MAIDUGURI ATTACK:President's team trapped by Vanguard Media Limited

...towards a better life for the people VOL. 25: NO. 62327

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MONDAY, JANUARY 26, 2015

Fashola, Soludo, Falana write for Vanguard today PMS Pump price reduction and the economy: My take away— Fashola

Buhari vs Jonathan: Beyond the election — Soludo

57-62

How to stop political violence — Falana

MAIDUGURI ATTACK: President's team trapped •Journalists, medical personnel, securitymen among team •53 terrorists, village head, 41 others killed •Brigade Commander injured in Monguno attack

By Kingsley Omonobi, Ben Agande & Ndahi Marama

BUJA—SOME s e c u r i t y personnel, journalists and the medical team, who accompanied President Goodluck Jonathan on his campaign tour of Maiduguri, Borno State, were still trapped in Maiduguri, yesterday, following attack on the city by the Boko Haram sect. The team which was billed to have left for the venue of the President’s campaign, was still in the state due to the 24 hour-curfew imposed by the Nigerian Army on Maiduguri, the state capital. One of those trapped on told Vanguard

Continues on Page 5

Mr & Mrs

KERRY—President Goodluck Jonathan (R) receiving U.S Secretary of State, John Kerry in Lagos, yesterday. Photo: NAN.

May 29 handover date sacrosanct — Jonathan 8 C M Y K

PRESIDENT'S RALLY:

Yuguda blames FCT minister for Bauchi attack 9

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POCKET CARTOON

JONATHAN IN MAIDUGURI—President Goodluck Jonathan waving to the crowd as he arrived for the Maiduguri rally on Saturday. State House photo.

MAIDUGURI ATTACK: President's team trapped Continues from Page 1 telephone: "We are hiding and there is serious fighting going on between the insurgents and security personnel. Security men are battling to repel the insurgents. "The military said that troops have repelled the attack but they will have to comb the bushes to get rid of the insurgents and they said they might not finish today. Meaning that we can not leave today (yesterday)." According to the source, the entire convoy of the President remains a major target of the insurgents who are bent on attacking the team in order to embarrass the presidency. A statement by the Defence Headquarters on its tweeter handle yesterday said: “Troops are repelling a simultaneous attack on Monguno and Maiduguri by terrorists.

Coordinated air and land operations are being conducted now.” Meanwhile, the curfew imposed on Maiduguri would be reviewed today.

53 terror suspects and 12 residents killed At the end of the battle, 53 terror suspects and 12 residents were killed. The insurgents launched a dawn raid on Maronti and Njimtilo villages in the outskirts of the Borno State capital, prompting soldiers to respond with heavy weaponry and air strikes while the entire city was on lock-down. During the operations, a Cobra Armoured Personel Carrier, APC, heavy artillery guns as well as some machine guns and other weapons were captured from the fleeing terrorists. Three

TAKE HEART BY ELLA RANDLE

Happiness and success in life is simply the gratifying combination of liking yourself, liking what you do, and liking who you do it with —Take Heart Quote There is a beautiful saying that there comes a time in life when you walk away from all the drama, and the people who create it. Surround yourself with people who make you laugh, forget the bad, and focus on the good. Life is too short to be anything but happy. Falling down is part of life. Getting back up is living. Focus on the activities and people that make you happy, and filter out the avoidable opposites. For in reality, we often make our lives complicated when it’s really quite simple: Find what it is that makes you happy and spend more time doing it. Find who it is that makes you smile and spend more time with them. C M Y K

Golf cars loaded with explosives were also destroyed. A terse statement signed by spokesman of the 7 Division, Col. Sank Usman, in Maiduguri yesterday read: “The 7 Division, Nigerian Army has officially announced the imposition of a 24hour curfew in Maiduguri till further notice.” Reports said that a group of terrorists who attempted to take over the city was confronted by troops as another group of suspected members of the group launched an attack on Monguno Local Government Area of the state. Monguno is about 100 kilometres north of Maiduguri and had witnessed series of deadly attacks in recent past. A source told Vanguard that the terrorists who attacked Monguno had the military barracks in town as their main target. He said: “Many residents of Monguno and some security operatives had to flee for safety.” Residents around Maimalari, which is the headquarters of the 7 Division in Maiduguri as well as Shagari Low cost area in the metropolis, said they woke up in the morning only to discover that many fleeing residents of Monguno were passing through their communities heading to Maiduguri for safety. It was, however, not clear if there were casualties from the Monguno attack at press time. The 24-hour curfew

imposed in the course of the operation is expected to be lifted as soon as mop-up operation is concluded. Citizens will be allowed to go about their lawful activities from 6 am today. Meanwhile, at the Monguno end, coordinated air campaign has taken over from ground forces, as troops had to retreat from the location after the Brigade Commander and some of the troops were wounded while repelling terrorists attack

on the town. Calm has been restored to Maiduguri and Konduga as the operation continues with patrols and surveillance.

Village head, 29 others killed In a related development, no fewer than 30 people, including a village head (name withheld) were feared killed, when some suspected insurgents attacked Kambari village of Konduga Local Government Area of Borno State. The attack, according to sources, came less than 24 hours after President Goodluck Jonathan launched his re-election campaign in Maiduguri. “The terrorists attacked Kambari village which is few kilometres to Maiduguri around 5 am.

They killed 30 people including our village head and set the entire hamlet ablaze,” a resident, Mallam Abubakar Usman who escaped and fled to Maiduguri said. “We suspected that the insurgents after fruitless efforts to enter Maiduguri through Konduga, eventually took a different route and attacked Kambari,” Usman narrated in Hausa. Another woman from the village said “the terrorists also went away with some women they considered good looking.” The state Police Public Relations Officer, DSP Gideon Jubrin said: “I have not been to the office for the past two days. I am not aware of such, but I will make contacts and get back to you before press time."

Jonathan woos business leaders in Lagos L

By Clifford Ndujihe

A G O S — PRESIDENT Goodluck Jonathan, yesterday, took his campaign for re-election to the country’s business community in Lagos, promising more collaboration with the private sector in the provision of infrastructure. Speaking after a host of his ministers enumerated his achievements in the agriculture, road construction, job creation, power supply and maritime sectors, President Jonathan said his administration had tackled corruption more than any other administration. According to him, the Economic and Financial Crimes Commission, EFCC, has prosecuted and secured more

convictions in the last five years than at any other time. He said his style is to create systems and institutions that will make it difficult for people to engage in graft. The ministers that spoke at the event tagged: “The corporate forum: An interactive forum with Mr. President”, were Finance Minister Dr. Ngozi Okonjo-Iweala; Petroleum Minister, Mrs. Deziani AlisonMadueke; Agriculture Minister, Dr. Akinwunmi Adeshina; Power Minister, Prof Chinedu Nebo; Trade and Investment Minister, Dr Olusegun Aganga and Works Minister, Arc. Mike Onolememen. Speaking at the event, Mrs. Okonjo-Iweala said three years ago the president foresaw the prevailing slump in crude oil prices and directed the ministers to

accelerate the diversification agenda and the move has now yielded dividends. According to her, sectors that are contributing to the national revenue are service, agric, industries, telecoms and creative sectors like Nollywood. Continuing, OkonjoIweala said the government and Nigeria Bureau of Statistics found out that 1.8 million jobs are needed yearly to meet the needs of Nigerians, adding that currently the government is creating 1.2 million jobs yearly and needs the support of Nigerians to bridge the gap between the next three to four years. Notable personalities at the event included Governors Liyel Imoke of Cross River and Godswill Akpabio of Akwa Ibom State, Alhaji Aliko Dangote, Oba Otudeko, Jim Ovia, Peter Obi, Boni Haruna, Ifeanyi Uba, Atedo Peterside among many others.

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Cholera epidemic claims 20 lives in Bayelsa communities By Samuel Oyadongha & Chioma Onuegbu

O fewer than twenty persons, including women and children, have reportedly lost their lives, following outbreak of cholera in the riverine communities of Sagbama and Southern Ijaw local government areas of Bayelsa State. This came as Akwa Ibom State government urged the citizens and residents to be vigilant over the current cholera outbreak by observing improved personal hygiene and environmental sanitation. Among the dead, it was learned, was a 60-year-old woman who gave up the ghost at a Sagbama community after excessive stooling and vomiting. Deaths were also recoded at Osiama and Ekede, also in Sagbama local government area. Also affected were

Ikanbiri, Enewari, Opuama and Epirigbene in Southern Ijaw local government area of the state. Some community health workers who spoke on condition of anonymity, confirmed that the spread of the epidemic had assumed a worrisome dimension. The disease, according to the health workers, is known as vibrio chlolerae bacterium and causes victims to vomit and stool frequently which could be fatal. The state Commissioner for Health, Dr. Ayibatonye Owei, it was learned, has visited some of the affected communities in the state and approved the distribution of drugs. But in a text message on the development, the commissioner described the development as stale. “The outbreak was reported two weeks ago and our ministry

immediately swung into action to effectively curtail it. And it is not true that the record of death is 20. An official statement from the Ministry will soon be made available,” he said. It was, however, gathered that the development is causing fear in the riverine enclave of the state where sanitary condition is poor in most of the communities. Meanwhile, Akwa Ibom State government has urged the citizens and residents to be vigilant over the current cholera outbreak by observing improved personal hygiene and environmental sanitation. The Commissioner for Health Dr Ememabasi Bassey, who gave the charge during a chat with newsmen yesterday in Uyo, said the disease, which reportedly killed over 20 people in the neighboring Andoni Local Government Area of Rivers State, called for caution.

Three killed as APC supporters, police clash in Wukari governorship candidate By John Mkom

ALINGO—THREE persons were reported killed by soldiers yesterday at the the venue of All Progressives Congress, APC, governorship campaign at Wukari, Taraba State, following a shoot-out between soldiers and protesting civilians. Five other persons, who sustained injuries in the clash are currently receiving treatment at Wukari General Hospital. The incident occurred when the candidate of APC in Taraba State, Sen. Aisha Jumei Arhasan, visited Wukari to solicit for votes for next month’s general election. Vanguard reliably gathered that youths numbering over two hundred, protested to Atoshi Recreation Center Wukari, venue of the governorship rally to show their dismay to the candidate. Thomas Aduku, a residence of Wukari, who was at the venue of the rally, told Vanguard that the youths were not allowed entrance into the venue by the security agents who were drafted to secure the venue of the occasion. “One of the protesters

stoned a soldier and the man fell down, prompting other military men there to open fire on the protesters. I saw three persons killed by the soldiers,” the protester said. Another eye witness told Vanguard that the disagreement between the soldiers and the protesters started when the

started spraying money in the air inside the venue of the rally. “When she started spraying money, those who came out to protest, forced themselves to gain entrance into the venue and they clashed with the soldiers and that was how the soldiers started shooting at the crowd,” the witness told Vanguard.

Suspected ritualists kill teen girls in Ondo By Dayo Johnson

KURE—TWO young girls have reportedly been killed in the farm by suspected ritualists at Iju in Akure North Local Government Area of Ondo State. The community has subsequently been thrown into mourning, following death of the two girls, identified as Oyinkansola Owoeye and Folasade Bello Police sources told Vanguard in Akure that both girls, aged 12, reportedly went to the farm to fetch firewood but never returned. A search party was organised by their parents

and relatives after waiting endlessly for their return Their lifeless bodies, inflicted with machetes cuts, were later found by the road side on the way to the farm. Sources added that beside the machetes cuts all over their bodies, it was also discovered that their blood had been allegedly drained by their assailants suspected to be ritualists. Contacted, Police image maker, Wole Ogodo, confirmed their death, but however said they were killed by unknown assailants in the town. He said: “We received information that the two girls, Oyinkansola and Folasade, went to the bush to fetch fire wood where they met their untimely death last Saturday.

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By Ben Agande

BUJA — PRESIDENT Goodluck Jonathan, yesterday, said that the May 29 handover date to a new elected president in the country "is sacrosanct." Jonathan made the pledge at a meeting with the United States of America, USA, Secretary of State, John Kerry. Jonathan spoke against the backdrop of controversy trailing the call by the National Security Adviser, NSA, Col. Sambo Dasuki, for the Independent National Electoral Commission, INEC, to postpone the election for three months to ensure the distribution of outstanding 30 million Permanent Voters’ Cards, PVCs, to their owners in several parts of the country. In a statement signed by Jonthan, the Federal Government also promised to provide all the resources needed for the elections to ensure hitch free polls. He further promised that "Nigeria is strongly committed to building the multinational task force to fight Boko Haram in partnership with Cameroon, Chad, Niger and Benin Republic under the auspices of the Lake Chad Basin Commission." Jonathan’s statement read: "It was a pleasure to welcome Secretary John Kerry to Nigeria. We had a candid and constructive discussion about a broad range of issues. "Nigeria is a vibrant democracy and the largest trading partner of the US in Africa, with more than $18 billion in bilateral trade. Our countries and peoples share a mutual admiration for each other and a deep commitment to freedom, democracy and human rights. "This is why we are together engaged in a struggle against a common enemy that promotes terror, fear, division, and violates human rights, most especially of women and girls, with complete impunity.

Boko Haram

"Winning the fight against Boko Haram in Nigeria and West Africa is absolutely essential to beat back the tide of religious extremism around the world. "Our security forces have been working tirelessly and courageously to achieve this goal. I reaffirmed for Secretary Kerry that Nigeria is strongly committed to building the multinational task force to fight Boko Haram. "Indeed, I called publicly for such a regional approach at the African leaders summit in Paris in May 2014 and more recently in multilateral meetings. "We are pleased that the international community is

May 29 handover date sacrosanct —Jonathan zAssures US of credible, free, fair polls now strongly united behind this initiative and agree that its success is critical. It is equally important that the multinational force receives the significant support that is required to address the threat through our global partners. "The US, more than any other country in the world, has the most experience fighting armed insurgencies. And having suffered the devastating attacks of 9/11, its people also understand the insecurity and fear that is the reality for the vast

majority of peaceful, tolerant Muslims and Christians in North Eastern Nigeria. "This is why I firmly believe that enhancing and expanding various channels of cooperation between our two countries, in the context of growing international coordination, are of the utmost importance. I discussed a number of ideas with Secretary Kerry to move such cooperation forward. "We are grateful to the US for standing with Nigeria and its people in our fight

against Boko Haram. I reaffirmed our strong commitment to working together with the United States to put an end to global terrorism and particularly Boko Haram. Nigeria will also work to deepen and consolidate our bilateral relationship with the United States. "I emphasized to Secretary Kerry that I am deeply committed to ensuring that our forthcoming election is free, fair, and credible. It is especially critical that all

political parties abide by the Abuja Accord, which commits each to non-violence before, during, and after the election. "I made it absolutely clear that the May 29 handover date is sacrosanct. In addition, the government will provide all resources that are required by the INEC to ensure that the election goes smoothly. "I also emphasized that INEC is an independent body, which makes its own decisions without any interference from the government."

Abuja peace accord: Eminent Nigerians move to enforce compliance By Soni Daniel , Regional Editor, North

zRaise National Peace C'ttee to monitor deal

BUJA — IN a bid to prevent possible pre and post-election violence, eminent Nigerians, yesterday, converged on Abuja to ensure the workability of the January 14, 2015 peace accord signed by presidential candidates in next month's elections. The meeting, which was attended by top religious and political leaders, was coordinated by the Kukah Centre and the Office of the Special Adviser to the President on Inter-Party Matters. The meeting, which took place at Sheraton Hotels, Abuja, was observed by representatives of the Secretary General of the United Nations, Dr. Mohammed Ibn Chambas and Mr. Dauda Toure and the two major political parties in Nigeria: the Peoples Democratic Party, PDP, and All Progressives Congress, APC. Prof. Wale Oladepo represented the PDP National Chairman, Adamu Muazu while Sen. Lawan Shuaibu represented the APC National Chairman, Chief John Oyegun. At the meeting were President of the Christian Association of Nigeria, CAN, Bishop Ayo Oritsejafor; Catholic Archbishop, John Cardinal Onaiyekan; Anglican Archbishop, Nicholas Okoh and Bishop Matthew Kukah. Others at the meting under the aegis of the National Peace Committee, were Publisher of Vanguard

CONFERMENT: The Vice Chancellor, University of Nigeria, Nsukka, Prof. Benjamin Ozumba; Deputy President of the Senate, Sen. Ike Ekweremadu, and his wife, Dr. Nwanneka Ekweremadu during the conferment of Honorary Doctor of Laws on the Senator at the 44th Convocation of the UNN in Nsukka, weekend. Newspapers, Mr. Sam Amuka; former Foreign Affairs Minister, Prof. Bolaji Akinyemi and former President of Nigerian Bar Association, NBA, Dame Priscilla Kuye. Others were Justice Rose Ukeje, Prof Ameze Gaubadia and Prof. Zaynab Alkali. The meeting, which was chaired by Commodore Ebitu Ukiwe, agreed that a formal committee be raised to ensure the strict compliance by the political parties with the Abuja Accord. The office of the Special Adviser to the President on Inter-Party Matters will act as interface with Independent National Electoral

Commission, INEC, and other stakeholders in Nigeria to ensure the success of the committee. The setting up of the peace committee followed concerns raised by most of the speakers at the event on who would enforce compliance with the accord signed by the candidates and how it would be carried through.

It's a welcome development

National Secretary of the PDP, Prof. Wale Oladepo and the Deputy National Chairman of the APC, Lawan Shuaibu, described the formation of the National

Peace Council as a welcome development, which every wellmeaning Nigerian should applaud. Former Head of State, Gen. Abdulsalami Abubakar; Pastor Enoch Adeboye; Prof Ibrahim Gambari and the Lamido of Adamawa were named in abstentia as members of the committee. Special Adviser to the President on Inter-Party Affairs, Sen. Ben Obi, said the committee was raised to tackle the raging fear of electoral violence and bring about peace in Nigeria. The Kukah Centre is to provide the needed administrative back-up for the running of the committee.

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By Soni Daniel, Regional Editor, North

BUJA — GOVERNOR Isa Yuguda of Bauchi State and Senator Bala Mohammed, the Minister of Federal Capital Territory, FCT, were weekend, locked in an exchange of words following the governor ’s claim that the minister hired the thugs that stoned the president’s convoy in Bauchi last Thursday. Following the stoning, the presidency had flayed the actions just as a number of Peoples Democratic Party, PDP, chieftains had accused the opposition All Progressives Congress, APC, of instigating attacks on the president in the north. Governor Yuguda, however, rebutted the claim as he told Vanguard, weekend, that the stoning of the president’s convoy was instigated by Senator Mohammmed to embarrass him, Yuguda, as not being on ground in the state. Both men, members of the PDP and associates of the president, were present at the PDP presidential campaign rally in Bauchi following which the president’s convoy was pelted with stones. The minister was also pelted during the rally. The APC, last night, said it was vindicated by the development as it thanked the governor for his revelation, recalling it had earlier claimed the stoning incidents were fallouts from the governorship primaries in the PDP states. Yuguda told Vanguard in an interview that the FCT minister secretly imported the thugs to cause trouble at the venue of the campaign rally in Buachi last Thursday to give the president the erroneous impression that he (Yuguda) was not on ground in the state. He said: “The whole thing was carefully planned and implemented by the FCT Minister in collaboration with his cohorts who wanted to embarrass me and prove to President Jonathan that they were more politically relevant in Bauchi State than the sitting governor. “The minister and his group sponsored small boys of not more than seven years of age and gave them brooms to give the impression that they were from the opposition party whereas they were all wearing T-shirts branded with his name and that of TAN. “Before the arrival of the boys, the presidential rally was going on smoothly. When they entered the venue they started signing “Sai Jonathan”, “Sai Jonathan” only for them to begin to chant “ Sai Buhari”, “Sai Buhari” to the bewilderment of all present. “I feel very bad over the sad incident caused by Bala and his group to discredit me and all that I have been able to

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Jonathan’s rally: FCT minister, not APC masterminded Bauchi attack — Yuguda zAllegation fallacious, wicked, unfounded — Minister zWe've been vindicated —APC accomplish in Bauchi. I must say that I am very sad and disappointed by the antics of the minister.” Yuguda said it was apparent that the minister was up to some mischief when he refused to join the central planning committee headed by him to plan the presidential rally but went ahead to set up his own committee whose agenda was not known to anyone else. The governor thus charged the minister to apologise to Nigerians over the embarrassment he caused the president and his visitors to Bauchi during his visit to the state.

Allegation fallacious, wicked and unfounded— Minister

But the minister has denied the allegation levelled against him by the governor, saying that it was nothing but concoction of lies to tarnish his image. The minister in an email response to Vanguard on the issue said that it was inconceivable that he would contemplate importing thugs into the venue of an event attended by his boss and President of the Federal Republic of Nigeria, whom he holds in very high esteem. In the statement signed by his Special Assistant on Media, Mr. Nosike Ogbuenyi, the minister wondered why the thugs said to have been imported by him into the stadium threw missiles and booed him while he was accessing the rally. Mohammed said: “It is totally illogical, irreconcilable, wicked and fallacious for anybody to insinuate that the Hon. Minister of Federal Capital Territory, Senator Bala Mohammed imported thugs to stone and attack himself while addressing the President Goodluck Jonathan’s presidential campaign rally in his home state, Bauchi. “The question begging for answer is ‘why wasn’t Governor Yuguda stoned by the rampaging thugs when he was on the podium addressing the same rally?’ “Every sincere person in this country can attest to the fact that the loyalty of the FCT Minister to President Goodluck Jonathan and his commitment to the success of the PDP in all elections have never been in doubt. “Those who are specialists in running with the hare and hunting with the hounds should, please leave Senator

INSPECTION:

From left: Representative of RCC Limited, Lahwani Subhi; Works Minister, Mike Onolememen and Director, South-South Zone, Federal Ministry of Works, Chukwuma Uzo, during the minister's inspection of ongoing works on Benin-Auchi-Lokoja road, in Benin City, weekend.

Bala Mohammed and the PDP alone to campaign peacefully for President Goodluck Jonathan and other PDP candidates across the country, Bauchi State inclusive,” the minister pleaded.

We've been vindicated —APC Reacting

the

development, yesterday, the APC said Governor Yuguda’s claim had vindicated the party’s stance that the spate of stoning was a fallout from the fractious PDP primaries in the affected states. “Frankly speaking, we thank Governor Yuguda for vindicating our stance,” APC national publicity secretary, Alhaji Lai Mohammed, told

Vanguard last night. “We knew all along that this violence was instigated by PDP which is all due to the manner they handled their primaries that is now responsible for the spate of violence all over the country. We thank God we have been vindicated and now we know who is trying to scuttle our democracy,” he added.

Multiple taxation: FG to amend Taxes and Levies Act By Emeka Mamah

BUJA — THE Federal Government is to amend the Taxes and Levies (Approved List for Collection of Taxes and Levies) Cap T2 LTN, 2004 in a bid to harmonise taxes and abolish multiple taxation of citizens across the country. It has also directed the Inspector General of Police to dismantle all road blocks "mounted on the highways for revenue collection as they are illegal.” The proposed amendment followed the Governor Ibrahim Dankwambo of Gombe’s report on complaints by the Manufacturers Association of Nigeria, MAN, that most states, especially Anambra, Lagos and Rivers over taxed their residents through duplication of taxes or levies on the same item or services. The report stated that although only 20 forms of levies or taxes were approved by the Taxes and Levies Act,

there were multiple taxation of citizens in most of the states across the country with Rivers, Lagos and Anambra topping the 17 states and Abuja, which were listed. Apart from the 20 approved taxes, manufacturers paid 44 additional taxes or levies in Lagos State, bringing the number of such taxes/levies in the state to 64 just as 59 additional taxes/levies were paid in Anambra Sate, bringing the total of such taxes to 79. MAN also said its members paid a total of 97 taxes or levies in Rivers State. However, in reviewing the issue across the country, the National Economic Council, NEC, noted that taxes and levies charged by some states were not backed by appropriate legislations, therefore, declaring them illegal. NEC also further stated that, “some taxes and levies were duplicated especially motor vehicle emblems and stickers.” The government further stated that some taxes and levies that

were usually duplicated at state and local government levels included the business premises fee and shops/kiosk rates. According to NEC, “the mode of collection of taxes and levies in some of the states were not in accordance with the provision of Section 2 of the Taxes and Levies Act."

Roads blocks

Giving such examples, the government said that it was illegal to use non revenue officials to collect taxes and issue receipts just as it was unlawful to mount roads blocks on the highways to collect levies or taxes or ask police officers to accompany unauthorised persons to collect taxes and levies especially on the highways. The Federal Government further decried what it described as the "harassment of citizens, which constitutes a threat to public security as criminals sometimes hide under the guise of collecting revenue to commit crime against road users,” among others.

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POLLS: Security agencies tasked over journalists’ safety By Jimoh Babatunde

AGOS—SECURITY agencies in the country have been urged to provide the necessary protection for the safety of journalists during and after the coming elections. The executive secretary, Nigerian Press Council, Mr. Nnamdi Njemanze, made the call, yesterday, in Lagos at a workshop on Effective Coverage and Reportage of 2015 general elections. Speaking on the hazard journalists face in covering elections and carrying out their constitutional roles, Njemanze noted that the role of media is critical in making elections a success. “As moderators of the political discussion, it is the duty of the media to interrogate politicians and their political parties on how the various promises embedded in their manifestos would be actualized if voted into power.” Njemanze called on the media ''to lead the conversation on the state of our socio-economic and political development if the dreams of good life for Nigerian people will be actualized. “To achieve this, the media will beam searchlight on candidates and articulate issues that define the political debate as the parties and their candidates canvass for the people ‘s vote.” “We will appeal to the security agencies to make use of the initiative of the newly-formed National Monitoring Network on Safety of Journalists to provide the necessary cover and protection for the safety of journalists during and after the elections.”

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Jonathan at Winners Chapel, says Nigeria needs prayers By Daud Olatunji

B E O K U T A — PRESIDENT Goodluck Jonathan yesterday worshipped at Bishop David Oyedepo’s Living Faith Church, also known as Winners Chapel, Ota, Ogun State, urging Nigerians to pray for the country. Vanguard gathered that the sudden appearance of the president took most of the worshippers by surprise, because he was not scheduled to be at the church.

A source within the Church, who claimed to witness the service, which President Jonathan attended told Vanguard that the President only came to thank the church and its founder for their prayers for him and the country. The source added that he also said he had come to thank God

for being considered by the Peoples Democratic Party to stand for re-election in the coming February 14 presidential election. The President was also quoted to have urged the church to continue to pray for him and the nation. The source said,”Yes, it is true,

President Goodluck Jonathan worshipped in one of our services today (Sunday). “He did not say much. He thanked the church for their prayers for him and the country as whole. “He also thanked God for being considered by his party to stand for re-election in the February 14 presidential election. Then, he urged the church to continue to pray for him and the nation.”

Agbaje urges electorate to vote credible leaders

AGOS—THE Peoples Democratic Party (PDP) governorship candidate for Lagos State, Mr Jimi Agbaje, yesterday urged the electorate to vote for only credible leaders in the February 14 and February 28 elections. Agbaje made the remark at the PDP’s thanksgiving service at St. Paul’s Anglican Church Kirikiri, Apapa, in Lagos. He said when the right persons were voted into office, there would be positive changes in the country. “God works in mysterious ways. In 2011, I was not allowed to pick the ticket, but in 2015, we are running and we have every hope that our time has come. “There will be peaceful co-existence if we work together as indigenes and non-indigenes of the state because united we stand and divided we fall. “My wish is that in Lagos State, children in public schools will do better than children in private schools. ''It is the responsibility of the government to provide adequate housing and a good road network for its citizens; that is what I will focus on when I am voted in,” he said.''

MEETING: From left; Wife of Imo State governor, Mrs Rochas Okorochas; Deputy Governor of Lagos State, Mrs Adejoke Orelope-Adefulore; wife of All Progressives Congress, APC, presidential candidate, Mrs Aisha Buhari and wife of vice presidential candidate, Mrs Oludolapo Osinbajo at the inaugural meeting of APC Women Presidential Campaign Initiative in Abuja yesterday. Photo by Gbemiga Olamikan.

Ekiti denies receiving N2bn ecological fund, N22bn roads refund

DO EKITI—EKITI State government has described as falsehood, claim by the All Progressives Congress (APC) that a sum of N2 billion was received from the Federal Government as ecological fund in December, saying; “APC should rather defend the N1.5 billion allegedly donated by Dr Kayode Fayemi to the campaign fund of the party’s presidential candidate, Major General Muhammadu Buhari. Special Assistant to the State Governor on Public Communications and New Media, Lere Olayinka said the lie about receipt of ecological fund was just a ploy to cover up the N1.5 billion that Fayemi donated to Buhari’s campaign. He challenged the APC to explain to Ekiti workers why Fayemi refused to pay their August and September salaries as well as three months cooperative societies deductions despite that he received allocation from Abuja till September, 2014. Olayinka said it was not true that N2 billion was paid by the Federal government to Ekiti State in December, adding that “the last time a State like Bauchi that the APC liars claimed to have also received the ecological fund

was August 2014.” He said further: “In this age of infotech, all that is needed to be done on issues like this is to search the Internet because Federal government won’t release ecological fund to five states with-

out the media reporting it.” On the alleged payment of N22 billion to the state as refund on the contraction of AdoIworoko-Ifaki and Ado - Akure roads, Olayinka said; “Is AdoAkure road under construction? The answer is no!''

Senatorial polls: Shodipo-Clark speaks at debate

HE Peoples Democratic Party, PDP, Senatorial candidate for Ogun Central, Dr. Bisola Sodipo-Clark, has promised to build on the achievements of his grandfather who was the first elected representative of the Egba division in the colonial administration of the 1950s. She stated that she intends “to pursue, if elected: a bill for an act to introduce care for our senior citizens. This will assist our elderly lead a comfortable and respectable life as they age. As is done in other countries, I intend to collaborate with other senators to legalize, the setting up of Homes for the Elderly; payment of monthly stipends; free transportation for persons above the age of 60;

exemption from taxation for elderly Nigerians”. She said this at a debate organised by the Nigeria Union of Journalists (NUJ), Ogun State chapter, for contestants bidding to represent Ogun Central Senatorial District of Ogun State. The debate, which comes up on February 14, 2015, is to enable residents of the district understand the pedigree of those vying to represent them. The debate, which featured the three leading candidates in the district, had Dr. SodipoClark of the Peoples Democratic Party (PDP), Dr. Lanre Tejuoso of the All Progressives Congress (APC) candidate and the incumbent senator, Gbenga Obadara, of the Social Democratic Party (SDP).

Vanguard, MONDAY, JANUARY 26, 2014 — 11

Bankole moves political structure to Ogun LP By Daud Olatunji

PDP restates readiness for elections ….says it will record sweeping victory

BEOKUTA—A strong indication has emerged that, former Speaker of House of Representatives, Dimeji Bankole has moved his political structure from the Peoples Democratic Party, PDP, to the Labour Party, LP, in Ogun State. The indication emerged following a closed-door meeting Bankole’s father, Chief Alani Suarau Bankole held with the leaders of the LP in the state last week at his Onikolobo residence, Abeokuta. Present at the meeting were the state Chairman of the party, Olabode Simeon, the state Secretary, Sunday Oginni, the governorship candidate of the party, Abolaji Sunmola, his campaign Director-General, Abayomi Arabambi and other top leaders of the party in the state. Vanguard reliably gathered that, the former Speaker who was denied the governorship ticket of the People’s Democratic Party has resolved to join either the Labour Party or the Social Democratic Party to protest his failure to get the ticket. A source at the meeting told Vanguard that the former Speaker’s father threw his weight behind the

CAMPAIGN: From left; Peoples Democratic Party, PDP Oyo State Leader; Alhaji Yekini Adeojo; Minister of State for FCT; Mrs Jumoke Akinjide; PDP governorship candidate, Sen. Teslim Folarin and Senator Hosea Ayoola during a campaign at Ona Ara Local Government. Photo by Dare Fasube. governorship candidate of the Labour Party and promised to collapse his son’s political structure into the LP structure ahead of the election. It was further gathered that, Bankole’s father had ordered the supporters of his son under the auspices of Dimeji Bankole Movement across the state to

work for the Labour Party. Bankole’s father was quoted to have given his blessings to the Labour Party governorship candidate who he was reported to have described as his son . Confirming the meeting, the state Secretary of the party, Oginni, said the meeting with Bankole’s father was part

of the consultation to notable leaders in the state. Oginni said the endorsement of the LP's governorship candidate was a boost to the party, saying, it would not disappoint Bankole’s supporters, as “Labour Party is set to accommodate all interest groups across party divides”.

INEC seeks support of religious leaders over next month's election ...Osun APC charges INEC over Card Readers shortage By Gbenga Olarinoye OSOGBO—THE Resident Electoral Commissioner, REC, for Osun State, Dr. Adekunle Ogunmola has charged religious leaders to actively pursue the success of the forthcoming general elections by preaching to their congregations to shun violence before, during and after the polls. The Osun State REC

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made the call weekend in Osogbo during an advocacy parley with religious leaders in the state in preparation for the coming elections. The parley was part of sensitization meetings scheduled with stakeholders held at Olu-Osungbohun Hall of Nigeria Union of Journalists (NUJ), Osogbo, Ogunmola said that the parley was organized to

address all the irregularities in the 2011, and to conduct a credible election. The INEC boss who recalled the success of the commission in the August 9, 2014 governorship election in the state, promised that “we are ready to conduct elections that will be better than the past and be acceptable to the people.” He asked the people of the state to go and collect their Permanent Voters’ Card, PVCs, saying; “We have extended the distribution time to 5.30pm and Saturdays included.” He added that; “We observed that politicians do listen to you Pastors and Imams during service that is why we are appealing to you to help us crusade for peace in your mosques and churches.” He also warned that religious places should not be used to campaign for candidate, advising that youths should be warned to shun violence. Responding, the President, League of Imams and Alfas in Osun State, Alhaji Musa Animasahun, commended the commission for the programme stressing that Muslims leaders have been praying and warning their followers in the

mosques. Also, Osun State President of Christian Association of Nigeria, CAN, Reverend Elisah Ogundiya, urged politicians to desist from provocative utterances, promising that Christians would do all it could, to support the INEC and ensure that the elections succeed. Meantime, the All Progressives Congress, APC in Osun State has appealed to the Independent National Electoral Commis-

sion, INEC to ensure that all polling units in the country have card readers planned to screen all voters during the elections. The party in a statement by its Director of Publicity, Research and Strategy, Mr Kunle Oyatomi in Osogbo weekend, said it will not tolerate shortage of the cards in all the polling units.

HE Peoples Democrat ic Party, PDP, has restated its readiness for the February 14, 2015 general elections saying with the support it enjoys from Nigerians, it will record a sweeping victory at the polls. National Publicity Secretary of the party, Olisa Metuh in a statement yesterday said that leaders and members of the party were working hard in all the nooks and crannies of the country adding that with its record of achievements and array of popular candidates at all levels, it would win overwhelmingly in at least 25 states of the country. “We wish to restate that the PDP is fully ready for the general elections. We remain the only party enjoying the support of majority of Nigeria’s voting population across board. Our very strong political structures in all the states, a track-record of performance and array of very popular candidates at the national and state levels who Nigerians are eager to vote for guarantee us a sweeping victory at the elections, Metuh stated. Noting that President Goodluck Jonathan, with his unprecedented achievements and commitment to the national interest remains the man to beat in the Presidential poll. The PDP also assured of victory at the governorship, national and state assembly elections as its candidates at those levels also enjoy the support of the majority of the voters in their respective constituencies. The party therefore directed its members and supporters to close ranks and continue to work hard to ensure that it maintained its pre-eminent position in the polity.

Fayose's adverts: Ekiti not against the North, says E-ELEVEN 2011. It, also, breaches the

AGOS — THE EEleven, a forum of Ekiti stakeholders, yesterday distanced the people of the state from the state governor, Ayodele Fayose’s advert, insinuating that the Presidential candidate of the All Progressives Congress, APC, General Muhammad Buhari, (rtd), will die in office if elected on February 14th. The chairman of the forum, Mr. Femi Ajiniran, said; “We (Ekiti people) are not in any way against the North; nor are we against any geopolitical zone in

Nigeria. We believe firmly in the principle of equality as espoused in the 1999 Constitution,” adding that the view expressed in the advert “is Fayose’s personal opinion.” E-Eleven in a statement issued by Ajiniran in Lagos, noted that the advert was placed by “Fayose as an individual and as a chieftain of the Peoples Democratic Party (PDP), whose interest he sought to protect.” Ajiniran affirmed that the governor’s advert “violates the non-violence clause of the Electoral Act,

peace agreement facilitated by former SecretaryGeneral of United Nations, Mr. Kofi Annan and former Secretary-General of Commonwealth, Sir Emeka Anyaoku last week.” According to him, “After the landmark peace agreement brokered to achieve peaceful conduct of the 2015 general elections, Fayose sponsored this advert of acrimony and discrimination from the purse of Ekiti State at about N50 million in the two national dailies. We, therefore, dissociate the people of Ekiti State from this advert.”

12—Vanguard, MONDAY, JANUARY 26, 2015

PRESIDENTIAL RALLY: We'll use Adokiye Amiesimaka Stadium, PDP insists By Jimitota Onoyume

ORT HARCOURT— RIVERS State chapter of Peoples Democratic Party, PDP, has insisted that it will use the Adokiye Amiesimaka Stadium in Ikwerre Local Government Area for its presidential rally on Wednesday this week. It will be recalled that the state governor, Mr. Rotimi Amaechi had said the stadium would not be released to the party for the rally because contractors had resumed construction work in the place. He rather offered the party the Liberation Stadium in the heart of Port Harcourt, capital of the state. State Chairman of the PDP, Mr Felix Obuah, who spoke through his media aide yesterday, Mr Jerry Needam, said the party had resolved to use the place, insisting that the reason the governor gave for its refusal to approve the use of the stadium for the rally was not cogent enough. The party said that the stadium was a public property, adding that it was a project started by the governor when he was in the PDP. He said: “The Rivers State PDP will not be drawn into further argument with the All Progressives Congress, APCled government of Amaechi for the use of the Adokiye

Amiesimaka Stadium for its presidential rally. “Consequently, the PDP confirms that it will host President Goodluck Jonathan on January 28, for the presidential campaign, at the Adokiye Amiesimaka Stadium. "The flimsy excuses emanating from the APC to justify its refusal to allow the PDP the use of the facility does not hold water as the stadium

is the property of Rivers people and not that of Amaechi or APC. "Besides the fact that APC had used the stadium twice, they do not have any right far and above the PDP to deny us the use of the facility. “It is pertinent to remind Governor Amaechi and the APC that the Adokiye Amiesimaka Stadium was executed in 2009 when Amaechi was still a

member of the PDP. Against this background, the PDP challenges Governor Amaechi to show the Rivers people one project he had executed since his defection to the APC.” The party called on Rivers people to ignore APC's antics and turn out enmasse to give President Jonathan a befitting welcome on Wednesday at the Adokiye Amiesimaka Stadium in Omagwa.

COMMISSIONING: From left: Mr. Ahmed Abdullahi; Tom Akagbosu; High Chief Ethuakhor A.O; Edo State Commissioner for Environment and Public Utilities, Mr. Clem Agba and Secretary to Etsako East Local Government, Edo State, Princess Benedicta Attoh, during the commissioning of Hybrid Library donated by Texaco Nigeria Outer Shelf, a company owned by Chevron, to St. Peter’s Grammar School, Agenebode, Edo State.

Sylva lobbies former aides, others for Buhari By Samuel Oyadongha

ENAGOA—THE former governor of Bayelsa State, Chief Timipre Sylva, has intensified lobbying of his former top aides and leading members of the Peoples Democratic Party, PDP, to support the election of the presidential flag bearer of the All Progressives Congress, APC, Gen. Mohammud Buhari, in the state. While Sylva has won over former Nigeria’s Ambassador to Venezuela, Felix Oboro, one of the founding fathers of the PDP in Bayelsa State into the APC fold, he led a team of senior party leaders on a call on his former Special Adviser on Security, Chief Richard Kpodo. Sylva, it was learned, led the state APC Chairman, Chief Tiwei Orunimingha and hundreds of party loyalists to a meeting with Chief Kpodo at his hotel in Yenagoa. Sources at the meeting said the former governor called on Kpodo to return to the fold of the APC and unite to ensure the election of Gen.Buhari and the change needed for development in country was actualised. A state executive member of the APC, who spoke on condition of anonymity, said the visit was to C M Y K

bring back Sylva's former aides and build a support base for the victory of APC in the state. Kpodo, who served as a close aide of Chief Sylva, was the chairman of the defunct New PDP and a grassroots mobilizer.

Contacted on the visit, Chief Kpodo said the visit by Sylva and the APC loyalists was a private one. Meanwhile, the former Nigeria’s Ambassador to Venezuela, Felix Oboro, a

founding member of the PDP in Bayelsa State, has defected to the APC, saying the last national and state Assembly selection exercises had destroyed the cohesion of the party throughout the country.

Chevron connects Edo rural school to General Hospital as well internet with hybrid library Auchi as the implementation of a Roll By Daniel Gumm

GENEBODE—A HYBRID library equipped with 21 internet ready computers, a state-of-the art system sever, a data base of electronic library books stored locally on the server, backed up with a 20KVA standby diesel plant plus an inverter backup amongst other facilities has been built and handed over to St. Peter ’s Grammar School, Agenebode in Etsako East Local Government Area of Edo State by Texaco Nigeria Outer Shelf, a Chevron-owned company. Speaking at the commissioning of the project, weekend, the Director, Deep Water and PSCs, Mr. Jeffery Ewing, explained that the company decided to construct the hybrid library because it “believes that education unlocks the potentials of the people and

galvanises them for progressive development,” adding that “educational development is one of the major areas of the social investment programmes” of the company. Ewing, who was represented by Mr. Tom Akagbosu, said that Chevron, a few years ago through its Star Water Petroleum Limited with its Agbami partners provided an ultra-modern chest clinic to the

Back Malaria Programme in Agenebode, among other educational support programmes. Group General Manager, NAPIMS, NNPC, Engr. Jonathan Okehs in his address, noted that manpower development was a crucial aspect of the company’s investment, hence they were quite happy to partner Texaco Nigeria Outer Shelf on the hybrid library project.

Groups merge for Okowa’s victory By Festus Ahon

SABA—DETERMINED to ensure the victory of the Peoples Democratic Party, PDP, governorship candidate in Delta State, Dr Ifeanyi Okowa, five political pressure groups in Isoko North Local Government Area of the state have agreed to work together to mobilize the people

of the area to vote Okowa. The groups; Isoko Grassroot Development Initiative, IGDI, Isoko Conscience Group, ICG, Owhe Azagba Political Forum, OAPF, Isoko North Political Movement, INPM, and D-Peace Okowa in a statement after their meeting convened by the Coordinator, Mr. Bernard Idisi, vowed to work for Okowa’s victory.

I won't disappoint you, Ogboru assures Itsekiri nation By Godwin Oghre

O K O — D E LTA State candidate of the Labour Party in the forth coming governorship election, Chief Great Ogboru, has assured the Itsekiri nation of adequate attention and massive infrastructural development if elected as governor of the state in next month’s polls. Ogboru, who gave the assurance weekend, in Koko, headquarters of Warri North Local Government Area of the state, told the chiefs, Elders-in-Council and people of Koko Community, led by the Olara-Aja (most senior man) of Koko Community, Pa Victor Nanna, to take advantage of the long time peaceful relation existing between the Urhobo and the Itsekiri to cast their vote for him at the election, addin, “I will not disappoint the Itsekiri nation. I will not disappoint you if you elect me as your governor.”

Urhobo youths back Jonathan, Okowa

RHOBO youths, under the aegis of Urhobo Youth Leaders Association, have thrown their weight behind President Goodluck Jonathan and Senator Ifeanyi Okowa as president and governor of Delta State respectively, with promise to campaign from door to door to actualise their dream. The endorsement, at a rally at PTI Conference Centre, Effuru, had Dr. Steve Oru, Minister of Niger Delta Affairs Ministry, Senator Emmanuel Aguariavwodo; Senator Nimi Barigha Amange; Evelyn Oboro, member House of Representatives; Prof. Godini Darah; Mr. Kingsley Otuaro; Chief Ighoyota Amori; Chief Mike Adiotomre; Mrs. Judith Enamuotor, PDP Board of Trustee member, Chief Tom Amioku, NDDC Commissioner and others in attendance.

Vanguard, MONDAY, JANUARY 26, 2015—13

$16BN EPZ PROJECT: Jonathan seeks new date for ground breaking By Festus Ahon

SABA—PRESIDENT Goodluck Jonathan has mandated Governor Emmanuel Uduaghan of Delta State, relevant authorities in the Presidency and the Ministry of Petroleum Resources to fix a new date for the ground breaking ceremony of the $16 billion Export Processing Zone, EPZ project. Jonathan gave the directive when he paid a courtesy call on the Olu of Warri, Ogiame Atuwatse II, in the company of Dr. Uduaghan, during an unscheduled visit to Delta State. He pointed out that it would not be possible to do the ground breaking before the elections because the investors have to be around for the ceremony, adding that the companies had been given enough notice. Jonathan mandated the Delta State governor to work closely with the Ministry of Petroleum Resources and the Presidency to get a suitable date before May 29, for the

exercise. President Jonathan took the opportunity of the visit to explain the circumstances surrounding the aborted ground breaking for the Export Free Zone, EPZ. He told the Olu, in the presence of his chiefs, that he had to put off the ground breaking to avert a possible outbreak of violence after the ceremony which would have frightened investors. According to him, his action in putting off the exercise was not borne out of fear that anything was going to happen to him, noting that as a son of the Niger Delta, he could move freely in the zone without molestation. Jonathan, during the visit, also had a private audience with the President of the Christian Association of Nigeria, CAN, Pastor Ayo Oritsejafor. Governor Uduaghan, on his part, commended the President’s personal visit to the Olu which, he said, has afforded him the opportunity to explain to the monarch and

the Itsekiri people, the issues surrounding the ground breaking ceremony of the project. Uduaghan also expressed

E N I N — GOVERNOR Adams Oshiomhole of Edo State has said that the subterranean move by the Peoples Democratic Party, PDPled Federal Government to postpone the February general elections was a futile attempt to postpone the evil day. Speaking yesterday, at the Palace of the Otaru of Igarra, when he presented the candidates of the All Progressives Congress, APC, vying to represent the party at both the National and state Assemblies, Oshiomhole, said: “The issues are very clear. They have seen it and are now calling for the postponement of the February 14 elections. You cannot postpone the evil day. Nigeria must go for a peaceful election and the election will be peaceful. When God has decreed, no man can do otherwise, when your time is up you can’t postpone it. “What we need now is a leader with courage. The courage to stand for

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Nigeria and that is why after trying PDP for 16 years, we believe we need Gen. Muhammadu Buhari to take over and secure our country so that we can live our lives. “When Gen. Buhari was in power, the war against indiscipline was felt everywhere. Nigerians have to make a very bold decision; we must make Nigeria work. When Gen Buhari was a Commanding Officer in the military and some extremists rose up around Kano, he led a squad and pursued them as far as Chad.

individuals to desist from politicising the ground breaking ceremony, adding, “We join Mr President in our commitment to the success of the project.”

RALLY: From left: Governor Adams Oshiomhole of Edo State; Mr. Patrick Aisowieren, APC candidate for House of Repsresentatives, Uhunwode/Orhiomwon Federal Consttuency; Elizabeth Ativie, APC House of Assembly candidate and Mr. Samson Osagie, APC senatorial candidate, Edo South, at a rally of the All Progressives Congress at Ehor, weekend.

Move to postpone polls, exercise in futility —OSHIOMHOLE By Simon Ebegbulem

appreciation to the Olu on his understanding of the President’s explanation and commitment to the project. He appealed to groups and

“That is the kind of leader we need now, a leader that will confront issues of security squarely, not to lament. Leaders don’t lament. You don’t change your wife’s condition by joining her to cry. When the wife is crying, the husband is crying and the children are crying, who then will fix the issues? A man has to come out, this election is about our survival.” Oshiomhole decried the security challenges threatening the territorial integrity of the country and accused the PDP government of incompetence.

14—Vanguard, MONDAY, JANUARY 26, 2015

Jonathan’s achievements verifiable —PDP zSays APC has no policy direction By Henry Umoru

BUJA—AHEAD of next month’s presidential and general elections, the national leadership of Peoples Democratic Party, PDP, has challenged the All Progressives Congress, APC and its leaders to carry out a survey and see the achievements of President Goodluck Jonathan. The PDP, in a statement issued yesterday by its National Publicity Secretary, Chief Olisa Metuh, described the APC as lacking in policy direction, boasting that all the achievements of the PDP-led government were verifiable.

The party said its array of candidates for the February elections were far better than those of the APC, adding that same was applicable to the policy direction of both parties. The party noted that it was the only truly pan-Nigerian party for which the unity, stability and prosperity of the nation remained paramount. PDP said: “The founding fathers of the PDP had their eyes set on specific goals, which include ensuring the indivisibility of Nigeria, sustenance of democracy and providing enabling environment for the prosperity and welfare of our people.

“These have guided our governments and have continued to reflect in the quality of leadership by our elected and appointed officers at all tiers in the last 16 years. “These are also the values that have resulted in the unparalleled milestones recorded in every sphere of our national life especially under the current administration. “The quality of legislation and policies under its administration has continued to transform the nation into a destination for progress with Nigerians excelling in every sphere of life “The strict adherence to the rule of law, the guarantee of

personal freedom for all Nigerians, passage of the Freedom of Information Act, ensuring greater transparency in governance, the electoral reforms, the policy of wealth transfer, leading to the unprecedented thriving of private enterprises, the agricultural and health reforms resulting in increased life expectancy and reduction in food import.

Promoters of election violence ineligible for American visas —JOHN KERRY By Vera Anyagafu

NY Nigerian who promotes any form of election violence during or after election remains iineligible for US visas. US Secretary of State, John Kerry, who sounded the warning during a visit to Nigeria said his country is investing enormously to ensure credible elections in Nigeria. Kerry made this statement at a news conference in Lagos, shortly after meeting with President Goodluck Jonathan

and Major General Mohammed Buhari. He urged all Nigerians to help make the elections free, fair and credible. According to the US Secretary of State, the U.S. Government, would maintain its position that any Nigerian involved in election violence would no longer be eligible for American visas. He also stressed the need to continue campaigning for progressive democratic rule in Nigeria, stressing that all political office holders should

shun all levels and forms of election violence either before, during or after the polls. He said: “The U.S. Government strongly believe in Nigeria having credible, free and fair elections come February 14. “The US Government wants to say that any Nigerian who promotes any form of violence during the elections remains ineligible for U.S. visa." Kerry added. He further stated that the international community and the U.S. are keenly interested in the conduct of Nigeria's up ccoming election.

Unite against electoral violence —EKWEREMADU By Johnbosco Agbakwuru & Joseph Erunke

BUJA—DEPUTY Senate President, Senator Ike Ekweremadu, has called on Nigerians to unite against all forms of electoral violence. Senator Ekweremadu made the call, weekend, during the conferment of an Honorary Doctor of Laws (LL.D) degree on him at the 44th Convocation Ceremony of the University of Nigeria, Nsukka, UNN. The Deputy Senate President in a statement by his Special Adviser, Media, Uche Anichukwu, also called on the nation’s citadel of learning to rise to the task of restoring the dignity of man through quality researches that address the nation’s security and development challenges. He harped on the need for rigorous advocacy to keep the youth away from electoral violence. Senator Ekweremadu charged well-meaning Nigerians to rise in defence of the national interest and in

condemnation of acts of electoral violence, irrespective of political, ethnic, and religious leanings. He said: “Election is not a door-die affair. We are worried about the attacks on some political actors by people in parts of the country other than their own. Let us stand together and call the political elites to order. “We must admit that elections will come and go, but that this country

will remain. Therefore, we must play politics with every sense of responsibility, ensuring that everybody is accorded his due respect. “We must also bear in mind that events and utterances that incubate electoral violence start well ahead of elections. We must live with a sense of history and remember that the same tree stump does not trip a wise man twice.”

PDP slams APC over attacks on Jonathan’s convoy By Henry Umoru

BUJA—PRESIDENTIAL Campaign Organisation of the Peoples Democratic Party, PDP, yesterday, took a swipe at the All Progressives Congress, APC, over its claims that members of the party were mastermind of last week’s attacks on President Goodluck Jonathan’s campaign convoys in Katsina and Bauchi states. In a statement, yesterday, the Director, Media and Publicity, Chief Femi- Fani Kayode, said he was shocked that the National Publicity

Secretary of APC, Alhaji Lai Mohammed, could come up with such allegation, describing the allegation as ridiculous. He added that the lies of the APC were unbelievable. He said the PDP Presidential Campaign Organisation rejects Lai Mohammed’s absurd allegation. He warned APC Presidential candidate, General Muhammadu Buhari, and the opposition party to get prepared for grave and far-reaching consequences, if anything untoward happened to President Jonathan during the campaigns.

“Others are the return of the railways and massive investment in road infrastructure and communication as well as growing the economy to become the largest in Africa and the third fasted growing in the world, all point to the superiority of the manifesto of the PDP and its ability to deliver good governance despite daunting challenges."

Vanguard, MONDAY, JANUARY 26, 2015—15

Mixed reactions trail call for polls postponement as FG clarifies Dasuki’s call Charles Kumolu, Johnbosco Agbakwuru, Chris Ochayi and Caleb Ayansina

ORE MIXED reactions have trailed suggestions for the postponement of the February polls. That nonetheless, administration officials are insisting that the call by the National Security Adviser, Col. Sambo Dasuki (ret) was an innocuous call to allow the election management body to prepare better for the crucial polls. Details of Dasuki’s call fully came to light, weekend, as security sources sought to portray the call as an innocent call based on the delay in the distribution of the Permanent Voter Cards, PVCs. Dasuki had in a question and answer session during his lecture to the Chatham House in London, made the call following a question arising from the complaint by Sultan Siad Abubakar that he had not been able to collect his PVC. According to the excerpts provided by security sources, Dasuki had said: “I raised the issue with the INEC chairman and he said that ‘what happened in the case of the Sultan, everybody in his polling unit, their fingerprints were not taken and they have to re-register them.’ Apparently, the Sultan isn’t happy that he hasn’t received his card, that as it, is taking too long. “The law provides for elections to be conducted not more than 90 days before and not less than 30 days to the end of an administration. February 14 is closer to the 90 days before the end of the tenure. We raised it with INEC, we said, 'look there is a problem. If you had a year plus and all we have been able to do is distribute, I think, about 50 per cent of the cards... We still have about 30 million cards to distribute according to them (INEC). 'Look at the possibility of shifting this thing and doing it when everybody has a card, because it doesn’t cost you anything. It’s still within the law and it is safer for all of us.' So that is what we are encouraging.” Among those who raised strong objections to the call were Mr. Dele Alake, Director, Strategic Communications of the All Progressives Congress, APC, the Conference of Nigerian Political Parties, CNPP, erstwhile Lagos State commissioner for Police, Alhaji Abubakar Tsav. The call was, however, strongly backed by the Non-Governmental body, Love Your Country Initiative. Tsav in an interview with Vanguard affirmed that the call was politically motivated and insisted that APC candidate, General Muhammadu Buhari would win even if postponed by one year.

He described the call as the sign of panic in the camp of the PDP, saying the party was afraid of losing the election. “INEC has prepared itself and even the electorate. The understanding of the suggestion of the National Security Adviser, seems as if he was speaking the mind of his master. Maybe the extension of the election by three months would enable them to convince people to vote for Jonathan or perfect their rigging machinery. I don’t think it is advisable to postpone the election,” Tsav said. Continuing, he said: “Let us do the exercise and get over it because there is tension in the country already." Questioning the rationale for the call, Mr. Alake in a statement on behalf of the APC, said: “In the first place, it is difficult

to understand when and how the NSA became the official spokesman and adviser of INEC. This is particularly so as President Goodluck Jonathan has always claimed as one of his administration’s achievements the autonomy granted INEC to conduct free, fair and credible polls without external interference. By his own admission, Colonel Dasuki said he had mooted to INEC the desirability of postponing the elections. “This action by Dasuki amounts to a crass interference with the functions of INEC, that is both illegal and immoral. To the best of our knowledge, INEC has not said that it is not ready to conduct the elections as scheduled." In its own strong rejection, the Conference of Nigerian Political Parties, CNPP, in a statement issued through its spokesman,

Osita Okechukwu said it was an attempt to scuttle the momentum against the ruling PDP. “The NSA should tell the world what happened to the billions budgeted for defence in the past three years under his watch, since he has turned the Office of National Security Adviser, ONSA, into procurement agency, of the Ministry of Defence." The Chairman of Love Your Country Initiative, Eze Maxwell Kanu, said the extension became necessary, because over 20 million were yet to get their PVCs. “It is a common knowledge that about 25 per cent of Nigerians are yet to collect their PVCs. This in itself would make the election not credible as we want the result of the election to be accepted by all Nigerians. We request that the election be shifted to March 2015,” he said.

Anambra's achieved 71% PVCs collection, says REC By Vincent Ujumadu & Fancis Igata

WKA — THE Resident Electoral Commissioner, REC, in Anambra State, Mr. Edwin Nwatarali, has said the state has achieved 71 per cent level of Permanent Voters Cards, PVCs, collection. Addressing reporters in Awka, Nwatarali said following the low level collection rate, he embarked on tour of INEC offices in the 21 local government areas where he interacted with the stakeholders, noting that with improved public enlightenment, the people had seen the need to collect their cards. “I can happily tell you that the tour had started yielding results and going by the data available to me, the percentage of collected PVCs in Anambra has risen to 71 per cent, as against 55 per cent when I assumed office."

…APC demands removal of Enugu REC INSTALLATION: Colonel Victor Leslie (centre), his wife, Colonel Rose-Marie (left), and Commissioner Williams Cochrane, International Secretary to the Chief of the Staff, Salvation Army Nigeria Territory, during the installation of Colonel Victor Leslie as the Territorial Commander, Salvation Army Nigeria Territory, and Colonel Rose-Marie, Territorial President of Women's Ministries, Salvation Army Nigeria Territory, respectively, by Commissioner Cochrane, in Lagos, yesterday.

I'll create 1m jobs in S-East, exploiting coal for power generation, export—Buhari By Francis Igata

NUGU — PRESIDENTIAL Candidate of All Progressives Congress, APC, General Muhammadu Buhari (ret), weekend, promised to create no fewer than one million jobs for youths in the South-East by revamping huge coal deposits in Enugu for generation of electricity and export. Buhari made the promise at Enugu West APC zonal rally, in Orie, Awgu Market, Awgu Local Government Area of the state. The presidential hopeful, who was represented by the state Chairman of APC Presidential Campaign Council, Mr. Osita Okechukwu, explained that the coal would be revamped with the objective of generating electricity to serve the entire South-East, to

boost the economy of the zone. Buhari assured that he would award the contract immediately he was sworn-in, saying: “We are banking on huge coal deposits located at Amasiodo, Inyi and Leje axis of Enugu Coal belt. "We are going to award contract for mining and construction of coal-fired-power-plant unlike Peoples Democratic Party, PDP, that since 1999 promised to revamp the coal fields and 16 years after, nothing has been done. "We believe that coal is the most abundant fossil fuel in Enugu State and Enugu Coal is one of the most qualitative brands in the world, which means that while some are used to generate electricity, some will be exported.” The former Head of State said his objective was to create one million jobs directly and indirectly, from the coal project, as ancillary projects would follow. “My idea is to emulate the Taichung Coal-Fired-Power-Plant in Taiwan, the largest coal power station in the world. Coal supplies 46 per cent electricity in the United States and over 60 per cent

electricity in China. It is callous to abandon such golden treasure,” he said. He lamented that, "for 16 years, every election Igbo voted for PDP and yet, the coal belt remains untapped, hence there is no commensurate reward.

N ANOTHER development, All Progressives Congress, APC, Enugu State chapter, yesterday, called on the Chairman of Independent National Electoral Commission, INEC, Professor Attahiru Jega, to urgently redeploy the new Resident Electoral Commissioner, REC, Professor Chukwuemeka Onukaogu, posted to the state. While fielding questions from newsmen during a media forum organised by the Correspondent Chapel, the state Chairman of APC,Mr. Ben Nwoye, said: “The technology deployed by INEC for accreditation is a recipe for rigging. If the technology fails, the elections will be postponed.

16 — Vanguard, MONDAY, JANUARY 26, 2015

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Vanguard, MONDAY, JANUARY 26, 2015— —17

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18 — Vanguard, MONDAY, JANUARY 26, 2015 THERE are no easy answers to how the coming elections would be free and fair. The experiments the Independent National Electoral Commission, INEC, has been conducting since the 2011 elections are continuing. Issues are assuming complications that should not be round major elections within weeks of their conduct. Will voters get their permanent voters’ cards, PVCs, before the elections? The question would be answered after the new deadline for their collections. Would INEC’s card readers, another major innovation in 2015, work? Would rigging be impossible or just more difficult? How would INEC gain the public’s confidence about its impartiality? INEC maintains that “every vote would count, every vote would be counted, and every vote would be taken into account”, but what do these promises mean? INEC intends to fulfil the promises with the use of the PVC and card reader. “No-PVC-andcard-reader no-voting”, INEC, says. With the system for maintaining the credibility of the elections fire-proof, as INEC insists, why are PVCs still stolen? Why are politicians, the supposed

Rigging – PVC, Card Reader TTo oR escue? Rescue? beneficiaries of the thefts, investing in unprofitable ventures? INEC should not be content with its position that the elections cannot be rigged. It should pay attention to the interest of politicians in acquiring PVCs meant for others. Mike Igini, INEC Resident Electoral Commissioner in Edo State compares PVCs without card readers to used recharge cards. Among the multi-level security details of the card reader is that they are configured to specific polling booths, and cannot be used in another polling booth. The new system would be the game changer in the 2015 elections only if it works. Scepticism is high because the system has

not been used. INEC is notorious for attributing its lapses to endless experiments on improving the electoral processes? Will the 2015 elections be another experiment? Who would understand INEC’s excuses? All parties in the elections should spend next two weeks in ensuring that the elections are conducted with adequate certainties about their fairness. INEC should know that the tone of the campaigns already suggests that the contenders would not accept INEC’s inadequacies. Their positions would be understandable. INEC has since 2011 been preaching about the investments it has made in ensuring free and fair elections. The PVC and card reader are at the apogee of the electronic architecture for free and fair elections. No matter how perfect they are, human beings will operate them. Suppose the technology fails? What options are available to INEC? Has INEC discussed the options and their implications with the contenders? INEC should know that the elections are too contentious to be mirred in INEC’s excuses. The time for excuses has run out. Does INEC know?

OPINION Nigeria: Time for more international community attention and action

By Johnnie Carson

ITH less than a month to go before its national elections, Nigeria is awash with serious problems which are not likely to go away soon. Africa’s largest and most important country is going through an extraordinarily difficult and dangerous period that could over the next two months see the already high level of violence spike even further and spread to other parts of the country. Nigeria is facing three major challenges: cascading insecurity in the northeast; contentious national elections in midFebruary; and growing economic pressures due to the precipitous drop in global oil prices. These issues are generating renewed uncertainty about the country’s long term stability. Given Nigeria’s regional political and economic importance, the international community needs to a raise Nigeria on the global priority list and actively engage and assist the country in trying to navigate the turbulent period that lies ahead. Insecurity on the Rise: Boko Haram, the Islamic religious sect that has terrorized northern Nigeria for the past five years, has recently stepped up its operations in the north eastern part of the country. In 2014, Boko Haram killed over 11,000 people, carried out a high profile kidnapping 276 C M Y K

school girls, assassinated dozens of government officials and attacked numerous military bases. Several recent attacks demonstrate Boko Haram’s strength, capacity and changing tactics. On December 29, Boko Haram captured a Nigerian military base in the far northeastern corner of the country, killing dozens of soldiers and civilians and capturing more arms and munitions. The base was intended to garrison a multinational force with troops from Niger, Cameroon and Chad. On January 3, 2015, militants stormed the town of Baga, destroying homes, shops and leaving over 500 people dead. During this same period the group carried out several high profile suicide bombings, deploying for the first time young girls to carry out the attacks. Boko Haram is not going away any time soon. Taking a tactic out of the playbook of Iraq’s Islamic State (ISIS), Boko Haram has set up a caliphate in Borno state, where it controls an estimated forty percent of the

Boko Haram is not going away any time soon

territory. The government’s efforts to turn back the onslaught have proven ineffective, and the level of violence has risen and spread further across the north every year since Mohammed Yusuf, Boko Haram’s founder, was killed in 2009. Nigeria’s once strong military has sustained repeated defeats at the hands of Boko Haram and is suffering from low morale, a shortage of arms and poor senior leadership. The current situation is unlikely to change and the level of violence will almost certainly intensify as Nigeria’s elections draw closer. Presidential Elections Will Increase Tensions: Nigeria is scheduled to hold presidential and legislative elections on February 14, 2015. The country ’s presidential contest, between President Goodluck Jonathan and opposition leader Muhammadu Buhari, will increase political tensions across Nigeria and contribute to further unrest in the northeast. Although President Jonathan appeared to have a strong edge at the start of the campaign, the elections is now expected to be very close and hotly contested. President Jonathan, a southerner and devout Christian, believes he can win reelection and appears determined to do so. The President has the power of incumbency on his side as well as substantial financial

resources. His party, the People’s Democratic Party, has the advantage of having the only national political party organization in the country. President Jonathan also stands to benefit from the unrest in the north. His critics say the conflict in the northeast will reduce voter turnout for his opponent — Muhammadu Buhari, a northern Muslim politician. There are also concerns that Jonathan will use the country’s security forces to help turn the election in his favor. In late November, Nigerian security forces illegally prevented members of the national assembly from entering their chambers. Buhari, who is running for the fourth time, believes he has finally positioned himself to win. Unlike recent previous presidential contests, there are only two candidates on the ballot, and a once divided and fractious opposition has closed ranks behind Buhari. Many of the leading northern politicians are supporting him, including his two most prominent political rivals — Kanu Governor Rabiu Kwankwaso and former vice president Atiku Abubakar. To the surprise of many, Buhari has also gained some traction in the southern part of the country, where he has long been viewed with great suspicion. His selection of Yemi Osibajo, a widely respected lawyer from Lagos, as his vice presidential running mate appears to have gone over well. To be concluded

Vanguard, MONDAY, JANUARY 26, 2015— —19

Nigeria and the JP Morgan emerging Market Index By Bashir Hassan

T is a piece of good news that the Central Bank of Nigeria (CBN) will engage with JPMorgan to ensure that Nigerian bonds remain on its Emerging Markets bond index (GBI –EM) as a result of the recent negative watch placed on them by the New York-based global financial services firm. The move will certainly boost investors’ confidence on the Federal Government bonds. Godwin Emefiele, Nigeria’s Central Bank Governor, told the press recently that the apex bank will be engaging with JP Morgan team to provide them with the numbers on FX liquidity, which is the bone of contention in the placing of the Nigeria bond on negative watch list in the first place by the global investment bank. With the ongoing sliding of the value of naira against the dollar due to falling price of oil, Nigeria’s mono-product economy needs to urgently diversify its bases for the funding of its infrastructural and other economic development projects. And one area that the country has turned to in recent years is the international capital market (ICM). In 2014 Nigeria received the prestigious 2013 Best Sovereign Bond in Africa Award. It was bestowed on Nigeria by the Emerging Market, Europe, Middle East and Africa (EMEA) wing of the Citigroup. The award was a recognition of the bold steps taken by the Debt Management Office (DMO) in

2013, when it offered two Eurobonds in tenors of 5 and 10 years, each for USD500 million, which were four times oversubscribed at the time -- a pointer to the confidence investors have on the Nigeria’s economy. Nigeria has come a long way in the management of its debt portfolios through the Debt Management Office (DMO). And one of the most innovative steps was the listing of Nigeria’s bond, on the J.P. Morgan Emerging Market index in 2013. Nigeria and South African are the only two African countries on the index.

Price shocks Recent price shocks at the global oil market have affected FX liquidity in the country. Daily,trading volumes for the naira have dropped just $20 million to $30 million in January, compared with about $300 million to $500 million six months ago. The Nigerian economy will be the worse for this trend, because importing goods into Nigeria would be expensive, while exports would be cheap, thereby creating room for round tripping of the foreign exchange. In an effort to stem unhealthy speculation, in which banks resort to round tripping at the FX market, the CBN came up with two fiscal policies announced through two recent circular notices, which were, for all intent

ByBamidele Olayinka

ECENTLY, the Ekiti State Governor, Ayodele Fayose placed an advert on the front page of the Punch newspaper suggesting that the presidential candidate of the All Progressives Congress, APC, Muhammadu Buhari, will die in office if elected president. The advert, which has the pictures of, Murtala Muhammed, Sani Abacha, and Umaru Yar’Adua – past Nigerian leaders who died in office was accompanied by excerpt from the Bible book of Deuteronomy 30 verse 19. “Nigerians be warned! Nigeria…I have set before thee Life and death. Therefore, choose life that both thee, and thy seed may live,” it said, suggesting that General Buhari represents death, while his rival, President Goodluck Jonathan represents life. The advert put a huge question mark over the picture of General Buhari, which was placed beside the pictures of the late leaders. The advert then asked its readers: “Will you allow history to repeat itself? Enough of State burials.” With the advert, it is crystal clear that Fayose and his cohorts are not only desperate, they are playing God by equating themselves with God by professing death for somebody on account of age and election. Fayose’ divisive action is enough of plunging the country into political cum ethnic crisis, especially at this critical period that 2015 polls are gathering momentum. If not, why was the advert placed on a day that President Jonathan was in Sokoto State for campaign rally. It may not be out of place that the move was part of the Peoples Democratic Party (PDP) strategy to see if the C M Y K

and purposes, aimed at protecting the naira. These are the Foreign Exchange Trading Position of Banks at the close of each Business Day and the Utilization of Funds Purchased From the interbank Foreign Exchange Market. As a result of these rules, the FX market temporarily stopped trading on a two-way quote basis, which led to an incoherent price discovery process, with the exchange rates hovering all over the place and making it very difficult for banks to fulfil large client orders. Noting the negative effects of the two fiscal policies, CBN quickly modified them on January 16th through another circular. The new circular revised the Daily Foreign Currency Trading positions from Zero

And one of the most innovative steps was the listing of Nigeria’s bond, on the J.P. Morgan Emerging Market index in 2013. Nigeria and South African are the only two African countries on the index

percent to 0.1 percent of shareholders’ funds unimpaired by losses and increased the timeline for utilization of funds to 72 hours. The utilization deadline was moved from the date of purchase to the value date. The modification effectively removes all barriers to trading Forwards, Swaps and other derivative products. Sounding reassuring, the CBN Governor said: “We are committed to remaining on the index and know the adverse impact exclusion from the index will have on the country.” Nigeria accounts for 1.8 percent of the $287 billion linked to the GBI – EM. The implication of removal of Nigeria from the index is that it would force funds traders to sell Nigerian bonds from their portfolios, potentially resulting in significant capital outflows. This, in turn, would raise borrowing costs for country. However, many analysts believe JP Morgan will not take such a step given the size of our economy and potential for future capital rising (?) in the debt and equity markets. Although the move by JP Morgan is to protect the interests of international investors some financial analysts see it as a bit hasty if one considers the fact that Nigeria took the recent FX measures in order to protect the fledgling Naira. Looking back at the distance Nigeria has travelled in managing the country’s debt profile, all efforts by the Federal Government should be directed at ensuring the consolidation of

Fayose and Buhari's death wish forthcoming polls would be scuttled or because one cannot learn using left hand in postponed as result of induced violence or old age. In PDP and the Presidency are many provocation on the North. But the North and the APC’s reaction to it characters like Fayose who believe they have shown that they are more sagacious know better than Nigerians, but politically than President Jonathan and his unfortunately for them Nigerians know them PDP cohorts. Fayose and the PDP have well as accidental and opportunistic leaders. forgotten that there is no correlation One of the presidential aides has recently declared that it is better for between age and death the country to disintegrate, because sickness and death instead of APC winning the knows no age or tribe. Even if presidential election. Those the likes of Sani Abacha, behind the retinue of Murtala Mohammed, and For people advertorials for President Umaru Yar Adua died in office Jonathan’s re-election in as presidents of the country at like Fayose print and electronic media different times, why would are greatest beneficiaries of Fayose single out deceased and other subsidy, aviation and power former presidents of the supporters of sector scams. They have used country from the North in the the money to form different advert? Have Fayose and the Jonathan’s support groups for President PDP forgotten that General Jonathan re-election. Two of JTU Aguiyi Ironsi from Abia re-election, them that symbolized fraud State like Murtala the issue at and corruption before Muhammed was killed while Jonathan’s government were in office as Head of State? As stake now is from Southeast zone. They stated by the Buhari not about lack character and integrity, Campaign Organisation, is it but these are the President’s true that PDP or its agents are age or death, friends who are driving his planning to kill Buhari if he it is about campaign with the country’s wins the election? looted fund. These are people Just like Fayose, every leadership, being celebrated in the Nigerian has antecedents, and Presidency today where we know ourselves well. It is antecedents, corruption, sycophancy and often said that leopard can mediocrity are being adored, never change her colour and performance celebrated, and encouraged. pig will ever remain dirty no and the With this calibre of people matter how many times you hobnobbing with President bath it. Claiming change of future of the Jonathan, Nigerians are not character in old age is a fuss, country surprise about Fayose’s

the achievements of the DMO. It is public knowledge that, prior to the establishment of the DMO in 2000, public debt management was bedevilled by many issues, such as inadequate debt data recording system and poor information flow across agencies; complicated and inefficient debt service arrangements, which led to penalties that added to the debt stock, and lack of consistent welldefined borrowing policies and public debt management strategies. Today, the DMO has continued with market-based funding of Government’s financing needs which began in 2003, and has marked a turning point in domestic debt market transformation. This has involved initiatives such as tenor elongation and establishment of sovereign yield curves of 3 months to 20 years, thereby creating a market for long-term funds; streamlining and restructuring of the different types of outstanding debt instruments; and, regular issuances of Bonds, and development of active secondary market for FGN Bonds. The DMO also worked to establish a viable competitive presence in the ICM through its debut offer of USD500 million 10year 6.75 percent Sovereign Eurobond issued in January, 2011, which was closely followed by the successful issuance of a USD 1 billion dual-tranche bond offering, on July 2, 2013, of USD 500 million 5-year Bond and USD 500 million 10-year Bond at Coupons of 5.125% and 6.375% p.a., respectively. •Mr. Hassan , an economist, wrote from Abuja.

action. In the days ahead, many more of such provocative, incisive and divisive adverts, actions or comments will emanate from the president’s camp, because they have no useful message to give Nigerians. Fayose’s advert has also shown that those who claimed to be working for President Jonathan’s re-election are indirectly working against it, by doing more damage to his image. Again by the advert content, Fayose has agreed and concurred that Buhari will win the election, but he will die in office like Abacha, Muhammed and Yar Adua. What a daft and preposterous thinking by those who call themselves leaders. It could be recalled that some of the President’s cohorts have been comparing him with great world leaders like late Dr. Nelson Mandela, US president Barack Obama and others without showing how. It means that they do not know that psychologically personality is unique. That is why there is nothing like identical twins. So there is no obvious correlation between Jonathan’s personality and these great world leaders. For people like Fayose and other supporters of Jonathan’s reelection, the issue at stake now is not about age or death, it is about leadership, antecedents, performance and the future of the country. Besides, God is the creator and controller of the universe and not a mere mortal. Politicians must draw a parallel line between God and politics of hatred, because of its consequences. According to 1 John 2:11 “But anyone who hates a brother or sister is in the darkness and walks around in the darkness. They do not know where they are going, because the darkness has blinded them.” •Mr. Olayinka, a cleric , wrote from Lagos.

20—Vanguard, MONDAY, JANUARY 26, 2015

LECTORAL violence has been an ugly face of our political culture. It comes before, during and after most elections. The only election that went without the slightest stirrings of electoral violence was the annulled 1993 presidential election won by the late Chief Moshood Abiola. That of 2011, which was highly acclaimed by local and international observers, would also have been violence-free but for the organised killing of many youth corps members who helped the Independent National Electoral Commission (INEC) to carry out the assignment in parts of the north. Unfortunately, long before the current campaign season, many political actors, especially those in the camp of the opposition All Progressives Congress (APC) were stoking an atmosphere of apprehension. When supporters of General Muhammadu Buhari, the candidate of the Congress for Progressive Change (CPC) in the 2011 presidential election, paid him a visit on May 15th 2012, he wept openly and threatened that if the 2015 election was rigged, “dog and baboon will soak in blood”. Since the APC started its campaigns, it has been threatening to set up a “parallel government” if the 2015 elections are “ rigged”. Nigerian politicians never lose elections. They are usually “rigged” out. The INEC decided to bind the leadership of the contending political parties by bringing their leaders and presidential candidates together in Abuja on January 13th 2015 to sign a peace accord. It was conducted under the chairmanship of former Commonwealth Secretary General, Chief Emeka Anyaoku, with former Secretary General of the United Nations, Dr. Kofi Annan, being among the august international witnesses. The following day, pictures of the two major contenders, President Goodluck Jonathan and the presidential candidate of the APC, General Muhammadu Buhari, adorned the front pages of newspapers, embracing for the peaceful conduct of the elections. It is very gratifying to note that the two leaders have conducted themselves with great decorum. They have faced the substance of the electoral issues and desisted from making any inflammatory remarks beyond the usual, legitimate campaign jabs and sound bites. But the same cannot be said for the rank and file and some of their supporters who have lived up to the old habit of disrupting the peace. Both PDP and APC have been culpable almost in equal measure. PDP governors of Kaduna, Katsina and Ekiti states have made very virulent

Attac ks on GEJ must st op ttacks stop anti-opposition speeches. Governor Ramalan Yero of Kaduna and Shehu Shema of Katsina have been on record threatening fire and brimstone against the APC, whose supporters have been alleged to be behind the campaign of intimidation in the North against GEJ’s supporters. Governor Ayo Fayose sponsored adverts in some national dailies making what has now come to be seen as a “death wish” on General Buhari. APC campaign office has been reportedly bombed in Rivers State, while their supporters on the way to the Buhari flag-off campaign in Port Harcourt were also allegedly shot at. On the other hand, APC supporters have reportedly razed buses belonging to the President Jonathan campaign group in Jos while shouting: “we don’t want Jonathan”. The president has been personally attacked while on campaign visits to Katsina and Bauchi. In fact, a picture of the North being a no-go area

Jonathan has been attacked twice in the North, not by ordinary, peace-loving northerners but people sent to do so by disgruntled politicians. It is disgruntled political actors who at are behind every act of violence which has occurred in the country’s history

for the president over his alleged but unfounded “hatred” for the region had long been painted, with text messages flying and threatening to kill key supporters of the president in the north. The situation was so bad that fears were entertained for the safety of those trying to paste posters of the president or move around in his branded campaign vehicles. However, this orchestrated and artificially machinated atmosphere of hatred for President Jonathan was completely doused when he started his visits to parts of the North. When he was in Maiduguri recently to visit the soldiers, especially the injured ones, and see the internally-displaced persons in their camps, he was happily and cheeringly received by the ordinary Nigerian people who have no business with the politically-engineered campaign of calumny against the president. Everywhere he has gone in the north, nothing we saw on the television screens confirmed the lies and propaganda that the people of the North see him as their “enemy”. He has also spent much time to explain his stewardship in the past four years, which suggests that in terms of projects and appointments, the North has been the lion’s share beneficiary of the Jonathan administration. General Buhari, on the hand, has also had a very smooth and successful campaign tour of the southern parts of the country. From Port Harcourt to Uyo, from Calabar to Owerri, from Owerri to Lagos and Abeokuta, Buhari and the APC presidential campaign train have been well received. Many were pleasantly surprised to see a large turnout of Bayelsa people when Buhari berthed there. In fact, in Aba, the heartland of Jonathan’s South East support base, Buhari was even conferred with a chieftaincy title by the traditional ruler of Eziama Aba, Isaac Ikonne. That is as it should be.

Nigerians, let us bear in mind that every Nigerian has the constitutional right to campaign in any part of the country. Any person who tries to stop or intimidate, harass or threaten any candidate in any part of the country is an enemy of Nigeria’s unity. If you attack a presidential candidate in your part of the country, you are inviting revenge attack on your candidate in another part of the country where has his supporters. Jonathan has been attacked twice in the North, not by ordinary,peace-loving northerners but people sent to do so by disgruntled politicians. It is disgruntled political actors who at are behind every act of violence which has occurred in the country’s history. The shame of Nigeria is that when these enemies of the country carry out their unpatriotic acts, nobody is caught and brought to book. We have no confirmation that those who shot and bombed APC supporters and offices in Rivers have been arrested. Same thing has been the case in the North where Jonathan has been personally attacked and his campaign bus burnt. The lawenforcement agents sit on their palms and embolden the perpetrators to do more. If nothing happens when the president is attacked, then, who is safe? It is not in the interest of anybody to attack any politician campaigning for votes. It is not even wise. Whether we like it or not, Nigerians are going to elect either President Goodluck Jonathan or General Muhammadu Buhari on February 14th 2015. Attacking any of them will not help anybody’s political quest. It may only create more sympathy for the person and therefore more votes. On the other hand, it may trigger unpleasant consequences when the shoe is on the other foot. If you attack a presidential candidate and he becomes president, you risk being put in the dog house for the next four years. Attacking a political candidate is a foolish and barbaric thing to do. The only sane, civilised, lawful and effective way of dealing with a political candidate you do not like is to boycott his campaign rallies and cast your ballot against him. Those artificially-engineered attacks on President Jonathan must stop. On the other hand, the threat by Mujahid Asari Dokubo to “retaliate” when next Buhari visits in the South-South must be totally discountenanced. It is not in the character or culture of the people of the South to attack or kill their visitors. We are not at war. We are looking for the next person to lead us for four years. Let us abide by the Peace Accord, vote for a party and candidate of our choice and accept the final verdict of the Nigerian people.

OPINION By Victor Ariole

FREEZING cold makes oxygen hard for the nose to inhale, and a scorching heat does not even allow the nose to inhale the available oxygen; in both ways human beings are at risk. They need oil, fuel, for both heating and cooling processes so as to survive. No nation can horde it to itself;even the Saudi Princes are coming to terms with that. Most of them in their public utterances, knowing very well that they have been leveraged by the West to create alternative balancing development or wealth acquisition matrix, say that oil price must never go high again and Lagarde, IMF boss, confirms it: cheaper oil increases consumers’ purchasing power and private demand in oilimporting countries (…) it provides positive contribution to global growth. The fact is that if there is no oxygen there will be no human being; if there is no heating the waters or the oceans or even the photosynthesis process to make oxygen available, there will be no human being. These are archetypic processes revealed to man by nature. If you find yourself in a gas chamber devoid of oxygen or in a “dark room” where negatives are produced, you will understand why USA and its “any number of G—G5, G7, G8 or even 20”— acknowledge the fact that beyond the archetypic providence, any earthly leader—here, even Nigeria as the leader of an earthly region, West Africa, if not Africa—must factor into its thinking and budgeting process a human sustainability variable. Hence the need, henceforth, to understand that oil pricing, OPEP or not, is not exclusively the right of a group, and it tends ironically to be determined by world C M Y K

Oil pricing and human sustainability powers in any number of “G” they decide to group themselves. The swing, for now, is to help USA to rebuild and, thereafter, European Union before other fringes of the ‘Gs’ like Japan and others, upon which the “damnés” of the earth could take some “fringes of oxygen”; French says: “bouffé d’oxygène”. Reasonability in our decision making processes, both by the executive and legislature on oil pricing or benchmark pricing for determination of budgeting process, should observe some degree of abstraction. Tax benefits for multinational producers or investors in oil business should be abolished. We must Nigeria’s fiscal policy should aim entirely on tax from them make it an based on any reasonable production level capacity of abstract such company. It is appalling assumption to be hearing that our budgeting process is based on and give a oil production. We must make it an abstract assumption and target for tax give a target for tax income, like income, like the the customs are given target. Apart from the Region of customs are Alberta that complains about low oil income earning, given target Canada lives by oil earning but

it does not complain whether low or high earning as the matrix of development in Canada favours private companies when it is low and favours government when it is high. In, all, there is a sustainable balance. Listen to some utterances that should create a re-think in the Nigerian decision making process. To produce about 90,000 trailer load of salt—stocked, awaiting for snow fall so as to tackle road clearance in Montreal alone—think of the fuel burnt to sustain production. For every human injury caused by the inability of the municipality to clear snow for smooth movement of people, heavy amount is paid to the injured. Think of other things—value chain—created by the usage of fuel. Jack Ewing et. al. state in International New York Times that: The Federal Reserve which had a balance sheet about the same size as European Central Bank in 2012, has since increased its holdings to $4 trillion from $3 trillion; that the plunge in world oil prices will provide some stimulus for USA, being priced in dollars, and will be partly offset by weaker euro; that lower oil prices act as stimulus to consumers, which is good because consumer spending makes 70% of USA GDP. Note, clearly, here, that shale drilling and fracking of oil and gas are mere strategic operations helping great banks and Federal Reserve to re-position and recover from the effects of 2008 downturn. It is a lesson you learn when you attend MBA corporate planning class of strategists like Z.W. Abiola. *Dr. Ariole, is professor of French and Francophone African Studies.

JANUARY 26, 2015 By FRANKLIN ALLI

PERATORS in the rice and palm oil sectors of the economy have cried out that their investments and the Transformation Agenda of the Federal Government on palm revitalisation in the Agricultural sector are being threatened by imports allocation and duty waivers granted to some companies in the sectors. Financial Vanguard learnt that millers in the rice sector are lamenting allocation of higher import duty quotas to new investors whom they alleged have neither paddy farms nor factories for milling. In the same vein, companies under the umbrella of National Palm Produce Association of Nigeria (NPPAN); Vegetable and Edible Oil Producers Association of Nigeria (VEOPAN), Vegetable & Edible Oil Sector of Manufacturers Association of Nigeria (MAN) and Plantation Owners Forum of Nigeria (POFON) are also unhappy over the grant of 75 per cent duty waiver to importers of crude palm oil especially operators at the Lekki Free Trade Zone in Lagos. Investigation revealed that the likes of PZ Wilmar, makers of Devon and Mamador brands of vegetable oil, Presco Oil Palm Plc; Okomu Oil Palm Plc, etc., have invested billions of naira in the palm oil sector and are now jittery over the fate of their investments in the face of unfair competition from imported brands. *Rice Facts obtained from stakeholders in the rice sector showed that in a bid to promote self-sufficiency in local rice production and milling, the Federal Government initiated a new rice policy. President Goodluck Jonathan approved the backward integration policy on rice in May last year and the implementation started in December 2014. The policy specifies preferential levy of 20 per cent and duty of 10 per cent for existing millers and new investors in rice milling and a higher levy of 60 per cent and a duty of 10 per cent for other rice importers. Consequently, an inter-ministerial committee was appointed to determine the national supply gap and the

Duty waivers threaten local production appropriate volume of import quotas of the two categories needed to close the gap. Also, a methodology of allocating quotas, which assigned weight to key criteria of self-sufficiency in rice production and milling in Nigeria, was developed by the Ministry of Agriculture in collaboration with the rice stakeholders and rice experts as supply gap of import grade was determined to be 1.5 million metric tonnes for 2014.

Subsequently, a letter was sent by the Ministry of Agriculture and Rural Development (the project coordinator) to existing rice millers and new investors, to submit their Domestic Rice Production Plan (DRPP) and based on their submissions, a total of 1.3 million metric tonnes of rice import quotas was issued to 28 qualifying companies at the preferential levy of 20 per cent and a duty of 10 per cent. The remainder of 0.2 million metric tonnes of rice imports will be at the higher levy of

60 per cent and duty of 10 per cent for other rice importers. FV further gathered that to the disappointment of the existing rice millers, new investors were the ones who got the highest quota allocations to import, while millers did not receive allocations and in some instances, received very low allocation. Similarly, the list of beneficiaries of the preferential import quotas

Continues on page 22

AWARD - From left: Hon. Aminu Waziri Tambuwal, Speaker of the House of Representatives; Barr. (Dr.) Taiwo Afolabi, Honorary Consul-General of the Republic Of Djibouti in Nigeria; Director, Sifax Group, Chief Mrs Folashade Afolabi and others, during The Sun's 12th annual award, held at Eko Hotel, Victoria Island Lagos. C M Y K

22 — Vanguard, MONDAY, JANUARY 26, 2015

Cover Story

Vocation and Technical Education – A key to improving Nigeria’s development. Part 4

CEREMONY - From left: Mrs. Ipek Guler, Sales Director, Mia Organizasyon Restorasyon Yayincitik Ltd., Mr. Joseph Ebata, CEO, Bervidson Group, Nigeria, and Mr. Suat Soysal, CEO, Mia Organizasyon Restorasyon Yayincitik Ltd at a global Memorandum of Understanding (MoU) signing ceremony of Bervidson International Limited with a leading Turkish training and consultancy company and convener of Retail days (Conference) in Turkey.

Duty waivers threaten local production Continues from page 21 showed that of the 28 beneficiaries, only 16 companies have mills, while the remaining 12 have no mills and account for higher imports than millers. Mr. Tunji Owoeye, President, Rice Investors Group and also President of Rice Millers and Distributors Association of Nigeria, RiMIDAN, implored stakeholders who feel displeased not to mar the policy with internal squabbles since the policy is still in its early stage. He said: “Considered on the surface, the government could be faulted but on close review, it is certain government wants to recruit and expand the investors’ base and was not whimsical. “To a large extent, government gave allocations to encourage big investors who are putting down substantial amounts of money. There is nowhere on earth that major investors are not wooed and that is what the government has done but I can tell anyone who cares to listen that government also took adequate precautions in case of anyone defaulting. “The critical thing is protecting local investors to the point they can reasonably stand on their feet." According to him, "the government developed the new rice policy based on C M Y K

what is produced presently against the shortfalls which were factored to further encourage local investors against those whose core interest is importing and selling locally without the mind of contributing to the national dream of selfsufficiency. I believe the market is big enough for all genuine investors in the rice market so that there is no point dissipating energy on frivolities and wild allegations.” *Palm oil In the sphere of palm oil, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, had during a tour of

The critical thing is protecting local investors to the point they can reasonably stand on their feet

PZ Wilmer oil palm plantation, disclosed: "This country is losing N20 billion by the 75 per cent waiver given to people who import palm oil into Nigeria. We will work very hard to stop that because we need our revenue in our coffers.” President of the NPPAN, Engr. Henry Olatujoye, alleged that since the Lekki FTZ has been established, no meaningful exports have taken place there. “What they do mainly is to import thousands of tonnes of Crude Palm Oil (CPO) into the Zone en route to Nigeria Customs Area which is against the policy establishing the Zone,” he said. Olatujoye said that the industrial users of CPO in Nigeria have come to realise that it was very important to develop their own plantation to sustain their demand for CPO. “That is why PZ Willmar is developing about 30,000Ha, Presco - 16,000Ha, Okomu - 12500Ha, Slabmark - 4000Ha. Ten thousand hectares represent 10 km by 10 km in area. You can see that operators in the industry in Nigeria are spending huge fund to develop plantations. Therefore, any policy that will negate this investment should be Continues on page 23

he focus is on the roles of technology and vocational education in enhancing entrepreneurial skills that will equip students for entrepreneurship education in Information and Communication Technology (ICT.) driven technological environment. The world has become globalized and the future prosperity depends on comparative advantage. This comparative advantage hinges on people and their technical or technological sophistication. Towards this, some crucial entrepreneurial and technical skills needed by the students in colleges of education (technical), polytechnics and universities to meet the trends in a global economy is analyzed. Technology education is to be considered as the key agent of technology development, either as a way of developing human capacity, increasing the shield work force for modernization, industrialization, environmental development or as a matter of personnel freedom, developing capability and empowerment. Technology education is increasingly recognized to be central to both the origins of technological development and challenges and to the prospects for successfully dealing with them (Alam, 2009). Decision makers at all levels, need timely, reliable access to knowledge generated by technology and technical education to introduce rational policies that reflect a better global understanding of complex technical, economic, social, cultural and article issues concerning the society, and our environment. Technical decision making and priority setting is an integral part of overall development planning and formation of technology development strategies. Above all, technology education is a human right and, as such, should receive priority in the allocation of national resources. It has become very necessary not to only keep technology education bound to the role of manufacturing skilled manpower but also to economic development and global economy. In Nigeria, technology education was previously not seen as fundamental for national development, or for the economic development, but for the school dropouts, and other social and political development within the nation and for individuals. Hallak (1990) argues that technology education is also linked to human resources development and that this has an impact on more than just economic growth, but also an impact on the wider development of individuals and societies. According to him, it contributes to: (a). Individual creativity, improved participation in the economic, social and cultural roles in society. (b). Improved understanding of an individual and heir respect for others, thus promoting social cohesion and material understanding (c) Improvement in health and nutrition. (d). Improved chances of economic development. (e). Improved technological development. (f). Socio-cultural change. (g). Democracy and equality (h). Ecological development/quality of life (increasing people’s awareness of their environments). From our analysis so far, it is clear that modernization and economic development, depends on investment and appreciation of modern trends in technology education. According to Woodhall (1997) investment in technological education and training produces benefits for the individual and for society as whole. The roles of technical and vocational education in enhancing entrepreneurial skills using information and communication technology is very important in training for self-employment, self-reliance and skills acquisition now that government cannot employ every graduate. This could be achieved through the development of entrepreneurial skills in technology and vocational education through information and communication technology. Technology and vocational education programme of our tertiary institutions should be directed to focus on enhancing the training for entrepreneurship in ICT so as to be functional in today’s world of work and the global economy.

Vanguard, MONDAY, JANUARY 26, 2015 — 23

HE Federal G o v e r n m e n t directive last week Monday to slash fuel prices is a sobre and welcome development which Nigerians should all applaud. The projected direct effect of this development is immediate reduction in the cost of public transport fares, transportation of goods and reduced production costs of goods and services. This ultimately should lead to reduction in prices of basic commodities, and increased buying power for the citizenry. The Federal Government gave as reason for the action the falling oil price which has seen crude oil price drop from $110 to around $47 last week. The government in taking the action did not explain how it reached the N87 price mark. The drop in price is a form of relief. The drop will be a loss to fuel importers who on regular basis claim subsidy. There is, therefore, no more subsidy on petrol price in Nigeria today. If at the current price there is no subsidy, this is a good opportunity for the Federal Government to deregulate the downstream sector of the oil industry in Nigeria completely. Unfortunately, for the next few months, Nigeria’s political elite will be too tied up with presidential, state and local elections scheduled for February 2015 to focus on governance. The campaigns ahead of the elections are not addressing broad issues such as the state of the economy but it is on who will eventually take control of the country’s political economy. At the end of the 2015 election, if nothing is done to deregulate the oil sector, Nigerians will return to the annual bickering of fuel subsidy removal. Fuel price

adjustment in Nigeria has a long history that every government had at one time or the other increased the domestic price of fuel. Nigerians will recall that President Ibrahim Babangida moved the price of petrol from 15 kobo to 70 kobo in his eight years of governance. But by far, the greatest leap of oil price in Nigeria was introduced by Chief Ernest Shonekan, an interim Head of State who took the price from 70kobo to N5.00 within the 82 days of his rule. Late General Sani Abacha moved price of petrol from N5 to N11 within his five years in office while General Abdulsalami Abubakar increased the price of petrol from N11 to N20 within the 10 months he ruled Nigeria. President Olusegun Obasanjo under democratic regime raised the price of fuel from N20 to N70 within eight years he spent in office. However, late Umaru Yar ’Adua reduced the price from N70 to N65 as a result of falling oil prices and was in the process of deregulating the downstream sector before he died, but President Jonathan

To those who believe that government should intervene in the everyday running of the economy, it is bad to deregulate

Deregulate petrol price now, or never increased the price from N65 to N141 per litre. Negotiations between the Presidency and the Organised Labour led to the bringing down of the price from N141 to N97 per litre after eight days of strike and street protests. Under every democratic administration, the ugly incidence of petrol scarcity surfaces and price adjustment has to be made. The question is: must Nigeria continue down this road? Why can’t Nigerian leaders do the right thing for once? To those who believe that the government should intervene in the everyday running of the economy, it is bad to deregulate, but to those who believe that the government should just govern and let the economic resources ‘go to where they are needed most’, it is very good. In economic theory and practice, the economy of any nation thrives when there is efficient allocation of scarce resources. In Nigeria, deregulation of the petroleum sector is a problem because a lot of multinational businessmen with vested interests in the oil and gas industry are doing everything they can to stop the

deregulation. They want the government to continue with its inefficient allocation of resources to the subsidy of petroleum products. It is in the best interest of every Nigerian, including generations yet unborn, to welcome deregulation, otherwise Nigerians will never understand why prices fall in other places and it does not fall in the Nigerian market. Before the deregulation of the communication sector, there was only NITEL. Other players were allowed into the industry and the sector became more organised. Nigerians should wonder what would have happened if there was only Nigeria Airways operating in the country. Based on the usual nature of deregulation, the price of such commodity may be very high initially; PMS may rise higher per litre in the short run but there is nothing stopping it from dropping lower per litre in the long run when the sector strengthens and refineries are restructured as players try to improve market share through competitive strategies. Generally, under a free enterprise national economic system of management, the forces of supply and demand

are allowed to determine the general and specific prices of goods and services. In countries where the allocation of national economic resources is centrally planned and directed, governments play a more active role in the allocation of resources and the general determination of the prices of certain goods and services. Nowadays, many countries are completely free enterprise economies. Few, if any, are 100 per cent planned economies either. There is no doubt that free market forces generally allocate resources more efficiently than in a centrally planned and directed system. Ironically in theory, there is preference for the free enterprise system of management of the national economy in Nigeria. But in practice, there is a lot of meddling in the allocation of economic resources. There are lots of bureaucracies and regulations, including those relating to the subsidisation of the prices of petroleum products in the country. Policy implementation is a big problem. Corruption is the bane in general governance and administration of social services. Nigeria should deregulate petrol price now that there is no subsidy or never.

Cover Continues from page 22 seen as anti-Nigeria and should be crushed immediately. All sponsors of this act should be exposed and dealt with,” he said. Also, the Managing Director, Okomu Oil Palm Plc, Dr. Graham Hefer, said that the 75 per cent waiver should be withdrawn immediately as it is inimical to the future development of the oil palm sector and open to abuse. “As we see happening now, the 75 per cent waiver is detrimental to the development of Nigeria as a whole since the government will be losing revenue estimated at N20 billion. For the Managing Director of Araromi Ayesan Oil Palm Plc, Mr. Babatunde Kuku, the granting of 75 per cent waiver

Duty waivers threaten local production on duty payment to some companies in the vegetable oil sector creates undulating playing ground for manufacturers in the industry while industries enjoying the waiver pay only 8.75 per cent while others pay 35 per cent. “This is unfair and capable of destroying the investments of the companies that are not favoured. Government should reverse the waivers or in the alternative, bring duty down to 8.75 per cent,” Kuku said. According to Santosh Pillei, Managing Director, PZ-Wilmar, the company’s $650 million Joint Venture project under a robust backward integration programme, alone, would be saving Nigeria up to $300 million yearly in foreign exchange, and drastically reduce

the current huge crude palm oil (CPO) importation. NACCIMA, LCCI react Based on the foregoing, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), called on the government to check the ECOWAS Common External Tariff, CET, document and revise the tariff on finished palm oil products to be in line with other products whose tariff are clearly stated. Alhaji Mohammed Badaru Abubakar, National President of NACCIMA, said: “The implication of not indicating the duty payable for this product implies zero duty, consequently

if this omission is allowed to stand, it would lead to flooding of the market with these products through our neighbouring countries of Ivory Coast, Ghana, Cotonou and Togo where we are all aware they are mostly dumped, thereby killing the market for locally produced palm oil products.” Import duty waivers create unfair competition - LCCI Earlier, Muda Yusuf, Director-General of Lagos Chamber of Commerce and Industry, noted that one of the major challenges faced in the Nigerian economy is the arbitrariness and impunity that

characterizes the management of economic policies. Import duty waiver is one of such abuses. He said that LCCI is of the view that waivers are detrimental to the economy in a number of ways: It creates a condition of unfair competition, giving one economic player an edge over others; it leads to huge revenue loss to government. Even the Customs high command has severally lamented the adverse impact of waivers on revenue. It results in the perpetuation of a rent economy and it weakens the moral authority of the political leadership to curb corruption since waivers is a variant of corruption.

C M Y K

24 — Vanguard, MONDAY, JANUARY 26, 2015

Business & Economy

Uber empowers partner drivers, creates 15,000 more jobs

ber, the innovative app that connects riders with drivers, has enabled the economic empowerment of drivers, passenger safety and service of transport, transforming the way users think about their transportation options in South Africa. Uber has already created over 2,000 jobs across the country since launching in late 2013. Uber ’s lead generation software facilitates a powerful entrepreneurship opportunity. Every month, Uber empowers hundreds of entrepreneurs to become small business owners in South Africa. This contributes significantly to the 50,000+ global entrepreneurs who are empowered monthly on the Uber platform. Existing transport operators and drivers are also partnering with Uber as a means of growing their business and bringing in the consumer, partner and transparency-related benefits.

Food processing sector can replace Oil in Nigeria

hief Duro Kuteyi, Chief Executive Officer, Spectra Foods Ltd said in Lagos that the food processing business can replace oil in Nigeria. Kuteyi, who is also the South-West Chairman of the Nigerian Association of Small Scale Industrialists (NASSI), said this in an interview with the News Agency of Nigeria (NAN). He urged the Federal Government to monitor the activities of the development banks and the research institutes, in order to appraise the extent of the government’s efforts in supporting local food processors. “Food processing in Nigeria is a viable business but there were too many challenges plaguing the subsector from lack of funds, market share, and also electricity supply. “With adequate government support, we believe that the number of food processors in the country would have been doubled by the end of this year. The increase in the volume of the middle-class is causing the tastes and eating styles of Nigerians to change into a more convenient way of eating and they are also becoming more healthconscious. C M Y K

FG to begin piping of products to ease Apapa traffic BY GODWIN ORITSE

ederal Government has said that it will commence piping of petroleum products from the Lagos port to major depots across the country as part of efforts to decongest the perennial traffic situation in the port city of Apapa in Lagos. Speaking to Vanguard, Senior Special Assistant to President Goodluck Jonathan on Maritime matters, Mr Leke Oyewole said that the piping of products from Atlas Cove is a done deal, the government has concluded and working out the modalities. Oyewole who was reacting to the unabated traffic situation in and around Apapa Port area, said that up to the Mile 2 end of the Apapa-Oshodi Expressway, the damaged parts of the pipelines are presently undergoing repairs. He explained that from Atlas Cove, the pipelines linking Ejigbo, Mosimi and Ilorin depots belonging to the Nigerian National Petroleum Corporation, (NNPC), will be restored before the end of the current administration. He further disclosed that the entire port industry is also being integrated with a view to reducing the number of people that come to the port to take delivery of their cargoes. “We are attacking the issue of Apapa traffic from various ends. “Firstly, we are automating the processes and procedures at the Nigerian Ports Authority, we are integrating the entire port system. “You can do all your business online without coming to the port and we have also connected rail lines to the port for easy evacuation of products out of the ports. “We are also encouraging the establishment of Inland Container Depots across the country so that people can transport their cargoes by waters,” he added. He also said that tanker train wagons were being deployed to the port to assist in the evacuation of petroleum products. On why the road is taking so long to fix,Oywole said that the Federal Ministry of Works was actually in charge of the road saying that “I cannot speak for the ministry or the contractor.”

He blamed the contractor for not starting from the Apapa Port end of the road as against the Oshodi end of the road. He said: “I am aware that the Ministry of Works catalogued some demands for the construction of the road; what I cannot say is if the demands have been met. It will be recalled that both the Lagos and Federal governments have tried to find lasting solution to the problem of Apapa road but all to no avail. At a point, the Coordinating Minister of the Economy and Minister of Finance, Dr. (Mrs) Ngozi Okonjo-Iweala personally visited the port and solicited the support of

I t was agreed that tankers will not come to the port area until they are called to load products

both residents and operators to come up with solution that could resolve the traffic problem in Apapa. Besides, Prof. Sylvester

Monye, chairman of the Presidential Monitoring Committee on the Port industry has had several meetings with various stakeholders on how best to solve the Apapa traffic problem. At the last meeting Monye held with petroleum tanker drivers, it was agreed that tankers will not come to the port area until they are called to load products but the said agreement has failed as these tanker drivers spend days, sometimes weeks on ApapaOshodi Expressway waiting to load. They have turned the gutters to their toilet, a development that may lead to an epidemic outbreak if the excesses of these drivers are not checked.

COMMISSIONING - From left: Marketing Communicator, Mantrac Nigeria Limited, Chinenye Okoli; Chairman, Association of Local Governments of Nigeria, Oyo State Unit, Hon. Yekeen Popoola; Acting General Manager, Construction Machines, Alex Nwoko and; Lead Sales Executive, Adetutu Mesele at the commissioning of 66 units of Mantrac construction equipment supplied to Oyo State Government in conjunction with Lugarth International in Ibadan.

Electricity metre manufacturers urge DISCOs to source pre-paid metres locally

wo indigenous prepaid meter manufacturers have appealed to the Federal Government to prevail on Electricity Distribution Companies (DISCOs) to promote locally manufactured pre-paid meters. They made the appeal in Lagos against the backdrop of approval of funds for the procurement of one million electricity meters by the Federal Government. Minister of Power, Mr Chinedu Nebo, announced the approval of the procurement of the meters on January 15. Mr Kola Balogun, Chairman, MEMCOL Meter Manufacturing Company, Lagos, said the meters should be purchased locally in the spirit of the local content initiative. Balogun said that there was no need for

government or the distribution companies to engage in importation of meters into the country. He added that locally produced meters were of standard for the Power sector. “Government needs to encourage local meter manufacturers and stop the importation of meters. There is no reason why government or the companies will go outside the shores of the country to get a product that is readily available locally,” Balogun said. Mrs Mojisola Abdul, Chairman, MOJEC International Ltd, Lagos, decried the poor patronage of locally-made electricity meters by government agencies. According to Abdul, the revolution in telecommunications can be sustained in Nigeria through the promotion of this sector.

“The story of poor patronage is still the same in meter manufacturing where foreign firms are better patronised and recognised by electricity companies. I can confidently say that we (the local manufacturers of meters) can meet the country’s supply needs if patronised,” she said. Abdul said that employment opportunities would triple if local manufacturers get more support from governments at all levels. She said the local content policy of the government would not succeed if home-made innovations were not adequately utilised. She added that Nigeria’s Power sector reforms would be meaningless if more considerations were not given to local manufacturers of electricity equipment.

Vanguard, MONDAY, JANUARY 26, 2015 — 25

Business & Economy

frican Development Bank (AfDB) and MasterCard have announced a broad collaboration that aims to expand financial inclusion across the African continent. The collaboration seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services. MasterCard brings proven expertise to design and scale inclusive financial services solutions and infrastructure. The AfDB actively promotes sustainable economic growth and poverty reduction in Africa. Together they will work

AfDB, MasterCard broaden financial inclusion in Africa with African governments and local private sector companies to develop and deliver affordable services that meet the needs of a wide consumer base, especially the traditionally unbanked. Specifically, the collaboration will seek to: * Build cohesive African financial systems that drive inclusion at a country level

and enable service delivery to traditionally excluded populations; * Invest in a curated set of innovative financial services companies and solutions targeted at addressing barriers that hinder financial inclusion; and * Share knowledge across academic, policy and commercial sectors to create

thought leadership on financial inclusion and economic development. Donald Kaberuka, President of the AfDB, commented: “Despite the phenomenal economic growth in Africa, this has not translated into shared prosperity and better livelihoods for the majority. Growth has to be inclusive to be socially and politically

sustainable. One key component of inclusive development is financial inclusion, an area in which Africa has been lagging behind other continents. Broadening access to financial services will mobilise greater household savings, marshal capital for investment, expand the class of entrepreneurs, and enable more people to invest in themselves and their families.” Ajay Banga, President and CEO at MasterCard, said: “Less than one adult out of four in Africa has access to an account at a formal financial institution. While many of our industry partners have been active in this space, we believe that through our payments expertise, and the AfDB’s 50 years of experience in financing Africa’s economic transformation, we can achieve scaled impact and lasting transformation. This can only be accomplished when the public and private sectors combine resources and act together.”

Oil price slump: Firms might lay off workers —Expert

irector, Advisory, Oil and Gas, Price Water House Ltd. Mr Ritch Wingo said oil companies may lay off workers due to the drop in oil price in the global market. Wingo said this on the sidelines of the Offshore West Africa Conference in Lagos that falling oil price had adversely affected the sector. “Right now, a lot of companies are trying to lay off workers due to falling oil price. It is going to be pretty rough in a couple of months to come. The best thing to do now is to go back to the banks to talk on how to restructure our finances so that people will not default. If oil price continues to fall, investors are not going to invest again,” he said. Wingo said the present pump price of petroleum, though good, was not sufficient. “If you look at the United States of America, a gallon of petroleum is sold for just 4 dollars (N740) because there is a regulatory body regulating the price.

26 — Vanguard, MONDAY, JANUARY 26, 2015

Banking & Finance

PCI DSS recertifies FirstBank F

irstBank has achieved the recertification of the Payment Card Industry Data Security Standard (PCI DSS) in 2014, having been one of the first top-tier banks in Nigeria to obtain the certification in 2013. The certification is renewable annually as demanded by the standard and regulators following a rigorous audit of the Bank’s payment card security processes environment. The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure companies that process, store or transmit credit/debit card information, maintain a secure environment thereby guaranteeing the protection of cardholder data throughout the transaction process. The standard also facilitates the broad adoption of consistent data security measures globally. The Bank met the six different security pillars required to achieve the PCIDSS compliance which led to the award of a level 1 PCI certificate and the subsequent re-award after extensive audit by a leading Qualified Security Assessor (QSA), ControlCase, from the United States of America, in partnership with its local partners Digital Encode, an information security management firm. The level 1 PCI certification is the highest rank available from the major credit card providers (Visa, MasterCard, American Express, Discover and JCB) and this is only given to third-party providers who meet the Council’s stringent - and audited – credit/debit card transaction security protocols to protect customers’ personal transaction data. The award of this certificate is a strong indicator that FirstBank consistently has its customers’ interest at the core of its business operations, is committed to securing customer information as well as maintaining a safe and secure environment for customer transactions. The Bank would continue to drive initiatives that stimulate innovation in banking as part of its promise to always put customers at the heart of its business. According to the GMD/ CEO, First Bank of Nigeria Ltd, Mr. Bisi Onasanya, the Bank will strive to continually maintain leading best practice and secure customers’ information despite the challenges posed by rapid changes in technology and the operating environment.

Stories by BABAJIDE KOMOLAFE

he Central Bank of Nigeria (CBN) has introduced measures to curb the rising incidence of international overseas card fraud against Nigerians. The measures were announced by Mr. Dipo Fatokun, Director, Banking and Payments Department, CBN, in a circular titled, Nigerian issued card present fraud in non-EMV environments. EMV environments refer to countries with electronic payment cards based on the magnetic stripe (magstripe) technology. Non-EMV environments like Nigeria refers to countries with electronic payment card based on the chip and PIN technology. CBN stated that, “The occurrence of Card Present Fraud in Non-EMV environments is on the increase, especially when International hybrid cards issued by Nigerian banks are used in non-EMV environments like the USA. It has therefore become necessary for the Bank to issue the following directives: All DMBs should do the following: “Collate all their card frauds abroad and send to CBN not later than January 30, 2015. Subsequently, all data on card fraud occurring abroad should be rendered on the NIBSS fraud portal; Implement Anti-fraud

CEREMONY - From left: Mr. Lanre Adesanya, ED South, Sterling Bank and Mr Emmanuel Emefienim, Regional Business Executive, South-south 2, Sterling Bank welcoming His Excellency, Governor Seriake Dickson of Bayelsa State to the official opening ceremony of the new Yenagoa III branch at the weekend

CBN introduces measures to curtail international card frauds solution on their cards management system, not later than January 30, 2015. Ensure that from February 01, 2015, only customers that expressly indicated their intension of travelling to nonEMV jurisdictions would have their cards default to the

magnetic stripe and for the period indicated by the cardholder only. To this end, banks should ensure that their customers are adequately educated. Carry out regular awareness campaign to cardholders on tips to avoid fraud in non-

EMV environment. Ensure strict compliance on PCIDSS and their vendors/partners involved in card processing activities. . All the DMBs will be liable to make refund on the card fraud abroad except (items ii to v) are fully complied with.”

NDIC grants further reduction in insurance premium for banks T

he Nigeria Deposit Insurance Corporation (NDIC) has further reduced the deposit insurance premium rate to all Deposit Money Banks (DMBs) in Nigeria as part of efforts toward contributing to financial system stability and promoting public confidence in the banking industry. This premium reduction was initiated to consolidate on the gains achieved by the Corporation’s migration from Flat Rate Premium System (FRPS) to Differential Premium Assessment System (DPAS). The DPAS approach takes into consideration the risk each bank poses to the system and encourages banks to adopt sound risk management practices. The Managing Director/ Chief Executive, NDIC, Alh. Umaru Ibrahim disclosed

this during the last Financial Correspondents Association of Nigeria (FICAN) Workshop held in December 2014 in Katsina State. Alh. Ibrahim also said that the Board of the Corporation had

The Board had reduced the insurance premium basis rate from the existing 40 to 35 basis points effective from January this year

granted further relief to the DMBs at its last meeting held in September 2014; adding that the Board had reduced the insurance premium basis rate from the existing 40 to 35 basis points and the new premium rate would take effect from January this year. According to him, the insurance premium rebates were part of the NDIC major contributions toward improving the intermediation role and other banking related activities of the DMBs. The NDIC Chief Executive pointed out that Principle 11 of the Core Principles for Effective Deposit Insurance System requires Deposit Insurance Agencies (DIAs) to set aside adequate funds to ensure depositors’ prompt reimbursement in the event of any bank failure. He also opined that the Corporation would from

2015 set new coverage levels for the DMBs in view of their relatively large volumes of deposits. It would be recalled that the Corporation began the insurance premium rebate since the commencement of DPAS in 2008 but the import began in 2010 sequel to the Board’s decision to contribute to the Financial Stability Fund that was spearheaded by the Central Bank of Nigeria (CBN). The Corporation had supported the fund through the reduction of premium base rate from 50 to 40 basis points to reduce the premium burden on the DMBs. By 2012, 2013 and 2014, the Corporation had granted a total rebate of N53 billion, N63.6 billion and N75.98 billion respectively; thus a cumulative rebate sum of N192.6 billion to the DMBs.

Vanguard, MONDAY, JANUARY 26, 2015 — 27

Banking & Finance By EDIRI EJOH

he Director of P e t r o l e u m Resources (DPR), Mr. George Osahon has said that the banking sector is not capable of financing exploration in the oil and gas industry. According to him, the banks have very low capital base to finance exploration in the country. Speaking at the 19 th Offshore West Africa Conference, held in Lagos, Osahon, who was represented by the Assistant Director, DPR, Wole Akinyosoye, stated that the recapitalisation scheme was a brilliant idea in the banking industry but still does not match the financing of the exploration and production, E&P project. He said, “Recapitalisation is very important but when you are talking about recapitalisation of the banks, it can only apply to some extent breakthrough to production activities. Our banks have very low capital base to carry out exploration financing. “In terms of financing E&P

Banks’ capitalisation inadequate to finance oil and gas industry activities, the country ’s banking sector liquidity is very low, especially when you are talking about exploration. There are three stages of development after discovery and the banks are not able to carry industries along. They don’t have the muscle that is required for them to fill the gap in the industry.” On local content, he noted that, Indigenous companies have advanced a little bit forward. “The IOCs are divesting and most of the companies that are buying these blocs are Independent companies. Specifically, he noted that the country has had some success stories to tell in the developing of oil and gas industry. In his words “Over the years we have been able to come up with crops of competent and technical set of Nigerians to run the fields which was not so before now. “The recapitalisation of

banks has also contributed immensely to ensuring these successes in the industry, as well as helped reduced a lot of banks and provided more confidence and better abilities for the banking sector. “Perhaps without recapitalisation, local

companies would have found it difficult to show the same zeal in acquisition of assets recently by some operating companies. “20 years ago, it was difficult for the banks to partner with the industry because they don’t understand the industry and

finance is very key to the activities of independent and also marginal fields,” he said. He also said that the indigenous industries are contributing immensely in the production sector.

Remita: Systemspecs offers SMEs free integration to e-collection platform By BABAJIDE KOMOLAFE

ystempec Limited has offered to integrate SMEs with its Remita electronic collection (ecollections) platform at zero charge. John Obaro, Managing Director, Systemspec Limited disclosed this at a press conference on the e-collection services on its Remita electronic payment

platform. Obaro said that electronic collections make it easy for organisations and individuals to collect money for goods and services from anyone. He said, “Every organisation has the challenge of collection. People pay them for one reason or the other, whether payment for goods and services or receiving donations. The Remita ecollection platform makes it

easy for people to collect money from anyone”. The platform, he said, allows users to send electronic invoice to anybody that wants to pay them for services, adding that the invoice contains a reference number, which the payee can use to pay either through ATM, mobile payment, any of the bank branches across the country or through the Remita platform.

28 — Vanguard, MONDAY, JANUARY 26, 2015

Corporate Finance

CSR: Fidelity Bank renovates Victoria Island Police station

n line with its mandate of giving back to the society, Fidelity Bank Plc has renovated the perimeter fence of Victoria Island police station. Speaking at the commissioning, Mr. IK Mbagwu, ED, Lagos & South West, Fidelity Bank, who represented the Managing Director/CEO, Mr. Nnamdi Okonkwo, said the project is part of the bank’s effort to improve the lives of people that reside in communities where it operates, adding that one of its cardinal principles is to involve itself in the communities where it operates. He pointed out that that Fidelity Bank had in the past engaged in similar projects in various other places, listing some of them to include, renovation and equipment of boys correction center in Oregun, Lagos State, renovation of Daniel Akintade school in Abeokuta, Ogun State, provision of motorized borehole in Jos, Plateau State, renovation of the state orphanage in Birnin Kebbi, provision of full eye surgery equipment in Ondo State, and provision of relief materials to inmates of PortHarcourt prison in Rivers State among others. “As a bank, we believe that being socially responsible is the most effective way to bring about change in any society. We take pride in all these humble accomplishments, especially in entrenching the culture of good and responsible citizenship. We will like to take this opportunity to ask people to join us in this type of accomplishment because in any society you live in, it is important you make a contribution,” he said. In his response, the Commissioner of Police, Lagos State Command, Mr. C.K Aderanti, commended the bank for the kind gesture, saying that it is noteworthy that not all corporate citizens demonstrate the same spirit of supporting others. According to him, the project being commissioned speaks volume of what Fidelity Bank stands for, saying that it is a demonstration of the fact that banks are not just money making agents.

We have robust rules to protect retail investors — ONYEMA By NKIRUKA NNOROM

wo weeks ago, the Chief Executive Officer of the Nigerian Stock Exchange, NSE, Oscar Onyema briefed journalists on the achievement of the Exchange in the out-gone year and some of the strategies the management has put in place to ensure a robust market in 2015. NKIRUKA NNOROM was there and captured it for Vanguard. How successful has the market making programme been? Market making programme recorded modest result in 2014. We will provide you with detailed analysis on that in terms of participation rate and the liquidity they were able to inject into the market. We expect that there should be able to do more, especially if we are able to get appropriate financing arrangement and securities lending becomes fully operational. What is the contribution of other floors of the Nigeria Stock Exchange, NSE, to the volume of trading recorded? The other floors outside of Lagos floor contributed only two percent to the trading volume. Considering that we have 14 floors, the amount of trading that is occurring on the other floors has not been quite impressive and most of that two percent is actually from Abuja. So, we will make changes to optimize the use of the other branches. Having postponed the deadline for compliance to the minimum operating standard by stockbroking firms, can you give us the new timeline set by the Exchange? Just to be very clear, we did not postpone the deadline for meeting our minimum standard; it was the SEC that moved the deadline for recapitalization to September. We did not move our minimum standard, so it still remains the end of 2014. What we released was an implementation timeline. So, as you know, we are expecting that dealing members will begin to turn in their financial statements and their reports to the Exchange by the end of March. So, we cannot go on until we receive those reports and then we will then schedule an inspection visit. We will go and inspect them to be sure

Oscar Onyema that they actually have what they claimed. And then, when we’ve completed our inspections, that is when we will begin to talk about remedial actions and enforcement and all of that will take us till December 2015. That does not mean t h a t

Because of the structure of the way pricing happens in the Nigerian market, NSE cannot just make unilateral decision on even our own fees

somebody that has not meet the standard should then relax, the timeline remains. Will the NSE claim that it protects investors with the level of delisting going on. Also, post delisting, is there is anything the NSE is doing to ensure that retail investors are protected. In the life of any exchange around the world, the reality is that you are going to have listings and delistings on annual basis. Companies will list for various reasons, but you will also have delistings either those that do not meet your standard any more or those that have committed regulatory breaches or those that voluntarily want to delist because it is not in their business interest anymore to continue to remain listed. We did not put it as something on our list of to dos because

we believe that we have robust rules around the protection of retail investors around listings and delisting and we intend to continue to enforce it. The items we put on the list are new initiatives we are working on or we will start working this year, but all of them are things we intend to deliver this year. How much awareness programme is the Exchange considering to increase participation of domestic retail investors considering the Road Shows it is embarking on to other countries? In my speech, I did say that we will focus on increasing local domestic investment and outreach to local investors. We have fine tuned a plan and it is going to be very targeted. So, you will not see necessarily having

big events in the name of targeting domestic investors. It is going to be targeted and it is gong to be really focused on having very significant impact. Yes, we will be hosting an event in Zurich, Switzerland on January 19th, and it is part of event we agreed with the Nigerian ambassador in Switzerland to host on our way to Davos for the World Economic Forum. So, we will be talking to Nigerians in diaspora people that actually requested that we talk to them on opportunities that exist in the Nigerian capital market. So, we will go there and make case for them to invest some of their money in Nigerian capital market. As you know, Nigerians in diaspora account for the biggest inbound remittances into the country and there is no way we will not get a portion of that into the capital market. What does the Revised Fee structure you spoke about mean and does it entail reduction in fees? It is not necessarily going to be a reduction in fees. I should explained that one of the things we delivered in 2014 was the transaction cost analysis, which we worked with the Securities and Exchange Commission, SEC, Central Securities Clearing System, CSCS, and broker dealer community to provide using an external consultant. The analysis showed certain things; first one is that our pricing is not competitive compared to other similar markets, to markets in emerging markets or those of developed markets. For both implicit and explicit cost of trading, we also looked at the listing fees things like. You should know that because of the structure of the way pricing happens in the Nigerian market, the NSE cannot just make unilateral decision on even our own fees because our fees account for the 10 percent of the cost of daily trade. So, if you want to get impact, then you have to engage everybody that is involved in daily trade, so that we can first of all optimize the fee structure to encourage liquidity in the system, to encourage people to put more money in the market and to encourage tighter spreads in the bid aspect. So, those are the kind of changes we want to make in fee structure that will facilitate a higher quality market. If in the process of doing that we cut fees, that is all well and good.

Vanguard, MONDAY, JANUARY 26, 2015 — 29

Corporate Finance BY PETER EGWUATU

s the NASD Over the C o u n t e r, OTC Market activity continues to rise, about 15 participating institutions in the market have accounted for 93.8 per cent of the trade done in the year 2014 Of the 86 participating institutions, 37 had traded on the NASD OTC market by the end of 2014. The top 5 traders accounted for 62.9 per cent of total market activity. The market analysis shows that Stanbic Ibtc Stockbrokers Limited recorded N 956.50 million, representing 19.9 per cent of market activity, followed by Nigerian International Securities Limited with N783.50 million, and representing 16.3 per cent of market activity. It was followed by BGL Securities Limited valued at N471.10 million, representing 9.8 per cent of market activity. Others are Magnartis Finance & Investment Limited worth N 445.10 million, representing 9.3 per cent ; Valmon Securities Limited N364.40 million, representing 7.6 per cent; Wstc Financial Services Limited N 250.90 million, representing 5.2 per cent; Resort Securities & Trust Limited N 232.40 million, representing 4.8%; Cordros Capital Limited N 177.00 million , representing 3.7%; Arthur Steven Asset Management Limited N173.10 million, representing 3.6 per cent, Capital Bancorp Plc N164.60 million, representing 3.4 per cent ; Anchoria Investment & Securities Limited N 114.90 million, representing 2.4 per

OTC MARKET:

Stanbic IBTC, BGL, 14 others account for 93.6% of trade

CONVENTION - From left: Mr. Suleiman Mahmud, Development Research and Project Centre, Mr. Sule Rano, Jigawa State Ministry Education, Dr. Macjohn Nwaobiala Permanent Secretary, Federal Ministry of Education and Mrs. Kunbi Wuraola Junior Achievement Nigeria, at the maiden edition of PSIPSE Nigeria Convening

We understand that some of the Institutions are still developing trade competence for the OTC market cent; Reward Investments & Services Limited N 105.90 million, representing 2.2 per cent ; Core Trust & Investment Limited N85.60 , representing 1.8 per cent; Chapel Hill Denham Securities N 83.80 million, representing 1.7 per cent; and Trusthouse Investments

Limited N 83.50 million, representing 1.7 per cent. The Chief Executive Officer, NASD Plc, Mr. Bola Ajomale, who briefed newsmen on the market performance in 2014 said “We understand that some of the Institutions are still developing trade competence for the OTC

Capital market operators task govt to fund infrastructure via capital market Nigeria’s economic By PETER EGWUATU

he Chartered Institute of Stockbrokers, CIS has charged government in the various tiers to use the Nigerian capital market to fix infrastructural deficit in the country. The President of CIS, Mr. Albert Okumagba said “All over the world, the capital market drives the entire economy as it provides a platform for government at all tiers to access medium and long term fund to execute developmental projects. In a similar vein, companies also utilize the market to beef up capital base and expand generally while individuals take advantage of the market to do capital formation.”

Investor Community should not panic, says Oduoza

He stressed that the Nigerian capital market is grossly underutilized relative to its absorptive capacity. According to him “The government, companies and individuals are not using the capital market to meet long term funding requirements while the back-seat approach of the capital market operators has not helped matters. However, the time has come for total review of some of the government’s policies that are at variance with the development of the capital market in order to promote an enhanced use of the market to finance the huge infrastructural deficit which has become the bane of

development. We believe that the effective and efficient utilization of the capital market facilities would enable the Federal Government to finance the 2015 budget despite its frightening infrastructural deficit.” Commenting on the interest regime in the country, Okumagba said “ The interest rate is a veritable tool in national development. In addition to aiding economic development as a whole, it also sends signals about the expected dynamics of the capital market. A high interest rate discourages long term investment and lowers demand generally; whereas a low interest rate regime stimulates demand and helps with capital formation for long term investment.”

market.” Commenting on the value added and achievements of the OTC market, he said “ The market has granted shareholders easy access to trading and depository statement; allowed shareholders the opportunity to use their Unlisted shares as collateral for loans; provided access to pretrading information via CSCS website and fine tuned the electronic account opening process .” While commenting on way forward in 2015, he said “ We expect the introduction of new product lines: We started the market with equity, we anticipate growth in the equities market and we also anticipate the introduction of other asset classes for trading on our platform. We also expect increased interactive sessions with market participants: We are going to build more relationship with all the participants in the market, including the shareholders of all unlisted companies; this will increase the level in the number of trades as well as demateralisation. We will promote awareness and extend knowledge to shareholders to ease their participation in the OTC market through their brokers. Also there are going to be road shows across Nigeria: Our focus this year is to showcase the opportunities of the NASD OTC market to shareholders, issuers and market operators in states within Nigeria where certain attractions exist.”

hillips Oduoza, Group Managing Director/ CEO, United Bank for Africa (UBA) Plc has urged investors in Nigeria not to panic over falling crude oil prices and exchange rate volatility as the country has enough reserves to support the local currency. Oduoza said this while speaking to CNBC Africa on the sidelines of the World Economic Forum (WEF) last week in Davos, Switzerland. “Investors do not have to panic. At $34 billion, Nigeria has enough external reserves to support the Naira. I do not see any significant devaluation of the currency happening” said Oduoza. He also explained that Nigeria faced similar challenges in 2008/2009 and the country learnt a lot from that experience, which will come in handy in managing the current currency challenges. “In my opinion, the Central Bank of Nigeria (CBN) is handling the challenges very well because they have come out with tools and instruments to stabilize the exchange rate and we are beginning to see some form of stability in the market” Oduoza explained that the foreign investor community do not need to panic since the country has no form of currency or capital restriction. He also dismissed any fears that there will be a rise in non-performing loans due to exposure of the banking industry to companies in the oil and gas sector. “The international oil companies are very versatile and have hedged their positions for a very long time. Most of them also have foreign currency receivables. So, what you are likely to see is an elongation of the tenure or restructuring of these loans rather defaults. So, you are unlikely to see any significant increase in nonperforming assets” explained Oduoza. Also speaking on UBA’s expansion plans across Africa, Oduoza explained that Angola and South Africa are in the expansion plans of the bank in the near future as the two countries are the only two key strategic markets on the continent yet to enjoy the UBA unique customer experience. “Right now, we are involved in the consolidation of operations in the 19 African countries where we have our footprints. Our expansion to South Africa and Angola, will come much later.” Oduoza said. C M Y K

30 — Vanguard, MONDAY, JANUARY 26, 2015

Homes & Housing

OPIC budgets N5.2bn on housing development

gun State Property and Investment Corporation (OPIC) has proposed the sum of N5.637 billion as its total expenditure for housing development in the state in 2015, with N5.2 billion committed to capital projects. Managing Director, OPIC, Jide Odusolu, said while defending the corporation’s budget before the State House of Assembly Committee on Finance and Appropriation, that out of the proposed sum, N437million would be expended on recurrent expenditure while N5.2 billion would be disbursed on capital projects. He noted that a sum of N217 million would be spent on personnel, and N220 million on overhead costs while the revenue target was put at N14.127 billion for the fiscal year. Odusolu assured that the agency was poised to undertake the development, construction and management of housing, both residential and industrial estates within the OPIC estates.

REDAN set to elect new EXCO

eal Estate D e v e l o p m e n t Association of Nigeria (REDAN) is set to hold election on February 10, 2015 to produce new executive council to pilot the affairs of the association till 2018. National President of REDAN, Chief Olabode Afolayan, who is stepping down after two terms as president, said the election will be conducted into the various positions from the six-geopolitical zones in the country. Sixteen vacant positions will be contested with one Ex-officio and two Ex-members. The other three members include: Charles Mfe NyorAjiva, Richard John Esin, and Kola-Daisi Arinola Morenike who were at the weekend inaugurated by Minister of Housing and Urban Development, Mrs. Akon Eyakenyi at the ministry’s headquarters in Abuja. The REDAN president hailed the reappointment of Gimba Ya’u Kumo as managing director of Federal Mortgage Bank of Nigeria (FMBN).

NHF monthly collections up by 250% to N2.4bn Stories by YINKA KOLAWOLE, with agency report

he National Housing Fund (NHF) collections from over four million subscribers nationwide has increased by about 250 percent to N2.4 billion monthly from N700 million. Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Yau Kumo, who disclosed this, attributed the increase to the automation of the bank’s operations and the introduction of e-collection platform processes. He said this shortly after the inauguration of the new executive management to steer the affairs of the bank for the next four years. The NHF scheme was established to facilitate the continuous flow of low-cost funds for long-term investment in housing, through 2.5 per cent monthly deductions from employees earning a basic salary of N3,000 or more annually, for the benefit of contributors to the fund. FMBN is statutorily charged with the collection and management of the fund. Ya’u Kumo declared that each of the four million contributors to the Fund can now monitor their contributions via the information technology (IT) platform to access and know what they have with the bank. “What we have also done is that once you achieve the 35 years in service or you have attained the age of 60, you can collect all your contributions with interest, that is, if you don’t have any mortgage with the bank,” he added.

A private residential housing estate According to him, the bank had restructured its corporate governance and risk management guidelines in line with international best

Contributors to the Fund can now monitor their contributions via the information technology platform

practice. He noted that this has led to its improved lending for estate development and mortgage financing for affordable home ownership across the country. In the quest to extend mortgage services to unbanked Nigerians, he said FMBN had launched the Informal Sector Housing Cooperative scheme to tap into the market segment comprising more than 70 percent of the country ’s working population. “FMBN has initiated a four million housing unit programme under a partnership struck with the TUC, NLC and NECA aimed at delivering affordable housing for Nigerian workers nationwide,” he noted. The FMBN boss also said that the bank has concluded plans to start granting house refurbishment loans to civil servants across the country. His words: “I’m happy to

announce that effectively, next week, we will start to roll out FMBN House Refurbishment Loan (HRL) for civil servants across the federation. Federal civil servants working in other parts of the country do not need to come to Abuja to access the loan. You can apply if you are in Ondo in your Ondo office, if you are in Gombe, you apply in your Gombe office, etc. “We realise that quite a number of civil servants that are contributing to the housing scheme have houses but they need to change either furniture or they need to upgrade the houses they are living in. So that was why we came up with this policy.” He hinted that for the civil servants in Abuja, the Federal Government Housing Loans Board will be given the project as the FMBN is already in working relationship with the board.

New York, world’s top real estate market

ew York City regained its top position among global commercial real estate buyers, unseating London and highlighting the appeal of U.S. properties in general, according to a survey of international investors released last week. More than 90 percent of respondents said they planned to maintain or increase the size of their U.S. portfolio in 2015, according to the survey conducted by the Association of Foreign Investors in Real Estate (AFIRE). AFIRE members have an estimated $2 trillion in real estate assets under management. The U.S. was voted the most stable and

secure country for investment, outdoing both second-place Germany and third-place United Kingdom. Foreign investors also chose the U.S. as the best place for capital appreciation, outperforming second-place Spain and thirdplace U.K. “As it periodically has been in the past, the United States is currently the target of much of the foreign investment in real estate globally,” said Thomas Arnold, Head of Americas-Real Estate Abu Dhabi Investment Authority and Chairman of AFIRE. “With a stable and transparent market and an economy that appears to be steadily

improving without the fits and starts experienced in other regions, the U.S. has become the first stop for foreign real estate investors.” London, San Francisco, Tokyo and Madrid make up

the top five cities globally. Last year Tokyo was in fifteenth place and Madrid ranked thirteenth. These cities replaced Houston and Los Angeles.

UK’s housing shortage hits first-time buyers

oung people are finding it difficult to get on the first rung of the housing market ladder in the UK due to a shortage of homes. A report by the Office for National Statistics (ONS) shows how the total number of houses built per year has fallen from around 250,000 in

1980 to between 150,000 to 200,000 in the 1990s, and less than 150,000 today. The fall in house building is due to decrease in both public and private house construction. “There has been growing demand and relatively limited supply growth.

Vanguard, MONDAY, JANUARY 26, 2015 — 31

Micro-Finance

Commmodity Index Jan 16 – Jan 22, 2015

High cost of doing business worries SMEs Stories by PROVIDENCE OBUH

research has shown that one of the challenges facing Small and Medium Enterprises (SMEs) in the country is hight cost of doing business The research conducted by the Association of Small and Medium Enterprises (ASME), states that high business costs amid manpower crunch is a top concern for SMEs. ASME revealed that 86.6 per cent of respondents in a survey, said manpower was the top contributing factor for higher business costs, while 57.1 per cent cited rental costs and 48.2 per cent cited the foreign worker charges. In addition, 84.6 per cent of respondents also predicted that their operational costs will increase in the next six months.

In its recommendation, ASME urged the government to develop a structured framework or curriculum that allows SMEs to work with higher education learning institutes in providing certification for students who have been employed by these companies for a certain duration. “Schools and Institutions should recognise these certificates, giving credits to students should they choose to further their studies. Students from universities and polytechnics should be encouraged to join the workforce for work experience and to advance their career path.”

TEP Centre holds convention, tackles girl child challenges

s part of efforts to improve innovation and practice in secondary education in Nigeria,The Education Partnership Centre (TEP Centre) and Results for Development Institute (R4D) held its first convening of stakeholders in the secondary education space under the auspices of the Partnership to Strengthen Innovation and Practice in Secondary Education (PSISPE), addressing the challenges of the girl child and marginalised youths. In her paper titled “Addressing the challenges facing access to quality secondary education for girls and marginalised youth” Keynote Speaker/Team Leader, Human Development at DfID Nigeria, Ms. Kemi Williams, said that the solution to removing barriers requires a comprehensive understanding of how these barriers interrelate and a holistic approach to addressing them. The Permanent Secretary of the Federal Ministry of Education, Dr. MacJohn Nwaobiala, emphasized that education is a c o l l e c t i v e r e s p o n s i b i l i t y. “Approaches which s t r e n g t h e n government and private sector collaboration can help improve the education system system,” he said. On her part, Dr. Modupe AdefesoOlateju, Managing

Director of TEP Centre, added that well-designed and strategic public-private partnerships can address challenges which affect access, quality and equity in the Nigerian education. However, PSIPSE is a funder collaborative that seeks to increase secondary education access and improve learning outcomes especially for girls and marginalized populations and aims to accelerate innovation in secondary education programming, research, and development in selected countries.

HSASS seeks govt intervention, marks 25th anniversary

ome Science Association Secondary School has called on the Federal Government to assist in achieving goal of good road in Alakuko community. Home Science Association is a body comprising of accomplished Women Home Economists who pull funds together with a vision to provide quality academic foundation for generations of Nigerians. Some of the plans mapped out for the celebration include: Road show rally; Student variety day; Luncheon at the school hall to be attended by Minister of Communication Technology, Mrs. Omobola Johnson, Minister of Culture, Tourism and National Orientation, Chief Edem Duke, Deputy Governor Lagos State, Mrs. Adejoke OrelopeAdefulire and Commissioning of borehole in Saka community. The school established on January 29, 1990 with 57 student now boast of 480 students, 40 percent day student, 60 percent borders, about 50 teaching staff and 68 non teaching staff.

PRESENTATION - From left:Group Head, Cowry Banking, Heritage Bank Limited, Mr. Davidson Regha, President, Old Girls of Federal Girls Government College, Benin City, (FGGC) 1984 set, Mrs Abosede Ozah Osho and Group Managing Director/CEO, BGL Securities Limited, Mr. Albert Okumagba, during the presentation of award to Managing Director, Heritage Bank Limited,Mr. Ifie Sekibo by FGGC in Lagos C M Y K

32 — Vanguard, MONDAY, JANUARY 26, 2015

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34 —Vanguard, MONDAY, JANUARY 26, 2015

Tax Matters

Tax Clearance Certificate (TCC), Due Dates for Filing Returns…

ver

the years, questions have been raised on issues regarding Tax Clearance Certificates (TCC), due dates for filing returns, accounting year, accounting period and other tax related issues. The following questions and answers seek to shed some light on these matters. If someone lives in Kaduna and pays his tax there, can he obtain his TCC in Abuja? No, one can only obtain his/ her TCC from the tax authority where the person is registered for tax purposes and has been paying his taxes in compliance with the rule of residence as contained in the tax law. Why does it take more than two weeks to issue a TCC even if the taxpayer pays tax in cash? A TCC can only be issued only after all taxes payable by the taxpayer for the past three preceding years have been paid. The statutory standard of issuing a TCC within two weeks is still in force. However, the two weeks start to count only after all taxes have been paid and from the day the taxpayer files an application for a TCC with the tax office and not from the date of payment of taxes to the banks. Why does FIRS still refuse to issue TCC after PAYE has been deducted from the staff salary? FIRS does not deny issuance of TCC to any taxpayer who has paid his tax liability in full. However, a TCC request is rejected where the taxpayer still has an outstanding liability to pay. On what basis will an application for TCC be rejected after two weeks and still be under processing? TCC can be rejected on the following grounds: a. Where taxes have not been paid. ii Where penalties or interest is still outstanding. iii. Where outstanding returns have not been filed iv. Where there are outstanding issues arising from tax queries, audit or investigation. v. Where the case is with the Tax Appeal Tribunal for hearing and part of the tax has not been paid as C M Y K

required. TCC application once rejected cannot be said to be still under processing, but it is kept on hold until outstanding issues have been resolved or sorted out by the taxpayer with the relevant office. Is installment payment no longer allowed for selfassessment filers? The tax law still recognizes the granting of installment payment to self-assessment filers. However, this can only be granted on application by the taxpayer to the tax office. If a taxpayer gives a cheque to a banker in his office without going to the bank, how can the taxpayer know whether payment has been made to FIRS account? The taxpayer should insist on the bank delivering the e-ticket to him which will indicate the date and time payment was captured into FIRS’ account by the bank. Is medical allowance taxed? Yes. If it is paid directly to the hospital, Withholding Tax (WHT) should be deducted and if it is given to an employee in the form of allowance, it is taxed under PAYE. Can a taxpayer pay to any collecting bank branch? Yes. There are no designated bank branches for any tax offices or tax types. All approved lead/collecting banks can collect for all offices and tax types. What is the process involved in getting back tax payment erroneously credited in the name of the depositor instead of the taxpayer? Any tax paid in error can be reversed by the collecting bank within 24 hours if the bank is put on notice within the period. However, if the error was not detected on time, refund can be made by FIRS on request through epayment platform with

the option to use it to off-set future tax. What is tax avoidance and tax evasion? Tax Avoidance: - This is a way of identifying loopholes in the tax law and then taking advantage of such loopholes to reduce the tax payable. Tax Evasion: - This is a deliberate and illegal act by the taxpayer not to pay the correct tax. What is accounting year and accounting period? Accounting Year: - This is a twelve (12) month period over which an entity‘s financial accounts are made-up.

Accounting Period: - This simply means the period with reference to which financial accounts of an entity are prepared. Is inclusion of Taxpayer Identification Number (TIN) on a contractor’s quotation necessary? Yes it is mandatory. What is the meaning of due date? Due date is the date prescribed by law for filing of tax returns and making of tax payments by taxpayers. All tax types have their different due dates as provided by the relevant tax laws. Due dates for other tax types are as shown below:

TCC application once rejected cannot be said to be still under processing, but it is kept on hold until outstanding issues have been resolved

Vanguard, MONDAY, JANUARY 26, 2015 — 35

E-Commerce

Carmudi mulls partnership with FRSC, others to combat online fraud ....Unveils Android App

COMMISSIONING - Minister of ICT, Mrs Omobola Johnson representing President Goodluck Jonathan (m) commissioning Secure Card Ltd in Lagos; she is flanked, from the left, by Managing Director\CEO Bank of Industry, Mr Rasheed Olaoluwa, Chairman Secure Card, Chief Dotun Sulaiman, the Managing Director/CEO Mrs Kofo Akinkugbe and Commissioner for Technology Lagos State, Mr Biyi Mabadeje during the commissioning of Secure Cards Ltd in Lagos Stories by JONAH NWOKPOKU

nline car marketplace, Carmudi.com has said it is considering a partnership with the Federal

Road Safety Commission, FRSC and security agencies to prevent any form of fraud especially as related to the auto marketplace in Nigeria. Head of Marketing, Carmudi Nigeria, Biodun Makinde stated this at a

press briefing to unveil a redesigned Android application for Carmudi. Makinde said the partnership has become necessary because of the consumer to consumer move necessitated by the

introduction of the application. “In the case of going C2C, where consumers are being empowered with the app to upload pictures themselves and sell, we need to work on a strategy to curtail all forms of fraud. We are working on a partnership with the Federal Road Safety Commission and ultimately with the security outfits to further drive safety of our platform and curtail any form of fraud. We also understand that this is an evolving market and as it evolves, we are encountering problems and we try to solve them in the process. And we will continue to adapt as the market evolves,” he said. Speaking about the app, Carmudi’s Chief Product Officer, Nalla Kurananithy

Our intent is to bring the car selling experience to a whole new level in emerging markets

said it has been designed in a way that it works seamlessly even in locations where internet speed is relatively low. “Our intent is to bring the car selling experience to a whole new level in emerging markets, by providing an extremely smooth and easyto-use platform,” he said. Also speaking, Managing Director Carmudi Nigeria, Christian Keller, said: “With the app, selling your car is no more waiting for months to get the right kind of buyer and no more visiting a plethora of car dealers to get your resale’s worth. With millions of Nigerians using Smart phones, everyone will be able to use Carmudi through their mobile phones.” Speaking further on the features of the app, he said, “Sellers get prompt notifications/ alerts about potential customers straight to their Android devices. This way, you can get in touch with buyers immediately and make an active sale. “Also, the cars listed through the Android app and the website is shared with Carmudi’s social media followers to make the selling process even more effective.” The app which is also available in ten different languages can be downloaded from the Google Play store.

Economy By OMOH GABRIEL with Agency report

t the ongoing World E c o n o m i c For um in Davos youth unemployment took center stage, here is a briefs report of a panel discussions in Davos Global business and public sector leaders were in Davos Swizerland engaged in debate about the growing youth unemployment which many have said is growing in an uncomfortable proportion. The panel discussion was made up of Nik Gowing, Omar K. Alghanim, Dominic Barton, Aliko Dangote, Fatima Muneer. Taking the lead in the discussion Mr. Dominic Barton, Global Managing Director, McKinsey & Company, United Kingdom said “There is a sense that youth unemployment is more of a cocktail conversation right now but we need to start C M Y K

Youth unemployment in Nigeria up to 50% —Mckinsey & co unemployed and more than 1 million people are added to the workforce each day. In Saudi Arabia, some 70 per cent of the population is under the age of 30 and they are not finding jobs. In Nigeria, youth unemployment is as high as 50%. From Abuja to Seattle, the number of jobless youth is a global This trend is phenomenon. occurring at a The issue might time when not be technology is dominating g l o b a l moving ever headlines, but faster and Aliko Dangote, transforming President and the labour Chief Executive Officer, Dangote market Group, Nigeria,

seeing this as a pandemic.” According to him around the world, youth unemployment is growing in uncomfortable proportions. In India, which has one of the largest populations of young people in the world, 75 million youth are

signalled that “our entire society is in danger of destruction” unless we pay attention to this huge segment of our young and jobless global population. According to Panelist at the Forum “This trend is occurring at a time when technology is moving ever faster and transforming the labour market. As robotics, automation and 3D printing play a larger role in the economy; future jobs for young people will invariably take a hit. Looking back to the 1990s, the big three US motor vehicle companies – Chrysler, Ford and General Motors – collectively hired 1.2 million employees. Today, the big three companies in Silicon Valley – Google, Facebook and Apple – together employ

a total 134,000 people. Traditional ideas about “work”’ are also being turned upside down. It is perhaps more fitting to consider employment as participating in the economy. Companies such as Uber, Airbnb or budding entrepreneurs in India learning skills from YouTube and monetizing this knowledge at the local market are examples of a new way to understand the participatory economic model. The McKinsey new problems call for fresh approaches and at the core of the youth unemployment problem is a glaring skills gap. Surveys by McKinsey show that 75 per cent of university professors believe they are adequately preparing their students for the workforce. Conversely, only 40 per cent of employers take the same view. C M Y

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Diversification of economy: 22 years from NESG 1

espite abundant natural and human resources, Nigeria remains a basically poor country. Up to the end of the 60s, the country was selfsufficient in food production and even a net exporter of agricultural produce [eg vegetable oil]. Since the early 70s as oil became a major foreign exchange earner and contributor to Gross Domestic Product (GDP), the other sectors of the economy, especially agriculture and manufacturing, were relegated to the background.” Interestingly, that statement was in the first paragraph of the Background to the REPORT ON THE FIRST NIGERIAN ECONOMIC SUMMIT UNIT, 18-20 February, 1993. That first NES, which was convened by Chief Ernest Shonekan, GCFR, as the Head of Government, under President Babangida, GCFR, had sought to establish “A Lasting Legacy”, title of Babangida’s Address, for restructuring Nigeria’s economy. In the document and on page one, we were reminded that the Babangida Administration introduced a Structural Adjustment Programme, (SAP) in 1986 aimed at: •restructuring and diversifying the productive base of the economy with a view to reducing dependence on the oil sector and imports, •achieving fiscal balance

and ensuring balance of payments viability, •laying the basis for sustainable and noninflationary growth, •reducing unproductive investments in public sector operations, and, •intensifying private sector growth potential. I attended the first Nigerian Economic Summit Group, NESG, meeting as a staff of the Nigerian Institute of Management, NIM, and eight others after before giving up on the annual ritual. By the sixth Summit, it was obvious to me that we were wasting time, but I attended two more representing VANGUARD before revolting totally. By then the crash of crude oil prices from over $25 per barrel to $9.9 per barrel which gave rise to SAP was already becoming a thing of the past. Crude oil prices were rising again and government leaders and Nigerians had forgotten about the recent past. Diversification was again placed in the background as the Federal and State governors once again gathered in Abuja to share oil money. Like all born “pack rats”, I kept the document till now for two reasons. First, I knew that Nigerians and their leaders never seem to learn from the lessons of history and good ideas are easily discarded once a crisis abates. Second, from lessons learnt while taking courses in

Business and Economic Cycles, I knew that the escalating price of crude oil, which started in the mid1990s till last year, with only a small pause in 2008, will not last for ever. And, when it finally starts climbing down, my Fellow Countrymen will again start the chorus about diversifying the economy – as if they mean it. These days when I read another article or listen to another “expert”

temporary – so we can again return to sharing the booty. The President and his opponents for office, as well as state governors and their eager successors, are in for the shock of their lives. A reversal is way off. Two, diversification, which has now become inevitable, will not yield quick results. Agriculture provides a good example. Those arguing for return to farming, to ensure

Diversification was again placed in the background as the Federal and State governors once again gathered in Abuja to share oil money telling us that the way out is to diversify our economy, it is difficult not to wonder if the person actually believes he is saying something original. The truth is, 29 years after SAP was introduced and 22 years after NES 1, we are back to the point where we started off years ago. Two facts render unfortunate our present predicament. One, many government officials and Nigerians still hope that the reversal in crude prices will be

food security overlook the fact that the additional farmers have not started work yet and not many crops can be harvested in one year. Between now and when the benefits of diversification will become apparent, there is great hardship ahead. Diversification of the economy, like buying umbrellas, is not something wise people do, when the storm is already beating down on them. Reducing our dependence on crude oil,

painlessly, was something we should have done when the price of the commodity was high and not when it is heading for the basement. One reason should be sufficient to illustrate the point. Foreign investors are most eager to come into an economy which is relatively buoyant; they start to go when it gets into trouble. When the PUNCH, on January 16, 2015, reported that “Foreign investors. Alarmed by the economic and political risks in the countr y, pulled out N793.17bn from the Nigerian Stock Exchange between January and November 2014”, the only person not surprised was this writer – who had predicted that outcome from December 2013. More funds had since been withdrawn from the capital market in December and Januar y. Today, the Nigerian capital market is the worst performing in the world. Given that situation, which company will now issue IPO and expect a kobo? When in 1992 IBB, out of frustration, asked why economic principles which work elsewhere don’t work in Nigerian my answer was simple. “Economic principles assume that men are reasonable, Nigerians are anything but reasonable”. We still are not. Those expecting quick economic recovery from diversification are selfdeluded. It will be a long struggle.

Insurance Stories by ROSEMARY ONUOHA

he National Insurance Commission, NAICOM, has inaugurated fourteen insurance companies to operate the Technical Management Board of the Energy and Allied Risks Insurance Pool of Nigeria (EAIPN). It is hoped that inauguration of the EAIPN will help the insurance industry retain capacity in oil & gas underwriting, curb capital flight and grow the local market in energy and allied risks underwriting.. The companies include, Leadway Assurance Company limited, Custodian & Allied Insurance Plc, Aiico Insurance Plc, Lasaco C M Y K

NAICOM inaugurates 14 firms to run energy pool Assurance Plc, Royal Exchange Insurance Co. Ltd, Consolidated Hallmark Insurance Plc, and Sovereign Trust Insurance Plc. Others are Linkage Assurance Plc, Industrial And General Insurance Plc, Nigerian Agric Insurance Corporation (NAIC), Sterling Assurance Company Limited, Prestige Assurance Plc, NEM Insurance Plc and NSIA Insurance. Commissioner for Insurance, Mr. Fola Daniel, who inaugurated the body in Abuja, congratulated the Chairman of the Nigerian

Insurers Association, Mr. Godwin Wiggle for bringing to fruition his desire for a pool that will address some of the challenges faced by insurance companies in oil

and gas underwriting in Nigeria. Presenting the Technical Board of the Pool to the Commissioner for Insurance, Chairman of the Board, Mr.

Wole Oshin, stated that the Pool currently has 14 subscribers, who have contributed 40% of their subscribed lines amounting to USD 4,000,000.00. He expressed optimism that other insurance companies that have expressed their interest in the Pool will subscribe to the Pool after the launching of the EAIPN.

LASG not frustrating insurance monitoring – NIA

he Nigerian Insurers Association, NIA, has said that it is engaging stakeholders in Lagos State with a view to launching the Nigerian Insurance Industry database, NIID, monitoring device in the state. Reacting to a story in Vanguard which stated that

LASG is frustrating insurance monitoring, the Association noted that senior officials of Lagos State government have shown tremendous support for the project and are fully convinced that it remains a veritable mechanism for wiping out fake insurance certificates.

In a statement signed by Head, corporate affairs of NIA, Mr. Davis Iyasere, the Association said that the stakeholders include the Motor Vehicle Administration Agency (MVAA), the Vehicle Inspection Office, VIO, and Ministry of Transport, the supervisory ministry.

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44— Vanguard, MONDAY, JANUARY 26, 2015 Email:lesleba@lesleba.com, lesleba@gmail.com Blog page:www.lesleba.com/blog2 Website: www.lesleba.com Tel:0805 220 1997

n the wake of the steady decline in crude oil prices in recent months, Nigerians anticipated the good news of a drop in pump price of petrol. Sadly, however, last week’s announcement of a new price of N87/litre quickly deflated the high public expectation for a price well below the existing, previously subsidized N97/litre. The recurrent concern was that since crude oil prices fell by over 50%, there should also be a reduction of similar magnitude in the local price of petrol. Notwithstanding the public’s discontent, government has insisted that the new pump price still includes a subsidy of about N2.84/litre. Farouk Ahmed, the PPPRA Executive Secretary reported that “based on the landing cost of N74.35/litre of PMS, on Friday, January 16th, 2015, the addition of a distribution margin of N15.4/litre would translate to a pump price of N89.84/litre.” Thus, according to Ahmed, the Government would still be subsidizing the new petrol price by N2.84/ litre. Nevertheless, public’s perception is that it insensitive to reduce the existing N60 subsidy on petrol price to just N2.84/litre at once. Thus, with the estimated daily consumption of over 40 million litres, the calculated subsidy of N2.84/litre will increase treasury leakages by over N400bn, which is about 9% of 2015 total budgeted revenue projection. Nonetheless, the reduction in subsidy values may bring some joy to those critics who felt uncomfortable with subsidy payments estimated at over N1tn annually. Notably, however, subsidy will be completely eliminated if crude prices fall below the benchmark of $42.65/barrel which predicated the new price of N87/litre. Thus, in a macabre twist of fortune, the erstwhile fiercely resisted abolition of

Is fuel price now deregulated? petrol subsidy may have unexpectedly quietly sneaked in without a whimper of protest, because of lower crude prices which, ironically, have the oppressive impact of cruelly reducing Nigeria’s export income by over $20bn in one year. So, although subsidy payments may fall from over N1tn ($6bn) to about N400bn

Conversely, if crude prices fall below $43/ barrel, then, of course, Nigerians must be ready for more asphyxiating belt tightening

($2bn), the process that makes this possible would also regrettably reduce crude export income by over $20bn i.e over 50% of annual revenue budgets. Worse still, total elimination of subsidy would also eliminate erstwhile SURE-P savings and inadvertently also jeopardize any real possibility of rapid infrastructural enhancement as the already meager capital vote of about N690bn in the 2015 Appropriation Bill includes a SURE-P provision of about N290bn. Consequently, the net paltry capital expenditure of about N400bn would barely exceed 10% of the consolidated

budget income of about N4.5tn in 2015. Sadly, therefore, over 90% of projected federally collected revenue in 2015 will be dedicated to plain consumption, despite the clear need for constant dedication of over 50% of total annual spending to infrastructural enhancement and human capacity building. Thus, the horrendous slide in crude prices has not only deprived us of our ‘customary’ bountiful revenue source but it has regrettably also grossly distorted our national expenditure framework in a manner that will restrain and stunt the possibility of sustained rapid growth. Nonetheless, critics of a subsidized prize regime, may argue that even when liberal SURE-P provisions were supplemented with modest annual capital allocations, Nigerians were not better off; consequently, such critics may consider the absence of SURE-P provisions and a reduction of the capital budget as a welcome opportunity which will reduce the perceived wide leakages and impunity usually associated with the implementation of most capital budgets. Nevertheless, anyone who believes that we have seen the end of the “controversial” subsidy scheme must be living in cuckoo land! In the first place, while further reduction in crude prices may actually eliminate fuel subsidy, there is still a possibility that crude prices may rebound modestly and stabilize

retention of N2.84/litre subsidy on petrol as a political gimmick to win votes in next month’s general elections. In the light of dwindling revenue and severe austerity, such critics will also argue that a more responsible fiscal response would have been to retain the existing price of N97/litre and save over N7/litre instead of spending N2.84/litre on controversial fuel subsidy payments in 2015. The simple fiscal discipline of maintaining fuel price at the existing price of N97 could yield well over $5bn from the 40 million litres of fuel consumed daily. Regrettably, the alternative source of revenue to fund the projected 2015 fiscal deficit of over $6bn would be a resort to increased borrowing despite the oppressive cost of our sovereign debts. Incidentally, the current petrol price of N87/litre is equivalent to about US$0.50 and is consequently cheaper than petrol prices in Ghana US$0.92, South Africa – US$0.95, USA - US$0.62, and UK US$1.64/litre respectively; indeed it is not uncommon that oil producing nations such as the UK and the US still recognize the bounteous revenue potential of petrol tax in their fiscal strategies, regrettably, this is a lesson that is proving difficult for us to also adopt. Instructively, however, a stronger Naira exchange rate will bring down fuel prices much below the N87/litre so that government can earn over US$12bn annually from a sales tax of about 20% on petrol/price, but a weaker Naira below the current N180/ $1 will inevitably increase fuel price and make deregulation unattainable.

above $50/barrel. Expectedly, however, any increase above the $43/barrel benchmark would drive landed cost well above N74.35/litre to propel fuel price well above the current rate of N87/litre. In this event, the question would then be whether or not Nigerians would be sympathetic enough to tamely accept fuel prices above the former N97/litre? Conversely, if crude prices fall below $43/barrel, then, of course, Nigerians must be ready for more asphyxiating belt tightening as even subsidy free fuel prices will not make more funds available for the capital budget to support urgent infrastructural enhancement; furthermore, the promise that subsidy elimination would encourage competitive prices and better services may not also be credible in the light of the sluggish response of marketers to appropriately reduce diesel price (which is already deregulated) in line with the sharp decline in crude prices. As at the time of writing, diesel continues to sell for between N130-N140/ litre inspite of popular expectation of a price below N100/litre as being more equitable. Similarly, with the 50% drop in crude oil prices, the price of kerosene should also not exceed N100/litre without subsidy, nonetheless government, inexplicably insists on maintaining a grossly subsidized price of N50/litre even though kerosene is not available for less than N120/litre in most parts of the country. One may be excused for wondering who the beneficiaries of kerosene subsidy really are; however, the advocates of complete deregulation to forestall market distortions may therefore see the

Save the Naira, Save Nigeria!!

Business & Economy

Naira hits N208 to dollar at BDCs, black market

he Naira on Friday depreciated against the dollar as it traded at N208 from the N191.50 it sold for on Monday, Jan. 19. The new rate has made the naira to lose N16.50 within five days. The CBN’s website, however, put the Naira against the dollar at N167.50, while the Pound sold for N253.20 and the Euro stood at N193.89S The development has resulted into speculation in C M Y K

the market and caused ripple effects on other currencies. Some Bureau De Change and Black Market operators in Lagos, said that they could not give rates to the Pound Sterling and the Euro. Dealers who preferred anonymity said that there was scarcity of dollars in circulation. They said that the Central Bank of Nigeria (CBN) had stopped selling forex to the Bureaux De Change, since

last year. The dealers added that the recent review of trading positions for the forex trading positions of banks to 72 hours, also contributed to speculation in the system. The effect, they added, was that the naira could depreciate further by next week. The CBN in November 2014 devalued the Naira to N168 to the dollar.

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Group Business Editor Deputy Business Editor Energy Editor Asst. Business Editor Snr Bus. Correspondent Insurance Correspondent Maritime Correspondent Maritime Correspondent Energy Reporter Industry/Agric. Reporter Maritime Reporter Insurance Reporter Capital Market Reporter

Media/Marketing E-Commerce Industry Micro Finance Graphics Department

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•Latinwo: Buhari is the man for us now

Nigeria needs change —Latinwo

2015:

•Says we can't continue to run in circles •In our time it's a taboo not to equip the military •Nigeria is trapped, full of darkness and must change •My regrets at 72 Group Captain Salaudeen Adebola Latinwo (retd), 72, former military governor of Kwara State (1984-85) is a meticulous and detailed person. The retired Air Force officer, who was part of the first set of people to be recruited into the Nigerian Air Force (NAF) in 1963 is thoroughly organised and acts with precision as we found out during a one hour no holds barred interview, last week when he spoke among others on the state of the nation, the kind of leader Nigeria needs now and why Nigerians must get it right at the polls. Excerpts: By Clifford Ndujihe & Gbenga Oke

N the state of the nation The country is in what we can call a high equilibrium trap as its government can hardly meet its basic responsibility of providing security to its citizens. The essential social infrastructures are completely not available. There is unavailability of electricity and the educational system is collapsed. Lives of a great number of the population are traumatic and dysfunctional. Every warning indicator in the cockpit of the nation is flashing red and urgent decision needs to be taken fast in order to save the ship of the nation from

sinking. We must accept that the reason we have government is mainly the provision of security for lives and property, provision of social infrastructure and protection of the integrity of the party in power. This is not the case today in our nation. The landscape is full of darkness and uncertainty, there are a number of conventional tale-tell signals that are physically present and apparent in the land today. There are no roads, electricity, health care, water and education. There are increasing activities of insurgents and pipeline vandalization in the North and South respectively; social and econom-

ic problems mount in the face of state corruption and ineptitude. The masses are becoming more and more alienated, angry and bitter while the contending elites manipulate ethnic and religious cleavages in the struggle for power and deadly conflicts escalate in number and scale.

Effective legislation We need strong and effective legislation to hold all aspects of our lives together. And importantly is the enforcement of these laws. Our failure as a nation stems largely from our inability to use laws to design institutions that can withstand good and bad times. We cannot build institutions on the assumption that our leaders will not be tempted to abuse their powers. For the sake of our country’s future and our need to safeguard it from those who thought that today is more important than tomorrow, who said individuals could only succeed alone, who erected grand theories when what we require is simple and basic understanding, we need

not abandon our freedom and autonomy. We must begin to believe in the power of shared decisions. The way we shape our future must be more local for these shared decisions to be more responsive to communities' needs. We must create a relationship between the people and their government, which is no longer one of client and provider but of person and community. For this to materialize we need stability and we need security which the government must stand up firmly to provide and ensure. You painted a sorry state of Nigeria especially in terms of leadership. Are you saying from Independence, we have not had good leaders? It depends on the kind of leadership you have at a particular time. We got our independence in 1960, since then government has been changed more than 15 times but then you have a leader who comes and says this is where we are, I am leaving now but I have moved you two steps further. Then another one comes, he says I am taking over from here, I will move you forward but unfortunately, he moves you back. Then the other man picks it again and says I will do this and that and is able to move you three steps.

National agenda What we have had is going round and round that is why I think we need to have a national agenda. When you have a national agenda, if President A comes, he is going to implement the programme of the nation. What is your take on the February 14 presidential polls? I think the elections will be very interesting. We had primaries in both parties but that of the APC, to my mind was fair, refined, educative, enlightened. In APC, they all came out and said this is our man and that to me alone should make Nigerians realize that there must be something in this man (Buhari) that too many people don’t know about and these people have been able to associate themselves with him. Buhari won the APC presidential primaries with a wide margin. I said to myself that these people have been able to see

Buhari is a man I believe very strongly can address these issues. On the issue of corruption, he has done it before

what some people do not see in General Buhari and this is a defining moment in this nation. So we should take advantage of this and see whether we can collectively get this change they have been talking about because we cannot continue to go on like this. There are no values anymore and we are all aware of these problems of the North, South divide, ethno-religious crises, insurgency, etc, that are not settled. You cannot just push them aside and be dancing around, they will still be there and the greater the number, the more difficult it becomes. I want to say that we as people are in a fragile situation and my deliberate broad definition of a fragile situation is one in which the boundaries and identity of our society, basic operations of the state, essential public services and the day-to-day security of citizens cannot be taken for granted.

Security system President Jonathan as an incumbent president is running based on his belief about what he has done in the last six years or so of his administration and we can all see physically and feel the effects of his performance on our roads, hospitals, schools, the standard of living of an average Nigerian, the security system in the country, the performance of the Naira, corruption elimination process, employments for the teeming youths in the nation, etc. His scorecards are available for everyone to see and judge accordingly. We can feel the effects of his clueless governance, deafening cacophonies of missing billions in the oil sector and the NNPC accounts, pension funds looting, oil bunkering, pipeline vandalization and kidnapping. So the question is do we continue like this or do we need change? The candidacy of Buhari is about his disposition, character, integrity and known credibility. How he performed as head of state and petroleum minister, state military governor and Chairman of PTF under the Abacha regime. Undoubtedly, he is a firm and disciplined individual with commitment to the cause of our country, very resolute and steadfast. All these are the qualities that had carried him along over the years. His firm, honest and disciplinarian traits will allow him to bring about the changes that are so much urgently required in the body polity of our nation – curbing corruption, insecurity and provision of essential social infrastructure and stabilizing the economy. So, what kind of leaders do we need now? We need a new leadership, authentic leaders in the admin-

Continues on page 49

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Nigeria is trapped, full of darkness — Latinwo Continues from page 48 istration of our great country. People of the highest integrity, honour, who are committed to building enduring organization, leaders who have the courage to build institutions and establishments to meet the needs of all stakeholders and who recognize the importance of services to the society. On why he thinks Buhari, who appointed him as Kwara military administrator, is the leader Nigeria needs now. The coup against Buhari regime is frequently inserted into a narrative of regret and nostalgia and loss. The significant problems that we faced cannot be solved with the same level of thinking that created them. In his first coming as head of state, he introduced the War Against Indiscipline programme, environmental sanitation and various agricultural programme. Time has come for some fresh thinking and we must take advantage of the moment and time for change. We can have democracy in this country or have great wealth concentrated in the hands of a few.

Reliable and credible We definitely cannot have both. What makes us believe in a man is ultimately his “character”. Can we trust him? Is he reliable and credible? Is he a man of integrity? These are real qualities you look for in a man. And General Buhari has all these qualities. As far as General Buhari’s candidacy is concerned, a lot of people believe his return is for revenge. Secondly, many people in Lagos are not happy with the way and manner he stopped the metro project that Alhaji Jakande started. Also, Buhari is considered to be an old man, he had made his mark; some feel this is the time for younger men to try their hands. What is your take on these allegations? When you have a problems and a very serious problem like the one we have in Nigeria right now, you need somebody who has integrity to solve them. Looking at the campaigns, what are the real issues? The issues are security of the country, corruption, unemployment and non availability of infrastructure. These are the issues. The question is who can really address those issues among the candidates that we have? Buhari is a man I believe very strongly can address these issues. On the issue of corruption, he has done it before. I think we must be able to sit down together and ask ourselves what the real issues are. Do we want to be sentimental? If we look at it from that perception, frame-

work and within the limit of our operation, who can save us from these immediate problems? Buhari is just 72 years and he is agile. I don’t think age should be a barrier for somebody who wants to run for four or eight years, at least there are countries we have Presidents that are 80 or 90 years. On allegation that he is going to revenge, he has already said it that he has forgiven all for the country to march forward. What is he going to revenge? That somebody came and changed you? That process started in 1966, within that period, there has been seven or eight military coups. So for one to be looking for revenge depends on the way people go about it. When you do something frequently, personal commitment comes into it. Even though everybody says we want to save the nation, you will realise personal interest will come into it but I can tell you that majority of them are just serving personal interests. His take on the Boko-Haram insurgency. Unfortunately, through the system that we have going round and round we found ourselves along the line with the Boko Haram. This thing started with politicians taking these boys as personal security and as time went on, the boys began to see how much power and how much dependent these politicians were on them. So they began to feel 'I have power and this politician cannot go out without me.' So some of these boys saw power, influence and authority in it and that is how the whole thing came about. By that time, those people who brought them had no more control over them. Insurgents or terrorists, secessionist group, criminal elements or drug elements that the government cannot properly or effectively deal with are described

We need a new leadership, authentic leaders in the administration of our great country. People of the highest integrity, honour, who are committed to building enduring organization

•Latinwo: Can you say you are satisfied now?

as non state fighters. The appearance of non state actors on the national and international scene has brought rapid growth or quasi-private armies and wild card military formations who consider armed conflict as legitimate business. On the claim by some military men on CNN that government does not care about their welfare and they don’t have weapons to fight Boko Haram The level of training you have and commitment matter in these things. And of course morale, it is a very important language in the military, it means you believe in what you are doing, you are encouraged to do it and if something happens to you, government will look after your family. We never had this kind of problems and I am surprised when I read all these things in the papers. I think it is an eye opener and I think this is just telling us to wake up because this has showed that along the line, certain things are lacking and except you provide those things, nothing much can be done.

A situation where a military man says he has not gotten uniform is unbelievable. When I was in the military, they were giving us at least six sets of uniform and

for combat vests, we were given four and you will have about 12 shoes and you can go back to stores where you can change all these things. That was the system during our time and it really showed that government was really looking after us and wanted us to actually do the job. At 72 years, do you have any regret on how you were retired? Initially I had pains. Why I had pains was because then, all I do is to dress in my uniform and get ready to fly an aircraft and the way we worked in the military is just like a family. We had an integrated family structure and that was all I know and suddenly, somebody came and said you are trying to bring down the government. It was very painful and discomforting at first but later, I forgot all about it. The real issue was that we had to relocate the kids because it was affecting the morale of the children; their mates were calling them children of a coup plotter. They came home everyday with tears in their eyes, it would take their mother about an hour to calm them down. We saw a lot of potential in them, they were very bright, so we relocated to United Kingdom.

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Civil rights group cautions politicians

CIVIL Society group, Army of Democracy (AoD) has called on politicians and political parties to refrain from making utterances capable of heating up the polity. Addressing a press conference in Lagos, National Coordinator of the group, Mr. John Obi, kicked against an alleged plan to postpone the February general elections just as he faulted the call for an interim national government. Obi said “it is with pain we observe that Nigeria’s present crop of politicians, with exception of few, are a threat to democracy. They are divorcees of delightful democracy, which is a convenient and purposeful contract between the people and the leaders. The cost of servicing democracy far outweighs the values it has added to Nigeria and Nigerians in 16 years. Most of the flagship infrastructure across the country, both at the states and federal level as well as workable policies are the vestiges of the military era.'' This includes the present All Progressives Congress (APC), Peoples Democratic Party (PDP) and the All Progressives Grand Alliance (APGA), controlled states. We challenge them to a debate on this, with facts to prove us wrong. In addition, he said “we detest any call for the postpostponement of the general elections billed for February as well as that of an interim government arrangement as a forerunner to credible elections.''

BIS student wins Cambridge Global Awards

STUDENT OF THE British International School, Lagos, Miss Eseosa Idemudia has won the prestigious ‘Cambridge Top in the World” awards. Miss Idemudia won the awards from Cambridge International Examinations in acknowledgement of her outstanding performance in the June 2014 Cambridge Examination series. Cambridge Top in the World awards recognize the success of learners who have achieved the highest standard mark in the world for a single subject. Miss Idemudia has received the awards in the 2014 IGCSE Business Studies and Economics. The Principal of the British International School, Mr. Peter Yates said that the awards recognized the talent, dedication and commitment of both learners and staff of the school.

Vanguard CLASSIFIED IGBINOVIA—I, formerly known and addressed as Miss I g b i n o v i a Eghenayarhiore, now wish to be known and addressed as Mrs. Ogieva Egosa Deborah. All former documents remain valid. Federal Ministry of Health, Federal Neuro -Psychiatric Hospital, Nursing And Midwifery Council of Nigeria, NHIS and general public please take note.

PIUS—I, formerly known and addressed as Miss Rose Omonegho Pius, now wish to be known and addressed as Mrs. Rose Omonegho Ayidu. All former documents remain valid. General public please take note.

ONI—I, formerly known and addressed as Miss Oni Bolanle Janet, now wish to be known and addressed as Mrs. Ayenigbara Bolanle Janet. All former documents remain valid. General public please take note.

MESIGO—I, formerly known and addressed as Miss Obianuju Ndidiamaka Mesigo, now wish to be known and addressed as Mrs. Obianuju Ndidiamaka Odunukwe. All former documents remain valid. University of Nigeria Nsukka (UNN), National Youth Service Corps (NYSC) and general public please take note.

UMOH—I, formerly known and addressed as Miss Ubiong Monday Umoh, now wish to be known and addressed as Mrs. Agnes Ben Akpan. All former documents remain valid. Office of the Accountant General of the Federation and general public please take note.

MGBEODURU—I, formerly known and addressed as Miss Florence Chidimma Mgbeoduru, now wish to be known and addressed as Mrs. Florence Chidimma Ikenwe. All former documents remain valid. General public please take note.

AJUEYITSI—I, formerly known and addressed as Miss Charity Akpobome Ajueyitsi, now wish to be known and addressed as Mrs. Charity Akpobome Jessa. All former documents remain valid. General public please take note.

OMASAN—I, formerly known and addressed as Miss Omasan Loveth, now wish to be known and addressed as Mrs. Emmanuel Ojo Loveth. All former documents remain valid. General public please take note.

ORU—I, formerly known

ATOLE—I, for merly

and addressed as Miss

known and addressed

Oru Eloho, now wish to be

as Miss Esther Atole,

please take note.

public please take note.

ERIOBUNA—I, formerly known and addressed as Miss Eriobuna Nesochi Emmanuella, now wish to be known and addressed as Mrs. Okafor Nesochi Emmanuella. All former documents remain valid. General public please take note.

OMORAKA—I, formerly known and addressed as Miss Omoraka Benedicta Ufuoma, now wish to be known and addressed as Mrs. Irevwi Benedicta Ufuoma. All former documents remain valid. General public please take note.

D I C K S O N — I , formerly known and addressed as Dickson Isioma, now wish to be known and addressed as Okoh Isioma Joy. All former documents remain valid. Ecobank Plc and general public please take note.

IDONBHOR—I, formerly known and addressed as Idonbhor Osemudiamen Fidelis, now wish to be known and addressed as E h i d i a m h e Osemudiamhe Ehioze Fidelis. All former documents remain valid. General public please take note.

PAUL—I, formerly known and addressed as Miss Paul Rosemary Utenwojo, now wish to be known and addressed as Mrs. Ipinmoroti Rosemary Utenwojo. All former documents remain valid. General public please take note.

Confirmation of name OCHUKO—I, formerly known and addressed as Miss Franca Ochuko, now wish to be known and addressed as Miss Franca Daniels. All former documents remain valid. Delta State Polytechnic, West African Examinations Council and general

OBUA—I, formerly known and addressed as Miss Doris Chinyere Obua, now wish to be known and addressed as Mrs. Doris Chinyere Ochije. All former documents remain valid. General public please take note.

NWAINOKPOR—I, formerly known and addressed as Miss Ngozi Andrea Nwainokpor, now wish to be known and addressed as Mrs. Ngozi Andrea Nwainokpor-Affun. All former documents remain valid. General public please take note.

SAMSON—I, formerly known and addressed as Olagundoye Olatunde Samson, now wish to be known and addressed as Olagundoye Oluseyi Sunday. All for mer documents remain valid. General public please take note.

O N Y E K A — I , formerly known and addressed as Miss Onuigbo Uduchukwu Onyeka, now wish to be known and addressed as Mrs. Ezeani Onyeka Uduchukwu. All former documents remain valid. General public please take note.

OKOYE—I, formerly known and addressed as Miss Joy Ifeoma Okoye, now wish to be known and addressed as Mrs. Joy Ifeoma Okafor. All former documents remain valid. Nigerian Postal Service (NIPOST) and general public please take note.

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ADEWOLE—I, formerly known and addressed as Miss Adewole Hellen Adetola, now wish to be known and addressed as Mrs. Kayode Hellen Adetola. All former documents remain valid. General public please take note.

OBI—I, formerly known and addressed as Miss Adaobi Chioma Janefrances Obi, now wish to be known and addressed as Mrs. Adaobi Chioma Janefrances Ogbatue. All former documents remain valid. General public please take note.

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OLOJO—I, formerly known and addressed as Miss Modupe Tolani Olojo, now wish to be known and addressed as Mrs. Modupe Tola Eyinla. All former documents remain valid. General public please take note.

ONONIWU—I, formerly known and addressed as Miss Ononiwu Chioma Kelechi, now wish to be known and addressed as Mrs. Opara Chioma Kelechi. All former documents remain valid. Imo State Polytechnic Umuagwo, NYSC and general public please take note.

OGUEGBU—I, formerly known and addressed as Miss Oguegbu Joy Chisom, now wish to be known and addressed as Mrs. Igbokwe Joy Chisom. All former documents remain valid. Imo State Polytechnic Umuagwo, NYSC and general public please take note.

M G B A D A — I , formerly known and addressed as Smith Uche Mgbada Joseph now wish to be known and addressed as Smith Uche Nwangele. All documents bearing my former names remain valid. The general public should please take note.

A K P O M I — I , formerly known and address as D r. O g h e n e f e g o Orezimena Akpomi, now wish to be known and addressed as Dr. O g h e n e f e g o Orezimena AkpomiEferakeya. All former documents remain valid. General public please take note.

public please take note.

known and addressed as Mrs. Afatakpa Eloho. All former documents remain valid. General public

now wish to be known and addressed as Mrs. Esther Ete-Ogbaro. All former

documents

remain valid. General

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56 — VANGUARD, MONDAY, JANUARY 26 , 2015

South Africa shaken by AirAsia QZ8501: Fresh bid to anti-immigration laws raise fuselage fails I T

HE Indonesian admiral in charge of operations to recover AirAsia flight QZ8501 has told the BBC the fuselage may be too fragile to be lifted. Rear Admiral Widodo’s comments came after a renewed attempt to raise the wreckage from seabed failed when it kept breaking into pieces. Ropes around the fuselage snapped during an initial failed effort to raise it on Saturday.

The plane crashed into the Java Sea last month killing all 162 on board. It was flying from Surabaya in Indonesia to Singapore. Four bodies were recovered on Saturday, taking the total recovered to 69, with more thought to be inside. A preliminary report on the crash is expected to be filed next week , although the full investigation will take

Retrieval of bodies from the AirAsia crash has been continuing

months. Meanwhile, rescuers have been using inflatable balloon bags capable of lifting up to 10 tonnes to raise the 13metre long section of wreckage from the sea bed and onto a flat boat. But on Saturday, with the wreckage seven metres (22ft) from the surface, strong currents and the sharp edges of the aircraft’s emergency door cut the rope connecting a bag to the fuselage. The sharp edges had to be padded with rubber material before another attempt could take place. Divers entered the main section of the fuselage, which is at a depth of 30m, for the first time on Friday. The wreckage includes parts of both of the wings of the Airbus.It is believed the plane’s cockpit may also be in the same area.

Ukraine conflict: Poroshenko vows to ‘calm’ Mariupol fighting

KRAINIAN President Petro Poroshenko has vowed to “calm” fighting with proRussia rebels in east Ukraine after 30 people were killed there at the weekend.. Speaking after an emergency meeting of Ukraine’s security council, Mr Poroshenko said that a peace deal signed in September in Minsk was the only solution to the conflict. Russia’s foreign

minister also urged “comprehensive political dialogue”. Both sides blame each other for the continuing fighting. More than 5,000 people have been killed in fighting since the rebels seized a large swathe of Donetsk and Luhansk regions last April, UN officials say. More than a million people have been displaced. Ukraine and the West

have accused Russia of arming the rebels and sending its troops into Ukrainian territory. Russia has denied directly arming the separatists, and blames Ukraine for the upsurge in fighting. Rocket attacks A series of rocket attacks left 30 people dead and many more injured in the city of Mariupol in east Ukraine on Saturday.

Iran’s minister to appear before parliament over walk with Kerry

RANIAN Foreign M i n i s t e r Mohammad Javad Zarif is to appear before parliament following controversy over a promenade with his American counterpart during intense nuclear negotiations in Geneva, state media reported yesterday. Zarif, who leads Tehran’s talks with “P5+1” - the United States, Britain, France, Germany, Russia and China - had a 15-minute walk down Geneva sidewalks with U.S. Secretary of State John Kerry during discussions on Jan. 14 aimed at reaching a settlement of the 12-year nuclear dispute between Iran C M Y K

and the West. Media images of the top diplomats from old adversaries strolling together in a foreign land

provoked an outcry among Iranian hardliners deeply wary of rapprochement with the “Great Satan”.

Obama visits India, reveals nuclear breakthrough

N a glow of bonhomie, U.S. President Barack Obama and Indian Prime Minister Narendra Modi unveiled plans to unlock billions of dollars in nuclear trade and to deepen defense ties, steps they hope will establish an enduring strategic partnership. The two countries reached an understanding on two issues that, despite a

groundbreaking 2006 agreement, had stopped U.S. companies from setting up reactors in India and had become one of the major irritants in bilateral relations. “We are committed to moving towards full implementation,” Obama told a joint news conference with Modi. “This is an important step that shows how we can work together to elevate our relationship.”

N a separate incident, a truck carrying livestock overturned on a highway in the Johannesburg area last week, and people carrying knives and buckets descended on the injured cattle and slaughtered nearly three-dozen for their meat, according to Eyewitness News, a South African media outlet. The driver alleged that people on a bridge threw objects at his vehicle, causing it to

crash. Such episodes reflect the predicament of South Africa, a regional hub with gleaming infrastructure projects where many people nevertheless feel marginalized by high unemployment, a lack of opportunity and a gap between rich and poor that is starkly visible in leafy, spacious suburbs, on the one hand, and the shacks and so-called “matchbox” homes of the townships where blacks were confined under

apartheid. Soweto came under the world’s gaze in 1976 when it erupted in student-led protests. Parts of it are relatively affluent today, as malls, gyms and new homes attest. But poverty is still widespread. The violence there started Jan. 19 in an area called Snake Park when a Somali national allegedly shot and killed a 14-year-boy who was among a group of people attempting to break into his shop.

Official: Central African Republic Minister kidnapped in Bangui

ENTRAL African Republic’s minister for youth and sport was kidnapped on Sunday by gunmen in the capital, Bangui, as he returned from church, an official said. The seizure of Armel Ningatoloum Sayo follows the brief kidnapping earlier this week of a U.N. staff member and a French

charity worker, highlighting insecurity in the country despite the presence of French and U.N. peacekeepers. Tatiana Yangeko, Sayo’s spokeswoman, said the minister was driving his wife and his brother back from church when four unidentified gunmen in a taxi stopped their vehicle in Bangui’s 8th

arrondissement, in the north of the capital. “They got out of the taxi, shot in the air and forced the minister out of his car. They fled with him towards Boy Rabe,’’ Yangeko said, referring to a neighborhood that is a stronghold of the ‘anti-Balaka’ militia. “We have told the prime minister,’’ she added.

Zambia swears in Lungu as new president

DGAR Lungu has been sworn in as Zambia’s sixth president, following a closely fought election. Zambians voted Tuesday for a successor to President Michael Sata who died in October of last year. The new leader will take the helm of the copper-rich country for the remainder of Sata’s term before the country returns to the polls in September 2016. Lungu, from the ruling Patriotic Front (PF) party, clinched the presidential seat by a slender margin (48.3 percent to 46.7 percent), beating his closest rival, Hakainde

•Edgar Lungu, right, is sworn in as president at an inauguration ceremony in Lusaka, Zambia, Jan. 25, 2015. Hichilema from the maintain a new mineral United Party for National royalty tax despite fears Development (UPND). that it could lead to mine As he was inaugurated closures, reported in Lusaka, President Reuters. Lungu said Zambia will

Turkish president visits Somalia under tight security

URKISH President Tayyip Erdogan travelled to the Somali capital Mogadishu under heavy security on Sunday, making his second visit in four years to promise further investment in the country as it struggles to rebuild after two decades of conflict. Erdogan, who in 2011 became the first nonAfrican leader to go to Somalia in nearly 20 years, visited various projects that have benefited from Turkish investment, including a new airport terminal and a rehabilitated seaport. Turkey was a major contributor to the

humanitarian aid effort at the height of the 2011 famine and Ankara

continues to build hospitals and dispatch aid across Somalia.

Spanish police arrest 4 suspected members of a jihadi cell

PANISH National Police arrested four suspected jihadis Saturday in the country’s North African enclave of Ceuta who allegedly had formed a terror cell and were ready to carry out an attack, the Interior Ministry said. Interior Minister Jorge Fernandez Diaz said investigators, working with their Moroccan counterparts, were struck by the similarities between the suspected cell members

and the two French brothers who killed 12 people in an attack upon the Charlie Hebdo newspaper in Paris. “These are two pairs of very radicalized brothers who are highly trained militarily, physically and mentally and are prepared to carry out an attack, and ready, according to the police, to blow themselves up in the act,” Fernandez Diaz said.

Vanguard, MONDAY, JANUARY 26, 2015—57

How to stop political violence By Femi Falana, SAN

N the 1990s, the results of credible elections were annulled in Nigeria, Algeria and some other African countries by dictatorial regimes. The political violence generated by such criminal annulment led to the disruption of the democratic process in the continent. In 2008, the refusal of the electoral body in Kenya to announce the results of the presidential election led to the brutal killing of over a thousand people . Owing to the weak criminal justice system in that country, Mr. Kofi Anan, a former Secretary-General of the United Nations was invited to conduct an inquiry into the political violence. The investigation report formed the basis of the trial of Messrs Uhuru Kenyatta and William Ruto before the International Criminal Court (ICC). Notwithstanding the election of both suspects as President and Vice President of Kenya while the case was pending the charges were not discontinued. Instead of strengthening the democratic institutions in their respective countries African leaders have threatened to withdraw the ratification of the

FEMI F ALAN A FALAN ALANA Statute of Rome by their countries if the trial of their Kenyan colleague was not terminated by the Special Prosecutor of the ICC. Although the case has been struck out for want of diligent prosecution the African Union has decided to empower the African Court on Human Rights sitting in Arusha, Tanzania to deal with allegations of genocide and crimes against humanity involving African leaders. As no political leader wanted to be charged before the ICC the 2013 General Election in Kenya did not witness the orgy of violence that marred the previous election. A fortnight ago, Mr. Kofi Anan and Chief Emeka Anyaoku, a former secretary-general of the Commonwealth, jointly presided over the signing of a NonViolence Accord by the presidential candidates of the political parties that are taking C M Y K

part in the 2015 General Election scheduled to hold in Nigeria next month. At the well celebrated ceremony which held in Abuja the candidates of the two leading political parties embraced each other. While the media and several people were excited with the development I expressed the view that the so called peace accord would not stem the tide of political violence in the country due to the violent nature of the electoral system coupled with official impunity. In a number of decided cases, the courts have held that candidates sponsored by political parties cannot be held vicariously liable for politically motivated violence and electoral malpractice carried out on their behalf unless they can be directly linked with instigating or directing their supporters to engage in such criminality.

Condemnation of perpetrators Indeed, political leaders usually dissociate themselves from acts of violence by condemning the perpetrators. However, if the suspects are charged to court the leaders turn round to engage the services of lawyers to defend them. In many cases, attorneys-general are directed to file nolle prosequi to stop the prosecution of suspects who belong to the ruling parties. Hence, the cases of the hundreds of suspects charged to court by the Police for electoral offences committed during the 2003, 2007 and 2011 general elections were abruptly terminated in all the states of the federation. In the last few months, Nigerians have witnessed a reign of terror by armed thugs who have engaged in the bombing or burning of party secretariats, the destruction of vehicles belonging to political parties, the harassment of political opponents , the wearing of masks by “security personnel” at campaign rallies, the extrajudicial killing and brutal attacks of innocent people at party congresses and primary elections, the unprovoked assault on judges, the throwing of stones at leaders etc. In spite of the warning by the electoral officials the illegal use of official vehicles by public officers for political campaigns has continued. Top political leaders have continued to make inciting statements. A governor published a death wish advert which could have provoked ethno-religious riots. Another

governor attended a meeting where ex-militants threatened to declare a war on the Republic if the President is “dethroned” in the forthcoming general election. It is hoped that those who are beating the drum of war will be called to order by President Jonathan. After all, they never took part in the streets protests held in Lagos and Abuja which compelled the National Assembly to recognise Dr. Jonathan as the Acting President in May 2010. Neither did they blackmail Nigerians from all parts of the country to vote for the President in 2011. With respect to the stoning of President Jonathan during a political rally in Bauchi, last week, Governor Isa Yaguda has pointed accusing fingers at some unnamed members of the ruling party. This is a serious allegation which should be investigated by the Police with a view to bringing the culprits to book.. It is common knowledge that the bulk of the infractions of the Law highlighted above took place after the signing of the peace accord. The National Human Rights Commission has said that “signing a peace pact is easy, the more difficult part is to ensure that the political office seekers and their supporters work within the rules of engagement.” But office seekers and their supporters cannot operate within ‘the rules of engagement” if they are treated like sacred cows. It ought to be

It is time an end was put to the official endorsement of politically motivated violence in the country

pointed out that executive immunity does not cover election petitions and electoral offences! In Turaki v. Dalhaltu(2003) 38 WRN 54 at 168 Oguntade JCA (as he then was) held that “If a Governor were to be considered immuned from court proceedings, that would create the position where a sitting Governor would be able to flout election laws and regulations to the detriment of other persons contesting with him. This will make a nonsense of the election process and be against the spirit of our national Constitution which in its tenor provides for a free and fair election.”

Crisis of impunity Since ours is a country which claims to operate under the Rule of Law it is inexplicable that the suspects involved in sabotaging the electoral process have not been charged to any criminal court. The crisis of impunity in the land has been compounded by the partisan involvement of the authorities of the police, the armed forces and other security agencies in the political process. Although there are adequate and elaborate provisions in the Electoral Act, 2010 as amended and the penal statutes to deal with political violence and electoral malfeasance the managers of the neo-colonial state lack the political will to bring electoral offenders to book. In 2007, President Umoru Yaradua admitted that the election which brought him to power was flawed. In a bid to sanitize the electoral system he set up the Mohammadu Uwais Electoral Committee . Among other recommendations the Committee called for the establishment of an Electoral Offences Tribunal.The Yaradua Administration rejected the recommendation without any justification. However, following the political violence which greeted the announcement of the results of the presidential election in some states in the North and Akwa Ibom in April 2011, President Goodluck Jonathan set up the Ahmed Lemu Panel to investigate the crisis. From the detailed report of the Panel, 943 people were killed while 838 others were

injured. While the Federal Government has paid over N10 billion as reparation to the victims of the riots, the 626 suspects who were arrested in connection with arson, culpable homicide and other grave offences perpetrated during the civil disturbances have been left off the hook on account of official impunity that has become the order of the day under the current political dispensation. Convinced that electoral offenders ought to be prosecuted in order to stop electoral violence the Panel equally made a strong case for the setting up of “an autonomous and constitutionally recognized electoral Offences Tribunal, but which may be an ad hoc body as it may not have much to do in between election periods.” In accepting the recommendation of the Federal Government undertook to take all necessary actions to establish the Tribunal.

Non violence accord Although the recommendation was adopted in August 2012, the Tribunal is yet to be set up. Having signed the non-violence accord President Goodluck Jonathan should now proceed to institute the Electoral Offences Tribunal. It is time an end was put to the official endorsement of politically motivated violence in the country. However, if the Federal Government is desirous to maintain the status quo it is pertinent to note that section 150 of the Electoral Act has empowered the Independent National Electoral Commission (INEC) to deal with prosecute electoral offenders. But since the INEC lacks the capacity to discharge the onerous statutory duty the Nigerian Bar Association (NBA) should take up the task of prosecuting electoral offenders throughout the country. To ensure the success of the proposal the NBA should be prepared to collaborate with the Body of AttorneysGeneral and the Nigeria Police Force. Unless electoral offenders are punished as envisaged by the Electoral Act and the Constitution the subversion of the democratic process will continue unabated.

58—Vanguard, MONDAY, JANUARY 26, 2015

PMS Pump price reduction and the economy – my take away By Raji Fashola, SAN

T is no longer news that the Federal Government has announced a reduction in the pump price of premium motor spirit (PMS), popularly called petrol. While I have made my position known on my Twitter handle that ‘a little over 10% reduction in cost of the final (crude oil) product (PMS) in response to an over 50% drop in the cost of the raw material is a good try and that Nigerians can get a better deal’, I am constrained to make this further intervention for a few reasons. 1.There is a sense in the public space that this reduction is politically motivated, given the reactions that have followed it. To the extent therefore that there is a political nexus, it deserves further interrogation because it is an ECONOMIC issue and this is a major issue in the elections as canvassed by both parties, especially at the Presidential candidacy level. General Buhari had seized the moment and the importance of the economic issue earlier this month. Through his campaign council he said: “Stop stealing

RAJI F ASHOLA FASHOLA from Nigerians and allow them enjoy the relief that has come to consumers of petroleum products globally. “For the Nigerian consumers, unfortunately the collapse of crude oil price since October 2014 has not translated into any change in diesel, kerosene and PMS prices across the country.” 2. The second reason for my intervention is also economic, and it goes to interrogate POLICY, particularly this PRICING POLICY, and the consistency of the party in Government Vis-a-Vis their credibility before the Nigerian public. THE ECONOMICS OF OIL It must be obvious to any discerning mind that you cannot have a viable democracy without debating the management of the economy. C M Y K

This is because the real issue in elections is the way people’s lives have fared during the tenure of the incumbent. The question, sometimes spoken, sometimes not, but never forgotten, is this: - Has my life been better in the last few years or not? This question always involves an examination of the record of service of the incumbent and many have lost their seats in a bad economy. So, the present government must defend its record on the economy and this involves its management of prices and consumer indices. The cost of energy, fuel, gas, electricity for transport, cooking, heating and manufacturing is a direct determinant of the cost of living and how far people’s wages can take them before the next pay day. It is not therefore surprising that in the last decade and a half, many western countries have gone to war “in order to make peace”, especially in the Middle East, so that there is no scarcity of petroleum (crude oil) supply. The reason is simple. Scarce crude means high prices of crude oil, translating to high fuel, gas and production costs, leading to restive domestic population, which can translate to electoral defeat. If one remembers Iraq, Libya and Egypt; in spite of the democratic masks that those military interventions wore, it is difficult to dismiss a domestic, political (electoral) self interest in them. In the aftermath of these interventions and investment in shale oil as an alternative, leading to the crash of crude oil prices, what have these western countries done at home for their people in terms of oil price management? Let us look at a few examples: i.U.K Drop in Price (dollar per litre): 0.52 Percentage of price drop: 23.75% ii. U.S.A Drop in Price (dollar per litre): 0.39 Percentage of price drop: 36.57% iii. SINGAPORE Drop in Price (dollar per litre): 1.79 Percentage of price drop: 21% v. NIGERIA Drop in Price (dollar per litre): 0.03. Percentage of price drop: 10.3%

My take aways: a) It is poor economic management to import the final product of a commodity whose raw material (crude oil) we produce in abundance. b) A refinery in Nigeria, such as the 400,000 barrel refinery we are supporting by providing land for the Dangote Group in the Lekki Free Zone will keep jobs at home, (instead of in foreign refineries), create income for the Nigerian Government by way of companies income tax, and give us better control of pricing by eliminating subsidies and demurrage charges by port delays paid to ship owners in dollars against a weak Naira; and it will eliminate many other charges that are passed on to ordinary Nigerians. c) Clearly, an inefficient Port Management that escalates shipping costs, a devalued currency, and an exorbitant interest rate on borrowing, which are economic failures of the current Government, are part of the reasons why Nigeria cannot get a better deal from an over 50% drop in Crude Oil price.

(i) Price Per Barrel Drop As I have pointed out, I doubt that a 10% reduction is the best that we can get in response to a 50% drop in oil price, and this is simple common sense. If a product is manufactured at X price and the price of the raw material drops by Y%, I think it is simple economics to reflect that Y% drop in the price of the final product without doing any damage to the cost of packaging or transporting the product. And this should happen vice versa if the price of the raw material heads in the opposite direction. But let me be quick to acknowledge that these price changes may not necessarily be effected overnight in a period of volatility; and this is the relevance of the Honourable Minister’s point about “parity”, which I will come to later. But the quick additional point to make is that Diesel has not enjoyed any subsidy for a long time and there is a loud silence on this product, as far as pricing policy is concerned; and nothing is said about Kerosene. So, if this was really meant to

Interrogation of policy In announcing the reduction of fuel pump price, the Honourable Minister for Petroleum Resources, Diezani AlisonMadueke, stated the reasons for the Government’s decision in her own words as follows: “As you may be aware, there has been a lot of volatility in the price of petroleum products, particularly crude oil, over the last few months. Invariably, this has meant that the price of the product in Nigeria has also been greatly impacted.” When addressing journalists she added: “After watching the price per barrel drop over the last few months, we have finally achieved parity… therefore this would be the best time to actually reduce the price. We have been watching very carefully over the last two weeks to ensure that the volatility did not destabilize this reduction in price and we think it’s safe to implement it at this time.” Please note she used the words (1) “price per barrel drop” and (2) the “achieved parity” in the oil price regime to justify the reduction.

If the Finance Minister expects oil prices to get to $70 and the Petroleum Minister says we have “achieved parity,” there seems to be inherent contradictions within the same Government

bring relief to the people, I think Diesel, which impacts on production costs, power costs in homes through generators, and Kerosene, which ordinary Nigerians use to cook, would have been the place for Government to demonstrate that it understands the plight of the people. This would have afforded some cushion against the austerity measures indicated by the Honourable Minister of Finance.

My take away This price reduction is not far reaching enough. It demonstrates a knee-jerk reaction to a serious economic issue where the majority of ordinary Nigerians are concerned. When we factor the fact that the majority of Nigerians generate their own power at 4 (four) times the cost of public power, and they mostly use diesel, a reduction there would have reduced the pressure on their disposable income. •Achieved Parity: My understanding of the Honourable Minister’s use of these words is that Government now believes that oil prices will hover around the current prices of $50 per barrel, so that, according to her, “the entire country will benefit immensely from this reduction.” If this is correct, then who are we to believe? If we go back to the statement of the Honourable Minister of Finance, Ngozi Okonjo-Iweala, on December 17, 2014 when, while defending the oil budget benchmark of $65 for the 2015 budget which some observers felt was too ambitious, she said: “This is what we have done by proposing a benchmark of $65pb. We recognise that prices might still fall further but we do not intend to revise the price further down as price intelligence indicates that prices might average between $65 and $70pb in 2015.” If the Finance Minister expects oil prices to get to $70 and the Petroleum Minister says we have “achieved parity,” there seems to be inherent contradictions within the same Government. My Take Aways: a. Are Government departments Continues on page 59

Vanguard, MONDAY, JANUARY 26, 2015—59

PMS Pump price reduction and the economy – my take away Continues from page 58 talking to themselves? b. Who is co-ordinating the economy? c. Why was the Honourable Minister for Finance not part of this major Pricing Policy briefing? d. Was this price reduction provided for in the 2015 budget? P.S. As I concluded this intervention, my attention was brought to a response by Governor Peter Obi to a contribution I had made, in which he said in This Day Newspaper that: “The president showed that the sound economic policies of his government have brought about macro-economic stability. This has been acknowledged by the renowned economist and former Chairman of the Asset Management Division of Goldman Sachs Group, Dr. Jim O’Neill, who coined the term BRIC (Brazil, Russia, India and China) and MINT (Mexico, Indonesia, Nigeria and Turkey), recognising these countries as the world’s fastest growing economies.”

Fastest growing economies I have no issue with Governor Obi, because his role in Government and policy making is still unclear to me. If he speaks as a party man, it is a measure of credit to him that he knows more about the programmes of a party he joined a few weeks ago, than those he met there. But for the record, the same Jim O’Neill, whom he quotes in support of this Government’s policy and the leadership of President Jonathan, said: “If he (Jonathan) doesn’t get reelected, and it’s because of Nigerian people wanting something different and something better, I think the markets would be happy with that. Foreign investors are pretty negative about Nigeria, so I don’t dismiss the possibility that if he lost, people actually might react positively.” Those who seek the truth should simply visit this link and verify the facts of what Jim O’Neill actually said: http:// www.bloomberg.com/news/201501-08/o-neill-says-jonathan-voteloss-may-be-seen-as-nigeriapositive.html MY TAKE AWAY I think Jim is right. Nigerians want “something different and something better.” They want CHANGE.

•Babatunde Raji Fashola, SAN, is Governor of Lagos State C M Y K

candidate like Tofa did in the debate with Abiola). My take is that more than 95% of the likely voters have pretty much made up their minds based largely on other considerations. A few of us remain undecided. During my brief visit to Nigeria, I watched some of the campaign rallies on television. The tragedy of the current electioneering campaigns is that both parties are missing the golden opportunity to sensitize the citizenry about the enormous challenges ahead and hence mobilize them for the inevitable sacrifices they would be called upon to make soon. Each is promising an ElDorado. Let me admit that the two main parties talk around APC candidate, Gen. Muhammadu Buhari (l) and President Goodluck Jonathan, of the PDP the major development challenges—corruption, insecurity, economy (unemployment/poverty, power, infrastructure, etc) health, education, etc. However, it is my considered view that none of them has any credible agenda to deal because I did not want to panic the By Chukwuma Charles Soluwith the issues, especially within the market with a strong statement. Sadly, do, CFR context of the evolving global economy on the eve of the next elections, literally and Nigeria’s broken public finance. The NEED to preface this article with a everything we hinted at has happened. UK Conservative Party’s manifesto for the few clarifications. I have taken a long Part of my motivation for this article is last election proudly announced that all sabbatical leave from partisan politics, that five years after, the real debate is its programmes were fully costed and and it is real fun watching the drama from still not happening. were therefore implementable. Neither the balcony. Having had my own share The presidential election next month APC nor PDP can make a similar claim. of public service (I do not need a job from will be won by either Buhari or Jonathan. A plan without the dollar or Naira signs government), I now devote my time and For either, it is likely to be a pyrrhic to it is nothing but a wish-list. They are energy in pursuit of other passions, victory. None of them will be able to not telling us how much each of their especially abroad. deliver on the fantastic promises being promises will cost and where they will A few days ago, I read an article in made on the economy, and if oil prices get the money. None talks about the Thisday entitled “Where is Charles remain below $60, I see very difficult broken or near bankrupt public finance Soludo?”, and my answer is that I am months ahead, with possible heady and the strategy to fix it. still there, only that I have been too busy collisions with labour, civil society, and with extensive international travels to indeed the citizenry. Management participate in or comment on our national To be sure, the presidential election will of resources politics and not be decided by the quality of ‘issues’ economy. But or promises canvassed by the candidates. In response to the question of where I occasionally The debates won’t also change much the money will come from, I heard one of follow events (except if there is a major gaffe by either the politicians say that the problem of at home. Nigeria was not money but the Since the management of resources. This is halfsurvival and truth. The problem is both. No matter how prosperity of efficient a father (with a monthly salary Nigeria are of N50,000) is at managing the family at stake, the resources, I cannot see how he could least some of deliver on a promise to buy a brand new us (albeit, Peugeot 406 for each of his three children CHUKWUMA SOLUDO n o n in a year. partisan) Even with all the loopholes and waste must do is to engage in public debate. closed, with increased efficiency per As the elections approach, I owe a duty dollar spent, there is still a binding budget to share some of my concerns. constraint. To deliver an efficient national In September 2010, I wrote a piece transport infrastructure alone will still cost entitled “2011 Elections: Let the Real tens of billions of dollars per annum even Debate Begin” and published by Thisday. by corruption-free, cost-effective means. I understand the Federal Executive Did I hear that APC promises a welfare Council discussed it, and the Minister of system that will pay between N5,000 and Information rained personal attacks on N10,000 per month to the poorest 25 me during the press briefing. million Nigerians? I noted more than six newspaper Just this programme alone will cost editorials in support of the issues we Did I hear that APC between N1.5 and N3 trillion per annum. raised. Beside other issues we raised, our Add to this the cost of free primary promises a welfare system main thesis was that the macro economy education plus free meal (to be funded was dangerously adrift, with little selfthat will pay between by the federal budget or would it force insurance mechanisms (and a prediction N5,000 and N10,000 per non-APC state governments to implement that if oil prices fell below $40, many state the same?), plus some millions of public governments would not be able to pay month to the poorest 25 housing, etc. I have tried to cost some salaries). I gave a subtle hint at easy million Nigerians? Continues on page 62 money and exchange rate depreciations

Buhari vs Jonathan: Beyond the Election I

60—Vanguard, MONDAY, JANUARY 26, 2015

Experts confident Nigeria will be certified polio-free by 2018 By Victoria Ojeme

ONTRARY to reports that Nigeria will by certified polio-free by 2015 Chairman Expert Review Committee, ERC, Mr. Oyewale Tomori has said Nigeria can only be certified polio free in 2018 if it does not record any new case of polio this year. Tomori who spoke at the 29th meeting of the Expert Review Committee on Polio and Routine Immunisation in Abuja, said according to the WHO regulation, to be totally free of polio will take three years. “Polio transmission is just a step in the way; polio eradication is what we are looking for to make sure that there is no new cases of polio for the next three years. The wild polio virus which we recorded last year are issues we need to pay attention to, to make sure that this country is totally free of either of the two types of viruses,” he said.

Aggressive surveillance Further, he added that “the job is not finished; there is the need for more funds, because it is even more difficult in the last stage. To rid this country of polio, funding must not only be sustained but improved.” Tomori said the activities done so far this year on surveillance in making sure they get to all the children must be intensified.

• Bill Gates of the Bill & Melinda Gates Foundation with some beneficiaries of OPV vaccination in a rural community. “This country took care of Ebola by doing aggressive surveillance with aggressive vaccination of our

The job is not finished; there is the need for more funds, because it is even more difficult in the last stage. To rid this country of polio, funding must not only be sustained but improved

children we can get rid of polio in Nigeria.” In his remarks, the Executive Director/CEO of the National Primary Health Care Development Agency, NPHCDA, Dr. Ado Mohammed said: “When you compare Nigeria to other polio endemic countries, Nigeria has made significant progress. As of the last count, Afghanistan reported 32 cases of polio virus, Pakistan reported 297 cases and Nigeria reported six cases of polio virus. “The whole world is looking up to Nigeria to exit as a polio endemic nation. This is not just by chance but by the hardwork

put in by the Ministry of Health, and through the transformation agenda of president Goodluck Jonathan. It is the same polio infrastructure that is used to eradicate Ebola. “The last case of polio virus in Nigeria was reported in July 2014 and making it six months without the incidence of polio virus in Nigeria. What it means is that no child has been paralyse as a result of polio virus in Nigeria in six months”, he added. He said the nation is counting days for the interruption of polio virus. “By July 24th, 2015 it will be one year if there is no new case, what it means is that Nigeria

will have interrupted virus transmission and two years later we will achieve certification. He further stated that for polio and routine immunisation must go together if you make gains in polio without success in routine immunisation you cannot sustain that gain. For the very first time in this country routine immunisation is working well, we have been able to move routine immunization coverage from 52 per cent two years ago to 91 per cent national average coverage by the end of 2015.

We are ready to call off strike if... JOHESU H

By Gabriel Olawale

EALTH workers under the aegis of the Joint Health Sectors Union, JOHESU, Lagos University Teaching Hospital, LUTH branch, last week staged a peaceful protest over what they described as government insensitivity to their demands even as they expressed willingness to call of the strike should the Federal Government release the much expected circular on their demands. Addressing a large number of health workers bearing placards with inscriptions such as, ‘save the lives of Nigerian masses,’ ‘FG correct injustice in Nigeria health sector,’ at the premises of the hospital, the Chairman, Senior Staff Association of Universities, Teaching Hospitals, Research Institutes and Associated Institutions, SSAUTHRIAI, Kehinde Adegoke said the Union is ready to shift grounds but insincerity on the part of those representing the Federal Government is the major cause of the setback in the quick resolution of the crisis. "Those that are negotiating on behalf of government are not sincere in the

• Cross section of the protesting workers arrangement. We have been on this struggle since 2nd November 2014 and the last time we held meeting with the Federal Government which is on the 22nd December, 2014 they promised that in the next two weeks they will address

our issue, it is more than two weeks now we are yet to receive any circular.” “We know that President Jonathan is having tough time clamouring for vote, but we are urging him to ascend to our demand so as to continue in the business

of saving the lives of Nigerians," he added. Corroborating his views, Chairman, National Association of Nurse and Mid wife, LUTH Branch, Mr. Oluwagbenga Ajala, however, warned that if labour disputes, which has led to the breakdown of health services in about 50 federal health institutions in the country are not addressed, the Federal Government may meet a collapsed sector after the February elections. “We are asking that they promote our members who have been stagnated for 14 years on a level. We are asking that health workers wage structure be reviewed. We cannot be rubbished by any group in this sector because we form more than 70 per cent of the work force in the health sector. “We are asking that the Federal Government address needless deaths in its hospitals and put an end to this strike before the elections. Members of JOHESU embarked on an indefinite strike on October 16 to protest non-implementation of collective bargain agreement and Memorandum of Understanding it had with the Federal Government.

Vanguard, MONDAY, JANUARY 26, 2015— —61

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62—Vanguard, MONDAY, JANUARY 26, 2015

Buhari vs Jonathan: Beyond the Election Continues from page 59 the promises by both the APC and the PDP, given alternative scenarios for public finance and the numbers don’t add up. Nigerians would be glad to know how both parties would fund their programmes. Do they intend to accentuate the huge public debt, or raise taxes on the soon to-be-beleaguered private businesses, or massively devalue the naira to rake in baskets of naira from the dwindling oil revenue, or embark on huge fiscal retrenchment with the sack of labour and abandonment of projects, and which areas of waste do they intend to close and how much do they estimate to rake in from them, etc? I remember that Chief Obafemi Awolowo was asked similar questions in 1978 and 1979 about his promises of free education and free medical services. Even as a teenager, I was impressed by how he reeled out figures about the amounts he would save from various ‘waste’ including the tea/coffee served in government offices. The point is that at least he did his homework and had his numbers and I give credit to his team.

Knock out punch Some 36 years later, the quality of political debate and discourse seems to border on the pedestrian. From the quality of its team, I did not expect much from the current government, but I must confess that I expected APC as a party aspiring to take over from PDP to come up with a knock-out punch. Evidently, from what we have read from the various versions of its manifesto as well as the depth of promises being made, it does not seem that it has a better offer. Let me digress a bit to refresh our memory on where we are, and thus provide the context in which to evaluate the promises being made to us. Recall that the key word of the 2015 budget is ‘austerity’. Austerity? This is just within a few months of the fall in oil prices. History repeats itself in a very cruel way, as this was exactly what happened under the Shehu Shagari administration. Under the Shagari government, oil price reached its highest in 1980/81. During the same period, Nigeria ratcheted up its consumption and all tiers of government were in competition as to which would out-borrow the other. Huge public debt was the consequence. When oil prices crashed in early 1982, the National Assembly then passed the Economic Stabilization (Austerity Measures) Act in one

day— going through the first, second, and third readings the same day. T h e austerity measures included the rationing of ‘essential commodities’ and most states owed s a l a r y arrears. Corruption was said to be pervasive, and as Sani Abacha said in that famous coup speech, Oil rig ‘unemployment has reached unacceptable proportions and our hospitals have become mere consulting clinics’. General Muhammadu Buhari/ Tunde Idiagbon regime made the fight against corruption and restoration of discipline the cardinal point of their administration which lasted for 20 months. I am not sure they had a credible plan to get the economy out of the doldrums (although it must be admitted that poverty incidence in Nigeria as of 1985 when they left office was a just46%— according to the Federal Office of Statistics). We have come full circle. If the experience under Shagari could be excused as an unexpected

shock, what Nigeria is going through now is a consequence of our deliberate wrong choices. We have always known that the unprecedented oil boom (in both price and quantity—despite oil theft) of the last six years is temporary but the government chose to treat it as a permanent shock. The parallels with the Shagari regime are troubling. First, at the time of oil boom, Nigeria again went on a consumption spree such that the budgets of the last five years can best be described as ‘consumption budgets’, with new borrowing by the federal government exceeding the actual expenditure on critical infrastructure. Second, not one penny was added to the stock of foreign reserves at a period Nigeria earned hundreds of billions from oil.

Monthly oil price

Re-basing the GDP has nothing to do with government policy. Besides, as naira-dollar exchange rate continues to depreciate, the GDP in current dollars will also shrink considerably soon

For comparisons, President Obasanjo met about $5 billion in foreign reserves, and the average monthly oil price for the 72 months he was in office was $38, and yet he left $43 billion in foreign reserves after paying $12 billion to write-off Nigeria’s external debt. In the last five years, the average monthly oil price has been over $100, and the quantity also higher but our foreign reserves have been declining and exchange rate depreciating. I note that when I assumed office as Governor of CBN, the stock of foreign reserves was $10 billion. The average monthly oil price during my 60 months in office was $59, but foreign reserve reached the all-time peak of $62 billion (and despite paying $12 billion for external debt, and losing over $15 billion

during the unprecedented global financial and economic crisis) I left behind $45 billion. Recall also that our exchange rate continuously appreciated during this period and was at N117 to the dollar before the global crisis and we deliberately allowed it to depreciate in order to preserve our reserves. My calculation is that if the economy was better managed, our foreign reserves should have been between $102 —$118 billion and exchange rate around N112 before the fall in oil prices. As of now, the reserves should be around $90 billion and exchange rate no higher than N125 per dollar. Third, the rate of public debt accumulation at a time of unprecedented boom had no parallel in the world. While the Obasanjo administration bought and enlarged the policy space for Nigeria, the current government has sold and constricted it. What debt relief did for Nigeria was to liberate Nigerian policymakers from the intrusive conditionalities of the creditors and thereby truly allowing Nigeria independence in its public policy. How have we used the independence?

Future policymakers Through our own choices, we have yet again tied the hands of future policymakers. This time, the debt is not necessarily to foreign creditor institutions/ governments which are organized under the Paris club but largely to private agents which is even more volatile. We call it domestic debt. But if one carefully unpacks the bond portfolio, what percentage of it is held by foreign private agents? And I understand the Government had removed the speed bumps we kept to slow the

speed of capital flight, and someone is sweating to explain the gyrations in foreign reserves. I am just smiling! In sum, the mismanagement of our economy has brought us once more to the brink. Government officials rely on the artificial construct of debt to GDP ratio to tell us we can borrow as much as we want. That is nonsense, especially for an economy with a mono but highly volatile source of revenue and forex earnings. The chicken will soon come home to roost. Today, the combined domestic and external debt of the Federal Government is in excess of $40 billion. Add to this the fact that abandoned capital projects littered all over the country amount to over $50 billion. No word yet on other huge contingent liabilities. If oil prices continue to fall, I bet that Nigeria will soon have a heavy debt burden even with low debt to GDP ratio. Furthermore, given the current and capital account regime, it is evident that Nigeria does not have enough foreign reserves to adequately cover for imports plus short term liabilities. In essence, we are approaching the classic of what the Shagari government faced, and no wonder the hasty introduction of ‘austerity measures’ again. Fourth, poverty incidence and unemployment are also simultaneously at all-time high levels. According to the NBS, poverty incidence grew to 69% in 2010 and projected to be 71% in 2011, with unemployment at 24%. This is the worst record in Nigeria’s history, and the paradox is that this happened during the unprecedented oil boom.

Propaganda mantra One theme I picked up listening to the campaign rallies as well as to some of the propagandists is the confusion about measuring government “performance”. Most people seem to confuse ‘inputs’, or ‘processes’ with output. Earlier this month, I had a dinner with a group of friends (14 of us) and we were chit-chatting about Nigeria. One of us, an associate of President Jonathan veered off to repeat a propaganda mantra that Jonathan had outperformed his predecessors. He also reminded us that Jonathan rebased the GDP and that Nigeria is now the biggest economy in Africa; etc. It was fun listening to the response by others. In sum, the group agreed that the President had ‘outperformed’ his predecessors except that it is in reverse order. First, my friend was educated that re-basing the GDP is no achievement: it is a routine statistical exercise, and depending on the base year that you choose, you get a different GDP figure. Re-basing the GDP has nothing to do with government policy. Besides, as To be concluded tomorrow

Vanguard, MONDAY, JANUARY 26, 2015—63

HE last time we communicated on this page, two matches had been played in the ongoing competition. As you are reading this, 16 matches have been played, including the last group matches in Bata yesterday which has seen the elimination of two teams from the competition. Today, two other matches will be played in the Ebebiyin group which will also see the elimination of two other teams. We will come back to that. I have repeated as often as I can, that Nigeria’s participation in this Nation Cup is a foregone issue. That the sooner we put it behind us, the better for our emotional well being. That we have to try to live with the fact that Egypt also could not qualify. Though CAF Secretary General Hicham El Amrani says until a new champion is crowned on February 8, Nigeria remains the defending champions, I had decided to dethrone the Super Eagles the moment the competition kicked off on January 17. What about those who will not let us be? We have two Cameroonian friends here, Bakari Hamadou and Abdoul Kadiri who seize every opportunity to remind me and Chief Emeka Inyama about the absence of the Eagles. That Cameroun was not present in the Nations Cup in South Africa and Equatorial Guinea/Gabon does not bother them. What concerns them is not the past but the present. Bad students of history. Add to this list the President of the South African Football Association Mr Danny Jordan who in the presence of his Sports Minister wanted me to tell him why Nigeria was not at the Games………Anyway we have found a way out of their harassment by insisting that together with Egypt, Morrocco, Uganda and Namibia…… Nigeria is in Group E of the competition. Don’t ask me where they are based and when they will play! Jokes apart, this Nations Cup has not ceased to amaze me, on the field of play. Some say it is a proof of the narrowing gap between big boys and the “small boys”. That there are no minnows anymore and that the so called super powers of African football are now just paper tigers and elephants and lions…...

Nigeria in Group E! The so called super powers of African football are now just paper tigers and elephants and lions… Let us take a look at Group D based in Malabo. PreNations Cup analysis gave the group to Cameroon and Cote d’Ivoire without batting an eyelid yet these two teams have so far escaped defeat by coming back from the dead against Guinea and Mali. At the end of two matches played all the teams are on two points with equal number of goals scored and conceded. The last group matches on Wednesday will be more than interesting. Let us move to Group B in Ebibeyin where before the last group matches that will be played today, no team has qualified to the quarter final as any one of Tunisia (4pts) R.D.Congo ( 2pts) Cape Verde (2pts) and Zambia(1pt) could qualify for the next round. All that is needed is victory to catapult any of the teams and a defeat to drop, of course. Same story in Group C in Mongomo. Neither Senegal ( 4pts), Algeria (3pts), Ghana (3pts) nor South Africa (1pt) has exited the competition as the

battle will stretch till final day of matches tomorrow, Tuesday. When did we ever have eleven of the first 16 Nations Cup matches end in a draw? Students of football history should help out. Are we going to have the highest goalscorer in this competition scoring just three goals? Pls don’t laugh. Who will win the Nations Cup? I wish I knew. Let me however say that the likes of Zambia (against Tunisia) South Africa ( versus Algeria and Senegal), Cape Verde (DR Congo), Mali (Cameroon, Cote d’Ivoire,) Guinea (Cote d’Ivoire, Cameroun) etc may live to regret lost chances. The difference between them and a repeat performance of Zambia in Gabon may just be those points they let slip when they were seemingly in total control. If you allow the Cameroons, Ivorians, Algerians and Ghanaians of African football to escape defeat, then be set to tell the story of Nigeria in South Africa who got into the quarter final and there was no holding them any more. Cameroun, Algeria, Cote Divoire, Ghana, Senegal have so far shown character, coming out of the dead when least expected. As we enter the last group matches one must just watch out for these teams and those star players who are yet to figure. Individual brilliance will be key. Quote me. One cannot talk about the Nations Cup here without mentioning the enthusiasm and excitement of the fans. We had expected that because the host was based in Bata that crowd concentration will be only at the Economic capital. But no. In all the venues there has been a huge effort trying to persuade the fans to go home. In Bata it resulted in scuffle between the fans and security agencies. On Friday in Mongomo, the gates had to be closed and the fans told to go home and watch on tv. A broadcast of the games with filled stands is so tv friendly and ambiance positive that one wonders where all that fear of lack of spectators came from. One prays as the completion draws to a close, fan interest will not wane, advantage African football ambiance and interest. When I come your way again, it will be quarter final day. Can’t wait.

Manu: Flying Eagles finishing must improve A 10-man Flying Eagles defeated Enyimba 2-0 in a Super 4 match on Saturday in Abuja, butcoachManuGarbainsisted

his team have to improve on theirfinishingaftertheythrew awaymanychances. TheNigeriaU-20teamtook the lead through a penalty

Siasia Continues from BP National Team of Tunisia in a second international friendly match in Tunis on Wednesday. “I don’t want to blame the players too much for the loss to the Tunisians

in the first match on Saturday. Without appearing to be making excuses for them, we arrived in Tunis on Friday afternoon and immediately went to training but the weather did not help matters.

Dream Team Continues from BP going Super Four Glo Premier League showdown in Abuja. Tunisia took the lead in the first minute of the game through Jouini Slim but Effiong Etim equalised for Nigeria two minutes later. Femi Ajayi Junior put Nigeria in the lead in the 15th minute but the Tunisians soon hit back a minute later to tie the game at 2-2 in a

pulsating first fifteen minutes of the game. Ghrab edged the Tunisia U23s ahead but Femi Ajayi Junior was on hand to equalise again for Nigeria in the 33rd minute as the first half ended that way. The second half was all Tunisia as goals from Haj Hassan and a Khaoui penalty put the Dream Team to the sword and they just couldn’t battle back as the Tunisians won 5-3.

converted by captain Musa Muhammed in the 62nd minuteafterIfeanyiAnaemena fouled rampaging Taiwo Awoniyiinsidethebox.

“Most of them were traveling outside the country for the first time and you can’t wish that away. The weather was a critical issue. However, in the first match, my assistants and I noticed a number of areas we need to improve on seriously before we can say we have a team.” The Dream Team lost 35 to the Olympic Eagles of Tunisia at the Stade el Menzah, with the Nigerian goals from Etim Emmanuel and Junior Ajayi, who hit a brace. The team created a hatful of chances in the second half, after the first half ended 3-3, but were undone by poor finishing. “We thank the NFF for organizing these matches because they will really help us prepare for the qualifiers against Gabon, and other matches in the race to the All-Africa

Substitute Musa Yahaya scored the second goal to seal thevictoryfortheFlyingEagles in the 90th minute. However,theFlyingEagles

Games and the 2016 Olympics. We will try a number of other players in the second match and see how things work out,” Siasia said after Sunday ’s training session at the Stade November 7 in Rades, outside Tunis.

werereducedto10meninthe 57th minute after Prince Aggreh was sent off after a secondbooking. Sweden-basedstrikerTaiwo Awoniyicouldlonghavekilled thisgamefortheFlyingEagles but he missed several chances. “The game was a good test for my team because we played against a very experienced side in Enyimba,” declared Manu Garba after the match. “I have seen some of the lapses especially in goal scoring. We missed a lot of

Mourinho Continues from BP to be in control of the tie at 2-0 up. Mourinho caused a stir in the week by saying it would be a disgrace if they lost to Bradford, and he reaffirmed that belief after the match. “I repeat the word that I used yesterday in case we lost - it’s a disgrace. A sporting disgrace, but it’s a disgrace,” he said. “By one side this is the beauty of football, the

beauty of the FA Cup. It happens more in the FA Cup than any other country. By another side I feel ashamed and I think the players should feel exactly the same as I feel.” It was the first time Chelsea have lost to lower-league opposition at home for 20 years and ends their hopes of winning the quadruple this season. Mourinho, though, did

scoring chances and that is part of the corrections we would be making for the team.” He added: “Like I said before,thistournamentisaplus to my team because we are usingittofinetuneoursquad. “You know we would be going to Gambia for conditioning, it is by then that wewouldknowwhatourteam wouldbelikebutrightnowwe don’t have a team.” Enyimba assistant coach FridayChristophersaidFlying Eagles were a fitter team. “TheFlyingEaglesareavery fitside.Andwearehappythat we played against a team that is fit because we know our squad is still rusty,” he said.

pay tribute to Phil Parkinson’s side, saying: “In this moment I feel happy for them. I could find in my bad feeling with the game and with the result space to feel happy for them. I’m honest. “I know in the history of this competition it happens to every team now and again. For me it’s the first time and I think it’s unacceptable to lose against a team from a lower league.” C M Y K

Vanguard, MONDAY, JANUARY 26, 2015

Tunisia beat Dream Team VI N

ATIONAL U-23 Team, Dream V1, who are in Tunisia for a two-game friendly with their Tunisian counterpart, lost 5-3 in the first game of the series yesterday. Coach Samson Siasia flew to Tunisia with a 19-man squad with Coach Fatai Amoo taking charge of another batch of players who will participate at the on-

We must show more character, says Siasia

EAD Coach Samson Siasia has charged his U-23 National Team boys to show character and resilience when they take on the the U-23

•Siasia

Continues on Page 63

Cup defeat shames Mourinho J

•Mourinho

OSE Mourinho said he was ‘ashamed’ by Chelsea’s ‘unacceptable’ FA Cup fourth-round defeat to League One Bradford

City. The Premier League leaders were stunned 42 by the League One Bantams at Stamford Bridge after appearing

Continues on Page 63

BLAZING GUNNERS: Arsenal’s Nacho Monreal (left) is challenged by Brighton and Hove Albion’s Chris O’Grady for an aerial ball. Arsenal won 3-2

Result Congo Gabon

2 0

B/Faso E. Guinea

1 2

Today's matches Cape Verde vs Zambia Congo DR vs Tunisia

7pm 7pm

QUICK CROSSWORD

TODAY'S

PUZZLE

FRI DAY'S FRIDAY'S

ANSWERS

ACROSS 1 Dirty (4) 4 Epoch (3) 6 Cut (4) 9 Tune (3) 10 Height (8) 11 Close (4) 14 Counter (3) 16 Slumber (5) 19 Vied (8) 21 Principle (5) 23 Held (8) 24 Observe (5) 27 Gained (3) 31 Silent (4) 33 Tester (8) 34 Observe (3) 35 Dread (4) 36 Owing (3) 37 Whirlpool (4)

DOWN 2 Greasy (4) 3 Den (4) 4 Taught (8) 5 Top (4) 6 Waterway (5) 7 Untruth (3) 8 Angry (5) 12 Twist (5) 13 Sting (5) 14 Wager (3) 15 Renovate (5) 17 Happening (5) 18 Conceit (5) 20 Explode (8) 22 Brown (3) 25 Entertain (5) 26 Hearten (5) 28 Repair (4) 29 Blaze (4) 30 Nurse (4) 32 Beverage (3)

YESTERDAY'S SOLUTIONS ACROSS: 1, Sprout 5, Battle 8, Flotilla 9, Lost 10, Axe 12, Angle 15, Sob 17, Ban 18, Low 19, Hub 20, Grave 21, Eel 22, Eke 23, Gel 24, Nod 26, Rusty 29, Law 33, Isle 34, Terminal 35, Stupor 36, Berate.

DOWN: 2, PHLox 3, Oath 4, Talon 5, Brawl 6, Tale 7, Lasso 10, Ashen 11, Ebbed 12, Anger 13, Glass 14, Elergy 15, Swell 16, Below 25, Onset 27, Utter 28, Throb 30, Apart 31, Keep 32, Pier.

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: 014544821; Abuja: 09-2341102, 09-2342704. 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.

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