ratio is 13 per cent, compared to the 56 per cent of peer group. So in that essence, our debt is still very sustainable” the DMO DG said. He urged Nigerians to boost contribution to nation building by ensuring sustenance of payment of taxes and other duties to beef up the country’s tax revenue which he said had remained relatively low. Nigeria comparative tax revenue to GDP ratio of less than 7.0 per cent, against a ratio of 18 per cent by its peer group, reinforces the need to widen the tax net for the government to generate to generate more tax revenue.

Vanguard, MONDAY, MAY 23, 2016 — 25

C M Y K

26 — Vanguard, MONDAY, MAY 23, 2016

Homes & Housing Finance

Architects charge FG on housing finance

rchitects Registration Council of Nigeria (ARCON) has called on the federal government to adequately fund the Ministry of Power, Works and Housing to implement its mandate on the proposed affordable housing programmes. ARCON said in order to achieve this; architects and other relevant professionals in the building industry should be used in designing the proposed affordable housing schemes. This was contained in a communiqué issued at the end of the 2016 Architect Colloquium’ signed by its Registrar, Arc. Umar Saulawa Murnai. It called for an enabling environment for the development of local manufacturing capacity as well as development of local building materials in Nigeria through policy formulations. The council said the need to use professionals in the industry became imperative as building collapse in Nigeria has become a huge security risk, calling on building owners, statutory bodies, building contractors and the public to actively supervise the construction of their building projects.

UK mortgage lending falls after stamp duty changes

ortgage lending in the UK fell by nearly one-third between March and April, in the wake of a surge in home-buying ahead of stamp duty changes on April 1. Gross mortgage lending was £18.5 billion in April, 29 per cent lower than March’s total. Nonetheless it was the strongest April since 2008, and 16 per cent higher than the total for April 2015. The government’s stamp duty reforms imposed a three percentage point surcharge on the duty on second homes and buy-to-let properties, prompting buyers to complete ahead of the April deadline. Mohammad Jamei, CML economist, said he expected buy-to-let to “take a back seat” over the next few months as any growth in lending would be driven more by first-time buyers, movers and remortgage customers.

FG set to unveil Nigerian housing model —FASHOLA By YINKA KOLAWOLE

he Federal Government is set to unveil a Nigerian housing model that will be suitable and acceptable to all Nigerians. Minister of Power, Works and Housing, Mr Babatunde Fashola, who disclosed this at a forum in Abuja, said government is already working on the design in furtherance of the its housing policy. “A lot of work is going on and very soon you will see the result of that work. Let me be very clear; we are in a result business but I have learnt that it is results that are sustainable that become enduring. “We’ve built all sorts of houses but when you look at it, has a housing implementation programme responded to you? Has it responded to many people? So, it is because there was no sustainability in them. So they change as the government changes. Now that’s what we are working on to build; first to design a Nigerian house – a design that all of us can say, yes, if I get a house here, I will live here. “These are the things that are going on in the ministry now; a few designs have evolved, we are working; we are going to meet again because this process is being driven by the civil servants and by private sector volunteers, who are

contributing to help. But because the process is going to be owned and driven over a long time by the civil servants, I want as much of their input in it because I will not be there tomorrow. But those who helped to build it, as long as they remain in the system, they will hand it over,” he stated. Commenting on the campaign promise by the All Progressives Congress to build 250,000 houses annually, Fashola said his focus was on long-term solution rather than on the number of houses the present administration would build. “Right now, I am not focusing on the number of houses that this administration will build; rather, I’m focusing on a

long-term solution that whether this administration is there tomorrow or not, it will be difficult to say you want to change it because it works. In a matter of weeks,

A few designs have evolved, we are working...In a matter of weeks, we will finish and unveil the design

we will finish and unveil the design. We already have a budget then we can start something to validate our concept; then we will expand next year. “But what that policy will also bring is predictability to the small and medium factories in Nigeria who make door handles, paints, nails, fittings, windows, roofing sheet. Because they know now that this market is ready, they can position themselves. It is not a rush; we will just show you a house then we cannot do it next year. We are planning and that is the hardest part,” the minister stated. He further said that once construction began, workers such as artisans, food vendors, builders, tank drivers, suppliers, among others, would be engaged to boost the economy.

A low-cost housing development

FG partners NMRC on homeownership for public workers

ederal Government Staff Housing Loans Board (FGSHLB) has partnered with the Nigeria Mortgage Refinance Company (NMRC) to enable civil servants have access to affordable homes. Speaking during a recent meeting between the two organisations, Executive Secretary, FGSHLB, Dr. (Mrs.) Hannatu Adamu Fika, said the partnership is meant to ease the difficulty in accessing mortgages by staff of MDAs to build their own homes. In a statement signed by Akinwale Adegbola, FGSHLB’s public relations officer; Fika noted that the partnership would greatly assist public servants that are eagerly waiting to access housing loan either to build or purchase houses directly from developers. She explained that the loan disbursed through the board is risk free since it has a robust repayment

mechanism as most of the public servants are on IPPIS platform and repayment of housing loan is a first charge on loan beneficiaries’ salary. Also speaking, Managing Director, NMRC, Professor

Charles Inyangete, assured that with the large portfolio of mortgage from the FGSHLB, NMRC would secure a refinance on single digit interest rate which will make the facility convenient

for public servants. He reaffirmed NMRC’s commitment to refinance all conforming loans brought to it through appropriate channels.

Infinity Trust Mortgage records N7.6bn total assets BY FAVOUR NNABUGWU

nfinity Trust Mortgage Bank Plc has declared a total asset of N7.6 billion at the end of its operations for the financial year ended December 31, 2015. Chairman of the bank, Dr Adeyinka Bibilari, speaking at the bank’s 10th annual general meeting in Abuja, noted that the figure shows a growth of 5.55 percent over the N7.2 billion that the bank recorded for its operations in 2014. The bank also posted a profit before taxation (PBT) of N262.4 million while total operating expenses increased by 10.5 per cent from N393 million in 2014 to N434 million in 2015. He described the bank’s performance as a feat in view of the harsh economic and operating environment during the period. Bibilaro remarked the bank has declared profit consistently for the past 10 years, which he noted was unprecedented in the mortgage banking industry. “Our strategies

in terms of the aggressive mobilisation of customer deposits paid off even with the harsh environment, with deposit growing from N1.1billion in 2014 to N1.4billion in 2015, an increase of 27 per cent. Our commitment and passionate attachment to increasing house ownership led to our loan and advances also growing from N1.2 billion in 2014 to N1.7 billion in 2015, an increase of 41 per cent, while shareholders funds also grew from N5.5billion in the preceding year to N5.6billion in 2015,” the chairmen said. Also speaking, managing director/chief executive officer, Olabajo Obaleye said the bank was paying three kobo dividend per share to shareholders in line with the company’s objective of maximising and increasing wealth to its stakeholders, adding that this will make the ninth consecutive time the bank is declaring dividend. “With a Capital Adequacy Ratio of 124 per cent and liquidity of 191 per cent, the bank is well poised to meet all its maturing obligations.

Vanguard, MONDAY, MAY 23, 2016 — 27

Insurance STORIES BY ROSEMARY ONUOHA

he African Insurance Organisation, AIO, has decried the low level of insurance penetration in Africa, saying that the continent can boast of only about 1.4 per cent of total world premium. President of AIO, Mrs. Lamia Ben Mahmoud who made the assertion at the 43rd Conference and Annual General Assembly of the AIO in Marrakech, Morocco on Monday noted that there is clear predominance of developed countries on the insurance market. Mahmoud said, ‘This weakness is even more apparent regarding our African countries with a modest share not exceeding 1.4 percent of total premiums written in the world and a low penetration in the economy with a premium/GDP ratio not exceeding 1.0 percent in some countries, below the average rate of 2.7 percent recorded in 2014 for the entire continent.’ She said that there is need to develop between insurers and reinsurers a solid partnership that can help to improve access to insurance services and building a strong and complementary African insurance industry. According to her, that is a challenge and a goal despite the economic difficulties experienced by our region. ‘Insurance penetration is still a hard nut to crack, the share of insurance premiums as a percentage of GDP, has remained exceptionally low. In some countries it only amounts to less than 1.0 percent, well below the global emerging market average of 2.7 percent in 2014, while Africa’s share of the global insurance market is 1.1 percent for non-life and 1.8 percent for life but this is a demonstration of the enormous growth potential

BEDC, USAID sign MoU to boost electricity access

CEREMONY - From left : Former Commissioner for Insurance, Mr. Fola Daniel; Former Chairman of Niger Insurance Plc, Mr Bala Zakariyau; Mr. Steve Kyerematen, Director General, Activa Finances; Chairman of Niger Insurance, Mr. Yusuf Abubakar and Managing Director of Custodian & Allied Insurance, Mr. Wole Oshin at the opening ceremony of Africa Insurance Organisation in Morocco.

Africa accounts for 1.4% of world premium —AIO within the industry African insurance industry, an indicator that the insurance market is still widely untapped. ‘In order to insure Africa’s future, we must devise strategies aimed at facing the continent’s numerous challenges today. Within the past decade, the continent has been hit by some major challenges which have to a large extent disfavored economic growth and affected the insurance sector tremendously. Here, I am referring to the recent drop in fuel prices, in fact, the price per barrel in January 2016 stood at approximately a quarter of its market value two years ago, and at the lowest point since 2003. On the list of challenges could be added cyber criminality, political instability, insecurity with some new waves of terrorist attacks, climate change, food

security challenges for the continent’s population tomorrow etc. ‘We still suffer from a shortage of skilled and experienced insurance professionals, as a result, large and complex risks are not retained within Africa, but are ceded to foreign insurance markets because specialist risk management capabilities and high quality security are not sufficiently available leading to a consequent premium flight which threatens the viability of the domestic insurance industry. ‘Moreover, there is still wide spread ignorance on the benefits of insurance. Added to this list is an acute insufficiency of product differentiation. Every company should continue to act to promote expertise. We emphasise in this area on the need to strengthen the diversification of training in scientific and technical issues

Leadway records 125% growth in PAT

eadway Assurance Company Limited has posted a 125 percent growth in profit after tax of N6.3bn for the 2015 financial year from N2.8 billion in 2014. The results which was presented at its 44th Annual General Meeting held last week revealed a 37 percent growth in assets to N137.3 billion in the year under review from N 100.5billion in 2014. The company reaffirmed its commitment to its clients by paying claims in excess of N14.3billion, a 13 percent increase from the N 12.7 billion record of 2015, making it the highest claims’ paying insurance company in the industry. The company wrote a 20 percent increase in Gross Premium from N 39 billion in the prior year to N 46.6 billion this year though with fairly C M Y K

modest underwriting results. Speaking during the presentation of the results, the Acting Chairman, Mr. Jeremy Rowse, stated that “ with various guidelines aimed at reinforcing standards and encouraging confidence in the Nigerian insurance industry, the company remains poised to take advantage of emerging growth opportunities to compete effectively within its immediate market and the larger global markets.” He further stated that “as the Nigerian polity itself becomes restructured to tackle the myriads of socio-political, economic and infrastructural challenges facing it, the opportunity for increase in insurance penetration and contribution to GDP should increase. On our part we will maximize our resources to remain competitive within the

by leveraging new tools and instruments imposed by the development of technology to ensure greater communication of their knowledge and know-how. ‘The challenges are many and daunting; especially in a context where the one size solution is outdated as customers now expect personalized insurance solutions. It is true that some of the solutions to these problems require a multidimensional approach with the input of other key actors required. Through Microinsurance, extending insurance cover to the unserved segment of the population will increase insurance penetration in Africa, but the sector has to see an over hauling in its regulation. ‘We must play a frontline role in the quest for solutions to these challenges. We have a number of factors that militate to our favour notably Africa’s favourable demographics and wealth of natural resources (including 60 percent of the world’s uncultivated arable land), there is an enormous growth potential. The operating environment is becoming more favourable – increased stability and improvements in transparency and the rule of law are all contributing to a growth in regional insurance practices. This is shown in the high rate of market liberalisation that has been seen across Africa, as insurance companies have successfully lobbied governments to allow private entry into the previously state monopolised sectors in many countries.

enin Electricity Distribution Plc (BEDC) and the United States Agency for International Development (USAID) will today sign a Memorandum of Understanding (MOU) aimed at boosting access to electricity and improved services to customers in its franchise. The event will enable USAID through the Power Africa Project to officially commence its support for the development of Nigeria’s power sector through credit enhancement, grants, technical assistance and investment promotion efforts. President Barrack Obama of United States had launched the Power Africa Initiative to bring together technical and legal experts, the privates sector and governments from around the world to work in partnership to increase the number of people with access to power in Africa including Nigeria. BEDC management is expected to sign the MOU with USAID agents, Tetratech Inc. one of the contractual vehicles funded by the agency under the Power Africa Transactions and Reforms Program, (PATRP); a five year USAID technical assistance project implemented by Tetra Tech designed to bring more electricity to sub-Saharan Africa by utilizing a transaction-centered approach. Tetra Tech, as directed by USAID is offering to provide commercialization assistance to BEDC for over a period of about two years focusing on management support to address losses, strengthen management controls and help with the required performance turnaround in its operations. It has engaged a team of professionals already on ground to man some strategic business units in BEDC for the implementation of the technical assistance. Tetra Tech’s assistance to BEDC will help demonstrate and implement loss reduction strategies, as well as other improvements to allow for improved ways of managing the business to be rolled out through BEDC network and to provide a demonstrative effect for other utilities in the country.

28 — Vanguard, MONDAY, MAY 23, 2016

E-Commerce significant customer base. By expanding into other petroleum products, we truly become your personal filling station.

Fahrenheit Hospitality adopts MoBiashara for Hotels

ahrenheit Hospitality Limited, FHL the parent company of Maison Fahrenheit Hotel and Fahrenheit Loft has adopted SlimTrader’s MoBiashara for Hotels as it repositions for more efficient services to provide wider range of accessibility options to its clients. The MoBiashara for Hotels platform, which was launched by SlimTrader recently, provides hotels with an easy to use Property Management System (PMS) and Channel Manager as well as a composite ‘Personal Computer – Point of Sale Terminal’ (PCPOS). With the Channel Manager feature, FHL hotels rooms will now be available for purchase on international and local online travel agencies. The platform supports both online and offline payments as well as automatic synchronisation and reconciliation between FHL hotels’ credit and debit card machines with computer records. In a statement, Managing Director of Maison Fahrenheit Hotel Mr. Anthony Shishler, said the adoption of MoBiashara for Hotels will enable FHL to move to a new era of hotel inventory management, one he believes will see an improvement in room sales and efficient hotel processes automation. He noted that the partnership came about as part of the Fahrenheit Hospitality Limited’s efforts to subscribe to the BuyNaijaAndGrowTheNaira movement which encourages Nigerians to invest locally. He said: “Before the coming of this solution; hotels in Nigeria were completely unplugged. Now, this plugs us in and more people would be able to view our rooms and book them online. No other platform allows us to plug into all these different OTA’s and to also receive payments. "It simplifies processes immensely for FHL and for our customers who can now book and pay for our rooms anywhere in the world, and in any currency. Our hotel staff will not be bogged down with currency conversions, forex limitations or the hassle of consolidating offline with online records.” Also speaking, SlimTrader’s General Manager, Commercial, Mr. Magaji Buba said: “We are confident that our MoBiashara for Hotels platform is a must have management system for businesses in the hospitality sector."

How we'll sell fuel in Lagos using mobile app — FueledUp boss S

ubomi Odo-Owusi is the 24 year old founder of FueledUp, a mobile application that enables people to fuel their cars on the go eliminating the inconvenience of queuing at filling stations. In this interview with Jonah Nwokpoku, he explains how a product like petrol could be distributed in Lagos' complex city setting using mobile technology. Exceprts What is fueledUp? FueledUp is your Personal Filling station, a mobile application that enables an on-demand fuelling service making sure you never stop for fuel again. Our aim is to create convenience for the everyday use of petroleum products How exactly do you propose to sell a product like petrol using mobile app? FueledUp is a mobile application that allows its users to request for fuel for delivery at your chosen location. We would be using IT as a tool to enable us reach to all and provide accessibility too. The application remains a web tool for the request of service and nothing more. Products would be delivered to your desired location and payment via your desired e-payment channels. At least 75 per cent of Lagosians use smart phones and at least 30 per cent are tech savvy. What kind of logistics have you built to make this a success? We have strong partnership agreements, which we can

not disclose now, with the very best in the downstream oil and gas sector. This is to ensure reliability of products at the best market price as well as the authenticity of products sold. Also, we have the required man power and trucks available to carry out operations to meet consumers’ demand upon launch. We are approaching this with modern practices especially on delivery routines to ensure safety, security and reduce delays as a result of the heavy traffic flow in Lagos. Do you think this your approach is going to solve Nigeria’s distribution issues around petroleum products? Our technology approach would not only help solve distribution issues but also reduce traffic flow. Overall it will lead to increase in productivity within the State as we aim to bring to

Lagosians a system that takes off one less worry especially in this time. FueledUp would bring the filling station experience to all, making it ‘ your Personal Filling Station’. This will result to effective time management as endless waits at filling stations would be drastically reduced or completely eliminated thus reducing traffic congestions on our roads. Our solution is also designed to bring products to areas that find access to products very hard and are being exploited by merchants in their vicinities. It enables a free market system recently adopted by the NNPC and truly embraces the notion making it possible for all to not only afford products but also have access to it with no exploitation. If you do not catch up with technology, you would be left behind, the use of IT is critical to bringing all into a more globally accessible online community. Do you plan to only sell PMS or do you also plan to sell other petroleum products like diesel and kerosene? We certainly would move into other petroleum products once we have built a

Safety is a critical concern in petroleum products distribution, how have you planned for this? We take our Health Safety and Environment(HSE) very seriously, and due to that we will be running campaigns educating the public on the practice of the FueldUp delivery process, as well as safety routines we should practice in our daily lives. Also, in conjunction with Lagos State Fire Service and international experts in HSE practice within downstream oil and gas sector, we will be carrying out trainings and also carrying out monitoring checks on our operational manuals and practice. This is to ensure that our employees operate with the best practices within the industry Take us through the process of buying petrol from FueledUp? Well it is not just petrol, so I would take you through the process of getting FueledUp. *Download the app(once it appears in Various App stores) *Create your account *Click the Get FueledUp button. The App picks up your location via GPS, you can seek to change that if you want by selecting an area with the use of the pin. *Fill out the request formSelect how many liters, select delivery time, and add any other information you desire *Press request Once this is done, our customer service team would be notified who will immediately notify our truckers who will affect delivery.

Supermart unveils local recipe database, marks anniversary By JONAH NWOKPOKU

igeria’s online grocery delivery service, Supermart.ng has said it will soon unveil the country’s largest recipe database. The company, in a statement said the database will come in different categories covering different range of local dishes, baby recipes, deserts, etc. It stated, “These recipes have been put together by Supermart chefs in collaboration with other top chefs in the country. Readers can also have their own personal recipes uploaded to the platform. Attached to every recipe will be an ‘Add to

cart’ option which enables readers to purchase ingredients used in preparing a particular recipe.” On the anniversary celebration, Suppermart said it has lined up series of events from May to July, one of which will be the Supermart Speaker Series which features leading business leaders and entrepreneurs who will discuss their business experience with the audience. Earlier this month, one of such speakers was Mrs. Omobola Johnson, who spoke about her time as the minister of ICT and her passion for growing the ICT industry in Nigeria and Africa.

Vanguard, MONDAY, MAY 23, 2016 — 29 “The liberalization policy will lead to the creation of 600,000 jobs…” ai Mohammed, Information Minister, NATION, May 17, 2016, p 6. In the report by Yusuf Alli, Yomi Odunuga and Vincent Ikuomola, all senior editorial staff of the paper, the Minister also pointed out that “Government is not about popularity. There are times in life you have to take a very hard decision and this decision is for the long term and benefit of everybody.” Fortunately or unfortunately, the three journalists were with the paper in January 1, 2012 when Jonathan’s government increased the price of fuel from N97 per litre to N141 – an increase of 45.3 per cent. Each of them should be able to

recollect what he wrote in response to that announcement. Lai Mohammed, then the National Publicity Secretary for the Action Congress of Nigeria, ACN, also should go and find out what he said in 2012. However, many Nigerians would recollect that President Jonathan used almost the same words to justify the increase – it was in the national interest and it was designed for our collective long-term benefit. But, the explanation was dismissed by the political opposition – meaning those now asking Nigerians to accept the new increase as inevitable. That new increase, from N86.50 to N145 per litre, is not only higher in real terms (N145 versus N141), it is also higher in percentage terms (67.5 percent versus 45.3 percent). Whereas the proposed increase of 2012 was followed by mass protests, fuelled largely by the political opposition then, the same individuals who organised the Occupation of Kudirat Abiola park in Ikeja and made condemnatory speeches against Jonathan are asking Nigerians to embrace the new price and wait for better days. Certainly, no Pastor will

Consequences of N145 per litre fuel lead an army of occupation to Ikeja. Ambode, unlike Fashola in 2012, will not allow the people the “freedom” to occupy the site this time around. And, if they attempt to do so, and they are warded off by soldiers, the same people who argued for their right to free association will look the other way if soldiers brutalise them – because they were Jonathan’s soldiers in 2012; they are Buhari’s soldiers now. All leading members of the PDP supported Jonathan in 2012; all leading APC members are now supporting Buhari now. As Lai Mohammed had told us, popularity had nothing to do with it. Power is the most important thing. Nigerians handed power to a new set of rulers in 2015; they should be ready to accept the consequences. One of this is N145 per litre fuel the repercussions of that decision. Many of the implications of the policy decisions are grave in the short term; that explains why Lai Mohammed premises his announcement on the longterm benefits. He has a lot of

reasons to do so. As a comedian once observed, “economists talk about the long-term because they know that in the long term we are all dead anyway.” By not putting a date on when the benefits of liberalisation and N145 per litre fuel will flow, the Federal Government of Nigeria has given us a “politicians promise” – which “like pie-crusts are made to be broken”. (Jonathan Swift, 1667-1745). If the benefits expected will require more than seven years to be delivered, obviously Buhari will not be around to claim credit or blame for them. Long term has become a face-saving device for governments which are not sure of the outcome of their policy initiatives. “Wise skepticism is the first attribute of a good critic.” James R. Lowell, 1819-1891. (VANGUARD BOOK OF QUOTATIONS, VBQ p 222). Because Nigerians with long memory have heard similar promises about the future from previous governments, “Housing for all by 2000 by IBB; Millennium Development Goals by 2015 by OBJ, and

14,300MW of power by 2013 by GEJ, any economic analyst and public commentator must be skeptical about the new claims and promises. Bluntly stated” “We have heard such stories before and they have led us nowhere. Lai Mohammed’s claim that the government he serves is different is also not new. Every government before now had claimed to be different and more people oriented. Each had produced more billionaires among those in the corridors of power while the people remained impoverished. The 600,000 jobs promised are like so many birds in the bush. Compared to six in hand they are nothing and may never materialise. So, since nothing concrete had been promised by the Minister, on behalf of the Federal Government in the long term, perhaps the best place to start examining the consequences of the new policy is from the immediate consequences and the short term. The announcement of the new fuel price was made on Wednesday May 11, 2016 in

the early evening news. And, some of the consequences were felt from early morning the next day. As promised by the Minister of State for Power, Dr Kachikwu, the fuel queues vanished. Price has always been a mechanism for crowd control. Announce a concert by a popular singer and peg the ticket at N1000 and you might need the Nigeria Army to control the crowd. Raise the ticket to N15,000 and hardly anybody will show up. All the filling stations from Lagos to Ibadan having fuel, and who hitherto had caused massive hold-ups were almost completely deserted. Those willing to pay the new price spent less than five minutes to get served instead of three or four hours. Meanwhile, the driver of a bus from one of the largest fleet owners got down at the Sagamu filling station and announced that his bus was the first to leave Ojota that day – unlike the past week when it would have been the sixth. Furthermore, the second bus might be the last for the day instead of twelve to fifteen. Passengers became scarce commodities immediately.

AVIATION Arik Air ther o benef it fr om N4trn Afre ximbank loan Air,, o other therss tto benefit from Afreximbank By LAWANI MIKAIRU & DANIEL ETEGHE

rik Air is one of the airlines been considered to benefit from a $20 billion (about N4 trillion) syndicated loans to be provided by the African ExportImport Bank (Afreximbank). This was disclosed at the Annual Air Finance in Africa summit held in Johannesburg, South Africa, The Senior Manager, Syndicated and Special Finance Department, Afreximbank, Samuel Mugoya, made the disclosure while presenting a paper at the 25th Annual Air Finance in Africa summit held recently in Johannesburg, South Africa. He said the loan is meant to assist the beneficiary carriers to revitalise their operations and get out of the financial woods. Although, Mugoya did not disclose the actual amount the bank would give as a bailout to Arik, a source said it could be as much as $200 million. Mugoya who spoke on “Challenges in Syndicating Aviation Finance Deals for Africa,” said that over 90 per cent of the airline’s earnings come in naira, whereas its C M Y K

African airlines enjoyed strong passenger demand in March By DANIEL ETEGHE

WORKSHOP - From left: Percival Uwuche, Airport Manager; Fola Akinboro, Marketing Lead and George Mawadri, General Manager, all of Etihad Airways at the Etihad Airways Trade Workshop held in Lagos. expenses are in United States dollars. Mugoya equally said that Africa needed to do more on aviation infrastructure, adding that his interaction with airlines in Nigeria showed that the quality of the runways were bad, posing serious danger to aircraft. “We are working to finance Arik Air ’s operations by preparing loans for the airline. Aviation in Africa is still lagging behind. For instance,

Arik generates 90 per cent of its revenue in naira, but makes expenses in dollars like buying of aircraft spare parts and maintenance of its fleet. That is a real problem not only for Arik, but other airlines. “On aviation infrastructure, Africa needs to improve in order to compete with big airlines. From my interactions with airline operators in Nigeria, they complain of the quality of runway of most of the airports,” he said.

Contributing, the former secretary general of African Airlines Association (AFRAA) and the convener of the summit, Nick Fadugba, said to syndicate such financial deals, airlines need to come together and cooperate. “How are you going to finance airplane acquisition when virtually all countries in Africa are junk rated? This is not a good record. We need leadership in Africa. We lack strategy and implementation for all the grand schemes,” he said.

he International Air Transport Association (IATA) has announced global passenger traffic results for March saying African airlines continued to enjoy strong demand, with traffic up 11.2 per cent compared to March 2015. The director general and chief executive officer of IATA, Mr. Tony Tyler said in Geneva, Switzerland that the turnaround in the fortunes of African carriers after several difficult years coincide with expansion of long-haul networks by the region’s carriers. He said capacity rose 9.7 per cent per cent, and load factor strengthened to 66.6 per cent, up 0.9 percentage points. And global passenger demand (measured in revenue passenger kilometers, or RPKs) rose 5.3 per cent, compared to the same month last year. Capacity grew slightly faster at 5.9 per cent which pushed the average load factor down by half a percentage point to 79.6 per cent.

30 — Vanguard, MONDAY, MAY 23, 2016

Economy

Senate may block States from World Bank facility STORIES BY

EMEKA ANAETO, ECONOMY EDITOR

midst the massive declines in cash-flow of the various tiers of government due to dwindling oil revenue, there were indications that the Senate may block state governments from accessing the USD4.25 billion earmarked by the World Bank for states’ development. A source close to the Senate Committee on Foreign and Domestic Debts, hinted to Vanguard that the states would still need to seek the Senate approval to access the funds, adding that the Senate will weigh the merits in the light of the existing loan exposures of the states. He added that the states were already highly geared, meaning that they have overborrowed and are now in a repayment difficulties. As at end last year total states’ domestic debts was about N1.66 trillion with another substantial share of Nigeria’s total external debt of USD10.7 billion. These are in addition to federal government and Central Bank of Nigeria’s backed N560 billion restructured loans for the states last year, which were rolled over again this year due to the states’ inability to meet up with repayment plans. Several states are said to have mortgaged their monthly allocation from the Federation Account Allocation Committee, FAAC, resources to irrevocable standing payment orders that clears between 50 per cent and 90 per cent of the allocations into their contractors’ bank accounts, leaving the affected states with too little a resources that cannot pay basic salaries. Hence, over 17 states are now owing salary arrears with some up to 10 months as at end April 2016. In a session with the Nigerian Governors’ Forum, NGF, the Country Director of

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World Bank, Rachid Benmessaoud, had educated the governors on how they could access the funds. The chairman of the forum, Governor Abdulaziz Yari of Zamfara State, told journalists that the forum decided to invite the World Bank to brief them “on the money lying down in the World Bank which largely belongs to state governments but had not been accessed”. Mr. Yari said because of the cumbersome procedure in accessing the funds, most of the governors did not even know they had such funds

there. He said: “Because of the cumbersome procedure in accessing these funds, most of the governors did not even know they had such funds there. It was the initiative of the Governor of Kaduna State that they should come and make this presentation so that they can educate the governors to know that these monies are there especially in the kind of situation we are so that the states can move forward in terms of infrastructure development and other matters in our respective states. “

•Bukola Saraki, Senate President

CBN’s MPC urged to complement FG’s new oil sector policy A

head today’s crucial meeting of the Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, the apex bank’s body has been asked to adopt a monetary policy complementary to the recent liberalisation of the petroleum downstream sector to forestall negative impact of a weaker exchange rate in the parallel market. Although fiscal impulse from recently signed appropriation bill is anticipated to stimulate performance in second half of 2016, the recent move by Nigerian National Petroleum Corporation, NNPC, to deregulate the downstream petrol market, according to financial market analysts, comes with serious monetary policy implications. Oil marketers are now allowed to freely import fuel and to approach autonomous sources rather than the CBN for their foreign exchange needs. This has been broadly speculated to prompt the apex bank to bite the bullet and allow the Naira find its true value in the official market. Expectedly, the Nigerian Stock Exchange, especially the oil & gas sector, has experienced a resurgence, rallying 4.9 per cent

in the last six days following the announcement by NNPC. However, according to analysts at Afrinvest West Africa, a Lagos based investment house, failure on the part of the MPC to fix the currency market crisis will widen the spread between interbank and parallel foreign exchange markets while creating more opportunities for arbitrage. According to Afrinvest, “it will also increase the pump price of

Given that inflation in Nigeria, most especially the recent episode, has been studied to be majorly cost-push, we believe if the Committee leaves MPR unchanged, allowing the market to find its true yield, but concentrating on its mop-up strategy of controlling liquidity, the result may be more absorptive for the economy

petrol in the PPPRA price modulation template and further pressure the general price levels, ultimately defeating the objective of price stability”. Consequently, Afrinvest advised that MPC should adopt a more flexible exchange rate policy that will close the spread between the official/interbank market rate and the N285.00/ US$1.00 rate assumed by PPPRA in its pricing template. This, according to them, is to reduce the pressure on the parallel market rate which has already been endorsed by the pronouncement of NNPC. They also advised the MPC to remove the restrictions earlier imposed on 41 items that were excluded from accessing foreign exchange at the official/interbank market and allow the fiscal authorities to impose an appropriate trade policy in line with the agenda of the government. This, according to them, will instil confidence in the system and ensure the influx foreign portfolio investments, FPIs, and foreign direct investments, FDIs, that will help increase foreign exchange supply. Afrinvest had noted that MPC, in the last meeting, guided that it will maintain a positive real

interest rate for which MPR was hiked to 12.0 per cent when February inflation touched 11.4 per cent. ”Inflation rate has accelerated to 12.8% and 13.7% in March and April 2016 with higher projections for coming months (14.6%); hence, for consistency, it would be proactive, if the Committee front loads inflation expectation into MPR in anticipation of higher prices. Thus, we assume that MPC could set the monetary policy interest rate, MPR, at 15.0% to ensure positive real return in the interim”. Also Afrinvest stated, ”given that inflation in Nigeria, most especially the recent episode, has been studied to be majorly costpush, we believe if the Committee leaves MPR unchanged, allowing the market to find its true yield, but concentrating on its mop-up strategy of controlling liquidity, the result may be more absorptive for the economy. ”Therefore, the dilemma for the Committee would then be to either increase MPR to 14.0% or 15.0% in addressing negative real return problems and risk higher cost of credits to both government and businesses or allow the market set interest rate and risk inconsistency in policy”.

Vanguard, MONDAY, MAY 23, 2016 — 31

Advertising & Media

Ad agencies must re-invent to fit into world order — OMOJAFOR Stories by PRINCEWILL EKWUJURU

he Group Chairman of STB-McCann, Sir Steve Omojafor has said that advertising agencies must reinvent to fit into the new world order in order tio excell. He made the assertion in a lecture titled, "Nigerian Advertising: ‘Yesterday, Today & Tomorrow”, delivered at the inaugural lecture to mark the th 60 anniversary of Rufai Ladipo, a former president of the Association of Advertising Agencies of Nigeria, AAAN. The lecture series, which will hold annually will explore issues in marketing communications to the enlightenment of the industry, government and other related sectors in the economy, was supported by BrandIQ, a marketing communications magazine. Omojafor, who was the Lead Speaker traced the history of advertising from the conventional period through the era of integrated communications to the current digital era, explained that with the country ’s exposure to sophisticated digital technology, Youtube, Facebook,

Twitter, Snapchat and many other platforms have become the new advertising “media”. In this view, he advised agencies that want to excel, to re-invent themselves and possibly change their business models to fit into the “New Generation World of today,” while sticking to the timecherished rules of the game. He however praised the new partnership between Insight Communications and Publicis Groupe as one of the things that can lead to a glorious future for advertising in Nigeria. Also speaking, Steve Babaeko, CEO/Chief Creativity Officer, X3M Ideas, revealed that artificial intelligence will be the next level of development in the world of advertising. “In a world where a robot has already been named Chief Creativity Officer of a leading global agency, "Nigerian agencies must change their module of operation if they want to keep pace with the rest of the world” Babaeko stated. Buttressing this point, Dr. Ken Onyeali Ikpe, Managing Director/CEO, All Seasons Media pointed out that practitioners should master the fact that disruption by technology will continue in advertising and indeed all

other genres of marketing communications. Speaking on the relevance of regulation in moulding a great future for advertising, Alhaji Garba Bello Kankarofi, Registrar/CEO of APCON, explained that this awareness had come years ago when the disagreement between Newspaper proprietors and Ad practitioners revealed that self regulation was clearly inadequate. He advised all students and new entrants into the profession to deepen

their knowledge in advertising regulations if they want to excel in the profession Another discussant, Chizor Malize, Managing Partner Brandzone Consulting LLC harped on the importance of creating differentiation as a tool to ensure success for future players in the industry. She stated that digital communication is evolving and Nigerian agencies that can develop indigenous models will definitely stand out and excel.

African PR leaders converge in Nigeria for APRA conference

frican Public Relations leaders will converge in Nigeria th for the 28 edition of the African Public Relations Association, APRA conference in association with the Association Union Commission, AUC, slated for Calabar International Convention Centre, CICC, Cross River from May 24 through 27, 2016. The Conference themed, ‘Leapfrogging Africa: The Role of Communication’, will be chaired by former President of Nigeria, Olusegun Obasanjo. The occasion is expected to bring together some if the best minds in Public Relations and Communication, numbering about 500 from across the African continent and beyond. Speaking about the conference, the Secretary General of the Association, Mr. Yomi Badejo Okusanya, said that the theme is deliberate because the key challenges of Africa lie in communication. In view of this, organisers of the conference have lined up speakers like Alhaji Aliko Dangote, President and Chief Executive Officer, Dangote Group; Erastus J.O. Mwencha, Deputy Chairperson, ACU; Lai Mohammed, Hon. Minster of Information, Nigeria; Dr. Ben Ayade, Governor of Cross River State; Peter Mutie, President, APRA; Bart-de-Vries, President, IPRA; Robyn De Villiers, CEO, Burson Marsteller Africa and Maxim Behar, President of ICCO and others.

Okhma wins right to market Calabar festival

a result of its performance in marketing the 2015 carnival, Okhma, a destination marketing agency has again won the right to the 2016 Calabar carnival rights. The chairman of the Cross River state Carnival Commission, Mr. Gabe Onah, Special Adviser to the governor on Festival and Events, acting on behalf of His Excellency, the executive governor of Cross River state, Professor Ben Ayade, announced a retainership agreement with the agency. The theme for the 2016 Carnival is “Climate Change”, seeks to draw attention to the challenges of global warming and its effect on the environment as well as preservation of future livelihoods. With the carnival, participants and revellers attack the problem with creativity as their major tool. It is also noteworthy that with Cross River being a major tourism destination in Africa, preservation of its wild life and natural fauna becomes a task for accomplishment, which Governor Ayade is now spearheading.

Micro-Finance

Umuchinemere MFB disburses N248mn in Q1 2016 Stories by Providence Obuh

muchinemere Procredit Micro Finance Bank (UPMFB) said it has disbursed N247.72 million micro credit fund to 796 active poor people in Enugu State in the first quarter of 2016. The bank also said that the amount disbursed in the period under review was below its planned budget for disbursement, while attributing it to high cost of living that affected virtually all business activities in the country. In a statement issued by the bank, Head of Credit/Business Development, Mr. Ikechukwu Ngene, expressed hope that the situation would improve in the second quarter of the year, when the national budget would have gone into implementation and economic activities revived. He predicted that there would be economic improvement in the country by the end of the year, assuring that the bank was focused and determined to achieve its projected target of fund disbursement to create jobs and alleviate poverty by the end of 2016 .

He advised beneficiaries of the bank’s facilities to use the facilities wisely and ensure prompt payment, so as to continue to receive fund from the bank.

A breakdown of the disbursement shows that about 306 females received a total of N169, 039, 459 and N78,680, 500 was disbursed to a total of 490 male

beneficiaries. However, Special Adviser on Micro, Small and Medium Scale Enterprises to Enugu State Government, Mr. Anayo Agu, commended the bank’s poverty alleviation scheme

since 2009 when it took up the management of the government’s special transport scheme, Coal City Cabs and Coal City Shuttle, aimed at creating jobs and empowering hundreds of unemployed youths in the State, just as he advised that they keep up the good work.

New accountants tasked on anti-corruption T

he Institute of C h a r t e r e d Accountants of Nigeria (ICAN) has enjoined newly inducted members to join the Federal Government in its fight against corruption in public and private sectors.. President, ICAN, Otunba Femi Deru, gave the charge at the 57th Induction Ceremony of New Member into the ICAN in Lagos, saying, “Indeed, as Chartered Accountants, we must deliberately join the critical mass to support and sustain the on-going anticorruption crusade by the government. We must all stand up to be counted in this battle for the renaissance of our social values and those of you being brought into the fold of this noble profession, must join with your peers to take up this battle.” Deru said that there was concern of inconsistencies and failure to comply with

accounting and other regulatory requirements within the accountancy profession as it is also across a wide spectrum of professions, however, he stated, “it is imperative that I enjoin you to continue to live above board. It is no longer news that the absence of transparency and accountability has intensified the prevalence of corruption and sharp practices in low and high places in the nation. “As a result, this has accounted for the slow pace of development of this richly endowed nation. Indeed, financial improprieties by persons in position of trust have been a recipe for underdevelopment, increased suffering of the citizens, unemployment, hunger and anger of the poor and insecurity for all. “As Chartered Accountants, we must hold firmly to our main strengths, that is, the

virtues of integrity and credibility on which our survival depends. This is a compelling mandate we must continue to discharge because being the conscience of the nation, Accounting Professionals must strive to create oasis of sanity in their spheres of influence such that a virtuous society will emerge.” he said. Also, Former Minister of Finance Dr. Anthony Ani, said that the the country has nothing to gain from devaluation since Nigeria do not export anything significant except crude oil. He said that the further devaluation of the naira will worsen the economic situation and send the cost of all imported goods to the skies. Ani said these in his paper titled: “Of Exchange Rate Mechanism, Exchange Rate and Devaluation.” stating, “I submit that neither

devaluation nor flexibility of the exchange rate is the answer to our problems.” He lamented that the debt cancellation exercise of 2003 destroyed the exchange rate mechanism as one of its conditions was for the CBN to abdicate its responsibilities as the central player in the Autonomous Foreign Exchange Market (AFEM) where a wholesale/retail Dutch auction system was introduced. “Our exchange rate mechanism was destroyed when we were cajoled into debt cancellation programme. We must restore this mechanism and adopt a realistic exchange rate. We must make the naira to be internally convertible again; we must realize that the naira had in the past been overdevalued with no corresponding production or productivity to follow,” he said.

32 — Vanguard, MONDAY, MAY 23, 2016

(0805 220 1997)

“Of exchange rate mechanism, exchange rate and devaluation” BY ANTHONY ANI

ndustry, Commerce, as well as employment opportunities, unexpectedly, flourished for the greater part of Abacha’s four year reign, despite Nigeria’s pariah status and the stupendous treasury rape by the dictator. The question, therefore, is how Abacha’s Economic team sustained the erstwhile elusive enabling environment, despite the dysfunctional economy that was inherited. Fortunately, Chief Anthony Ani, an insider in that team, answered this question, in his keynote address, at ICAN’s injuction ceremony on May, 112016. A summary and excerpts from that paper are as follows; please read on: “We are an import dependent nation, therefore the Naira price of dollars, required to pay for imports, will inevitably significantly impact on multiple sectors of our economy; furthermore, despite the collapse of Naira exchange rate from $2=N1 to N199=$ since 1985, the IMF, America and several international Banks have goaded Nigeria to further devalue our currency. Recently, even the immediate past President of ICAN also added his voice to the call for Naira devaluation. I hold the view that our Naira is even undervalued and President Buhari should continue to resist the pressure to devalue. Devaluation will further worsen our economic situation, especially when we do not export anything significant except crude oil. “Invariably, Exchange rate is a key policy variable, and a good exchange rate mechanism, therefore augurs well for price stability and international trade”.

The Naira was effectively devalued when “Nigeria adopted IMF’s Structural Adjustment Programme in 1986, when the Second – Tier Foreign Exchange Market (SFEM) was introduced, but banks and their directors and managers made bonanza profits until things came to a head by November, 1994. The banks were selling dollars bought at N22 SFEM price to end users, and manufacturers at N128=$1; meanwhile, Inflation was galloping at 88% and lending rate was oppressive at over 30%. There was serious price instability as salaries and wages were not aligned to inflation or the parallel market exchange rate. There was discontent in the country and the security of the nation was threatened”. Consequently, in November 1994, the acting Finance Minister (Chief Anthony Ani), CBN Governor (Paul Oguwuma) and the Chairman of National Economic Intelligence Committee (NEIC) Prof Sam Aluko were ordered to find a solution by the National Security Council. “We, therefore, looked at the macro-economic variables and found that there was overliquidity of Naira in the banking system, as a result of excess profits from forex arbitrage. “ We decided to eliminate this liquidity and reduce instability and inflation. We also resolved to crash the parallel market by all means, but this was problematic, because, with barely $1bn reserves and less than two weeks imports cover, we did not have the capacity to crash the parallel market, especially when Nigerian importers no longer enjoyed international credit terms, as overseas exporters demanded upfront payments”. “Ultimately, we (Ani/

Ogwuma/Aluko) agreed that for the parallel market to crash, the CBN must fund the needs of the real sector, while banks sourced their own forex to fund the other sectors; we also shut all other forex windows and reluctantly concluded that, an exchange rate of N8082=$1 will be sustainable, but production and productivity must however remain our abiding watch words”. Indeed, as soon as our recommendations were effected, the parallel market crashed from N128 to $82/$1; furthermore, we also discovered that proceeds of non-oil exports and remittances from Nigerians in the diaspora was surprisingly

We are an import dependent nation, therefore the Naira price of dollars, required to pay for imports, will inevitably significantly impact on multiple sectors of our economy nil. On enquiry, we gathered that Asian businessmen, who controlled Nigeria’s non oil exports, persistently falsely condemned whole shipments to be substandard and ultimately declared valueless, whereas these, exporters actually sold and retained the proceeds abroad. Similarly, the meters at flow stations of

debts during the debt cancellation exercise”.

our oil terminals malfunctioned for years, with the result that crude oil was shipped for which no payments were made. Consequently, we sealed all these loopholes and opened up significant capital inflows; we were also determined to reduce our heavy dependence on food and petroleum imports particularly”. Suffice to say that with the removal of the existing tax on overseas remittances and the introduction of other supportive laws, foreign inflows into Nigeria increased, and by 1997 external reserve had risen to $7 billion to make the Naira exchange rate more stable and virtually convertible. Another important development was that CBN now made a profit of N58 per dollar, on forex sales to the real sector, consequently CBN was awash with Naira which we applied to balance our budgets and also build infrastructures such as the Gwarimpa Housing Estate, the biggest housing estate in Africa, whereas before the introduction of AFEM, these bloated profits were selfishly cornered by banks and bankers. “In February 1995, I had visited the Paris Club Office in France where I proposed payment of $7bn as full debt settlement spread over 5 years with nil interest, and our creditors were very excited with the proposal. By 1996 during the process of analysis and verification of the entire Paris Club debt, we discovered 18 “failed projects” valued at $1bn which were never executed, but for which the related proceeds from external loans were in all cases drawn down. The Government insisted that rather than pay we should go to court; sadly, we ended up paying these

Regrettably, we paid about $12 billion for what should not be more than $7 billion. The whole Paris Club thing was a debt trap to enforce a structural adjustment programme and they used Nigerian economists, trained in North American Universities for this enforcement. The debt cancellation exercise of 2003 destroyed our exchange rate mechanism as CBN abdicated its responsibilities as the central player in the Autonomous Foreign Exchange Market (AFEM), and Bureau de Change (BDC) were inexplicably licensed and also funded by CBN. Eventually, there were 3000 BDCs owned by bankers, legislators, politicians, all funded at the rate of $60,000 per week by CBN. With this development, few families or clans took control of the forex market and made a kill with super profits and the rest is history; ultimately, the Naira also became gradually inevitably over devalued. Today, the same Banks with the robust support from IMF are even suggesting that the Naira should further be devalued. Profits made by banks in respect of their foreign exchange transactions remain humongous and Nigeria is the only country in the world frivolously re-exporting its remittances. It is relevant to note that the Naira is not convertible but remittances which are meant to stabilize our exchange rate are now reexported. This is the cause of the scarcity of dollars in the market and the cause of the worsening depreciation of the Naira in the parallel market”. SAVE THE NAIRA, SAVE NIGERIANS!

Business & Economy FBN Merchant harps on sound corporate governance

anaging Director/Chief Executive of FBN Merchant Bank Limited, Mr Kayode Akinkugbe, has called on banks to embrace sound corporate governance as a way of life in order to strengthen the sector. In a keynote speech delivered at the monthly meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), Akinkugbe said, “Sound corporate governance goes beyond compliance and checklists; it must become a way of life. We have a duty to ensure C M Y K

that it permeates the length and breadth of our banks”. Speaking on, ‘The Place for Sound Corporate Governance in Today’s Banking Institutions’, he noted that the principles of corporate governance must form the basic framework for ensuring that stakeholders are able to enjoy long term benefits and value from banks. They also serve as strong pillars that ensure overall market confidence in institutions. According to him, the institution of corporate governance, backed by legislative, economic and

financial reforms intended to promote transparency, accountability and the rule of law in the economic life of the country, are critical in assuring the banking public retains trust and confidence in such essential of bodies. Mr. Akinkugbe stated; “this not only ensures compliance with legal and ethical standards, but helps in building the strength of financial institutions within an economy.” He further emphasised that in recent years, corporate governance has attracted considerable interest.

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Vanguard, MONDAY, MAY 23, 2016—33 Send Opinions & Letters to: opinions1234@yahoo.com Gbadamosi (SOG) who was also one of the richest, and Treasurer of Action Group. Yet when one of his sons, now, Chief Rasheed Abiodun Gbadamosi was to go to secondary school, he not only took him to the Methodist Boys High School, Lagos

Teac h the cchildren hildren the truth each hair-splitting over the be a secular state, it cannot be taught THE teaching of Religious Studies along with other non-African religions? and National Values in Primary and Secondary Schools, continue with the regulatory Nigerian Educational Research and Development Council (NERDC) entering the fray. In a rather combative statement by its Executive Secretary, Prof. Ismail Junaidu, NERDC described most of the reports on the issue as “speculative, false and unfounded.” It said rather than being taught as a single subject, each religion and National values will be taught separately. Then it declared “No child should be coerced or compelled to learn or be taught in school any religious studies curriculum but only one (out of the two) that restrictively relates to the belief system professed by the child and his/her parents.” Strong words indeed; a six-year old who goes to a school should not be “coerced or compelled to learn or be taught” a particular subject! That is the problem when religion is imported into schools. In any case, who says there are only two religions in Nigeria? Who says traditional religion, is not a religion, and therefore, in a country that claims to

A body like NERDC which claims to be “the Think Tank of Nigerian Education” proceeds on a basic education issue, from a false premise that only two religions exist in the country when it should be aware that the constitution forbids discrimination in whatever form including religious. It is dangerous to prescribe that the Nigerian child up to middle Secondary School, should not learn about other religions whether Christian or Islamic. So how is knowledge of other religions to be imparted which can make him respect other people’s beliefs? With the NERDC prescription, why won’t each child grow up believing his religion is superior to all others? When we started out as a country, we did not begin with such bigotry; there was tolerance, understanding that all religions preach the same values, and that the upbringing of a child is the responsibility of all in the community irrespective of their religious persuasion. One of the leading Muslims in the Nigeria of the 1950s was Alhaji Sule Oyesola

It is ironic that a country that deprives its children the knowledge or teaching of their common history in school, makes the teaching of religion a priority but also approached the then Principal, The Very Reverend Samuel Adeoye Osinulu to allow his son live with his family as an unofficial boarder. For Alhaji Gbadamosi, he wanted not just the best education for his beloved son but also sound moral instructions which he knew the Principal could inculcate. Today, the junior Gbadamosi, a former Minister, remains a leading Muslim in the country and is the richer for his exposure to other religions. Chief Moshood Kashimawo Abiola, a leading Muslim of his day who was robbed in 1993 of his Presidential mandate to lead our country, used to let it known that his

Are you see what I’m saw? By Chuks Iloegbunam i

“

RE you see what I’m saw?” Chief Zebrudaya Okoroigwe Nwogbo, alias 4.30, often asked his co-actors this question in Masquerade, the soap opera that held millions, especially east of the Niger River, spellbound during the 1970s and 1980s. Each time he put that question, there was something astonishing or peculiar. Often that peculiar or astonishing “something” formed the bedrock upon which a specific offering of the episodic sitcom was developed. In borrowing from Chief Zebrudaya’s lingo, to ask whether or not readers of this column are in awareness of certain things all too obvious to this columnist, the intention is simply to point to confounding and bizarre happenings that are plenteous in the entity today. A few of these developments deserve a mention, and possible exploration, here. British Prime Minister David Cameron pronounced Nigeria “fantastically corrupt”. A leaked document showed that Minister of Information Lai Mohammed had transgressed the antiseptic integrity of the Change Administration to seek a loan in excess of N13 million from a parastatal under his Ministry, and for an international junket. The government, after months of insistence to the contrary, devalued the Naira. Or did it? The government, after a prolonged stretch of inchoation in the petroleum sector of the economy, inflicted an upward spiral of over a hundred percent in the pump price of Premium Motor Spirit (PMS) or petrol. All these happened at such a dizzying speed as to impel the weary and unwary to demand a stoppage of the world so they could hop off. All these happened, predictably, when the Steersman of the Ship of State, was blissfully abroad, attending yet another one of his innumerable conferences across the length and C M Y K

breadth of the globe. All these, predictably again, prompted reactions as numerous as they were conflicting. It may be easiest to start from an astonishing development, one that incongruously escaped critical examination, despite its underlying ominous implications. CNN’s Christiane Amanpour cornered President Buhari in London, where he was busily attending the anticorruption summit put together by the one who had cheekily pronounced his country

The emasculation of alternative opinion leaves the king strutting around the village square, little realising that his robes are soiled by ordure

“fantastically corrupt”, and prized from him an interview slightly in excess of six minutes. As the short interview progressed, Ms. Amanpour asked how the Nigerian government was killing corruption in order that corruption doesn’t kill the country. Buhari responded by discussing those he claimed had pocketed billions meant for the fight against terrorism. The interviewer’s follow-up was inevitable: Amanpour: “And what do you do with these people who do that? Do heads roll in terms of losing their jobs, getting fired?” Buhari: “Well, most of them are now behind bars. We’re getting the documents corrected in

broad world view and tolerance of other beliefs owes partly to his education at the Baptist Boys High School, Abeokuta. I also went to a mission school and all the boys studied the same subjects including religious studies; there was no discrimination and we all held to our religious beliefs. Today, we have transformed from boys, and taken our place as men in our country, and are the better for the broad education we acquired. It is ironic that a country that deprives its children the knowledge or teaching of their common history in school, makes the teaching of religion a priority. However, I am confident that no matter how they strive, schools by their nature, cannot be better than religious institutions in teaching children religion. Monotheism is the basis of most religions with the Almighty called Yahweh in Hebrew, God in English, Allah in Arabic, Oyin in Ijaw, Chukwu in Igbo, Olodumare in Yoruba and Ubangiji in Hausa. So there is a common strand in the religions in Nigeria, just as there is a common thread about morality, protection for children and the weak, respect for parents and the elderly, fairness, truthfulness and honesty. Why can’t the children be taught such truth? I believe that when people learn about their religion and that of other people, they will be tolerant and respectful towards other faith. Learning about other religions, is not proselytizing, it is acquiring knowledge and that is what schools are for. To me, it is welcome for schools to teach the commonality in religions, moral instructions, etiquette and civics including

a way so that we can secure successful prosecution.” Isn’t the above exchange peculiar? In democracies, isn’t it due process for trial and conviction to precede incarceration? Isn’t it peculiar that the Nigerian President admitted putting the cart before the horse? His government first rounded and hauled into prisons those it adjudged guilty – even without trial. Then it proceeded with “getting the documents corrected in a way” to guarantee that the stamp of guilt already affixed is fancifully decorated with the letters of the law. In the books of the democratically minded, this would pass as preposterous. Isn’t it strange that this negation of justice failed to attract even the flimsiest of outrage from a normally critical populace? The situation is different in the matter of the hike in the price of petrol. And for obvious reasons! Of all oil exploiting and exporting countries, Nigeria pays the least minimum wage and boasts the highest pump price of petrol. Even with the derisory minimum wage, most states are unable to meet their salary commitments. Still petrol prices are officially permitted to soar uncontrollably, forcing every other service and commodity reaching up to the skies of the extremely expensive. Venezuela in Latin America has a minimum wage of N95,639; the country sells a litre of petrol for a paltry N3.61! War-torn Iraq’s minimum wage is N25,813. A litre of fuel in that country goes for N59:66. In Qatar, the minimum wage is N101,250. A litre of fuel there is N34:54. Iran is the only country among oil-producing nations whose pump price of petrol is over N100 a litre. It sells for N102. But its minimum wage is N86,585. Nigeria’s minimum wage is N18,000. About two thirds of Nigerian states can’t pay it. There is no transport infrastructure by that name. No trams. No tubes. No organised commuter infrastructure in the urban centres. Yet, a government at whose inception the cost of fuel was touted to plummet to N40 a litre has officially raised it to N145 a litre. This means that Nigerian petrol costs its citizens more than double what obtains in almost all the OPEC

patriotism, equality, nondiscrimination, social justice and the Fundamental Principles of State Policy as enshrined in the Constitution. But if religion is to be taught, it should not be as a reinforcement or rejection of certain beliefs, but as imparting knowledge. Let’s face it, in almost all cases, people's religious persuasion is conditioned by accident of birth, environment and circumstances. In virtually all cases, people adopt the religion of their parents. I am sad today because religious divide is being introduced into schools. While the Holy Books teach that children should always be protected, schools are beginning to introduce religious discrimination such as demanding the parents of a child to obtain a declaration or clearance from their religious leaders confirming the faith they belong to before the child can be admitted. Yet, the constitution forbids discrimination; it prescribes secularism as state policy. We need a general reorientation; why should a secular state demand you declare your religion in official documents, establish unwieldy and expensive Pilgrim Boards, fund or subsidise pilgrimages and generally, promote particular religions? Why should a man who practices traditional religion be arrested in court for being in possession of the symbols of his belief while those of other religions are permitted to bring theirs? Religion is not the problem; it is human beings who claim to be adherents of different faith but who would not live by the dictates of their faith. It is such people, who then, like the NERDC, present their jaundice views as ‘State Policy’

countries. Yet, it is an acknowledged fact that, save for Abuja and Lagos, official pump prices of petroleum products are meaningless. In many states since the alarming hike, petrol now sells at an average of N165 a litre. Lai Mohammed was spokesman for the APC from the Party of Change’s inception until his appointment as Information Minister. Thus, he’s been, more than any other APC apparatchik, the barometer for gauging the government’s anti-corruption posture. But Alhaji Lai goes and asks officials under him to wangle a loan that breaches all the rules. He is to lead a five-man delegation to China for five days. But those conversant with the methodology for calculating these things swear that even if five Ministers were on the trip, their financial requirement would still round up to a third of the sum Lai Mohammed asked for. How did the Honourable Minister react to this? He reportedly took exception to raised eyebrows, telling online media organisations that he owed Nigerians no explanations. Instead, his subordinates delved into the far more important national duty of smoking out the mole that exposed the malfeasance. That’s the way it goes for the Government of Infallibles. They said Buhari would, within a year of becoming President, equalize the values of the Naira and the Dollar. The Naira has since been in a free fall. The President was going to do this and this and that and all those! But he still hasn’t done a thing to justify the hoopla that propelled him to Aso Rock. So, “Are you see what I’m saw?” Probably not. Well, joblessness, insecurity, terrorism, inflation, dwindling value of the Naira and centrifugal pressures are serious challenges. But they are not the most threatening. That prize goes, fairly and squarely, to political intolerance. People are remorselessly hit and beaten. And they are denied the right to scream and writhe. The emasculation of alternative opinion leaves the king strutting around the village square, little realising that his robes are soiled by ordure.

*Mr.Iloegbunami, an author, wrote from Lagos.

34 — Vanguard, MONDAY, MAY 23, 2016

WO Nigerians from Katsina State have been Presidents of Nigeria in the past ten years. The first was Alhaji Umaru Musa Yar’Adua, who assumed th power on May 29 2007. He was an academic from a Fulani elite family. The core of his government comprised mainly Northerners because unlike his late elder brother, Major General Shehu Yar’Adua, he never really had much opportunity to interact with the wider Nigerian society before he joined politics. He was imposed as President on the nation by – you know who – former President Olusegun Obasanjo, his immediate predecessor in those days when the Peoples Democratic Party (PDP) did just as it liked without any challenge from any quarters. Having finished his eight years as the Governor of Katsina State, Yar’Adua had wanted to go back to the Ahmadu Bello University (ABU), Zaria, teach Chemistry pro bono and look after his failing health. Next, Obasanjo went to the creeks of the Niger Delta and dragged in another gentleman who had already won the PDP ticket for Governor of Bayelsa State, Dr. Goodluck Ebele “Azikiwe” Jonathan. I remember that day in November 2006 when Obasanjo paraded Yar’Adua and Jonathan on television as the Police usually parade crime suspects. Jonathan in particular looked like a school boy on a forced errand. The president-to-be never knew his Vice-president-to-be apart from the fact that they sometimes met as governors. When eventually they were elected into office, the militancy in the Niger Delta was at its peak. Many analysts had argued that Obasanjo was forced to bring Jonathan into the presidential pairing as a peace offering to the Ijaw militants and their loud and troublesome “father”, Chief Edwin Clark, in place of the more fancied and popular Dr. Peter Odili, the Rivers State governor. That Obasanjo bowed to the Clark/Ijaw faction of the South-South People's Assembly (SSPA) rather than the more broad-based pro-Odili faction led by Ambassador Matthew Mbu/Raymond Dokpesi, was seen as an application of common sense. Obasanjo must have realised that ignoring the demands of Clark and his Ijaw militant tribesmen would keep the economic livewire of the nation in the Niger Delta at great risk. The disruptions would never stop, and the economy would continue to suffer. When Yar’Adua assumed power, he came under pressure by hawks from his native Northern Nigeria to “crush” the Niger Delta militants. He actually mobilised

Buhari’s archaic approach to Niger Delta problems the Nigerian troops towards that effect, but as an intelligent, wise and commonsensical leader he also listened to the argument of Niger Delta campaigners who were very rampant in the media, especially television. These included Dr. Chris Ekiyor; my sister, Ann Kio Briggs, Dr. Oronto Douglas, Comrade Joseph Evah, Dr. Ledum Mitee, Dokubo Asari and a host of others. Most of them advised that rather than launching a full-scale military campaign to “crush” the militants as the Federal Government had already started doing when it attacked

It is either we embrace the people of the Niger Delta as stakeholders in the nation’s oil and gas resources, or we continue to deploy soldiers to harass and intimidate innocent villagers in the creeks with very little to show for it Gbaramatu Kingdom in Delta State in search of the Movement for the Emancipation of Niger Delta (MEND) leader, Government Ekpemupolo (alias Tompolo), an offer of amnesty for voluntary disarmament of the militants should first be tried. Yar ’ Adua sent his Vice President, Jonathan, to the creeks to discuss with his kinsmen. Eventually, by August 2009, the

militants accepted the offer of amnesty and surrendered their arms. Thus, began the post-amnesty programmes, which saw the “repentant” militants being given education and training on various trades in Nigeria and abroad. The big boys or “ex-generals” got hefty contracts and became visible and loud in Abuja hotels and the Aso Villa, especially during the reign of Jonathan as President. In fact, the biggest exmilitant, Tompolo, was awarded multibillion naira contracts to safeguard the network of oil pipelines in the Niger Delta and he also became a major player in the maritime industry. There was absolute quiet in the Niger Delta. Nigeria was able to reap the full benefits of her oil resources during the oil boom of 2009 to mid 2014. Jonathan was defeated by another Katsina man, Muhammadu Buhari, in his re-election bid in 2015. Buhari is everything that Yar’Adua was not. He was a combatant during the civil war and a former military head of state who rose to prominence from the lower classes. His inner government is also made up mostly of Northerners, but unlike Yar’Adua, he does not care about the opinions of other stakeholders outside his charmed parochial circle. He chose to listen to the hawks, being a hawk himself. As soon as he was elected he served notice that he would dismantle the amnesty programme ahead of its scheduled termination point, send the military and security agencies to take over the job of securing the pipelines from the exmilitants and arraign those accused of corruption for trial. On the surface of it, there is nothing wrong about this approach, but it was not prudently done. Even before he took over from Jonathan, Buhari’s aggressive rhetoric put the exmilitant warlords on notice that they might

OPINION Implications of the Enugu genocide By Julius Oweh

HE recent unprovoked killings of some people in Enugu State by suspected Fulani herdsmen despite the information given to the police and other security operatives by the state governor is another ugly chapter of the sordid saga of some herdsmen operating under the veneer of terrorism. The implications are grave for the corporate existence and unity of the nation. It is beyond mere transfer of the state police commissioner. All those in position of authority either by their action or inaction that led to the genocide should be sanctioned with the relevant laws of the land. These brutality, lawlessness and terrorism can no longer be tolerated as the occupational hazards of some pastoralists. This is a trying period for the Buhari administration. A lot of noise is currently polluting the media space whether these terrorists are Fulani or not. The issue is whether they are Isoko herdsmen, Yoruba herdsmen or Ijaw herdsmen, the law should be applied and the government should not give us the faintest impressions that some people are above the law. The Northern Governors Forum recently issued a statement about the menace of herdsmen and argued that it was an insult to state that the herdsmen are Fulani. They also maintained that they were not comfortable with generalisations of the activities of these herdsmen. The greater insult is that by that statement, the northern governors are putting the unity and corporate existence of this country under great strain. Criminality should be condemned for what it is and should not be given cover because of ethnic affiliations. This is not the first time the Fulani herdsmen are C M Y K

committing havoc in the nation. They did that in the south west, the killings in Benue State and recently in Delta State that spurred Deltans to protest the activities of these herdsmen in the state. Why are the herdsmen carrying dangerous weapons like AK47? The truth of the matter is that the average Fulani herdsman bearing arms is supported by influential businessman and political elite. And until these people see the implications of what these messengers of death are doing, we shall continue to witness the murderous activities of these herdsmen in bid to protect their cattle. In their twisted philosophical formulation, their cattle are more important than human lives. A civil war is brewing in the cauldron and this is time for the government to act. I do not want to believe that Buhari is not taking tough action because those involved are his kinsmen. I am also not persuaded by the argument that the Fulani herdsmen are trying to complete the expansionist ambition of Uthman Dan Fodio. Nigeria is rather too advanced for such local imperial ambition. That is why the president should move beyond giving orders to the Inspector General of Police and the heads of the military to disarm the Fulani herdsmen bearing arms. A more decisive action like the ones used against the Boko Harm or the Niger Delta militants should be directed at these herdsmen. They do not have the authority to bear arms and use same to harm people in their own land. Just as the police are very zealous in dealing with people with unlicensed double barrel guns, any person other than the security operatives carrying arms should be seen as criminals. It is this kid gloves treatment given to these herdsmen that make them think they are above the law and could go scot free with their criminal activities.

never get justice under the new administration. Today, we are back where we were before Yar’ Adua’s amnesty programme came into effect seven years ago. Our oil production has plummeted from 2.2 to about 1.4 million barrels per day, and the outlook for the future is bleaker still. Unless something is urgently done, all the plans of the Buhari administration to diversify the economy from oil dependence might fail. You can only diversify from oil with oil money. With the gas infrastructure being dismantled with bombings, there will be no gas even to generate power to keep the economy going. There is a wise old saying popularised by Pirelli Tyres: “Power without control is nothing”. It was illustrated with the photo of a well-muscled sprint athlete poised on his marks but wearing high heels! How can he run? Yar’Adua and Jonathan, as Commanders-in-Chief, partnered with the ex-militants to enable Nigeria exploit our oil resources from the Niger Delta in peace. Buhari has chosen to “crush” them, and in the process, we are unsure where our economy will be in the near future. Buhari’s approach, to me is archaic and unrealistic. The Niger Delta of today is not the Niger Delta of the 1970s and 1980s when the civil war had just ended and people were living in trepidation of the North and its all-conquering military. The Niger Delta people’s consciousness of their oil and its place in the economic wellbeing of Nigeria and their right to resource control has grown in leaps and bounds. Militarily, they now know where to press the buttons and put the economy in distress. Even if the military succeeds in apprehending and eliminating all the known militant leaders, it is unlikely to guarantee that new ones will not come up and continue pushing the same agenda. The people of the Niger Delta have become stakeholders in the security of our oil resources in their ancestral homeland. Those who say that the oil resources of the Niger Delta “belong to the North” can continue to daydream. It is either we embrace the people of the Niger Delta as stakeholders in the nation’s oil and gas resources, or we continue to deploy soldiers to harass and intimidate innocent villagers in the creeks with very little to show for it.

Should this menace continues, there are grave implications for the nation. Already some people in the south are resorting to self help. In Abia State, the governor has given order to the restoration of the famous Bakassi Boys. In the south west, the OPC had vowed to protect her people and territory. Some militants in the Niger Delta had also promised to give these herdsmen a raw deal. Thus, in most parts of the South and Middle Belt, the Fulani herdsmen have overstayed their welcome. I do not support this recourse to self help when we have well established police and security operatives. The government should not abdicate its sole responsibility which is the security and welfare of the citizens. Those who are in the business of animal husbandry should establish ranches for their animals. That we still have cattle roaming our streets and farmlands is clear advertisement of the backward nature of our economy. Equally laughable is the intention to establish grazing routes and this will eventually give legitimate stamp to the lawlessness and brutality of the herdsmen. There is simply no alternative to the establishment of ranches. As for the Enugu genocide, a commission of inquiry should be set up and those culpable should face the wrath of the law. As for those still in doubt about the identity of the herdsmen, one of them caught with gory pictures of the dead people on his phone has proved that. True that governor of Enugu State as the chief security was weeping on getting to the site of the pogrom. The president as the father of the nation ought to visit Enugu State and pass a powerful message about his hatred towards criminality. It is not too late to show leadership. And this he must do by devoting the same energy and drive in fighting the Boko Haram insurgency to taming the menace of the Fulani herdsmen. *Mr. Oweh,a journalist,wrote from Asaba, Delta State.

Vanguard, MONDAY, MAY 23, 2016 — 35

Building on growth T

EMEL Kotil strives to run an efficient airline company. He has been instrumental to the profitability of one of the world’s leading carriers. Turkish Airlines has remained on the cutting edge in the global aviation industry as seen in its emergence as ‘’Best airline in Europe” for the fifth consecutive year, based on the rating of Skytrax, an acknowledged name associated with air travel excellence. Building on this feat, one of Kotil’s key strategic priorities is to further improve the airlines’ passenger satisfaction: “We have been working tirelessly to improve on the quality of our service. And we have also been investing heavily to consolidate our place in the industry through our range of products and further improve on our brand awareness and its value.

Investment in the brand “Our investment in the brand in itself made us emerge as the second best top of the mind recall brand amongst airline brands for the year 2016”. Kotil finds that it’s one thing for an airline company to grow, but it takes a lot more to manage that growth. His description of the growth management of Turkish Airlines is steeped in the company’s consistent performance in financials and investments. “The most important factor for growth is to make it a sustainable one. “Our bottom line performance since 2002 has been very healthy and profitable with about 25% EBITDAR margin. And that has really empowered us to invest in new aircrafts and personnel efficiency thus helping to improve our operational efficiency, he said.” Turkish Airlines was established in 1933 as part of the Turkish Ministry of defense with only five aircrafts. In the beginning, the carrier commenced with domestic routes. In 1947, the first international route from Ankara

Temel Kotil CEO, Turkish Airlines to Istanbul and then Athens was launched. The ensuing years saw the company operating more international routes leading to an increase in fleets. Today, the airline flies to more countries than any other airline and is the world’s fourth largest carrier in terms of destination served. As a member of the Star Alliance, the airline company has code share

We have been working tirelessly to improve on the quality of our service; and we have also been investing heavily to consolidate our place in the industry agreements with about 40 other airlines. Currently, the airline company boasts the largest and youngest of fleets in Europe actively operating 286 aircrafts (passenger and cargo) with an average of around 6.7 years. The company’s commitment to maintaining a high level of quality is the result of hard lessons from its past. The airline’s widespread network spans 289 destinations in 108 countries and is considered to operate one of the largest

networks in the world with impressive frequency rates. Turkish Airlines commenced Nigeria operations in 2006 on the Lagos -Istanbul route. Shortly after the debut, the company realized the need to add more frequencies and increased capacity, flying three routesLagos, Abuja and Kano. The airline also enlarged the scale of its operation offering seven daily flights from Abuja. As with many international airlines operating in Nigeria’s airspace, Nigeria is seen as one of the most strategic routes for the company and it recently opened an outlet in Abuja making it the third local destination in Nigeria after Lagos and Kano. PortHarcourt is the next prospect in the offing for the four star carrier. Temel Kotil, who was named Turkey’s best performing CEO for the year 2015, is clearly enthused by the fact that more than any other airline in the world Turkish Airlines offers the largest number of destination choices for its passengers: “That is why we were rated as the best European airline connecting Nigeria to world, he claimed.” Connecting Nigeria to the world comes with its own challenges. Kotil explains that some of the issues the airline faces in its Nigeria operations are those of weather conditions

as well as runway closure especially in Abuja. He adds that the weather challenge is similar to what it finds in other countries where it operates particularly on the African routes. Nevertheless, the airline is in love with Africa as can be seen in its holistic preference for the continent in terms of destination. “We love Africa because our operations here are by far more than those of any other nonAfrican airlines. I mean, operating from 48 African airports in the 31 countries in our network clearly validates our claim. More than that, we offer the largest number of destination opportunities to Africa bound passengers. And we have even taken further steps to include Mauritius and Madagascar to our list of destinations. In 2015, we had about 14% capacity growth on our Africa routes, flying more than 2.5 million passengers to Africa. Our projection for 2016 is to achieve 27% capacity growth for the Africa routes.

Future destinations “Seychelles, Luanda, Juba, Conakry, Aswan, Luxor are some of our future destinations. Currently 10% of our total revenue is from Africa. And the continent will continue to be a major part of our network in the future, Mr. Kotil explained.” The International Air Transport Association (IATA) says Africa remains one of the only three regions to record positive yearto-date growth in 2015. According to IATA, demand is holding up despite the underperformance of Nigeria and South Africa. Analysts think that what also fuelled growth in Africa is the continent’s growing middle class and low oil price. Others are of the opinion that the African aviation sector has a lot of potential for growth but it is definitely not growing fast enough. The indices are not what they expected considering IATA predictions. Kotil’s own thoughts on the African aviation industry are hinged on globalization and the spread of science. “Africa was hugely unaware of the

BIO BRIEFS Birth Place\ Date: Rize, Turkey, 1959 Education: 1983: Graduated from the Aeronautical Engineering Department at Istanbul Technical University 1986: Received Master’s degree in Aircraft Engineering from the University in Ann Arbor, Michigan 1987: Master ’s degree in Mechanical Engineering, University of Ann Arbor, Michigan 1991: Doctorate in Mechanical Engineering, University of Ann Arbor, Michigan.

C M Y K

Temel Kotil

developments that took place in Europe and America prior to the age of information technology. As soon the continent got in the groove, developments started happening and that is what led to the explosion in human potentials. Today, African countries are able to establish their own competitive flag carriers and aviation companies. Airlines with locational, financial and demographical benefits now utilize their competitive advantages. “And from this point of view, it is safe to say that African airline companies have learned the know-how through operational experience of the global aviation industry. These kind of positive improvements make us very happy. With Turkish Airlines having the largest network in Africa, we believe that the African market has great potentials for investment and we believe that Africa will be rising star of the new era with its fast growing economy and population. Currently, the African aviation industry is relatively small when compared to those of Europe, America and Asia. But industry forecasts indicate that passenger demand to Africa will triple in 20 years’ time. ‘’The demand on the African route has always bred competition amongst foreign operators and because of the capital-intensive nature of the airline business, fixed costs and barriers to exit are quite high.’’

Support of aviation activities Speaking on the competitiveness of Turkish Airlines on the continent, Kotil says: “With the advantage of our IST Hub and a well-fitting fleet, we connect the African continent to the highest number of destinations in the world than any other airline; thus making the continent to benefit from our competitiveness due to support of aviation activities on the continent. And our emergence as the best airline in Europe means we offer the best product to the market more than all of the existing European carriers.” In recognition of its competitiveness amongst global airline companies, Turkish Airlines launched an impressive campaign, ‘Widen Your World’ that emphasizes the global network of the airline. In the campaign, Kobe Bryant( American basketball player) and Lionel Messi (Argentine professional footballer) resume their friendly rivalry by trading “selfies” from exotic locations, such as the Red Square in Moscow; The Great Wall of China; the Maldives; Bangkok; and Mount Kilimanjaro, all of which are destinations Turkish Airlines flies to. “The campaign strategy aims to develop new applications at each phase of the travel, to offer memorable surprises to passengers and to bring them together through innovation and distinctive products and services that makes them feel special and cherished,” Kotil says.

36 — Vanguard, FRIDAY, May 23, 2016

Chibok girl’s rescue puts Jonathan, Fayose to shame — APC

Don’t confront my administration, Buhari warns Niger Delta militants Burning spear Has the present administration finished with the Fulani bandits killing Ibos in the Southeast and other Nigerians in North Central ?

miscreants have received their own share of our collective strength. Nigerians are behind the presidency and God has ordained President Buhari for this critical moment of our Nation. Please cooperate

WJasper The Avengers should go and ask Shekau of Boko Haram. You can’t confront this Administration with weapons and ammunition! The Marauder Herdsmen & Shite

Banadi WJasper The present administration should focus on the economy and stop funding militant groups in the delta so as to turn around and blame them.

Popliteus Rescued from where? How? when? She was rescued and yet she is posing in a picture with the president and her supposed Boko Haram kidnapper who should be in handcuffs and should be helping the army to ‘’rescue’’ the other girls. By the way, is this not the same girl that was recently paraded as a suicide bomber? Something fishy is going on here. •Niger Delta militants

How troops rescued Chibok schoolgirl OkpiIbe It is high time we stop making mockery of our Nation. The said Amina escaped with a four month old baby when she went out to gather firewood for a Boko Haram leader. Her husband, a Boko Haram member saw her and escorted her . He did not hurt her. Amina walked far beyond a parameter that could be covered by military from the Boko Haram camp with a baby. How can she cover such a

distance with a four month child? OJIAKOESTHER Her name is Amina Ali as against Falmata Mbalala that was earlier stated. This is a different story though. Front man This is good news to Nigeria to have rescued one of the Chibok girls. If the past administration had shown interest in locating them, the girls would have been found

Amina Ali or Falmata Mbalala?

Akinfaramade In my own opinion, what Nigeria really need now is the renewable energy that is safe. Think of solar energy with abundant sun in the country, we can generate thousand of megawatt the propose 500 mega watt in kwara state. If we can have such project

in at least 10 different locations across the nation, .we can boost of additional 5000 megawatt. That is far better than nuclear power that are very hazardous to human live and environment. Fashola should think of this. Maam Sir Demo So long as the plant will be sited in Yoruba land or Hausa / Fulani north, there will be no problem. A country without discipline of maintaining potholes on the roads is talking of nuclear plant. Enough of these wish words and procrastinations. One year is enough time for any serious government to show her direction. If the government cannot show direction in the first year, questions should be asked eventually. Good one Again, Nuclear Energy as it

Chidi Andrew I pray that other girls will be rescued and put this ugly story behind us. May other mothers also rejoice as Amina mother rejoiced. The JTF claimed they found the girl and handed her to her mother who in turn handed her to the Military. The military said they rescued her in an operation. Which version of the story is the truth? Chidi Andrew Which Amina are you talking about? The Military claimed her Name is Mbalala Mfatala Civilian JTF who Found her gave a different name from that of the principal of the school.

Nigeria is ready for nuclear energy — Fashola Victor O Oyetunji What Nigeria really need is reliable Solar Energy which can be acquired in partnership with Israel and France not China because Chinese products are mostly counterfeits and not durable. Israeli’s solar energy technology can withstand the tests of time. Nuclear energy is very risky especially in Nigeria where we lack good maintenance culture, inadequate security and sabotage.

Truth2016 The military should tell the world how the said Boko Haram husband was arrested since the girl escaped while on an errand to fetch firewood

Isaac Umunna @isumunna Kwara APC Chairman, Secretary kidnapped at gunpoint

Georgecolligon It is not fair for anybody to mention Goodluck Jonathan in this Chibok girls issue. We wait and pray that the girls will all come back one day. Egwuatu Egwu This is the most embarrassing story of this century. But let me ask this question. The army and JTF said they found this girl in the forest where she went to fetch firewood. Iam beginning to think that the Boko Haram caves is near where she was found and rescued. Can she then lead the army and JTF to locate the other girls so we can be cleared that this is not scam?

We increased fuel price because Nigeria’s broke — LAI MOHAMMED Drop It We believe in change. We can see it and those in APC are capable and equal to the task. They need our support and prayers. You will eventually smile. •Fashola is today is all cover up. Nigeria as a nation that have not been able to contain theft and sabotage of its military hard wares and ammunition, how much more a nuclear weapon except we like to end our existence early enough.

Timothy Chinonso Why should the government see oil as the only source of revenue? This the commonest commodity that affect the socioeconomic lives of the masses. Why can’t the government look into Agricultural products for export. Why not harness the solid mineral sector, why not look into the tourism sector that even promises more returns

TRENDING ISSUES ON TWITTER Reno Omokri @renoomokri I support President Buhari’s anticorruption war but it shouldn’t be a substitute for sound economic ideas or this is what we get!

Greatfaze The story behind the chibok girls is complicated and suspicious. But one thing is sure. Some actors may be Boko Haram and all the atrocities attributed to them. Who are the people?

Onye Nkuzi @cchukudebelu They said “Okonjo-Iweala didn’t know what she was doing”. Shepard Smith @ShepNewsTeam BREAKING: Fire alarms went off before Egyptair crash. Aviation analyst David Learmount says this suggests fire began in avionics compartment

UNICEF @UNICEF Attacks against schools & hospitals are grave violations against children & must stop! WHO @WHO The 69th World Health Assembly starts Monday! Follow hashtag #WHA69 to join the conversations.

than oil exploration? Daygea Himazi Nigeria Nigerians are not blind and that is why we voted out the last administration. who brought the country to the terrible state it is in today. There was impunity during the time in question. . Thank God for His intervention Progressive Himazi Nigeria Those who have looted this country must refund the fund. Back. That is the only way to begin to fight corruption. Abayomi Osibisa We should deceive ourselves with the hope that Nigeria will grow overnight. It is a matter of time before the economy will recover. Sincere-Voice Osibisa What state was the country before the last administration handed over power to the present government. It was a bumper economy right? Our economy was diversified before they handed over right? The oil price was still $80 per barrel? . Let us have a rethink.

Vanguard, MONDAY, MAY 23, 2016 — 37

LEISURE

YOUR LUCK TODAY By Joshua Adeyemo Phone 08056180139 GEMINI: BEHIND-the-scene-activities are sources of avoidable trouble especially before mid-morning period when influence of the moon’s fluctuation will last. Avoid inordinate ambition. CANCER: IT’S important you don’t allow your thought for and/or about the future derail your plans for the present so that success will not elude you. Romantic attractions along your career/business lines may become stronger sooner than you think. LEO: EARLY morning blues will affect many people around you meaning that not everybody-morning period especially along your career/business lines. VIRGO: MAKE sure you perfectly understand what you are doing within your working arena before mid-morning period or else costly mistakes would be made. Be tolerant. LIBRA: TOMORROW You are advised to leave some important decisions and/or action till tomorrow when the heaven will smile at you. Your love life is favoured.

THOUGHT FOR TODAY

By Richard Eromosele

IGHT from ages man has continued to look for ways of clothing his nakedness. Nakedness does not just mean not wearing clothes alone. It includes covering our evil deeds,

God is watching wicked acts, ways and sins etc. As it was the days of the biblical Adam and Eve, so it is today. When we commit heinous crime, we run for cover under the stone,

TERROR MUDA

under the water and under the dark, hoping and praying that we will not be caught. We live a lie. We forget that air bear witness to our cruel act; the sun by our shadow

in “Never say goodbye”

takes our photograph, and our conscience convicts us daily. Beware, God is watching. Your sins will find you out.

Think about it!

By Kola Fayemi

SCORPIO: TOMORROW will prove more challenging. Thus, if there are things you should do now, you better don’t contemplate procrastination as you are likely to be stretched full lenght tomorrow. Watch with you tell others early in the morning. SAGITTARIUS: AS the moon fluctuates early in the morning some people may promise more than they can actually deliver. And if you take them for granted, you would be disappointed. CAPRICORN: CERTAINLY some people will get on your nerves yet you must not over-react at least because of the immediate future. Truly thus is the wrong time to gamble with love. AQUARIUS: THE Moon fluctuates as it moves out of your star . That is why you will need to guard against confusion likely to be caused by others. PISCES: THE Moon position influences you to become aggressive the way is capable of bringing unnecessary argument and avoidable confusion. To before warned is to be fore armed.

KAPTAIN AFRIKA

“Pretty Lunatic’

By Andy Akman

ARIES: EARLY morning blues will affect many people today (yourself inclusive) but luckily for you, things will go according to your plans. And you will need to be more careful with money. TUARUS: THE Moon fluctuates early in the morning. And if care is not taken you would promise more than you can actually deliver to the resentment of others. Yet, you’ll win.

ASTROLOGICAL COUNSELLING Send yyour our dat th ttoo the As tr ological datee and place of bir birth Astr trological Counselling, PP.M.B .M.B 1100 00 7, Apapa, Lagos 007,

What are my chances? Dear Joshua, KINDLY analyse my star and tell me about myself especially my luck. I want to know about my love life, social life and how to become successful in life. I have seen people who are close to me became big success without much struggle from them. Would my own be like them too? Joshua, Ilorin.

Dear Joshua, You are different to those you said came by success: in your own case you will need to work hard and earn success. It is important you watch and take practical precaution about inability to hold on to your gains for long. Some times unexpected assistance use to come your way at 11th hour. Your being friendly with the influential personalities especially WOMEN will help your finance greatly speculative (and) venture is not the best for you. Your magnetic personality makes it difficult for members of your opposite sex to the betterment of your love life. Luckily for you, you know how not to allow your rugged/ rigid personality to harm your love life; you are a sweet lover, although can be argumentative some times. Love happiness indicated for you. If you can analyse both your environment and social situation, you will have more to gain from social activities more than it’s attendant pressure. You will need to drop unnecessary rebellious approach when dealing with your social life; although what looks like radical approach can earn you a few number of friends who may not be in position to assist you. Many people love your gentle approach and will be willing to assist you especially the more influential personalities. Once again women can be helpful here. If you expect easy success, you would be frustrated because Saturn-the planet of delay, frustration but greater reward after much struggles, was with the sun (basic-self-hood) when you were born. Thus it will not allow easy success. And at the same time will not deny you whatever you deserve. The same Saturn will reward you with RECOGNITION WOMEN, children and younger people can enhance your prospects. Colours RED, WHITE and pink are good for you. Sleeping North/South axes with your head to the North is good for you.

VIRGINIA

HOME & ABROAD

dadadekola@yahoo.com

By Lawrence Akapa

38—Vanguard, MONDAY, MAY 23, 2016

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Vanguard, MONDAY, MAY 23, 2016—39

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40—VANGUARD, MONDAY, MAY 23, 2016

Kashamu's dollars can't buy PDP leadership — Bode George •Why APC is groping in the dark

CHIEF Olabode Goerge, a former Deputy National Chairman of the People’s Democratic Party, PDP, in this interview, calls on the warring factions in the party to sheathe their swords. He identified personal interest and lack of commitment as factors responsible for the squabble in the party. He opines how the crisis can be resolved. Excerpts

•George: By Wahab Abdullah &

Dapo Akinrefon

AN the PDP come out of its crisis? I saw the problem coming and when you see a problem coming your way the best you do as a logical mind, is to avoid it or correct it immediately. You know, we are in a state of flux now. Of course, this happens when you have a political disappointment. You have to pick up yourself and get up where you have fallen and keep going. I believe that we can still resolve the crisis because they are not written in stones, both sides can still shift grounds and come to a mid point in the interest of the future generations of this country, in the interest of the party. Why I am saying that is if there is no credible opposition, with the PDP being split, there would be no effective opposition. Whatever the government does, PDP will not be in a good position to advise, correct or go against them. That is why I have been appealing to both C M Y K

sides to cool their temper. Once you run into parallel conventions, you are almost at the brink of total collapse. We can disagree on issues because peoples’ perceptions differ; but we must never be disagreeable. We can disagree, we can discuss and that is why I am still appealing to both sides. Two wrongs don’t make a right. We are in the political field. We should be able to play it the way it is done in the civilized world, there is no perpetuity in everything. Let us look at the scenarios: I have seen that there are just two major issues.

Emergence of presidential candidate The issue of the chairman and the issue of emergence of presidential candidate and when should the chairman leave office. One side is saying that the chairmanship should be in the South now, others are saying wait till 2018. These are not fundamentals, we can meet, remove all emotions, bring back all the wherewithal of the resilience of

the party as exhibited from the beginning and come to terms. If they continue on parallel lines, it will never meet. A divided house is a defeated

I don’t think the PDP is beyond redemption. You see all sorts of court cases being filed all over the place, that is the height of indiscipline

house, I am appealing to both sides. As an elder of the party, as a member of the BoT, two wrongs can never make a right.

Let us forget about these differences, come to the table and discuss. We have had worse crises like this in the party, everybody has made their own point, all cannot be right, all cannot be wrong. Individuals should forget their personal interest. Are you saying that personal interest is what is responsible for the crisis? It is a combination of too many things: personal interests and lack of commitment. This nation is on the threshold, serious crossroads. We don’t know whether to turn right or left but of course because the new party, APC, is new in the governance of this country, they are still groping in the dark on what they should do. We must assist. A credible opposition is required in this country now that would advise because real politics will start in 2018. I like the issue of Buhari saying please give me time. We know how it can be when you come into government fresh, there are so many areas to be blocked, so many policies

coming and it takes a critical mind to start sorting things out. Since they asked us to please give them time, let us give them time. I cannot start poking things in their mind now or in their heads because we have a log in our own eyes why should I be talking about the spec in their eyes. There is a log now in the PDP’s eyes which we must remove. I don’t think the PDP is beyond redemption. You see all sorts of court cases being filed all over the place, that is the height of indiscipline.

Internal dynamics of the party This party has it in our constitution that no party member goes to court without exhausting the internal dynamics of the party. All these people flying in and out of court, immediately, should be suspended from the party. I believe there was a time a Supreme Court judgement of non interference by the judiciary in the internal

Continues on page 41

VANGUARD, MONDAY, MAY 23, 2016—41

Why APC is groping in the dark - George

•George:

Continues from page 40 wrangling or internal affairs of political parties. The judges, who are now firing injunctions should know that there is a subsisting judgement by the Supreme Court. I am not a lawyer but we have been in this game for long. It is an unnecessary intervention and it is creating a crisis that can spell doom and consume everybody including the judiciary. I want the Chief Justice of the Federation to save this nation’s democracy, they should play the role of arbiter and not interfere in the internal affairs of political parties. Seeing all these, two things came to my mind: should I get off and lock my doors. Talking about getting off, you actually hinted that you would go on exile. Do you still intend to do that considering what is happening in your party? (Laughs) It is not as if I want to run and go and live outside, no, but we have a lot of brilliant Nigerians especially the younger generations coming. Why should things be done as th if we are still in the 14 century? In the last one week, I have been wondering what the problem is all about? Are they insurmountable? Can’t we sit down and discuss without C M Y K

emotions? That is why I am pleading with both sides to please sheathe their swords otherwise, a divided house is a defeated house, which means both sides will be losers in the long run. There are worries that there is no rallying point in the PDP which brings me to the role of the former president, Dr Goodluck Jonathan. What steps has he taken to call both sides together since he is supposed to the leader of the party? You know, he is not even in the country now. I remember the last meeting we had with him in the Villa, where he thanked everybody for their role and he was on the final departure, he said he wanted one year sabbatical.

One year sabbatical That is what he said. Some of us were shocked and said he cannot go for sabbatical. Until a presidential candidate emerges, he remains the leader of the party. Some people may not agree with this. In the United States of America, whoever emerges the president, automatically becomes the leader of the party. In their own case. Maybe out of experience, the president appoints the chairman of the party it is not elective until

another president comes. The chairman is there to manage the affairs of the party. In our own, there is a void, there is no Villa anymore where you can run to as a fallback position. All the appendages that goes with the villa, you no

We can disagree on issues because peoples’ perceptions differ; but we must never be disagreeable longer have them. The only rallying point of the party is the BoT, which should be an independent arbiter. If you want to be an independent arbiter, you should call all sides

to sheathe their swords. I am begging both sides that it is not too late. As a member of a party that was established in 1998, a party that is not tribal in any format. Now that there is no headship, maybe that is why it is difficult to tell everybody to sheathe their sword that is why I want to appeal, in the interest of the coming and generations, who will read on the pages of history, they must find a solution. You cannot win it all; you win some, you lose some. On both sides, I know there will be a flash up and in medical terms, you have a midwife but a midwife cannot be the new born baby. So, whoever is managing the affairs of the party, should not sit and decide who takes A or takes B, for the purposes of equity and justice. The congresses held in the South west were all parallel, allegedly spearheaded by Senator Buruji Kashumu, who is perceived to be interested in emerging leader of the party in the South west. What is your take on this? All these things that Buruji is doing, he claims he has been in business but in the files of politics, he is still learning the ropes and getting to interfere in states that have no bearing with his own state, Ogun is a misnomer.

Management of the resources He has misunderstood what it takes. Leaders don’t manipulate themselves into power. I have advised him severally to cool off, that this his idea is annoying a lot of people in the Southwest. You know, without trying to denigrate anybody, the zone that produced the first engineer, accountant, doctor and others, you now think by flashing dollar before people, you can take over. I would advise him to cool off because it will lead him to nowhere. But some members of your party are loyal to him? They are. Some will follow him because they see politics as a source of income to them and that is not politics, that is poli tricks. Politics is the management of the resources of the community for the betterment of that community. These politricians following Buruji and Buruji himself, see it as an investment and that there must be return on investment. Let them go to the capital market and do that there. It shouldn’t be a free lunch for them and gradually, our country is moving in that

direction because a lot of those educated persons, who refused to join politics, now know that they cannot leave it in the hands of jokers. Politics is too serious an issue to be left in the hands of jokers because your future is involved. Some people see you as being desperate to become the national chairman of the party. Are you? If they know who I am, they won’t say that. Everybody has been destined in life to be whatever he wants to become. I won’t go out of my way and be hustling and I cannot force my way.

Knowledgeable and intellectually sound I am not desperate at my age because anybody who takes the mantle of office now at the top most level, will be going round the clock. Do you have fears that if urgent steps are not taken, the crisis may lead to the collapse of the party? God has a way of doing things, if you are careful, knowledgeable and intellectually sound, you won’t jump from frying pan to fire. Which party do you want to go? Some are saying you can just merge and start up another party. Can you have a baby today and it becomes an adult that same day? How do you do it? When the PDP came in, there was a common denominator. People like Chief Bola Ige was in our party, Chief Solomon Lar, Ciroma, Abubakar Rimi, Alex Ekwueme were all there. These were people who couldn’t see eye to eye but were forced to come together because they had a common denominator. That is why the PDP is the only party that has the full colours of Nigeria; they should not allow it to go down. It will be impossible to set up another party like the PDP. It is not easy. You don’t say because your house is leaking, you then move out to be a tenant, you are landlord there and you must fit it. We can fix it if everybody should bury their hatchet and personal interest. It is a matter of bringing everybody together and it is possible because I have been at the meetings, I have listened to both sides. People have called me names because I called on both sides to sheathe their swords.

NB: This interview was conducted before last weekend’s parallel conventions of the party in Abuja and Port-Harcourt

42—Vanguard, MONDAY, MAY 23, 2016

Abuja 2016: Turning point lake for Lake Chad region?

Badeh in the eye of prosecution witness By Bartholomew Madukwe

HE trial of former Chief of Defence Staff, Air Chief Marshal Badeh by the Economic and Financial Crimes Commission (EFCC) has so far witnessed testimonies of prosecution witnesses before the court. This trial is against the background that his trial has political undertone.Badeh is among the string of senior figures who served under the former president Goodluck Jonathan to face graft charges in court. Others include a former National Security Adviser, Col. Sambo Dasuki, Senate President Bukola Saraki, ex- Chairman of Daar Communications, High Chief Raymond Dokpesi and National Publicity Secretary of PDP, Olisa Metuh and a former Minister of Niger Delta. Elder Godsday Orubebe. He was arraigned before a Federal High Court in Abuja on allegations that he used money allocated for Nigeria’s Air Force to buy a mansion and a plot of land to build a shopping mall.The EFCC further alleged that Badeh and a company, Iyalikam had in 2013 used the “dollar equivalent of the sum of N1.1bn removed from the accounts of the Nigerian air force to purchase for yourselves a mansion” in Abuja’s upmarket Maitama district.

Commercial plot of land Among the other nine charges, all of which were denied by Badeh, were allegations that he and the company used the dollar equivalent of N650m from air force funds to buy a commercial plot of land, and a further N1.2bn “for the construction of a shopping mall.” Since EFCC opened its case against the ex CDS, prosecution witnesses have been trying hard to link him to the alleged offences. For instance, the court was entertained during one of its sittings when a prosecution witness picked an error in his statement with the EFCC.The star witness, who was the Director of Finance and Accounts at NAF, Air Commodore Salisu Abdullahi Yushau, retd, had, in his evidence-in-chief, narrated before the court how about N558.2million was monthly deducted from funds meant for the payment of salaries of NAF officials. It was his evidence that he usually took the deducted funds to the former CDS at his then official residence at Niger Barracks in Abuja, after the money had been converted to dollars. The Witness, PW1 who was led in evidence by the prosecuting counsel, Mr. Sylvanus Tahir, also implicated some past Air Chiefs who he said also made such monthly illicit deduction. While Yushua, under crossC M Y K

Alex Badeh examination, admitted that he was the Chief Accounting Officer for the Finance Directorate, he, however, claimed that Badeh posted a certain Group Capt. Muhammed Lawal Sini, the then Camp Account Officer (CFO), to the department to take charge of the dollar conversion. Remarkably, the witness, who told the trial court that he personally took the monthly deductions to Badeh, said he had no evidence to substantiate his claim. The former NAF Finance Director specifically said he had no document to show the financial transactions between him and Badeh. He could not produce any document to show that Badeh signed for or collected N558.2m monthly. Also, while giving further evidence on April 12, Yushua said he never told the EFCC that the defendant used N90m to furnish a mansion he allegedly bought for his first son, Alex Badeh Jnr. Yushua also denied allegation that he was coerced by operatives of the EFCC to implicate the former Defence Chief. The same witness had also told

How did he know the dollar equivalent since he had no records of their transactions? the court under crossexamination that there was an error in his statement to the EFCC during interrogation. Another issue lies with Yushua evidence that one of the buildings allegedly purchased by Badeh was paid for in instalments contrary to his earlier statement to the EFCC that the property

was paid for at once. The witness said that the shopping complex which he told the court in his testimony was bought for N650 million was not captured in the statement he made to the EFCC. Yushua further said that he could not r e m e m b e r everything he said in his statement to the EFCC because he was answering the questions based on how they were being put across to him by investigators. He also admitted that it was not everything he told the court that was captured in his statement but said everything he told the EFCC was in his head. He also said “I cannot remember the exact amount of dollar equivalent that I gave to Badeh in November 2012 and other cash transactions we had because it was not my duty to keep records.

Furnishing a house Yushua had also previously told the court in his evidence that he personally handed over the amount of N558 million not just to Badeh but to his predecessor, Air Marshal M.D Umar. When also asked about the N90m used in furnishing a house in Abuja, Yushua said that he did not at any point say in all his statements to the EFCC that the huge sum was used to furnish a house. Badeh’s lead counsel , Chief Akin Olujimi, SAN had during one of the proceedings, referred to page 86 of the proof of evidence where in his statement to the EFCC on February 4, in the last 6 lines he (Yishau) wrote that “the dollar so changed was used for payment of estacode and other sundry payments like servicing of jets etc. He also said that ‘these funds were from left over of salaries i.e after payment of salaries.” In his statement to EFCC he also said “quite a number of welfare and operational projects had been executed through this “such projects include completion of NAF aeronautical Center, Construction of officer and air men accommodation, equipping of NAF hospitals in Abuja, Lagos, Jos, Makurdi and Kano.” He confirmed that all these were done through the same left over salaries which he claimed he gave to Badeh. He said at the end of every month, they retired all monies to the AccountantGeneral and Auditor- General of the Federation and that the task was usually carried out by the pay and accounting Unit, Ikeja.

To be concluded

By Garba Shehu Continues from Friday

CULTURAL agreement and a scientific and technical agreement were signed by government ministers. Dangote Group’s Dansa Foods Limited signed an agreement with the French company Nutriset for the production of nutritional foods in the North East. The state development commission, AFD of France signed two credit agreements with the Ministry of Finance and one with Zenith Bank for amounts that were not disclosed. In the margins of the security summit, the President also received in audience and at their request, Presidents Macky Sall of Senegal, Patrice Talon of Benin and Idris Deby Itno of Chad. The President also had audiences with the British Secretary for Foreign and Commonwealth Office, Rt. Hon. Phillip Hammond, the U.S Deputy Secretary of State Anthony Blinken and the Deputy President of the European Union Ms Federica Moghereni. President Macky Sall raised concerns about the need for the emergence of a good candidate for the Chairmanship of the soon-to-be vacant African Union Commission in view of the decision of Mrs Zuma not to run for a second term. He told President Buhari that his country has such a capable candidate. He also raised an issue concerning the administration of former President Goodluck Jonathan. President Patrice Talon seemed very keen to strengthen the very warm and friendly relations he met on the ground between his country and Nigeria. He intends to pay a State visit to this country in the shortest possible time.

Friendly relations President Deby Itno gave important news about some Boko Haram hideouts on the border between our countries against which Chadian troops will soon to be tackling. He was also interested in promoting a railway line linking Nigeria and Chad. Right Hon. Philip Hammond had a lengthy time with President Buhari, their discussions spanning a wide range of issues including, of course Boko Haram, the reconstruction of the damaged infrastructure, the insecurity in the Niger Delta, corruption and the issue of population growth in the country. Although this summit also discussed a yet-to-be fixed donors conference on the rebuilding of the LBCD areas, the EU brought the good news of the plan to spend 140 million Euros in that regards in the next five years. The EU also announced a plan to spend 40

million Euros in the reconstruction of the Northeast. The US promised an immediate return of Nigeria’s stolen350 million Dollars held up their country. China, the African Development Bank,ADB, the Islamic Development Bank, IDB, the World Bank and the International Monetary Fund, IMF have all pledged various contributions they will be making. President Muhammadu Buhari’s just-concluded Regional Security Summit, which was the second after the initial one by President Hollande in Paris two years ago, has produced a communique unprecedented in terms of the strong words used and the space devoted to fighting terrorism, postconflict resettlement and rehabilitation as well as ways of bringing social and

President Buhari’s key takeaways will include a benign consent to a partnership of the willingness to recharge the Lake Chad with waters from rivers in Central Africa economic justice, growth and development to a battered part of Africa. It also unveiled an expansive security cooperation agenda that can binds the West and Central African states to their U.S., European and Asian partners towards a lasting peace, itself a prerequisite for progress and development in the region and the continent. In spite of the foot dragging by some participants, President Buhari’s key takeaways will include a benign consent to a partnership of the willingness to recharge the Lake Chad with waters from rivers in Central Africa. On account of these milestones, the leaders had no hesitation is agreeing to make the Regional Security Summit a regular one. Shehu is Senior Special Assistant to the the President (Media and Publicity)

Vanguard, MONDAY, MAY 23, 2016—43

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44—Vanguard, MONDAY, MAY 23, 2016

Gov Ortom offers N5m reward for whereabouts of kidnapped cleric By Peter Duru

AKURDI— GO V E R N O R Samuel Ortom of Benue State has offered a N5 million reward to anyone with information on the whereabouts of the Rev. Fr. John Adeyi, the kidnapped Vicar General of Otukpo Catholic Diocese. Father Adeyi was four weeks ago kidnapped in Okpokwu local government area of the state, by unknown armed men while on his way to Otukpo after an official assignment. The Governor said in a statement by his Special Adviser on Media and ICT, Mr. Tahav Agerzua, that it was regrettable that one month after the unfortunate incident, security agents were yet to rescue the priest or apprehend his abductors.

Adeyemi lauds FG hand-over of Kabba-Bunu Road to Dangote By Rufus Ike

RSTWHILE CHAIRMAN of the Senate Committee on Federal Capital Territory, (FCT) Senator Smart Adeyemi has praised the Federal Government’s decision to handover construction of the Obajana/Kabba Road to the billionaire, Alhaji Aliko Dangote in favour of tax rebate. Adeyemi who praised the Federal Government’s devotion of N200 billion to road construction in a statement yesterday, also called for the reintroduction of toll gates albeit with favourable discounts for commercial vehicles. According to him “We commend President Muhammadu Buhari and his team for this decision. For eight years, we tried all we could to get relief for that road, all efforts came to nought. The decision to grant approval for Dangote to build the road is commendable. I equally commend the allocation of N200 billion for road construction in 2016.

NLC suspends nationwide strike, meets FG By Victor AhiumaYoung & Johnbosco Agbakwuru

IGERIA LABOUR Congress, NLC, led by Mr. Ayuba Wabba, yesterday, suspended its ongoing nationwide strike to force the Federal Government to reverse the N145 per litre pump price of petrol and resolved to resume negotiation with the government. This came as the Joe Ajaero led faction assured that labour would engage the federal government to ensure there was a time frame for ending importation of refined petroleum products into the country. Giving reasons for the suspension in a chat with journalists, Wabba said: “Let me also inform you that part of the decision is because of the intervention particularly of the leader of All Progressives Congress, APC, Ahmed Bola Tinubu and the fact also that we are going back on the negotiation table. We also thought that this was an opportunity to bring the things on the table. But we have remained consistent on our position.” Earlier, at an emergency meeting of the National Executive Council, NEC, in Abuja, to review the protest, Wabba noted that the NEC reviewed the protest and its impact across the nation, the sacrifices of its members, response of the generality of Nigerians, government’s attitude and alleged brutality of the police in some states. Communiqué Briefing on the communiqué he signed alongside the General Secretary, Dr. Peter Ezo-Eson, he said NEC took special notice of the Ebonyi State Police Command, the factional President decried perceived intimidation, harassment, arrest and detention of members unjustly. According to him: “NEC after due consultation with its constituents resolved to suspend with immediate effect, the action it commenced on Wednesday, May 18, 2016. The action is hereby suspended. Congress will resume negotiations with government on the twin issues of the hike in electricity tariff and an increase in the pump price of petroleum products and any other issue that may arise thereof. It similarly remains committed to genuine dialogue within the framework of internationally established and recognized principles of representation. “The Congress will continue to resist wrong legislations, policies and programmes and will always act in the best interest of Nigerians as it

remains the only pan Nigerian organisation not affected by religion, creed, partisanship or primordial sentiments. The Congress urges the government to play by the rules in its engagement with its constituent parts, stakeholders and non-state actors as proof of its commitment to deepening our democracy and also in acknowledgment of the well-worn credo that what goes around, comes around. The Congress also urges the citizenry to be vigilant at all times as the price of freedom is eternal vigilance.” Wabba explained that the protest was informed by the twin issues of the unjustified and illegal hike in electricity tariff and increase in the pump price of petrol, declaring the protest to be a success in spite of both internal and external challenges. According to him, NEC also acknowledged that the temptation to compare the strike with that of 2012 could be compelling, but that the scenario had changed as both the actors and the terrain were different, stressing that before the action, it had anticipated a probable outcome and was not surprised by government’s negative response. The factional president said however, NLC felt fulfilled by having the presence of mind and courage to identify its mission and fulfilling it, stressing that if a similar situation arose again, it would still rise and stand with the

people. He noted that NEC commended those who took part in the action in one way or the other and reaffirmed its commitment to the struggle, insisting that the action was taken in the best interest of the poor and the weak and in drawing government’s attention to the dangers of relying on importation of petroleum products as a sustainable strategy for making available petroleum products. He argued that in the days ahead, time would prove NLC’s position right, singling out for commendation, state councils, affiliates and other Nigerians who at very short notice joined the struggle. Wabba added that NEC equally commended the leadership of the National Assembly and All Progressives Congress, APC, led by Senator Ahmed Bola Tinubu. Ending importation Meanwhile, the NLC faction led by Joe Ajaero, weekend, assured that organized labour would engage the Federal Government to ensure there was a time frame for ending importation of refined petroleum products into the country. At a briefing in Lagos over the agreement reached with government on the way forward following May 11 hike in the pump price of petrol to N145, the faction insisted that the N145 per litre of petrol remained illegal since it did not come from the Board of Petroleum Products Pricing and

Regulatory Agency, PPPRA. According to Ajaero, even if Organised Labour and other Nigerians forced the government to reduce the price to even N50 per litre that would not make it legal. According to him: “If you remember some years back, late Barrister Bamidele Aturu, went to court and got a ruling that it was only the Petroleum Products Pricing and Regulatory Agency, PPPRA, that had the constitutional right to fix the prices of petroleum products, that what government did then was illegal. Based on that, we looked at it and said even if you compel government to reduce the price to N50 or labour and government decide to fix it at N50 that does not remove the illegality committed." "For years, the PPPRA board has not been reconstituted. It was based on that we reached the agreement that the board should be reconstituted within two weeks for it to start playing its role.” Ajaero assured that labour representatives in the 15 member technical committee expected to be inaugurated today with the Minister of Labour and Employment, Senator Chris Ngige as Chairman, would do their best to ensure Nigerian workers get the best possible. Contributing, Deputy President of the faction and President of Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, said labour would do all that was possible to ensure there was a time frame to end importation of products into the country. According to him: “We will ensure that more refineries are set up and existing ones are fixed to p e r f o r m optimally. We will work to ensure that there is a time frame to end importation of products into the country. Equally, we will ensure that the palliatives a r e implemented to alleviate the suffering and p a i n s Nigerians are g o i n g through.”

VANGUARD, MONDAY, MAY 23, 2016 — 45

EgyptAir jet sent smoke-alarm warnings before crash

HE EgyptAir jet which crashed in the Mediterranean on Thursday sent a series of warnings indicating that smoke had been detected on board, shortly before it disappeared off radar screens, French investigators said on Saturday. A spokesman for France’s BEA air accident investigation agency said the signals did not indicate what •George Zimmerman, who fired the shot that killed Trayvon Martin in US holding the gun used in killing the black teenager, which he sold for $250,000 yesterday in a move mostly seen as insulting to the memory of his victim.

Afghan confirms Taliban leader’s death

FGHANISTAN’S spy agency has confirmed that Taliban leader Mullah Akhtar Mansour has been killed, after the US targeted him in a drone strike. The drone targeted his vehicle in a remote area of south-west Pakistan, near

the Afghan border, on Saturday. US Secretary of State John Kerry said Mansour had posed “a continuing, imminent threat to US personnel.” Mansour assumed the leadership in July 2015, replacing Taliban founder

Gun that killed Trayvon Martin makes $250,000 for Zimmerman •As Elvis Presley’s guitar sells for $334,000

UN that killedTrayvon Martin in 2012 has been sold for $250,000 (£172,000), US media say. The gun was put up for auction by George Zimmerman, who fired the shot but was acquitted of Trayvon’s murder. Thekillingwasinstrumental in launching the national Black Lives Matter social movement. The sale of the gun drew criticismfromthosesayingMr Zimmerman, 32, was seeking to profit from the killing. Gun rights advocates say he was exercising his legal rights under US law. Mr Zimmerman said some

of the proceeds would serve to “fight [Black Lives Matter] violence against law enforcementofficers”. But Martin family lawyer BenjaminCrumptoldFoxthe sale was “offensive, outrageous and insulting”. Meanwhile, a guitar that Elvis Presley was given by his father has sold for $334,000 (£230,000) at an auction in New York. It is thought that Vernon Presley changed the finish on theGibsonDovetoblackafter his son earned a black belt in karate. Presley gave the guitar to a fan during a concert in North Carolina in 1975.

and spiritual head Mullah Mohammad Omar. The Afghan National Security Directorate (NDS) said on Sunday that Mansour had been killed in the Dalbandi area of Balochistan province - the first official confirmation of the killing of the Taliban leader. Afghan Chief Executive Abdullah Abdullah and defence ministry spokesman Daulat Waziri also said that Mansour had been killed. The Pentagon announced on Saturday that an operation had taken place near the town of Ahmad Wal at around 15:00 (10:00 GMT) and had been authorised by President Barack Obama. It said the strike had “probably” killed Mansour and an armed male combatant travelling with him. Mr Kerry, on a visit to Myanmar, said: “This action sends a clear message to the world that we will continue to stand with our Afghan partners as they work to build a more stable, united, secure and prosperous Afghanistan.

caused the smoke or fire on board the plane, which plunged into the sea with 66 people on board as it was heading from Paris to Cairo. But they offered the first clues as to what unfolded in themomentsbeforethecrash. One aviation source said that a fire on board would likely have generated multiple warning signals, while a sudden explosion

•••President Sisi cautions media against speculation

GYPTIAN President Abdel Fattah al-Sisi has urged the media not to speculate about the cause of an EgyptAir plane crash which killed all 66 people on board, saying all scenarios were still being considered. Speaking in Cairo on Sunday, Sisi thanked other nations for helping in the search for the passenger plane which crashed into the Mediterranean early on Thursday shortly after leaving Greek airspace. The president promised to release full details about the cause of the crash once an investigation was complete and said, though the probe could take a long time, “no one could hide the facts”. “Until now all scenarios are possible. So please, it is very important that we do not talk and say there is a specific scenario,”Sisitoldassembled ministers and MPs. “The Egyptians seem to be sort of back-tracking from their initial position,” Al Jazeera’sHashemAhelbarra,

reporting from Paris, said. “In the beginning, one of the highest officials of EgyptAir said they believed the crash was most likely the result of a terrorist act.”

may not have generated any - though officials stress that no scenario, including explosion, is being ruled out. Egypt said its navy had found human remains, wreckage and the personal belongings of passengers floating in the Mediterranean about 290 km (180 miles) north of Alexandria. The army published pictures on Saturday on its official Facebook page of the recovered items, which included blue and white debris with EgyptAir markings, seat fabric with designs in the airline’s colours, and a yellow lifejacket.

Burundi peace talks open in Tanzania andtalksmediatedbyUganda

ANZANIA opened peacetalksonSaturday in a bid to end a political crisis in Burundi, but some opponents said the absence of several leading opposition groups made it more like a “monologue” by the government, undermining the process. Burundi has been mired in a year-long crisis that has killed more than 450 people since President Pierre Nkurunziza pursued and won a third term. Opponents said his move violated the constitution and a peace deal that ended a civil war in 2005. Dialogue in Bujumbura last year between the government and opponents failed to bridge differences,

earlier this year also swiftly stalled. “The Burundi peace talks began in Arusha today under the facilitation of former Tanzanian President Benjamin Mkapa,” Richard Owora Othieno, spokesman of the six-state East African Community which includes Burundi, told Reuters. TheTanzaniancityofArusha was also the location for negotiations that led to the deal to end the ethnically charged 1993 to 2005 civil war. Renewed violence in Burundi has alarmed a region where memories of the Rwanda’s 1994 genocide remain raw. Like Rwanda, Burundi has an ethnic Hutu majority and a Tutsi minority.

Obama makes historic visit to Vietnam

S President Barack U ObamaleftWashington on Sunday for his first visit to

Vietnam,atripaimedatsealing the transformation of an old enemy into a new partner to help counter China’s growing assertiveness. Four decades after the Vietnam War, Obama was

expected to use the visit to deependefenceandeconomic ties with the country’s communistgovernment. “What we want to demonstrate with this visit is a significant upgrade in the relationshipbetweentheUnited States and Vietnam ... even as wehaveareasofdifference,”Ben

Food crisis forces Coca-Cola to shutdown in Venezuela

OCA-Cola, the USbased multinational corporation renowned for its sweetened beverages, has halted all production in Venezuela due to a severe shortage in sugar - the latest sign of what some are calling the worst food, power and economic crises plaguing the countryinrecenthistory. The company explained in a statement that 90 percent of itsbeverageproductionrequire

C M Y K

sugar.Butitnotedthatitwould not close its headquarters or leave the country. “Ninety percent of the productionrequiressugar.We arenotgoingtoshutourcentral office right now. We are not leaving Venezuela,” it said. TheSouthAmericannation is facing one of its deepest financial crises ever after the collapse of global oil prices, which its economy has been based on for a long time.

Rhodes, Obama’s deputy nationalsecurityadviser,toldthe Reuters news agency. Pressure has mounted on Obama to use the landmark three-dayvisit,whichbeginson Monday, to roll back a 32-yearoldarmsembargoonHanoi,one of the last vestiges of wartime animosity. Lifting the ban - something Vietnam has long wanted would anger Beijing, which resents US efforts to forge stronger military bonds with its smaller neighbours at a time of rising tensions in the disputed SouthChinaSea. But there was no immediate wordofafinalUSdecision. Thevisitcomesjustdaysafter Chinese fighter jets carried out what the Pentagon said was an “unsafe”interceptofaUSmilitary reconnaissance plane in the South China Sea. Beijing is pursuingterritorialclaimsthere thatconflictwiththoseofVietnam andseveralothercountries.

•Relatives of the victims of the crashed EgyptAir flight MS804 hold an absentee funeral prayer in a mosque nearby Cairo airport, in Cairo Egypt

S/Africa to limit farm sizes to speed land redistribution

OUTH Africa’s government is planning to impose limits on farm sizes to free up parcels of land to hand over to blacks, a minister said on Saturday, giving an insight into the workings of a divisive redistribution scheme. Gugile Nkwinti, the minister of rural

development and land reform, told Reuters that the government was planning to set a range of limits - from a 1,000-hectare (2,470-acre) “small-scale” farm, up to the largest allowed, at 12,000 hectares. “If you are a small-scale farmer and have 1,400 HA, we will buy the 400, and leave you with your 1,000.

We will buy the extra and redistribute it to black people,” the minister said. South Africa’s ruling African National Congress (ANC), facing local elections in August, has promised to speed up plans to redistribute land which remains predominantly in white hands two decades after the end of apartheid.

46 — Vanguard, MONDAY, MAY 23, 2016

Van Gaal returns to Manchester, as Mourinho’s shadow looms L

OUIS van Gaal has arrived back in Manchester amid reports he is set to be axed as manager at Old Trafford. The Dutchman oversaw United’s first major honour since Sir Alex Ferguson left the club on Saturday as the Red Devils beat Crystal Palace in the FA Cup final at Wembley. Despite the result, Jose Mourinho is set to replace him in the dugout at the Theatre of Dreams in the coming days ahead of next season. Van Gaal seems to have paid the price for his failure to secure Champions League football next season,

missing out on fourth spot to Manchester City by virtue of goal difference. He appeared to confirm his departure on Sunday morning. When asked outside United’s team hotel in London about his future, he simply said: “No, no, no, it’s over.” Mourinho has been out of work since being axed as Chelsea manager following a dismal defence of their Premier League title.

LATAN Ibrahimovic wrapped up his four-year stay with Paris Saint-Germain in style by netting a superb

double and setting up another in the French champions’ 4-2 Cup final victory over Marseille. The Swedish forward, who a week ago announced he would leave PSG by the end of this season, scored his first in the 47th minute from the penalty spot after Florian Thauvin cancelled out Blaise Matuidi’s early opener on Saturday, reports Xinhua. Ibrahimovic then teed up Edinson Cavani at the 57 minute before adding a late goal on 82 minutes to nail PSG’s

10th French Cup title. Marseille, who finished just 13th in Ligue 1, scored a second goal through Michy Batshuayi three minutes from time. With the victory, PSG

T all started with what Nick Kyrgios insisted was an innocuous, if

Safarova dodges rain for win L

completed a second straight domestic treble after securing their fourth Ligue 1 title in a row with eight rounds remaining and lifted the Cup of League by the end of last month.

APHAEL Varane will miss the Champions League final after Real Madrid confirmed the defender suffered a hamstring injury. Varane seemingly pulled up with the knock

admittedly loud, directive to a ball kid to retrieve a towel between points — shouted above the din of spectators at the French Open’s cozy Court 1. Chair umpire Carlos Ramos considered Kyrgios’ bark during a first-set tiebreaker Sunday too forceful and assessed a code violation warning for unsportsmanlike conduct. That led to a long-running, and occasionally curse-filled, argument from the 21-

in training as Madrid reported “a grade-two injury in his left hamstring” on their official website. A grade-two injury usually indicates moderate tear to the muscle in question and

Kvitova escapes S CREAMING in anger and hitting her racket on the red clay of Court Philippe Chatrier, Petra Kvitova came close to exiting the French Open on the first day of the Grand Slam tournament. On a rainy Sunday, the two-time

Wimbledon champion was pushed to a suspenseful three-set battle by 59thranked Danka Kovinic, who served for the match before Kvitova raised her game and eventually prevailed 6-2, 4-6, 7-5, taking the last three games.

AIN allowed for little tennis on the opening day of play at the French Open on Sunday. Intermittent showers in Paris meant just 10 of the 32 scheduled matches were completed on Day 1 of the year ’s second Grand Slam. At just after 6:30 p.m., officials announced that the remaining matches for the day – already behind

a recovery time of several weeks. Consequently, the France stopper is not expected back in time for the encounter with Atletico Madrid next Saturday and may miss the start of Euro 2016.

year-old Australian, who at one point said the official was “unbelievably biased. “It didn’t put me off too much,” Kyrgios said of his flap with Ramos. “With someone like me that’s pretty emotional, it can frustrate me a little bit, but I felt like I dealt with it pretty well’’. Right after the ruling that bothered him, Kyrgios asked whether he was being sanctioned for raising his voice in the direction of the ball kid, explaining that “the crowd was too loud for him to hear me.”

Rain, rain everywhere •Safarova

ATRICE Evra is expected to sign a one-year contract extension with Juventus, plus option for another season. The left-back just turned 35 last week, but is considered a key figure for his locker room presence as much as on the field. According to Tuttosport, Juve have agreed a one-year contract extension with the France international and it includes an option for a second season too. An announcement is expected some time next week. Evra arrived from Manchester United in the summer of 2014 and his contract was set to expire next month.

Varane out of Champions League final

Kyrgios causes stir I

•Ibrahimovic

UCIE Safarova of the Czech Republic has closed out a comfortable 6-0, 6-2 win against Vitalia Diatchenko, getting back to the warmth of the locker room just as rain picked up again at the French Open and forced the cancellation of all remaining matches Sunday. The runner-up to Serena Williams last year at Roland Garros made light work of the Russian ranked 210 spots below her. Safarova didn’t let a mid-match rain delay of nearly three hours throw off her rhythm. The 11th seed closed out the first-round match as umpires on other courts were pulling players off court again for more rain.

•Mourinho

•Van Gaal

Ibrahimovic scores brace in PSG’s Cup triumph

Evra for new Juve deal

schedule – would be held until Monday. The forecast does not look to improve, however, with more than a 50 percent chance of rain for Monday and temperatures topping out at 60 degrees. The French Open is the only major among the sport’s four that spreads its first round play over three days. (Usually it’s two.) But on-site

•Kyrgios construction means the tournament is down three match courts this year versus others and needs every playable moment it can get. Serena and Venus Williams, Novak Djokovic and Rafael Nadal could all play on Monday as well, pending scheduling decisions later on Sunday.

Vanguard, MONDAY, MAY 23, 2016 — 47

Infantino hails Yobo F

OOTBALL’S world governing body, FIFA, has congratulated former Nigeria captain Joseph Yobo for his service to the beautiful game, ahead of Yobo’s testimonial game coming up on Friday, 27th May 2016 in Port Harcourt. Reacting to a letter from the NFF informing the world body about the coming event, FIFA, in a letter personally signed by President Gianni Infantino and addressed to NFF President Amaju Pinnick, wrote: “Many thanks for your letter dated 17 May 2016 and informing us of the testimonial match in honour of former international player and Nigeria Captain Joseph

Yobo. “On this occasion, allow me to congratulate and send my best wishes to Joseph Yobo for his future activities.” Meanwhile the Nigeria Football Federation has released Super Eagles’ skipper John Mikel Obi and his assistant, Ahmed Musa to honour Yobo in Friday ’s testimonial game, leaving them out of the international friendly with Mali in France on the same day. Joseph Yobo’s testimonial game, slated for the Adokiye Amiesiamaka Stadium on Friday, will feature a Team Joseph Yobo (comprising of Super Eagles’ players of Yobo’s generation) and a Rest of The World squad.

•Yobo

F/Eagles return today

victorious Nigeria U-20 squad to Saturday ’s 2017 Africa U-20 Cup of Nations qualifying match against Burundi in Bujumbura will HE

return to the country today, aboard an Ethiopian Airline flight from Addis Ababa. Coach Emmanuel Amuneke led the Flying Eagles to a 1-0 win over

•Amuneke

Eguavoen Continues from BP is a tough thing to determine who to pick and who to leave out’’, Eguavoen said at the Ogbemudia Stadium in Benin City where he led his Akwa Starlets to finish second behind Bendel Insurance of Benin in the Edo State/ Froth Group South South Champions League. Bendel Insurance beat the Starlets 1-0 to lift the trophy and pocket the N1 million prize money. ‘’I’ll advise him to concentrate on three departments – central defence, midfield and attack in selecting the players’’, Eguavoen, who refused to mention C M Y K

the names of players, said. ‘’It’s not for me to mention the names of players. That will be too hasty as Siasia is best suited to pick his choice. The best I can say is to advise him to go for these departments to make the team solid. Speculations in recent times have seen names like Mikel Obi, Odion Ighalo, Ahmed Musa, Simon Moses mentioned but Siasia is yet to formally announce the lucky three. Eguavoen, however, tipped the Nigerian team as one of the favourites for the Cup. ‘’We’ve a good team to do well in the Olympics. The Siasia team will be as good as winning the gold medal’’, Eguavoen predicted.

Jos High court rubbishes Giwa’s NFF leadership claims

the Young Swallows of Burundi in a second round, first leg qualifier at the Stade Prince Louis Rwagasore. Kingsley Michael, Samuel Chukwueze and captain Kelechi Nwakali all came close to putting Nigeria in the lead in the first half, but failed. Defensive midfielder Chukwudi Agor scored the match’s only goal in the 68th minute as the Flying Eagles, made up largely of last year ’s FIFA U-17 World Cup champions, dominated in all aspects. The second half belonged to the Flying Eagles. Nwakali and Chukwueze were impressive with some neat dribbles and runs.

Continues from BP the Prince Moulay Abdellah stadium in Rabat, Morocco overcame a slow start to place second in the 100m event at the first ever IAAF Diamond League meeting on African soil. The Nigerian ran a personal season’s best of 11.11 seconds into a 1.3 meteres per second (mps) headwind to come second behind Jamaica’s new sprint sensation Elaine Thompson who ran 11.02 seconds, also a personal season’s best. Okagbare’s time is the third fastest by an African woman in the

HE Nigeria Football Federation, NFF has made available a declaration made by Hon. Justice M.H. Kufrya of the Jos High Court clarifying the position of his court on the case brought before it by a controversial stakeholder, Chris Giwa claiming to have been ordered to take over leadership of the football house. According to the statement personally signed by the Judge, the Orders he restored were those made when the case was struck out rather than those made before the case was struck out. Justice Kufrya stressed that “For the avoidance of doubt, the Order referred to in Order 3 is the restoration of the Order made by my

Continues from BP of football enthu-siasts, including retired international footballers, saw the 1978 national Challenge Cup champions producing a moment of magic in the 72nd minute to down the stubborn Starlets. The game had been flowing until that moment when Insurance was awarded a free kick close to Akwa Starlets box. Everybody expected Insurance to attempt to score from the distance, but the Roland Ewere-tutored lads had a different idea. Rather

Okagbare event so far this year after the Ivorian duo of Murielle Ahoure and reigning All Africa Games fastest woman, Marie-Josee Ta Lou who ran 11.02 seconds and 11.05 seconds respectively at the opening leg of the money-spinning IAAF Diamond League meeting in Doha,Qatar on May 6 this year. Meanwhile Aminat Olowora, a former Lagos state long distance running sensation has set a new national record in the women’s 5000m event.

predecessor, my learned brother, Hon. Allagoa when he stated: “Order 50 Rule 2 of the Federal High court Rules 2009”, The Plaintiff (Giwa and Co) having withdrawn this suit, all Orders made previously including the dissolution of the Executive Committee (Board) of the Nigeria Football Federation, vide the Order of this Honourable court dated 23rd October, 2014 ceases to have life and this matter stands struck out.” Justice Kufrya’s explanation rubbishes the claim by the Giwa group in the leadership controversy threatening the life of the Amaju Pinick-led NFF Board, that they have been ordered to take over the NFF Board.

Insurance

than shoot from the distance, Meyiwa rolled the ball for on-rushing William to cross for Peter Iyamu, who finished delightfully to crown his team champions of the competition. Earlier, the Edo All Stars defeated a team of former internationals by a lone goal to win a novelty match, which preceded the final game. The novelty match featured such known retired players as Austin Eguavoen, Kingsley Obiekwu, Joe Okoh, Ambrose Vanzekin, Tony Emoedofu, Edema Fuludu, Emmanuel Okonebho, Karimu Shuaibu, Prince Afejuku,

Brussels Continues from BP 5, where he will compete in the Under-58 kilogram category.On Friday, Mourad won gold in the Under-54kg in Montreux, Switzerland, the Flemish taekwondo federation dubbing him “Europe’s king of the lightweights” in a tweet. In a news conference two days after the attacks, Mourad said his brother was a nice, intelligent boy and had given no signs of being radicalized before he left

Dalung hails sports lottery fund

HE Minister for Youth and Sports Barrister Solomon Dalung has commended the National Lottery Trust fund for its distribution of sports equipment to 2000 public primary schools in the country. Barrister Dalung gave the commendation at the weekend at the Musa Yar’adua Centre Abuja, during a presentation of sports equipment by the National Lottery Trust Fund. On the occasion, the minister urged the beneficiaries to ensure that the equipment were put to good use. He emphasized the need for the equipment to be directed to and put to use by those it was meant for.

Wilson Oboh and Ndubuisi Okosieme, among others. The competition, organised by the Edo FA and sponsored by FROT Group, featured eight teams namely the host state’s FA Cup kings, Inneh Stars, Dynamite FC, Insurance (Edo); J. Atete, Delta Force (Delta); Yenagoa Academy (Bayelsa), Akwa Starlets and Go Round FC (Rivers). For winning the competition, Insurance went home with a N1 million prize, while Akwa Starlets received N500,000, just as all the teams got N100, 000 appearance prize. for Syria in 2013 and broke all contact with his family. A veteran Islamist fighter in Syria, electromechanicstrained Najim is also suspected of making explosive belts for last November ’s Paris attacks, which killed 130 people.”It’s crazy, really—the same parents, the same upbringing, and one turns out really well and the other really bad,” his lawyer Philippe Culot said in March. ”You don’t choose your family,” Mourad remarked.

Vanguard, MONDAY, MAY 23, 2016

Okagbare places 2nd in Rabat

EIGNING Commonwealth Games double sprint champion Bles-sing Okagbare Ighoteg-uonor Sunday at

—p.

Infantino hails Yobo

Continues on Page 47

Rio Olympics: Eguavoen tips Siasia’s team to win gold •Cautions on 3 over-aged players By Tony Ubani

S time ticks closer to the Rio Olympics, former Super Eagles coach Austin Eguavoen has advised Samson Siasia to be doubly sure before he selects his three over-aged players for the football event of the Olympics. Three over-aged players are allowed to join each of the qualified teams in the U-23 event and Eguavoen said that a careful selection of the players would brighten Nigeria’s chances of repeating the Atlanta ’96 feat where the Nigerian team won the Olympic gold medal of the football event. ‘’I envy Siasia because it is a hard choice to make. There are very many good Nigerian players who can add value to the team. But it Continues on Page 47

•Infantino

•Okagbare

Insurance win South South Champion of Champions

ENDEL Insurance of Benin on Saturday at the Sam Ogbemudia Stadium, Benin, defeated Akwa Starlets of Uyo by a lone goal to win the maiden South South Champion of

Champions tournament, which featured all the Federation Cup winners in the geo-political zone. The pulsating encounter witnessed by a host Continues on Page 47

NPFL RESULTS

•Mikel

•Ighalo

Abia Warriors Akwa Utd Ifeanyiuba Lobi Plateau W/Wolves Wikki

•Simon Moses

1 2 2 1 0 3 3

Sunshine Shooting Tornadoes Rivers Utd Pillars El Kanemi Ikorodu

2 0 0 0 0 1 0

Brussels suicide bomber’s brother makes Rio Olympics

O U R A D Laachraoui, the brother of one of the Brussels suicide bombers, has won gold at the

T OD AY'S PUZZLE ODA

European Taekwondo Championships and is now set to compete for Belgium at the Olympic Games in Brazil. Older

YESTER DAY'S YESTERDAY'S

ANSWERS

brother Najim, 24, was one of two suicide bombers who blew himself up at Brussels Airport on March 22. The attacks,

ACROSS 2 Sweetmeats (5) 7 Massage (5) 8 Name (5) 10 Engine (5) 12 Insect (3) 13 Tender (5) 15 Discharge (7) 17 Cashier (6) 19 For each (3) 20 Exhaust (7) 23 Cupid (4) 25 Pull (4) 26 Discussed (7) 30 Groove (3) 31 Beat (6) 34 Determined (7) 37 Comedy (5) 38 Court (3) 39 Prevent (5) 40 Outcoming (5) 41 Deserve (5) 42 Avarice (5)

including another suicide bomber on the city’s metro, killed 32 people. Mourad, 21, is listed among Belgium’s 185-

strong squad bound for the games in Rio De Janeiro starting on Aug. Continues on Page 47

QUICK CROSSWORD

DOWN 1 Stab (5) 2 Animal (5) 3 Worshippee (6) 4 Entrance (4) 5 Freedom (7) 6 Consecrate (5) 9 Beverage (3) 11 Responded (7) 13 Alternative (5) 14 Spate (5) 16 Shelter (3) 18 Told (7) 21 Keen (5) 22 Fish (5) 24 Weighty (7) 27 Shoot (3) 28 Stander (6) 29 Drain (5) 32 Managed (5) 33 Pungent (5) 35 Horse (3) 36 Expensive (4)

YESTERDAY'S SOLUTIONS ACROSS: 2, Youth 7, Come 8, Elicit 9, Stem 11, Sea 13, Rue 15, Only 16, Bad 18, Seen 19, Deleted 20, Dirk 22, Tune 23, Tension 25, Even 27, Tot 28, Mere 30, Rod 31, Did 33, Mania 36, Scribe 37, Lees 38, Total.

DOWN: 1, Dozen 2, Yes 3, Use 4, Hen 5, it 6, Pique 10, reel 11, Soldier 12, Alerted 13, Reduced 14, Entered 16, Beast 17, Depot 18, Set 21, Ken 24, Lota 26, Voice 29, Rider 32, Dim 33, Met 33, Net 35, All.

How to Play Sudoku

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. Printed and Published by VANGUARD MEDIA LIMITED, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Phone: Newsroom: 018773962. Deputy Editor: 01-4548355. Advert Dept Hotline: 01-4544821. Abuja Advert Hotline: 09-2921024. E-mail: editor@vanguardngr.com, news@vanguardngr.com, letters@vanguardngr.com. Advert:advertproduction@yahoo.com Website: www.vanguardngr.com (ISSN 0794-652X) Editor: MIDENO BAYAGBON. Phone: 01-7742861, All correspondence to P.M.B. 1007, Apapa Lagos.