Terminal operators owe FG N86.2bn port charges,fees by Vanguard Media Limited

...towards a better life for the people

VOL. 25: NO. 62703

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MONDAY, FEBRUARY 29, 2016

FG moves to unveil FOREX SCARCITY: OPS loses N1.46trn in 6 beneficiaries of N66bn months — KADCCIMA >8 Halliburton bribes >5 ALLEGED SHARP PRACTICES AT THE PORTS:

Terminal operators owe FG N86.2bn port charges, fees •Operators kick, deny owing govt See story on Page 17

Defiant church members celebrate condemned Rev. King's birthday UNIVERSITY OF ABUJA HONOURS TINUBU—Vice -Chancellor, University of Abuja,Prof Michael Adikwu; former

Governor of Lagos State and National Leader of All Progressives Congress, APC, Asiwaju Bola Ahmed Tinubu with Registrar of the Uuiversity, Mrs Rifkatu Swanta, during presentation and Conferment of Honorary Doctorate of Business Administration DBA, degree on Tinubu at the 20th Convocation of the University of Abuja, weekend. Photo: Abayomi Adeshida.

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Agenda for DEVALUATION: Buhari rescue IMF Vs Buhari confab

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S-Court verdict: Wike owes Rivers people explanation — APC

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FUEL QUEUES RETURN TO LAGOS—Long queue at Mobil filling station, along Oregun-Ikeja Road as scarcity returned to Lagos State, weekend. PHOTO: AKEEM SALAU.

FG moves to unveil beneficiaries of N66bn Halliburton bribes •To ascertain whereabouts of recovered $200m, payment of $12m legal fees to senior lawyers •We’re considering both criminal and civil options against suspects — AGF By Soni Daniel, Northern Region Editor

BUJA—THE F e d e r a l Government moved a notch higher in its antigraft war, last night, with a confirmation that it was launching a comprehensive probe into the controversial Halliburton bribery case in which top Nigerian politicians allegedly received huge bribes in the region of N66 billion. The bribes were taken by top players in

government between 1994 and 1998 from five major companies that were awarded $6 billion for the construction of gas trains in Bonny Island in Rivers State for the Nigerian Liquefied Natural Gas Company, NLNG. Under the fresh probe being ordered by the Buhari administration, and unlike in the past, the key players in the Nigerian government, who demanded and collected the huge sums of money and those who offered the bribes, are to be fished out and

IT'S UP TO YOU BY AYO ADIO

ITHOUT love, hate will prevail, without good evil will dominate. to save humanity, we must show love and give no room for evil to prevail. It's up to you.

TAKE HEART BY ELLA RANDLE

As we express our gratitude, we must remember that the highest appreciation is not to utter words but to live by them —John F Kennedy

RATEFUL people have a higher sense of selfworth. I think that’s because when you’re grateful, you have the sense that someone else is looking out for you. Once you start to recognize the contributions that other people have made to your life, once you realize that other people have seen the value in you, you can transform the way you see yourself. Just because gratitude is good doesn’t mean it’s always easy. Practicing gratitude can be at odds with some deeply ingrained psychological tendencies but if we focus on gratitude, we’ll attract our heart desires.

SAYINGS OF OUR PEOPLE The man who has bread to eat cannot appreciate the severity of famine.

prosecuted. Vanguard also learned that the Federal Government was keen on determining if, indeed, the sum of $200 million said to have been paid by the five companies, which were indicted over the scam, was indeed remitted into the purse of the government. The fresh enquiry will also ascertain why five senior Nigerian lawyers, who negotiated with the indicted multinational firms to escape prosecution in Nigeria and paid the $200 million fines, collected close to $12 million as ‘legal fees’ from the fines. The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, who confirmed the fresh probe being launched by the government in an interview with Vanguard last night, said both criminal and civil charges would be pressed against the suspects. Malami, who is a Senior Advocate of Nigeria, said nothing would be left to chance in the new attempt to investigate the multimillion Naira scam that had cast the nation in bad light in the international community.

Leaving nothing to chance Malami said: “It is true that the federal government is undertaking a

comprehensive probe of the Halliburton bribery scandal and we are not leaving anything to chance this time around. “The recent invitation of some persons for questioning by the Economic and Financial C r i m e s Commission,EFCC, in connection with the bribery, is the beginning of the fresh effort to unravel all the issues related to the case and it is going on as planned. “I want to say that if we need to proceed with criminal prosecution after our investigations, we will do that, and if we need to go for recovery and prosecution, we will do so. Nothing will be left to chance,” the minister said. Asked to confirm the receipt of $200 million fines said to have been paid by the five multinational companies into a dedicated Federal Government account with the Central Bank of Nigeria, CBN, as declared last week by one of the lawyers, Damian Dodo, Malami said the investigation would establish the whereabouts of the said money. The minister said that all claims related to the matter would be unravelled by the probe

currently going on but did not name all the agencies involved in the current probe apart from the EFCC, which has already quizzed two of the five lawyers, who handled the case. The immediate past AGF, Mohammed Adoke, in 2010, raised a fiveman legal team to prosecute the companies indicted in the scam and they all opted to pay huge fines instead of being tried in Nigeria. The legal team raised by Adoke was led by the then President of the Nigerian Bar Association, Joseph B. Dauda, with Mr. Emmanuel C. Ukala, Chief Godwin Obla, Roland Ewubare and

Damian Dodo as members. The companies which were involved in the bribery scandal and opted for payment of heavy fines and nonprosecution by Nigeria, were: Halliburton Energy Services, Siemens AG, TSKJ, Technip of France, Snamprogetti of Italy, Kellog, Brown and Roots of the U.S and Japan Gas Corporation and Julius Berger, which was accused of acting as a conduit for the illegal transfer of $5 million. To avoid prosecution, JB immediately opted to pay a fine of $35 million to Nigeria and accordingly, let off the hook.

PDP CRISIS: Our terms for truce — Rescue Team By Ben Agande

B U J A — MEMBERS

of Peoples Democratic Party, PDP, Rescue Group, have given conditions that would make them pledge their

support for the leadership of Senator Ali Modu Sheriff as chairman of the party. This came as former Spokesperson to exPresident Goodluck Jonathan’s Campaign Organisation, Chief Femi Fani-Kayode, said, yesterday, that he was not losing sleep over threat by the new national chairman of the Party to drag him to court. In an interview with V anguard in Abuja, members of the group said though they were impressed with the interventions of members of the National Assembly as well as the Board of Trustees, BoT, of the party, which have pegged the tenure of the present members of the National Working Committee, NWC, at three months, it would watch closely, activities of the NWC under Sheriff before giving their support. It would be recalled that

the PDP rescue group under the leadership of Amb. Wilberforce Juta, last week, rejected the chairmanship of Senator Sheriff, saying that his emergence as the national Chairman of the PDP was “against the will and wish of the generality of faithful members” of the party. The group further alleged that “the manner of Senator Sherrif ’s emergence had unleashed unnecessary controversy within the party and beyond. "We assert that there cannot be any short cut to the truth. Part of the derailment from the values of our party over the years is the elevation of imposition over internal democracy as happened in the present appointment of the national chairman. "Most party faithful do not see in Sen. Sheriff a model of impeccable integrity that the PDP badly needs to lead it at this critical moment." But following the intervention of critical stakeholders in the party, including the National Assembly, the Board of Trustees and PDP Governors Forum, it was agreed that Senator

Sheriff should serve for three months after which he would organize the party ’s national convention to elect new members of the NWC. Speaking with Vanguard , former Minister of Information and member of the PDP Rescue Group, Mr John Odey, said members of the group were watching the new development with cautious optimism. “We are watching events closely and the actions taken by the NWC in the next one week will determine whether we will support him or not."

Meanwhile, Chief Femi Fani- Kayode said, yesterday, that he was not losing sleep following the threat to drag him to court by Modu Sheriff. Fani-Kayode in a statement noted that he stood by what he said, stressing that they would meet in court and that the era of silencing people with threats and litigations were long over. The statement was signed by Fani- Kayode’s spokesman, Jude Ndukwe.

6 —Vanguard, MONDAY FEBRUARY 29 , 2015

Lai Mohammed advocates revival of indigenous festivals

RECEPTION: Lagos State Gover nor, Mr. Akinwunmi Ambode (middle), with President, U N I L A G Accounting S t u d e n t s ’ Association Set of 84, Chief Adejare Shobayo (left) and Head of Service of the Federation, Mrs. Winifred Oyo-Ita during a reception in honour of the Head of Service, yesterday.

By Daud Olatunji

B E O K U TA— T H E Minister of Information and Culture, Lai Mohammed has advocated the revival of indigenous festival across the country. The Minister, who spoke in Abeokuta, the Ogun State capital during the maiden edition of Nigerian Drum festival slated to hold between April 19 and 21, 2016 in Abeokuta. The Minister, who spoke in the presence of the state governor, Ibikunle Amosun’s representative and the state Commissioner for Culture and Tourism, Olumuyiwa Oladipo lauded the government on the initiative. According to Mohammed who was represented by Ms Grace Isu Gekpe, “We carried out a research and discovered many unique instruments that should be promoted, showcased to complement our modern musical instruments. “By doing that, you create jobs for people who are producing those instruments. So, it is gladdening to see that Ogun State is doing something that the ministry likes. Because this is something that we have actually been telling the states; initiate festivals, apart from these indigenous festivals that you have, initiate new festivals. So, I’m so glad that this festival is going take place in April. The governor, who was represented by his Deputy, Chief Yetunde Onanuga said the event would foster the growth and unity of the country being the first of its kind in Nigeria and Africa at large. He said the event would also promote cultural heritage and unity of the people as it would draw participants from the 36 States of the federation, apart from show-casing talents and skills on drum beating, drum dancing and performances. He stated that it would also enhance tourism opportunities in the state, which in turn would create employment for the teeming youths. In his remarks, the Commissioner for Culture and Tourism, Basorun Olumuyiwa Oladipo expressed optimism, that the Nigerian Drum Festival would turn around the face of culture and tourism not only in the state but in Nigeria and Africa, as it would promote cultural heritage of the country which other African countries would take a cue from.

UNILAG convocation to affect UTME candidates By Dayo Adesulu

AGOS—THE 2016 all Computer Based Test, CBT, version of the Unified Tertiary Matriculation Examination (UTME), conducted by the Joint Admissions and Matriculation Board (JAMB) would not hold at the University of Lagos centre until March 7. Dr Beatrice Okorie, the Coordinator of JAMB National Head quarters Annex, Lagos, told newsmen that this was because of the institution’s 2014/2015 convocation that would start today with the convocation lecture. The convocation will run till Thursday, she said. Okorie had, however, commenced the conduct of candidates during the examinations for being peaceful and seamless. According to her, candidates at the Yaba College of Education centre where she monitored the examination for instance, arrived the centre as early as 8.30 a.m. She said the candidates were searched and screened by men of the Nigeria Security and Civil Defence Corps, NSCDC, using the scanners.

“The conduct of this year’s examination looks encouraging, smooth and stress free “It is seamless as reports reaching me from the slit one of the examination that comprises 30 centres across the state says that so far the exams have been very peaceful with no issues at all. “Here in our centre, actually we have 53 accredited centres but we used 30 for Saturday , but from Monday we shall put all the remaining 23 others in use. “We have enough machines for the biometrics and as a result, there was no waste of time in checking the candidates into the

GUN State Government is set to embark on an electrification scheme that will provide power supply in rural communities in the state. Already, Gbamu Gbamu, in the Ijebu East Local Government Area, has been chosen as the community where the pilot project of the scheme, being carried out with GIZ, a German organisation, will kick off. Deputy Governor, Mrs. Yetunde Onanuga, who disclosed this, said it is in fulfilment of the state government’s commitment

By Olasunkanmi Akoni

AGOS—IN line with the mandate of Governor Akinwunmi Ambode, the Lagos State Domestic and Sexual Violence Response Team, DSVRT, in partnership with the Ministry of Health and the Primary Health Care Board at the weekend launched the Sexual Assault Standing Order and Sexual Assault Evidence Examination Kit, also referred to as rape kits. Coordinator of the DSVRT, Mrs. Titilola Vivour-Adeniyi said the launch was done at a training session for health workers of Primary Health Care Centres. She listed the five pilot centres to include Ogudu, Ita-elewa in Ikorodu, Ajilete in Ifako-Ijaiye, Palm Avenue in Mushin and Oshodi in Oshodi-Isolo. She said the selection of the pilot PHC’s was methodically done as statistic reveals that sexual and gender-based assault-related crimes are most prevalent in these areas. These centres render 24hour service, laboratory, HIV counselling and testing, and maternal and child health services. Mrs. Vivour-Adeniyi said the Lagos State Sexual Assault Standing Order, the first of its kind in Nigeria, was produced to guide the provision of health care services as well as set the minimum acceptable standards for the provision of quality health care to the survivors of sexual assault.

Three airlines obtain Safety Audit Certification By Lawani Mikairu & Daniel Eteghe

AGOS—THREE Nigerian airlines have successfully obtained International Air Transport Association, IATA, Operational Safety Audit Certification. This was disclosed when IATA team led by the newly-appointed Regional Director for Africa, Tanja

Ogun kicks off rural electrification scheme

examination hall,” Okorie said. She said that the entire examination centre was calm and one would hardly know that an examination was going on here unlike what was obtained before then. She said that only one session of the examination was held on Saturday in all the examination centres in and outside the country. According to reports that 1.8 million candidates are sitting for the examination in 540 centres in Nigeria and eight foreign centres, including Cameroon. The figure includes 343 inmates and 201 visually impaired candidates. The examination is expected to be concluded on March 11.

Lagos launches anti-sexual assault standing order, rape kits

towards uplifting the standard of living of rural dwellers in the state. Onanuga, represented by the Special Adviser to the Governor on Rural Development, Mr. Wale Ogunyomade, during an inspection tour of Gbamu Gbamu, said the community has the prerequisite needed for the success of such a pilot project. Permanent Secretary, Ministry of Rural Development, Mr. Gbenle Olugbebi, in his remarks said the state government would ensure development in all ramifications as more social amenities will be provided to enhance the standard of living of the villagers.

Grobotek paid familiarisation visit to the Director General of the Nigerian Civil Aviation Authority, NCAA, Capt. Muhtar Usman, at the Aviation House, Lagos. According to General Manager, Public Relations, NCAA, Mr Sam Adurogboye, the successful airlines are Arik Air, Aero Contractors and FirstNation. Those on the verge of attaining IOSA certification include Allied Air and Cargo services, Overland Airways and Dana Air. While Air Peace has done its last workshop but is about to be audited. The IATA Operational Safety Assessment (IOSA) certificate is issued to airline after a successful assessment and demonstration of compliance to Safety Regulations as specified by the body. In another development, Grobotek “condemned Consumer Protection Council’s (CPC) incursion into aviation regulatory responsibilities of the NCAA with reference to the recent issue of passengers’ complaint with Turkish Airlines.” The DG, NCAA, Capt. Muhtar Usman, in his response, thanked the IATA team for their visit. He expressed willingness to partner

with IATA on issues of Safety, Security and Training. The IATA team included its Aviation Solutions Manager (South West Africa) Ewemade Atake. With the DG were some top management staff of the Authority, which included the Director of Air Transport Regulations, Mr Ogidi Justus-Wariya, Director of Consumer Protection, Alhaji Adamu Abdullahi, Director of Finance and Accounts, Alhaji Nuhu-Ozigi , Technical Assistant to the DG, Engr. Ben Tukur, GM Public Relations, Mr Sam Adurogboye and others.

Bristow Helicopters engages operations audit firm Meantime, Bristow Helicopters, weekend, said it has engaged the services of an independent company to audit and review its operations. This is coming on the heels of the directives by National Petroleum Investment Management Services (NAPIMS) to Bristow clients asking them to terminate the contract between them and Bristow as a result of recent air crashes involving Bristow.

Vanguard, MONDAY, FEBRUARY 29, 2016 — 7

FOUR DAYS TO INSTALLATION: Seriki asks court to arraign Olubadan-designate for contempt I

BADAN—FOUR days to the installation of a new Olubadan of Ibadanland, another claimant to the throne, Chief Adebayo Oyediji has asked an Oyo State High Court to arraign the Olubadan designate, Chief Saliu Adetunji for contempt of court. While speaking with newsmen in his Monatan residence at the weekend, Chief Adetunji accused Olubadan-in-Council of flagrant disobedience to the rule of law which, he said, was the bedrock of a sane society. He alluded to an earlier restraining injunction granted by Hon. Justice M. O. Ishola on November 21, 2008. In a letter addressed to the senior registrar, High Court of Justice, Iyaganku, Ibadan, through his counsel, A.G Adeniran, he stated that “however, with absolute disregard for the said orders of the honourable court, Chief Saliu, who is the 8th defendant bound by the third and fourth legs of the orders of injunction with absolute disregard for the said orders of the court has presented himself to the purported kingmakers of the Olubadan of Ibadan chieftaincy and the Governor of Oyo State for appointment as the Olubadan of Ibadan which said appointment has been fixed for March 4, 2016.” He lamented as worrisome a situation where people who are supposed to be custodians of law willingly break the same law with impunity. He said even though he had initially restrained himself from filing this committal proceeding against the likely successor to the Olubadan chieftaincy stool, he had explored all known means to make the Olubadan-in-Council see reason why due process should be adhered to. According to him, “I had tried to prevent this crisis from degenerating to this level, but, they have proved to be above the law. They left me with no option than to file this suit.” Showing the copy of the suit entitled, ‘notice of consequences of disobedience to order of court’ and dated February 23, 2016, he said, “Some people think they are above the law and I have the belief that the country is being governed by law. It gives me a lot of concern that some wealthy and famous people have no regard for law. This is very bad. I got a judgment in 1989 during the reign of Oba Asanike and we both signed that Seriki should join the royal line on both sides (Balogun and Olubadan). When they begged us, Muibi Akanbi,Alimi Alaadorin, Oyeranmi and I were there. 21 of us were in Seriki line then. In 2007, they went to the Supreme Court three times and they failed.” Olubadan-designate seeks support for security agencies

Meantime, the Olubadandesignate, High Chief Saliu Adetunji, has urged members of the public to cooperate with security agencies in the bid to promote peace and security in the country. This is contained in a statement issued in Ibadan by Alhaji Adeola Oloko, the media aide to Olubadan-designate, and made available to newsmen on Sunday. Adetunji gave the advice while receiving a delegation led by

Director of the State Security Service, DSS, in Oyo State, Mr Laasan Baba, at his Popoyemoja, Ibadan residence. Adetunji stated that the cooperation of the public in the area of intelligence gathering had become necessary to reduce crime rate to the barest minimum. He spoke in the same vein when the Commandant of Nigerian Security and Civil Defence Corps, Mr John

Adewoye, paid him a courtesy visit at the palace. The statement added that the Olubadan-Designate has been admitted as a full member of the Ibadan Progressive Union, the oldest surviving socio-cultural club in Ibadan that was founded in 1930. He was presented a cap, plaque and constitution of the union by the President, John Adeniji, and the secretary, Fatai Falola.

FIDAU PRAYER: From left; Mrs Abimbola Oyinlola; Mr Dare Babarinsa; Mrs Joke Omotunde, Information Specialist, U S Consulate General, Lagos (behind) and Mr Nosa Igbiebor during the 40th Day Fidau Prayers for Alhaja Limota Aduni Hassan, Nee Babalakin, mother of Mrs Joke Omotunde at St Paul Anglican Church Primary School, Oke Church, Gbogan, Osun State. Photo by Shola Oyelese.

I have over 50 petitions against Shagamu DPO — OGUN LAWMAKER By Daud Olatunji

BEOKUTA—THE majority leader of Ogun State House of Assembly, Yinka Mafe, yesterday, said he has about 50 petitions against the Divisional Police Officer in charge of Sagamu, CSP John Mark. Mafe, representing Sagamu I state constituency, also vowed that the House will summon the Commissioner of Police, Abdulmajid Ali, and the command’s spokesperson, Muyiwa Adejobi, on the alleged criminal cases against him. The state House had last Tuesday asked the state Commissioner of Police to probe the alleged extortion of the people of Sagamu by the DPO. But the Police through its spokesperson, Muyiwa Adejobi said Mafe has no moral justification to raise such issues as he has about 15 criminal cases against him.

Ekiti APC, NUREC condemn Fayose’s outburst against Buhari ...Gov decries President’s silence on Fulani herdsmen killings By Rotimi Ojomoyela & Monsuru Olowoopejo

DO-EKITI—THE All Progressives Congress, APC, in Ekiti State has described Governor Ayodele Fayose's recent outburst against President Muhammadu Buhari as a desperate ploy by the governor to escape an impeding justice over his many crimes against the state. The party regretted that Governor Fayose had chosen to make himself “a virus” to the nation’s peace and stability, adding that his utterances are dangerous and a threat to the security and unity of the country. Also, the Muslim Rights Concern, MURIC, has advised Governor Fayose not to play politics with religion and be mindful of his utterances. The caution came after Fayose’s allegation against President Buhari of trying to islamise Nigeria by visiting Saudi Arabia. The group gave the advice in a statement by its Director, Prof. Ishaq Akintola,in Ibadan, yesterday. The statement said that Fayose had failed woefully on his attempt to whip up religious sentiment, saying even a 10-year-old Nigerian child knew the reason for Buhari’s visit to Saudi Arabia.

The APC noted that Fayose’s recent unwarranted outbursts against President Buhari, including allegation that the President wanted to islamise Nigeria, were disgracefuland intended to sway public sympathy in his favour when the law catches up with him over his many alleged crimes against the state. Fayose, had at a thanksgiving service for the Rivers State governor, Nyesom

Wike in Port Harcourt, accused President Buhari of making subtle moves to make Nigeria an Islamic nation. Meantime, Governor Fayose has described as worrisome, the silence of President Buhari on the alleged killing of harmless Nigerians by Fulani herdsmen, saying; “wanton murder of over 300 Agatu people of Benue State and the silence of the Federal Government on this genocide is

a clear invitation to chaos.” Decrying the activities of the herdsmen, Fayose said; “Farmlands costing billions of naira have been destroyed in the South-West, South-East and North-Central zones. One wonders how Nigerians can go back to farming when farmers are losing billions of naira worth of crops to destruction of their farmlands by Fulani herdsmen and the Federal Government is doing nohing about it.”

Ooni extols Ife’s tourism potentials Says Noah's Ark is in Ile-Ife By Gbenga Olarinoye

SOGBO—IN his remarks before officially declaring Ile-Ife “a Tourism Zone”, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi has said that the historical assets of Ile-Ife, the cradle of Yoruba, was enough to empower Nigeria and Africa at large and urged tourists across the world to thrill themselves with artefacts available in the town. Oba Ogunwusi who spoke at the weekend during the official declaration listed some of the already discovered tourist attractions in the town. Ooni Ogunwusi said: “Ark of

Noah, which the entire world has been searching for is in Ile-Ife. The Ark of Noah has been in existence and it is in Ife land. “We want to bring out the mysteries for the whole world to see. God thrives on mystery and every inch of Ile Ife- the land of expansion-is full of mystery. “God has blessed us with some mysteries and we need to bless the world with those mysteries. For instance, there was a barren twin in Ife, who turned herself into a river in order to bless the town. It remains the first wife of any monarch in this town. “If you dare the water and enter it deliberately, as small as it is, you will never return. But if you

fall into it by mistake, it will protect you and drop you at the nearest bank where your relatives can see you. “This river is Yeyemoolu, there is nothing you ask from her, that Yeyemoolu will not give you. This is another tourist attraction, a mystery river that the world can explore.” In her speech, the Director General, Nigeria Tourism Development Corporation, NTDC, Mrs. Sally NwechueMbanefo declared South West region a “tourism-friendly region.” Despite having the tendency to challenge Lagos as the capital of tourism in Nigeria, Mbanefo said much of the tourism potentials of Ife have remained untapped.

8—Vanguard, MONDAY, FEBRUARY 29, 2016

VISIT: From left, Director, Enterprise Segments, Etisalat Nigeria, Mr. Eric Chijioke; Chief Marketing Officer, Etisalat Nigeria, Mr. Francesco Angelone; Ooni of Ife, Oba Enitan Ogunwusi Ojaja II; Director, Market Strategy, Pricing/Insight, Etisalat Nigeria, Mr. Adebisi Idowu, and Head, Enterprise Marketing, Etisalat Nigeria, Mr. Bidemi Ladipo during a courtesy call by Etisalat Nigeria Group to the Ooni of Ife in his palace at Ile-Ife, Osun State.

Forex scarcity: OPS loses N1.46trn in 6 months —KADCCIMA FG restates commitment to stabilize naira against dollar As CBN targets N200/$ parallel market rate By Naomi Uzor

ADUNA — THE Kaduna Chamber of Commerce, Industry, Mines and Agriculture, KADCCIMA, yesterday, said investors in various sectors of the economy were weighing the negative impact of the scarcity of foreign exchange on their businesses, noting that within six months, members of the Organised Private Sector lost about N1.46 trillion. This came on a day the Federal Government restated its commitment to stabilize the country’s currency against the dollar. Also, the strident calls by the International Monetary Fund, IMF, and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by bureau de change operators have been linked to a complex and integrated currency management approaches deployed by the Central Bank of Nigeria, CBN, to peg the naira at N200 to the dollar. Disclosing information on the N1.46 trillion loss at the ongoing Kaduna International Trade Fair, the President of KADCCIMA, Dr. Abdul-Alimi Bello, said the loss was occasioned by stalled business activities due to inadequate supply of foreign exchange as a result of Federal Government’s policy on foreign exchange restriction. “We are concerned about the inclusion of essential raw materials, which are not available locally and do not have local substitutes, in the list of items not valid for forex because of the dire consequences of factory closures and attendant unemployment that would result. “Our view is that such items can be included only after allowing investors ample time to backward integrate and generate these items

locally. To avoid the risk of industrial closures, we plead that policy should be revisited,” he said. He appealed that patronage of Nigerian products by public and private sector operators should be vigorously encouraged. “In order to effectively entrench this as a policy, we urge all tiers of government to strengthen and fully implement the procurement Act so as to make it a reality as well as ensure that the various arms and tiers of government, including MDAs and Nigerian Missions Abroad actively patronize madein-Nigeria products in a sustainable manner in preference to imported substitutes."

FG restates commitment to stabilize Naira

Meanwhile, the Federal Government has restated its

commitment to stabilize the country’s currency against the dollar. Speaking at the opening ceremony of the 37th Kaduna International Trade Fair, tagged “Promoting Solid Minerals Sector for Sustainable Economic Development in Nigeria,” Minister of State (Industry, Trade and Investment), Hajiya Aisha Abubakar, said government was committed to stabilizing the country’s currency against the dollar and that short term measures had been introduced by the monetary authority to prevent the free fall of the naira. She noted that government remained committed and resolute in ensuring that ongoing reform programmes, especially in the areas of trade, industry, power, agriculture and solid minerals sectors, resulted in a vibrant private sector participation and increase efficiency in the national economy.

“As we confront the challenges ahead, I urge the entire private sector operators in Nigeria and their foreign counterparts to positively reciprocate these gestures by investing in the identified growth and employment generating sectors of the economy,” she said. On his part, Governor Nasir el-Rufai of Kaduna State called on all and sundry to support and partner with the present administration in promoting non-oil export opportunities for economic growth and development. “It is when economic diversification is encouraged and supported that we will be able to provide critical infrastructure, employment, wealth creation etc,” he said.

CBN targets N200/$ parallel market rate

Meantime, the strident calls by the IMF and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by bureau de change operators appear to have been linked to a complex and integrated currency management approaches deployed by the Central Bank of Nigeria, CBN. A top source in the apex bank said: “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained. “The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the naira. "The current stand of the Federal Government on Nigeria’s legal tender is nondevaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that naira appreciation is going to trend upwards going forward.”

Badeh’s lawyers, family worried over continued detention By Henry Umoru

BUJA—LAWYERS to former Chief of Defence Staff, Air Chief Marshal Alex Badeh, have expressed concern over his health following his continued detention by the Economic and Financial Crimes Commission, EFCC. In a letter to the Minister of Justice and Attorney General of the Federation, Abubakar Malami, the lawyers faulted what they described as the too stringent bail conditions being sought to ensure his freedom. Members of his family are also said to be apprehensive, as their bread winner may not have been getting the deserved medical attention, while in detention, calling on the EFCC to consider the man’s contributions to the country and allow him to return home and face charges against him, if any. Badeh’s lawyers, who also alleged that the EFCC might be acting out a script by placing obstacles in the former Chief of Defence path to freedom, even when he has cooperated with the commission since the commencement of his interaction with them over alleged corrupt practices under his watch. According to the lawyers, the EFCC is aware of the health challenges faced by Badeh, and managing such ailments while in detention may tend to further worsen his situation.

Budget 2016: 8 Reps c’ttees sanctioned for failing to meet deadline To forfeit right to supervise MDAs’ budget proposals By Emman Ovuakporie & Johnbosco Agbakwuru

BUJA—EIGHT standing committees of the House of Representatives that failed to submit budget reports of Ministries, Departments and Agencies of government they are supervising have lost the right to conclude the exercise. The eight committees are expected to hand over their budget proposals to the House Committee on Appropriation with immediate effect. The committees that failed to submit their reports as

mandated by the House leadership include Public Accounts Committee, PAC; Loans, Aids and Debts; Gas Resources; Public Service Matters; Maritime; Safety Education Admin; Housing; Interior and National Security. After 12 hours of grilling some of the committees, Friday night, the House Committee on Appropriation formally closed the collation of reports on the 2016 budget from standing committees of the House (sub-committees to the Committee on Appropriation) Friday, February 26. This was contained in a

statement issued and signed by the committee’s chairman, Abdulmunin Jibrin, APC, Kano, who said in all, 60 substantive -committees presented their reports and recommendations, covering improvements, shortcomings and actions to be taken in their respective MDAs. Jibrin praised the committees for their cooperation and the that they “heeded our call to submit their reports within the deadline. ‘’This is for the overall interest of the nation and the commitment of the National

Assembly to pass the 2016 budget at the latest by the second week of March”. “However, it is regrettable that some committees still did not meet the deadline and have not submitted any reports. Due to pressure of time, because we have to tidy up the final report with the Senate, the Committee on Appropriation will have to take over the work of such committees by appropriating funds for the MDAs that they supervise.” The committee will also interface with officials of the Ministry of Finance, Budget Office on March 3.

Vanguard, MONDAY, FEBRUARY 29, 2016—9

Price slump: Oil firms, banks risk bankruptcy over IOCs' assets acquisition By Michael Eboh

BUJA — INDIGENOUS oil companies that acquired the divested interests of Shell, Total and Chevron in Nigeria, between 2013 and 2015 are at r isk of going bankrupt and may find it difficult to repay the loans they borrowed from financial institutions to acquire these assets, thereby putting the banks in dire straits also. According to a report in Forbes, most of these deals were consummated during the period when crude oil was selling for about $100 per barrel, meaning that these firms would be faced with serious challenges in meeting their financial obligations to their lenders now that crude oil is selling around $30 per barrel. The companies, mostly affected are Newcross Exploration and Production Limited, First Exploration and Petroleum Development Company, Seplat and Aiteo Group. The report stated that oil companies that are particularly at risk of default are those that raised debt financing in 2014 to buy shares in Shell’s Oil Mining Leases (OMLs) 18, 24, 25 and 29. According to the report, at the time the acquisition deals were concluded for these assets, oil prices soared above $110 a barrel and local banks— less riskadverse than their international counterparts – readily lent on a price basis of about $80-$90 per barrel. It further stated that Nigerian banks’ ability to maintain the lines of credit in place is now under question, given their exposure to the sector and also considering the rising cost of US dollardenominated funding, adding that write-offs seem unlikely right now. The report said: “The nation’s indigenous firms that rose to prominence to purchase oil fields from supermajors, such as Chevron, Shell and Total, are now in deep distress. The billions of debt they raised for these acquisitions risk going unpaid with oil revenues a fraction of 2013 levels. The scramble to prevent firms such as Aiteo and Newcross from defaulting has begun. And with some banks looking to leave loan syndicates, the market is welcoming the arrival of new entrants – commodity traders. “But with oil now hovering around $30 a barrel, and showing little signs of recovering, how effective can restructuring measures be?“ Commenting on the development, Amaechi Nsofor, a director at Grant Thornton, said close to 100 per cent of the indigenous oil and gas companies needed funding of some sort, either to meet debt repayments or fund significant field development capital expenditure.

A banker, who does not want his name in print said: “Although when the drop in prices is this dramatic, new loan agreements are almost impossible. There is only so much oil a company can pledge with current prices." Another banker, however, stated that “the last thing you want to do as a lender is to enforce. If there is still some cash flow, then you would rather restructure.”

The report explained that restructurings will take the form of amend-and-extend exercises through covenant readjustments and extension of debt maturities, adding that pushing things down the road in order to trade out of the situation until the oil price returns seemed to be the most viable option for both oil producers and banks. The Forbes report further stated that over recent months,

commodities traders such as Glencore, Mercuria and Shell Trading have been looking to participate in refinancing and restructuring deals, providing a new life-line to the market. The report said traders have much-needed US dollar liquidity, and were, therefore, welcomed by distressed borrowers and over-exposed lenders.

SOCIAL MEDIA WEEK: From left, Chairman, Social Media Week, Lagos, Mr. Obi Asika; Senator Foster Ogola; Chiarman, Senate Committee on FCT, Sen. Dino Melaye; Senate President, Dr. Bukola Saraki; Co-founder of Red Media/State Craft Inc., Mr. Debola Williams and Chairman, Senate Committee on Media and Public Affairs, Senator Aliyu Abudullahi, during the Social Media Week, in Lagos.

Buhari to OPEC: Oil price crash unacceptable By Levinus Nwabughiogu

BUJA — PRESIDENT Muhammadu Buhari, yesterday, in Doha, Qatar, told member states of Organisation of Petroleum Exporting Countries, OPEC, and nonOPEC members that the continued crashing of oil prices was no longer acceptable. He, as a matter of urgency, called on all other stakeholders in the sector, especially the oil producing nations to articulate ways of rising up to the challenges as the development had seriously affected the economy of many nations. Nigeria is a member of OPEC and currently running a monoeconomy based on oil exports. But its economy is at its ebb due to the oil price. President Buhari’s charge was made during a bilateral meeting with the Sheikh Tamim Bin Hammad Al-Thani, the Emir of the State of Qatar. He said: “As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be

enhanced and coordinated for the benefit of our people. “The current market situation in the oil industry is unsustainable and totally unacceptable. We must cooperate both within and outside our respective organisations to find a common ground to stabilize the market, which will be beneficial to our nations.” The President, who extolled the existing cordial bilateral relations between both countries, also extended an invitation to prospective Qatari investors, urging them to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance. He assured prospective investors of government protection of their persons and investments. This was as he noted that both countries hoped to formalize at least two bilateral agreements to boost economic cooperation between them. Also speaking on the crisis in the Middle East, the President commended Qatar for her role

in resolving the present Syrian crisis, the Palestinian cause and efforts in reconstructing Gaza. He said: “The conflicts in Yemen and Syria with their attendant humanitarian crisis need genuine international effort to solve. Nigeria, as a peace-loving country, identifies with the State of Qatar in all her peace efforts in the world to end terrorist activities. “Nigeria is a victim of terrorism. It is with heavy heart that I stand before you and say that the activities of Boko Haram have led to loss of many lives and displacement of innocent people in our dear nation. “We, however, take pride to inform you that since our coming to power, Boko Haram has been systematically decimated and are in no position to cause serious threat to our development programmes. “I wish to reiterate that Nigeria rejects violence and extremism in all ramifications, and assure your Highness that we are with the State of Qatar in your efforts to fight terrorism and injustice in your region and in the world at large.”

BVN: FG eliminates 23,846 ghost workers, saves N2.3bn monthly By Emma Ujah, Abuja Bureau Chief

BUJA — THE Federal Government has eliminated 23, 846 ghost workers from its pay roll, thus saving about N2.293 billion monthly in what should have been paid out to non-existent workers or those who draw multiple salaries from government coffers. The feat, according to the Special Adviser to the Minister of Finance, Mr. Festus Akanbi, was achieved through the Bank Verification Numbers, BVNbased staff audit and enrolment to the Integrated Payroll and Personnel Information System, IPPIS. He said in a statement that more investigations were ongoing in collaboration with the Economic and Financial Crimes Commission, EFCC. He said.“The Federal Government is also taking actions to pursue recovery of salary balances in bank accounts as well as any pension contributions in respect of the deleted workers. This involves active collaboration with the concerned banks and the National Pension Commission, PenCom. “Due to the fact that personnel costs represent over 40 per cent of total government expenditure, the Federal Government will continue to strengthen its payroll controls. It plans to undertake periodic checks and to utilise computer Assisted audit techniques under its new continuous audit programme. "This will ensure that all payments are accurate and valid. Requirements for new entrants joining the Federal Civil Service have also been enhanced to prevent the introduction of fictitious employees in future. “The ongoing exercise, which is part of the cost-saving and anti-corruption agenda of President Muhammadu Buhari’s administration, is key to funding the deficit in the 2016 budget, as savings made will ultimately reduce the amount to be borrowed.” He explained that the Federal Government would not accede to the request of the Association of Senior Civil Servants of Nigeria, ASCSN, that its members be co-opted into the panel investigating the cases of indicted civil servants because the investigations were of a criminal nature and would, therefore, be handled by the appropriate investigative agencies.

10—Vanguard, MONDAY, FEBRUARY 29, 2016

90-yr-old Bayelsa monarch relives kidnap experience By Samuel Oyadongha

ENAGOA—THE paramount ruler of Tombia town in Yenagoa Local Government Area, Bayelsa State, Chief Christian Otobotekere, said the 17 days he spent last year in the kidnappers' den were his “darkest days.” Chief Otobotekere was abducted from his palace at Tombia on July 23 by armed men and released 17 days later. Relieving his experience in Yenagoa, weekend, at the unveiling of The Mariner, a journal published by the state chapter of the Association of Nigerian Authors, ANA, the royal father said though the 17 days opened his eyes to the involvement of unemployed graduates to violent crimes, the time spent with his abductors was unpalatable. He said though he was not maltreated, “the 17 days spent with the kidnappers was enough maltreatment. “I was thinking of my students, the community and the nation in general. That is why the experience will be titled days of aberration in my next work.” Chief Otobotekere, who is a literary icon and patron of the ANA, said he engaged his abductors in discussion and discovered that some of them were graduates and students of the arts and literary world.

Diarrhoea kills 30 in Imo By Chidi Nkwopara

WERRI—ABOUT 30 children have reportedly died, following what Imo State Government called “fresh outbreak of diarrhoea” in the state. According to a post in Imo State Government Blog, picked up by Vanguard weekend, the

administration disclosed that diarrhoea is relatively common in remote areas of the state. “Diarrhoea is relatively common in remote areas of the state, where potable water is often scarce and residents frequently rely on water from unwholesome sources,” government explained. Speaking when she played

host to a delegation from Nigerian Agip Oil Company Limited, the state Commissioner for Health, Mrs. Ngozi Njoku, said: “The death toll from the latest outbreak had risen to 30 in the last few weeks.” According to the Commissioner, several other children, also suspected to have been affected, are receiving treatment in various hospitals in the state. She said: “Four children died

DOGGED HUNTERS: Hunters resting with their dogs on Maiduguri By-Pass in Bauchi, yesterday. NAN PHOTO.

Mother loses 2 children in East-West Road accident By Perez Brisibe

GHELLI—EXACTLY a week after a female passenger lost her life at the Ughelli axis of the East-West Road, a mother has lost two of her teenage children in another motor accident. The incident, it was gathered, occurred a few kilometres from Ekuigbo

Junction at about 11a.m., Saturday. Confirming the incident, the Public Relations Officer of the Federal Road Safety Corps, FRSC, Ughelli Unit Command, Chinyere Ngwu, disclosed that the accident was as a result of a burst tyre of a Volkswagen car with number plates UGH 739 MZ. According to her, there were

eight occupants in the car. The two siblings, a male and female, whose mother was also a passenger in the vehicle, died in the accident. Ngwu hinted further that the remains of the victims had been deposited at the morgue of Ughelli Central Hospital, while the wounded were also rushed by men of FRSC to the same hospital.

CWO's scribe kidnapped, murdered in Imo By Chidi Nkwopara

WERRI—UNEASY calm now reigns in Umulolo, Ihitte Ubi, Isiala Oparanadim community in Ahiazu Mbaise Local Government Area of Imo State, following the murder of Ezinne Ann Nwachukwu, five days after her abduction by unknown persons. Vanguard gathered that the 67-year-old slain woman was the Secretary of Catholic Women Organisation, CWO, of St. Anthony’s Catholic Church, Ihitte Ubi. Giving account of what happened, her second son, Pastor Anslem Nwachukwu, said that his mother was kidnapped at about 4a.m. on Friday, February 5, by about

last month at Nekede, Owerri West Local Government Area. 65 suspected cases had been reported at Ikeduru Local Government Area, while areas like Orlu, Owerri West, Ohaji/ Egbema, Owerri North and Ngor Okpala have also recorded cases of the diarrhoea outbreak. “This outbreak started sometime in January, but we were preoccupied with the Lassa Fever challenge.”

seven armed men that stormed her house in a Toyota car. It was also gathered that the hoodlums contacted the family with her mobile phone and made an initial demand of N10 million ransom, which was later reduced to N3 million. Vanguard was told that before the family could gather the requested fund, one of the kidnappers called a member of the family making incoherent remarks. The call was repeated the next day with the hoodlums directing members of the family to where the woman’s lifeless body was dumped, as the caller said they no longer have any need for the family’s money. The traditional ruler of Isiala Oparanadim, Eze Isidore

Atughara, expressed regret, saying it was not the first time

such incident was happening in the area.

Delta council Majority Leader kidnapped By Perez Brisibe

G H E L L I — UNIDENTIFIED gunmen, weekend, abducted the Leader of Ughelli North legislative arm, Mr. Sunday Eguke, along the East-West Road on his way to Port Harcourt, Rivers State, demanding for N10 million ransom. The abduction of the House leader occurred 18 days after he emerged as leader of the

House following the ousting and subsequent suspension of the former leader, Chief Teddy Okperin. Though details of the incident were still sketchy at press time, a principal member of the House confirmed the incident yesterday. The councillor, who spoke on condition of anonymity, said the gunmen struck along Uwheru axis of the East-West Road in Ughelli North Local Government Area.

Police bust car-snatching syndicate in Enugu By Francis Igattah

OME stolen vehicles were recovered by policemen attached to Ogui Division in Enugu State, when the leader of a gang of car snatchers that specialises in reshaping stolen vehicles, was arrested. The suspect, who gave his name as Chijioke John, an auto-electrician from Ikwo in Ebonyi State but resident at Mgbemena Street, Awada Layout, Onitsha, in Anambra State, was arrested by detectives as he was working on a stolen vehicle in a shop at Onitsha. The arrest of the gang leader took place few days after a Toyota Highlander with number plates ENU 358 NK, was allegedly snatched at Onuike Top L a n d , A w k u n a n a w, Enugu, by some hoodlums. However, following a tipoff, detectives swung into action and arrested another member of the gang after recovering the vehicle. He is now helping the operatives in their investigations.

Vanguard, MONDAY, FEBRUARY 29, 2016—11

Police arrest 46 Awawa cult members in Lagos By Olasunkanmi Akoni & Esther Onyegbula

AGOS—NO fewer than 46 members of Awawa confraternity, in Agege and environs, were arrested by operatives of Rapid Response Squad, RRS, of Lagos State Police Command, weekend. The suspects were arrested in the early hours of Saturday along Agindigbi Road, Ikeja and Agege, in an operation that lasted about three hours. The operation was led by the Assistant Superintendent of Police Timothy Ojetunde, acting on tip-off from victims of the group along Agidingbi, Agege and Ogba areas. Commander, RRS, Assistant Commissioner of Police Olatunji Disu, who confirmed the arrest, said: “Apart from incessant complaints from the residents alleging that some group of young boys and girls aged between 15 and 22, were making lives difficult for residents, they equally rape, loot, snatch and dispossess law-abiding citizens of their belongings. “During their recent attack along Agidingbi Road, we were able to arrest 46 of them,

I was promised free access to girls—SUSPECT We’re after their financiers—POLICE

91-yr-old ex-CBN Director kidnapped in church By Ochuko Akuopha

O CUB TERRORS: The Awawa cultists paraded by police. including six female, while others manage to escape. Before we made the arrests, they engaged us in a fight, throwing stones and broken bottles at us. “On arrival at the RRS Headquarters, the suspects were still raging, saying no one can arrest them and go scot free. They threatened that if we do not let them go, their colleagues who are yet to be arrested, would besiege our base the following day and set them free.” Meanwhile, some of them

said they were lured into the dreaded cult group through peer group influence, with one of them saying “I was forced to join them with a promise that I would be very powerful among my peers. They promised me that I would have free access to girls, who are members of the group.” Lukmon Arowoseni, one of the arrested suspects said: “One thing is certain, once you join the group, it would be very difficult to dissociate yourself again. And you must also be part of their

proceedings and operations any time they are set to go out. “We loot, rape and rob innocent members of public each and every time we are operating. We do not fear anybody, even police, because we are always in hundreds.” Lagos State Police Public Relations Officer, Dolapo Badmus, said that Awawa cult group is a violent group, adding “ we are after them. Their financiers and leaders are our targets; with those in our dragnet, the tide is against them.”

L E H — UNIDENTIFIED gunmen, yesterday, kidnapped 91-year-old retired Director, Foreign Operations, Central Bank of Nigeria, CBN, Chief Joseph Ogedegbe at St. Michael’s Anglican Church, Emevor, Isoko North Local Government Area, Delta State. It was gathered that the nonagenarian, who retired from the apex bank in 1978, was abducted at about 9a.m. in the church premises as he was alighting from his vehicle. Sources said the kidnappers, who drove in an ash-coloured Passat car, followed Ogedegbe into the church's premises, forced him into their vehicle and zoomed off towards Otibio-Orogun.

Squatter kidnaps one month old baby in Lagos decided to use the time to have my bath. On returning to my room, I discovered that my baby had disappeared. I raised alarm and my neighbours informed me that they saw a lady with a baby, but that they thought it was hers. Effort to track her proved abortive.”

By Monsuru Olowoopejo

Togolese living at 14, Ago Street, Okokomaiko, a Lagos suburb, is alleged to have conspired with another foreigner to kidnap a 34day-old baby, Mustapha Ibrahim. Vanguard gathered that the other foreigner, identified as Sekinat, lives with the parents of the baby, Ganiyu and Saidat Ibrahim at the said address. It was learned that Sekinat and the toddler ’s parents had been neighbours for about five years. Vanguard gathered that Sekinat had introduced the foreigner to the Ibrahims as her elder sister, a day earlier. The foreigner kidnapped the baby on Saturday, February 20, at about 3p.m., when the mother was having her bath. When Vanguard visited the home of the Ibrahims weekend, residents said that Sekinat was not at home when the child disappeared, but argued that she must have acted in such manner to create an alibi.

Saidat, baby's mother.

A mother’s story

In an interview with Vanguard, Saidat, mother of the baby, said: “On Friday before the kidnap, Sekinat, whom we often call Aunty, brought the lady (foreigner) and introduced her to us as her elder sister. And because of the relationship between our family and her, I allowed the lady rock my baby. Few minutes after, she handed over the baby and left. “Next morning, Sekinat left at about 7a.m. for Alaba International Market, where she sells food. But she left the said elder sister at home. “At about 3p.m., my baby (Mustapha) was asleep. I

I don’t know her—SEKINAT

Meanwhile, speaking at Okokomaiko Police Station, Sekinat denied knowing the alleged kidnapper, saying “I saw her at the market wandering around, looking for where to sleep. So I decided to help her. That was why I brought her home. I never knew she had such sinister motive.” Confirming the kidnap, Police Public Relation Officer, Dolapo Badmus, said: “The case is now being handled by the command gender desk unit. Efforts are on to track down the suspect with possible recovery of the stolen baby. “We are already getting Interpol involved; very soon, and hopefully, we will find the child.”

12—Vanguard, MONDAY, FEBRUARY 29, 2016

More bloodletting in Rivers as gunmen kill 5 By Jimitota Onoyume & Davies Iheamnachor

ORT HARCOURT—FIVE persons were allegedly shot dead in Ogbele community, Ahoada East Local Government Area, Rivers State, by gunmen, Saturday night. Meanwhile, residents of Yeghe community in Ghokana Local Government Area of the state have fled their homes for safety, following rumours that the military would storm the area to make mass arrests today. Following the rumours, yesterday, the community was almost deserted as a few residents were seen moving out of the community. Some others, who do not have anywhere to go, said they would hang around to see the action of the military. On the killings in Ogbele community, the state Police Public Relations Officer, Mr Ahmad Muhammad, had not responded to a text message for comment on the development by our correspondent at press time. Community sources said the assailants came through the waterways at night, left five corpses in their trail. They also kidnapped the Community Development Committee, CDC, Chairman, Mr Nehemiah Jerry. It is not clear what could have

triggered the fresh killings in the community as sources who did not want their names in print said the area had been peaceful. They said they could not understand what informed the fresh killings. “We don’t know Nehemiah's whereabouts. We

have not heard anything about him since the killers went with him. We are praying he comes back alive,” a source said. The source said that the community was deserted after the sad incident. Vanguard gathered that the remains of the five

persons murdered had been buried. The Police and the Army were reportedly in the community yesterday on fact finding mission. It will be recalled that about eight persons were killed under a similar circumstance in Ula Upata community in the council last month.

FUNERAL: From left: Akwa Ibom State Governor, Mr Udom Emmanuel (right) presenting a letter of condolence to the wife of the pioneer Field Superintendent of The Apostolic Church Nigeria, Deaconess Eno Ikpe, during the funeral service of the late clergyman, Apostle Amos Ikpe, at Uyo Township Stadium.

....As sea bandits lay siege to Delta, Bayelsa By Emma Amaize & Samuel Oyadongha

URUTU—ARMED pirates have invaded the Burutu-Warri waterways and riverine communities in Burutu Local Government Area, Delta State, where they robbed passengers of valuables and carted away speedboats and engines. A source told Vanguard that panic has gripped riverine communities in the local government area and environs following the audacious activities of the criminals. Meanwhile, armed men suspected to be sea robbers, weekend, invaded Okoroba, home town of late Oronto Douglas, in Nembe Local Government Area, Bayelsa State, forcing the natives to flee their homes before carting away valuables. The invaders, about 10 in number, armed with sophisticated weapons, reportedly raided homes and retail outlets in the coastal community. Regent of the community, Chief Romani Ide, who confirmed the invasion, said that the gunmen spent some time in the community terrorizing the natives. He said: “The armed men C M Y K

arrived at 10.30p.m., Saturday and left at 1a.m., on Sunday. Most of the youths, who attempted to resist the raid were injured, while others took refuge

in the bush.” A prominent trader in the community, Obababe Topman, whose shop is located close to the waterfront, was reportedly

disposed of huge cash. The hoodlums also carted away generators, refrigerators and food stuffs.

Okowa tasks CBN on entrepreneurial devt By Festus Ahon

SABA—GOVERNOR Ifeanyi Okowa of Delta State has said that with the effect of the fall in oil prices on the nation, it was imperative for the country to diversify its sources of revenue, just as he urged the Central Bank of Nigeria, CBN, to be involved in entrepreneurial development. Okowa spoke at the CBN 2015 Best Managed Branch Dinner Award in Asaba. Asaba branch came first, Jos branch second and Kano branch third in the award. Okowa stressed the need for CBN to establish an Entrepreneurial Development Centre in the state, adding that the state government has partnered the apex bank in its different empowerment programmes. He said: “We are happy that the CBN is encouraging its branches. I congratulate the

recipients of the awards, especially, Asaba branch that has done so well within its short time of establishment. We are particularly partnering the CBN on the single digit interests rate on Micro, Small and Medium Enterprises, MSME and we will continue to stay in that partnership. “Delta State is interested in equipping our youths with different skills. We know that you (CBN) can be of assistance to us in establishing an Entrepreneurial Development Centre. We request that the centre be established in Delta State.” Insisting that his SMART agenda was predicated on empowering Deltans to be wealth creators, Okowa held that his administration has reawakened the interests of youths in agriculture and skill acquisition with a bid to creating alternative means of generating revenue.

Governor of CBN, Mr Godwin Emefiele, in his remarks said that the annual award ceremony was to boost healthy competition among the branches of the bank to encourage healthy services to customers. The Asaba branch Comptroller, Dame Elizabeth Agu, thanked God for making it possible for them to come first and commended her staff for their dedication to duty.

Wike owes Rivers people explanation —APC

HAIRMAN of Rivers State Chapter of All Progressives Congress, APC, Chief Davies Ikanya, has urged Rivers people, and Nigerians to ignore the numerous campaigns by Governor Nyesom Wike under the guise of thanksgiving service to mark his victory at the Supreme Court. He said they should ask the governor to provide explanations to his confessions of how he got his victory at the Supreme Court. Ikanya, in a statement by Chris Finebone, State Publicity Secretary of APC, while reacting to Saturday’s PDP thanksgiving service at the Liberation Stadium, wondered why Wike had refused to address key issues he raised in his confession concerning how he got victory at the Supreme Court. “For example, Wike told the world while speaking on live television that he got his victory at the Supreme Court because Dr. Peter Odili directed him on who to meet and what to do. Let Wike also explain to the world who and who Dr. Peter Odili directed him to meet and where the former governor directed him to go that brought about victory for him (Wike) at the Supreme Court.” He further wondered the kind of advice that Wike would have received from former Governor Odili, a medical doctor, which resulted in victory for him at the Supreme Court. “We know that the matter before the Supreme Court was legal and not medical. Surely, Wike has not disclosed all that happened. “It has become more curious to most people that Wike openly acknowledged that his Supreme Court victory was a result of the advice he got hence the need for the governor to tell Rivers people and Nigerians the nature of the advice, especially those he was directed to meet which got him victory at the Supreme Court.”

Community leader urges Gbaramatu indigenes to be united By Akpokona Omafuaire

community leader, Chief Beck Hitler, has commended the people of Gbaramatu Kingdom, in Warri South West Local Government Area, Delta State, for the peaceful selection and subsequent installation of Prince Naira Ogoba by the kingmakers.

Hitler, who urged the people of the kingdom to remain united and continue to live in peace, appealed to them to always give the new monarch, the needed cooperation to enable him rule over a peaceful and a united kingdom which will bring development to the area.

Vanguard, MONDAY, FEBRUARY 29, 2016—13

Wike assures on free, fair re-run election As Abe alleges smear campaign plot

By Emma Amaize

IVERS State governor, Mr Nyesom Wike, has said that only those in support of political armed robbery will kick against his declaration that any plan to rig election in the state will be resisted. This came as Senator Magnus Abe, the All Progressives Congress, APC, candidate for Rivers South-East senatorial district re-run election, alleged of a plot to use the recent military invasion of some communities in the state to malign his person. Meanwhile, Centre for the Vulnerable and Underprivileged, CENTREP, a rights group in Delta State, has called on the Federal Government to institute an inquest into the recent military invasion of Yeghe and Bori communities in Khan and Gokhana Local Government Areas of Rivers State, which led to the loss of several lives and wanton destruction of multi-billion naira property. Governor Wike, who spoke weekend, during an interdenominational thanksgiving and victory celebration of the historic Supreme Court verdict that validated his election, stated that desperation for power was behind the killing of Ogoni people during an ill-fated military operation in the area last week. He said that his administration will stand firm to protect the Ogoni people, insisting that he stands for free and fair rerun election in Rivers State. He assured that nobody will be allowed to

subvert the mandate of the people through the use of the military. The governor noted that it was the responsibility of the Independent National Electoral Commission, INEC, to conduct credible rerun election. He said: “Let me reiterate, that any INEC officer bent on rigging the rerun election should first tell his wife and children where his will is kept because he will be treated as a political armed robber. Popularity is tested on the ground. It is not by carrying soldiers around to intimidate

Probe Rivers military invasion —CENTREP

voters." He urged the people to vote for the PDP in all the forthcoming re-run election in the state. “When I went to Luuwa for the 50th birthday celebration of Senator Lee Maeba, I told our people not to vote Senator Abe and the APC. There is no way I will play anti-party. Magnus Abe is my friend, but the people of Rivers South-East senatorial district should vote Senator Olaka Nwogu. We have a duty to make sure that the APC does not win a single seat during the

March 19 rerun election.”

Abe alleges plot

Meanwhile, Senator Abe, on a radio current affairs programme monitored in Port Harcourt, alleged that a conspiracy had been hatched by Governor Wike and the PDP to malign his character and incite the Ogoni people against him before the March 19, state and National Assembly re-run election. He said that the case of the military approved by Governor Wike to raid the home of ex-

CENTREP

AWARD: From left: Pa J.O.S Ayomike receiving the Exceptional Lifetime Achievement Award from Dr Bribina Samayin, the Class Captain of the 72/74 set of Federal Government College, Warri, during the school's Golden Jubilee Celebration, weekend.

REC warns against violence in C-River polls

By Emma Una

ALABAR—NO acts of violence, intimidation of voters, cheating or rigging of results would be tolerated in the re-run for the Yakurr II, state House of Assembly seat which became vacant following the sack of Mr Eteng William of the Peoples Democratic Party, PDP, the occupant of the seat by the Appeal Court. Mrs Gesila Khan, the Resident Electoral Commissioner, newly posted to Cross River from Rivers State, gave the warning at a meeting with political parties, candidates for the election and stakeholders, weekend, in her office. She assured that there will be adequate security and effective monitoring of the election to ensure a free and smooth exercise that will meet the expectation of the contestants and their supporters. “Everyone participating in the re-run should stick to the relectoral guidelines which spell out that there should be no violence during elections, no cheating, no intimidation of

militant leader Solomon Ndigbara was the script the governor and the party were using to malign his character and incite his people against him. He said that he knew nothing about the operation and had no hand in it. He said those who knew him would testify that he had never been a desperate politician. Senator Abe recalled that when the caucuses in the Senatorial district endorsed him in 2003, and the leadership of the party said otherwise and chose Senator Lee Maeba, he quickly supported Maeba without fighting him. He recalled that when his party did not approve of his ambition to be the governor of Rivers State, he did not fight the party neither did he give them personal conditions but rather presented only the interest of the Ogoni.

voters,” she said. She said that the election which is scheduled for next

week was crucial, as the whole state will be watching, adding that the Independent

National Electoral Commission, INEC, will not make “any mistake either knowingly or unknowingly.”

Ayomike advocates reintroduction of History in schools’ curricula By Egufe Yafugborhi

ARRI—FOREMOST historian and Chairman, Itsekiri Leaders of Thought, Pa J.O.S Ayomike, has called for the reintroduction of History into Nigeria’s education curricula across all strata of learning. Ayomike, weekend, at the annual reunion of Class of 72/74 of the Federal Government College, FGC, Warri, Delta State, where he was honoured with an Exceptional Lifetime Achievement award as part the celebration of FGC’s Golden Jubilee in Warri, said: “I use this occasion to make a call close to my heart. It has bothered many Nigerians that History, as a formal discipline, is no longer taught in our schools up to tertiary level. I call on education planners in the country to have a rethink and go back to teaching History. “On my part, as a first step, I make a donation to your (FGC) library of

historical tools (obtained from the UK museums) that are significant to our development,” the author of several historical works, now 89 announced to the gathering. FGC Class of 72/74 Captain, Dr Bribina Samayin, said, that the award, the first of its kind, was in recognition of the recipient’s immense contributions to the development of Nigeria and the Niger Delta region in particular. The 72/74 Class, he noted, was unique in the annals of FGC Warri, symbolising unity and everything Nigeria stands for, adding that they, over time, have been giving back to the institution that moulded them. Other recipients at the award nite include Chairman of Delta Broadcasting Service, DBS, Dame Felicia Adjago, the Class Secretary, Mr Henry-Otis Amurun, Engr Goodluck Efemayi and Mr Jerry Osemekhian.

On its part, CENTREP, which is also planning to carry out an independent inquest, in a statement by its Executive Director, Mr. Oghenjabor Ikimi, condemned the invasion of some communities in Rivers State as barbaric and evil. He said: “We, therefore, call on the Federal Government to immediately institute an inquest into the incident with a view to determining its immediate and remote causes and the extent of the culpability of the military in the entire operation which lasted for two days with a view to preventing a re-occurrence in future. “However, as a responsible and responsive human rights group, we are not oblivious of the fact that collective punishment in whatever guise has since been declared a war crime by the United Nations Geneva Convention of 1949. “To this end, CENTREP has concluded arrangements to carry out its own inquest into the invasion with a view to determining the extent of the culpability of the military in the said operation."

14â&#x20AC;&#x201D;Vanguard, MONDAY, FEBRUARY 29 , 2016

SENATOR BOLA TINUBU, JUSTICES ALOMA MUKTAR AND IDRIS KUTIGI BAG HONORARY UNIABUJA DOCTORATE DEGREES PHOTOS: ABAYOMI ADESHIDA

CONVOCATION: From left: Justice Aloma Muktar, former Chief Justice of Nigeria (awardee), Senator Bola Tinubu, National Leader of the All Progressives Vice Chancellor University of Abuja Professor Michael Adikwu (left), Mrs. Congress, APC (awardee), Emir of Zazzau, Alhaji Shehu Idris, and another former Rifkatu Swanta, School Registrar (right) decorating Sen. Bola Tinubu, Chief Justice of Nigeria, Justice Idris Kutugi (awardee), during the combined during the ceremony. 15th-20th Convocation Ceremony of University of Abuja.

From left: Former Governor of Niger State, Babangida Aliyu, University of Abuja VC, Prof. Michael Adikwu and Justice Idris Kuta.

From left: Chief Kemi Nelson, APC Women leader, Hon. Adeyemi Ikuforiji, former Speaker of Lagos State House of Assembly and Mr. Wale Edun, former Commissioner of Finance, Lagos State.

A cross section of graduating students of the university on the occasion.

Faces at the 50th anniversary of Federal Government College, Warri

Lagos State Governor, Mr. Akinwunmi Ambode (2nd right), Deputy Governor, Kaduna State & alumni of the School, Arc. Barnabas Bala (left), Deputy Director, Federal Ministry of Education/Principal of Federal Government College, Warri, Mr. Abiodun Fabiyi (2nd left) and National President, Federal Government College, Warri, Mr. Chyna Iwuanyawu, during the 50th anniversary of Federal Government College, FGC, Warri, Delta State.

Lagos State Governor, Mr. Akinwunmi Ambode (6th right); Lagos State Attorney General & Commissioner for Justice. Mr. Adeniji Kazeem (3rd left), Country Senior Partner, Nigeria & Regional West, PricewaterhouseCoopers, Mr. Uyi Akpata (middle) and other old students of the FGC, Warri, at the event.

Lagos State Governor, Mr. Akinwunmi Ambode (2nd left), with Professor Godini Darah (left); Deputy Governor, Kaduna State, Arc. Barnabas Bala (2nd right), and a guest.

Lagos State Governor, Mr. Akinwunmi Ambode (middle) with students of Federal Government College, FGC, Warri in Delta State during one of the programmes lined up for the 50th anniversary of the school.

Vanguard, MONDAY, February 29, 2016 —15

C M Y K

16 — Vanguard, MONDAY, FEBRUARY 29, 2016 After years of untold hardship faced by residents, business owners, government agencies and commuters around the Oshodi – Apapa Expressway axis due to the traffic jams occasioned by the trailers/ trucks coming in from all parts of the country, there is a temporary relief currently in place. This is the result of a collaborative effort by the Federal Government, the Lagos State Government and various stakeholder unions that operate in the oil and gas sector in the embattled axis. At least, free movement has been facilitated by the presence and hard work of the Police, Army and Lagos State Transport Management Authority (LASTMA) personnel, who ensure that the blockage of the express and the arterial connections to it is minimised, though not eradicated. It is unfortunate that the Federal Government, which bears the major responsibility to end the gridlock, for the fact that the nation’s foremost theatre of non-oil

Removing Apapa gridlock permanently revenue is primarily a federal zone, does not have a kobo set aside in the 2016 budget towards the implementation of a holistic and final decongestion of Apapa vehicular traffic. We also frown at the idea being mooted in some quarters that the petroleum tank farms, which draw the tankers to Apapa, will be relocated to the Trade Fair Complex axis. This is not an ingenious solution to the problem. We will merely be transferring the woes of

Apapa to the Trade Fair zone. While Apapa is the primary point of entry and exit of imports and exports, the Trade Fair axis contains international markets for the distribution of goods to all parts of Nigeria and the West Africa subregion. The traffic nightmare in that area is already at a breaking point and cannot afford the additional burden of accommodating tank farms. We are, therefore, on the same page with Hon Oghene Egoh, the member of the House of

Representatives for the area, who has petitioned the Federal and Lagos State Governments to drop the idea. The solution to this problem must be all-encompassing and well thought-out Pending when Nigeria will begin to operate refineries in all parts of the country to end importation, we suggest that efforts to pump petroleum products from Atlas Cove straight to Mosimi in Ogun State must be intensified. Tank farms are best located outside the economic bustle of the Lagos metropolis. Rail evacuation should also resume. Tank farms should be located in other coastal and port cities such as Warri, Koko, Port Harcourt, Ibaka and Calabar. It was a harebrained idea to dump them in Apapa and thus choke the economic and social livelihood of the people there. To decongest Apapa and permanently free it from a traffic nightmare is a task that must be done.

OPINION By Eric Teniola

PART from the issue of oil subsidy, no other subject has enraged and infuriated Nigerians more than the issue of the jumbo salaries and allowances of the members of the National Assembly. Yet in spite of the anger, the salaries and allowances are licit under the monetisation policy of the government which was implemented in 2003. It is the monetisation policy that enabled the former Senate President David Mark to buy so cheaply the official residence of the Senate President at Apo in Abuja- a house that should be a National heritageand get away with it. Ditto to the former speaker of the House of Representatives, Mr. Dimeji Bankole who bought the official residence of the speaker of the House of Representatives also at Apo at giveaway price and got away with it. If we talk about the jumbo salaries and allowances for the legislators what about top Civil Servants who earn their jumbo salaries for life and the governors and former governors who also earn their jumbo salaries and entitlements for life. Once we adopt the Presidential system of government we can not run away from its excesses. And also its shortcomings. The jumbo salaries and allowances of the members of the National Assembly and the Security votes of the governors is also part of the excesses. They must be curbed in the light of the dwindling fortunes of the Nigeria economy. Albeit we cannot afford it.

Licit

jumbo

What is Monetisation? Monetisation is the quantification in money terms of those fringe benefits which government used to provide for its workers as part of their conditions of service. Such benefits include residential accommodation, chauffeurdriven cars, residential furniture, utility services, etc. This policy is only practiced in Ghana, Cameroun and other African countries. I understand that Ghana had stopped the policy in the last two months. The Proposal came from the Revenue Mobilisation, Allocation and Fiscal Commission. It was debated in the National Assembly and passed into law as ‘Certain Political, Public and Judicial office Holders (Salaries and Allowances etc) Act 2002. Monetisation was clamoured for by Civil Servants, as conveyed in the Communiqué of the Re-orientation Workshop for Directorate Level Officers in the Federal Civil Service read to the th President, Olusegun Obasanjo on 14 January, 2002. The Organised Private

This policy is only practiced in Ghana, Cameroun and other African countries. I understand that Ghana had stopped the policy in the last two months

salaries

legislators

Sector and a number of Government Agencies and Parastatals have adopted Monetisation of benefits for quite some time now, e.g. CBN,NNPC,etc. I note also that the University system has its own list monetised fringe benefits and allowances. In other to ensure effective implementation of the policy, the Presidential Committee on the monetisation of fringe benefits in the public service of the federation was set up by President Obasanjo on November 11, 2002 under the Chairmanship of the then Secretary to the Government of the Federation, Chief Ufott Ekaette (CFR). Following the submission of the Committee’s Interim Report to President Obasanjo and its subsequent adoption by Government, a circular detailing the newly monetised fringe benefits and the modalities for their implementation was th st issued on 27 June, 2003, with 1 July, 2003 as the commencement date of the programme. To sensitise the States on the implementation of the Programme, an interactive Session was earlier organised th on Tuesday 17 June, 2003 to enable both the Head of Civil Service of the Federation to intimate Secretaries to State Governments (SSGs) and Head of Civil Service of the States (HCSS) in the 36 states of the Federation with modalities for the implementation of the Monetisation policy. Suffice it to say the states objected to the implementation insisting that they could not afford it. , On November 27 2003, Chief Ufott

Ekaette told members of the Faculty of Social Sciences, University of Lagos under the headship of Professor Lai Olurode that “ Monetisation as a public policy reform must be appreciated in the context of other reforms each of which plays complementary roles with the new overarching economic development strategy of the Obasanjo Administration called NEEDS(National Economic Empowerment Development Strategy).” The following was approved for members of the National Assembly as part of the Monetisation policy: (a) Housing Allowance-100% of Annual Basic Salary (b) Transport Allowance-350% of Annual Basic Salary (c) Utility Allowance-20% of Annual Basic Salary (d) Domestic Staff Allowance-75% of Annual Basic Salary (e) Entertainment Allowance- 10% of Annual Basic Salary (f) Constituency Allowance150% of Annual Basic Salary (g) Furniture Salary- 300% of Annual Basic Salary (h) Allowance for Employment of Special Assistant- Equivalent of 25% of Annual Basic Salary to be paid (i) Vehicle Maintenance and Fuelling- 30% of Annual Basic Salary (j) Recess Allowance- 10% of Annual Basic Salary (k) Severance Gratuity- 300% of Annual Basic Salary(to be paid once in a life time) after successful completion of tenure Continues tomorrow *Mr. Teniola, a former director at the presidency, wrote from Lagos.

FEBRUARY 29, 2016

Controversy over N86.2bn ports fees, charges due FG By GODWIN ORITSE

ERMINAL operators in Nigeria are currently indebted to the Federal Government to the tune of $433.4 million, about N86.2 billion, for lease and container throughput fees as at December 2015, Financial Vanguard investigation has revealed. But most of the terminal operators when contacted said they were up to date

with their payments to the Nigerian Ports Authority, NPA. The terminal operators allegedly indebted to government are AP Moller Terminals, Five Star Logistics, BUA Limited, ENL, Apapa Bulk Terminal, Greenview Development Nigeria. Others are Josephdam Terminal, Tin Can Island Container Terminal, Port and Cargo Handling Services and Port and Terminal Multi-purpose Services Limited.

The debts are accumulated fees, charges and rentals that are yet to be paid into the purse of the federal government, owner of the ports that were concessioned to terminal operators. A breakdown of the amount being owed to government as at December 2015 showed that the top three debtors are AP Moller Terminal that owes a total of $1.8 million, Five Star Logistics whose lease, throughput fees stand at

VISIT - From left, Finance Director, SIMBA Group, Mr. Sohan Sharma; Finance Controller, SIMBA Group, Mr. Vipul Pushkarna and Business Relationship Officer, Corporate Banking , Sterling Bank Plc, Mr. Muyiwa Oyatokun during a courtesy visit by the bank to SIMBA Group. C M Y K

$6.4 million while N13.6 million debt in movable assets was recorded against BUA Limited. Other debtors are ENL whose indebtedness to the government stands at $2.3 million, Apapa Bulk Terminal debt was put at $2.9 million, Greenview Development Nigeria Limited owed a sum of $4.3 million while $476,016.52 was also recorded against Josephdam terminal. Also indebted to the government are Tin Can Island Container Terminal, (TICT), Port and Cargo Handling Services owned by Sifax Group, and Port and Terminal Multi-purpose Services Limited (PTML) $1.5 million, $4.4 million , $746,896.08 and Royalties of N766.3 million respectively. According to data sighted by Financial Vanguard, Port and Terminal Operators Nigeria Limited owed a total Continues on page 18

As far as our records show, NPA owes us a lot, we have a lot to reconcile with NPA, because I cannot believe that Intels is operating somewhere and is owing lease fees

18 — Vanguard, MONDAY, FEBRUARY 29, 2016

Cover

The Nigerian Palm oil Industry: What went wrong and the way forward (1)

FORUM - From left, Executive Director, Lagos Commercial Banking Directorate, Skye Bank Plc, Bayo Sanni(left); Managing Director, Rondatoks Services Nigeria Limited, Mrs Adedoyin Osinowo; Managing Director K-Vogue, Kayode Otunola; and General Manager, Rondatoks Services Nigeria Limited, Gbolahan Osinowo during a forum of sub distributors/wholesalers of Rondatoks Services Limited on Friday

Controversy over N86.2bn ports fees, charges due FG Continued from page 17 of N15.5 billion in throughput, lease, fees and monies accruable to movable assets. For the West African Terminal, (WACT), it owed a total of N19.12 million in cargo dues and $9.9 million as amortized dues as at the month of December of 2015, while operations of the Integrated Logistics Nigeria Limited, popularly called Intels had an outstanding bill of over $38,000.00 and over $842,000.00 in its Federal Lighter and Federal Ocean terminals on Onne, Rivers State. A total of $139,854.19 was recorded against Brawal’s operations at the Kirikiri Lighter Berths Phase One terminal in Lagos during the period under review outstanding lease and throughput fees, while Intels operations in Delta ports had a total of $2,364,884.71 recorded against it. For its operations in terminal ‘B’ in Delta ports, Intels incurred a debt of over $4.3 million in lease and throughput fees including penalty on Gross Metric Tonnage (GMT). Nigeria’s construction giant, Julius Berger also owed the government a total of $232,983.59 as debt recorded against its name for throughput and lease fees for the same month of December of 2015. For Associated Maritime Services (AMS) that operates in Delta ports owed about $314,000.00 while Greenleigh

Ports Services Nigeria Limited whose license has been revoked due to nonperformance, owed a total of $1.512, 477.70 for lease and throughput fees. For lease, throughput fees and payment of some movable assets, Ecomarine Terminal operating in the Calabar Port Complex owed a total of $23,187,599.43 in the period under review. Besides the indebtedness of Intels in Onne and Delta ports, it also owed the government by virtue of its operation in Calabar a total $774,215.30 as at December of 2015. The sum of $995, 093.78 was also recorded against Shoreline Logistics Nigeria Limited as at December 2015. Commenting on the development, a logistics

These operators are not operating on their own; they did not just get into the ports and started operating

expert, Mr. Lucky Amiwero said that the amount could be more than that as there are no agencies monitoring their activities, including the financial returns of these terminal operators. He suggested that the terminal operators must be made to give proper accounts of their activities for the years they have operated the ports. Also commenting on the matter, another logistics expert, Dr. Alban Igwe said that the management of the Nigerian Ports Authority should be blamed for the development adding that there is a contractual agreement with the terminal operators. “These operators are not operating on their own; they did not just get into the ports and started operating. The Nigerian Ports Authority is the landlord to the various port operators, they should be able to collect their dues as at when due except these fees have been converted to credit facilities. We have to investigate the matter and if it is a credit facility given to terminal operators to operate more efficiently or that it was due to inefficiency of NPA that has made it unable to collect the debt owed by the concessionaires.” He explained that port services has two dimensions, which include the international and the local, adding that if the state of the port is in dire Continues on page 19

igeria’s once-thriving palm oil industry is often cited as one of the most miserably failed economic opportunities in Africa. Agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, and the lack of basic infrastructure. Still, the sector accounts for over 26.8% of GDP, and two-thirds of employment. Nigeria is no longer a major exporter of cocoa, groundnuts (peanuts), rubber, and palm oil production, mostly from obsolete varieties and overage trees, is stagnant at around 180,000 tons annually; 25 years ago it was 300,000 tons. An even more dramatic decline in groundnut and palm oil production also has taken place. Use of the oil palm fruit to extract edible oil has been in practice across the continent for centuries, and it remains an essential ingredient in much of West African cuisine. Farmers in the region, who intercropped palm oil with other food crops like yam and maize, started the first export trade early in the nineteenth century. Before its close, the industrial revolution in Britain had created a huge demand for palm oil, which by then had found its way to use in candle making and as an industrial lubricant. The economic importance of palm oil grew steadily because of its high yield, leading European colonists to start plantations in Central Africa by 1900. As palm oil found wider use in foodprocessing and industry, global demand for the commodity surged. By 1982, worldwide palm oil exports had grown to a staggering 2,400,000 million tonnes per annum. For most of this period, Nigeria held centre stage as one of the largest producers and exporters of palm oil, accounting for more than 40% of global output in the 1950s. At the time of the country’s independence from British colonial rule in 1960, palm oil contributed 82% of national export revenue. However, the oil boom of the mid-seventies and the subsequent decline of farming proved catastrophic to the sector. By the end of the twentieth century, the Nigerian palm oil harvest had dwindled

to just 7% of global production. More embarrassingly, the oncelargest exporter had turned into a net importer of palm oil, sourcing 180,000 MT of the commodity from international markets to meet local demand1. The fundamental flaw with the palm oil sector lies in Nigeria’s colonial origins, when British trade necessities dictated economic policy. Because of its primary export orientation at that time, planned expansion of the industry was slow in coming through and its future competitiveness had been compromised. As a result, the bulk of Nigerian palm oil comes from dispersed and semi-wild groves, and through the use of highly outdated manual processing techniques. Several attempts to establish large-scale plantations since the 1960s including the Cross River State plan and the Oil Palm Belt Rural Development Programme ended in miserable failure. Currently, 80% of production comes from scattered smallholdings spread over an estimated 1.6 million hectares of land. In contrast, plantations occupy only about 300,000 hectares - most of it coming up over the last decade with private sector investment. Economic reforms initiated since the reinstatement of democracy in 1999 succeeded somewhat in nudging the sector out of stagnation. Between 2001 and 2005, palm oil production grew rapidly from 760 MT to 800 MT, while recording a corresponding rise in local consumption. Much of this movement can be owed to a ban that Abuja imposed in 2002 on the import of palm oil and related products. However, Abuja’s reversed the ban in January 2008, prompting grave misgivings about the fate of the industry and impact on local production. The Plantation Owners Forum has gone so far as to say the move would severely threaten Nigeria’s Vision 2020 goals for accelerated economic development. Inconsistent policies like this are largely to blame for the fact that Nigeria’s palm oil industry continues to flounder despite the marked resurgence of agriculture through the last decade.

Vanguard, MONDAY, FEBRUARY 29, 2016 — 19

CBN always at receiving end when FX dries up T

he restriction placed by the CBN on 41 items’ access to foreign exchange and Bureaux De Change has generated so much heat that some highly placed Nigerians and foreign investors are calling for drastic action against the CBN. It is quite unfortunate that Nigerians have very short memory. As a young graduate of Economics and a reporter in 1987, some of the issues rearing their ugly heads now were the same issues we reported then. Then as it is now the CBN has always been vilified whenever there is drop in the supply of foreign exchange in the country. The CBN at such critical moment in the economic history of Nigeria had bent over backward in attempt to redeem what looks like a hopeless situation. At such times it rolls out control measures that in the last three decades have been its last resort. In 1988, in an attempt to save the Naira, CBN under the leadership of Governor Abdulkadir Ahmed blacked out eight newly licensed banks from access to foreign exchange market. It denied them access to foreign exchange because they were said to be involved in foreign exchange speculation that is capable of distabilising the economy. In 2002, Joseph Sanusi, then CBN governor withdrew the foreign exchange dealership of 21 of the 90 banks in the country that were found to be involved in foreign exchange malpractices. Prosessor Chukwuma Soludo as CBN Governor in 2005 liquidated 23 banks which did not meet the N25 billion consolidation mark. Looking through my reporters diary, on October 19, 1987, I wrote a news report in defunct The Republic

newspaper titled “CBN bars 80 firms from FEM.” An excerpt: “The Central Bank has barred 80 companies from further access to official foreign exchange. The order came as a result of the refusal of the companies to submit their shipping documents for scrutiny. Republic investigation revealed that it has become a practice among Nigerian companies to purchase foreign exchange and divert the money to purposes other than the one in which they were intended on purchase. CBN sources disclosed that such companies now refuse to submit their shipping documents for inspection. The shipping document include the bill of lading (clean or dirty) which importers use to take delivery of goods. The bill also gives a detailed description of the type of goods, the state and stage of the goods during shipment. From my diary, CBN denied 728 firms access to foreign exchange in the first half of 1987. On December 7, 1987 I wrote the report that 728 companies were barred from access to foreign exchange by the CBN. Another excerpt: “A total of 728 companies and individuals were blacklisted from procuring foreign exchange because of their involvement in different forms of foreign exchange malpractices during the first half of 1987. Investigations conducted by The Republic revealed that 336 companies, mostly those registered as private companies, 228 individual Nigerians believed to be students and 164 foreigners were involved in the foreign exchanged malpractices. According to our investigations, none of the companies quoted at the Stock Exchange was involved in the shady deals. It was revealed

Cover Continued from page 18 need of infrastructure, it will affect cargo throughput and bring about cargo diversion. In an effort to get comments from the NPA, its spokesman, Captain Ihenacho Ebubeogu, General Manager in charge of Public Affairs department of the authority asked that Financial Vanguard text the enquiry to him so as to get more detailed information from the accounts department. But as at the time of writing the report, there was no response. C M Y K

that most of the companies that were blacklisted by the Central Bank used forged forms‚ "Form A" to apply for foreign exchange. Most of the companies were also caught using Nigerians to front for them in foreign exchange deals especially in companies where Asians have shares. The 228 individuals blacklisted were those who pose as students in Federal Government approved schools overseas when in actual fact they were not studying abroad. In some of the cases, Nigerians who have access to position of authority faked studentship while they trade with the proceeds of the foreign exchange they got from the Central Bank. Some were known to have connived with embassy officials to obtain the enabling documents to apply for scarce foreign exchange. The most prevalent in the series of embargo were exporting firms that refused to repatriate home the proceeds of their foreign exchange earnings. It is the same thing that is happening now 28 years after. On June 18, 1987, I wrote another report that “Inter Bank dealing likely” to be restored. The CBN had in attempt to bring sanity into the foreign exchange market banned inter

Each time a new policy is put in place, those whose vested interests are affected by the decision mounts campaign for the CBN governor to be removed

bank dealing in forex. Another excerpt: “The present ban on interbank dealings on foreign exchange will be lifted at the end of the current two-tier exchange system investigation has shown. An informed source at the Central Bank of Nigeria, CBN, said that when this happens the CBN would deal like any other bank selling and buying foreign exchange over the telephone or telex to and from other participants in the inter bank market. The source added that autonomous source of funding is expected to play a significant role or even replace the official sources as the main supplier of funds to the market. The current bidding sessions will pale into insignificance and be phased out when this is realised. The bidding sessions are being used as a vehicle for injecting official funds into the market. This expectation has not been realised." In another report on 18 June 1987, I wrote that the "CBN made it mandatory for authorised dealers under SFEM to submit a detailed list of transactions with the Central Bank of Nigeria, CBN, before any bidding session. This CBN order effective from today is contained in a circular issued to dealing banks yesterday which is expected to check illegal inter-bank dealings and participation of banks in the parallel market". Pre-SFEM import: N2.6bn tied down As recorded in my diary, as at February 1988 “About N2.6673 billion was paid by importers into the account of commercial banks that are still awaiting foreign exchange cover from the Central Bank. A large portion of the money had been paid into the banks since 1983. The Republic gathered that N1.4285 billion is already paid

to the Central Bank, while the balance of N1.2388 billion which represents the advance deposits paid by importers against letters of credit is trapped in the commercial banks. The backlog was caused by foreign exchange crunch which hit the country. Accordingly, CBN cannot provide foreign exchange to facilitate the transfer of the money to overseas creditors before the introduction of Second Tier Foreign Exchange Market (SFEM). The hike in exchange rates put the importers who had already settled their bills in a difficult position as they were being asked by their bankers to pay the new rates". The diiference between what the CBN did then and now is the mere fact that in those early days the CBN imposed penalties on those who infringed the rule, but today the CBN is asking Nigerians to look inward in a concious effort to make Nigeria a productive economy rather than being a consuming economy. Private sector operators that are veriferious of the CBN policy, I do believe do not want to get to this point where the CBN can not provide foreign exchange cover for import. Each time a new policy is put in place, those whose vested interest are affected by the decision mounts campaign for the CBN governor to be removed. In each of these cases, the President took side with the CBN. It was only Dr. Ibrahim Ayagi and Oladele Olashore who were MDs of banks that opposed the CBN in 1987 that were unceremoniously removed from office. President Mohammadu Buhari has openly sided with the CBN; Nigerians should learn to obey the rules of engagement in the forex market.

Controversy over N86.2bn ports fees, charges due FG Speaking in defence of Intels, Mr. Sambol Isidore said that he was not aware of any indebtedness of Intels to NPA adding that if anybody was owing, it will be NPA that would be indebted to Intels. “As far as our records show, NPA owe us a lot, we have a lot to reconcile with NPA, because I cannot believe that Intels is operating somewhere and is owing lease fee. "Besides, the accounts reconlia-

tion is an on-going process between the parties. “On the throughput, fees are calculated based on volumes and that was why we kept talking about oil and gas cargo. “When they give the lease, assumptions are made over the period of the lease and if all things go well the accruable lease fees can be calculated. “We keep talking about oil and gas cargo, that was the

point we were making, our terminal is for oil and gas. If we don’t have the throughput coming into our port, how do we make the money to pay NPA?” Efforts to reach Mr. Muyiwa, spokesman for Sifax Group, owners of Port and Cargo Handling Services Limited was futile as his phone was switched off when Financial Vanguard called. Speaking in defence of Ecomarine, Mr. Kingsley

Anaroke said that the firm has paid all its dues to NPA. Anaroke explained that the Compliance and Monitoring Committee from the NPA commended the firm for being up to date with their payment. When the Executive Secretary of the Nigerian Shippers’ Council, (NSC), Mr. Hassan Bello was contacted for comments, he was said to be unavailable as he was out of the country.

20 — Vanguard, MONDAY, FEBRUARY 29, 2016

Business & Economy China, Nigeria to strengthen bilateral ties

Africa foreign exchange market last week

NIGERIA The naira rallied in the week to around N300 to a dollar after President Muhammadu Buhari on Saturday rejected the idea of devaluing the naira, despite mounting pressure from an economic crisis caused by a sharp fall in the price of oil, Nigeria’s dominant export. Aminu Gwadabe, head of Nigeria’s association of bureau de change operators said “hoarding and speculative activities have returned to the market, pushing down the naira value again.” GHANA Ghana’s cedi is expected to gain marginally on positive market sentiment ahead of a 5year domestic bond to be issued next week, analysts said. After weakening nearly 4 percent in January on seasonal dollar demand from importers and speculative buyers, the cedi has held firm in recent weeks. It was quoted at 3.89 to the greenback on Thursday, compared with 3.92 last week. “Market sentiment about the cedi’s performance has been positive recently, erasing fears of a possible first quarter cedi depreciation. KENYA Kenya’s shilling is expected to hold steady but could come under pressure due to endmonth importer dollar demand, traders said. Commercial banks quoted the shilling at 101.70/80 to the dollar, compared with last Thursday’s close of 101.75/85. “I don’t see much movement. Maybe a bit of (dollar) demand towards the end of the month,” a trader at one bank said. TANZANIA The Tanzanian shilling is seen firming against the dollar in the days ahead, helped by a subdued demand for the U.S. currency from large importers. Commercial banks quoted the shilling at 2,185/2,195 to the dollar on Thursday, weaker than 2,183/2,193 a week ago. “The currency has been very stable over the past few weeks. There isn’t any big demand for dollars nor much inflows, so we expect the shilling to remain stable over the coming days,” said Hakim Sheikh, a dealer at Commercial Bank of Africa Tanzania. UGANDA The Ugandan shilling is forecast to weaken over the next week as business activity gradually picks up after elections and likely spurs an uptick in demand for dollars. Commercial banks quoted the shilling at 3,365/3,375, stronger than Wednesday’s close of 3,420/3,430.

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VISIT - From left: Commercial Counselor, Embassy of Turkey in Nigeria, Ahmet Safer Gulsen; National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Bassey Edem; Turkish Ambassador to Nigeria, Hakan Cakil; NACCIMA Deputy Directors General, Janet Omisore and Sani Yandaki during NACCIMA visit today to the Embassy in preparation for the Turkey-Nigeria Business Forum.

CJN, SEC seek speedy resolution of commercial disputes T

he Chief Justice of Nigeria (CJN) Justice Mahmud Mohammed has said that Foreign Direct Investments would be a mirage unless there was an efficient judicial system in the country. He noted that delays in securing redress at the courts on matters involving business operators could be frustrating and discouraging to foreign investors and therefore must be addressed. Justice Mohammed spoke at the annual workshop for judges on legal issues in the capital market which was organised by the Securities and Exchange Commission, SEC, in Abuja last week. “It is crucial to the holistic development of the capital market that sustainable and vibrant dispute resolution mechanisms are put in place in order to boost investor confidence in the sector. All hands must be on deck to ensure the independence of the judiciary and that judicial officers have all they require

to work with, such as adequate facilities, sufficient budgetary allocation, capacity building and continuous professional development amongst others,” Justice Mohammed said through Justice Ibrahim Tanko Mohammed who stood in for the CJN. He urged judicial officers to acquaint themselves with business laws and emerging

An inefficient judicial system could hamper the activities of the capital market

trends, especially the capital market, corporate governance and the law and procedure of the investments and securities tribunal, in order to serve the nation better. In his address, the DirectorGeneral of the SEC, Alh. Mounir Gwarzo stated that the Judiciary must play a critical role in the efforts of the federal government to attract foreign investors to the country. An inefficient judicial system, he said could hamper the activities of the capital market and therefore, urged justices to expedite actions on cases involving commercial disputes. “Investors would be very comfortable that when they invest in the market and they are not able to get what they want, that they have recourse to finding ways and means that their issues can be resolved and the only way such thing can be done is when both the capital market and the judiciary are on the same page," he said.

hina has said it will strengthen its bilateral ties with Nigeria by committing more investments towards the development of critical infrastructure in the country. Charge d’affaires of the Embassy of China in Nigeria, Qin Jian stated this when the Embassy of China in Nigeria and the Ministry of Information and Culture of Nigeria recently held a Special Performance at Nicon Luxury Hotel in Abuja, marking the 45th anniversary of China-Nigeria Diplomatic relations and the Chinese New Year. In an address, Qin Jian said that the Chinese New Year, the year of monkey, which was celebrated on February 8 this year, is of great significance for the development of ChinaNigeria relations. He said: “This year marks the 45th anniversary of ChinaNigeria diplomatic relations. As China and Africa jointly implement the results of Forum on China-Africa Cooperation, FOCAC Johannesburg Summit, new opportunities of development and prosperity have arisen for both China and Nigeria. Looking to the future, we hope to further cooperate with Nigeria in the areas such as infrastructure, agriculture, power, mining, etc, as well as explore jointly constructing industry parks and free trades zones.” Also speaking at the event which had nearly 1000 people watching the performance presented by the Qinghai Troupe from China and FCT Art Troupe from Nigeria, the Permanent Secretary of the Ministry of Information and Culture, Ayotunde Adesugba, pointed out that there have been exchanges, official visits and signing of MOUs between Nigeria and China since February 10 th 1971, when the formal diplomatic relations was established.

FirstBank's Sustainability Centre hosts NGOs

irstBank Sustainability Centre in partnership with the Lagos Business School is hosting a Sustainability workshop for NGOs in furtherance to its objective to drive knowledge creation, dissemination and application. The workshop scheduled for February 24 and 25, 2016, will hold at the Lagos Business School, Lagos and will critically examine the emerging shift in the NGO/private corporation relationships and how it creates an exciting new landscape of opportunities

for both parties to collaborate, boost capacity development, sustainability, and deliver service to the community. The sustainability workshop which will help develop business partnerships between NGOs and corporate organizations to achieve widespread and lasting change in the business environment would also provide capacity building training for NGOs who want to partner with corporate organisations on their sustainability programmes. In the wake of the emerging shift in

stakeholder needs which optimizes social responsibility above business profitability, there is a landscape of opportunities for NGOs and corporate organisations to collaborate, increase capacity, sustainability, and deliver service to the community. Topics such as: Sustainability Strategy for NGOs, Social Entrepreneurship, NGO-Private Sector Partnership as well as the role of NGOs in promoting and achieving the Sustainable Development Goals amongst others will be treated by experts in Sustainability.

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Banking & Finance

Sterling Bank calls for increased investment in capacity building

he Executive Director, Finance & Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman has advised banks in the country to invest more in capacity building initiatives for staff in the industry to compete favorably with their peers in both local and international markets. Mr. Suleiman who gave the advice at an interactive session where he shared the Bank’s various people led initiatives with reporters in Lagos explained that the decision of the Bank to invest in capacity building initiatives was hinged on the need to have a pool of staff who are technically sound and equipped with latest development in the global market to enable them compete with their peers anywhere in the world. The Sterling Bank Director who hinged the accreditation of the Bank’s training school by the Chartered Institute of Bankers of Nigeria (CIBN) to the quality of facility put in place and products from the school, maintained that financial institutions must continue to see the need to put in place staff oriented policies that would encourage staff to be more committed, dedicated and result oriented.

EFIS Efficiency Award will spur competition in epayment — CBN •As GTB leads with six awards By BABAJIDE KOMOLAFE

ENTRAL Bank of Nigeria (CBN) said that the Electronic Payment Financial Incentives Scheme (EFIS) Efficiency Award is aimed to enhance competition among operators in the electronic payment industry. Meanwhile Guaranty Trust Bank emerged the leader in the maiden edition of the award winning in six categories. The bank won six of the 11 bank based award. These include Cashless Instant Payment; Cashless PoS issued cards;

Instant Payment Transaction Efficiency; Electronic Reference; Automated Direct Debit Mandate; and Customer Experience Satisfaction award. Zenith Bank followed with two awards namely Cashless Bulk Payment Award and PoS Transaction Acquirer. Speaking at the award ceremony held in Lagos on Friday, Deputy Governor, Operations, CBN, Alhaji Suleiman Barau said that the awards indicate that GTBank and Zenith Bank have done well and other banks should emulate them. He said, “The two banks have done very well. We like all

the banks to emulate what the three or four banks have done. What the efficiency awards seek to do is to encourage competition so that next year you will see more banks competing and that is the essence of award ceremony like this.” He said that the award was designed to address apathy to electronic payment channels, which greeted the cashless policy. He said, “In 2012 when the cashless policy was introduced, basically to reduce the cash intensity in the economy, and by implication to encourage electronic payments, with a lot of e-channels to drive the

Skye Bank renovates Abuja school

kye Bank Plc has renovated three blocks of 12 classrooms at Government

Day Secondary School, Wuse 11, Abuja, under its ‘School adoption’ and financial literacy mentorship series in line with the Central Bank of Nigeria’s (CBN) ‘Adopt a school project’. The renovated classrooms were handed over to the authorities of the FCT Department of Education and the Principal of the school, Mr. Joseph Akor, in Abuja on Wednesday. Speaking at the occasion, the Executive Director, Abuja / Northern Directorate, Skye Bank Plc, Mr. Idris Yakubu, said the bank was committed to creating a conducive atmosphere for students and teachers to learn and teach respectively. Yakubu said the bank had made substantial investment in corporate social responsibility in the education sector, adding that the bank would continue to support the school and help it achieve its objective of producing high quality graduands. The bank director appealed to parents to save for the education of their children as a way of overcoming the challenges of funding their wards’ education, noting that savings ensured that parents were not put under pressure over payment of school fees. C M Y K

DONATION: From left, Head, Sustainability and consumer Protection, Skye Bank Plc, Mrs Bola Adesanoye; Deputy Director, Education, FCT Department of Education, Mr. Gama Yakubu; Executive Director, Abuja/Northern Directorate, Skye Bank Plc, Mr. Idris Yakubu ; and Principal, Government Day Secondary School, Wuse 11, Abuja, Mr. Joseph Akor; during the tape cutting/handing over of block of classrooms donated to the school by Skye Bank in Abuja.

policy, these include PoS, multifunctional ATMs, internet banking, NIBSS electronic funds transfer (NEF), NIBSS Instant Payment (NIP) that I am very proud about, mobile payments, and others. However, the level of merchant apathy was high thereby inhibiting adoption. This gave birth to Electronic Payments Incentive Scheme (EPIS) Efficiency Awards with the objective of recognizing, encouraging all stakeholders in the payment space in Nigeria. Other objectives of the programme include the rewarding and appreciative efforts in adoption as well as usage of all channels including those that promote financial inclusion. Some of the components of the programme include the reduction of merchant service charge from 1.25 percent to 0.75 percent or a maximum of N1,200". In his opening remarks, Managing Director/Chief Executive, Nigeria Interbank Settlement System (NIBSS), Mr. Adebisi Shonubi said that the award is about payment and efficient payment. He said, “We are very specific in the award here, it is about payment and efficient payment and I am not sure you will find too many customers complaining. What we are hoping this award could bring out is healthy rivalry amongst the banks. We picked the top three. I am sure if we had picked the top five, many more banks would have been mentioned. Almost all the banks showed improvement we sent report to their chief executives on monthly basis to show their performance. It is not all the banks that could be mentioned but we hope next year, it will be different set of banks taking up the challenge.”

External reserves rise to $27.8bn as Naira appreciates to N335/$ N

igeria’s external reserves rose marginally to $27.8 billion benefitting from increased crude oil prices during the week. Data published by the Central Bank of Nigeria show that the external reserve rose to $27.807 billion on Thursday February 25, 2106 from $27.793 billion on Friday February 19, 2016. Meanwhile the naira appreciated in the parallel market on Friday to N335 per dollar, from N350 on Thursday. Consequently the naira gained N40 against the dollar during the week in the parallel market. The parallel market exchange rate had opened the week at N375 per dollar, dropped sharply to N305 between Monday and

Tuesday before rising to N350 on Wednesday and Thursday. The appreciation, according to Cowry Asset Management Limited was prompted by inflow of dollars into Nigeria from other West African countries. The Company stated, “In the just concluded week, the Naira recovered against the green back due to the surge in cross border inflows of the dollar, as market participants sought to take advantage of the arbitrage opportunity that currently exists in the currency space. The Naira advanced by 11.39 percent to close at N350 per dollar (from N395) at the Bureau de Change segment while the Naira appreciated by 11.25 percent at the parallel (or black) market to N355 per dollar (from N400 per dollar) as at Thursday, February 25.

Meanwhile, the local currency strengthened as high as N310 to a dollar on Wednesday, February 24 on the parallel market before reversing the gains and eventually closing at N355 per dollar. The CBN clearing rate and interbank rate remained stable at N197.00/ USD and N199.10 per dollar respectively. This week, we expect marginal decline in parallel market rates as inflows that depressed the rates in the previous week dry up”, the Company said. Also commenting on the marginal increase in the nation’s external reserve, the Company stated, “In the just concluded week, Nigeria’s external reserves increased week-on-week by 0.02% to USD27.80 billion as at Wednesday, 24 February 2016. This followed increase in

international crude oil prices amid sustained decrease in crude oil production in the United States as well as ongoing efforts by OPEC producers and Russia to place a cap on their respective crude oil exports. “However, a downside risk to Nigeria’s fiscal and foreign sectors near-term outlooks remains incessant disruption of activities at downstream petroleum sector amid below budget crude oil price. During the week, Shell Petroleum Development Company of Nigeria Limited (SPDC) declared force majeure on Forcados liftings on February 21, 2016, following a disruption in production in production caused by spill on the 300,000 barrels per day capacity Forcados Terminal subsea crude export pipeline.

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Corporate Finance

Vitablom laments global economic crisis BY PETER EGWUATU

ITABLOM Nigeria Limited, a subsidiary of Vitafoam Nigeria Plc has lamented the global economic crisis as it affected the company’s operations in the financial year 2015. The company stated that as part of its strategic move to boost operations and sustain competitiveness, it has concluded arrangements to commence production of fiber sheets . By this plan, the company is set to acquire fibre sheet production plant. Although, details of the new investment strategy are sketchy, there are strong indications that the high profile equipment would elevate the quality of Vitablom’s products. Addressing the shareholders at the company ’s Annual General Meeting in Lagos, Vitablom’s Chairman, Mr Taiwo Adeniyi explained that the rationale behind the proposed investment was to enhance synergy between Vitablom Nigeria Limited and other foam making companies. Adeniyi who reviewed the operating environment lamented that the global economic crisis had impacted negatively on the activities of many companies worldwide. According to him, despite the challenges, Vitablom was able to weather the storm with good financial result. “ It was indeed a period hallmarked by a variety of challenges, but it is gratifying to note that our dynamic company characteristically weathered all storms and in fact, we have cause to remain

proud of ourselves. “In 2015, economic growth prospects dimmed on a global scale given the drastic reduction in the volume of consumption of crude oil relative to supply resulting in worsened financial conditions. Commodity prices skyrocketed while oil prices experienced an all-time volatility throughout the year. “The successful elections early 2015 created optimism amongst Nigerians, individuals and businesses alike. However, despite the positive economic prediction of robust growth prospects for developing and emerging markets like Nigeria, the major indices reveal that Nigeria fell short of its growth potential in 2015 principally due to lack of

funds to finance infrastructural developments. ‘The Naira remained weak against major currencies and the persistent demand pressure in the foreign exchange market resulted in the Central Bank of Nigeria (CBN) tightening fiscal controls on oil revenue. Nigerian Stock Exchange All Share Index recorded a downward trend at the close of the year. “The money market continued to experience restrictive monetary policy stance of the CBN which had severe impact on the fortunes of the players in the real sector of the economy. The Nigerian situation was compounded by the violence and insecurity in the Northern parts of the Country. Although our military has successfully weakened

insurgence, this has not translated to economic growth as it continually poses a major risk to foreign direct investment and existing business operations especially in the affected areas ,” said Adeniyi Adeniyi, however explained that despite the inclement operating environment the company’s turnover increased to N754.9million in 2015 from N693.49million in 2014. Profit before taxation also increased to N119.79million in 2015 from N101.75million in 2014. Commenting on the company’s plan to expand its product line, The Managing Director and Chief Executive Officer, Mrs Titi Bakare explained that the investment initiative was designed to steadily position Vitablom as a major supplier of input material to the soft furniture and industrial material sector of the West African region.

FORUM - From Left: Mr Emmanuel Ayotade, Business Manager, Ikeja, GTI Microfinance Bank Ltd, Mr. Okorie ThankGod of 414 Business Group, Mrs Tolulope Opayinka, Managing Director, GTI Microfinance Bank Ltd, and Dandy Benjamin, Group Chairman, 414 Business Group, at the bank’s customer forum in Lagos.

FMDQ to launch N100m Investors Protection Fund By NKIRUKA NNOROM

MDQ OTC Securities Exchange Plc has revealed plans to launch N100 million Investors Protection Fund (IPF) before the end of second quarter this year. Ms. Kaodi Ugoji, Vice President, Strategy & Corporate Services Division, FMDQ, made the disclosure while making presentation at a media lunch in Lagos. The Securities Exchange had last year said it planned to float N100 million IPF to ensure that investors that commit their money in the market do not suffer any kind of loss. The Exchange said it was working together with the Securities and Exchange Commission, SEC, to work out modalities for effective take-off of the Fund.

It noted that already, rules had been submitted to the SEC, and the Fund is expected to fully take effect by the end of the second quarter 2015 upon a successful engagement with the SEC. However, Ugoji explained that after disclosing plans to float the fund last year, the Exchange later realized the need to put modalities in place to guide the operation of the Fund before takeoff. Though she did not state the amount the Exchange planned to start with, Ugoji said that apart from putting the framework in place, FMDQ also needed to constitute a Board of Trustees (BoT) that undertake supervision of the Fund. ‘We thought we could simply say we want to float investors’ protection fund, put the seed capital together and it takes off,

but by the time we got started, we realized it wasn’t as easy as we envisaged. We realized there are a lot of things we needed to put together before we could go ahead, apart from getting regulatory approval from the Securities and Exchange Commission. “We also realized that we need an IPF guideline and your guideline has to take into consideration the category of investors that will benefit from the scheme; under what condition the investors can participate, and who is supposed to make contribution to the Fund. So, we had to slow it down until those things are completed. Hopefully, it is going to be fully launched by mid this year,” she said. She stated that the key success factor for any securities exchange is the support and collaboration of its

stakeholders, adding that FMDQ strives to develop and maintain participative, collaborative and information engagement with its divers stakeholders.

FMDQ and its stakeholder groups have synergetic relationship. By working to create and contribute to an environment in which the stakeholders are able to flourish, FMDQ supports its own long-term ability to create value by making the Nigerian financial market globally competitive, operationally excellent, liquid and diverse, she said. She said that while the FMDQ concentrated in establishment of debt capital market in 2015; it would focus on developing market infrastructure and standardizing the market during the course of the year. In 2017 and 2018, she said the Securities Exchange will

Ecobank repositions for improved efficiency

ndications have emerged that the recent re-alignment that affected some senior staff at Ecobank Nigeria was in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates. Market feelers indicate that for a banking group that grossed over N315 billion in revenue and over N78billion in pre-tax profit in the third quarter of 2015, the Ecobank Group is on a growth trajectory. As at today, Ecobank remains one of Nigeria’s strongest financial institutions. An industry analyst opined that the Bank appears to be putting more focus on cost efficiency and investment in key initiatives in its Transaction banking, Cards, and eBanking businesses, while also continuing to simplify its operations to better serve customers which will put the bank ahead of the competition. Meanwhile, a source from within the bank says the recent restructuring came after a review of senior staff bench strength and industry standards. The source also revealed that it became necessary for the Bank to realign its work force for better efficiency in line with best practice. Ecobank is said to have realigned certain roles bank wide and those who were affected by the exercise were adequately compensated. The bank only recently promoted 300 staff, representing 10 per cent of the employees based on the bank’s commitment to recognizing and rewarding excellence and exceptional performance. The promoted staff cut across all cadres of the workforce. He added that the Bank has also commenced a selection process of converting qualified noncore staff to permanent staff, in line with the Bank’s commitment to develop and grow talent by providing them with career paths that give them access to higher responsibilities.

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Homes &Housing Finance

UK mortgage rates set to plunge below 1%

ortgage rates could plunge below 1 per cent for the first time in the UK, the boss of one of Britain’s biggest lenders has said. Chris Pilling, chief executive of Yorkshire Building Society, said a price war would make it cheaper than ever to pay off a home loan. He said two-year fixed-rate mortgages – the most popular type of deal – could dip below 1 per cent this year. The fall would shave around 130 pounds off the annual mortgage bill for a family with a 150,000 pounds loan. The record low for a two-year fixed mortgage rate is 1.05 per cent, which was offered by the Post Office in August last year. Mortgage rates have tumbled steadily since hitting a ten-year high in June 2008 as the financial crisis began. Back then, two-year fixed deals cost 6.75 per cent on average – meaning a bill of 1,036 pounds a month on a 150,000 pounds mortgage. By contrast, if rates fall to 0.99 per cent in the next few months, the same loan would cost 564 pounds a month in repayments.

Okoko-Badagry axis can become ‘Lekki’ of Lagos mainland — Report Stories by YINKA KOLAWOLE, with agency report

he Okokomaiko – Badagry axis has the potential to become the ‘Lekki’ of Lagos mainland on completion of the ongoing expansion and rehabilitation of the Okokomaiko – Badagry expressway and the expected take-off of the Blue Line Lagos Rail Transport (LRT) mass transit transport system along the corridor by the end of this year. This is contained in a report by Residential Auctions Company (RAC) tagged, “Spotlight on Lagos Housing Development – 2016 Outlook”. The report stated: “Notwithstanding the fact that Lagos Island has the bulk of

new units under going development, we cannot neglect or overlook that some locations on Lagos Mainland such as; Ayobo-Ipaja, Badagry and Okokomaiko also have vast number of units in the development, a major consequence of a few mass housing schemes launched under Joint-Venture (JV) arrangements and are still awaiting completion. “With the on-going rehabilitation and expansion of the Lagos-Badagry Expressway and the construction of the Blue Line Lagos Rail Transport (LRT) mass transit transport system by the Lagos State Government, the Okokomaiko – Badagry axis part of Lagos Mainland has the potential to emerge as the next “Lekki” of

Lagos Mainland in the future with regards to the delivery of new housing units in Lagos provided infrastructures continues to improve along this

This will have

a directive positive impact on commercial activities in the location and will act as a catalyst to lure more residents from other locations

BoA’s new mortgage ditches FHA

ank of America Corp. is rolling out a newmortgage product that would allow borrowers to make down payments of as little as 3 percent, in a move that would represent an end run around a government agency that punished the bank for making errors on similar loans. The new mortgage program will let borrowers avoid private mortgage insurance, a product to protect mortgage lenders and investors that is usually required for low-downpayment loans. That could make the new loans cheaper than those offered through the Federal Housing Administration (FHA), the government agency that has won big settlements from banks in recent years for what the lenders describe as minor errors. The FHA doesn’t make loans but insures lenders against default on mortgages that can have down payments of as little as 3.5 percent and a credit score of as low as 580, on a scale of 300 to 850. When lenders make the loan, they have to certify that everything in a loan file is accurate. Bank of America’s new mortgage cuts the FHA out of the process. Instead, the new loans are backed in a partnership with mortgage-finance giant Freddie Mac and the Self-Help Ventures Fund.

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• Sunrise Hills Estate Abuja

axis. This will have a directive positive impact on commercial activities in the location and will act as a catalyst to lure more residents from other locations on Lagos Mainland to migrate. The Blue Line is a 27 km urban rail line that will run from Okokomaiko to Marina. There will also be a Red Line which will run from Marina to Ikeja International Airport.” Also the RAC report noted that available data revealed that the vast majority of new housing units being delivered are concentrated in Lagos Island. “This has been the trend in the last few years. Ironically, Lagos Mainland is larger than Lagos Island in terms of square area but due to the fact that the financial centre of Lagos is in Lagos Island which is also home to two Commercial Business Districts (CBDs), traditional Lagos Island CBD and the New Emerging Victoria Island CBD, the population of residents has swelled in this part of the market and especially with the opening of the Lekki-Epe axis in the early 80’s there has been a massive influx of people that previously resided in Lagos Mainland to Lagos Island particularly for employment and business motives which has since attracted the interest of developers. “In 2015, an estimated 3,929 new units were delivered into Lagos; of which 3,203 units (82 percent) of these were located in Lagos Island and of these 2,579 units (66 percent) were located along the Lekki-Epe axis making this location to have the largest proportion of new housing units in Lagos. This is followed by Ikoyi with 10 percent and Victoria Island with 6 percent. On Lagos Mainland, Festac had the highest number of new units delivered with 4 percent due to a high rise development by UPDC boosting supply in this location. This was followed by Yaba and Ikeja GRA with 3 percent and 2 percent

Housing means more than shelter, says REDAN boss H ousing development portends more than just providing shelter in view of its other numerous economic benefits, says Rev Ugochukwu Obiora Chime, National President of Real Estate Developers Association of Nigeria (REDAN). Speaking in Abuja, Chime said housing is no more about shelter but about employment, economic inclusiveness, and multiplier effect on the local economy. “We believe that the future of Nigeria, the future of investment, the increase in GDP we’re asking for will come from the housing sector because the global economy dynamics have shown clearly that the

solution lies in a reinvigorated, dynamic and refocused housing delivery mechanism. “Government should encourage local investors and entrepreneurs and developers to come in more forcefully because their own money isn’t repatriated to anywhere. It doesn’t affect our naira. What they need is finance. Housing is no more about shelter - it’s about employment, economic inclusiveness, multiplier effect on the local economy.” He reiterated the association’s plan to train artisans to ensure that competency and skills gap in the sector are bridged. “There is 53 percent unemployment of the youth. We saw that we

have a pool of people, school leavers who are unemployed but don’t have the relevant skills to play in this vital sector. If today, this country embarks on building 100,000 units of housing every year, we don’t have the number of qualified artisans who will do that,” he stated. The REDAN president noted that investment in the real estate sector continues to experience growth despite the economic downturn in the country. “There is still housing development because many manufacturers in this country are operating at below 20 percent capacity utilisation of their factories. Some of the idle

funds are now kept in aspects that can oscillate with the economy. So people now build houses, build malls with the aim of securing the value of their assets, the value of their money because when you put this money in, when there’s inflation, the nominal value of one naira will still remain one naira. But the value of an asset created with that money five years ago will keep on increasing. Another reason is that members of REDAN have decided to keep on investing in this sector because they believe in it. That’s why you still find a lot of developers, a lot of estates springing up,” he stated.

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or should we listen to those who say, ’The voice of the people is the voice of God’, for the turbulence of the mob is always close to insanity.” ALCUIN, 735-804 AD. Like most Nigerians, I consume electricity and receive all those bills, about which everybody complains, and the services are not satisfactory. But, unlike most Nigerians, five DISCOs, two in the North and three in the south, provide me services. With one pre-paid metre, four estimated bills, popularly called crazy bills, are received and paid monthly. I don’t have shares in any DISCO and I tried my best to discourage friends wanting to invest in DISCOs when the last administration slated them for privatization. To me, it amounted to throwing good money and peace of mind, down a septic tank, and jumping down after it. All the would-be investors, in their one government after another failing to provide electricity, late forties to early fifties were walked into office, met us with send all those inflated crazy told they would age useless metres, and leaves bills just to punish Fellow ungracefully thereafter and without replacing them even Nigerians. Some of the charges they might never recover their when ECN/NEPA/PHCN are true; it must be admitted, investments. Grief was a belonged to all of us. Only God but mostly, we blame the certainty. Right now, many are knows how many old metres victims (DISCOs). Estimated hanging on the ropes; one had exist in Nigeria, but it had bills are sent to those without given up. Bad news for Nigeria taken over ninety years to new metres, especially old and Nigerians. accumulate those museum metres, which no longer The investors in DISCOs are pieces which we are now function. That is unfortunate. the first real gamblers of this hanging the DISCOs for not But, how many of us have millennium. Hopefully, they replacing in three years of asked the question: how did will not experience what operation. First, why? those old metres get there? Benjamin Franklin, 1706-1790, Does it make sense to Four of mine were placed said. “He that lives on hope anybody? Could any of us, if there by the, Electricity will die fasting.” Collectively we were the owners of a Corporation of Nigeria, ECN, and individually, they deserve later called, National our appreciation for having Electricity Power Authority, what Americans call ‘true grit’. NEPA, later called, Power Given my boundless Holding Company of Nigeria, Even the two admiration for their courage, PHCN (Problem Has Changed metres in one bordering on foolhardiness, I Name) – long ago. Two were intend to join the minority, in the buildings long before I building are even if a one-man minority, was born in 1944. Several assigned the supporting them and the governments have come and Federal government as they same amount gone before Jonathan’s; yet struggle, against odds, to take none bothered to replace those every month – us to a future when power metres which should have supply, reasonably priced, and even when been retired long before measured will become a reality privatization. Whose fault? occupants of one in Nigeria. Certainly, it is not the fault of unit went on According to conventional the DISCOs. Then, whose wisdom, the DISCOs fault? Our fault because we Holy Pilgrimage constitute a bunch of heartless “stood around and looked” for a month blood-suckers, who, after (apologies to Bob Marley) as

Killing DISCOs; commiting national suicide DISCO have been able to replace all the old metres inherited in three years? As the masked Jazz musician Lagbaja sang, please answer, “Simple Yes or No”. Undoubtedly, no single honest Nigerian would answer ‘Yes’. Since it is obvious that nobody on earth could have achieved the objective of supplying metres to all customers in three years, our often-repeated criticism of the DISCOs is, at best unreasonable; or, at worst, crazy. We are expecting the impossible from human beings like ourselves. Again, why? Is it fair? Unfortunately, neither the Federal Government, nor the DISCOs, nor civil society had considered jointly agreeing on the number of metres that should be reasonably expected to be installed by each DISCO every year and to aim at achieving those goals. The Nigerian Labor Congress, NLC, which organized protests in some cities (the same ones actually – Lagos, Abuja, Portharcourt, Ibadan, but not Igbotako, Umuahia or Ningi) was, as usual playing to the gallery asking for the

reversal of the new tariff without taking steps to ensure that we work out an achievable goal of metre supply. As long as DISCOs receive power supply from the power producers and supply them to end users, they will try their level best to collect all the revenue expected from that quantum of power supply – even if it means allocating the charges without proof. The Federal Governments which handed over the nation to them, without doing the needful had tacitly accepted on our behalf that estimated charges will continue to prevail until that future when all premises are metred. It sounds like bad news; yes. But, it is the bitter truth. At any rate, what is the alternative to this, admittedly untidy, billing arrangement? Nobody had offered a suggestion. Is the situation fair to everybody? The honest answer is ‘No’. With allocated billing, some consumers are overcharged, some are undercharged; while some without metres but illegally connected don’t pay at all. On a street in Lagos Island, four to six different buildings receive the same monthly bill. Even the two metres in one building are assigned the same amount every month – even, once when the occupants of one unit went on Holy Pilgrimage for a month.

Micro Finance

Group moves to empower 100,000 Nigerians annually Stories by PROVIDENCE OBUH

group of entrepreneurs, Social Enterprise Network Nigeria (SENN) has announced plans to empower about 100,000 Nigerians annually via sustainable social initiative. The network which is a combination of young individuals who are using their skills, resources and network to creatively provide solutions to society most pressing needs, was birth in Lagos in February 2015 after La Roche Leadership and Education Foundation, identified and rewarded their hard work. Also, members of the network develops and implement sustainable strategies to tackle key issues including: promoting and improving a reading culture among the populace; reducing environmental degradation; equipping unemployed youths with work place skills and experience; eradicating illiteracy and promoting adult education; C M Y K

ending rape and securing justice for its victims; facilitating mentoring for children from disadvantaged background; promoting the education of the girl child and equipping them with ICT skills; and others. Speaking at a press brief in Lagos, Coordinator, SEEN, Mr. Famakinwa Oluwadamilola, said that the awardees were encouraged by the present Lagos State Governor Akinwunmi Ambode, (that was before he became governor) to form a network and develop framework that will make it easier for government to partner with them in order to achieve mutually beneficial goals According to Oluwadamilola,”with a vision to directly impact 100,000 people in various Nigerian states every year by providing an enabling environment for social enterprises in Lagos and a mission to impacting lives through sustainable social initiative, the benefit of social enterprises are increased when they are

adequately supported by public policies and funding.” Dignitaries at the occasion includes: CEO, Stand to end Rape, Ms. Oluwaseun Osowobi,CEO, Fair Life Africa

Foundation, Mrs. Ufuoma Emerhor, CEO, Slum to School, Mr. Otto Orondaan, CEO, West Africa Vocational Educational, Noella Morshi, Pyramid Educational Advancement Foundation, Mr. Adedapo Conde, CEO, WECYCLERS, Mrs. Bilikiss Adebiyi-Abiola, CEO, Easyshop, Mrs. Saudat Salami, among others. Meanwhile, Moshi said that vocational education is the

practical solution to unemployment in Nigeria, while Abiola stressed that waste is not a waste but a resources, “Nigeria for too long have ignored waste management, let us look at waste as a resources. In Sweden waste is imported, they have finished all their waste, therefore they now buy waste and that is what is lying over here in Nigeria. We can recycle waste, turn it to bio-gas and even combustion, she said.

GTI Microfinance Bank harps on savings, investment T

he Managing Director of GTI Microfinance Bank, Mrs. Tolulope Opayinka, has assured entrepreneurs that it would provide amenable financial support to help drive the growth of their businesses as part of the commitment of the Lagosbased microfinance bank to promote development of Micro, Small and Medium Enterprises (MSMEs). Opayinka who spoke at the Bank’s 2016 Customer Forum which was held in Lagos at the Bank’s head office in Marina stated that the Bank is strategically placed to promote economic growth through financial inclusion, driving the micro sub-sector of the economy with its products and services designed basically for individuals, groups/associations and SME’s with the aim of growing their businesses. She commented on the importance of micro financial services in the fight against poverty as it served to financially empower micro, small and

medium scale entrepreneurs and bring financial services to the unbanked. She urged individuals, businesses and trade associations to cultivate the habit of savings and investments in order to grow their wealth and ensure a secured tomorrow for themselves and their businesses. According to her, the secret of financial success is to cultivate the habit of saving. She stated that GTI Microfinance Bank has conceived and developed its products and services with a view to meeting all business and banking requirements of small and medium business owners, pointing out that such products and services include savings account, current account, fixed deposit account, loans and advances, electronic fund transfer (EFT), card services, business advisory, planning services and safe custody.

28 — Vanguard, MONDAY, FEBRUARY 29, 2016

e-Commerce

iROKO+ Nollywood app launches in Francophone Africa

ANAL+ GROUP and iROKO are launching the iroko+ SVOD service for French-speaking Africa. The Android app will be available

across all of French Speaking Africa, bringing 1,500 hours of affordable, premium Nollywood & Télénovelas content to millions of Francophone entertainment fans. Available now on the GooglePlay store, iroko+ is free until 1 June 2016 and users will be able to download movies and TV series as part of their subscription package. The brand new Nollywood and Télénovelas app will showcase the very best movies & TV series from Nollywood TV, Novelas TV and A+, becoming the world’s largest homegrown content catalogue for French Speaking Africa. Titles currently available on iroko+ include Folie, Triangle Amoureux, Qui sera la femme idéale? and much loved Télénovelas such as La Patrona, Le Corps du Désir, and the best content from French Speaking Africa including Dinama Nekh and Chroniques Africaines. All content has been dubbed into French, much of it for the very first time. iroko+ has been designed to optimize data consumption and the service will be aimed at building a new mobile-only subscriber base across Francophone Africa.

LAUNCH - From left: Managing Director, Insights Africa at Connemara Limited, South Africa, Mr. Mark Leisegang; Chief Executive Officer, ThetaAlpha, Mrs. Titilayo Akisanya; a former MD, Shell Petroleum Development Company of Nigeria Ltd/Executive Consultant, Newcross EP, Mr. Mutiu Sunmonu; and Principal, Adeyemi Akisanya Associates, Mr. Adeyemi Akisanya, during the Insights Discovery breakfast launch in Lagos.

Forex crisis: E-commerce reels under pressure Stories by JONAH NWOKPOKU

he current foreign exchange crisis rocking the Nigerian economy has hit the nascent e-commerce sector as the sector’s major foreign investors have begun to pull back. Vanguard investigation has revealed that some of the big players in the industry such as the Africa

Internet Group and Konga.com have begun to implement massive restructuring in order to stay afloat and remain in business. Sources close to AIG said most of its subsidiary companies like online retailer, Jumia.com, online marketplace, Kaymu.com, online hotels booking, Jovago.com, online real estate marketplace, Lamudi.com and online vehicle marketplace, Carmudi.com have all implemented a massive restructuring exercise that saw them cutting their workforce by more than 50 per cent. The source also disclosed that the Group’s taxi hailing application, EasyTaxi is considering shutting down as only two members of staff are left at the moment to maintain skeletal operations of the service pending final decision on its future. Recall that the industry began to feel the meltdown from October last year when companies like Jumia and iROKO implemented massive job cuts that saw over 300 jobs lost in the industry within the period. Also by January this year, Nigeria’s online marketplace, Konga.com bowed to the prevailing economic situation by disengaging about 10 per cent of its workforce citing a need to restructure in respect to prevailing economic situation. In a statement, Konga had said: “With this restructuring and by taking advantage of new innovations and upcoming retail opportunities in the market space, we are optimistic that we are on the path to grow an even healthier and more sustainable business, whilst delivering best in class service to our customers. The decision to restructure and realign our company’s focus to be more agile in the prevailing local economic conditions is not one that was taken lightly.” Recall that both AIG and Konga have huge

It is difficult not to expect the forex crisis to have huge implications for the sector especially with its dependence on dollar denominated investments C M Y K

foreign investments from Rocket Internet and Naspers respectively. People familiar with the matter said these investors have become sceptical of Nigeria’s investment landscape and have become reluctant to continue to provide additional funds for these firms. Operators and industry analysts alike believe that the lull in the sector has been precipitated by the uncertainly resulting from the unstable exchange rate including steady decline in disposable income in the economy. Mark Essien whose Hotels.ng raised $1.2 million in 2015 said it is difficult not to expect the forex crisis not to have huge implications for the sector especially with its dependence on dollardenominated investments. He said: “For companies like ours that raise money from foreign investments, the direct impact of an unstable exchange rate is that we cannot properly predict how much money in foreign currency we will be able to generate to repay our investors. That makes the investment more uncertain. The internal market however, particularly in hospitality has remained relatively stable.” He added that, (the state of the local currency) “does diminish the willingness of foreign investors to invest as they are not sure what will happen with such companies. In particular, the companies that earn money locally will have their growth slowed down when observed from an external perspective (when they declare their revenue in USD). However, he still thinks that this period remains the best to invest in the sector because “Costs are cheap because of the weaker currency. We can hire and pay a lot less than before. So the dollar stretches really far.” Also speaking, Osamede Evbkhavbokun who is the Director of Nigeria’s pioneer online marketplace, Gidimall Nigeria however believes that “Nothing will happen to ecommerce firms that have received foreign investments because as you can see, for those who still have their funds in foreign exchange, they have better advantage at this point in time. Where they may have some challenge is in the area of repatriating earnings which I do not think any e-commerce firm is doing at the moment. As at today, the dollar has fallen significantly to less than N230/$ and things are gradually beginning to ease up.” He however added that there is a strong need more than ever before for investors to look inwards and embrace made in Nigeria products and by extension e-commerce.

Vanguard, MONDAY, FEBRUARY 29, 2016 — 29

Policy options for Nigeria's economic crises (Part2), (continued

from

Wednesday

)

By Johnson Chukwu

e suspect that ordinary folks and foreign residents have joined this flight to safety and may be converting their Naira assets into dollar to mitigate additional loss in value. The danger of an unmitigated progressive depreciation of Naira is that our national currency may lose one of the most critical attributes of money, which is “as a store of value” and should this happen, the concerns about the dollarization of the economy will become real. Beyond the above drawbacks of the current exchange rate policy is the fact that it focuses only on demand management. At best it ignores supply improvement and in worst case scenario discourages alternative sources of supply. Because inflows for investment and other legitimate transactions would be converted at official price as against the ruling rate on the street, which will serve as the transaction rate, investors feel shortchanged to sell their inflows at the official rate hence their decision to stay away from the market pending when the official rate is reflective of the market situation. We should also recognize that in today’s society it is almost impossible to eliminate consumption of imports. Nigeria’s population and demography makes it all the more inevitable for the country to have a base level of imports. A classical example is that 16 years ago, personal consumption of telecommunications bandwidth in Nigeria was insignificant, but today almost every high school educated Nigerian is consuming bandwidth virtually every minute of the day and these bandwidth is not manufactured anyway in Nigeria. The providers be they local or foreign have to pay for these consumptions via foreign exchange. 2 0 0 0 2010 2015 Exports (FOB) NGN 2,745,102,210,000.00 12,011,475,890,000.00 8,871,595,980,000.00 Imports (CIF) NGN 591,325,600,000.00 8,163,974,580,000.00

10,167,844,040,000.00 Population 122,876,723 159,424,742 182,201,962 According to the Central Bank, Nigeria’s current monthly import bill is about $4billion while earnings is less than $1billion, it then means that if we limit ourselves to the current sources of inflow, which is principally crude oil sales, the price of crude oil in the international market must rise from the current level of about $30 per barrel to about $120 per barrel before we can balance our international trade. In effect, the focus of Policy makers should be rather on encouraging the expansionof sources of forex supply against the current focus of demand management. ALTERNATIVE POLICY OPTIONS Expanding the Sources of Forex Inflow. Flexible Exchange Rate Management A flexible exchange rate is like a silver bullet that can be effective for both demand management and supply expansion. When the price of a currency is adjusted to reflect the earnings capacity, the citizens capacity to

Unfortunately, the shallowness of supply in the alternative markets and huge demand is driving importers to a state hysteria, as they seem to be ready to pay any price to meet their demand

consume imported goods is automatically reset at a lower level as they can no longer afford many of the non essential imported items. Irrespective of the so called inelastic demand of Nigerians for imported goods, once the currency is devalued and their Naira income is not adjusted in the same ratio, citizens will reorder their priorities and eliminate items that they can no longer afford. In many instances, citizens will look for local alternatives to the imported items and shift their patronage to such local substitutes. The increase in demand for the local substitute will spur increase in production and possible improvement in quality. With improved quality and lower export cost, Traders may consider exporting such improved local products to neighboring African countries and may be from there to Europe, Asia, America and other parts of the World. For emphasis, we have a proof of concept of this model in the 1980s during the Structural Adjustment Program when made in Aba shoes, bags and other leatherwears became export commodities to Ivory Coast, Ghana, Togo, Gabon, Cameron Congo Democratic Republic, etc. Concessioning of Infrastructure The government has already indicated in its intention to borrow about $4.5billion from the international market to fund the budget deficit, which is basically going into infrastructure development. News have it that the government may have already started exploratory talks with AfDB and World Bank for concessionary budget loans of $3.5billion. While we support

these efforts, we are convinced that the government does not and will not have the financial resources to fund the infrastructure gap in the country. Without efficient infrastructure, the country would never become a competitive market for manufacturing. We therefore believe that the way to go is to concession some of the critical infrastructure that are commercially viable such as t r a n s p o r t infrastructure – Rail lines, H i g h w a y s , S e a p o r t s , Airports, etc. and invite private sector capital to build these infrastructure under Build Operate and Transfer (BOT). This will create a veritable channel for inflow of long-term capital into the country. A good example is the 1,342 KM standard gauge rail line from Lagos to Kano which was awarded to a Chinese company by the Obasanjo government in 2006 at a cost of $8.3billion but canceled by the Yar’ Adua government in 2007. At present, the Federal government obviously does not have money to fund such ambitious project, which is critical to the economic development of the country. Should this rail corridor be concessioned, the country will receive foreign direct investment of about $8.3billion (assuming that the cost is still the same) and still enjoy the catalytic benefit of the infrastructure toeconomic development. Several projects of similar nature that are bankable can be left in the hands of the private sector to develop. A proof of concept – virtually all the shopping malls in Nigeria were funded with foreign private equity capital. Deregulate the downstream of the Petroleum Industry. A proper deregulation of the prices of petroleum industry will trigger investment into that sector. The current modulated pricing system has clearly not attracted investors and would not likely attract investors. A shift from a finished products importing nation to local refining will reduce Nigeria’s monthly import bills from $4billion to $2.4billion based on CBN statement that refined petroleum products importation account for 40% of the total demand at the official foreign exchange market. Beyond that, the

Send your reactions to: news@vanguardngr.com C M Y K

domestication of our downstream petroleum industry will create employment and possible earn the country foreign exchange from export. Use trade policy to stimulate specific sectors The government should adopt policies similar to the Cement industry policy to stimulate investment in specific sectors of the economy where Nigeria has comparative advantage. The policies should be such that will encourage value addition instead of production of raw materials. For instance, the government should renew the previous government’s drive towards the implementation of the Cassava policy, Sugar policy and Automobile policy. Similar policies should also be enacted for petroleum refining, palm oil/produce and vegetable oil refining, Sesame seeds, Cocoa, Cotton, Granite, furniture, leatherwears, etc. Should we grow these sectors to the point of producing globally competitive final products from the abundantly available raw materials, we would have succeeded in achieving the much desired import substitution, conserve our foreign reserve and possibly earn some foreign exchange. CONCLUSION While we clearly support a more flexible exchange rate management, we strongly believe that devaluation alone will not address the problems of the economy. We need a cocktail of policies which will include exchange rate adjustment, creating windows of investment for long-term funds through concessioning of commercially viable infrastructure, full deregulation of the downstream petroleum industry and stimulating investment in sectors where Nigeria has comparative advantage, as well as investing heavily in social infrastructure such as health, education, security, etc. It is such holistic approach to economic management that will change the structure on Nigerian economy and wean it from dependence on Oil for export earnings. The concerns of the government have been that these routes will inflict pains on the citizens; unfortunately, there is not easy route out. We however believe that it is better for the citizens to take this pain once and have the economy restructured so that we will not be exposed to another crude oil crises as we suffered in the 1980s, 1990s, 2008 and 2015/16.

John Chukwu is the group CEO, Cowry Asset Management Ltd

30 — Vanguard, MONDAY, FEBRUARY 29, 2016

Economy

Economic indicators point to continued contraction Stories BY EMEKA ANAETO, Economy Editor

OME Leading Economic Indicators, LEIs, are pointing to a year-on-year contraction in growth in January 2016, which may see Nigeria’s economy returning a growth rate of less than one per cent in the first quarter, 2016, if the trend continues. But some other international reports indicate that the development is likely to be a global phenomenon though sub-sahara Africa and other commodity dependent economies which include Nigeria, may be worst hit. The LEIs compiled by analysts at Nairametrics, signal a significant increase in the risk of recession, and are a pointer to the poor state of the Nigerian economy requiring urgent policy response to stimulate growth. Of the nine indicators traced, only two showed expansion or positive development while the rest seven were negative. For instance allocations from the Federation Account Allocation Committee, FAAC, a major determinant of public sector solvency across the three tiers of government, was down by 26 per cent y-o-y, signaling a significant reduction in the spending capacity of the various governments. Obviously the above situation was a direct consequence of a downward trend in another indicator, international oil prices, which was down by 41 percent. Also, the value of the local currency, Naira went down massively with the exchange rate indicator showing a depreciation of about 51 per cent in the parallel market which is negative for consumers.

The Nigerian Stock Exchange, NSE, Index has lost 19 percent, while the cumulative effect on investors’ wealth from that has seen N1.7 trillion wiped off the market capitalisation of listed stocks. The LEIs listing also cited FBN Quest manufacturing Purchasing Managers Index, PMI, which tracks five variables of output, including employment, new orders, delivery times from suppliers and stocks of purchases, recorded a contraction in January 2016, compared to January 2015. The PMI declined in the headline to 44.6 with four subindices in negative territory. A reading below 50 represents contraction or negative growth. The National Bureau of Statistics, NBS, had reported a continued inflationary pressure with the headline increasing to 9.6 percent in the period. On the positives the LEIs listed

C M Y K

Private Sector Credit and the Broad measure of money supply, M2, growing by 3.3 and 6.8 per cent respectively. However, beyond Nigeria global reports point to creeping recessionary monster into most economies of the world. Last weekend’s chat in CNBC, global financial medium, had noted that since corporate profits turned negative in mid-2015, Wall Street has pondered whether it’s just a passing phase or a signal of something worse with discussants indicating that historically the later may be the reality. Historically, recessions have followed consecutive quarters of earnings declines 81 percent of the time, according to an analysis from JPMorgan Chase strategists, who said they combed through 115 years of records for their findings. Of the remaining 19 percent of the time, recession was only avoided through either monetary or fiscal stimulus. With the US Federal Reserve Bank holding limited easing options the prospects for help are not good. The warning comes amid a stock market hovering around correction territory and a mixed economic picture. Citigroup, last week warned of escalating risk of a global recession, though data last Thursday on durable goods orders suggested the manufacturing sector may be shaking off a contraction phase. “Absent a

pickup in consumption and further weakening in the U.S. dollar, we continue to see rising risk of earnings recession in the U.S.” JPMorgan’s equity strategy team said in a note to clients. Corporate earnings in the US and most part of the world including Nigeria, began to weaken significantly in the third quarter of 2015. The drop became more pronounced in the nearly

completed fourth quarter reporting season, which is likely to see a drop of 3.6 percent, and worst rate in Nigeria has already been reported. Worse, future estimates are declining, indicating the damage won’t end until at least the third quarter of 2016. Despite the mounting problems, JPMorgan still only assigns a onethird chance of recession this year, though the probability seems to

be rising. The firm said its Qualitative Macro Index measuring business conditions shows “a cycle that remains in contraction (weak and decelerating) over the coming months.” The index’s reading is consistent with a bear market 64 percent of the time and has been below the current level just four times since 1980, each occasion signaling a recession.

Effective tax system develops economy — Kale A

MIDST concerns over policy options towards revamping Nigeria’s economy, StatisticianGeneral of the Federation and Chief Executive of National Bureau of Statistics, Dr. Yemi Kale, has pointed out the need for strategies that would ensure not just economic growth but all inclusive development. In a paper he presented last week at the seventh Stanbic IBTC Bank Investors Conference, Kale stated that Gross Domestic Products, GDP, growth is not necessarily synonymous with development, as development is multi-dimensional by nature and more intricate. He explained that GDP growth is necessary but not sufficient for

development; “so you must grow to develop but growth doesn’t always guaranty development”. He said that one of the important links between growth and development is through taxes, adding that “it is expected that as GDP or output grows companies pay higher taxes to government and it is that higher revenue from higher growth that will be used to fund development projects. “If, however, government cannot collect those taxes because of a weak tax system or, like in the case of Nigeria the economy is largely informal and outside the control of tax authorities, then the economy can only keep growing to a point, but without

the associated growth related tax revenue needed for development being collected. “On the other hand, if taxes from higher output can be collected but are not used to fund development projects and is instead used to fund consumption, then again growth may not translate to development”. Kale also stated that growth may not necessarily result in a corresponding rise in jobs, explaining that this depends on the nature of that growth. In his words, “if our economy is growing as a result of largely capital intensive or technological intensive sectors like telecoms, then output can grow without creating jobs”.

Vanguard, MONDAY, FEBRUARY 29, 2016 — 31

Advertising & Media

Experiential marketing is taking technological twist — EXP boss E

veryday consumers routinely encounter marketing efforts that promote an endless variety of brands and products. Unsurprisingly, consumers are weary, guarded, and circumventing any attempt by marketers to gain their attention. Experiential marketing thus engages consumers on a more intimate and personal level by building meaningful connections through shared moments and events. Princewill Ekwujuru sought the views of Gil Kimani, new Managing Director of EXP Marketing Nigeria, who has had experiences in African markets. Challenging market: I am not sure if the Nigerian market is actually strange, but I think the market is a bit more challenging compared to other markets, giving the swell size of the country. Having operated in a 22 million to 40 million population market is different from having to do business in 170 million population market. Strange!. I don’t think, but challenging, no matter how challenging it is, it poses for more opportunities From the experiential marketing stand point, giving

the challenging nature of the market, it, shows that there is more need for us as experiential marketers to be sure that our brands connect with consumers, and as such we have to deploy tools and tactics that will get the brand we manage or look after get higher share of the consumer heart. Economic crunch: You are right, when there is a likely economic crunch, the marketing department is the one CEOs always look into, and the first point of call of cutting budget. Is it actually the right strategy?. That is up for debate, there have been a lot of discussions and whitepapers around such strategies. There are those that are completely against it and have put up rational defense, that is why it is not naturally a good move. So far as I have witnessed in the past weeks or so, marketers have now understood that there is the need to keep momentum in respect of their brand presence. As much as you know across board there will be some reduction in terms of spending in terms of professional budget. I do not believe they will completely cut into the marketing budget. I think however that there

Skye Bank promo produces 25 millionaires

•Gil Kimani

will be a reduction in spend. The challenge that is actually posed is how do we take that same one dollar and generate a true value out of it. I think for any marketer this is actually the idea condition, because in terms of opulence we tend to spend without too much regard to what they do. In this respect, we have to do it right, look for the right solutions, not to go for qualitative kind of approaches,

Today, we are into the digital world, the digital space, today consumers touch point meet brands at different levels

but not quantitative kind of approaches. I think we might have a bit of reduction, I think we will see more brands being loud, because, like us in EXP, in whatever we do we give value. We give more voice to the brand. Creativity and Innovation: We are always prepared to be creative and innovative. I think gone are the days when one could employ the same tactics overtime. I think without the down turn the country is facing right now, consumer habit had habit overtime has been changing. Today we are into the digital world, the digital space, today consumers touch point meet brands at different levels, today consumer touch points are no longer what they used to be some years ago, right now what we think about is what the channel means, what the touch point means.

n the eight months of the Skye Bank “Reach for the Skye” millionaire promo, 25 millionaires have so far been produced, as a student wins in Sokoto. Speaking, Head, Retail Banking at Skye Bank Plc, Nkolika Okoli, said, in eight months, the millionaire reward scheme has produced 25 millionaires and winners of N250, 000 and N100, 000 consolation cash prize winners and other gift items have also been won. Okoli further stated that the objectives of the promo were to encourage a savings culture in the country while improving the lives and businesses of customers, in line with the mission and values of the bank. “We have received feedback from winners from other geopolitical zones who ploughed back their winnings into their businesses. Other customers have also confirmed that the prize money came in very handy as payment for outstanding loans or a fund for emergencies” Okoli disclosed. “At Skye Bank, we find this very encouraging because we understand the importance of sustaining a savings culture and encouraging entrepreneurship” she added. At the sokoto draw, Dahiru

Insurance Lasaco committed to provide support for economic activities — Akinyanju

GM Marketing of Lasaco Assurance Plc, (Lagos & South-West), Mr. Akintunde Akinyanju, has said that the company is committed to provide support to economic activities in such a way that challenges do not cut short the aspirations of investors and stakeholders. Akinyanju stated this at the Nigeria-British Chamber of Commerce bi-monthly members’ evening sponsored by the Lasaco in Lagos. Also, Lasaco marketing drive received a big boost with the endorsement of the past president of Nigeria-British Chamber of Commerce, Mr. Micheal Olawale-Cole.

NAICOM, NCRIB set up joint comtte to review brokers' requirements Stories by ROSEMARY ONUOHA

resident of the Nigerian Council of Registered Insurance Brokers (NCRIB) Mr. Kayode Okunoren said that it has set up a joint adhoc committee with the National Insurance Commission (NAICOM) to review the list of requirements expected from brokers for rendering returns to NAICOM on a yearly basis. Okunoren who stated this during its February edition of members evening in Lagos said that the move will pave the way for better and early compliance of members. Okunoren said that it is unprofessional for any practicing broker to wait till its certificate is lapsed before filing necessary documents

with the authorities. He added that the Governing Board has considered the retention of the Help Desk earlier established as a standing body to assist members in addressing areas that portend challenges for members with

regards to compliance with regulatory institutions. On joint technical committee of NIA and NCRIB, he said that the committee to work out some market agreements between the two bodies have concluded their sittings, adding that the report of the

Committee, which, among other things, considered commission rates for brokers are to be ratified by the Governing Boards of the NIA and NCRIB and go through the approval of NAICOM before it could fully come on stream.

Universal Insurance leveraging on electronic platforms to deepen operations — Ujoatuonu

anaging Director of Universal Insurance Plc, Mr. Ben Ujoatuonu, has said that the company is leveraging electronic platforms to deepen its operations. Ujoatuonu stated this when the company hosted the members evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, adding that the

company is working assiduously to be amongst top ten insurance firms in the country. He noted that the firm would soon engage more hands to drive its operations, even as plans are in top gear to open more branches. Ujoatuonu said the firm has paid over N300 million claims in the past three years,

stressing that the firm has continued to make profits within the same period. He called on the public to embrace insurance especially now that the economy is faced with challenges, adding that the firm would continue to ensure that appropriate insurance products are made available to meet the needs of the insuring public.

32 — Vanguard, MONDAY, FEBRUARY 29, 2016

(0805 220 1997)

Team from IMF, recently consulted with relevant government Agencies and officials to assess the economic impact of the crash in oil revenue and the proposed responses to address the ‘’near-term vulnerabilities’’ and those fundamental reforms which are required to promote sustained economic growth and reduce poverty. The Team’s recommendations, reflect the self evident need for reforms which would improve fiscal discipline and also reduce the present imbalance between our gross export and import values; furthermore, the IMF report reechoed the need to broaden the tax base and to implement those measures that would boost the ratio of non oil revenue to Gross Domestic Product. The Team advised that sustained private sector led growth requires a competitive economy, which the report suggests, can evolve with an exchange rate policy that is allowed “to reflect market forces”, and therefore recommended that ‘’restrictions on access to foreign exchange should be removed”. Although the IMF acknowledges that “CBN has eased monetary conditions”, the Team however observes that there is still a ‘’need to ensure a strong and resilient financial sector that can support private sector investment across production segments, (including SMEs) at reasonable funding cost’’. There is nothing new in these recommendations, as they simply amplify the same self evident prescriptions without defining the appropriate medium that would guarantee a cure. For example, if you have not identified the antidote to the poison of systemic surplus Naira, how do you bring down cost of funds from a clearly prohibitive twenty percent plus to ‘’more

market rate remaining static; consequently, if the root cause of the deliberate market imbalance against the Naira is not squarely addressed, the call for further devaluation beyond N300=$ will again become clarion from misguided and self serving experts. Fortunately, President Buhari is not fooled by the false promises that advocates of devaluation canvass. The President is sharply aware that the intensity of deepening poverty in Nigeria, loyally correlates with Naira’s steady depreciation, even in times of plenty. Buhari certainly recognises that devaluation instigated and has sustained our economy ’s debilitating brain drain and the mass migration of our youths to greener pastures. Besides, further devaluation will only precipitate Labour’s agitation for wage increases, while pension incomes will invariably gradually become valueless. Furthermore, the inevitable inflationary spiral instigated by a huge devaluation will invariably reduce consumer demand and adversely affect investment decisions, with collateral damage on employment opportunities. Worse still, if the dollar sells officially for N300=$ and above, fuel price will spiral beyond N130/litre and make deregulation and the removal of fuel subsidy impossible. Sadly, Nigeria’s celebrated GDP of US$ 510bn will invariably also shrink below $300bn, while the current stock market capitalisation of about $42bn will similarly recede below $25bn and make the market vulnerable to an easy take over by foreign portfolio investors. In the above circumstances, Buhari must be encouraged to resist further Naira devaluation. Save the Naira, save Nigeria.

DEVALUATION: IMF VS BUHARI reasonable’’ and progressive 47% interest rates that would facilitate industrial consolidation and rapid job creation? The IMF report, inexplicably shifted attention from the albatross of liquidity surplus, that undeniably fuels inflation well beyond best practice models below 2%; or, is there an unwritten law that countries like Nigeria must not enjoy minimal inflation and truly catalystic low cost of funds below 6% across the board? Surely, it is not so difficult to appreciate that all static income earners, particularly, pensioners and other low income earners will lose 50% of the purchasing value of their incomes every five years, if inflation continuously trends closer to double digit rate. Indeed, if the IMF sincerely expects sustainable inclusive growth for Nigeria, there is no way they would have failed to examine the persistent cause of the systemic surplus Naira which forces CBN to regularly commit to reckless financial management to fight inflation, when it involuntarily sets out to crowd out borrowing and consumer demand by marginally reducing the persistent liquidity challenge with unreasonably high interest payments on moneys that it would simply borrow and store as sterile and idle funds. Similarly, it is the same threat of inflation that instigates self flagellating double digit CBN Monetary Policy Rates, in place of more supportive rates below 2% adopted by Monetary Authorities in disciplined and more successful economies. Instructively, if the recommendation for the ‘’removal of restrictions on access to foreign exchange’’ was adopted, the Naira exchange would have since plummeted below N1000=$1.

In such event, the World Bank would step up, to advance Nigeria, another dollar denominated loan, with shylock terms, to defend the Naira; regrettably, ultimately, the Nigerian economy would unravel and the Naira rate will unfortunately track the Ghana Cedi which eventually exchanged for over 10,000=$ with still no respite. Nonetheless, the IMF’s recommendation that Naira exchange rate should be allowed to reflect market forces may seem credible and progressive; the reality however, is that the Naira will continue to have absolutely no chance against the dollar, if the money market remains deliberately skewed, as it presently is, with persistently surplus Naira liquidity against rationed dollar Auctions; Nevertheless, CBN’s monopolistic compulsive dollar auctions to banks, is certainly not commercial best practice and unfortunately provides a wide latitude for forex market malpractices. It is unexpected that the counterproductive impact of CBN’s monopolistic stranglehold on the forex

Besides, further devaluation will only precipitate Labour’s agitation for wage increases, while pension incomes will invariably gradually become valueless.

market escaped the notice of the IMF Team; however, if CBN retains its monopoly of dollar supply, unending Naira depreciation will become inevitable, and ultimately not even a steady rise in crude prices will save us; after all, the Naira rate inexplicably remained between ‘weak and stagnant’ even when reserves bountifully approached $60b when the oil market was fortuitously very buoyant. Devaluation does not holds any other promise for Nigeria, other than the obviously misguided and unrealisable expectation that matching official with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy. Nonetheless, Naira’s devaluation from 0-50kobo before 1979 to the presentN200=$1 did not attract much more than about $20bn in foreign investments, i.e a paltry annual average of $540m; worse still, foreign investors were ‘smart’ enough to invest primarily in economically, minimally impactful, but secure and high yielding federal government bills and bonds! The unusually wide gap between the official and parallel Naira exchange rates, has intuitively engendered the observation that Nigeria’s economy will only become competitive if Naira is devalued and brought closer to the street market rate. Instructively, however, despite serial Naira devaluation, from 50kobo to N200=$1 Nigeria’s economy remained neither diversified nor internationally competitive; well, maybe a further devaluation to N300=$1 may just change our fortunes; but such expectation must be predicated on the parallel

Business & Economy

DAAR Communications regrets failure to pay dividend …pledges better deal for investors By EMMA UJAH, Abuja Bureau Chief

HE Board of DAAR Communications Plc has regretted its failure to pay dividend to the company ’s shareholders since 2008 when it became public. “I am at pains to state that since our company was listed on the Nigerian Stock Exchange, NSE, DAAR Communications Plc has not paid out s ingle kobo as dividend which isn’t good enough and we are determined to turn this tide,” the Chairman of the Board, C M Y K

Chief Raymond Dokpesi (Jnr) told shareholders at the 6th and 7th Annual General Meeting, , AGM, in Abuja, yesterday. He blamed the situation on the tax commitment of N3.4 billion to the federal government which he claimed affected its financial positions in the two years of operation, 2013 and 2014, under consideration. According to the chairman, some measure of appreciable earnings were recorded in the years under review but were eroded by the liabilities . “Your Company recorded

modest improvement in earnings in 2013 and 2014 of N5.6 billion and N6.9 billion respectively. These achievements translated to earnings growth of 33 per cent and 23 per cent respectively over earnings recorded in their preceding year. “Regrettably, the Company recorded loss after taxation of N3.4 billion in 2013. However. There was improvement in operation in 2014 as the loss after taxation was drastically reduced to N0.107 billion . These losses arose from increasing cost of operation which was not matched with corresponding growth in earnings due to dwindling advertising budgets.

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

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Vanguard, MONDAY, FEBRUARY 29, 2016—33 Send Opinions & Letters to: opinions1234@yahoo.com

Niger Delta people, fflo lo w int oa low into common river

HE people of the Niger Delta are “one people from the same tree.” This is a basic fact, but it assumes far greater significance when this open secret is revealed by HRH Omoba Godfrey Ikenwoli Emiko, the Olu of Warri, leader and symbol of the Itsekiri Nation. His actions since his coronation on December 12, 2015 and interview in the Saturday February 20, 2016 Vanguard Newspaper maybe an indication that the restive Niger Delta has a mighty force of peace sweeping through it. One of the major statements he made in the interview is that “Being in conflict with the Ijaws is the most unfortunate thing to have happened to the Itsekiris, because they are supposed to be our closest neigbours, with whom we have inter-married the most.” During those tragic conflicts in the 1990s, I was a sort of special correspondent for Vanguard on

the Niger Delta and was assigned to do some reports which required my interviewing leaders from both sides. I was given the address of a house in Lagos where leaders of Itsekiri youths met regularly to strategise on the conflict and plan new moves. When I announced my presence, the inhabitants seemed stunned. They knew me, and one of them blurted “You are Ijaw”. I answered in the affirmative. Another asked in surprise why I was not afraid to come to the house, I answered that we are basically brothers, besides, the person who sent me, Mr. Sam Amuka, Publisher of the Vanguard, is an Itsekiri elder and one of the best known Itsekiris. He knew I was Ijaw before assigning me, but he knows I will do a professional job. The Olu told a personal family story “My father of blessed memory, Erejuwa II, his mother is from Escravos. The five prominent Itsekiri royal families

today, their mother is Ijaw.” This is quite familiar. During the conflict, I had often wondered how both sides could differentiate themselves; it was not unlikely that blood relations attacked themselves. I recall the Urhobo-Itsekiri conflict. Again, I was confident that blood relations were attacking themselves. At that time, I had a journalist colleague in Lagos who seemed lost in thought. I asked her what the problem was, she shook her head and smiled ruefully, “Its my parents, old people; my mother asked my father ‘why are your people killing my people?” The mother is Itsekiri, the father, Urhobo. That was the dilemma many from the Niger Delta had during those crazy conflicts which were partly elite fight over crumbs from oil companies. I had often wondered what I would do if

The Niger Delta people are tributaries flowing into a common river; the waters cannot be differentiated, and if any of the tributaries is contaminated, the whole river is polluted

Myth of deregulation By Paul Odili

HE Nigeria Labour Congress (NLC) was in the streets across Nigeria recently protesting and picketing offices of electricity distribution companies (DISCOS). NLC was fighting against February 1 approved increase of over 45% by electricity regulator, Nigeria Electricity Regulatory Commission (NERC). The policy to increased electricity price arose from the decision by NERC and indeed the federal government to create what is termed bankable price regime for cost recovery by the investors who bought assets of defunct National Electricity Power Authority (NEPA). It is also argued by the proponents of price increase that to ensure the distribution companies and others in the electricity value chain break even, Nigerians have to pay more. Mr. Babatunde Fashola, Minister of Power, has been a strong advocate of this new price regime insisting, that Nigerians must bear the cost if only for the survival and growth of the electricity sub-sector. He also claims that under the new price regime, a willing buyer and seller structure will emerge. If I understand this point at all, it means those who can afford to pay for 24 hours electricity can do so and should not enjoy the subsidy that would otherwise happen if price is kept low. It is further argued by Fashola that in satisfying demand of those who can pay and should pay more, the electricity companies would have recovered their cost and will invest more and thus have the spare electricity to give to other Nigerians, who it is assumed might not pay as much. The other argument is that there has been massive leakage and fraud arising from inadequate metering system in Nigeria leading to a lot of commercial losses by the distribution companies. Because of these losses, the distribution companies have not been able to make

more investments and many if not most are in the loss column. This is despite the fixed charge (now abolished) which was put in place by the distribution companies to mitigate their losses. In a way, the labour protest is reminiscent of fuel subsidy debate and protests in Nigeria, which has often been led by NLC. And this has been the case since Nigeria under President Ibrahim Babaginda adopted the free market, liberalised economic policies under the Structural Adjustment Programme (SAP) in 1985. SAP may be dead but its legacy is still with us. As government withdraws from the commanding heights of the economy (supposedly becoming smaller) and replaces it with private sector led, price spike has become the natural corollary. It has been the case with fuel. It has been the case with the banking sector. It has been case with transportation. It is now with electricity and it is going to be the case with any economic activity that is going to be private sector led, especially in Nigeria. As a matter of fact, telephone may be abundant and affordable in terms of prices but many Nigerians are not satisfied that the telephone companies are offering the quality of service expected of it considering the huge return it makes. Thus, the telecommunication companies are making a kill at the expense of Nigerians. The telecommunication companies’ broadband penetration and the sophistication of their technologies are open to serious scrutiny. Deregulation policy has not been able to solve these problems. And if we bother to look closer at these

For deregulation to really work, it must be properly designed, it must be backed by the right laws

Ijaws and Isokos were to have such a conflict; my paternal and maternal grandmothers were Isokos, and both Ijaw and Isoko were spoken in my home. In my part of Ijawland, it is difficult to find a family without Isoko connections, and the language is used as one of commerce. My father told me a story that happened in the 1920s about a dispute over land with some Isokos in the creeks. The youths mobilised to go and retake their lands. He said at a point, he got up and said while it was painful that part of their ancestral land was being occupied by Isokos, he cannot shed the blood of his mother’s people. His brother got up to support him, more youths took his side, and the attack had to be abandoned. I agree with the Olu’s analysis that most of the problems Ijaws and Itsekiris have are “more political because an Ijaw man, who knows how the relationship was built over the years, would not attack an itsekiri man on whatever ground.” The Olu’s recall of two other incidents were quite touching. The first was that when Itsekiris were excluded from the National Conference convened by the Jonathan administration, “Chief Tunde Smooth, an Ijaw, was the first person that wrote in the papers that it was wrong for an Itsekiri man not to be there.” Subsequently, Chief Issac Jemide was invited to the conference. The lesson he says is that “ The Ijaw man should fight for an Itsekiri man and an Itsekiri man should do likewise.

sectors, there is likely to be all sorts of hidden subsidies that Nigerians might not be aware of. For instance, when a Dangote or any big corporate player gets a waiver on imports, is the benefit of these transferred to end users and consumers in the general public? The answer is no. Now the question is why, why is the process of deregulation such a problematic thing in Nigeria? The reason is a fairly straightforward one. The policy of deregulation is a simple concept but extremely difficult to implement. And most times it does not yield the benefits its strongest devotee’s paint of it. Deregulators talk about competition, free entry and exit, cheaper prices and better quality products. In theory this may be true but in the real world, this is not often the case. For one thing a deregulated market is the easiest market to manipulate. It needs either one behemoth or collusion of business interests to dominate the market and a monopolistic or oligopolistic market is created as the case may be. This is the case because governments in Nigeria do not quite have the grasps or interest or are in bed with private interests in supporting deregulation no matter how it is structured. Look at the cable television in Nigeria. It is a monopoly with MultiChoice Nigeria enjoying monopoly profits. The aviation industry is a disaster even after it has been deregulated. Not a single airline in Nigeria is a commercial success. The aviation industry has been deregulated, yet it is not growing. Those who crow about virtues of deregulation do not point to its pitfalls, perhaps because they are more interested in capturing the market than competing in the market. Why not, if you can get the first mover advantage, you have already locked-in the market. You then drive out the competition and enjoy monopoly profits. With your firm dominating the market it does not take long before the quality of products begins to decline. This has been case study across board.

The same thing should apply to an Urhobo man, and this would in turn make us a strong body defending each other.” This brings me to his next illustration. The Olu’s father, His Majesty Erejuwa II was dethroned as the Olu in 1964. But when Major General David Ejoor (Rtd) an Urhobo, became the new Governor of the then Mid-West Region, he reinstated him. The Olu recalls “An Urhobo man brought my father from there (exile in Ogbese, behind Okada) saying ‘go away, go back to your throne’ and that was it. I will never forget that experience.” The Niger Delta people are tributaries flowing into a common river; the waters cannot be differentiated, and if any of the tributaries is contaminated, the whole river is polluted. The Olu’s recipe for development in the area is simple; engage the people in gainful employment, provide basic infrastructure such as a link bridge from Ogbe-Ijoh to Ode-Itsekiri and resuscitate Warri Port. On the national level, he suggests grazing sites for Fulani herdsmen to eliminate the recurrent bloody farmersherdsmen conflicts The Olu who is reaching out to traditional rulers in the Ijaw and Urhobo kingdoms needs to be encouraged and supported in his chosen path. There are those who profit from conflict, such people who can be found in all nationalities in the region including the Itsekiri, will not want him to succeed.

In this context, there is very little to expect from the unbundled electricity sector. As a matter of fact, electric companies tend to become monopolies because of the nature of the sector, which is perhaps why many Nigerians wonder at any difference, if at all between now and when defunct NEPA was in operation. This is the real danger. Another thing, while in economic definition, market competition should lead to zero economic profits— a situation which enables companies to break even and no more, what has happened in the deregulated market in Nigeria is that big businesses has continued to earn stupendous profits in contrast to what should have happened in a competitive market. This fact is often obscured by those who trumpet deregulation as the cure-all idea. Actually, why should they if Nigerians are not asking the hard and tough questions. As labour struggles to roll back the price increases of electricity, it should be noted that deregulation is not by itself a bad concept. However, beyond its theoretical construct, for deregulation to really work, it must be properly designed, it must be backed by the right laws that should be subjected to constant review as technology and business practices evolves. Moreover, a deregulated market must have strong institutional structure to ensure the protection of the interest of the general public. The electricity price increases might be warranted—if you run the numbers—but is there a justification in asking consumers to pay more for poor services by the distribution companies? On the other hand, with massive loss of revenue due to poor metering, etc, as well as other legacy issues, the distribution companies and others in the value chain cannot possible survive as a business. To avoid market failure with its catastrophic consequences, something has to be done. This is the dialogue that should now take place.

*Mr. Odili, a public affairs analyst, wrote from Asaba, Delta State. C M Y K

34—Vanguard, MONDAY, FEBRUARY 29, 2016

HIS morning, I am surprised but hopeful. I am surprised at the speed and expedition with which President Muhammadu Buhari accepted the rescue lifeline thrown to him by his newfound friend and sympathiser of his All Progressives Congress (APC) Federal Government, Nobel Laureate Professor Wole Soyinka. Last Thursday when I published an article entitled: “Soyinka’s Buhari rescue bid”, little did I know that I was going to do a sequel of sorts. When prominent individuals and those not so prominent sound alerts as Soyinka did and proffer advice, our usually all-knowing and imperial Presidency usually feels indignant and either ignores it or gets back with acid repartees. When Chief Obafemi Awolowo in 1980 warned that the Nigerian economy was in grave danger, President Shehu Shagari’s Federal Government sent people like the late Dr Umaru Dikko to dismiss it with a cavalier wave of the hand and a flurry of truculent rhetoric. General Ibrahim Babangida’s goverment was fond of responding to such prodding with a terse one liner: “there is no alternative to SAP” (Structural Adjustment Programme). Olusegun Obasanjo would feel terribly insulted and either send his special assistant versed in the art of delivering abrasive insults (such as Femi Fani-Kayode – this chap is still actively practising his well-honed art) or he (OBJ) would personally take up the mike or pen (whichever was within easier reach) to deliver a “befitting” response. It is not as if Buhari lacks the musketeers capable of doing this dirty job. There is his Special Assistant, Media and Publicity, Mallam Garba Shehu. There is Special Adviser, Media and Publicity, Femi Adesina (alias Kulikuli). There is also the Minister for Information and Culture, Alhaji Lai Mohammed, whose reputation goes ahead of him, if you get me. And now a new cadet has been added to the president’s cavalry: Tolu Ogunlesi, who coordinated Buhari’s spins in foreign media, especially The Economist Magazine. Buhari’s eagerness to be rescued from his nine months of visionless and directionless economic programme is a conclusive evidence that he had no economic blueprint, let alone an economic team, to carry it out. What else could it be? Even his ardent supporters, such as Professor Pat Utomi have openly said so. Remember it was Utomi who, about five months ago, told those who complained about the President’s excessive pandering

Agenda for Buhari rescue confab to people from his section of the country for appointment of his inner government to shut up. He said Buhari, for all he cared, could appoint all his officials from his village, provided they could deliver the goods. Well, it would appear that Buhari could not find economists from his village to employ? So, I congratulate President Buhari for his humility and openness of mind to accept help. But I do not know what he would have done if the advice had come from equally concerned Nigerians who are not his “friends” like Soyinka. I say “friends”, because I expected Soyinka to go to Aso Villa and whisper the emergency conference idea into Buhari’s ears. Based on that, the President could, as usual, go to a choice foreign country and announce his government’s intention to call an economic conference. It would have been neater that way. Nevertheless, it is not a sign of weakness or foolishness for a leader to accept the offer of help when he seems lost for ideas or strategies to tackle a challenge of this magnitude. Nobody knows it all, except

If this conference takes place and nothing concrete is said about economic devolution and the institution of true federalism, then the APC Federal Government will, once again, be called the “one chance” regime that used seductive promises to win election only to dump them

the Obasanjos of this country. Now that we are told that conference is not only imminent but already has a date attached to it (March 10/11, 2016) what should it be all about? What should we discuss? For me, the agenda is twofold: the immediate and long term strategies. The immediate include ways of stabilising the gyrating Naira, considering options for economic diversification away from oil dependency and job creation. We must restore hope in our economy by reassuring those who operate in it (investors, traders and the organised private sector) that they will no longer be abandoned in an unmanned ship at sea. The government must define a direction for the economy to enable us key in and help Buhari to succeed. But by for the most important objective of this conference should be to set the tone for the implementation of the APC’s manifesto and Buhari’s campaign promises. I don’t even know if he still looks at them at all. Buhari had promised, during the fight for nomination as his party’s candidate in December 2014, to “initiate action to amend the Nigerian constitution with a view to devolving powers, duties and responsibilities to states in order to entrench true Federalism and the Federal spirit”. This has been the primary agenda of progressives in Nigerian politics. The true progressives believe that the centralised federation foisted on Nigeria by the military is responsible for our economic backwardness, particularly the heavy cost of governance. It is responsible for the fact that recurrent expenditure takes three quarters of the annual budget of each tier of government, especially the Federal Government. If Buhari is a genuine progressive (and not just a “progressive” to grab presidential power) he must seize the opportunity of this conference to unfold the details of his agenda for economic

devolution. It is the states and the private sector that create wealth and jobs, while federal government merely guides and ensures the welfare and security of all Nigerians and the territotiral integrity of the country. Even if Buhari and some of his cohorts from the North (who usually footdrag about devolution of power) play somnolent on this item, I expect Chief Bola Tinubu to remind him that this was a driving force of the defunct Action Congress of Nigeria (ACN) before it merged with the other parties to form the APC. If this conference takes place and nothing concrete is said about economic devolution and the institution of true federalism, then the APC Federal Government will, once again, be called the “one chance” regime that used seductive promises to win election only to dump them. I have not set any agenda for Buhari on this conference. I have only reminded him to do as he said he would when given presidential power. Will he?

Alex “

Otti:

quotable

quote

O the agents of PDP and the Abia State Government who desperately want to hear us congratulate Dr. Okezie Ikpeazu in the spirit of sportsmanship, my answer is this: you are ignorant of the meaning of sportsmanship. From day one, you disobeyed the rules guiding the game as you threatened, attacked, assaulted, intimidated, maimed innocent Abians and violently rigged the election; so where lay the spirit of sportsmanship in the contest? While like I said earlier, we have accepted the unpopular judgment that injures the sensibilities of Abians, we cannot congratulate you as that would amount to endorsement of criminality, so rather than arrogantly be demanding for unjust and undeserved congratulatory message from me and my party, the PDP should rather express remorse seek repentance, and be humble enough to seek for forgiveness from God and Abians. Like President George W. Bush said: “Terrorists can attack the foundation of the World Trade Centre and the Pentagon, but cannot touch the foundation of America”. I say to the agents of election rigging and political violence that though you may have hurt us temporarily, but you cannot stop our collective desire, determination, and drive to reclaim Abia and restore its pride and lost glory to the admiration and appreciation of millions of expectant Abians”. - At his recent thanksgiving in Aba.

OPINION Buhari: The ultimate democrat By Tochukwu Ezukanma

HERE can be no freedom without the law. While it is the law that limits our freedom, it is also the law that guarantees our freedom. When there is no law to limit one’s freedom, there will be no law to guarantee his freedom. Therefore, democracy, with its entrenched safeguards and expansive latitude for individual rights and freedom must inevitably be founded on the law. The constitution (the supreme law of the land) outlines the structure and role of government and guarantees individual rights and dignity against government oppression. The Nigerian president is sworn to defend the constitution of Nigeria, and according to this constitution, the primary purpose of government is the “security and welfare of the people”. President Buhari was under intense criticisms for what was seemingly a breach of the law; his administration’s continued detention of individuals already granted bail by the courts. To his critics, it was an unacceptable, blatant assault on the rule of law. The president’s defense of his action on grounds of national security did not impress his critics. They argued that the president is a dictator and that his disregard for a court ruling evinced his scorn for the separation of powers and portends grave danger for Nigerian democracy. In granting bails to the accused, the court was operating within its constitutional purview. And, ordinarily, as no one is above the law, all, including the president, should be bound by a court order. But what of if the court order is in conflict with the president’s oath of office to defend the constitution of Nigeria (with its fundamental objectives of “security and welfare” of the people of Nigeria). In such a conflict, C M Y K

who should have precedence? Surely, it must be the President, elected by overwhelming popular mandate and not an appointed judge designated to interpret the law. Moreover, while the rulings of the judges are predicated on the narrow confines of the law and its technicalities, the president has access to broader sources of information, and is privy of classified information not available to the judges. Therefore, his decisions on national security may take priority over a court verdict. So, in ignoring a court order, in his determined commitment to the central roles of democratic government, as stipulated by the Nigerian constitution, President Buhari was not being a dictator, but a democrat, essentially, the ultimate democrat. In the United States of America, the courts have wide powers of judicial review. Unlike in Britain, where an act of Parliament binds the courts, in America, a court in deciding a case before it, can disregard an Act of Congress that it considers inconsistent with the Constitution. However, despite the enormous powers of the courts in America, a number of American presidents have, in the past, defied court orders. For example, in the1830s, President Andrew Jackson ignored a Supreme Court order that voided a bill ordering all the Indian tribes to move went of the Mississippi River. More recently, President Bill Clinton defied court rulings on affirmative action. These rare but necessary breaches of court verdicts by United States presidents did not dismantle American democracy or nudge the country into dictatorship. Therefore, President Buhari’s disregard of bail orders was not tantamount to dictatorship, and was definitely, not a threat to democracy in Nigeria. Presently, our deadliest national scourge is corruption. The piratical depredation – looting and tearing down of this country by government officials in concert with

their political and business cronies is bleeding the country to death. It has pervaded and perverted every Nigerian institution, including the ordinarily most incorruptible, like the judiciary, university and church. It has battered our morality, corroded our will and distorted our values. It has caused us more deaths and social disruption (though less conspicuously), and undermined the security and welfare of the country than Boko Haram terrorism. If not seriously checked, it will destroy this country. A successful war against corruption will be remarkably splendid. It will, among other things, result in a more equitable distribution of the national wealth and the alleviation of the dreadful poverty of the Nigerian masses; make Nigerian institutions more responsive to the needs and aspirations of the people; elevate societal morals and ethics; enhance social justice, political stability and the rule of law, etc. A litany of the benefits of a victorious war on corruption reads like the electoral promises of President Buhari. Invariably, for the president to uphold his constitutional and electoral obligations to Nigerians, he must defeat the monster of corruption. Normally, this should be done in strict adherence to the standards of the law with its subtleties and technicalities and copious scope for evading and frustrating prosecution. On the other hand, this monster is entrenched, resilient and utterly ruining the country. Therefore, fighting it demands urgency, vigour and the administration’s willingness to subordinate individual rights to the public good. In resolving this moral dilemma, that is, in striking the delicate balance between the niceties of the law and the exigencies of the war against corruption, the president’s moral and constitutional obligations to the people of Nigeria should transcend a court ruling.

Mr. Ezukanma, a public affairs commentator, wrote from Lagos.

Vanguard, MONDAY, February 29, 2016 —35

C M Y K

36—VANGUARD, MONDAY, FEBRUARY 29, 2016

ATTACKS ON BUHARI:

Fayose lacks Yoruba training — OLUMILUA

•If Jonathan had won there would have been no more Nigeria EVANGELIST Bamidele Olomilua, former Governor of the old Ondo State and a chieftain of the All Progressive Congress, in this interview spoke extensively on many topical and controversial issues including the formation of the APC and its presidential election victory, President Mummadu Buhari’s approach to governance, rule of law, anti-corruption crusade, the economy and the attitude of Governor Ayo Fayose. •Olomilua: I don’t think that Buhari is oppressive in anyway

By Rotimi Ojomoyela

O you think Gov. Ayodele Fayose’s consistent criticism of President Muhammadu Buhari is right? On the contrary, we respect elders in Yorubaland. It is in other places that some people think that all animals are equal, whereas in actual fact, not all animals are equal. In politics a young man can stand up to raise an issue, but I personally think that it is not right to abuse the President or to insult him. You are insulting the whole nation, when you are insulting the president, or when you are abusing him, you are abusing the whole range of people who believe in him and put him there. I don’t think it is right for any governor or anybody at all to abuse the country and abuse the president. You can make suggestion to him as to what you think should be done in certain areas, but nobody, either culturally and whichever consideration you put it, should abuse the President. But we must respect those in higher authority, even if it is your opponent, you must try to respect and accommodate them. I don’t think it is right to abuse or make negative remarks about a well know leader. I don’t think it is proper. What is your take on the criticisms against the manner President Buhari is waging the anti-corruption war? There is nobody who would start something that the President is doing that would be praised, because among the people he relied on, they found fault. At a point the treasury was empty, what happened to it? So, people were wondering why would anybody be bold

enough to run the affairs of this country, because there was nothing left in the treasury. There were allegations of squandermania, people just do what they like, engaging people with huge sums of money, hundreds and hundreds of million of naira were distributed to individuals. Those who collected the money confessed that it was meant to help President Goodluck Jonathan get back to power. Some of them confessed that their party had no presidential candidate and they were ready to support anybody who could give them money. The issue there goes to the root of the matter that people wanted power by all means, buy it, steal it, rig it, by whatever means you can get to power, get power by all means and by any means. That is what happened here. But one great lesson we should all learn in this matter, that people have the last word. It has been demonstrated that the people’s voice matters. Even the ordinary man on the street says he doesn’t want this man, because it was such an overwhelming victory that they gave Buhari. Remember, here was a man who had already thrown in the towel, due to serial electoral defeats, but suddenly, there was a switch and people were saying “Sai Buhari”, people were already celebrating him, even before the election was concluded. I always said to my people that this party, APC did something right, which persuaded the people that they are honest and full of integrity. They conducted open primaries, the whole nation was watching and when they completed the thing, even the

competitors were shaking each other’s hands with a pledge to support each other. That is one lesson we should learn. The fact that imposition at any level is not welcome and that is the lesson I have been trying to give to the younger men that if you want to win an election, win the heart of the people at the primary level. And ensure that whatever you are doing, you are doing it with honest and good intention in the open and don’t ever take for granted the grace of God in the lives of the people, they have a right to choose who their leader is, because that is the very meaning of democracy, government of the people, by the people and for the people. If you are doing it secretly and you are doing some tricks, some people may not like it. Do you approve of President Buhari’s method in reining in Niger Delta militants, as against the pacifist method of former President Jonathan? Self discipline is what can take a man to where he wants to go. Self denial and self discipline are very important in the life of individuals, and a nation should have discipline, we can’t continue like this. If PDP had continued for another five years to 10 years, we would have been in trouble, there may have been no country anymore. So there comes a time when people must stand up and say, who are mine, where am I and how far am I going? Buhari is a man who is well known for his disciplinarian pattern of life and he wants to apply it to governance. He has the boldness and self discipline to say let us discipline this nation. So, must we be so afraid of those who break pipes, so that there can be stability? Do you bring stability by breaking all those things that the nation

AKEREDOLU

spent so much money on? I don’t think so. Discipline is necessary in the life everybody. Chief Awolowo said two things affected his life, the grace of God and self discipline, if you don’t discipline yourself and your government, you would be afraid. Look at the way we bring our children up, some children are pampered, they can’t face life or their own reality. It is better we face the situation squarely and it will reach a point where people would accept the fact that some people are in charge. I think that even the bible, says spare the rod and spoil the child, we need discipline. We are only praying that God should spare and keep the life of Buhari so that these saboteurs who feel so important that they can defile the laws and do what they like. Members of the PDP describe the anti-graft fight as selective and an attempt to muzzle the opposition. Do you agree? You know politicians have a way of saying things, but I don’t think that Buhari is oppressive in anyway, I don’t think so. Discipline is discipline. Even when the PDP is complaining that the President is going after their chieftains and defying court orders to keep them behind bars? But the PDP chieftain put their hands into the cooky jars of the nation. We would all become wretched if we distribute it just as we like. $2.1 billion was distributed to people when Boko Haram was having a field day slaughtering our people. The situation was so bad, no discipline, no purposeful pursuit of goals, everybody got what he wanted, they were all struggling to get the bigger pie and Boko Haram was making mince meat of our soldiers, just because the money meant for the purchase of weapons disappeared into some peoples

Continues on page 37

If PDP had continued for another five years to 10 years, we would have been in trouble, there may have been no country anymore

VANGUARD, MONDAY, FEBRUARY 29, 2016 — 37

Continues from page 36 pocket. There is so much revealed and disgraceful, now we cannot abuse anybody who says order must be restored. I think this is what Buhari is doing to restore order. Even at the expense of rule of law? Rule of law is good, but the law is what you interpret it to be. If you say stealing is part of the rule of law, then we run the country in dis-orderliness and disgrace and we get the consequences, rule of law makes people take $2.1 billion and nobody is able to account for it concerning the purpose for which it was meant. How did the money get to their pocket, they need to explain a lot to do Nigerians. Let’s be frank and factual about this, get out the names of those who are stealing money, they must have been put in charge, they must have abused their position. Somebody raised the issue of putting handcuffs on Olisa Metuh and somebody is talking of abuse of his fundamental human right, the money they stole, when you add it together, it’s enough to sustain this nation through the year. So, fundamental human rights? Yes, I always love to see that people are not harassed, embarrassed or become victims of abuse of power. The probe can’t be described as oppression or abuse of human right. If we have a thief around the house and we always find out that even our chicken are not safe, if they didn’t find feathers of chicken around his house, nobody will accuse him. They can’t come and take innocent people now, is it possible? I have been in government before, when they say they wanted to investigate me, I said good by all means, they should go ahead. I said maybe they would discover some of my entitlements and return it to me. I didn’t take them because I felt they would be too much on our economy. Governor Fayose has been raising alarm for some time now that President Buhari is planning to use the outcome of the Military probe into the alleged partisanship of its officers in Ekiti 2014 governorship election to unseat him, do you think this fear has basis? I learnt that the military disciplined their men as regard some misdemeanour, which means they must have got certain facts. The only thing I feel is that if the Federal Government feels that the election had been wrongly interpreted to bring the wrong man here, they would start with the Independent National Electoral Commission, if INEC now admit that they use

So much wealth, so much poverty in Nigeria — OLUMILUA •Olomilua: A lot of things are being corrected by President Buhari

terrorism or oppression of somebody to declare the wrong candidate. Or if they found a fault in the process, intimidation, oppression, can that be used as a basis for removing the Governor, would that be sufficient reason for removing him. Because he says they are threatening to remove him. How are they going to remove him? Who will make pronouncement for his removal? Is it the court, the Federal Government or INEC? The fear of the Governor, would definitely create an atmosphere of fear for all the members of his Government. I think his fear is unfounded. There is an atmosphere of confusion in the country today, which was fuelled by the belief that your party was not prepared for governance, did your party come to power unprepared? The formation of APC is a landmark in the political development of this nation, the party was made up of all Nigerians from every part of the country. In those days, principally in the West, we were Action Group, we couldn’t get votes from certain states in the north. Things are changing, you may not know it. They are changing so fast here, they are going to reduce the number of beggars in the streets in the north, so that every child would have opportunity, that is progress. They all have the opportunity now, to be who God wants them

to be, when they are exposed to education and they have a right to it. Progressiveness means people moving forward to a higher ground to have a better view of situation. That is a progressive movement. But when you say conservative, we are here, my grandfather was the Emir of this village, only my children can have access to land, only my children can do things here. Some of my classmates I met at the University of Ibadan were either sons of emirs or prominent persons. When you go to England, you would find them in the same situation. So they didn’t want a change but now the progressives have come together. It is a landmark achievement, the people are able to come together, you may say that they are not as fast as they ought to be in taking decisions. We thank God that he has made these progressive to come together so that this nation can move forward. APC is populated by former PDP members and they were integral part of the change movement, do you see this having any effect on the eventual life of the party as time goes on?Five days is a long time in politics, the way you think yesterday is not the way you will be thinking today and tomorrow is another new day, that is all about politics. But people are now becoming aware of the fact that if your neighbour made progress, he would consider the others.

As an economist, do you agree with a section of the foreign media that the Federal Government N6.1 trillion budget is defective? There are two types of people, the optimists and pessimists. There are people who are praying that God would help us, given all the money they stole in this country. More than N9 trillion., and this man is fighting that, that would stop and it will stop by the grace of God. If it stops we will all be more comfortable than we are. Even the value of our naira would increase. There was a time the Naira was twice as strong as the dollar. What has changed so much here, bad administration, careless act, just using money without any concern for consequences. Why did we have one account now? Nothing will go amiss anymore, those who have resources would have to pay for the progress of the society. Of course the potentials of this country is enormous. Hillary Clinton once queried, why is this country so wealthy and yet so poor. So much wealth here and so much poverty, because the money does not reach the hand of the ordinary man on the street. A lot of things are being corrected by President Buhari and at the end of this, you would see changes. We are not going to borrow as much as they think. Now we are turning our eyes to things we have and have not been using. It was Obasanjo who said they must stop flaring our gas, from that decision we got $1.2 billion recently. Until Buhari came, I never heard that gas was fetching , $1.2 billion. We have what it takes, it is only for our eyes to see and anchor God’s given gift to the progress of the society. We are destined to get better.

The formation of APC is a landmark in the political development of this nation, the party was made up of all Nigerians from every part of the country

38 — Vanguard, MONDAY, February 29, 2016

C M Y K

Vanguard, MONDAY, FEBRUARY 29 , 2016—39

ANAMBRA: NASS candidates ask INEC to

implement S-Court judgment •We're yet to get a copy of the judgment, status quo remains —INEC By Clifford Ndujihe, Chris Ochayi & Omeiza Ajayi

BUJA—ELEVEN Senate and House of Representatives candidates under the Ejike Oguebego-led executive of Peoples Democratic Party, PDP, in Anambra State, have called on the Chairman, Independent National Electoral Commission, INEC, Professor Mahmoud Yakubu, to obey the January 29 Supreme Court judgment and issue them Certificates of Return without further delay. The candidates – Senator Annie Okonkwo, Chris Uba and John Emeka among others said they remain the PDP candidates for the 2015 polls as opposed to Dr Andy Uba, Stella Oduah and others who are currently in the National Assembly. According to them, the Supreme Court judgment set aside the order of the Court of Appeal, which led to the removal of the list of candidates submitted by the Anambra State Chairman of the PDP before the 2015 general election. Their counsel, Chief Chris Uche, SAN, wondered why INEC is finding it difficult to obey the judgment of the Supreme Court. Uche said that when the Federal High Court gave its ruling on the issue, INEC complied immediately without seeking for clarification and that when the court of appeal over turned the decision of the Federal High Court, the electoral body complied with the appellate court’s decision without seeking for any clarification. “I am surprised that the same INEC has found it difficult to act on the Supreme Court decision of January 29 the way it acted on the decisions of the Federal High Court and the Court of Appeal,” noting that the INEC had claimed that the January 29 judgment was confusing and decided to approach the apex court for clarifications but the court frowned at the move, saying that its ruling does not need any interpretation because it was clear and unambiguous. ‘’INEC had never denied the fact that it removed the names of candidates sent to it by the recognized PDP leadership in Anambra State because of the judgment of the Court of Appeal, which has now been set aside by the Supreme Court. If the judgment upon which INEC based its decision has been set aside, then the candidates elected on that list automatically fall with the judgment. Justice H.A. Ngajiwa of the Federal High Court had earlier

in a judgment delivered on September 12, 2013, affirmed Oguebego and members of his team as constituting the authentic executive committee of the PDP in Anambra and stopped INEC from accepting the list from any other body other than the Oguebego led executives in the state for the purpose of the 2015 election into the National Assembly. However, the PDP set up a caretaker committee that organized the primary election that submitted the list containing the names of Senator Uche Ekwunife who was sacked by the Court of Appeal, for not

being a product of a valid primary election, Senator Stella Oduah, Senator Andy Uba and others.

'INEC must do the needful'

Speaking in like manner, the eight House of Representatives candidates, insisted that INEC must do the needful by issuing them Certificates of Return, having been recognized by two separate court judgments. The candidates who spoke with the media in Abuja, are Hon. Emma Nweke, Hon. Julius Ofoma, Hon. Benny Obaze, Hon. Ejike Nwene, Hon. Tony Offiah, Hon. Ify Anazonwu, Hon. Uche Obi and Hon.

Charles Odedo, where they collectively told INEC there was no reason for further delay. According to Tony Offiah, who spoke on their behalf, “Nigerians are watching the actions of INEC. Despite being given recognition by the Supreme Court, INEC has continued to disobey the judgment of the court of law. It is important we go by the mantra of the government of the day, which is change. ‘’After the judgment of the Supreme Court on January 29, INEC, through its lawyer had said that he will advise his client to do the needful. For us to get things done politically, INEC should do

the right thing,” he said.

We are yet to get Supreme Court judgment – INEC

Reacting to the call yesterday, the INEC said it would in the interim maintain the status quo until it gets and reads the Supreme Court verdict. Director in charge of Publicity, Voter Education and Civil Society and Gender Liaison, Oluwole Osaze-Uzi told Vanguard that the commission was not yet in receipt of a copy of the court judgment. He expressed hope that INEC would be able to get a copy of the judgment today (Monday), study it and then make its position known. “As a matter of fact, we have not gotten a copy of that judgment. We could not get it before the close of work last Friday. We hope to be able to get it on Monday and then study it before taking our own decision,” he said. He added that if possible, INEC may still explore other legal options after studying the judgment.

BIAFRA: I'll rather die in prison than for Ohanaeze to

claim credit for my release —Kanu •IPOB disowns, warns Ohanaeze over negotiation for his release

By Anayo Okoli & Chimaobi Nwaiwu

NEWI—THE Indigenous People of Biafra, IPOB has warned those who are claiming to be representing the group, including the members of Ohanaeze Ndigbo and its youth wing to stop such move, that nobody speaks or represents them, unless such a person or persons are designated officers of IPOB worldwide. The group also said that its leader Mr. Kanu said he would rather die in jail than for the Ohanaeze Ndigbo to claim the glory of his release as he has no business with the Igbo Socio cultural organization. ”I will rather die in jail than for Ohanaeze Ndigbo to claim the glory of my release,“ Kanu reportedly said. IPOB in a statement signed by its United Kingdom spokesmen, Dr Clifford Iroanya and Emma Mmezu, a lawyer said: “We are in court and our wish is to expose the fraudulent charge of treasonable felony before the whole world. At the end of this case, the corrupt and compromised segment of the Nigerian judiciary will be publicly disgraced. “Our march to freedom is unstoppable; this is something Buhari ought to know. We have come to die for Biafra if that is what it will take to be free. Our resolve should not be underestimated. As our leader will always say, “Nigeria will kill us, we will kill them but in the end, we will win.” IPOB reaction follows an alarm raised from Enugu yesterday by some of the group's members that some people suspected to be Ohanaeze Ndigbo and their

Leader of Indigenous People of Biafra,IPOB, Nnamdi Kanu. youth wing were impersonating IPOB leaders in Enugu, claiming to be representing IPOB in meeting with some American officials who were in Nigeria to have a meeting with the group on the release of their leader . IPOB officials said such a negoatiation would need the designated presence and contribution of IPOB members, but they were not informed. "The people went ahead to speak for IPOB when they do not have the power and authorization of the group to speak for them. "People alleged to be members of Ohanaeze Ndigbo and Ohanaeze Youth wing were said to have met with some Americans at Nike Lake Resort Hotel between 6pm and 7pm Saturday evening." Information about the alleged meeting at the hotel was said to have gotten the attention of the United Kingdom spokespersons of IPOB, who felt embarrassed by the meeting and some of the demands the people claiming to be representing IPOB said should be done for the group for peace to reign.

“If any country or group is coming to Nigeria to discuss anything concerning IPOB and the release or freedom of our incarcerated leader and Director of Radio Biafra, Mr. Nnandi Kanu, it is not Ohanaeze Ndigbo or their youth wing that will speak for us because they are not our members and so, cannot represent or speak for us. We urged the Americans who came for the meeting that the alleged representatives of IPOB did not represent or have our support. Nobody speaks or represents IPOB except its principal and designated officers. “We learnt that they cornered some Americans who came to Enugu to have audience with the IPOB over the way forward on the issue of Biafra agitation and the continued incarceration of our leader Mr. Nnamdi Kanu. We want to let the world know that they do not have authority to speak or represent us. They are on their own and should be ignored. “We want to use this opportunity to tell the Americans that came and the world that the people who claimed to have represented IPOB in the meeting were impostors, they are not members of IPOB,

they are the usual Ohanaeze contractors who will always condemn IPOB, but will be fast to hijack anything good that is coming to the South East states through IPOB. They do not have our support and will never represent us in anything. “We want to tell the representatives of the American government who met with them at Nike Lake Resort Hotel between 6pm and 7pm Friday evening to ignore them and whatever discussion concerning IPOB they had with them, because it does not represent our views or demands as IPOB members” they said. Denying allegation But in a swift reaction, Ohanaeze Ndigbo Youth Council, OYC, denied that it was working to trade off MASSOB/IPOB, saying that it has rather continued to work hard to secure the release of the detained leader of IPOB, Nnamdi Kanu. Reacting to the allegation that it held discussion with certain USA Embassy Group on the Biafran agitation where it allegedly traded off both MASSOB and IPOB, the group denied the allegation in a statement which read: “The attention of the Ohanaeze Ndigbo Youth Council is drawn to a rumour peddled by some enemies of Ndigbo and busy body alarmists to the effect that a USA-based delegation that came to Nigeria held discussions with the National leadership of Ohanaeze Ndigbo Youth Council and at the purported meeting, the Biafran cause was betrayed by the Ohanaeze Youth Council. “This story and rumour is a blatant lie. Nothing like that happened. It’s the figment of imagination of the rumour peddlers."

40 —Vanguard, MONDAY FEBRUARY 29 , 2016

Ntel makes history with first VoLTE call

A T C O M Development and Investment Limited, the company that acquired the core assets of NiTel/MTel (in liquidation) made its first Voice over LTE call in Lagos, Thursday. The test VoLTE call which was made at 3.30pm at NTEL’s new Tier III data centre located on Lagos Island was enabled over a carrier’s high-speed data network instead of on a voice network. Voice over LTE calls also connect faster upon dialling and feature ultra-clear high-definition voice quality. The VoLTE call was completed in partnership with original equipment manufacturers L M Ericsson of Sweden and SonyElectronics of Japan. This follows Ntel’s first data call, January 18, 2016 and its first SIP voice call, February 18, 2016. Ntel will now progress work with Nigeria’s other mobile

operators and international partners to perform crossnetwork VoLTE calls: This will ensure that its customers can connect with each other as easily as they can to both customers in Nigeria and to those elsewhere in the world: a network now comprising telephones, globally.

This crystal-clear, highdefinition VoLTE call was made via an Ntel sim card and is set to be a significant differentiating factor for Ntel as it progresses with the roll-out of Nigeria’s largest Advanced 4G/LTE network, due to be launched shortly.

The New Diplomat debuts

HE New Diplomat, Nigeria’s global voice and an investigative and insightful fortnightly politico newspaper with a global appeal has gone on sale nationwide with a cover price of N200 and major revealing stories of how the sack is dangling over the head of the Central Bank Governor, Mr Godwin Emefiele as the crisis trailing the naira and Nigeria’s monetary policy worsens. The report captures the behind the scene manouverings, scheming

and political intrigues fuelling the call for reforms in the nation’s monetary policy and the calls for sack of Mr Emefiele, who was appointed to the position of CBN Governor by former President Goodluck Jonathan. Also in its latest edition out nation-wide today, The New Diplomat, in an exclusive interview with Femi Falana, SAN, reveals why he dragged Col Dasuki Sambo and Dr. Ngozi Okonjo-Iweala to the International Criminal Court.

Vanguard, MONDAY, February , 2016 —41

Television Influence W

atching television has become an integral part of everyday life. At the end of each day, we lounge in front of the television to unwind after an exhausting day. This makes the influence of television on society more apparent. Tajudeen Adepetu is the CEO of Consolidated Media Associates (CMA), owners of a range of TV channels that cut across television genres. As one of Africa’s rapidly emerging television executives, Adepetu sees television as an influencer: “Television is a medium of influence”, he says “and that is what television means to me”. Adepetu believes that it is impossible to imagine life without television because everything we experience through it shapes and molds us into how we are now. And to a great extent everything that we see on television influences the way we think: “From the perspective of edutaining, I think nothing should happen on television that shouldn’t be for a purpose. Information, education and entertainment must have a particular goal. Everything I do on television is always set towards defining something or setting an agenda and so, if I produce a drama series for instance, it is always about portraying issues that define decisions. That is why the influence of television on society is profound”. 25 years ago Adepetu began his career in television. His mission was to change the landscape of television programming through Consolidated Media Associates. Add to this his daring task of launching 8 channels of exciting television programming and he can only be seen as one of the icons in the media pantheon in television who has shaped our medium. Before setting up his television empire, Adepetu had been working as an independent producer for terrestrial television stations like AIT, LTV and MITV and producing blockbuster television series such as Everyday People, Saints and Sinners, Candlelight, Treasures, One Love and Domino: “I’ve always been a content provider because C M Y K

Tajudeen Adepetu

CEO, Consolidated Media Associates

•Tajudeen Adepetu creative content defines everything about television, and that is where we stand out as a company”. Consolidated Media Associates is backed by the exceptional expertise of its founder with an energetic and vibrant team. Since it was established, the company has built a portfolio of exciting cable television news and entertainment brands and businesses, including Sound City,ONTV, ON Max, Trybe, Spice, Access 24, Televista and Urban 96: “Our vision has always been very simple”, Adepetu explains: “ We want to be part of people’s lives no matter who they are and we try as much as possible to meet them at

the point of their television viewership need and demands. That is what informed our decision to create 8 channels all designed and defined along the various levels of television viewership. Our key drivers for content include sports; the Omni sports daily global sports news package which is broadcast every night and the highlight show of the same package, which offers breaking news and updated sports news six times daily .We have an extensive library of telenovelas, be they Mexican, Filipino, Brazilian or Indian, and our viewers have come to expect the best from us. We have yet to let

them down. We also take news seriously, and provide a headline news service six times a day. We also provide a wide variety of quality productions on our Hollywood movie belt, as well as an extensive library of original drama productions; this is why we have been rated number one for two years in a row. Regarding music, we have partnered with Sound city, the leading light in African urban entertainment, and we can say that we are the first to bring viewers the best Nigerian and Pan African music from a range of talented artistes. With regard to Lifestyle

time, you just have to be hands-on because it can be very frustrating when, having groomed somebody into the job, and then midway into it they just leave thinking that they know it all now. And then you have to start the process all over again” “That, I think, is one of the challenging parts of this business”. “. In terms of funding, he laments that most banks don’t even understand the broadcasting industry: “This lack of understanding of our business”, he says “explains why they are unable to cater to our needs as an industry. Since we started we’ve been self-funded.

programmes, We’ve not been we have an able to get array of decent e x t e r n a l shows and funding from delightful banks or content from elsewhere, and Spice TV, the that has been a only fashion m a j o r Television is a channel in challenge for Africa”. And the us. If we had medium of follow up ourselves influence because found question is: in a society that to a great extent What do the understands various genres the nuances everything that of television and intricacies we see on programming of this business say about his ,then it would television company? have been a lot influences the “It says very easier because simply that we in addition to way we think are a company the funding that t h a t we might have understands what we are received; there would also be doing. And I don’t think there expert advice and capacity is any television company in building facilities provided to Africa that has 8 channels ensure that the business designed solely for the African becomes even more market —it says a lot about competitive. The reverse is how we want to project our the case here. I really wish that country”. The question of how we could find partners that television portfolios fit could help us in getting to our together with advertising, and desired destination in media how brands have utilized the because we are on a journey medium to increase brand that is by no means smooth, awareness or engage but I know that in the end consumers, has haunted the we’ll get there”. In the face medium since its origins. of these hurdles, Tajudeen Advertising is TV’s original Adepetu has been able to sin. When people called TV continue to grow the company shows garbage, which they and sustain its position, did all the time until recently, ensuring that each step commercialism was at the doesn’t create additional heart of most complaints. Even problems. Essentially, his great TV could never be good effective leadership has art, because it was tainted by helped him create sustainable definition. It was there to sell. growth for the company: “I Adepetu has a different view: think it’s the force that we’ve “Advertisers know that brought to bear in the market television is the leading that is still sustaining us. We definer of popular culture and are so compelling in every an agenda setter in the sphere that we’ve ventured various areas that it plays into, into that we cannot be so most often when ignored. Basically, it’s the advertisers want to do strength of our creative anything they engage us to capacity that keeps us going. help them tell the story and And I think that’s going to sell their product and keep us here into the future services. And we’ve been because creative capacity is fairly successful in that the soul of our business”. because it’s from patronage Tajudeen Adepetu’s definition like this that we’ve been able of success is more focused on to sustain ourselves”. Since the present than the future establishing the CMA Group, because he sees success from the challenge of funding and the outset of every endeavor capacity is something the he undertakes. “The fact that company has continually had I’m able to start anything is a to deal with. “Capacity has success in itself. And I really always been an issue because don’t consider futuristic there are not enough people initiatives because I’m more who know what they are concerned with the present. capable of doing without That said, it doesn’t mean that supervision. That is why we I don’t plan for the future”. find that at every particular

42 — Vanguard, MONDAY, FEBRUARY 29, 2016

By Sam Eyoboka, Monsuru Olowoopejo & Olayinka Latona

ORTYhoursaftertheSupreme Court affirmed the death sentence passed on the General Overseer of the Christian Praying Assembly, CPA, Rev. Chukwuemeka Ezeugo, a.k.a. Rev. King, the about 500 remaining members of his depleted church still revered the bearded, athletic weird cleric as they shrugged off their worries to organise a special church service to mark his annual birthday. Although his age was kept secret by the church leadership and members, the birthday though was on February 26, a date that coincided with the apex court’s judgment, was postponed till yesterday when the members thronged the church to celebrate a man who still commands unmatched cult loyalty and followership among his converts, such that they still consider their lives of no consequence as far as ‘His Holiness, Rev. King’ is concerned. Church declines comments on Supreme Court judgment: The church declined comments on the Supreme Court judgment on the founder of the church. Pressed by our correspondents for official comments, the resident pastor of the dressed in ash-coloured suit with a striped tie to match, Pastor Ifeanyichukwu Chiokwe said the church was yet to finalise its reaction on the judgment.

Special birthday service The resident pastor only volunteered: “You can report whatever you have seen today objectively. At least you have witnessed the ‘Special birthday service for His Holiness’ and you can see how we have conducted ourselves. As a church we have no comment on what you have talked about.” The special church service which commenced at about 7.00 a.m. and ended five hours later, was attended by about 400 members who arrived thechurchatdifferenttimes.Sources said that the members were those who had held tenaciously to the doctrine of their General Overseer before his incarceration 10 years ago and believe that the embattled founder would live forever. A member who do not want his name in print, said: “I had other engagements today. But immediately I was reminded that there will be a special church service for the G.O, to mark his birthday, I rushed down. Infact, I am happy that I was able to attend the service. Our G.O lives on.” Some of the members took to the social media to congratulate the general overseer King’s pulpit, special seat vacant Apparently as part of the high esteem members hold Rev. King, a native of Achina in Anambra State and Psychology graduate of the Nnamdi Azikiwe University, Awkahe is highly revered and dignified by members of CPA-nobody mounted the upraised altar which carried a kingly black chair to one

Christian Praying Assembly, Lagos. Inset: Rev. Chukwuemeka Ezeugo, aka Rev. King. Photo: Monsuru Olowoopejo music. Neighbouring cleric com-ments Meanwhile another Ajao Estate cleric and a medical practitioner, Dr. Omadeli Boyo, General Overseer of the Redeeming Love Chapel yesterday described the Supreme Court verdict as long in coming, stressing that it was common knowledgethattheapexcourtwould side and a covered glass pulpit. In expect you to believe whatever thanked God for our G.O. will confirm the death sentence. anticipation of his eventual return, message the world is passing across receive a special Hosanna miracle; “It took a long time in coming. It his seat and altar were covered with to you. But believe in the Lord, his miraclesthatarehighlydifferentfrom was obvious it was going to come. a purple cloth and other royal scriptures and abide by his what he or she has been receiving So it was long expected and the apparels. commandments,” he added. before. salient lessons to draw from the The resident pastor, Pastor Chiokwe who presided over the 4. Pray against evils that have verdict, are that the chicken had Ifeanyichukwu Chiokwe, who Sunday worship and birthday fashioned themselves against your come home to roost. At the end of presided over the special service service at the Ugo Nnabuife Street, lives, shops, joy, dreams (20 the day, each man will give an used a different pulpit from where Off Bishop Ojo Avenue, Ajao Estate, minutes). account of his stewardship; either he preached the only sermon of the Lagos, urged members to pray for 5. You shall never be put to shame here on earth or by and by, in day, quoting several Bible passages the G.O., and remain steadfast and 6. The moment the cake of the heaven-the judgment of God is include Luke 24 and Isaiah 53:1, focused, saying that the birthday birthday celebration was cut by me, bigger than the judgment of man,” urging members to hold tenaciously service of their spiritual father is shackles, chain and all powers of the medical director of Pinecrest to their faith and do not believe worth celebrating. the enemies will cut to pieces. Specialist Hospitals, averred. whatever was being disseminated 7. After the service go home and by the mass media. rejoice. Spiritual The Sermon: Rev. Chiokwe noted father 8.Thereissomeonethatatepoison Account of his that Rev. King would soon return to but that poison has disappeared stewardship the church and continue his He further asked the elated immediately you eat of the Continuing, Dr. Boyo, a specialist evangelical mission, pointing out: members to appreciate God for the refreshment here today, you will in Organisational Culture, Public “When you visit the news stand life of their founder and also sing have peace. Health, and Sociology of Mental today, what you will see in the front series of birthday songs for almost 9. I bless all the children in CPA, pages are stories about our G.O., Dr. 20 minutes. Sources said that the they shall be healed, protected, have Health and Illness told our reporter Rev King. Also, the social media is excitement on the faces of the long life and grow up to become that the judgment is only a matter of time to come “and this one has come awash with stories about His worshippers would make a first time great men and women of God. Holiness (Dr. Rev King), but the visitor to the church find it difficult 10. I bless all those who gave us after a tortuous journey through the message I have for you is that, do to believe that the bearded church support in any way, God shall give Lagos High Court and eventually the Supreme Court which gave its notbelievewhateveryouhaveheard founder with charming smile had them pools of living water. or read. 11. Everything that would be verdict yesterday. Right from the mesmerised members describing “This is a trying time and I expect himself as the Jesus Christ of our consumed here today, has already High Court to the appellate court you to stand firm. Our enemies are time is currently on death row. been blessed, they have become there was no mistake about it that Rev. King was wrong.” trying to use the agencies of Some members were dressed in miracle materials. According to him, there are lots of government to scatter the Church. two different branded attires with the 12. Pray right now for every other lessons ministers should learn from But I expect you to stand firm and pictures of Rev. King boldly good needs of yours. He shall this; that the laws of the land may put your faith in GOD. I do not imprinted on them with the answer your prayers. 13. Let us sing very good birthday prevail and what he did was not only inscription,‘Themanofthemoment; against the laws of the land but also His Holiness, the Most Hon. Dr. Rev song for our Daddy G.O. for 20 against God, stressing that “he will King-The man of the moment,” and minutes.“HappybirthdaytoyouHis still face the judgment of God over Holiness” others in tee-shirts reading “Stop the allegations against him. This is 14. Open your mouth and sing your fighting GOD and His people.” only a preliminary judgment. There Rev. King’s alleged message to own good song to God because of willstillbeabiggerjudgmentofGod. worshippers: After the only sermon today (30 minutes). That is the one he should also fear This is only a 15. Offerings of the day, Pastor Chiokwe and repent for obvious reasons. 16. I will stop here for now till next proceeded to read Rev. King’s preliminary judgment. “The lessons to men of God is that messages of encouragement, time time, our Daddy G.O, will live this was the case of burns, deaths There will still be a prayers amongst others to his faithful forever. and other such like, there are other 17. T estimonies followers. The founder’s message bigger judgment of sins—though no sin is greater than 18 Prayer of dismissal thus: God. That is the one he read Immediately after the service the other—like falsehood, 1.Today is worth celebrating. misinformation and financial and 2.Offer prayer for our G.O. Thank whichendedatnoon,memberswere should also fear and misappropriation of funds in the directed to the second wing of the God for His Holiness, Dr. Rev King repent for obvious Body of Christ, lies…the world will auditorium for refreshments and (3 minutes). have to judge the church in the area reasons 3.Everyone that prayed and they had quite a lot to eat and drink while the choir supplied light of accountability,” he noted.

Defiant church members celebrate condemned Rev. King’s birthday •Say he’ll live forever

43 — Vanguard, MONDAY, FEBRUARY 29, 2016 YOUR LUCK TODAY

LEISURE

By Joshua Adeyemo Phone 08056180139 VIRGO; The more willing you are to listen to your partners and/or spouse the better for you today. Friends are trying to convince you that the are reliable. LIBRA; The more push-full you are along your career/ business lines the better. Embrace new method at work. Don’t neglect your love life. SCORPIO; Here is a day you are not meant to ignore new ideas that come suddenly. It’s good to take matters of the heart more seriously. Listen to your spouse please. SAGITTARIUS; Monetary and romantic Venus at positive angle to your Star and bringing you good influence. Be more ambitious. CAPRICORN; Although your being co-operative can enhance your scope, your personal ideas and initiative are guarantee for a bigger do.

THOUGHT FOR TODAY By Richard Eromosele

God is watching

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

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

TERROR MUDA

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

in “Scavenger Elite”

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

Think about it!

By Lanre Kehinde

AQUARIUS; Those of you who are more consistent will have more to gain. Good ideas on monetary issues will enhance your finances. Be more family minded. PISCES; Entrance of monetary and romantic Venus into a positive angle is meant to enhance your finances. The more willing you are to take good advice the better. Be loving.. ARIES; Monetary Venus makes an ingress into your Star sign with good luck to you. Financial success is closer to you than you can imagine. Give it a big push. TAURUS; Here is a good day when influential personalities around you will be willing to assist you but you will need to take the initiative. Take good advice. GEMINI; This is your day. The more ambitious you are along your career line the better for you. And friends are willing to give the needed supports. CANCER; Your mind is truly active and if you’re more practical about it success’ll crown your efforts. Reason with your tried and trusted friends.

KAPTAIN AFRIKA

in “HEY’

By Andy Akman

LEO; Coming of monetary and loving Venus into a positive angle to your Star sign is a big plus. On a day like this the more ambitious you are the better. It’s good to be loving.

ASTROLOGICAL COUNSELLING Send yyour our dat th ttoo the As tr ological datee and place of bir birth Astr trological Counselling, PP.M.B .M.B 1100 00 7, Apapa, Lagos 007, BASIC CHARACTERISTICS OF SCORPIO TIME SCOPE = OCT 23 – NOV 22 RULER =AGGRESSIVE MARS AND MANIPULATIVE PLUTO. QUALITY = FIXED ELEMENT = WATER. SYMBOLS =SCORPION AND THE EAGLE. GROUP = FEMININE. ZODIACAL POSITION = THE 8TH. Scorpio stands for secret, sex, sin, death, jealousy and regeneration. You can see that sex and death have powers to compel any earth’s inhabitant to surrender. Thus, Scorpio is the most powerful of all the 12 zodiac signs. That is why you are endowed with strong will powers that can be used to regenerate either yourself or those close to you. Scorpio is a water sign. It’s natives are emotional types with powerful intuition. They are of inclination to protect their loved ones and/or the people with weaker personality, however, if they have any cause to doubt the loyalty or sincerity of such person/persons, they tend to become jealous and the strong love they have for the person can turn to hatred. And as they are the type capable of intensive love and bitter hatred, it is not good to incur their wrath. Scorpio-being a member of fixed signs, it’s natives are not keen lovers of change. That is why you always love to make success of any important project of yours before consideration can be given to another one. And by so doing, you make yourself a reliable person. The water element of Scorpio makes them highly mysterious personalities who intuition (and emotion) can be regarded as extra-ordinary. Although, other influence in your natal horoscope can tempt some people to think that you are very open; the truth is, you can be highly secretive person who knows what he wants and how to get it. Your being secretive has many advantages, thus, you are encouraged not to be tempted to open up unnecessarily whenever it comes to manipulation of unseen forces or psychic energies. Let it be known that African Scorpio born person that refuses to acknowledge the reality of occult forces heads for failure. Whoever tries to jeopardise your interest and/or anything that is important to you and yours will be met with resistance. Equally, Scorpio tends to nurse grudge; that is why some people will say natives of this powerful zodiac sign are truly good friends but dangerous enemies. Pluto’s ruling influence over Scorpio makes Scorpio’s desire for unknown to be strong. That is why many Astrologers call Scorpios the deadly detectives. And a well-developed Scorpio is as bold as aggressive soldiers and fears no death. In other words, you have all the traits of the most powerful Star sign Scorpio.

VIRGINIA

HOME & ABROAD

dadadekola@yahoo.com

By Lawrence Akapa

44 — Vanguard, MONDAY, FEBRUARY 29, 2016

Vanguard CLASSIFIED ADEGBOYEGA—I, formerly known and addressed as Miss A d e g b o y e g a Tawakalitu Adepeju, now wish to be known and addressed as Mrs. Andrew Kian Adepeju. All former documents remain valid. General public please take note.

ASERORAYE—We, formerly known and addressed as Erereyi Fortune Aseroraye, Omizu Favour Aseroraye, Courage Mierusor Aseroraye, Mevayekose Becky Aseroraye, Sunday Aseroraye, Elohor Sophia Aseroraye, Iroronetaye Aseroraye, Oteghware Tessy Aseroraye, Akpovine Aseroraye, Norris Odafe Great Aseroraye and Igho Aseroraye, now wish to be known and addressed as Erereyi Fortune Eghwabofo, Omizu Favour Eghwabofo, Courage Mierusor Eghwabofo, Mevayekose Becky Eghwabofo, Sunday Eghwabofo, Elohor Sophia Eghwabofo, Iroronetaye Eghwabofo, Oteghware Tessy Eghwabofo, Akpovine Eghwabofo, Norris Odafe Great Eghwabofo and Igho Eghwabofo. All former documents remain valid. General public please take note.

ABIGAIL—I, formerly known and addressed as Miss Okoro Abigail Marymoore, now wish to be known and addressed as Mrs. Nwachukwu Abigail Marymoore. All former documents remain valid. General public take note.

EFIJEMUE—I, formerly known and addressed as Miss Efijemue Bridget Emeoghene, now wish to be known and addressed as Mrs. Okiemute Bridget Emeoghene. All former documents remain valid. General public please take note.

U M M A R U — I , formerly known and addressed as Ummaru Uyo, now wish to be known and addressed as Audu Joy Uyo. All former documents remain valid. General public please take note.

Confirmation of Name This is to confirm that Aikpokpo Odion, Aikpokpo Mary and Aikpokpo Odion Mary is one and same person. All former documents remain valid. General public please take note.

JOHNNY—I, formerly known and addressed as Miss Mary Clementina Johnny, now wish to be known and addressed as Mrs. Mary Clementina Eyamike. All former documents remain valid. General public please take note.

Addition of Name ONYEDIKACHI—I, formerly known and addressed as N d u b u e z e Onyedikachi now wish to be known and addressed as Ndubueze Victor Kachi. All former documents remain valid. General public please take note.

Confirmation of Name This is to confirm that the names Udochukwu Nnaemeka refer to the same person as Oscar U d o c h u k w u Emmanuel. All former documents having both names remain valid. General public please take note.

UGUEMAH—I, formerly known and addressed as Miss Margaret Onioza Uguemah, now wish to be known and addressed as Mrs. Margaret Onioza Ikharedia All former documents remain valid. General public please take note.

ODUNZE—I, formerly known and addressed as Samuel Chinonso Odunze, now wish to be known and addressed as Samuel C h i n o n s o Odinkemere. All former documents remain valid. General public please take note.

ISIOMA—I, formerly known and addressed as Miss Isioma Osanekwu, now wish to be known and addressed as Mrs. Isioma Egwuekwe. All former documents remain valid. General public please take note.

JENNIFER—I, formerly known and addressed as Miss Jennifer Ogwemho, now wish to be known and addressed as Mrs. Jennifer Onoriode. All former documents remain valid. General public please take note.

JANET—I, formerly known and addressed as Miss Janet Temitope Johnson, now wish to be known and addressed as Mrs. Janet Temitope Okubotimibi. All former documents remain valid. General public please take note.

EBENEZER—I, formerly known and addressed as Miss Jennifer Ese Ebenezer now wish to be known and addressed as Mrs. Jennifer Ese Hillary. All former documents remain valid. General public please take note.

AGHO— I, formerly known and addressed as Miss Agho Nogie, now wish to be known and addressed as Mrs. Asoronye Nogie. All former documents remain valid. General public please take note.

WILFRED— I , formerly known and addressed as Uhama Wilfred Nnachetam, now wish to be known and addressed as Ezechi Wilfred Nnachetam. All former documents remain valid. General public please take note.

SARAH—I, formerly known and addressed as Miss Obibi Sarah, now wish to be known and addressed as Mrs. Egbule Akomeno Sarah. All former documents remain valid. General public please take note.

HAPPINESS—I, formerly known and addressed as Miss Eshegbe Happiness, now wish to be known and addressed as Mrs. Erhijakpor Happiness. All former documents remain valid. General public please take note.

O L ATA N WA — I , formerly known and addressed as Miss Olatanwa Azeezat Obatosin, now wish to be known and addressed as Mrs. Okunoren Olatanwa Azeezat. All former documents remain valid. General public please take note.

AKPOKOMUAYE— I, formerly known and addressed as Miss Sylvia Akpokomuaye now wish to be known and addressed as Mrs. Sylvia Adeniyi. All former documents remain valid. General public please take note.

EZEMAH—I, formerly known and addressed as Miss Ezemah Agatha Ukamaka, now wish to be known and addressed as Mrs. Abah Agatha Ukamaka. All former documents remain valid. General public please take note.

ONUCHUKWU— I, formerly known and addressed as Miss Onuchukwu Chioma Ireen, now wish to be known and addressed as Mrs. Igwebueze David Chioma Ireen. All former documents remain valid. General public please take note.

O R E - O F E — I , formerly known and addressed as Ore-Ofe O l u w a b u n m i Anuoluwapo, now wish to be known and addressed as AnwoAde Anuoluwapo Oluwabunmi. All former documents remain valid. General public please take note.

U WA K W E — I , formerly known and addressed as Miss Uwakwe Precious Chika, now wish to be known and addressed as Mrs. Harris Precious Chika. All former documents remain valid. General public please take note.

EZECHI—I, formerly known and addressed as Miss Judith Njideka Ezechi, now wish to be known and addressed as Mrs. Judith Njideka Onwufuju. All former documents remain valid. General public please take note.

OKOTIE—I, formerly known and addressed as Miss Hannah Odemi Okotie, now wish to be known and addressed as Mrs. Hannah Oghomienor. All former documents remain valid. General public please take note.

ODEYEMI—I, formerly known and addressed as Miss Ibukunoluwa Temitope Odeyemi, now wish to be known and addressed as Mrs. Ibukunoluwa Temitope Onabajo. All former documents remain valid. General public please take note.

Reconciliation of Names This is to confirm that the names Ogbonna Paschal Murphy and Ogbonna Paschal Sunday refer to one and the same person. I now wish to be known and addressed as Ogbonna Paschal Sunday. All former documents remain valid. General public please take note.

OYEWOLE—I, formerly known and addressed as Miss Oyewole Opeyemi Abidemi, now wish to be known and addressed as Mrs. Oluwatimiro Funsho Opeyemi. All former documents remain valid. General public please take note.

Confirmation of Name NASAMU—This is to confirm that the names Nasamu Francis and Nasamu Francis Itebemien are one and the same person but now wish to be known and addressed as Nasamu Francis Itebemien. All former documents remain valid. General public please take note.

MKPA—I, formerly known and addressed as Miss Eme Henry Mkpa, now wish to be known and addressed as Mrs. Eme Imeh Usanga. All former documents remain valid. General public please take note.

EKEH— I, formerly known and addressed as Miss Uchechukwu Blessing Ekeh, now wish to be known and addressed as Mrs. Uchechukwu Blessing Olajide. All former documents remain valid. General public please take note.

JOHN—I, formerly known and addressed as Miss John Mercy, now wish to be known and addressed as Mrs Aw e l e M e r c y. All former documents remain valid. General public please take note.

Correction of Name My correct name is Ekpetha Oke Benson, but it was wrongly written as Chukwuma Oke Benson on my National Identity Card. All former documents remain valid. General public please take note.

IBIYEMI—I, formerly known and addressed as Ibiyemi Grace, now wish to be known and addressed as Peter Grace. All former documents remain valid. Information of UBA Bank and general public please take note.

KWADA—I, formerly known and addressed as Kwada Bishara Elisha, now wish to be known and addressed as Bishara Martins. All former documents remain valid. Information of general public and any authority concerned please take note.

JULIET—I, formerly known and addressed as Idundun Ani Juliet now wish to be known and addressed as Idundun Ani. All former documents remain valid. General public please take note.

YOU CAN BOOK YOUR ADVERT AT: TRINITY MALL, 79/81 OBAFEMI AWOLOWO WAY, IKEJA. CALL: 08028289689, 08035449960 MURPHIS PLAZA 27, SANUSI FAFUNWA STREET, VICTORIA ISLAND. CALL: 08038092373, 08033163424

Vanguard, MONDAY, FEBRUARY 29, 2016 — 45

7,000 persons displaced in Fulani herdsmen, Agatu farmers' clash in Benue ...Buhari orders probe By Peter Duru & Levinus Nwabughiogu

A K U R D I — I N D I C AT I O N emerged weekend that no fewer than 7,000 persons were displaced in the wake of the crisis between Fulani herdsmen and Agatu farmers of Benue State. The displaced persons who were sacked from Okokolo, Akwu, Ocholonya, Adagbo, Ugboku and Aila by the rampaging herdsmen are currently camped at the Ochi Idoma square in Otukpo, Ugbokpo, Adoka, Ojantele, Ikobi and other neigbouring communities. It will be recalled that the alleged invasion by the herdsmen last week, claimed about 300 lives. Speaking to reporters in

Otukpo, one f the refugees, Elder Sani Echioda, an indigene of Ayila lamented that the condition in the camp was terrible and called on public spirited individuals, the state and federal governments to urgently come to their aid. He said: “We sleep on bare floor since we don’t have mattress or mats. It is quite a difficult situation as we are exposed to mosquitoes and all kinds of insects and reptiles during the day and at night. The absence of medical officers at the crowded camp is also a disturbing factor, and you can see that the entire camp is not suitable for human habitation.” While recalling last week’s invasion of Agatu, Echioda said it was like an operation to wipe

out the inhabitants of Agatu, “till today, the Fulani herdsmen are still in our communities causing mayhem. As am talking to you, their cows have taken over our land. In fact we believe that it is the government of Nasarawa State that is fighting us; the peace Governor Almakura claims to be making is a deceit. They should tell the world who provided the two helicopters which flew into Abogbe and Okokolo to provide ammunitions for the Fulanis.” Similarly, Rev Fr. John Attah of the Justice, Development and Peace of Otukpo Catholic Diocese, who also spoke to reporters in Otukpo, bemoaned the lack of coordination and poor management of the displaced persons’ camps. According to him, officials of the State Emergency Management Agency, SEMA, who carried out on the spot assessment of the

N676M NIS RECRUITMENT SCAM: Abba Moro, 4 others to be arraigned today By Soni Daniel

BUJA—AFTER being detained for almost a week, former Interior Minister, Abba Moro, will be arraigned today before Justice Anwuli Chikere of the Federal High Court Abuja, to answer to charges of abuse of procurement process and diversion of public funds preferred against him and four others by the Economic and Financial Crimes Commission, EFCC. The EFCC is slamming 11-count charge against him and four others for allegedly collecting N676.6 million from 676,675 job seekers in the fatal Nigerian

Immigration Service recruitment exercise in 2014. Moro, a permanent secretary in the ministry at the time, Anastasia DanielNwobia, a deputy director in the ministry, F. O Alayebami, one Mahmood Ahmadu (at large), and the contracting firm given the recruitment job, Drexel Tech Nigeria Ltd, are being accused of defrauding 676, 675,000 Nigerian applicants of N676,675,000. The EFCC said N202,500,000 of the amount was spent on buying No. 1, Lahn Crescent, Maitama, Abuja while N120, 100,000 was used to upgrade No.2,

Sigure Close, Off Monrovia Street, Wuse II Abuja. The commission said the recruitment firm, Drexel Tech Nigeria Limited and Mahmood Ahmadu converted N101, 200,000 to US dollars for personal use. The accused are also alleged to have contravened the Public Procurement Act, No. 65 of 2007 in the contract awards by not following the necessary procedure laid down by the government. The commission said the recruitment firm, Drexel Tech Nigeria Limited, and Mahmood Ahmadu converted N101, 200,000 to US dollars for personal use.

Labour supports planned national dialogue on economy NUTGTWN, organised Congress of Nigeria, By Victor AhiumaYoung

A D U N A — ORGANISED Labour weekend in Kaduna threw its weight behind President Muhammadu Buhari plans for a national dialogue on the state of the economy, urging the President to ensure an all inclusive dialogue that must involved the working people as represented by labour. Speaking through the National Union of Textile and Garment and Tailoring Workers of Nigeria,

labour contended that what Nigeria was needed was a national consensus on the economy not another elite consensus that had proven to lead to nothing in the past but corruption and underdevelopment. In a statement by Issa Aremu, General Secretary of NUTGTWN and Chairman, IndustriALL Global Union, Sub Sahara Africa, it insisted that as demanded by the Nobel Prize winner, Professor Wole Soyinka, the dialogue must involve organized labour represented by the Nigeria Labour Congress, NLC, and Trade Union

TUC, Manufacturers Association of Nigeria, MAN, Nigeria Employers’ Consultative Association, NECA, women groups and youths among others. The statement read in part: “The proposed dialogue should be on how to implement existing tons of policy measures on economic recovery not to reinvent new measures. Past Governments have organized countless conferences, summits and debates with reports and recommendations in the past, many of which have not been implemented to redirect and diversify the economy.

crisis provided some mattresses, mats, guinea corn and maize, but “the situation still requires further attention from the National Emergency Management Agency, NEMA. While putting the figure of the displaced persons in Otukpo alone at 7,000, he said “I shed tears when I saw old women running from their ancestral homes seeking refuge. It is pathetic.” Meanwhile, President Muhammadu Buhari, yesterday ordered an investigation into the clashes between Fulani herdsmen and indigenes of communities in Agatu local government area of Benue State. President Buhari, who expressed shock at the latest killings ordered security agencies to unearth the issues with a view to finding enduring solution. “We will conduct an investigation to know exactly what happened; the only way to bring an end to the violence once and for all is to look beyond one incident and ascertain exactly what factors are behind the conflicts,” he said. He added that all Nigerians must learn to live together as one, in peace and unity.

Ahmed tasks Nigerians on healthcare infrastructure deficit By Demola Akinyemi

L O R I N — GOVERNOR Abdulfatah Ahmed of Kwara State, weekend called for collaborative efforts by stakeholders to address the challenge of healthcare infrastructure deficit in the country. The governor spoke when the Deputy Ambassador of Netherlands, Mitchel Decleen led a team of PharmAccess and Hygeia on a visit to him at the Government House, Ilorin. According to him, collaborative efforts were needed to address the poor healthcare situation, stressing that the Community Health Insurance Scheme, CHIS, of the state in partnership with the government of Netherlands, PharmAccess and Hygeia was a positive development in that regard.

46 — Vanguard, MONDAY, FEBRUARY 29, 2016

Rashford dents Gunners title hopes M

A R C U S Rashford netted a first-half brace to give Manchester United a crucial victory over rivals Arsenal. Defeat leaves the Gunners third - five points behind Premier League leaders Leicester and three points behind Tottenham with 11 games remaining. On the other hand, United are now just three points behind rivals Manchester City in fourth and may have taken a step closer to Champions League qualification. Rashford, who has now scored four goals in his last two appearances, gave United the lead on his Premier League debut. Nacho Monreal failed to deal with Guillermo Varela’s cross and the

teenager smashed the loose ball past Petr Cech. His second came three minutes later when heading Jesse Lingard’s floated ball in from fiveyards. Former Old Trafford star

Danny Welbeck managed to pull one back shortly before half-time courtesy of a pin-point Mesut Ozil free-kick. AnderHerreramanagedto get his name on the

scoresheet after unleashing a fierce strike that took a deflection off Laurent Koscielny. At3-1thehomesodelooked homeanddrybutOzil’sstrike setupatensefinal20minutes.

Spurs keep pressure on Leicester with Swansea win

•Chadli

OTTENHAM showed the sort of resilience from which champions are made as Mauricio Pochettino’s side scored twice in the last 20 minutes to beat Swansea 2-1. Alberto Paloschi gave the visitors a surprise early lead at White Hart Lane and for 70 minutes it looked like that might be enough as Swansea keeper Lukasz Fabianksi

made a string of superb saves. Spurs substitute Nacer Chadli, however, finally found an equaliser and seven minutes later Danny Rose scored the winner to complete a dramatic turnaround. The victory means Tottenham reduce the gap behind Leicester back to two points and move three clear of Arsenal, who lost at Manchester United. Swansea sit 16th.

Ideye wins Greek league with Olympiacos

LY M P I AC O S have won the Greek Super League for a record 43rd time with six matches to spare after recording a 3-0 win at home to Veria on

Sunday. Two goals from David Fuster and a late strike from Alan Pulido gave them a comfortable victory that puts them 21 points clear of

second-placed AEK Athens, who only have seven games left to play and have a weaker headto-head record. Olympiacos have now won the title for six

straight seasons and an astonishing 18 times from the last 20 campaigns. Nigeria's Brown Ideye playes for Olympiacos and was among the players jubilating yesterday.

•Rashford

Vanguard, MONDAY, FEBRUARY 29, 2016 — 47

CAF Champions League:

qualify By John Egbokhan

WO-TIME winners, Enyimba yesterday defeated Vipers SC of Uganda 2-0 to qualify for the next round of the CAF Champions League on aggregates scores of 2-1. Trailing 1-0 from the first leg preliminary round held a fortnight back in Kampala, the Nigerian champions scored in either side of the half to make light-work of the Ugandan champions, who were holding out for a draw to qualify at the

expense of the homers. Playing in Port Harcourt, due to ongoing repair works at their traditional home ground in Aba, top scorer in the Nigerian league two years ago, Mfom Udoh shot Enyimba into the lead on 29 minutes, calmly converting from the penalty spot, to send a sense of relief into Coach Paul Aigbogun, who had led the Elephants to three successive defeats and was facing severe pressure from fans, who were getting increasingly worried with the losing streak of the seven-time

Pinnick ruled out the hiring of any indigenous coach to replace Oliseh. “After this Sunday Oliseh debacle, we have definitely turned the corner. We are now going to start shopping for a well grounded and qualified foreign coach to tinker the team. Enough is enough. What we have learnt is that there is a world of difference between being a good coach and being a good manager”, Pinnick told hotsports.tv at a colloquium organised as part of the 18th Annual Africa Business Conference of the Harvard Business School, Boston, Massa-

chusetts, United States. Oliseh resigned as Super Eagles coach on Friday after he did not enjoy the right support from the Nigeria Football Federation. He complained that everything was being done for him to fail against Egypt so he could be made a scape goat. And the NFF swiftly announced U-23 coach Samson Siasia, Eagles assistant coach Salisu Yusuf and U-20 coach Emmanuel Amuneke to lead the Eagles for next month’s AFCON qualifiers against Egypt to be supervised by coach Shuaibu Amodu.

Enyimba trample on Vipers to record league champions. The goal rattled Vipers, who, thereafter, took the game to the Nigerians but found the defence line led by Chinedu Udorji impregnable, resorting to long shots from afar, that did little to trouble goalkeeper Femi Thomas. Enyimba knew their 1-0 lead was nothing more than cold comfort as a goal by the visitors would be against their interest, making it all the more important to score a second goal, which Udoh gladly obliged on the hour mark, rounding up his marker before unleashing a volley that rested at the back of the net.

Udoh

Aboutrika accused of funding ‘terror group’ E GYPT’s prosecution will investigate former football star Mohamed Aboutrika for allegedly funding a “terrorist group”, officials said Sunday, after authorities last year seized his share certificates in a travel company. In May 2015, Aboutrika’s share certificates in Tours were seized over accusations it had funded the Islamist Muslim Brotherhood movement, outlawed as a “terrorist” organisation since December 2013. A committee charged

with confiscating Brotherhood assets has referred him, and hundreds more, to the prosecution on charges of “funding a terrorist group,” it said in a statement. “We will begin investigating the files of those re-

ORMER Super Ea gles coach, Sunday Oliseh, is prepared to meet the Nigeria Football Federation in court over what they termed breach of contract, The Football house is reportedly threatening to sue Oliseh for quitting his post as coach without prior notice, but the 42 year old gaffer is optimistic the court will vindicate him on the false allegations levelled

against him. “They said I was paid for three months (December 2015, January 2016 and February 2016) and half-year rent for July-December 2015. But we will see who is telling lies,” Oliseh said. “Since they are prepared to expose themselves, I will help them further. My lawyers are studying the reports, and when we meet, we shall know who

breached our contractual agreements.” Oliseh further claims his eight months on the job was a lesson for him, that only a wholistic change is needed in Nigerian football void of favouritism and nepotism. “My time there was a big lesson and unless a wholistic change is made in the administrative level, it will be difficult.”

El Hadary

ORMER member of the executive committee of the world football governing body, FIFA Dr. Amos Adamu has applauded the courage of Coach Samson Siasia to accept the responsibility of taking over the Super Eagles for the twolegged 2017 African Cup of Nations (AFCON)

qualifier against Egypt next month. Speaking in an exclusive chat with Sports Vanguard at the weekend, Adamu noted that since the time was not there for the NFF to shop for a substantive coach, the only option left was to draft some of the coaches that are already used to the team in the interim. “What the NFF has done to appoint Siasia and Amuneke to take us through this next two

games against Egypt is the right thing. Also I salute the courage and patriotism of the coaches to have accepted to come in at this time. Everybody knows that

two-day robust programme for all Directors of Sports in all the State Sports Councils in Nigeria that would

there is no much time left to hire a coach who does not know the team because if you are talking about a foreign coach it takes time to negotiate and all that."

Abia shoot to top of league

BIA Warriors are the new Nigeria league leaders after they beat hosts Heartland 1-0 on Sunday. Abia War riors now

FTER concluding their preparation for their upcoming Africa Cup of Nations 2017 qualifying clash with Nigeria, Egypt’s Argentinean manager Hector Cuper announced that he finally reached the final line-up for the crucial game. “I am satisfied with the Burkina Faso game and I will work to avoid the mistakes made in the friendly when we face Nigeria,” Cuper said. “We almost reached the final lineup with the start

of the Nigeria game, The Nigeria game is a test to determine our real abilities, and we will do our best during this game. “I understand the criticism after facing minor teams since we didn’t reach the high performance we all look for but we will when we play against Nigeria. I know the teams we played are more minor than our team but they are the available teams during this time,” Egypt’s coach said.

NOC drags Directors of Sports to on the negative use classroom lecture of drug abuse among

Adamu applauds Siasia for accepting Eagles challenge By Jude Opara, Abuja

which is due to review it on April 5. In an interview with state-run Al-Ahram newspaper in May last year, Aboutrika denied that his company — or any of his partners — had ever funded the Brotherhood.

We’re ready to face Eagles — Pharaohs

Oliseh: I’ll expose NFF F

ferred by the committee,” an official at the prosecution service said. Aboutrika has filed an appeal against the committee’s decision to confiscate his share certificates with an administrative court,

have seven points in three games to topple MFM FC at the top of the standings. Michael Olaha scored the only goal of the game in the 67th minute.

others holds from March 4 to March 5 at the Command Guest House, Apapa, Lagos. Under the auspices of Olympic Solidarity and the Nigeria Olympic Committee, the Nigeria Sports For All Forum have lined out renowned speakers to deliver papers to the participants. Dr. A.K. Amao will deliver a paper titled ‘’Negative use of drug abuse while Professor Clement Fasan will deliver a paper titled ‘’Marketing and Sports Sponsorship. Others to deliver papers include Professor Seun Omotayo – Importance of Aerobic and Excercises and Dr Sikuade Jagun who will deliver a paper on ‘’Volunteerism in Sports, Nigeria

Habu Gumel perspective’’. Secretary of Sports For All, Augustine Odijie while assuring participants that adequate arrangements have been made for their comfort throughout the duration of their stay in Lagos advised them to assemble at the secretariat of the NOC where they will be conveyed to the Command Guest House, Apapa.

Vanguard, MONDAY, FEBRUARY 29, 2016

Enyimba trample on Vipers to qualify

We’re ready to face Eagles

—Details inside

— Pharaohs Pg. 47

Aboutrika accused of funding ‘terror group’

Oliseh: I’ll expose NFF RESULTS NPFL Rivers Utd 2 Ifeanyiubah 0 Heartland 0 Abia Warriors 1 Pillars 2 Wikki 1 Plateau Utd 2 Wolves 1 Rangers 2 Tornadoes 1 Ikorodu Utd 1 Lobi 0 Shooting 3 MFM 0 EPL Man Utd 3 Arsenal 2 Tottenham 2 Swansea 1 SERIE A Palermo 0 Bologna 0 Carp 1 Atalanta 1 Chievo 1 Genoa a 0 Sampdoria 2 Frosinone 0 Udinese 2 Verona 0 LA LIGA Villarreal 3 Levante 0 Valencia 0 Athletic Bilbao 3 BUNDESLIGA Augsburg Moencheng

2 2

City win Capital One Cup

ANCHESTER City last night lifted the Capital One Cup, beating Liverpool 3-1 on penalties, after the match ended 1-1 after extra time. Goalkeeper Caballero was the hero of the night, stopping penalties by Lucas, Coutinho to hand departing manager, Manuel Pellegrini a silverware. Emre Can scored Liverpool’s opening kick, Fernandinho missed, Lucas missed, Jesus Navas scored, Coutinho failed to score, Sergio Ageuro scored. Adam missed and Yaya Toure scored to hand City the Capital One crown.

Aboutrika

Red Devils dent Gunners title hopes — Pg 46

•Oliseh

•Amaju

No more indigenous coach for Eagles — Pinnick By Tony Ubani Still saddened by the resignation of his ‘African Pep Guardiola’(Sunday Oliseh) from the Super

Eagles, President of the Nigeria Football Federation, Amaju Pinnick has finally slammed the door against the employment of indigenous coaches

for the senior national team. Amaju over-hyped Oliseh and christened him ‘Pep Guardiola of Africa’ when he was

hand-picked to replace former skipper and coach, Stephen Okechukwu Keshi. Still yet to come to terms with Oliseh’s res-

ignation, Amaju who was away in Zurich for FIFA’s election when Oliseh tendered his resignation has

Continues on page 47

QUICK CROSSWORD

T OD AY'S PUZZLE ODA

FRI DAY'S ANS WERS FRID ANSWERS

ACROSS 4 Tally (5) 7 Snare (6) 9 Sorrowful (3) 10 Through (3) 12 Clear (5) 13 Insect (4) 15 Repulse (5) 17 Come (6) 19 Argument (4) 20 Womaniser (5) 22 Consume (3) 24 Warned (7) 27 Sheep (3) 28 Pointed (5) 31 Unaccompanied (4) 33 Meal-course (6) 35 Roost (5) 37 Lofty (4) 38 Stitched (5) 39 Spike (3) 41 Material (3) 42 Moaned (6) 43 Started (5)

DOWN 1 Calf (6) 2 Rivulet (6) 3 Knock (3) 4 Masculine (4) 5 Grown-up (5) 6 Hairstyle (8) 8 Fairy (4) 11 Respect (9) 14 Region (4) 16 Fuel (4) 18 Part (4) 21 Disused (8) 23 Rip (4) 25 Pitcher (4) 26 Food (4) 29 Ungenerously (6) 30 Cheat (6) 32 Entertainment (5) 34 Melt (4) 36 Paradise (4) 40 Managed (3)

YESTERDAY'S SOLUTIONS ACROSS: 1, Fair 4, Cad 6, Tart 9, Ape 10, Distance 11, Stab 14, Dim 16, Berth 19, Demeaned 21, Beret 23, Disabled 24, Dwell 27, Ten 31, Jolt 33, External 34, Tie 35, Deer 36, Pad 37, Deem.

DOWN: 2, Avid 3, Rite 4, Confined 5, Deep 6, taste 7, Apt 8, React 12, Edged 13, Amaze 14, Dab 15, Merit 17, Reply 18, Handy 20, Deserted 22, Tan 25, Wrote 26, Later 28, Help 29, Prod 30, Safe 32, Lie.

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 Advert Hotline: 09-2921024. E-mail: editor@vanguardngr.com, news@vanguardngr.com, letters@vanguardngr.com. Advert:advertproduction@yahoo.com Website: www.vanguardngr.com (ISSN 0794-652X) Editor: MIDENO BAYAGBON. Phone: 01-7742861, All correspondence to P.M.B. 1007, Apapa Lagos.

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