ATTEMPTED JAILBREAK: Our bloody war with B'Haram detainees —DSS by Vanguard Media Limited

...towards a better life for the people VOL. 25: NO. 621011

ONLINE | www.vanguardngr.com

MONDAY, MARCH 31, 2014

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GOK Ajayi dies at 82 I've forgiven Atiku, 9 others —Obasanjo 10 ATTEMPTED JAILBREAK: Investors lose N960bn as NSE market value drops

Our bloody war with B'Haram detainees —DSS •21 terrorists killed, two operatives injured •How B'Haram men overpowered DSS operative •Jonathan safe and well —Presidency •FG determined to end security challenges —President

BY SONI DANIEL, EMMA UJAH, UDUMA KALU, KINGSLEY OMONOBI, BEN AGANDE & PETER DURU

BUJA— THE Department of State Service, DSS , confirmed, yesterday, that 21 Boko Haram suspects were killed in a shoot-out at its detention centre between

its operatives and the sect members. DSS said two of its operatives sustained serious injuries. The detained terrorists reportedly over-powered the guards, shot several operatives and attempted to stage a daring escape from detention. There were, however, different accounts on how the attempted jailbreak was Continues on Page 5

COLUMNISTS:

LES LEBA •P.48

•P.53

Mr & Mrs

JAILBREAK DRAMA: DSS Headquarters (TOP LEFT); one of the re-arrested escapees (ABOVE) and soldiers drafted to support DSS operatives (RIGHT) during attempted jailbreak by detained Boko Haram members at the DSS Headquarters, Abuja, yesterday. PHOTOS: Yoosooph@ciaxon.

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POCKET CARTOON

was immediately rushed to an undisclosed hospital. A source said the shot operative was in a critical condition but had not died.

DSS commences probe

MEETING: From left: Minister of Industry, Trade and Investment, Dr

Olusegun Aganga; Director-General, UNIDO, Mr. Li Yong and Country Director, UNIDO, Dr. Patrick Kormawa during a meeting between officials of the ministry and UNIDO, in Abuja.

Our bloody war with B'Haram detainees —DSS Continues from page 1 carried out. Meanwhile, Presidential spokesman, Reuben Abati, denied reports, yesterday, that President Goodluck Jonathan was whisked away during the attempted jailbreak and shootout.

How B'Haram overpowered DSS operative

According to a security source, one of the Boko Haram members told one of the DSS guards that he was pressed and needed to go to the toilet. The sect member's request was obliged without being leg-chained. On getting to the toilet and finding the door locked, he applied force and uprooted the toi-

let seat unknown to the operative who was standing outside. When the detainee knocked the door to indicate that he had finished, the DSS operative opened the door, only to have his head smashed with the heavy toilet seat. The operative was said to have collapsed. The sect member then collected the gun of the operative, went to the cell entrance and opened fire on the other operatives who were caught off-guard and set free many of his colleagues. The source said it was the shooting at the DSS centre that alerted other operatives who mobilised to take on the sect members, lead-

LIFEWORDS

BY PASTOR ITUAH

A dreamer is one who can only find his way by moonlight and his punishment is that he sees the dawn before the rest of the world—Oscar Wilde. Always have a way to look ahead.

TAKE HEART BY ELLA RANDLE

As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them— John F. Kennedy. In Japanese language, there is a term: on. The meaning of on often includes a sense of gratitude combined with a desire to repay others for what we have been given. It’s not just that we feel grateful, or that we express our gratitude, but that we actually experience a sincere desire to give something back. We might think of it as appreciation that stimulates a sense of obligation. Not an externally imposed obligation. But a sense of obligation that arises naturally within us as we recognise how we have been supported and cared for by others. So how do we go from a complaining life to one which cultivates, and is grounded in, a spirit of on — a spirit of Thanksgiving? This insight brings more awareness into the principles which help create an authentic life of gratitude and offer us clear and straightforward methods for helping to wake us and accept the blessings that makes our own lives possible.

ing to serious shoot-out between the terrorists and the operatives for over an hour before security was re-enforced and soldiers drafted to the scene.

Another account

Another account of the incident had it that trouble started around 6 a.m. during the normal handing and taking over of duties by DSS detainees’ handlers. Vanguard learnt that the shoot-out erupted when some of the suspected terrorists attempted to free their members and leave the detention facility, which is by the precincts of the Presidential Villa. A competent source said as soon as one handler opened the gate leading to the cell where the detainees were being kept, 10 suspected terrorists rushed out, snatched the handler’s rifle and used it to shoot at him. Alerted by the attack, some DSS handlers were reported to have retreated so as not to be killed by the rampaging suspected terrorists. The source said after shooting the first handler, the 10 suspected terrorists began to escape into different locations within the massive security compound. Alarmed by the effrontery of the suspected terrorists, the DSS quickly deployed its men to quell the uprising, resulting in heavy shooting that claimed the lives of some of the suspects. Many DSS operatives and Boko Haram detainees were also injured in the ensuing stampede. The shot DSS operative, whose name could not be immediately ascertained,

It was learnt that the DSS, which is highly embarrassed by the incident, has begun investigation into why the detainees handler decided to go and open the cell gate alone without being accompanied by others, as is the standard practice. According to the source, “the whole episode occurred between 6:30 am and 7am on Sunday during the normal hand-over and take-over of detainees. "The standard rule is that you cannot go alone to open the gate leading to the detainees’ cell but as soon as the man opened the gate, he was attacked and he tried to run away and was shot. The shot operative has been taken to hospital.” The uprising led to the deployment of soldiers to the DSS Headquarters and around the Presidential Villa.

Situation under control —DSS

Spokeswoman for the DSS, Marylyn Ogar, confirmed the attempted jailbreak which she said had been stalled by security agents. She said: "What happened was that the suspects' handler went to feed the detainees but suddenly they attacked him with their handcuffs, disarmed him and started shooting."

They are convicted terrorists

It was also gathered that the detained Boko Haram men, who confronted operatives of the DSS in a bid to free themselves, were prisoners already convicted for terrorism. A security source said the prisoners were taken to the DSS headquarters for security reasons. The source, who declined to be quoted because he had not been authorised to speak on the matter, said the DSS opted to keep the condemned terrorists in its facilities to prevent them from escaping from normal prison custody.

2 DSS operatives injured

Another statement issued by the spokesperson of the organisation, Mrs. Marilyn Ogar, said two operatives of the service who sustained serious injuries have been hospital-

ised. Her words: “Following our earlier releases, it has been established that 18 casualties were recorded, while two service personnel sustained serious injuries. Three other detainees who sustained gun shot injuries during the incident have also died." At press time, the entire road linking the DSS headquarters, Presidential Villa, Mambilla Barracks, Niger Barracks, Guards Brigade headquarters and Lungi Barracks, have been cordoned off while bomb disposal experts of the army, K9 Dogs and other security agencies have been deployed to the area to join in containing the situation. Heavily armed counter terrorism training soldiers and K9 Dogs, accompanied by DSS personnel were said to have entered inside the DSS headquarters with a view to flushing out the sect members who continued to shoot at operatives and arresting those that were unarmed.

Increase in helicopter patrol

An increased security presence was put in place at all the gates leading to the presidential villa with more armed personnel drafted in. One of the two gates into the villa was shut down with only the entrance from the federal secretariat through the Supreme Court left open. There was an increased helicopter patrol of Abuja airspace especially the three arms zone where the Presidential area is located.

Jonathan safe and well —Presidency

Speaking with Voice of America, VOA, yesterday, Abati who was reacting to eyewitness account suggesting that Jonathan was whisked away said: "It was an attempted jailbreak. Those arrested tried to make an attempt to escape, but the situation was im-

mediately and effectively brought under control. We will want to reassure everyone that really there is no cause for alarm. Some Nigerians expressed worry following the gunshots, since the DSS headquarters building is near the presidential villa. According to Abati, "The president is safe and well, and there is no cause for alarm. There are some persons who are trying to put up negative information trying to suggest that the president was whisked away. The truth of the matter is that there was no attack on the Presidential Villa."

FG determined to end security challenges — Jonathan

Meanwhile, President Goodluck Jonathan, weekend, assured that the Federal Government had taken adequate measures to arrest the security challenges facing the country. The President, who was represented by the Minister of Interior, Comrade Abba Moro, also acknowledged the incessant bloody conflict between Benue farmers and suspected Fulani herders, assured that the crisis will soon come to an end. He spoke in Makurdi at the wedding ceremony/reception of the son of the Minister of State for Trade and Investment and Supervising Minister of Aviation, Dr. Samuel Ortom.

UK cautions citizens in Abuja

Meantime, the UK Foreign Office has advised British citizens in Abuja to maintain “heightened vigilance." The revised travel alert on Nigeria was posted on the Foreign and Commonwealth Office (FCO) website on Sunday. The travel alert advised British citizens to be especially vigilant “should they need to go to Asokoro or The Three Arms Zone in Abuja."

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Baale's son arrested over Okada theft BY BOSE ADELAJA

IGILANTE Group of Nigeria, VGN, Ikorodu Area Command, Lagos, has arrested a Baale’s son for allegedly stealing a motorcycle belonging to an indigene of Saki, Oyo State, who resides in Bayeku area of Ikorodu. VGN Acting Area Commander, Olaiya Johnson made the arrest, weekend, but later handed the suspect to the police in Igbogbo Division. According to eyewitnesses account, the suspect, who was simply identified as Lawal, was said to have scaled the fence of the house where the motorcycles were kept. A resident of the building raised the alarm which attracted the owner and police were contacted. When the suspect was arrested, he was identified as the Baale’s son.

28-yr-old, 2 others accused of stealing bicycle BY ONOZURE DANIA

AGOS— A 28-yearold butcher, Abiodun Akande, and two teenagers (names withheld), have been arraigned before an Ikeja Magistrate Court for allegedly stealing a bicycle. The defendants are facing a two-count charge of conspiracy and stealing preferred against them by the police. One of the accused, a 15-year-old, told the court that he did not steal the bicycle, saying “I am here because I know the friend of the other teenager (a 12-year-old), who went together to steal the bicycle. I did not ride the bicycle with them.” The 12-year-old pleaded guilty to the charges; the butcher and the other teenager pleaded not guilty.

IBADAN HORROR HOUSE VISIT: Ibrahim Olaifa, representing Oluyole Federal Constituency at the House of Representatives (3rd left), paid a fact-finding visit to Soka forest where kidnap victims where held in Ibadan, yesterday. PHOTO: Dare Fasube.

One killed, station torched in Lagos police, OPC clash BY EVELYN USMAN

ANDEMONIUM broke out, weekend, in the densely-populated Ajegunle area of Lagos State, after some members of Odua Peoples Congress, OPC, engaged policemen in Tolu Police Division in a gun duel over the release of a suspect. A suspected member of OPC was shot dead in the process, a passer-by hit by a stray bullet, one policeman shot and several others sustained varying degrees of injuries in the incident which paralysed commercial activities in the area. A police van was also burnt by the OPC members and part of the stationed torched. Their attempt to burn down the station, however, met with resistance from the policemen. There were different accounts as to how trouble started.

How it star ted

A version said a teenage girl had a misunderstanding with her lover who was owing her N7,000. The 18-year old girl was said to have reported the matter to OPC members last Friday, who subsequently apprehended her boyfriend and allegedly tortured him in their hideout. Another version had it that the man bought some goods worth N7,000 and refused to pay, threatening to beat up the teenager, who subsequently ran to the OPC for justice. When news about the

apprehension of the man reached policemen at Tolu Division, a team was reportedly drafted to the OPC’s hideout where the victim was rescued and brought to the station. The next day, OPC members reportedly stormed the station demanding for his immediate release.

Eyewitness account

An eyewitness, who gave his name as Famuyiwa Oladele, said: “Immediately

the OPC people came, they started shaking the gate of the station, demanding that the man that was taken from their custody be returned. “Before we knew what was happening, they started shooting and we all took to our heels. “One Emeka, who was driving along the route, was hit by a stray bullet. They attempted to burn down the station when the police fired and killed one of them. “Nobody could sleep in this area that day because the OPC members threatened to bring down the whole place.

Many residents fled.”

Police story

When contacted, spokesman for the Lagos State Police Command, Ngozi Braide, confirmed the incident, saying report of the illegal arrest was received at the command’s control room from where policemen at Tolu Division were contacted. She said that the policeman that fired the shot that killed the OPC member had been detained, and that the matter was being investigated to ascertain whether it was right to have fired the shot.

Policeman kills baby, batters wife in Edo BY GABRIEL ENOGHOLASE

ENIN— A Policeman (names witheld), allegedly killed his 19month-old baby after battering his wife in Benin, weekend. Vanguard gathered that the incident occurred at a flat in Sam Enobakhare Crescent, off St. Saviour Road, Benin. His wife said last Tuesday they were at home when her husband’s countenance suddenly changed and when

she tried to find out why, he pounced on her. Contacted, Dr. Jolly Nosakhare Iguma, the Chief Medical Director of Jonos Medical Clinic where the baby was taken to, said a mother and her daughter brought in a dead baby a few days ago. He said: “On close examination the baby was pale, yellowish, with tooth bite injuries on his face. “Since the baby is not old enough to fight with any person, I wondered who bit

the baby. However, if he was brought in early enough, the baby would have been transfused with blood. He may have died of jaundice.” When newsmen visited the residence weekend, it was deserted as neighbors claimed not to have seen any of its occupants in the past few days. Contacted, the state Commissioner of Police, Mr. Foluso Adebanjo said he is yet to be briefed, but promised to comment on the issue later.

Gunmen abduct Bauchi bizman

KNOWN gunmen have abducted a wealthy and popular businessman, Alhaji Manu Soro, in Soro village of Ganjuwa Local Government Area, Bauchi State. Confirming the incident, Police Public Relations Officer of Bauchi Command, Deputy Superintendent of Police,

Haruna Mohammed, said the victim was abducted by unknown gunmen at 8:10pm last Saturday, after prayers at a mosque behind his house. The gunmen fired sporadically to scare away people before taking away their victim to an unknown destination.

Haruna assured that efforts are being intensified to ensure he is rescued and the gunmen apprehended. He advised residents of the town to remain calm and law abiding. At press time, it was discovered that the gunmen were yet to contact Alhaji’s Soro’s family.

Vanguard, MONDAY, MARCH 31, 2014 — 7

Nyako to Jonathan: Your govt responsible for rising terrorism in North BY SONI DANIEL

OLA—ADAMAWA State Governor, Murtala Nyako, yesterday, slammed President Goodluck Jonathan over his claim that the failure of Northern governors to provide basic education for their people was responsible for the spread of insurgency in the region. Nyako, who described the President’s claim as unfortunate, insisted that it was the poor leadership exhibited by the Jonathan administration that had aided and abetted the rising spate of terrorism in the North. Governor Kashim Shettima of Borno State on his part was more reserved, saying that the president may have been misquoted based on what he said were clear indications that the administration in Borno inherited the insurgency and had tackled it within the resources available to it. Jonathan had at a Peoples Democratic Party rally in Bauchi on Saturday spit fire, accusing the governors of not doing enough for their people and always blaming their misfortune on bad leadership exhibited by the centre. He noted that the failure on the part of the governors to cater for the basic education needs if the citizens was responsible for the insurgency that had engulfed the area. But Nyako, who spoke through his director of Press and Public Affairs, Ahmad Sajoh, stated that it was the failure on the part of the Jonathan Presidency to tackle insurgency with the required political will that had given rise to the escalation of terrorism in the North East. He pointed out that governors could not be held responsible for the spread of insurgency in the north since Jonathan, as the President and Commander-inChief of the Nigerian armed forces was in charge of all security matters. Nyako said: “For the avoidance of doubt, we wish to state categorically that if there is any proof of bad governance, it will be located in the way and manner the President executes his priorities and the kind of statements he and his spokespersons make. “Governors are not and cannot be held responsible for security challenges since they have no control over security apparatus. The President is the Commanderin-Chief with powers over the Armed Forces, Police and other security agencies. Nyako stated that Jonathan had been misled to believe that his administration had done much in the north when the average citizen is yet to feel the impact of the government in any facet of life.

On the issue of arming the insurgents, Nyako challenged the Presidency to institute an independent professional enquiry into the sources of weapons used by the insurgents. The governor said it amounted to pure blackmail for Jonathan to always blame others for arming the insurgents when all the security, intelligence and diplomatic apparatus are in the hands of the President to deploy in fishing out their sponsors, financiers and strategic commanders of the terrorists. He said: “ We do not have the resources to cover the level of sophistication displayed by the insurgents in their operations. We do not have command over the Military as to deploy them away from strategic targets of the insurgents or allow the

insurgents safe passage during curfew hours. “Our states hardly receive enough allocations to even meet our most basic needs let alone spend it carelessly. In addition, we have the added responsibility of carrying the burdens of the Federal authorities in our state. Moreover, we do not have the moral burden of missing monies not accounted for on our heads as is the case with the Federal Government. “Nigerians should hold the Jonathan administration responsible for all the security challenges in the country including insurgency, oil theft, kidnapping for ransom and armed robbery. “No matter what the President says or does, this government has failed Nigerians. It has turned out

to be a “Government of impunity by the incompetent for the advancement of corruption.” The signs of incompetence are everywhere,” Nyako said. In his reaction articulated by his spokesman, Isa Gusau, Shettima said: “Governor Kashim Shettima of Borno State has the highest regard for the President, Dr Goodluck Ebele Jonathan and will therefore, not join issues with him. The statement in reference does not even apply to Governor Shettima because while the statement was said to have referred to governors in the North east that have served for eight years in office, Governor Shettima has served for less than three years and it is to the knowledge of everyone that in the case of Borno State, Governor Shettima inherited the Boko Haram crisis in May, 2011.”

NIGERIA / FRANCE ECONOMIC RELATIONS: France Minister of Fi nance, Mr. Pierre Moscovici (left) addressing pressmen on "The French-African Foundation For Growth in Nigeria" while Minister of Finance and Coordinating Minister for Economy, Dr. Ngozi OkonjoIweala watches at Transcorp Hotel in Abuja over the weekend. Photo by Gbemiga Olamikan.

2015: Court asked to stop conduct of elections over N17.3bn judgment debt BY IKECHUKWU NNOCHIRI

BUJA—THE Abuja Division of the Federal High Court has fixed April 30 to begin hearing on a suit seeking to stop the Independent National Electoral Commission, INEC, from conducting general elections in 2015, following its inability to pay N17.3billion judgment debt. The high court had in a judgment on January 28, ordered the electoral body to pay the said sum to an indigenous company, Bedding Holdings Limited, BHL, for infringing on its patent rights. The court said it was satisfied that INEC and its Chairman, Professor Attahiru Jega, used

Direct Data Capturing, DDC, machines for voters’ registration exercise, without firstly securing the consent of the company which owns the patent right for usage of such machines in Nigeria. The court further directed INEC to ensure that it not only paid damages to the company, but to also seek consent before employing the machines in future elections. Meantime, sequel to the inability of INEC to pay the damages, the company, in a fresh suit, is praying the court to stop the Commission from conducting any election in the country pending when it is able to offset the judgment debt. Consequently, the Chief Judge

of the Federal High Court, Justice Ibrahim Auta who is presiding over the matter, has ordered the service of the suit on both INEC and Jega. The court also ordered the plaintiff to serve the Attorney General of the Federation and Minister of Justice, Mohammed Bello Adoke, SAN, with a copy of the suit. The plaintiff is contending that the defendants, cannot without complying with the high court judgement of January 28, 2014, utilise its patented process of applying the DDC machines for voters’ registration, in either the conduct of governorship elections in Ekiti and Osun states or for the 2015 general elections.

Va n g u a r d ’ s Correspondent wins CTFK journalism grant

IVIL Society Legislative Advocacy Center, CISLAC and Environmental Rights Action/Friends of the Earth Nigeria, ERA/FoEN, weekend, announced Vanguard's Industry Correspondent, Franklin Alli and five other journalists winners in the second round of the Tobacco Control Investigative Journalism Fellowship which is funded by the Campaign for Tobacco-Free Kids, CTFK. The five other journalists are Nkoli Omoudu of Africa Independent Television; Ndubuisi Ozilo of Metro FM Lagos; Chinyere Joy Opia of Hot FM Abuja; Chizoba Nwobu of Newswatch Magazine and Dayo Aiyetan of International Center for Investigative Reporting. In a statement issued jointly in Lagos, ERA/FoEN and CISLAC said that the Fellowship is to build the capacity of the Nigerian media to report tobacco control from an informed perspective and stimulate policies and actions to reduce tobacco use and its deadly toll. Like the previous exercise, entries from the successful journalists in the second round were picked after a rigorous screening process by a panel of veteran journalists,” said the statement. “We congratulate the successful journalists and repeat again that this initiative is a turning point in investigative journalism in Nigeria,” said ERA/ FoEN Director, Corporate Accountability & Administration, Akinbode Oluwafemi. Executive Director of CISLAC, Auwal Rafsanjani, also said: “Like the first round, we applaud this feat by journalists who have expressed their determination to go beyond the surface activities of the tobacco corporations to digging out what they have consistently hidden from the public. This is indeed commendable.” Meanwhile, Franklin Alli’s ‘Smoking prevalence and the National Tobacco Control Bill’ topped the entry, followed by Nkoli Omoudu’s ‘Delayed Passage of the National Tobacco Control Bill and Its Impact on the Health of Nigerians’, among others.

Vanguard, MONDAY, MARCH 31, 2014 — 8

FG issues red alert on Ebola outbreak BY SOLA OGUNDIPE & CHIOMA OBINNA

N the heels of the outbreak of the Ebola Haemorrhagic fever in Guinea, the Federal Ministry of Health has issued an alert urging persons with high fever, headache, severe abdominal pain, diarrhea and bleeding and especially with a history of travel to Guinea, Sierra Leone or Liberia, to report to the health authorities at once. Already, an alert has been issued to all 36 State Commissioners of Health to mobilise against the disease, while the Federal Ministry of Health is working closely with the West African Health Organization, WAHO, and the World Health Organization, WHO, to deploy experts to Guinea on request to strengthen its response capacity. Disclosing this in Abuja in a statement, Special Assistant on Media and Communication to the Minister of Health, Mr. Dan Nwome, said theapex Ministry admonished the general public to take measures to avert the outbreak or spread of the disease. Noting that Nigeria has capacity to diagnose the disease if it appears here, Nwome said the Nigeria Centre for Disease Control (NCDC) is currently studying the outbreak trends and has mobilised its rapid response teams and developed a detailed response plan that includes a comprehensive health education/ health promotion to sensitise Nigerians, enhanced surveillance to detect and treat the disease, while mobilising its treatment/isolation centres. An alert has been issued to all State Commissioners of Health to mobilise against the disease. The Federal Ministry of Health is working closely with West African Health Organization (WAHO) and the World Health Organization (WHO) and is ready to deploy experts to Guinea on request by the affected country to strengthen its response capacity. Ebola is a deadly haemorrhagic fever which first appeared in 1976 in two simultaneous outbreaks in Nzara, Sudan, and in Yambuku, Democratic Republic of Congo. In February 2014 the Republic of Guinea reported an outbreak of Ebola, which had hitherto not occurred in the West African subregion. Between that period and the 26th of March, 2014 a total of 86 cases were reported out of which 62 deaths occurred with a mortality rate of 72 percent. The most affected areas in Guinea are the south-eastern forest areas that currently have 7 persons undergoing treatment in isolated centres. The outbreak was confirmed as Ebola by the Institute Pasteur, Lyon, France, Institute Pasteur, Dakar, Senegal

and in Hamburg, Germany. It is now confirmed that the outbreak has further spread to Liberia and Sierra Leone where suspected cases are being investigated. Causes Ebola causes Ebola virus disease, EVD, in humans, with a case fatality rate ranging between 60 - 90 percent. The virus is transmitted to humans through close contact with the blood, secretions, organs or other bodily fluids of infected animals. Hunting for “bush meat” in forest and pre-forest areas and eating of bats have been associated with this outbreak. Prevention However, prevention efforts focus on avoiding contact with the

viruses. According to medical experts says avoid traveling to areas of known outbreaks is key. Wash your hands frequently. As with other infectious diseases, one of the most important preventive measures for Ebola virus is frequent handwashing. Use soap and water, or use alcohol-based hand rubs containing at least 60 percent alcohol when soap and water aren’t available. Avoid bush meat. In developing countries like Nigeria, wild animals, including nonhuman primates, are sold in local markets. Avoid buying or eating any of these animals. Avoid contact with anyone who may have been exposed to the Ebola virus. In particular, caregivers should avoid contact with the person’s body fluids

and tissues, including blood, semen, vaginal secretions and saliva. People with Ebola are most contagious in the later stages of the disease. Follow infection-control procedures. If you are a health care worker, wear protective clothing — such as gloves, masks, gowns and eye shields. Keep infected people isolated from others. Carefully disinfect and dispose of needles and other instruments. Injection needles and syringes should not be reused. Don’t handle remains people that died of the disease. The bodies of people who have died of Ebola disease are still contagious. Specially organised and trained teams should bury the remains, using appropriate safety equipment.

Month of March in retrospect 01-03-2014: Twin explosions in Borno State capital, Maiduguri kill 100 people. 4-03- 2014: Popular fuji musician, Obesere is arrested for allegedly raping a 29 year old business woman, Miss Olanike Olaiya. President Jonathan sacks Mr. George Uriesi of FAAN, Fola Akinkuotu of Nigeria Civil Aviation Authority, NCAA; Engr. Nnamdi Udih of National Air Management Agency, NAMA; and Mrs Chinyere Kalu of Nigeria College of Aviation Technology. 5-03-2014: President Jonathan sacks sports minister, Mallam Bolaji Abdullahi, and unveils new ministers for defence, foreign affairs, power ( state), police affairs, sports, youth development, health (state), land housing and urban development and agriculture (state). 10- 03-2014: President Jonathan flags off the construction of the second Niger Bridge. Governor Gabriel Suswam of Benue state escapes death when his convoy is ambushed by Fulani herdsmen.

HEARING: From left—Sub-Committee Chair Senator Christopher Coons; Tony O. Elumelu, C.O.N., Chairman of Heirs Holdings; and Sub-Committee Ranking Member, Senator Jeff Flake (R) following Mr Elumelu's testimony before the United States Senate Foreign Relations Sub-committee in Washington, DC on Thursday, March 27th. Mr. Elumelu was invited to testify at the hearing to represent the views of the African private sector.

NECA, NLC sing discordant tunes on planned sale of refineries direction to go regarding the BY VICTOR AHIUMAYOUNG

IGERIA Employers’ Consultative Association, NECA, and Nigeria Labour Congress, NLC weekend sang discordant tunes over the Federal Government planned sale of nation’s refineries with NECA urging the Government to take a decisive stance on the sale of the refineries, NLC on its part threatened to shut down the country should government go ahead to privatise the refineries. While the employers’ body argued that government running of the refineries had been an economic waste, contending that government could not afford to continue to spend huge amount of money on the Turn-Around Maintenance, TAM, of the refineries with little or no real value addition to the economy, NLC declared that planned sale was unacceptable, and that the public would strongly oppose the latest planned as done several times in the past, even on the floor

of the National Assembly. Director-General of NECA, Mr. Segun Oshinowo, at an interactive meeting newsmen in Lagos, expressed worries over the way government had been foot dragging on privatization of the four public refineries, noting that government’s policy thrust on the refineries should not be based on the resistance of one economic actor. According to him, “it makes no economic sense for the government to continue to run the refineries which can be better managed by private sector. We wonder why the Federal Government is fidgeting in taking this all-important decision for the good of the economy.” The privatisation of the refineries, according to Oshinowo, was more compelling judging that they had failed under government’s management. The NECA Director General believed “Government has not been quite decisive on which

privatisation of the refineries. Of what benefit is it for us to have refineries that are not producing up to capacity, refineries that are gulping huge amount all in the name of turn-around maintenance that will not produce any result. “What is wrong with privatizing the refineries? How will government eventually be able to stop the importation of petrol if it fails to privatise the refineries? How will government be able to create an environment where more Nigerians will invest in private refineries so that we can stop this ridiculous and embarrassing long standing issue of importing petrol for an oil exporting country that is the seventh in the world?” He called on government immediately engaged all stakeholders in the industry like it did in the privatisation of the Power Holding Company of Nigeria, PHCN, saying the process should be done publicly and transparently for public acceptability.

15- 03-2014: Tragedy mars the Nigerian Immigration Service recruitment test as stampede and exhaustion results to deaths of sixteen applicants. 17-03-2014: President Jonathan inaugurates 492member conference. Governor elect of Anambra State Willie Obiano is sworn into office as the state’s governor. 18-03-2014: Nigeria enters into agreement with France, Cameroon, Benin, Chad and Niger in an effort to contain Boko Haram insurgency. 22-03-2014: About 20 bodies of people believed to have been killed for ritual purposes are discovered in Soka, Oyo State. 23-03-2014: Federal Government earmarks $1bn to fight oil theft and pipeline vandals. Delegates for national conference resume. 25-03-2014: 74 persons including five policemen die in separate incidents in Benue and Borno states. 27-03-2014 : A police corporal in Ogun state Sunkanmi Ogunbiyi embarks on a shooting spree killing his wife landlady two year old girl and three other people before killing himself.

Vanguard, MONDAY, MARCH 31, 2014—9

GOK Ajayi dies @ 82 as eminent Nigerians mourn BY ABDULWAHAB

ABDULAH & BARTHOLOMEW MADUKWE

AGOS—EXACTLY 61 days to his 83rd birthday, legendary and iconic lawyer, Chief Godwin Olusegun Kolawole Ajayi, SAN, died weekend, after a brief illness. He died at about 5 pm at the Intensive Care Unit of Reddington Hospital, Lagos, on Friday, one of his two daughters, Mrs Bolajoko Yoloye, told Vanguard, yesterday. Declaring that burial arrangements would be announced later by the family, Mrs. Yoloye, described her father’s death as shocking. A family friend, Mrs. Ronke Giwa, said the family is in shock because “Baba was very kind hearted. He is like a father to many people and larger than life. He was a friend to my late father, F. O. Giwa, a foremost lawyer also.” Born on May 29, 1931, Chief Ajayi left his large footprints on the sands of time trotting the legal and political landscape like a colossus. Journey to stardom The young GOK began his journey to stardom at Ijebu- Ode Nursery School (1936-37) and left for St Saviours School, Lagos (1938- 1940). He thereafter

Mudiaga Odje, P.O.Balonwu, B.O. Nwabueze and Augustine Nnamani. Of this set, only Richard Akinjide and B.O. Nwabueze are alive today. Six years after his call to the Bar, G.O.K. became a part time lecturer at the Nigerian Law School, till 1971. From around the middle of the 1960s, G.O.K. Ajayi started earning fame as a legal luminary and his reputation waxed stronger in the following 40 years. His landmark cases As a progressive and competent lawyer, he appeared as one of the leading legal warrior in the Second Republic for the Unity Party of Nigeria, UPN led by late Chief Obafemi Awolowo. He was the lead counsel in the famous 12 2/3 case-Awolowo vs Shagari (presidential election dispute) in 1979 and was lead counsel in the equally famous 1983 political cases like Adekunle Ajasin vs Omoboriowo (Ondo State Gubernatorial Election Dispute), Bola Ige vs Victor Olunloyo (Oyo State Gubernatorial Election Dispute). In 1981, he successfully handled the landmark case of AbduRahman Shugaba vs Minister of Internal Affairs. This was a curious case in which Shugaba, the minority leader in the Borno State House of

Even though he was conservative he defended progressive causes with uncanny audacity and relentless commitment, his knowledge of the law was unimpeachable

proceeded to the popular CMS Grammar School, Lagos (194148). He later left the shores of Nigeria to the United Kingdom where he attended the London School of Economics and Political Science. Thereafter, at 24, he was called to the English Bar in 1955 and to the Nigerian Bar on November 29, 1957. Famous SAN Famously known and called by his initials “GOK,” he had a tremendously successful legal practice about six decades. Ajayi was the second set of lawyers elevated to the prestigious rank of Senior Advocate of Nigeria in 1978, 21 years after he was called to the Nigerian Bar. The first set had only two persons- late Chief Rotimi Williams and Dr Nebo Graham Douglas(1975). The 1978 second set With him in the 1978 second set were 12 others including late Chief Obafemi Awolowo, Remi Femi-Kayode, T.A. Bankole-Oki, E.A. Molajo, Kehinde Sofola, Richard Akinjide, Olisa Chukwura, Nwakama Okoro,

Assembly, was suddenly arrested and deported to Republic of Chad by the National Party Nigeria, NPN-controlled Federal Government on the grounds that the politician was not a Nigerian citizen. Chief Ajayi defended the late human rights lawyer, Chief Gani Fawehinmi, SAN, at the peak of his troubles in 1989 with the military government. He was there for Fawehinmi before the Transition to Civil Rule and Miscellaneous Tribunal headed by the late Justice Anyaegbunam. G.O.K. led dozens of other famous lawyers including Mr. Alao AkaBashorun, Chief F.O. Akinrele SAN, Dr. Olu Onagoruwa, Chief Mike Ozekhome and Mr. Femi Falana to defend Fawehinmi. On Zamani Lekwot He was also available to defend retired General Zamani Lekwot and his people of Atyap community of Kaduna State who were charged with murder before a Special Military Tribunal headed by Justice Okadigbo over the Zango Kataf disturbances in 1990. His

Late GOK Ajayi, SAN fearless and brilliant advocacy led to the discharge and acquittal of the embattled Lekwot and his kinsmen. Thereafter a grateful Atyap Community unanimously and joyously conferred the honourary title “ACHOK ATYAP” on G.O.K. ‘Achok Atyap’ means “The Guardian of Atyap.” In 1993, G.O.K. was on hand to lead a battery of seasoned lawyers to defend business mogul turned politician, Chief Moshood Kashimawo Abiola against the charge of treason preferred against him by the General Sani Abacha regime for demanding the actualisation of his mandate to rule Nigeria as president after presumably winning the June 12, 1993 Presidential election which was annulled by General Ibrahim Babangida’s regime.

Eminent Nigerians mourn His death elicited lamentations from the lips of some eminent Nigerians and lawyers, yesterday. We’ve lost an icon – Yusuf Ali Mallam Yusuf Ali, SAN, said: “The death of Chief Ajayi is the loss of an icon, he stood out like a colossus among his peers. His death has robbed Nigeria of the wise counsel of an elder statesman. It’s a big loss to the legal profession in our country. May his gentle soul rest in peace.” He ‘ll be sorely missed –Lai Babatunde Mr. Lai Babatunde, SAN, said, “Chief Ajayi was a great legal practitioner totally committed to the ideals and best traditions of the Bar. He did not suffer fools gladly or lacked the courage of his conviction. He expressed his views on any subject of interest to him without disguise or deceit. As a law publisher and editor, I benefited immensely from his support and valuable

counsel. He preferred Professional Law Reporting to mere commercial contraptions. The Law Reports are replete with several cases he handled many of which were to drive home certain principles than pecuniary reward. He will be sorely missed and his contribution to the legal profession and justice delivery in Nigeria will serve his memory well. It is good night Baba. May the family be comforted by his legacy of a good name.” We’ve lost a forensic advocate of immense stature –Adesina Dele Adesina, SAN, said: “The news of Chief G.O.K. Ajayi’s death came to me as a rude shock. I never heard that he was sick. His exit from the world of legal profession marks a big loss indeed. Chief Ajayi was an outstanding lawyer, a forensic advocate of immense stature. He was all that a lawyer should represents. A man of great integrity and candor, full of self confidence and self pride. He was a solid advocate in the courtroom. He was my mentor. I don’t know if I succeeded in my attempt to copy some of the qualities I have mentioned in him. It is on record that I went to understudy him on how he addressed the court over and over again like I did to some other seniors I considered outstanding during my days of little beginning. Chief G.O.K. Ajayi was a very sound and knowledgeable legal practitioner. A gentleman per excellence. May his gentle soul rest in perfect peace.” His knowledge of the law was unimpeachable – Falana On his part, Mr. Femi Falana, SAN, said: “Chief G.O.K. Ajayi SAN was a graceful bourgeois lawyer. Even though he was conservative he defended progressive causes with uncanny audacity and relentless commitment. His knowledge of the law was

unimpeachable. “He had total contempt for corrupt judges and incompetent lawyers. For over four decades his name featured prominently in the law reports and learned journals. In spite of the i n c i p i e n t rottenness in the legal system Chief Ajayi was never associated with corrupt practices. “Through the instrumentality of the law Chief Ajayi fought against the deportation of a Nigeria legislator, illegal seizure of passports of social critics and fraudulent election r e s u l t s perpetrated by criminally minded politicians. He provided a robust defence for Chief Gani Fawehinmi SAN and Chief MKO Abiola when they were charged with political sabotage and treason respectively. He was counsel to Chief Obafemi Awolowo and Chief Adekunle Ajasin.

Human rights activists “For defending pro democracy and human right activists, Chief Ajayi’s passport was seized while he was subjected to untold harassment by security forces. But he was not deterred as he was as constant as the northern star in the defence of rule of law and social justice. We walked together when Comrade AlaoAka Bashorun led the NBA from 1987 to 1989. “In the last few years he was disturbed that the NBA had progressively compromised and lost its powerful voice. The greatest tribute that Nigerian lawyers can pay to Chief Ajayi is to resolve to liberate the NBA from the grip of reactionary and corrupt bar leaders. One of the finest souls in the legal profession is gone –Ubani, Ogunlana Mr. Monday Ubani, Chairman, NBA, Ikeja, said: “I am totally shocked. There goes to the maker and to the ancestors one of the finest souls in the legal profession. He was a titan and bestrode the legal profession like a colossus. His sudden death without any prior notice of any ailment is flabbergasting. Nigeria and the legal profession will surely mourn and miss him. His vice Chairman, Mr Adesina Ogunlana whom he fought for at the NBA disciplinary committee said “he was more than a legal colossus. He was one of the finest of human creation. He worked for the poor and the downtrodden and not for the rich alone. He was well cultivated in spirit and manner.”

10 — Vanguard, MONDAY, MARCH 31, 2014

I have forgiven Atiku, others —OBASANJO BY DAUD OLATUNJI

B E O K U T A — FORMER President Olusegun Obasanjo, yesterday, reacted to the request of Northern Youth Leaders Forum, NLYF, to forgive his estranged former Vice-President, Alhaji Atiku Abubakar, saying; “I have forgiven him.” Obasanjo who stated this after a two-day meeting with the forum in Abeokuta said he had also forgiven other persons perceived to have offended him. The forum led by its Chairman, Elliot Afiyo had appealed to Obasanjo to forgive his former Vice-President, Alhaji Atiku Abubakar of whatever political sin or offence he might have committed against him. Abubakar was Obasanjo’s vice, between 1999 and 2007, and was believed to have scuttled the third-term ambition of Obasanjo in 2006. But Obasanjo while reacting to the request by the NYLF said as a leader and father, he bore no grudge against anybody and if there was, he had forgiven. According to him: “On the request that you made yesterday, I do not have any grudge against anybody. And if there is any, I have forgiven all as a father.” Obasanjo who appreciated the group for coming to Abeokuta to make case for a way forward for the country, stressed that since 2003, the group had increased in

membership. He said: “The effort of your group has been noteworthy. I am happy that you have also increased in number. Let me appreciate all your support since 2003 and urge you to continue by ensuring that credible leaders are elected in 2015.” The leader of the delegation , Afiyo had earlier said: “The leadership ïs in Abeokuta to visit our Baba to identify with his

vision for our great country, Nigeria.” In a position paper submitted earlier on Saturday, he stated; “We have come to you (Obasanjo) as a father indeed. “With your positive attributes, Chief Obasanjo has no option or alternative than to chastise and later forgive and embrace both the good and bad characters. “In view of this, we humbly request that you forgive your

former Vice President, Alhaji Atiku Abubakar of whatever political sin or offence he might have committed against you. We bow ourselves before you on his behalf and plead for mercy and understanding.” The National chairman added that the mission to come and plead for Atiku did not in any way stop him from charting any noble political course for the nation come 2015.

CELEBRATING MOTHERS: From left: President Goodluck Jonathan in a public show of affection with the First Lady, Dame Patience Jonathan, while the Mother of the President, Mama Eunice Jonathan watches during the Special Service to mark the 2014 Mothering Sunday, at the Aso Villa Chapel, State House, Abuja, yesterday. Photo: Abayomi Adeshida.

Ekiti PDP crisis: Fayose, Adeyeye to work together zAs Arise leads reconciliatory group BY GBENGAARIYIBI DO EKITI—INDICATIONS yesterday emerged that aggrieved governorship aspirants in Ekiti State had begun to accept the emergence of the former governor of the state, Mr. Ayo Fayose as the gubernatorial candidate of the Peoples Democratic Party, PDP, with one of them, Prince Dayo Adeyeye saying he had agreed to work with Fayose. This came as PDP gave former Senator representing Ekiti North, Ayo Arise the task of reconciling all warring members of the party in Ekiti State ahead of the June 21, 2014 governorship election. According to the agreement dated March 30, 2014 jointly signed by Fayose and Adeyeye and sent to President Goodluck Jonathan, they vowed to work for the success of the party by working as a team. According to the statement in Ado Ekiti yesterday, by the spokesperson, Ayo Fayose Campaign Organisation, Mr. Idowu Adelusi, the two politicians agreed to forget their political differences and work for the victory of PDP in June 21 governorship election.

Terms of the agreement included that Adeyeye be given the ministerial slot allotted to the state at the pleasure of Mr. President. It was equally agreed that Fayose would be given free hands to pick his deputy and other members of the executive. The agreement read; “We, Mr. Ayo Fayose and Prince Dayo Adeyeye, who are principal players in the just concluded PDP primaries have come together to form a common front in the 2014 Ekiti State gubernatorial election.

As a result, he (Prince Dayo Adeyeye) has agreed to accept Ekiti Ministerial appointment at the pleasure of Mr. President. “I, Ayo Fayose, have no objection and plead with the president to accede to our request and please give same immediate effect to allow both of us move to the field together as a team. We also agreed to give Mr. Ayo Fayose free hand to pick his running mate due to its sensitivity, however, from the South senatorial district. We will both appreciate an immediate audience with Mr. President and the National Chairman on this

and other related matters concerning the 2014 elections.” Meanwhile, PDP has given former Senator representing Ekiti North, Ayo Arise the task of reconciling all warring members of the party in Ekiti State ahead of the June 21, 2014 governorship election. Senator Arise, who confirmed this in a statement yesterday, said former Speaker of the old Ondo State, Hon. Femi Akinyemi, former member of the State House of Assembly, Bisi Kolawole, Chief Dele Okeya among others will serve in the committee.

Court restrains firms from selling 2 property at Safecourt Estate BY INNOCENT ANABA AGOS—A Lagos High Court sitting in Tafa Balewa Square, has restrained Primewaterview Limited and GT Homes Limited from selling two separate apartments located at Safecourt Estate, Ikate in Eti-Osa Local Government Area of Lagos State. Trial judge, Justice Iyabo Kasali, who ordered parties to maintain status quo, pending the determination of the suit by a

customer of Primewaterview, claiming ownership of the apartments, also directed lawyers in the suit to educate their clients on the consequences of disobedience to court order. The customer, Olanrewaju Falade, had dragged Primewaterview and GT Homes to court, alleging fraudulent conspiracy to deny him ownership of two apartments in the estate, which he had duly paid for.

He is also asking the court to restrain Primewaterview and GT Homes from preventing him from gaining access to the apartments pending the determination of the suit. Falade is also praying the court to restrain the Registrar of Titles of Lagos State Lands Registry from accepting any document of title registration for the said two apartments described as Block H, P/H 700 and Block H, Flat 601 pending the determination of the suit.

Ekiti doctors threaten strike over poor remuneration BY GBENGAARIYIBI

DO EKITI— DOCTORS in the employment of Ekiti State government have threatened to start a warning strike if by Monday, April 7, government refuses to meet their demands. They are complaining among others of what they call heavy taxation on its members by the state government, asking for massive tax reduction. The doctors, under the aegis of Nigerian Medical Association, NMA, called for immediate restoration of the Consolidated Medical Salary Scale to Doctors working at the local government level as applicable to their colleagues at the secondary and tertiary hospitals. Obimakinde said the union took the decision to embark on warning strike at its Ordinary General Meeting of Thursday, March 27 after government failed to meet their demands despite several meetings with Governor Kayode Fayemi on the lingering crises bedeviling the sector.

Ondo by-election: PDP warns members BY DAYO JOHNSON KURE—THE N a t i o n a l Leadership of the Peoples Democratic Party, PDP, weekend, read a riot act to its members in Ondo State ahead of the next Saturday's Ilaje/Ese-Odo Federal Constituencies bye election. The National Publicity Secretary of the party, Chief Olisa Metuh at the Party’s rally in Igbokoda, threatened to punish any of its members that collaborated with the opposition party against the interest of the party’s candidate, Chief Emiola Kukute. He declared that the election was about the control of the soul of the National Assembly and the nation, arguing that any leader of the party that collected money from the opposition and worked against the interest of the party would not live to enjoy the money.

Vanguard, MONDAY, MARCH 31, 2014 — 11

Group sends SOS to Jonathan over PAAR

Gbaramatu chiefs urged to emulate Ugborodo

ATIONAL Council of Managing Directors of Licensed Customs Agents, has called on President Goodluck Jonathan, to save them from the challenges associated with the issuance of the Pre-Arrival Assessment Report, PAAR, by Nigeria Customs Service. National President of the association, Mr. Lucky Amiwero, said this became necessary due to the negative impact the procedure had generated in the clearance process since the inception of the PAAR. The group in a petition, also copied to the Coordinating Minister of the Economy, Secretary to the Government of the Federation as well as Central Bank Governor, said: “PAAR is supposed to be issued before the arrival of the goods, as against the weeks and months it has been issued after the arrival of the goods at the port, which negates the objective of the establishment of PAAR regime and drastically slows down the activities of clearance that necessitates the build- up and tension at the ports. “The challenges of PAAR include delays resulting in the huge demurrage to shipping companies and rent to terminal operators by the importers/agents.”

JTF demands special courts for trial of suspects

HE Joint Task Force, JTF, charged with the protection of oil installations and preventing oil theft in the Niger Delta, has called for the establishment of special courts to ensure speedy trial of suspects. Spokesman of the task force, Col. Onyema Nwachukwu, who spoke with NAN, yesterday, in Yenagoa, Bayelsa State, noted that the slow dispensation of justice had been undermining their efforts. He said that the military outfit lacked the powers to prosecute, adding that their responsibility was to apprehend suspects and hand them over to other relevant bodies for prosecution.

COMMISSIONING: Governor Seriake Dickson of Bayelsa State (2nd left), cuts the tape to commission the newly dualised Diete-Spiff Road, Yenagoa. With him are: From left: Speaker, BYHA, Konbowei Benson; Bayelsa State Deputy Governor, Rear Admiral John Jonah (rtd), and the Chairman, Bayelsa State Directorate of Project Monitoring & Evaluation, Chief Walter Feghabo Amain. Photo by Bayelsa State Govt.

Oshiomhole to Edo Traffic Mgt Agency: Arrest me if... BY SIMON EBEGBULEM

ENIN—GOVERNOR Adams Oshiomhole of Edo State, has charged operatives of the state Traffic Management Agency, ESTMA, to arrest him or the state deputy governor, if their vehicles beat the red lights, saying that “no one is too big to obey laws in the state.” Speaking at a meeting with officers and men of the agency at Government House, weekend, Oshiomhole charged operatives of the agency to be firm, but civil in carrying out their duties, noting that they must not treat ‘big men’ with levity because of their status in the society. He said: “You must not extort,

you must not criminalise innocent people, you must not let offenders go after extortion. If anybody beats the red light, you must arrest the person, no matter his status. If it’s the governor or deputy governor, you must arrest and interrogate him. The only person exempted from the red light rule is the President or Vice President, when they visit, in which case the road will be blocked for their easy passage. “So, if you can stop and interrogate the governor for beating the red light rule, no other person is bigger in the state whom you can’t stop. Anybody that contravenes the red light rule, stop him and detain him for at

least two hours. Many innocent people have been crushed because someone wanted to contravene the red light rule. This must stop. “I speak the minds of Edo people when I say that many people have been victims of your very crude and harsh traffic management methods. When you misbehave, as some of you do, people in anger dismiss you as Oshiomhole police. I have no police. In fact, I am one of the few, who have spoken out against state police. I am commended for so many things, but not so many people have commended me for this particular intervention, even as you have come into existence to help control traffic.”

Crude oil theft in N-Delta to stop soon —NSCDC BY SAMUEL OYADONGHA

ENAGOA—NIGERIA Security and Civil Defence Corps, NSCDC, weekend, said the incessant cases of crude oil theft, illegal bunkering, pipeline vandalism, kidnapping and other vices on the waterways and creeks of the Niger Delta, will soon be over. According to NSCDC, the new security strategy and intelligence sharing among security agencies under the Joint Task Force code named Operation Pulo Shield, led by Major-

General Emmanuel Atewe, has reduced cases of crude oil theft, kidnapping and illegal bunkering in the region. Speaking while handing over five new patrol vans to JTF, the Deputy Command (Administration) of NSCDC, Mr. S. Bello, said the new security strategy and increased mobility of the various components of JTF were factors needed to end crude oil theft in the region. Bello pointed out that the donation of patrol vans to JTF was to aid mobility of troops and other logistics to

enhance efficiency in the fight against oil theft and kidnapping. “We recognise the effort of the current JTF leadership and can conclude that oil theft and other illicit crimes along the Niger Delta waters and environs will soon be a thing of the past,” he said. Earlier, Commander of JTF, Major-General Atewe, commended NSCDC for its cooperation with JTF and affirmed the readiness of the men of the special security outfit to fight to a stand still all forms of economic sabotage in the region.

HE chiefs and elders of Gbaramatu Kingdom, in Warri South-West Local Government Area, Delta State, have been charged to urgently resolve the lingering dispute between Chief Government Ekpemupolo, aka Tompolo and Chief Michael Johnny, Chief Mosco Johnny and six other Gbaramatu sons currently in detention. Mr. Timi Oluba, a prominent youth leader in Okerenkoko, told newsmen, yesterday, in Benin, Edo State, that “as serious as the Ugborodo crisis was, their chiefs genuinely intervened and both warring factions have embraced peace and are collectively pursuing the development of Ugborodo. This is what I also expect Gbaramatu chiefs to do. “The dispute between Tompolo and his brothers, Chief Johnny and six others in detention was a mere misunderstanding and a family matter which I expect that Gbaramatu chiefs and elders should have settled before now."

Retired police officers in Delta vow to pull out of pension scheme BY AUSTIN OGWUDA

SABA—RETIRED police officers in Delta State have threatened to pull out of the contributory pension scheme on the ground that they were allegedly being shortchanged. They claimed that there were discrepancies in remittances of their contributory pension, thus leaving them with meager monthly pay as pension. Chairman of the Association of Police Retirees, Delta State, Mr. Daniel Ogbena, weekend, in Asaba at the inauguration of the state chapter of the Elders Club of Nigeria PENCON Retired Police Officers, said that “the remittance of deductions into the individuals pin varies from one state to another and amongst Pension Fund Administrators, PFAs."

12 — Vanguard, MONDAY, MARCH 31, 2014

NBA blasts Edo govt over teachers' competency test BY GABRIEL ENOGHOLASE

ENIN—THE Nigerian Bar Association, NBA, has condemned Edo State Government for going ahead with the competency test for primary and secondary school teachers in the state on March 22, 2014, despite the service on them of an injunction of the National Industrial Court sitting in Abuja, restraining the government from conducting the said test, pending the determination of the teachers suit before the court. NBA Benin branch, in a statement, weekend, by its Chairman, Mr. O. Akere, said: “We wish to remind the Edo State Government that the strict observance of the rule of law as a fundamental pillar of democracy and adherence to due process are some of the indices by which a responsible government is assessed. The colossal failure of the said competency test is a demonstration of the fact that a determined legitimate resolve of a people cannot be defeated even with the barrel of a gun.” He, meanwhile, commended teachers in the state for not writing the competency test, saying, “we are also in receipt of information that there is a

clandestine move by the Edo State Government to remove from payroll, names of workers whose years of service were legitimately extended as a result of study leave without pay.” NBA described the move as an affront to the rule of law and a challenge to the sensibility of the people of the state and advised the government to desist

from taking such unlawful and disgraceful step. It noted that it was the responsibility of any responsible government to do things to enhance the welfare of workers and not to undermine same, as the decision to extend the services of workers who went on study leave without pay was

a decision of the Federal Executive Council in 2006, which was subsequently adopted by the Edo State Executive Council. “Even if the Edo State Executive Council decides to reverse its decision on the issue, such reversal should not be retro-active,” it said.

CONVOCATION: From left: Vice-Chancellor Rivers State University of Science and Technology Prof. B. Fakae, Rivers State governor and visitor to the University Mr. Rotimi Amaechi and the Pro-Chancellor of the university Justice Adolphus Karibi-Whyte (rtd) at the convocation of the university in Port Harcourt, weekend.

Uduaghan deserves all the awards —Tebite U

BY FESTUS AHON

GHELLI—A MEMBER of Delta State House of Assembly, Olorogun Taleb Tebite, yesterday, said that the state governor, Dr. Emmanuel Uduaghan, deserved all the awards he has received, describing him as one of the most hardworking governors in the country. Tebite, who spoke to newsmen, said: “The 2013 Vanguard Personality award is well deserved. I join the good people of Delta State to congratulate the governor. “The series of awards bagged by Governor Uduaghan are well deserved. The awards will spur him to do more because governance is all about the development of the people. Just walk around the state and you will see that Uduaghan really wants to end strong. “As a member of the Appropriation Committee of the House, I took time off with my chairman, Mr. Daniel Mayuku, who is a hardworking and dogged fighter and a politician of note, to drive round the big-Warri area and we drove round the place on

road. The governor has connected almost all the riverine communities in the state with standard roads. “You need to go there and see for yourself, what the governor is doing. It is not just by talking, I saw them with my eyes,

and I am saying it the way it is. Kudos must be given to the Commissioner for Infrastructure, Orezi Esievo, who is doing everything possible for her boss to succeed. “I must also commend the drive of the Secretary to the

State Government, SSG, Mr. Ovuozorie Macaulay, in making sure that anything that comes to him moves straight to the appropriate quarter without delay. The synergy between the governor, the SSG and the commissioners is commendable.”

Amaechi assures on medical school for RSUST

IVERS State governor, Mr. Rotimi Amaechi, has said that his administration will approve a medical school for Rivers State University of Science and Technology. He made the disclosure at the university’s 26th convocation in Port Harcourt, weekend. “Let me announce that few hours ago, I did request that you put up an application for a medical school at the Rivers State University of Science and Technology,” he said. Governor Amaechi commended the Vice Chancellor of the University, Prof. B. Fakae, for his numerous achievements, saying that the VC’s performance justified his administration’s resolve to reappoint him as the Vice Chancellor of the university. He said: “Let me announce to you

that government is satisfied with the performance of the Vice Chancellor, that was the reason for which he was appointed and the reason for which the government insisted on his reappointment. We congratulate him for his numerous achievements and wish that he will continue in this light.” He assured of funding for the university, which is being relocated to the Greater Port Harcourt City. Amaechi said that his administration had approved funds for the construction of the new university, adding that the construction work which will begin in earnest soon would be completed in one year.

IYC urges FG to involve stakeholders in fight against oil theft BY EMMA AMAIZE & SAMUEL OYADONGHA

HE Ijaw Youth Council, IYC, worldwide, has called for the involvement of oil producing communities and other stakeholders in the Federal Government proposed fresh crusade against crude oil theft and pipeline vandalism in the Niger Delta. It also called on President Goodluck Jonathan to organise a presidential summit on oil theft. Jonathan had, last week, at the World Nuclear Summit in the Netherlands, hinted of plans by the Federal Government to spend $1 billion on the fight against oil theft and vandalism of oil facilities in the Niger Delta region. IYC, in a statement by its spokesman, Mr. Eric Omare, said: “The problem of oil theft which is a fall out of the unresolved question of resource ownership and management, cannot be resolved without the involvement of the people of the oil producing communities who are the primary stakeholders in the fight against oil theft and vandalism of oil infrastructures “It is on record that the Federal Government amnesty programme for exagitators in the Niger Delta succeeded because of the involvement of key stakeholders such as the IYC, state governments and other critical stakeholders in the Niger Delta region in its conception and implementation. However, this has not been the case with the fight against oil theft, hence the failure so far.”

Vanguard, MONDAY, MARCH 31, 2014 — 13

Agip oil spill: Reps set up adhoc c’ttee •As affected communities demand N1bn compensation BY EMMAN OVUAKPORIE

BUJA — THE House of Representatives Committee on Environment has set up an ad hoc committee to fashion out ways and means to determine how much the Nigerian Agip Oil Company, NAOC, should pay as compensation for an oil spill that occurred in Ndokwa East Local Government of Delta State in October, 2012. The affected communities, during an interactive session with the committee, also demanded N1billion compensation. The committee is made up of three members from the House Committee on Environment, one from the National Oil Spill Detection and Response Agency, NOSDRA, two from the 11 communities that filed a claim of N1 billion, one from Department of Petroleum Resources, DPR, and two from Agip.

OBJ advocates stiff competition in cable TV market FORMER PRESIDENT of Nigeria, Chief Olu-segun Obasanjo, has called for stiff competition among operators of Cable Television Network. Obasanjo stated this in his Hilltop Villa, Abeokuta, Ogun State, weekend, when Montage Cable Network presented him its decoder, thus making him the first person in the country to subscribe to Montage Cable Network, an alternative to DSTV. The former President lamented that there had continued to be a monopoly in the cable television network with its attendant hike in price of services rendered, noting that when there was competition, consumers would have the power to bargain. "A market where there is a monopoly is not good for the economy," Obasanjo said, adding that he was happy that Montage Cable Network had entered satellite cable transmission to break the monopoly in the market and afford consumers the opportunity to make choices.

Although 11 of the affected communities are claiming N1 billion as damages, the oil company said it had compensated majority of the communities affected by the spill. The committee, during the investigative session on Friday, expressed its disappointment with the oil company for foot-dragging and employing legal tricks to deny the affected communities of compensation. Chairman of the Committee, Uche Ekwunife, APGA, Anambra State, said Agip was deliberately hamper-

ing the investigation. She explained that “this is a deliberate attempt and this is what Agip has been doing for the past one year; you destroy their land and communities and frustrate them from getting justice.” She lambasted the DPR for its indifference, alleging collusion with the International Oil Companies, IOCs. “That is what we’re saying, that DPR should not be part of government, this responsibility must be put in private hands.” The Department of Petro-

leum Resources , DPR, represented by Dorothy Bassey, Head, Health Safety and Environment, had said it was not aware of the petition from the affected communities and only got to know of it through the summons of the committee. The department recommended that details of petitions from oil and gas host communities should be forwarded to the DPR to enable prompt and thorough investigation. According to the submission of the National Oil Spill Detection and Re-

sponse Agency, NOSDRA, the spill which occurred due to the rupture of the NAOC’s Kwale/ Akiri 10" pipeline, affected 25 communities, Idris Musa, Director Oil Field Assessment, while making NOSDRA’s presentation before the committee, said over 589 barrels of crude oil were spilled and 180 recovered. He agreed with the committee chairman’s observation that the oil company used legal tricks to delay compensation, adding that even when oil companies

were willing to compensate communities adequately, their legal departments always kicked against it. Victor Enoyinje, who represented the 11 communities that brought the petition before the House, said the communities rejected N500,000 each from AGIP. He alleged that the pipeline that burst was 40 years old and had lost its integrity, adding that NAOC did not consult with the communities before offering them the N500,000 compensation.

14 — Vanguard, MONDAY, MARCH 31, 2014

Vice

Vanguard, MONDAY, MARCH 31, 2014 — 15

16 Vanguard, MONDAY, MARCH 31, 2014 ANYONE who hears about Nigeria’s “baby factories” would think it is government’s policy to sustain our high population. The tag creates impressions of facilities turning out babies round the clock. What elsewhere do factories do. Baby factories produce babies that are for sale to the highest bidders. The operators care more about profit than the motive of the buyers. With the number of facilities security agencies are busting, it is obvious that we have more challenges with these illegalities than are public. Moreover, calling the illegal facilities that masquerade as hospitals and orphanages, baby factories, give them a veneer of legality. The light punishment, if any, that their operators get, on the few occasions that they are caught, encourages the practice that is assuming a nationwide scope. There is hardly anything new about organisations that set out as adoption agencies, though the law does not recognise them. They have moved from giving out orphans for adoption, to setting up homes where they “harvest babies”, from teenagers, with unwanted pregnancies, or those who have been coerced to bear children for sale

We Call Them Bab Babyy Fact ories actories to those who can afford the exorbitant fees. The facilities have “medical facilities” for deliveries and virile young men who impregnate the girls. Not only are the facilities illegal, they have been mentioned in cases of abduction, stealing of babies and child trafficking. They are mostly managed by quacks who claim medical qualifications, or nurses who have abandoned formal practice for the underworld. We have to take the cases more serious through stiffer sanctions and programmes that would lift more people out of poverty and free them from desperate decisions some

of the recruits into the illegal businesses make. Sale of babies is a booming trade with international dimensions that stretch further than the recent arrest our security agencies made of a Cameroonian woman who could not account for the new-born baby she had. Athens, Greece, is dubbed Europe’s capital of the illegal trade in babes. Immigrants from Eastern Europe are lured in Athens and turned into baby makers for European buyers. British baby buyers favour India where they pay surrogates for the service. Americans patronise Chinese and Latin American outlets for babies they adopt, mostly illegally. Adolf Hitler is credited with setting up baby factories as part of his experiment to produce the super race. Men and women, who met his criteria, were selected, not for marriage, but to produce children whose features would establish Germans as the super race. What we have in Nigeria is the sale of babies for purposes that could include rituals. Governments have to stop the illegalities, without hurting the chances of those who genuinely want to adopt children.

OPINION BY BOBSON GBINIJE

VICISSITUDES of life affect men, places and things. Hence, Gibbons in his book, The Rise and Fall of The Roman Empire observed that “it is a common phenomenon in history, that Empires rise and fall”. But the eternal refrain of the iconic Nelson Mandela, buttressed by the late sage, Chief Obafemi Awolowo, that “the tragedy of life is not in falling, but in our inability to rise each time we fall”. Can Sapele rise again? Sapele was made an Ordinance Town by Nigeria’s Colonial Masters in 1946 along side Calabar and Abeokuta. It grew to become an emporium and a cardinal commercial artery from the defunct Western Region, Mid-West Region and Mid-West State through the presence of the Sapele Pontoon, the African Timber and Plywoods Company Ltd (AT&P) etc. It grew to become the Mecca of football (Amukpe/Sapele ) and the preferred tourism destination. It produced great dynasties and cosmopolitan citizens such as the Abekes, Ogodos, Onomors, Ogbimis, Anirahs, Gbinijes, Okotie-Ebohs, Dafinones, Omasheyes, Adjekukos, Ebias, Oghenes, Sunder lands, Odietes, Omoruwas, Egbedis, Ebireris, Olomus, Sally Youngs, Sam Opones, Ewerebors, Aniekes, Etors(Najawe), Gbemisakas, Arakatu-

Sapele's woes and politicians' ingratitude las, Jemides, Mabiakus, Obules, Arayenkas, etc. Sapele was indeed the rendevous of the GREATS. But today, Sapele has become a rebarbative terra firma, a troglodyte cauldron, a Neanderthal ghetto and a Paleolithic hovel forgotten by the march of civilization. The roads from Amukpe junction to the rickety,dilapidated and abandoned toll gate to Ugbeyiyi, Ogorode, Okpe, Adeola, Cemetery, Reclamation, Ogodo, Mcpherson, Boyo, Market, Oghene, Akintola, Awolowo, Yoruba, Crudas, Commercial Avenue, Ghana Roads, Ereto, Ojolu, Benin, Green Egbedi, Agoba, Agbogoroma, Orukpa,Urban Area Roads, Labod Road, Palm Avenue, Old Ogorode, Ikomi, Mission Roads, etc, have become glorified footpaths littered with potholes. The Sapele Market that was razed down by a horrendous conflagration over eight years ago has become an abandoned project. The Sapele Stadium is being built in fits and starts. Sapele has become the dirtiest local government headquarter in Delta State, nay, Nigeria. This is because every nook and cranny in Sapele have been turned into a trading spot and market. There is massive unemployment rate

in Sapele, notwithstanding the existence of Seplat Petroleum Development Company, Eternit, African Timber and Plywoods (AT&P) Company Limited, Livestock Flour Mills,Ogorode Power Plant, Shell Flow Station(Sapele West), Asca Bitumen Plant and some hospitality industries. This is because of several years of government’s neglect and lack of corporate social responsibility. The educational sector, especially at tertiary institutional level, is crying for serious attention. Sapele defies sociological assessment in terms of crime, rebellion, anarchy, and other evil influences. A man’s resort to loyalty, orderliness, honesty, and other bad or good influences, depends on the quantum of food, shelter, clothing, employment and other comforts of this world available to him. But crime rate is relatively very low in Sapele compared to other cities/ towns in Delta State, nay, Nigeria. Sapele has remained in this antediluvian state and condition partly because of the wicked ingratitude shown and displayed by its leaders and politicians at ward, local government and state levels to its inhabitants and the electorate in Sapele who have labored over the years to enable them fulfill

their political ambitions. They have rewarded Safarians with Luciferous ingratitude through the pauperization of the Franchise. We appeal to the politicians at ward, local government and state levels to have a rethink and do a rebooting of developmental strides on Sapele. The Sapele inhabitants and electorate should be wise in 2015 and take time to vote for their leaders by their score card and what developments they have brought to Sapele. The politicians can do something now, even today before 2015 to cancel their ingratitude. Sapele is a land-locked town. We appeal for an alternative entrance to Sapele by the construction of a bridge from the old Pontoon through the Ethiope River to Oghara and from the Mechanic Village to Uruakpa/Ghana Areas in Sapele. There is a “Political Pharaoh” standing and blocking developmental strides in Sapele. We rebuke that Pharaoh by FIRE in Jesus Name, Amen. Sapele must rise again. Sapele voters, shine una eyes, shine dem well, well. Development for Sapele, card na ballot 2015.

*Mr. Gbinije, a social critic, wrote from Warri, Delta State.

MARCH 31, 2014

Investors lose N960bn in 3 months as NSE market value drops by 7.3% •Global stocks record mixed performance •Operators blame CBN’s tight monetary policies •Say they’re impeding capital market growth By PETER EGWUATU & NKIRUKA NNOROM

which in turn determines how much investors made as gains or losses. Capital market operators here have nvestors in the Nigerian capital attributed the current decline in stock market lost N960 billion market indicators to the Central Bank between January and March of Nigeria (CBN)’s tight monetary this year. The Nigerian Stock policies. Exchange, NSE, market Findings show that global stocks capitalisation dropped by 7.3 per performance fared better in the first cent to close at N12.27 trillion last quarter as the US Nasdaq Index Thursday from N13.23 trillion surged by 2.95 per cent to close at opening at the beginning of trading 4,154.20 points last week Thursday. on 2nd of January, 2014. Similarly the Standard &Poor 500 index also appreciated by 0.8 per cent to close at 1,855.81 points on Thursday from 1,841.07 it opened in January 2014. However, the Dow Jones which opened at 16,504.29 points in January dropped by1.2 per cent to close at 16,302.77 points last week. Tokyo’s Nikkei 225, which opened at 16,291.31 points declined 9.5 per cent to close at TRAINING - The Health Canada/ NAFDAC Mentorship Training Workshop took place at the 14,750.00 points; NECA House in Alausa Ikeja in Lagos yesterday From left: Mr Joshua Porter, Dr Dean Smith both Hong Kong’s Canadian Delegates , Dr Paul Orhii, DG NAFDAC Dr Monica Hemben Eimunjeze, Director, Reg- Hang Seng index istration and Regulatory Affairs NAFDAC and Mr Bobby Chauhan, Canadian Delegate at the dropped by 6.0 workshop Px Biodun Ogunleye per cent to close

Conversely, investors reaped more from their investment in the global capital market than in Nigeria in the first three months of the year. The NSE All Shares Index dropped by 5.2 per cent for the first quarter ended March 27, 2014 from 41.329.14 points it opened during the beginning of trading in January 2014 to close at 39,186.93 points on Friday. The index measures the performance of the stock market and also reflects how prices of stocks have moved,

at 21.846.45 points from 23,244.87 points it opened in January, while London Stock Exchange’s FTSE 100 index dropped by 3.2 per cent to close at 6,518.87 points on Thursday from 6,731 it opened in January. Meanwhile, another stock market performance gauge, market capitalisation, which opened in January at N13.23 trillion, dropped by 7.3 per cent to close at N12.27 trillion last week, . Specifically, at the close of trading last Thursday, the Nigerian bourse maintained a bullish stance, as the All-Share Index and market capitalisation gained 0.97 percent (97 basis points) to close at 38,186.93 points and N12.27 trillion, respectively. Also the number of deals rose by 2.93 percent and the volume of deals surged by 78.42 percent, while the Continues on page 18

171.0 2,951.00

16.86 107.20 -99.55

-3.15 -23.00

-0.19 +0.75 +0.56

CURRENCY BUYING CENTRAL SELLING DOLLAR

154.74

155.24

155.74

STERLING 255.3829

256.2081

257.0333

EURO

213.4793

214.1691

214.8589

FRA

175.2236

175.7898

176.356

CFA

0.3057

0.3157

WAUA

238.1654

238.9349

239.7045

RENMINBI 24.8557

24.9365

25.0173

RIYAL

41.394

41.5273

KRONA

41.2607 28.5941

0.3257

28.6865

28.7789 240.4781

SDR

238.934

239.7061

YEN

1.5128

1.5176

1.5225

CBN Exchange rate as at 28/03/2014 C M Y K

18 — Vanguard, MONDAY, MARCH 31, 2014

Cover Story

Breaking the Nigerian poverty cycle through entrepreneurial revolution Part 1

Investors lose N960bn in 3 months as NSE market value drops by 7.3% Continued from page 17 value of deals dipped by 27.81 percent. Sectoral performance The NSE weekly reports for the review period had affirmed that the Financial Services Industry (measured by volume) led the activity, followed by the Consumer Goods Industry and the third place was the Conglomerates Industry. Operators reactions: Speaking on the market performance for the first quarter under review, Diekola Onaolapo, Managing Director/CEO, Eczellon Capital Limited, a business and financial advisory firm, said that despite the favourable outlook for the market at the beginning of the year, there has been a considerable pressure on the market since the beginning of the year. According to him, the market witnessed a myriad of challenges both foreign and domestic in the last three months as current Year to date YTD, figure stands at 9.84 percent. He stated that the combined effect of the United States Government’s gradual withdrawal of its stimulus package (US tapering on its Quantitative Easing Programme by US $10 billion) and the outcome of the monetery policy committee (MPC) meeting in January both sent shock waves through the market, adding that some foreign portfolio investors dumped their C M Y K

shares ‘hot money’ in the Nigerian market for more attractive and less risky positions in more stable markets. “This was in no way exclusive to Nigeria as it affected all the emerging market economies with the worst hit being Argentina,” he added. He emphasised that the outcome of the MPC meeting, which resolved to increase the Cash Reserve Ratio, CRR, on public sector funds to 75 per cent from 50 per cent had an effect on the Exchange rate as it dipped by 3.21 per cent in the following week and plunged to -0.34 per cent. He said that this added to the palpable uncertainty of Nigeria’s economy. “The suspension of the Governor of the Central Bank also contributed to the dip in equities prices in the market. The All Share Index plunged by 1.47 per cent at the announcement of the suspension which led to a further fall of 4.46 per cent in the banking sector index, an event which further exacerbated the market dynamics highlighted above affecting the Bond Market. This also gave a push to a series of sell-offs by foreign investors,” Onaolapo stated. Corroborating his view, Mr. Johnson Chukwu, Managing Director/CEO, Cowry Asset Management limited, said the Nigerian capital market has been largely bearish in the first quarter of the year with the index and market capitalisation losing about 10.04 per cent and 9.71

percent respectively yearto-date as at March 19, 2014. He noted that the development was at variance with the return of 47.2 per cent posted by the market in 2013, while attributing the lacklustre performance to factors both within and outside the Nigerian economy. “One of these factors is Nigerian’s declining foreign reserves, which is currently below $38billion and the attendant heightening of prospects for Naira devaluation or at least depreciation. “The clear risk of currency devaluation has not only discouraged foreign portfolio investors from making further investments in Nigerian equities but has led to the exit of investors whose funds are not African or frontier market focused,” Chukwu said. “The second factor is the much expected tapering of Quantitative Easing by the US Federal Reserve which started in December 2013. With $20billion already taken off the amount of monthly mortgage-backed securities and treasury bills purchases, the era of cheap money is gradually coming to an end. Portfolio investors who, borrowed cheap in US to invest in Nigeria and other emerging markets are now unwinding their emerging and frontier markets investments and rebalancing their portfolio in favour of US financial

Continues on page 19

AWARD - From left: Mr. Paul Wilson, Managing Director, Brian Munro Limited and Mr. Abayomi Ajao, Marketing Manager, presenting the overall National Distributor Award gift of a Brand New Kia Sportage car key to Mr. Onyenanu at the Distributors award night held in Lagos

igeria is a country of absurd economic realities. The 13 th largest crude oil producer in the world and the second largest economy in Africa earn an estimated $2.2 million a day in oil revenue. Yet, its GDP per capita, at just over $1,400, is among the lowest for the continent and 54 per cent of its 148 million people live on less than $1 per day. The figures are especially shocking because of the abundance of natural resources primarily oil and natural gas, and massive agricultural potential based on its climate and significant rural population. Human development data for Nigeria has remained persistently bleak despite a considerable upturn in the country’s economic fortunes since 2000. The UNDP ranked

The obvious explanation behind this is that policy makers sorely failed to share the increase in wealth equitably

th the country 80 in a poverty survey of 108 developing nations that focussed on severe deprivation. The agency gave Nigeria a Human Poverty Index of 37.3, placing it below more impoverished African neighbours with far smaller economies like Rwanda and Malawi. Significantly, the study looked not just at income destitution, but also at secondary aspects including education, access to health care, standard of living and life-expectancy. More than 67 million Nigerians are docketed as poor according to standard definitions, while 35 per cent of the total population live in extreme poverty. These recent trends are especially worrying because they parallel a significant but contradictory improvement in Nigeria’s macro-economic

performance. Before the current global financial crisis set in, Abuja had been successful in wielding substantial positive change in its overall balance sheets through a process of reprioritisation and economic reform since 1999. A slew of measures, including privatisation of several steel, petrochemical, mining and port entities helped develop the non-oil sector, bring down inflation and boost international currency reserves. Nigeria also successfully negotiated with the London and Paris clubs to do away with a large part of its foreign debt. However, World Bank research confirms that even during periods of relative prosperity, poverty levels remained unabated in the broadest sense, and actually worsened during successive positive growth periods.

etween 1972 and 1980, for instance, the Nigerian per capita income shot up from $1,300 to $2,900 based on rapidly escalating oil prices. A subsequent decline in global oil revenues dragged down per capita income, consumption and expenditure to critical levels. However, Nigeria neglected investment in human development projects and continued to pump borrowed finances into capital-intensive enterprises. The fallout was that the dramatic rise in national fortunes bypassed the majority of Nigerians, as evident from the negligible rise in per capita consumption figures for the same period. The differential effect on poverty levels in rural and urban areas for the coinciding period is equally startling. Because of a simultaneous worsening of income distribution, rural poverty declined slightly while the number of urban poor gained. However, the worst-off were also the worst losers, as the population living in extreme poverty across Nigeria swelled up from 10 million to 14 million. The obvious explanation behind this is that policy makers sorely failed to share the increase in wealth equitably.

Vanguard, MONDAY, MARCH 31, 2014 — 19

hen in August 2009 Sanusi Lamido Sanusi intervened in five troubled banks in the country; many saw it as a rescue mission. But I saw it differently. I whole-heartedly supported Sanusi cleaning up the toxic assets in the industry. Beyond that, I disapproved of his taking over of some banks that were still liquid at the time of the intervention. Sanusi did not separate the individuals from the institutions. If some of the bank executives contravened the banking rules, the CBN or the law enforcement agencies are at liberty to deal with such individuals. As it happens so often in developed democracies, companies that infringe on regulatory guidelines are fined heavily and in some cases, their chief executives are prosecuted and jailed. If Sanusi at the time had relieved the chief executives of those banks of their jobs and considered lost written off the made them to face the law, he principal of their non- books of a bank to be so treated, performing loans, the would have been a hero. But most of the banks bailed out he did not stop at removing management of some of the by CBN had no functional the chief executives, he went troubled banks started boards to grant such waivers, ahead and took over the banks. negotiations with key debtors leaving the decision to the That was what many did not who applied for forbearance. Managing Directors, some of In the madness of the time, see that behind the scene, whom were acting as sole there were unseen hands Intercontinental Bank granted administrators. guiding some of the well- waivers to a debtor who owed The discretion applied by targeted decisions. When some the bank N11 billion and those chief executives was not of us saw through what was applied for 70 per cent waiver. in the interest of reviving the happening and said so, the Also, another customer who ailing banks but to pander to country never took our words owed the bank N1.5 billion the interest of those who for certain. One of the very sad applied for forbearance and appointed them. In normal things that happened then was got about N500 million circumstances, it is only the waivers granted to billionaires. waiver. The debtor was billed accumulated interest and At the time, the link between to pay N1billion but what was penalty that are built into a Sanusi, Lai Alabi and Bukola said to have reached the loan term that can be granted Saraki was not so clear to bank’s vault was N800 as waivers, not the principal. Nigerians. Now that Sanusi million. The balance of N700 It was abnormal that at a time Lamido Sanusi has openly million was given as waiver when the Economic & acknowledged that Saraki was to the debtor. In another instance, a Financial Crimes Commission, his classmate, the picture of EFCC, was busy recovering what happened to the rescued customer who owed N7.5 debts from chronic debtors, the banks is becoming clearer. billion was said to have had management of the troubled Now, if Saraki is Sanusi’s his entire indebtedness banks started to give waivers close friend and Lai Alabi written off. The suspended CBN without the approval of any worked for Saraki, then the legally constituted board by connection and the subsequent Governor, Mallam Lamido shareholders. In the ordinary chain of actions that led to the Sanusi, when questioned by course of doing business, liquidation of some of the reporters at the 2009 IMF/ money fully provided for as banks is emerging in very World Bank meeting in loan loss when recovered goes Istanbul, Turkey, said that the clear terms. to beef-up the capital or For those of us who reported Central Bank will not get shareholders’ funds which the the crisis recall with nostalgia involved in the day-to-day non-performing loan has that Intercontinental Bank’s running of the troubled banks. grossly eroded. What one interim management then He said that the onus of found disturbing at the time headed by Lai Alabi had running the banks was in the was the fact that the caretaker granted waivers to the tune of hands of the managements management of several billions to some and the boards. Intercontinental Bank had It was clear from the companies alleged to be disclosed that the bank associated with Saraki. These beginning that what was recovered over N78 billion out debtors were close to the then happening in the industry at of the N142.644 billion interim management put in the time was not normal as provisions for loans and other place by the CBN Governor. bankers were worried that known losses, stating that the The explanation then was that though it is normal for a long- waivers the bank granted to in order to recover fully the standing non-performing loan

Revisiting rescued banks’ grant of waivers to billionaires: What redress is possible? debtors was in line with the with serious issue of moles in existing policy in the bank to the bank, what these people encourage debtors to pay. intended to achieve was to Explaining the situation, Lai malign the bank, frustrate the Alabi had said: “When loans progress we have made for have become bad as they are, the purpose of serving certain when the underlying interest. securities have virtually been ”Most of the figures given totally eroded as we have out are distorted. For now, then there is a need to instance, in some cases the give some amounts they concessions are asked to pay in order to exclude the encourage values of share The very sad such debtors the loans were to pay, that used to thing that is exactly purchase. Also in happened then what we did most cases, the was waivers and this is waivers took into the practice consideration, granted to in all banks wrong debits, billionaires. At - both in penalty charges the time, the link and other entries Nigeria and worldwide. between Sanusi, in dispute; we ” T h e r e need to have in Lai Alabi and existed such mind that our Bukola Saraki policy on effort has so far waivers yielded a reward was not so clear before the of about N80 to Nigerians. present billion since the Now that Sanusi intervention.” management assumed Now that it is in Lamido Sanusi office, this the public has openly was then domain that acknowledged presented to some of the the credit actions were that Saraki was committee premeditated to his classmate, w h i c h help a friend get the picture of refined it what he had a n d craved for but what happened presented it could not get in to the rescued to the board the ordinary run banks is w h i c h of business, what approved it. redress is becoming But we are possible for those clearer contesting lost five banks?

Business & Economy Investors lose N960bn in 3 months as NSE market value drops by 7.3% Continued from page 18 instruments,” he added. Outlook Commenting on the outlook for the second quarter, the Eczellon boss said, “We expect a positive recovery from the first quarter dip; this position is supported by the recent impressive earnings posted and record dividend payment of some quoted companies. With high expectations from other companies yet to release their audited accounts, we are positive of a market recovery.” “A foray of primary market issues is expected to set the tone for rest of the year, as the market has been viewed as

viable platform to raise long term funds,” he added, saying that the de-mutualisation of the Nigerian Stock Exchange, capital issues by indigenous oil companies and likely approach of the market by the power companies would add to the expected positive run in the second quarter. He further stated that the rebasing of the GDP by the National Bureau of Statistics (NBS) will also lead to an optimistic outlook for the economy, adding that the rebasing would push the nominal output to about $400 billion. “The implication of this is that public debt will contract,

improving the capacity of the Nigerian state to increase her borrowing. We believe this will spur more of domestic borrowing than external borrowing, hence the issue of capital market instruments.” Unlike Onaolapo, Chukwu stressed that the bearish run will likely continue in the second quarter as some of the factors that impeded performance in the first are yet to ebb. His words: “The two critical factors that contributed to the bearish equities market in first quarter 2014 seem to be worsening. While Nigeria’s foreign reserves is recording accelerated rate of decline, the

US Federal Reserve is expected to further reduce the monthly asset purchases by $10billion to $55billion at their March 2014 meeting.” Consequently, he said that the Nigerian equities are likely to record further price declines as local fund managers particularly the Pension Fund Administrators, PFAs, who should have filled the gap created by the exit of foreign portfolio investors seem to have stepped to the sidelines waiting to see how low the market can get or hoping to buy when stock prices drop to their support levels. In his review of the market

performance for month of March, Bismarck Rewane, Managing Director, Financial Derivatives Company, FDC, said the Nigerian Stock Exchange was off to a rough start in the month with Yearto-Date, YTD, return declining to 4.28 percent from 1.83 percent, while market capitalisation declined by 2.30 percent to N12.71trillion from N13 trillion. The month, he said, closed in the negative in 11 out of 18 trading days. He added that the banking stocks were biggest casualties declining by 7.34 percent; consumer goods and conglomerates sectors were also affected. C M Y K

20 — Vanguard, MONDAY, MARCH 31, 2014

Business & Economy

AU says common currency will promote inclusive growth in Africa

irector for Economic Affairs, Commission of the African Union (AU), Dr Rene N‘Guettia, says there is need for Africa to adopt a common currency to ensure inclusive growth in the continent. N‘Guettia said this at the ongoing 7th Joint Annual Conference of Ministers of Economy and Finance and Economic Community of Africa (ECA) in Abuja. He said that the aim of the summit was to ensure the establishment of African monetary fund as part of efforts to ensure a single currency to promote trade among African countries. He, however, commended the achievement of ECOWAS in promoting free movement of persons, saying it was the biggest achievement of the commission. N‘Guettia stated that the African Union had tried to motivate the countries and other regions to replicate the achievements of ECOWAS in their regions. “Because we know that without free movement, nothing can happen, we cannot develop or industrialise the continent if Africans cannot move freely and we cannot develop African trade if Africans do not have free movement,” he said.

CBN cashless policy takes off in July in Akwa Ibom

he Central Bank of Nigeria (CBN) says its cashless policy will take off in Akwa Ibom with effect from July 1. The Acting Governor of CBN, Dr Sarah Alade, disclosed this at a three-day sensitisation seminar in Uyo. She described the policy as “the best monetary option policy, but long overdue in Nigeria”. Alade, represented by Mr. Okafor Nwokoro, Acting Branch Controller of CBN in Uyo, said that the objective of the policy is to reduce cash payments and encourage electronic transactions in the country. She said that the new policy stipulated a charge for cash withdrawals or deposits that are above N500, 000 for individuals or N3 million for corporate entities. The acting CBN governor said that the policy commenced in Lagos, Ogun, Anambra, Rivers, Abia, Kano State and the FCT on July 1, 2013. C M Y K

*BRIEFING - From left: National Competitiveness Council of Nigeria (NCCN) Associate; Ms. Nihan Siriklioglu; MD/CEO; NCCN; Mr. Chika Mordi; and the Senior Adviser, Economic, NCCN; Ms.Nneka Ekwuozor; at a Press conference held by the NCCN in Lagos.

How African govts can attract youths to agriculture — FAO

he Food and Agriculture Organisation (FAO) says the best way to attract youths to agriculture is for African governments to evolve fiscal policies that will allow them to have access to finance. Mr Bukar Tijani, FAO’s Assistant Director-General, Regional Representative for Africa, expressed this opinion during interview with News Agency of Nigeria (NAN) in Tunis. Tijani urged African youths to take advantage of the positive development being recorded in the agriculture sector. He said: “we have some of the best economies which are agriculturedriven, not just mineral driven. So, it is really time for the youths to look at what and what we have. It is not the governments in Nigeria or other governments in Africa that will employ the youths directly. It is the jobs that will be available in the agriculture sector. When we are talking about agriculture, it includes the crops sector – horticulture, livestock, and fishery (aquaculture) and forest products.” The immediate past Minister of State for Agriculture noted that in Nigeria and many other African countries, commercial banks are now

willing to give loans to farmers at single digit interest rate as well as demanding minimum or no collaterals. He noted that government has removed tariffs and other excise payments on agricultural equipment to encourage farmers and other people engaged in agri-business. According to him, the participation of 51 out of 54 African countries with the attendance of 47 ministers is an

indication of the commitment of leaders to harness the abundant potential in the sector. “We have a lot of concerns because the agriculture sector holds a lot for our economies.” He pointed out that agriculture contributes about 40 percent of the GDP in many African countries, noting that opportunities abound in horticulture, cassava and rice production. Others are fruits and

vegetables markets as well as the value chains in small ruminants, poultry, and all products of poultry and dairy production. The FAO assistant director-general underscored the fact that ICT could be deployed in the agriculture sector for many uses. “When we talk about ICT in agriculture, people are looking at information, research, and market price, kiosks and where best prices are and best technologies they can use. “In Nigeria, we think there is an excellent opportunity and a big trend where youths can form business groups and they can be service-oriented in terms of giving service for mechanisation, seed, fertiliser, extension services, among others.” He advised youths clamouring for government jobs to have a re-think. “When you look at the public or civil service, you will find out that it is choked, but our youths are thinking that they will go into government and work. The work is not in the government, it is outside the government.” Tijani commended President Goodluck Jonathan and the Minister of Agriculture, Dr Akinwumi Adesina, for the achievements so far recorded in agriculture. “Nigeria has been mentioned very loudly in the sense that it is among one of the countries that is leading and has one of the fastest growth in aquaculture. It is also among the countries that are very focused on the employment of youths in terms of entrepreneurship/ agribusiness. Nigeria is being looked at as a country where lessons can be learnt by so many other countries.

NCCN calls for private public sector collaboration on competitiveness … organises business outreach By PROVIDENCE OBUH

he National Competitiveness Council of Nigeria (NCCN) has called for collaboration between private and public sectors on competitiveness, in order to achieve efficient environment for doing business in the country. Also, as part of activities scheduled for the first year of its operation from inauguration in February 2013, it announced a business outreach event to introduce the Nigerian business, diplomatic community and key industry players to the council’s competitiveness agenda, as well as facilitate opportunities for collaboration towards transforming business productivity in the country. Speaking at a media parley, inaugural CEO, NCCN, Mr. Chika Mordi, described competitiveness as the aggregation of all social, economic and environmental factors including institutions and policies that are

critical to enabling a country to reach its economic potential. Mordi recalled that Nigeria ranked 147 out of 189 on the “2014 World Bank’s Ease of Doing Business Report,” saying, “this simply means that when measured against 189 global economies, many of whom are also African, our environment is more challenging for starting and growing businesses. Nigeria has one of the most entrepreneurial people on earth and a large domestic market. Poor competitiveness shackles our potential.” To this end, he said that sustainable growth and poverty reduction can only come about by market led growth. He said, “We need to build a business friendly environment to combat the problem of unemployment and secure our prosperity. However, a high productivity environment can only be realised when the private and public sector come together to implement an agenda for competitiveness, to bridge the gap between opportunities and supporting infrastructure, bureaucracy and policies.

Vanguard, MONDAY, MARCH 31, 2014 — 21

Business & Economy

SON, other stakeholders endorse Dangote 3X cement By JUDE NJOKU & FRANKLIN ALLI

tandards Organisation of Nigeria has approved Dangote 3X latest brand of Portland cement, saying it meets the requirements for constructing residential and commercial homes. Lagos State Bricklayers Association and the Association of Housing Corporations of Nigeria (AHCN) have also endorsed the product which comes in 50kg bags and marked 42.5R. The three X stand for extra strength, extra life and extra yield. These are what representatives of the trio organisations said separately about the product during the pre-media launch in Lagos. “SON has certified the product for having met the requirements of 42.5R,” said Mr. Onipade Adeoye. With this new product, we will collaborate with Dangote to make sure the product is used by our members’ panNigeria,” said Toye Eniola, spokesperson for AHCN. Similarly, Abel Olusegun, President of the Bricklayers Association Lagos, said: “We are happy with the introduction of the new product and we are going to use it.” Devakumar Edwin, the Group Managing Director of Dangote Cement Plc, disclosed that the product is the first among three new cement products the company will be introducing into the market over the next five months. On the difference between the 42.5R and the regular cement, he explained: “The advantages of the 42.5R grade of cement over the 32.5 grade are that it gives a finer finish to the concrete work. When mixed, the 42.5 grade has fewer air-pockets and therefore adheres better and has a longer life. Also, because of its higher strength characteristics 42.5 grade cement gives higher yield than 32.5 to users in situations where strength is not a crucial factor,” he said. The Honorary Adviser to the Chief Executive/President of Dangote Group, Engr Joseph Makoju, said the cement industry which produced less than two million metric tons of cement in 2002, has moved from self sufficiency to

become a net exporter of the product. Noting that the industry has moved from a sellers’ market to a buyers’ market, Makoju said manufacturers must now go the extra mile to meet customers’ demands for higher grade of cement products. Oare Ojeikre, Group Chief

Marketing Officer, said the product was designed in response to industry stakeholders’ clamour for a stronger grade of cement to stem the rising occurrence of collapsed buildings in the country due to the use of the lower 32.5R grade of cement in block molding and other aspects of building

constructions. He also noted that with the recently established Nigerian Mortgage Refinancing Company, there will be need for more cement usage in the country as the country is having 17 million shortages of housing units.

*Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, with the manager of one of the seized fishing boats and some officials of the ministry in one of the seized fishing boats, at the Kirikiri fishing terminal, Lagos, on Friday.

Container throughput in Nigeria to grow at 10% — APMT By NAOMI UZOR

PM Terminals Nigeria has said, though volatile, container throughput in Nigeria is expected to grow at an average annual rate of 8 to10 percent during the next ten years, with growth in Eastern Nigeria being somewhat higher. Disclosing this at the stakeholders’ forum tagged “Challenges of Cargo Clearance at the Ports”, organised by the Lagos Chamber of Commerce and Industry (LCCI), Director, A.P. Moller, Mr. Neil Fletcher, said though volatile, container throughput in Nigeria is expected to grow at an average annual rate of 8 – 10 per cent during the next ten years, with growth in East Nigeria being somewhat higher, adding that considering current growth rates, majority of existing facilities will be short of capacity during the period. “We currently operate two container terminals in Nigeria, Apapa in Lagos State and West African Container Terminal in Rivers State. Last year we decided to invest $135 million in increasing capacity in Apapa and last week we’ve decided to invest an additional $30 million in upgrading WACT. That aside, comparing what we

expect the volume growth to be for the coming years with the ability of ourselves and our competitors, we believe that by 2017, demand will outstrip supply. We have invested over $220 million on equipment, infrastructural, development, process automation, local employee training and safety ” he said. He disclosed that thirty years from now, Nigeria will have close to 250 million people living in the country and that this will create additional burden on the major city centers and increase pressure on its roads and rail network, adding that significant planning and investment must be made to prepare for the future. “While Nigeria’s population has and is expected to grow significantly over time, the amount of cargo transported via rail has deteriorated significantly. As the population continues to climb, this will lead to urban sprawl and further pressure on existing major city centers. This means higher imports and exports which will put even more pressure on the existing road network, which is unsustainable. Significant investment must be made to rehabilitate Nigeria’s railway system in order to meet the growing hinterland demand,” he said.

Agric Minister orders illegal fishing trawlers to stop operations

inister of Agriculture and Rural Development, Dr Akinwunmi Adesina on Friday warned illegal fishing trawlers operating in Nigeria's waters to stop their activities. Adesina gave the warning during the inspection of seized vessels by the Nigerian Navy under the supervision of the Federal Department of Fisheries (FDF) in Lagos. The seizure of the vessels, belonging to Mid Atlantic Nigeria Ltd., was ordered by the minister at Brawa Ports because the company had not renewed its licence to fish in 2014. ''Every vessel in the Nigerian waters must carry along its valid licence to fish in the sea. It is such companies as Mid Atlantic that drive away our fishermen from our waters and create unemployment. You must comply with the law because the days of illegal business in our waters are over," Adesina said. The minister said that the company was adopting "illegal manner" to fish, leaving just a little for other fishing companies to fish. Adesina said that Mid Atlantic was in the habit of throwing back to the water dead fishes which was a serious offence. He ordered the arrest of the seven Chinese officers of the company. Commenting on the arrest, Ms. Folake Areola, Director of FDF, said that the vessels were asked to go and anchor, but went ahead to fish. Areola said the vessel owners had been charged to court, adding that the penalty for such offence was a fine of $250,000 on each vessel or confiscation of the vessels. Mrs Bunmi Ogungbe, Chief Fisheries Officer of FDF, also said that the company's licence was supposed to be renewed every year before they could be allowed to fish. Mr Lucky Germa, Operations Officer of Mid Atlantic confirmed that the vessels were asked not to fish.

C M Y

22 — Vanguard, MONDAY, MARCH 31, 2014

Banking & Finance

ICAN moves to attract youths to accountancy profession

he Institute of Chartered Accountants of Nigeria (ICAN) has commenced an initiative aimed at attracting young people into the accountancy profession. Tagged “Catch Them Young (CTY),” the initiative involves holding awareness programme in secondary schools across the country to educate them on the importance of the accountancy profession as a career choice. Last week, the CTY was held in Keke Senior High School, Agege, Lagos state, with 300 students drawn from the sixteen secondary schools in the Agege Education District attending. Addressing the students, President of the Institute Alhaji Kabir Mohammed said that the objective of the programme is to catch the young ones and mentor them into the accounting profession and also to motivate them and teach them the various principles by which people become successful in life. Mohammed who was represented by Chairman, Education and Training, ICAN, Mr. Rasaq Jayeola, explained that three districts in Lagos and other places like Abakaliki, Enugu, Owerri, Port Harcourt, Ijebu Ode, have enjoyed the initiative which started three months ago.

Bank of Agriculture computerises operations, introduces mobile payment

he Bank of Agriculture (BOA) has computerised its operations. The computerisation programme is part of the strategic vision of the current management to reinvent and position BOA as the foremost self-sustaining Development Finance Institution (DFI) in Africa. The computerisation programme will afford the bank’s clients the opportunity to access cutting edge real time banking services across the different platforms offered by the bank across its 201 outlets. The computerisation initiative makes it the first Nigerian Development Finance Institution (DFI) with a retail orientation to computerise its operations at all levels. C M Y K

*SEMINAR - From left: Mr. Ledum Mitee, chairman, NEIT & member, Presidential Committee on Crude oil Theft; Prince Haruna Momoh,Managing Director, Product and Pipeline Marketing Company, a subsidiary of NNPC; Dr Emmanuel Uduaghan, Governor of Delta State; Mr Niyi Ayoola-Daniels, President, International Institute for Petrolum,Energy Law & Policy, with Dr Philip Mshelbila,General Manager, Communication, Shell Petroleum Development Company of Nigeria Limited and Inemo Samiama, Country Director, Stakeholder Democracy Network at the 2014 Nigeria Oil and Gas Finance seminar held at Nicon Luxury Hotel Abuja. PHOTO BY AKEEM SALAU.

Protect your business against money laundering — NFIU charges BDCs By BABAJIDE KOMOLAFE

igeria Financial Intelligence Unit has charged the management of bureaux de change (BDC) to put in place measures that will protect their businesses from money laundering activities. NFIU official, Mr. Anthony Enwereji gave this charge in Lagos at a training organised by the Association of Bureaux De Change Operators of Nigeria (ABCON) for its members In a presentation titled, “Overview of the Money Laundering Prohibition Act 2011 as amended and Prevention of Terrorism Act 2011 as amended,” Enwereji said, “For Bureau de Change businesses to manage their risk so as to ensure that their businesses is not are not used as a vehicle for money laundering, the management of the Bureau must ensure that policies and procedures are in place to demonstrate the steps the business has taken to safeguard against these risks. Policies and procedures should include identification and verification requirements,

monitoring of business relationships, suspicious activity reporting, internal controls and systems, compliance controls and arrangements and the ability to determine if transactions are linked.” He emphasised the need for training of BDC as a critical

step to protect their business from the activities of money launders. He said, “Bureau de change businesses must take appropriate measures to ensure that all agents and their employees are trained so that they are aware of the relevant provisions of the CJA 2010. At a minimum, the

training should include ensuring that employees receive appropriate guidance to enable them to recognise operations which may be related to money laundering and terrorist financing as well as instructing them on how to proceed in such cases. Training also needs to be kept up to date so as Agents are aware of the changing behaviour and trends amongst money launderers and terrorist financiers.” Speaking in the same manner, ABCON President, Alhaji Aminu Gwadabe in his opening speech, warned BDCs to avoid being used by unscrupulous persons to perpetrate crimes like money laundering and financing of terrorism. He said: “You will recall that between January last year and last weekend, the apex bank revoked the licences of over 400 BDCs due to one contravention or the other. While the revocation indicate that the apex bank would not spare any operator found wanting, it is also a wake -up call to BDCs, to pay increased attention to their operations and ensure that they are not found wanting with respect to any of the regulatory requirements. Most importantly, BDC must conduct necessary due diligence of clients in accordance with regulatory Know Your Customer (KYC) Principle. This is to avoid being used by unscrupulous persons to perpetrate crimes like money laundering and financing of terrorism.”

SystemSpecs offers e-payment waivers to NCS members on Remita

he Central Bank of Nigeria [CBN]’s cashless policy got a boost at the weekend when the management of SystemSpecs, the Nigerian software-house giant behind Remita, offered waiver to the Nigeria Computer Society [NCS], which afford over 10,000 members of the society the opportunity to remit their annual dues through Remita. With this development, NCS individual members would issue standing orders via Remita to their respective banks, and the banks would remit the various payments to NCS’ bank accounts. To demonstrate its commitment towards ensuring that NCS members fully embrace the electronic remittance initiative in compliance with the CBN’s policy, SystemSpecs has waived its normal standing orders fees for NCS members for the 2014 annual dues. The Managing Director/CEO, SystemSpecs, John Obaro explained that, “With this gesture, our objective is obvious. We want to reduce people’s need for handwriting cheque. We want to reduce the need to make payments using physical cash. For routine payments like membership fees,

subscription payments etc, you do not have to keep writing cheques all the time. Individuals can use Remita to hand-write a cheque normally or issue standing order payments. These are what the CBN’s cashless policy is about”. According to NCS president, Professor David Adewunmi, the NCS-SystemSpecs strategic partnership would assist organisations to identify, support innovation efforts and build capacities to help “realize the huge potential in Africa’s fledging market.” Remita is a robust, integrated electronic payment platform deployed by banks, governments and corporate organizations for electronic payment, collection and payroll processing. It helps corporations and individuals to seamlessly adopt e-payment practice, which is the cardinal objective of the CBN’s cashless policy. The solution helps organizations and banks to comply fully with the CBN’s guidelines on end-to-end electronic payment of all forms of salaries, pensions, suppliers and taxes in Nigeria. Users can make payments into accounts in commercial banks, micro-finance banks, mortgage banks and mobile wallets.

Vanguard, MONDAY, MARCH 31, 2014 — 23

Banking & Finance

CBN introduces e-Referencing to quicken account opening process BY BABAJIDE KOMOLAFE

he Central Bank of Nigeria (CBN) has introduced electronic referencing to quicken process of opening bank accounts. To open current accounts with banks, prospective bank customers are required to provide two referees. This referees must have current account with either that bank or any other bank. Where the

references provided are customers of another bank, the bank will have to send the names of the reference to their banks for confirmation before completing the account opening process. This is usually done by sending the account opening forms to the banks to confirm if the references provided are indeed their customers. According to the CBN, “Besides high illiteracy level and low confidence in the Financial System, a major

reason for this relatively small number of account holders in Nigeria is the inter-bank reference bottleneck which makes it difficult for new accounts to be opened speedily. At times, the prospective bank customers get frustrated and eventually abandon the process of opening a bank account. “The Nigeria Inter-Bank Settlement System (NIBSS) Plc, in fulfilment of its shared- service mandate and in conjunction with the

LITERACY - From left: Regional Director, South-east/South-south of First City Monument Bank (FCMB) Limited, Mr. Okey Ezeala (first left); the Deputy Managing Director of the Bank, Mr. Segun Odusanya (third left); the Principal of Community Secondary School, Aka Offot at Uyo in Akwa Ibom State, Mr. Jehu J. Obobikpe (fifth left) with some students of the school during the Financial Literacy programme organised by FCMB for the students. The event took place at Uyo in Akwa Ibom State.

Committee of Heads of Bank Operations (CHBO) has agreed to develop an electronic reference (eReference) portal, such that account opening processes of Nigerian banks can be fasttracked with regards to interbank referencing.” The Electronic reference system involves the sending of account opening documents electronically among banks through an internet based portal created and operated by NIBSS. In a circular announcing the introduction of the new system, Director, Banking and Payments System, Mr. Dipo Fatokun explained, “The e-Referencing system is a web based automated document management system, designed to process customers account references, and is capable of eliminating the inefficiencies of the old ways of manual reference processing system. The implementation of this solution ensures that interbank references become faster, more efficient and traceable, by both the presenting and receiving banks. It is also designed to enhance compliance with the existing Know Your Customer (KYC) directives. The e-Reference Portal, which is hosted by NIBSS requires that receiving banks respond to inward references within three (3) working days.”

Funding, govt policies affecting int’l trade facilitation BY MICHAEL EBOH

acks of funding, inappropriate government policies and inadequate infrastructure have been identified as the majorfactors hindering the facilitation of international trade in Nigeria. Diji Atoyebi, Head, Small and Medium Enterprises, SME, Desk, Access Bank disclosed this at the bank’s Business Banking Power forum on international trade in Lagos. He noted that inadequate requirements for capital financing, substandard items and policy corruption at the formulation and implementation stages have negatively affected import and export trade in Nigeria.

He noted that these challenges, notwithstanding, the international trade sector have huge growth opportunities with a readily available market. To this end, he said Access Bank will guarantee safety of funds, appropriate channel services, right pricing, financing at all levels of transaction and partnership. According to him, the bank’s competitive edge is in the prompt processing and approval of Form M, efficient electronic channels, trained and highly skilled workforce, competitive products and pricing, accessibility of loans and advances, financial and business development advisory services. According to him, Nigeria is an import-dependent country,

with statistics showing that 88 per cent of the products in the Nigerian market are imported. He said, “Many manufacturing companies rely on importations either in form of direct raw materials, semifinished goods and or machinery. The main partners are China, United States of America, USA, Europe, India and Belgium; these countries account for over 70 per cent of countries of origin in imports in Nigeria. “Nigeria has over 5,000 exporters nationwide as recorded by the Nigerian Export Promotion Council. These companies export various products ranging from agricultural product, aluminum, chemicals, beverages and other finished goods.”

Atoyebi maintained that financing is critical for international trade, as importers, a lot of manufacturers and traders require credit lines for the importation of raw materials as well as finished goods, while exporters need to finance the production of the goods/ commodities to be exported. According to him, the major challenge in financing, especially for Small and Medium Scale Enterprises, SMEs, is the issue of adequate collateral to support working capital requirements. He listed other challenges in the sector to include government regulations and logistics challenges, which is seen in the difficulty in the transportation of goods.

FCMB adopts school for financial literacy

irst City Monument Bank (FCMB) held an in interactive session on Financial Literacy with the students of Community Secondary School (CSS), Aka Offot, Uyo, in Akwa Ibom State. The event was in commemoration of the 2014 Global Money Week and Financial Literacy Day. The event which held on March 14, 2014 to coincide with the World Financial Literacy day celebration, was organised in partnership with Junior Achievements of Nigeria (JAN), a financial education non-governmental organisation. The programme, an initiative of the Banker’s Committee in collaboration with the CBN, is focused on educating Nigeria’s youth about their economic environment, impressing upon them the importance of saving, entrepreneurship and financial creation.

Open Media Alliance debuts as Africa’s first IT news network

hree technology focussed publications, Technology Times, FinTech, and govTech have established the first IT News Network in Africa known as Open Media Alliance (OMA) Open Media Alliance (OMA) is an online news coalition to offer consumers the widest reach and multichannel advertising exposures. In order to offer its customers widest reach and multi-channel advertising exposures, Technology Times, Nigeria’s leading technology publications, has teamed up with financialtechnology and govTechnology publications to establish the first Africa’s IT news network called Open Media Alliance (OMA). With its combined offerings, OMA has the highest number of readers, news uploads, analysis, feature stories, insights, photo news and interviews. Established in 2014, OMA is the first truly online news coalition to offer consumers widest reach and multichannel advertising exposures. C M Y K

24 — Vanguard, MONDAY, MARCH 31, 2014

Corporate Finance

US highfrequency trading ban unlikely — Nasdaq

.S. regulators are unlikely to put rules in place that would harm highfrequency trading (HFT) as doing so would make trading more difficult and expensive for all investors, Robert Greifeld, chief executive officer of Nasdaq OMX Group said last week. HFT is a practice carried out by many hedge funds, banks and proprietary firms using sophisticated computer programs to send high volumes of orders at near light speed, executing shortterm trades to make markets or capitalize on price imbalances. HFT makes up more than half of all U.S. trading volume. Last week, New York state’s Attorney General Eric Schneiderman said in a speech that U.S. stock exchanges and alternative trading platforms provide HFT firms with unfair technological advantages that give them early access to key data. Shares of Nasdaq, the third-largest U.S. stock exchange operator by volume, fell as much as 4 percent during on the day of Schneiderman’s speech, its biggest single-day drop since April 2013.

BRIC bust fuels investors rush into frontier market

s investors dump emerging-market equities at an unprecedented clip, they’re turning more and more to frontier markets in search of the next growth story. No exchange-traded fund focused on developing nations has grown faster in the past year than BlackRock Inc. (BLK)’s iShares MSCI Frontier 100 fund, whose biggest holdings are in Kuwait and Qatar. Assets under management surged nine-fold to $581 million, fueled by $458 million of inflows and returns of 22 percent. In contrast, BlackRock and Vanguard Group Inc.’s flagship emerging-market exchangetraded funds have seen investors pull a record $26 billion in the period, according to data compiled by Bloomberg. The MSCI BRIC Index is down 5.4 percent this quarter, even as it is poised for its best week of gains this week. C M Y K

UBA records 20% increase in gross earnings BY PETER EGWUATU

nited Bank for Africa Plc has recorded impressive growth across key financial performance indicators, attributing it to improved growth drive, sustained operational efficiency and enhanced productivity. According to the financial report released last week for the 12 months ended December 31, 2013 and submitted to the Nigerian Stock Exchange, UBA recorded a 20.2 per cent increase in gross earnings to N264.7billion. This was largely driven by a growth of 40.4 per cent in loans and advances as well as a 25 per cent growth in the Bank’s total deposits. Consequently, the Bank’s loan-to-deposit ratio improved from 38.7 per cent to 44.3 per cent. The remarkable growth in loans and advances, especially in the last quarter of the year, puts the Bank in a vantage position for continued revenue growth in the coming years. In addition to achieving this growth, UBA also enhanced its operational efficiency and productivity with the Cost-toIncome ratio improving by 4

FORUM - From left: Managing Director/CEO,Mr. Johnson Chukwu; Chief Operating Officer, Nkoli Edoda and Head Corporate Finance, Victor Bisong all of Cowry Asset Securities management limited at the Capital Market Correspondent Association (CAMCAN) March forum. per cent from 64.8 per cent to 60.9 per cent. This improvement was largely through prudent cost management policies, enhanced efficiency of the Bank’s network and the impact of other productivity initiatives. The Bank’s Profit Before Tax grew by 7.8 per cent to

N56.06billon, representing a Return on Equity of 21.8 per cent. The Bank ended the year with a total balance sheet size of N2.64 trillion and a total deposit base of N2.22 trillion. Commenting on the results, the Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza said “UBA’s

gross earnings for the year is quite impressive, with positive contributions from all our businesses. Our Bank achieved a good result despite a challenging operating environment, demonstrating the strength and resilience of our people and their dedication to implementing our growth plans in 2013.”

Dangote Cement shareholders to get N7 dividend per share

hareholders of Dangote Cement Plc have cause to smile home this year as the company has proposed a dividend of N7 per share. for the financial year 2013. The proposed dividend by the company would be subject to approval of the shareholders at the company’s Annual General Meeting (AGM) to be held later in the year. Dangote Cement recorded upsurge in its sales volume to the tune of 13.3million tonnes leading to a 40.6 per cent increase in profit before tax over the previous year. Hence the company declared a profit before tax of N190.8 billion for the year. The audited results of the company announced in Lagos indicated that the pretax profit is 40.6 per cent higher than that of the previous year while

consolidated revenue grew to N386.2 billion, representing an increase of 29.4 per cent. While the results celebrated the increase in the company’s sales volume, it further shows that the Nigerian cement market grew by 15.6 per cent to nearly 21.2 million tonnes. Dangote cement attributed the increased sales volume to its direct-to-customer deliveries strategy and described it as proving highly successful accounting for more than 50 per cent of sales. Its Obajana plant sales volumes went up 37.2 per cent while its Ibese plant recorded 40.4 per cent increase. Consequently, the company recommended a dividend of N7.0 per ordinary share as against N3 paid out in 2012, representing an increase of 133 per cent. Dangote Cement’s Group

Chief Executive, Devakumar Edwin expressed satisfaction at the performance of the company saying the impressive run was as a result strategies deployed through sound management of the prevailing economic situation. He said; “Dangote Cement made excellent progress in 2013. As the Nigerian cement market grew by a strong 15.6 per cent, we managed even better growth of 28.2 per cent , with our revenues increasing by 29.4% to N386.2bn. Our direct-delivery strategy is proving very popular with customers and I am pleased to report that direct-tocustomer deliveries now account for more than half of our sales. “ We increased our margins despite continuing disruption to our gas supply and believe that the gas distribution infrastructure will be more robust in 2014, enabling us to improve our margins even

further. At the same time we are looking at ways to diversify our fuel supplies to mitigate the impact of any future disruption and reduce the cost of using alternative fuels to gas. “Our financial strength has allowed us to increase our dividend by 133 per cent to N 7.0 per share and the coming year will see our new factories opening across Africa as we begin to deliver on our promise to become Africa’s leading cement producer, generating strong and sustainable returns for our shareholders.” Dangote Cement, which is Africa’s leading cement producer is a fully integrated quarry-to-customer producer with production capacity of 20.25 million tonnes in Nigeria with three in the country and plans to expand to 13 other African countries with new operations beginning to come on stream across the rest of SubSaharan Africa.

Vanguard, MONDAY, MARCH 31, 2014 — 25

Corporate Finance

‘Banks' earnings to drop over CRR increase for private sector deposit’ By NKIRUKA NNOROM

ommercial banks operating in the country will likely report weak earnings at the end of 2014 financial year following continuous tightening of banking system liquidity by the Monetary Policy Committee. Mr. Johnson Chukwu, Managing Director/CEO, Cowry Asset Management Limited, expressed the position at the Capital Market Correspondents Association of Nigeria, CAMCAN, forum in Lagos. He said that cost of fund will also skyrocket in the nearest future as a result of the decision. At the end of its meeting last week, the MPC retained the Cash Reserve Ratio, CRR, on public sector deposit at 75 percent, while that of the private sector was increased by 300 basis points from 12 percent to 15 percent. He explained that the MPC decision has continued to constitute challenge to the capital market, saying that is why the equities market has gone down nine percent year-to-date. Delivering a paper themed, “Investment Instruments in Nigerian Capital Market: risks and Benefits”, Chukwu added that the development has made the Nigerian capital market less attractive than what it used to be some years back. “With the consistent tightening of banking system

liquidity through increases in deposit money banks’ cash reserve requirement on public funds to 75 percent and private sector funds to 15 percent, the available liquidity for lending and investment have been greatly reduced. “Apart from the liquidity impact, this policy has also dampened banks' income prospects, hence the cautious outlook on banks’ equities. With leaner cash for lending, banks’ lending rates have remained high at about 26 percent, which is a

disincentive to real sector borrowing. Equities of nonbank companies are therefore faced with bearish outlook as business activities are challenged by nonavailability of funds.” He noted that the United States of America recently started tapering of its quantitative easing strategy, thereby signaling a likely yield in its longer tenured bonds, adding that this has kept foreign portfolio mangers on a watch out for eventual crystallization of

the opportunity, hence increasing the volatility of foreign portfolio investments. He further stated that the Nigerian capital market is still lacking in depth as ‘we don’t have instruments they have in other markets.’ He explained that complex securities like derivatives, Futures and options would require a lot of market operators’ education and investor enlightenment before they could be embraced.

LITERACY - From left: Carol Oyedeji, Head, Consumer Banking, West Africa, Standard Chartered Bank; Oladunwo Alani, Principal, Catholic Comprehensive High School, Abeokuta; Adenrele Odukoya, Assistant Senior Girl, Catholic Comprehensive High School, Abeokuta; and Yemi Owolabi, Executive Director, Finance, Standard Chartered Bank at a financial literacy programme organised by the bank for students in Abeokuta.

CCNN dividend declaration beats market expectation —Analysts By NKIRUKA NNOROM

nalysts at Chapel Hill Denham, an equity research firm, have said that 70kobo per share dividend declared by Cement Company of Northern Nigeria, CCNN, for its 2013 financial year end was better than expected. The company, however, said that result was disappointing as revenue and profit fell short of expectation. For the year ended December 31, 2013, CCNN reported 4.37 percent growth in revenue to N15.79 billion from N15.13 billion in 2012, while the cost of sales remained constant at N107.72 billion.

The profit before tax grew by 2.58 percent to N1.97 billion from N1.65 billion. The profit after tax rose to N1.42 billion from N1.19 billion, representing 1.86 percent growth, while earnings per share rose to 113kobo from 95kobo in the previous year, representing 1.48 percent increase. Reviewing the result, Chapel Hill Denham said the dividend declared was 115.4 percent stronger than Bloomberg consensus of 33 kobo, representing a dividend payout ratio of 40.4 percent and a dividend yield of 7.4 percent. “Market reactions to the results have been positive as the stock has advanced by 12.8 percent since the release of its results to close at N9.87.

In our view, this is due to the better than expected DPS,” they said. However, “CCNN’s FY-13 results are disappointing as revenue growth of 4.4 percent year-on-year, yoy, was materially behind our 13.3 percent yoy growth expectation and Bloomberg consensus of 9.1 percent yoy. The profit lines are also disappointing as EPS came in 31.0 percent lower than our expectation.” They explained that the drop in both revenue and profit was due to the slow recovery in sales volumes in Q4-13, saying, sales growth of 13.9 percent quarter-toquarter, qoq, to 121,369 tonnes, was not enough to offset the volume decline of

14.0 percent qoq in Q3-13. “Consequently, sales volumes grew by 6.5 percent yoy to 515,849 tonnes in FY13 from 484,348 tonnes in FY-12,” they stated. “CCCN’s gross margin expanded to 31.8 percent in FY-13 from 28.1 percent in FY-12. We believe this improvement was due to lower energy costs, given management’s guidance on the acquisition of a coal grinding mill to reduce its dependence on Low Pour Fuel Oil (LPFO). “EBIT margin also improved to 13.4 percent in FY-13 from 11.9 percent in FY-12, on the back of the strong growth of 18.2 percent yoy in gross profit and a relatively mild growth in operating expenses.”

Access Bank to open 50 selfservicing ebranches BY MICHAEL EBOH

ccess Bank Plc has announced plans to open about 50 self-servicing electronic branch across the country in the next couple months to simplify banking for its customers. Speaking at the launch of the first of the self-servicing branches, tagged, ‘Access Express,’ at Ikota, Lagos State, Managing Director, Access Bank, Mr. Herbert Wigwe, said the e-branch is an intelligent response to customers’ needs and is ahead in terms of value delivery. He said the self-service electronic branch is a onestop centre where customers are able to do banking transactions, which ordinarily would have taken them to the banking halls. According to him, Access Express branch offers 24/7 cash withdrawal service to Access Bank cardholders and other banks’ cardholders. He explained that customers could enquire about their account balance, both savings and current; deposit cash into their accounts without using cards.

NITDA graduates 120 youths on business process outsourcing

he National Information T e c h n o l o g y Development Agency, NITDA has graduated a total of 120 youths in Business Process Outsourcing, BPO. Speaking at the certification ceremony in Abuja, Acting Director General of the agency, Ashiru Daura, said the youth were trained on business processing outsourcing in line with NITDA’s mandate to impact knowledge on the people. He said that impacting knowledge is the most important asset that could be given to someone in his life time, assuring that the knowledge would make great difference in the lives of the beneficiaries. “We need to develop the skills and capacities of young Nigerians. The most important thing you can give people is that knowledge which they can use to get job, live a very purposeful life,” he said. C M Y K

C M Y K Company Oil and Gas and Products Petroleum Prod ucts Capital Oil Plc 1st fTier Securities AGRICULTURE Crop Production FTN Cocoa Processors Plc Okomu Oil Palm Plc Presco Plc Livestock/Animal Specialities Livestock Feeds Plc CONGLOMERATES Diversified Industries A.G. Levents Nigeria Plc Chellarams Plc John Holt Plc SCOA Nigeria Plc Transnational Corporation UACN Plc CONSTRUCTION/REAL ESTATE Building Construction/Structure ARBICO Plc Constain (WA) Plc CONSTRUCTION/REAL ESTATE Non-Building/Heavy Construction Julius Berger Nig Plc Roads Nigeria Plc Real Estate Development UACN Property Development Real Estate Investment Trusts Skye Shelter Funds Union Homes Real Estate Investment CONSUMER GOODS Automobile/Auto Parts DN Tyres & Rubber Plc

Opening Price (N) 0.50

Daily Stock Market Report Closing Price (N) 0.50

Opening Price N

Quantity Traded 5,000

Year High 0.50

Year Low 0.50

E.P.S.

P.E. Ratio

HEALTHCARE Medical Supplies Morison Industries Plc Healthcare Providers Union Diagnostics & Clinicals Services

0.09

0.50 42.00 40.00

1,300 35,965 152,400

0.50 24.58 8.30

0.50 14.53 6.40

0.10 7.33 2.75

50.00 2.77 4.37

3.27

3.12

1,596,704

0.66

0.48

0.11

15.00

1.40 3.95 1.21 5.06 3.70 59.36

1.40 3.95 1.27 5.32 3.76 56.41

46,960 4,500 1,500 5 13,478,054 278,435

2.54 7.60 8.82 8.28 1.82 42.50

1.45 6.43 5.89 5.52 0.50 28.70

0.16 0.31 0.00 0.35 0.24 6.89

5.18 20.74 0.00 15.77 3.64 4.14

5.30 1.42

5.30 1.48

31,443 104,500

4 2,720,390.38

71.25 8.46

Sim Capital Alliance Plc Stanbic IBTC Bank Plc UBA Capital Plc

Pharmaceuticals Ekocorp Plc Evans Medical Plc Fidson Healthcare Plc Glaxo Smithkline Consumer Nig May & Baker Nigeria Plc Neimeth International Pharm Nigeria-German Chemicals Plc Pharma-Deko Plc

40 125,934

62.26 8.28

32.96 3.01

4.11 4.73

10.11 2.26

21.00

20.90

422,994

20.15

11.59

1.69

7.33

100.00 50.00

250 20

100.00 -

97.00 -

11.75 -

8.51 -

103.50 20.30 2.50

1.91 0.50 3.72 2.22 2.90 70.00 1.97 1.52 7.36 1.57

Quantity Traded

Year High

Year Low

E.P.S

P.E Ratio

165,068 3,845,761

103.50 15.69 1.41

103.50 10.64 0.03

10.56 0.87 0.21

9.71 18.03 6.71

2.23

785

10.54

9.52

0.00

0.50

387,550

0.50

0.00

3.72 2.22 3.00 70.00 2.00 1.52 7.36 1.57

162 29,811 652,180 18,439 107,200 45,000 50 354

5.31 1.45 3.20 23.11 5.61 1.96 12.91 200

5.31 0.70 0.83 2.58 3.61 0.95 0.95 4.28

0.19 0.44 2.62 0.20 0.09 0.00 0.00

0.00 88.50 0.00 3.07 9.05 14.13 0.00 0.00

ICT Computer Based Systems Courteville Investment Plc

0.67

0.64

87,900

0.52

0.50

0.10

10.00

Computers and Peripherals Omatek Ventures Plc

0.50

2,600

0.50

0.00

12.50

15.99 1.97

16.83 2.07

5,098 360

9.31 3.59

3.25 3.25

0.00 0.01

1.43 0.00

0.50

2,706,100

50,000

0.50

4,000

1.47

0.50

0.00

16.99 9.12 45.00 9.87 235.00 0.50 1.22 109.50 4.41 1.90 10.00

16.63 8.90 40.62 9.75 239.75 0.50 1.34 111.00 4.10 1.81 11.00

1,480,559 1,259,971 99,312 320,386 180,435 1,000 62,984 3,192,152 52,550 13,299 123,564

30.00 12.57 43.98 15.49 132.51 0.75 3.51 48.05 5.28 3.36 13.40

12.00 8.10 15.16 4.16 95.00 0.50 1.02 36.58 5.11 0.51 10.93

2.14 1.09 2.28 1.47 7.56 0.00 0.00 4.10 0.44 0.23 0.00

7.86 4.97 8.88 2.31 13.17 0.00 0.00 42.86 14.19 2.89 0.00

1.63 2.70

3,081 2,717,101

6.91 3.60

5.94 1.47

0.5 0.25

7.85

8.69

IT Services NCR (Nig) Plc Tripple Gee and Company Plc Processing Systems Chams Plc

71.25 8.46

Closing Price N

103.50 21.00 2.53

as at Friday, March 28, 2014

ICT Telecommunications Starcomms Plc INDUSTRIAL GOODS Building Materials Ashaka Cement Plc Berger Paints Plc CAP Plc Cement Co. of Northern Nig. Plc Dangote Cement Plc First Aluminium Nigeria Plc DN Meyer Plc Lafarge WAPCO Plc Portland Paints & Products Nig Plc Paints & Coatings Manufacturers Premier Paints Plc

0.50

50,000

0.50

0.00

14.51 185.00 24.20 151.00 0.77

14.51 194.25 42.20 150.00 0.77

2,000 111,510 12,880 7,443,669 10,000

4.63 255.00 7.10 100.00 1.01

2.23 186.00 5.23 72.50 0.93

0.00 9.95 0.41 5.08 0.00

0.00 19.98 16.29 22.22 0.00

Beverages-Non-Alcoholic 7-UP Bottling Company Plc

90.00

86,300

51.49

,39.00

2.69

13.92

Food Products Dangote Flour Mills Plc Dangote Sugar Refinery Plc Flour Mills Nigeria Plc Honeywell Flour Mill Plc National Salt Co. Nig Plc UTC Nigeria Plc

Tools and Machinery Nigerian Ropes Plc

7.46

8.90 9.80 65.00 3.75 12.00 0.56

8.90 9.70 65.00 3.72 11.99 0.56

19,713 1,224,762 696,408 776,612 296,466 55,048

19.90 16.20 95.00 6.60 6.70 0.88

4.31 4.02 57.00 2.31 3.80 0.50

0.00 0.91 4.09 0.39 1.01 1.13

16.91 14.38 16.89 16.92 5.75 8.83

NATURAL RESOURCES Chemicals BOC Gases Plc

6.66

1,000

9.20

6.80

Metals Aluminium Extrusion Ind Plc

7.75

10.50

500

12.39

10.70

0.13

85.77

Food Products-- Diversified Cadbury Nigeria Plc Nestle Nigeria Plc

80.00 1,025.00

78.55 1,0250.00

5,693,763 650,328

37.27 840.10

8.33 400.00

Non-Metalic Mineral Mining Multiverse Plc

0.50

33,333,333

0.50

0.01

0.00

Beverages-Brewers/Distillers Champion Breweries Plc Guinness Nigeria Plc International Breweries Plc Nigerian Brew Plc Premier Breweries Plc

1.35 25.43

27.61 32.84

Household Durables Nigerian Enamelware Plc Vitafoam Nig. Plc Vono Products Plc

32.27 4.25 1.66

60 26,900 2,100

36.19 5.54 2.88

33.96 2.91 2.88

13.89 0.61 0.00

2.44 7.07 0.00

Personal/Household Products PZ Cussons Nigeria Plc Unilever Nigeria Plc

31.10 45.15

186,072 369,349

41.02 47.39

21.02 27.60

0.82 1.44

4.39 32.91

FINANCIAL SERVICES Banking Access Bank Plc Diamond Bank Nigeria Plc Ecobank Transnational Incorporated Fidelity Bank Plc First City Monument Bank Plc Guaranty Trust Bank Plc Skye Bank Plc Sterling Bank Plc UBA Plc Union Bank Nig. Plc Unity Bank Plc Wema Bank Plc Zenith Bank Plc Insurance Carriers, Brokers and Sector African Alliance Insurance AIICO Insurance Plc Continental Reinsurance Plc Cornerstone Insurance Company Consolidated Hallmark Insurance Custodian and Allied Insurance Plc Equity Assurance Plc Goldlink Insurance Plc Great (Nig) Insurance Plc Guinea Insurance Plc International Energy Insurance Plc Investment and Allied Assurance LASACO Assurance Plc Law Union & Rock Insurance Plc Linkage Assurance Plc Mansard Insurance Plc Mutual Benefits Assurance Plc NEM Insurance Co. (Nig) Ltd Niger Insurance Co. Plc OASIS Insurance Plc. Prestige Assurance Co. Plc Regency Alliance Insurance Sovereign Trust Insurance Staco Insurance Plc Standard Alliance Insurance UNIC Insurance Plc Unity Kapital Plc Universal Insurance Plc Wapic Insurance Plc Microfinance Banks Fortis Micro-Finance Bank Plc NPF Micro-Finance Bank Plc Mortgage Carrier, Broker and Sector Abbey Building SOC Aso Savings and Loans Plc Resort Savings & Loans Plc Union Homes Savings Plc Other Financial Institutions Africa Prudential Plc Crusader (Nigeria) Plc Deap Capital Management & Trust Plc FBN Holdings Plc Nigeria Energy Sector Fund Royal Exchange Assurance

7.46 6.31 13.00 2.25 4.75 25.98 3.68 2.50 7.00 10.00 0.50 0.98 19.60

7.44 6.31 13.00 2.24 4.75 24.52 3.69 2.50 6.97 10.00 0.50 0.94 19.60

0.50 0.80 0.99 0.50 0.50 2.00 0.50 0.50 0.50 0.50 0.60 0.50 0.50 0.50 0.50 2.08 0.50 0.77 0.50 0.52 0.55 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.75

0.50 0.79 0.95 0.50 0.50 2.06 0.50 0.50 0.50 0.50 0.64 0.50 0.50 0.50 0.50 2.08 0.50 0.78 0.50 0.50 0.54 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.77

500,380 642,059 854,200 102,600 500 9,054,578 1,500 93,000 4,000 2,200 270,000 1,670,890 500 3,200 200 192,800 30,000 1,542,010 4,000 8,804,738 10,127,330 500 500 1,000 3,000 200 1,500 10,000 382,404

6.60 0.78

1.35 0.50 0.50 0.50

2.90 0.50 0.99 12.44 552.20 0.62

3.00 0.50 0.99 12.51 552.20 0.59

6,353,059 27,326,311 242,889 3,926,236 865,336 4,463,179 5,271,978 160,824,060 16,955,324 88,544 500 3,368,970 7,576,961

4.70 1.92 9.90 1.13 2.90 13.02 2.65 0.80 1.64 2.34 0.50 0.52 11.96

1.42 0.90 2.81 0.43 0.00 2.10 0.71 0.54 0.67 0.00 0.00 1.34 2.09

8.73 8.34 5.00 7.93 0.00 12.39 9.15 5.43 11.19 0.00 0.00 0.43 10.24

0.50 1.11 1.03 0.54 0.50 2.44 0.50 0.68 0.50 0.50 0.50 0.50 0.50 0.60 0.50 2.59 0.54 0.81 0.61 0.50 1.01 0.50 0.56 0.50 0.50 0.50 0.50 0.50 1.08

0.50 0.50 0.58 0.50 0.50 1.08 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 1.06 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50

0.00 0.50 0.14 0.02 0.50 0.28 0.01 0.00 0.03 0.01 0.00 0.02 0.00 0.00 0.03 0.16 0.00 0.37 0.02 0.03 0.06 0.04 0.09 0.00 0.00 0.00 0.02 0.00 0.07

0.00 22.20 6.79 27.30 10.00 7.43 50.00 0.00 16.67 50.00 0.00 25.00 0.00 0.00 16.67 16.19 0.00 2.19 26.00 16.67 15.50 12.50 5.65 0.00 0.00 0.00 25.00 0.00 15.43

4,100 509,240

6.00 1.18

0.00 0.92

0.04 0.92

150.00 10.56

500 170,000 20 109,000

1.57 0.50 0.50 0.50

1.37 0.50 0.50 0.50

0.19 0.02 0.00 0.00

47.6 7 25.00 0.00 0.00

3,455,798 22,000 30,000 12,602,535 212,000

12.39 7.51 14.04 3.47 5.70 26.09 6.50 3.05 7.69 10.60 1.22 1.75 21.49

0.75 0.50 2.02 20.00 250 0.78

0.00 0.50 2.02 8.57 552.20 0.50

0.19 0.00 0.00 2.03 12.68 0.13

9.16 0.00 0.00 9.85 43.55 6.00

Packaging/Containers Avon Crowncaps & Container Nigerian Bags Manufacturing Company

1.55 2.74

8.26

0.00

0.78

39.60 9.16 0.00

7.37

Paper/Forest Products Thomas Wyatt Nig. Plc

0.83

102

1.38

0.00

Electronic and Electrical Products Cutix Plc Nigerian Wire & Cable Plc

2.07 0.50

102 5,000

2.50 2.58

1.62 2.58

0.11 0.00

13.15 0.00

1.44

2,000

1.51

1.33

0.03

28.80

3.98 19.00 12.68 4.30 1.05 2.92 0.63

3.98 19.00 12.68 4.30 1.05 2.78 0.66

6,888 2,000 10 29,198 200 84,311 2,749,340

3.98 15.58 15.03 4.30 1.86 2.92 0.63

3.98 12.71 13.97 3.60 1.05 2.92 0.63

0.00 3.90 0.90 1.22 0.30 0.07 0.00

0.00 3.26 0.00 3.52 6.18 41.71 0.00

OIL AND GAS Energy Equipment and Services Japaul Oil & Maritime Service

0.50

755,000

0.97

0.87

0.19

6.06

Intergrated Oil and Gas Services Oando Plc

16.91

16.49

2,970,098

78.97

27.99

1.73

4.17

20.50 0.50 51.90 92.00 118.01 54.44 159.00

20.50 0.50 51.90 92.00 122.00 54.44 172.95

82,191 2,000 115 99,574 58,243 2,050 390,310

37.10 0.70 5.59

0.50 0.50 3.89

4.93 0.00 0.61

7.40 0.00 6.99

163.50 2,100 240.00

141.00 63.86 195.50

6.11 2.98 14.63

11.11 19.23 17.07

0.50

10,000

200

0.50

0.72

1.23

326,117

3.65

1.30

0.21

2.65 0.25

0.60 11.12

Mortgage Carriers, Brokers and Se Abbey Building Society Plc INDUSTRIAL GOODS Packaging/Containers Abplast Products Plc Beta Glass Co. Plc Greif Nigeria Plc Nampak Nigeria Plc Poly Products (Nig) Plc Studio Press (Nig) Plc W.A. Glass Ind. Plc

Petroleum and Petroleum Products African Petroleum Plc Beco Petroleum Plc Conoil Forte Oil Nig Plc Mobil Oil Nigeria Plc MRS Oil Nigeria Plc Total Nigeria Plc Hospitality Tantalisers Plc SERVICES Afromedia Plc Automobile/Auto Part Retailers RT Briscoe Plc Courier/Freight/Delivery Red Star Express Plc Trans-National Employment Solutions C & I LEASING PLC Hotels/Lodging Capital Hotel Ikeja Hotel Plc

1.29 4.47 0.50 4.55 0.60

4.47 2.37

65,000 2.37

3.67 10,000

0.50

266,100

1.64

4.55 0.60

1,000 22,200

400 2.07

Media/Entertainment Daar Communications Plc

0.50

50,000

0.50

Printing & Publishing. Academy Press Plc Learn Africa Plc Studio Press Nig. Plc University Press

1.80 1.80 2.40 3.85

1.72 1.87 2.40 4.00

60,000 471,081 1,080 305,300

3.68

0.90

Road Transportation Associated Bus Company Plc

0.00 6.82

0.01 0.51

0.90 3.00 1.33

0.00

0.04

12.75 8.19 4.91 11.25

0.34 0.92

34.09 2.12

0.48

0.00

3.17 0.30 0.00 3.60

0.25

12.19

0.54

27.69

0.00

0.90

145,065

0.80

Speciality Interlinked Technologies Plc

4.90

1,995

5.15

4.90

0.50

0.00

Transport-Related Services Airline Services and Logistics Plc Nigerian Aviation Handling Company

2.60 5.25

2.60 5.20

51,050 1,038,809

2.78 11.75

1.57 6.50

0.60 12.53

4.22 8.75

26 â&#x20AC;&#x201D;Vanguard, MONDAY, MARCH 31, 2014

Capital Market

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Commodity index Mar 21-Mar 27, 2014

Business & Economy

Airpor minals to be Airportt ter terminals completed soon — F AAN MD FAAN By LAWANI

MIKAIRU

ll the airport terminals across the country currently undergoing remodeling will be completed despite the removal of the former Aviation Minister, Princess Stella Oduah, and delay in having a substantive aviation minister. This was disclosed by the Managing Director, Federal Airports Authority of Nigeria, FAAN, Engr. Saleh Dunoma. Engr. Dunoma, while on an inspection tour of the Yakubu Gowon Airport, Jos and Kaduna International Airport said adequate budgetary provision has been made for the completion of remodeled terminals across the country. According to FAAN General Manager, C o r p o r a t e Communication, Mr Yakubu Dati, “Engr.

Dunoma charged the contractors to ensure the completion of work in good time to enable residents and air transporters enjoy the benefit of transformation as obtainable in other states where airports have been remodeled across the country. “The Managing Director who was accompanied by Mr Jim Opotu in Jos and Mr

Garba Ringim in Kaduna, urged the contractors to work with the expected specifications and standards. He further expressed his unreserved appreciation over the level of commitment and significant improvement in the ongoing construction towards ensuring the completion of the terminals.”

Digital Africa 2014 to double as World Electronics Forum

hief Executive Officer, Digital Africa, Dr. Evans Woherem, has said the 2014 edition of the conference will also serve as a platform for the 19th edition of the World Electronics Forum. The Digital Africa boss opined that this development would mean “more people, more products and services, increased network, more business and business opportunities, among others.” Giving details of both events slated for 24th, April, 2014 at Eko Hotel and Suites, Woherem said the forum included the giving of awards to deserving practitioners in the Information Communication Technology (ICT) and an exhibition of assorted, upto-date and state-of-the-art electronic products.

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28 — Vanguard, MONDAY, MARCH 31, 2014

Homes & Housing Finance the Nigeria’s economy and we are encouraged to join in the investment in some of them, especially housing which is important in providing homes to many citizens. We are very committed to enlarge our commitment and scale up our investment in Nigeria,” he stated.

Dangote plans housing estate in Cross River By FRANKLIN ALLI

ansa Agro Allied Products Limited, a subsidiary of Dangote Group, has announced plans to build a housing estate and a five star hotel within its pineapple plantation in Oban, Cross River State. Chairman of the company, Sani Dangote, disclosed this during the distribution of oil palm seedlings to the host communities in the state. According to him, the company will build a housing estate comprising of houses for staff working within the plantation, schools, mini market and a five star hotel within the farm complex. He explained that the farm and the plantation are designed to attract eco tourists hence the plans for a five star hotel. Cross River State Governor, Liyel Imoke, commended the company for its corporate social responsibility (CSR) projects among its host communities in the state, noting that it has invested billions of naira to boost the agricultural sector within Akampka Local Government Area.

BoA agrees to $9.5bn mortgage settlement

ank of America (BoA) has agreed to pay $9.5 billion to settle charges it misled US mortgage lenders Fannie Mae and Freddie Mac before the housing crisis in 2008. The bank will pay $6.3 billion in cash and buy back $3.2 billion in mortgage securities. The settlement resolves four lawsuits filed in 2011 by US regulatory agency, the Federal Housing Finance Authority (FHFA). Those suits were filed against Bank of America as well as Countrywide and Merrill Lynch. Bank of America bought Countrywide and Merrill Lynch in 2008 and 2009 respectively, during the height of the financial crisis. The bank said the agreement resolved “one of the most significant remaining pieces” of housing market-related litigation against the firm. “This settlement... represents an important step in helping restore stability to our broader mortgage market and moving to bring back the role of private firms in providing mortgage credit,” FHFA director Melvin Watt said in a statement. C M Y K

•Brick houses: Housing development with local content

NMRC: FG plans N50bn bond, IFC to invest N40.8bn By YINKA KOLAWOLE

he Federal Government has disclosed plans to raise a N50 billion bond to augment the initial take off fund of the recently launched Nigeria Mortgage Refinancing Company (NMRC) in a bid to boost housing finance in the country. This is even as the International Finance Corporation (IFC) is set to invest $255 million (about N40.8 billion) in the NMRC. Minister of Finance & Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, said at a “ S t a k e h o l d e r s Implementation Summit on Enabling Broader Access to Housing Finance for All Nigerians” last week, in Abuja, that the issuance of bond is aimed at ensuring easy access to affordable housing by Nigerians. “This housing finance and housing development implementation summit gives us the opportunity to fulfill President Goodluck Ebele Jonathan’s drive to use housing to solve social problems for Nigerians whilst also creating jobs and growing the economy. I want us to leave here today having pledged to jump start the programme with at least 10,000 new house owners or mortgage beneficiaries by the end of the year. The government is doing everything to

ensure that the programme succeeds and all the stakeholders, including state governments, are already involved in it. The Federal Government will soon raise N50 billion bond to increase the funding for this programme. This is to assure Nigerians that government is conscious of the issues that bear directly on the welfare of the people and is doing everything to reduce

their burden, especially on housing needs,” she said. In a related development, Executive Vice President of IFC, Mr Jim-Yong Cai, said IFC plans to invest a total of $1.5 billion (N240 billion) to support housing and infrastructure development in the country. He disclosed this after a meeting with Okonjo-Iweala in Abuja. “IFC has been following what is happening in key sectors of

iving further insight, Mr Solomon AdegbieQuaynor, IFC’s Country Manager in Nigeria, said the investments, which would come in form of equity financing as well as credit, are purely on commercial terms as the IFC will be partnering with the private sector. He said $255 million of the proposed investment in the country would go to NMRC. “The opportunity the IFC is going to bring is going to be much, but ultimately it is to make sure that NMRC as an institution is sustained. We are going to help in the area of public governance, formal under writing standards, among others,” he added. Meanwhile, Okonjo-Iweala said NMRC had recorded some level of success in the first few weeks of its existence through its initial equity raising exercise. “The NMRC was oversubscribed from the original N5 billion to N6.75 billion deposit for equity from 19 institutional investors, with outstanding firm equity commitments from other institutional investors to subscribe up to N2 billion in additional capital."

Fire: Lagos to begin enforcement of building law By MICHAEL EBOH

he Lagos State Government has threatened severe sanctions against any individual or organisation that fails to abide by its Urban and Regional Planning Development Law. Speaking at a seminar on mitigating the risk of fire and other allied risks on the insurance sector, organised by Continental Alarm Limited, Mr. Adebiyi Mabadeje, the State Commissioner of Science and Technology, said that government is worried about the incessant fire incidents in the state and the attendant loss of lives and properties. He said that the state government will, henceforth, ensure that buildings are fire compliant, with emphasis on fire exits and access, among others. Mabadeje further explained that the state has invested in infrastructure that are designed to help fight and prevent fire and is committed to creating an enabling environment for

businesses to thrive. He noted that the Lagos State Security Trust Fund is an evidence of the state government’s commitment to security and safety of lives and properties. The commissioner disclosed that in the next couple of weeks, the state will be acquiring 32 new fire trucks, while it has commenced the training of

officials and men of the Lagos State’s Fire Service in line with the new roles expected of them. He lamented the fact that less than 50 per cent of Nigerians have fire alarms in their homes and offices, while it noted that it has deployed technology in its quest to ensure safety and security of lives and properties.

Imo unveils land recertification scheme

mo State government has initiated a land recertification scheme with the establishment of Imo Geographic Resources Information Agency (IGIA), where landowners are to authenticate documents relating to their property. State Commissioner for Lands, Survey and Urban Planning, Chief Uche Nwosu, said the move is to ensure efficiency and accurate information in the state’s land administration. He urged landowners in the state to avail themselves of the opportunity created by the recertification

programme. Nwosu also reminded them that government would abide by the two years probation required for the allocated lands to be developed, after which defaulters will lose ownership. The commissioner said that government had cancelled land allocated to some private developers who refused to write letters of acceptance of lands allocated with necessary fees. He added that the government had started the process of recertification of the Certificates of Occupancy (C of O) of lands in the state with new security coded certificates.

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Insurance BY FAVOUR NNABUGWU

whopping 600,000 microinsurance products have so far been sold within six months through subscriptions to MTN and Airtel. Meanwhile a UK firm, Microinsurance Centre, have expressed to groom Nigerian insurance industry on product research. Also, the National Insurance Commission, NAICOM is presently flocked with applications from insurance companies for licenses to operate microinsurance including MicroEnsure, the world’s leading provider of massmarket insurance products. Microinsurance is a specialised platform for the provision of insurance services, particularly to the poor, low income and nonsalary earners’ The Commission’s Deputy Director (Authorisation & Policy) Mr. Leo Akah made this known at Microinsurance Master Class organised the UK firm for operators in the sector at

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600,000 MTN, Airtel subscribers buy micro-insurance in 6mths •UK firm grooms Nigeria on product research •NAICOM approves applications in stages Bolton Hotel, Abuja on Friday.Obviously elated by the progress of small business, Akah said MTN and Airtel get 100,000 subscribers every month for microinsurance since October last year. In addition, he said the commission has several applications from companies for microinsurance. “There are many companies that have put in their applications now because we prepared guidelines for micro insurance which we released last”. “There is a company called MicroEnsure already operating in other jurisdictions which want to assist developing our market including Nigeria. And some of our own companies want to set up subsidiaries instead of depleting their composite

capital for mircroinsurance” Though, NAICOM intends to license specialised microinsurance firms to handle the business in the country but insist that the approval will be in stages in order to ensure strict adherence to the rules of the business “So we are looking at those applications on stage by stage basis to be able to monitor progress of the market before moving to the next stage. There are possibilities for stand-alone microinsurance companies as well” With all that measure, the commission intends to protect insurance consumers while the guidelines seek to strengthen collaboration between insurers and microfinance banks thus helping traders and artisans and

other low income earners to access loans underwritten by participating insurers. On the benefit of the UK firm to the Nigerian insurance market, Mr. Babajide Oniwinde, Deputy Director, Corporate Strategy, elucidated that the country earnestly needs the grooming to be able to effectively and efficiently develop products that are Simple, Understandable, Accessible, Valued, and efficient, SAUVE.Oniwinde said, “There are some countries where micro insurance have really gone far including Ghana, some of the South American countries, even some east African countries, South Africa have gone far on Micro insurance”. “So we want to gather the experiences in those jurisdictions and bring them

here and call our policy makers, insurance companies, micro insurances institutions, some of the social organisations together to let them understand that microinsurance product has value for the poor that it is not just a product for commercial purposes but it has value to help the low income earners out of poverty and help them to remain stable” Speaking to Vanguard on the firm’s impact to this nation, President of the Microinsurance Centre, Mr Michael McCord said Nigerian can gain from other countries’ experiences on microinsurance research and development. He said insurance companies have overtime prepared products that are not in tune with the demand of the consumers. “We want insurance companies in Nigeria to embrace this research and use during their product development so that their products can meet the needs of people”

Vanguard, MONDAY, MARCH 31, 2014 — 35

Power generation and professors “For example, Nigeria has signed an MoU with the Democratic Republic of Congo for the importation of electricity from the Inga Dam Power Plant.” Professor Nebo, Minister of Power, PUNCH, March 25, 2014. The PUNCH had reported on that day that “Power generation drops by 963MW. It went on to inform Nigerians that power supply dropped to 2500MW the day before. That is no longer news to Nigerians. Obasanjo met power generation at 2,500MW in 1999; his first Minister of Power, Chief Bola Ige rashly promised Nigerians to bring an end to power failure by December of the same year – 1999. Since then, ever Minister of Power h always promised to lift power supply to new levels by December of every year. Yet, here we are, fifteen years after Obasanjo and the PDO took power and the nation is still generating the same level of power supply. In the same PUNCH report, one Mr Ibrahim Waziri, Board Chairman, Transmission Company of Nigeria, had explanations for this disgraceful

performance. Please don’t laugh as you read. “Gas supply has dropped significantly in the last two weeks; in fact, it is exactly two weeks. That has resulted in reduced generation to about 2,500MW”. Mr Ibrahim, at least was honest enough to announce, as if gladly, that “”we are back to square one.” [italics mine]. While Mr Waziri had been honest with us, Professor Nebo is the second Professor and Minister of Power to grossly mislead us. His predecessor in office, Professor Barth Nnaji who, apart from getting himself entangled in conflict of interest, had made the same empty promises which Nebo is now peddling – obviously without remorse. Let me remind Professor Nebo of what Professor Nnaji promised before he was, deservedly, kicked out. But, first let me remind Professor Nebo’s own promise – which he had obviously for gotten. In June last year, a few days after the Vice President had shamelessly promised Nigerians 20,000MW “soon”, Professor Nebo felt obligated to come to the VP’s support. So, Prof

announced that power generation would reach 10,000MW by December 2013. We ended the year without the Minister redeeming his pledge. But, he won’t be the first. Lyel Imoke and Professor Nnaji had promised the same target in 2007 and 2011, 2012 respectively. There had been no apologies to the public each time they failed. In fact, if there is one promise that one can expect to be broken it is any promise made by a Minister of Power – especially a Professor. The dismal record of unfulfilled promises by Professors in government leaves one wondering what those people teach their students on campus. What ever happened to integrity. Finally, the Professor announced that the “giant of Africa” will soon be purchasing power from a smaller nation – as if it was the greatest achievement of the Federal government instead of admission of total failure by a Minister who is totally bereft of ideas. You can believe that because it will provide all the excuses they need to steal foreign exchange – like imported fuel imports.

“If gold rusts…”. When professors fail us, who will deliver on the promise? Certainly, not Nebo. While we are still at it, we might as well remind ourselves of the rejoinder written last year by Dr Reuben Abati, the President’s Special Adviser on Media in response to the criticism of the Federal Government by Dr Oby Ezekwesili. Titled Hypocrisy of Yesterday’s Men, Abati asserted that the Jonathan Administration met power supply at 2000MW [a lie] and has raised it to 4520MW. Like most untruths about power generation by government officials, Abati failed to mention that the 4520MW was reached only once and since then it had become a mission impossible. Furthermore, the Jonathan “miracle” vanished since last year and now we are back to 2,000MW without a word from Reuben Abati, Ph.D. Obviously, Jonathan, Ph.D, is partial to people who are intelligent but whose integrity, defined as standing for truth, is at best suspect or in deficit. Otherwise, it is difficult to understand how he seems to appoint people as Minister of

Power whose contributions to power supply since 2010 had been zero. The truth is, power supply reached 4,000MW under Yar’Adua in 2009; Jonathan has failed to move us beyond that level in four years – mainly because he had made the wrong appointments. If the performance of the last two professors is anything to go by, then perhaps it is time we tried a market trader. They don’t speak long grammar but they achieve profitable results. When the power distribution sector was about to be privatized, it was generally known that gas supply would be a major constraint. It was also expected that the Federal government would not place the DISCOs in jeopardy by improving on the gas supply to the generating units. Instead, what we have experienced has been worsening power generation threatening the investment of the stakeholders in the power sector. More annoying is the fact that, the excuses remain the same year after year – as if we are listening to a broken record. Perhaps the Minister of Power will do us a favour; he should just stop talking to us as if we are morons who cannot remember what he said last year. Visit www.delesobowale.com

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36 — Vanguard, MONDAY, MARCH 31, 2014

Micro-Finance

Poultry farmer wins N1m in Nutricima mega cash Stories by PROVIDENCE OBUH

Kaduna based poultry farmer, Alhaji Kassim Abdullahi, has emerged winner of N1 million in the ongoing Nutricima Mega Cash Promotion. He emerged winner alongside others in various categories ranging from N500, 000, N250,000, N100,000 and other compensation rewards in the first e-raffle draw held in Lagos, Ibadan, Onitsha, Kano, Kaduna and Jos respectively. Speaking at the e-raffle draw, Managing Director, Nutricima Limited, Mr. Suneel Vasudevan said that its aim was to reward loyal customers accross the country in fulfilment of its promise to make life better for them. Nutricima is the maker of dairy and non-dairy beverages like Nunu, Coast and Olympic milk, Bliss ice teas, Yo! among others. While recounting the story of how he qualified for the win, Abdullahi stated that he had applied for a loan to invest in his farm when he heard about the promo and

decided to try his luck. He said, “Olympic Milk is my favourite brand and despite the fact that I saw some labels with the words “Try Again,” I remained persistent. Despite the discouragement from my wife and children who made jest of me that it will amount to a waste of time, I sent in more labels and eventually got a

call notifying me that I had won one N1 million.” He said that the cash prize is a gift from God because the loan he had applied for will cost him some additional cash to pay interest. Another winner, Chinedu John, a 21 year old undergraduate based in Jos, said that he just gained admission into Georgia State

University, USA and has been praying to God to help him get a scholarship to fund his education. While contemplating on the possibility of resuming in October for the new academic session, he bought Olympic milk and decided to try his luck. According to him, it was in that process that he sent the six digit pin and six digit serial

numbers to the designated number and followed the instructions from the auto response. Few weeks later, he got a call that he had won N1millon. Meanwhile, the company, Wednesday, conducted the second e-raffle draw where five consumers won N1 million each, another five in various categories won five hundred thousand and another two hundred and fifty thousand each, among other winners.

Airtel sponsors entrepreneur to study at Unreasonable Institute

Nigerian Entrepreneur has received sponsorship award from telecommunications service provider, Airtel Nigeria, to study at the Unreasonable Institute, Boulder, Colorado, USA. The entrepreneur, Mr. Mene Blessing Oritseweyinmi will join other selected entrepreneurs from various parts of the world to acquire quality expertise from fifty world class mentors, build relationship with 30 impact investment funds and pitch with 100 investors in order to develop and expand his venture. The telco has offered the

sum of $5, 000 as financial support to the entrepreneur in order to successfully participate in the skills acquisition. The institute is a mentorship driven acceleration program for entrepreneurs tackling

social and environmental problems. Each year, it unites 25 entrepreneurs from every corner of the globe to live under the same roof for six weeks in Boulder, Colorado. These entrepreneurs receive training from 50 world-class

mentors, ranging from the Former Director of Google.org, to the CTO of HP, to an entrepreneur who has enabled over 19 million farmers to move out of poverty.

Operational challenges hinder African SMEs

MEs in Africa find it difficult to do business as a result of operational challenges, Nana Akufo-Addo, Ghanaian politician has said. He described small scale businesses as invaluable cogs in the wheel of Africa’s development, reiterating its clout in the Economic Community Of West African State, ECOWAS. Akufo-Addo stated, “We have in the past been

very welcoming of entrepreneurs from each other’s countries in the region. The legendary Chief Biney of Ghana made his fortune in Port Harcourt, here in Nigeria; and recently our dearly missed Herbert Osei Badu and others have been successful executives in the oil industry here in Nigeria. On the other hand, important Nigerian banks have entered the Ghanaian market and been welcomed with open arms.

Aviation

NCAA set for CAT 1 re-certification By LAWANI MIKAIRU

he Nigerian Civil Aviation Authority, NCAA and other aviation agencies have expressed readiness for the recertification audit of the nation’s aviation industry by the US Federal Aviation Administration, FAA. The FAA team from the US arrived the country during the weekend to begin the recertification audit. FAA awarded Nigeria Category One safety status in 2010 after it was satisfied with the country ’s meeting the International Aviation Safety Assessment standards and four years later, the body decided to re-audit Nigeria in response to critical media reports about the aviation industry in the country, according to its letter to NCAA to announce the recertification. Category One safety status has improved Nigeria’s aviation industry and has improved its status in the comity of nations, in addition C M Y K

to the fact that the award enabled Nigerian registered aircraft to fly directly to the United States of America. Since 2010 Nigeria has significantly improved the sector, providing safety critical equipment and projects and also strengthened its regulation of air operation in the country. Spokesman of the aviation agencies, Yakubu Dati said the Category One status was awarded to Nigeria after the International Civil Aviation Organisation (ICAO) audit certified its airspace worthiness. He said”Within the space of three years after this certification, the various parastatals under the ministry of aviation have attained significant milestones,”. Dati said the Federal Airports Authority of Nigeria (FAAN) between 2010 and 2014 reached a new high. “FAAN is fully compliant with ICAO standards for firefighting and rescue operations. Before July 2011, there were only 20 fire tenders

available, but now, FAAN has 46 fire tenders.” “ In addition, 450 brand new kits, (equipment as well as personal protective clothing) have been provided for all firemen and women. This has been done to enable firemen efficiently carry-out their duties in securing and safeguarding the airport terminals, staff and passengers,” he said.

He further noted that the Nigerian Airspace Management Agency (NAMA), through the new Air Traffic Management system deployed under the TRACON project, has greatly improved the safety of the Nigerian airspace exponentially. “The TRACON project has been completed with approach radar control in

Lagos, Kano, Abuja and PortHarcourt. Area Radar commenced in Lagos and Kano ACCs. This has significantly increased airspace capacity for the Nigerian aviation industry.” He said TRACON has significantly improved safety in the sector in addition to the deployment of control tower solar power for navigational aids which was unavailable for a long time and now Nigeria has six navigational aids and 11 control towers to its credit.

Hired plane not limited to minister’s use—RMG

civil society group, Right Monitoring Group, has said from investigation carried out by the group that the plane chartered by Nigerian National Petroleum Corporation, NNPC, for the Minister of Petroleum, Mrs Diezani Alison-Madueke is not limited to the minister’s use alone. It will be recalled that the House of Representatives Committee on Public Accounts has been investigating the allegation that the minister spends about N4.1 billion monthly to maintain the chartered plane ,which they claimed is for her private use. According to the coordinator of the group,Comrade Olufemi Aduwo, the private investigation carried out by the group revealed that even members of the National

Assembly also use NNPC's helicopters and planes. He further said because of the urgency and the nature of the terrain, oil companies operate from, there is need for the surpervising minister to have a plane for quick movement. Aduwo said: ”We read with dismay the statement credited to the House of Representatives Committee on Public Accounts on jets scandal in the petroleum ministry. We took it upon ourselves to investigate the allegations levelled against the Minister of Petroleum, Mrs. Diezani Alison-Madueke, that she used hired private jet for personal business is false and misleading. By the nature and dynamics in the oil industry, the operators must meet the urgency attached to the operations, that is the normal practice in the industry across the world.

Vanguard, MONDAY, MARCH 31, 2014 — 37

Tax Matters

The basics of capital gains tax By NNEKA IFEKWUNA

Capital Gain may be defined as profit arising from increases in the market value of capital assets to a person or corporate body, who does not habitually offer them for sale and in whose hands they do not constitute stock-intrade. It is gain from sales of any capital asset where the sale price exceeds the purchase price of the investment. Therefore, it is a tax chargeable at the rate of 10 per cent on the capital gains arising from the disposal of capital assets. Capital Assets These are investments such as stocks, mutual funds, real estate, precious metals, art works and other collectibles. The increase or decrease in the value of such capital assets is taxed when sold. Income produced by investments is taxed as the income is generated. Treatment of Capital Gains Tax The CGT is under the management of the Board of the Federal Inland Revenue Service (FIRS) and it is administered by the FIRS in respect of corporate bodies and individuals resident in the Federal Capital Territory including members of the Armed Forces, Police and foreign Serving Officers. The tax is also administered by the State Internal Revenue Service in respect of individuals based on the rules of residence. Under the provisions of the Act, tax liability will arise on Actual Year Basis (AYB) when a chargeable asset is disposed. An aggrieved taxpayer or the respective tax authority can appeal against the decision of the tax authority to a conventional court or to the Tax Appeal Tribunal (TAT) as the case may be. Highlights of some of the provisions of CGT Act CGT is chargeable at 10 per cent on capital gains from the sale of capital assets. Capital loss on disposal of any asset is not deductible from capital gains on disposal of any other asset even if both are of the same type. Where consideration is payable by instalments over18 months, the chargeable gain shall be apportioned to the affected assessment years in proportion to the amount of the instalments payable in each of the years. Chargeable gains are assessed on current year basis Roll-over relief is available

to any company acquiring a new asset to be used for the purposes of the trade in replacement of an old one. Gains arising from disposal of shares and stocks are currently exempted from CGT Chargeable Persons and Chargeable Assets A chargeable person is one who deals in a chargeable asset. A chargeable person may be: A limited liability company, An individual

Disposal of assets: provisions as to considerations: Subject to the provision of this Act, a person’s acquisition of an asset and the disposal of it to him shall be deemed to be for a consideration equal to the market value of the asset. Where a person disposes by way of gift of an asset acquired by him by way of gift or otherwise, the person acquiring the asset on the

by a creditor in satisfaction of his debt or part thereof, the asset shall not be treated as disposed by the debtor or acquired by the creditor for a consideration greater than its market value at the time of the creditor’s acquisition of it, and if a chargeable gain accrues to the creditor on a disposal by him, the amount of the chargeable gain shall be reduced so as not to exceed the chargeable gain which would have accrued if he had

*COMPETITION - From left: Camp Commandant, National Youth Service Corps (NYSC), Lagos State, Capt. Joshua Yandua; Camp Director, Mrs. Maria Osadebe; Executive Director, Marketing, Honeywell Plc, Mr. Benson Evbuomwan; State Co-Ordinator, NYSC, Mrs. Adenike Adeyemi; and Channels Development Manager, HFMP, Mr. Dayo Adeniyi, at the Honeywell Wheatmeal Cooking Competition at the NYSC camp, Iyana Ipaja, Lagos. A limited liability company will remit its tax liability to FIRS while an individual will remit to the SIRS, with the exception of individuals resident in the FCT. Assets include all forms of property for the purpose of the Act whether situated in Nigeria or not. Including:

ptions, debts and incorporeal properties. Incorporeal properties are assets that have values but are not tangible, e.g. goodwill, copyrights and patent rights. Disposal of currencies other than Nigerian currency All qualifying capital expenditure under CITA, PITA, PPTA or any form of property created by the taxpayer Chattels sold for more than N1, 000 in any tax year. Gains chargeable by tax Disposal of assets Disposal of assets by a person where any capital sum is derived from sale, lease, transfer, assignment, compulsory acquisition or any other disposition of assets

disposal shall be deemed to have acquired the asset. In relation to any asset held by a person as nominee for another person or as trustee, this Act shall apply as if the property were vested in , and the acts of the nominee in relation to the asset were the acts of the person or persons for whom he is the nominee or trustee. The conveyance or transfer by way of security of an asset shall not be treated for the purposes of the Act as involving any acquisition or disposal of the asset Where a person entitled to an asset by way of security deals with the asset for the purpose of enforcing or giving effect to the security shall be treated for the purpose of the Act as if it were done through him as a nominee. An asset shall be treated as having been acquired free of any interest by way of security subsisting at the time of any acquisition of it, and as being disposed of free of any such interest or right subsisting at the time of the disposal Where an asset is acquired

acquired the property Death: On the death of an individual, any asset of which he was competent to dispose of shall for the purpose of the Act be deemed to be disposed by him at the date of his death and acquired by the personal representative(s) or other person on whom the asset devolve Compulsory acquisition of land – a person shall not be chargeable to tax under this Act in respect of any acquisition and the disposal of land by reference to a disposal to an authority exercising or having compulsory powers. Any asset acquired or disposed of by any person chargeable to capital gains tax shall be deemed to have been so acquired or a binding duty to dispose of the asset or any right or interest Exclusion of losses In the computation of chargeable gains under this Act, the amount of any loss which accrues to a person on a disposal of any asset shall not be deductible from gains accruing to any person on a disposal of such asset. Computation

The computation of any chargeable gains shall be the difference between the consideration accruing to any person on a disposal of assets and any sum to be excluded from that consideration, and there shall be added to that sum the amount of the value of any expenditure allowable to such person on such disposal. The basic steps are: dentify the sales proceeds on the disposal of the chargeable asset. Deduct allowable expenses from the sales proceed to obtain Net Sales Proceed. Deduct cost of acquisition and other capital costs from the Net Sales Proceed to obtain the Capital Gains. Compute the capital gains tax liability by applying the applicable rate of 10% on the Capital Gains obtained above. The above steps can be placed in a better format as follows: N N Sales Proceeds xx Less: Allowable Expenses (xx) Net Sales Proceed xx Deduct: Cost of Acquisition (xx) Capital Gains/(Losses) xx Capital Gains Tax at 10 per cent. ROLL OVER RELIEF This arises where a sole trader, partnership or limited liability company carrying on a trade, dispose of one eligible business asset and replaces it with a new asset of the same class as that sold. The seller will be entitled to deduct the capital gain arising on disposal from the cost of the new asset thereby postponing the payment of CGT on such a gain. Roll over relief can be full, partial or no roll over relief. The effect of this roll-over relief is to reduce the cost of acquisition of a new asset with resultant increase in the capital gain arising on eventual disposal. Classes of assets eligible for roll-over relief: Class I: Any building or part of a building and any permanent and semi-permanent structure in the nature of a building, occupied and used only for trading; Any land occupied and used only for trading. Fixed plant and machinery which does not form part of the building; Class II – ships; Class III - Aircraft Class IV - Goodwill. However, the consideration arising on the disposal must be re-invested within Twelve months before or after the disposal before the rollover relief can be granted.

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38 — Vanguard, MONDAY, MARCH 31, 2014

Interview

CBN’s 75% CRR directive reduced investible funds R

ecently, Managing Director of Enterprise Bank, Mr. Ahmed Lawan Kuru had an interactive session with journalists. He said that the bank has been successfully turned around and several local and international investors have shown interest in acquiring the bank which may be sold by October this year. Below are excerpts of the discussions. Introductory remarks When we were appointed by the Central Bank of Nigeria (CBN) through the Asset Management Corporation of Nigeria (AMCON), we clearly said our mandate was and still is, to manage the bank commercially, professionally, , to take the bank out of the woods and position it for better service delivery. In any organisation, there are three things that are key to success. These include the people, technology and processes. When we came on board, we met people that were clearly de-motivated, people that were not properly trained and were not sure of the future. By and large, we have been able to motivate the people, train them, built their confidence and positioned them to be able to compete favourably with anybody. We made it very clear from the beginning that we are not here for the size game. We are not interested in being number one, number two or number three. Our strategy has always been to be an efficient bank, a retail bank and to be a bank that is focused on helping small businesses. There is no way you can achieve that without having a highly motivated workforce. So we invested a lot of resources towards building our people. The core banking operations that were supposed to drive our operations when we came on board, most of them were obsolete. So we have been able to upgrade some of our core banking operations, we have upgraded our servers and have equipped most of our branches with the C M Y K

necessary tools required for efficient banking delivery. We were able to turn around the bank and right from the first year, the bank has consistently been profitable, which to us, is a very big achievement. What is the time frame for the sale of the bank? Right from the beginning, our mandate was to run the bank and run it commercially. So, even when AMCON decided to sell the institution and they appointed financial advisers to assist them, we decided not to get distracted with what is happening. I can confirm to you that we are not part of the sale process. Professionals have been appointed and they are driving the process. What we are doing is to run the bank. Of course, the timeline was discussed with us initially, but like every other thing, there were issues pertaining to adhering to the timeline,

By Omoh Gabriel

showed interest because they have seen the financials and they strongly believe that the bank has a lot of potential. So we don’t know how many institutions finally made the list. But what we decided to do internally is to focus on running the institution; we don’t a s k

*Ahmed Lawan Kuru...our loan-to-deposit ratio was less than five per cent, but today, it is in excess of cent because we are building our loan book

When we came on board, we met people that were clearly de-motivated, that were not properly trained and were not sure about the future; by and large, we have been able to motivate and train them, we built confidence and positioned them to be able to compete favourably with anybody

particularly in this kind of environment. Initially, the target was the first quarter of this year, but because we started very late, what AMCON has said is that the process should be completed by October. For us, we are ready, everybody is welcomed. What AMCON decided to do was to leave the professionals to do their work such that there is no much interference. About 24 prospective investors have shown interest locally and internationally. A lot of them called us, including international financial institutions that

questions about what is happening and we have allowed those responsible for the process of divestment to carry on with the assignment. At any point in time, if AMCON requires our attention, they will surely get it. But our mandate is to run the bank and we have energized our members of staff because whoever is buying the institution is not buying the building, but they are buying the value, the customers, the quality of staff and so we are working on those mandates so that the valuation of the institution would be very high.

Is the bank out of the woods? Since we came on board, we have been building the books on the average of 20 per cent yearly in terms of deposits, and if it is risk assets, we have done over 80 per cent. When we came on board, our loan-todeposit ratio was less than five per cent, but today, it is in excess of 60 per cent because we are building our loan book. In terms of profitability, last year, we closed in excess of N11 billion. Our rate of return on equity is also increasing. Our return on capital is one of the best in the industry because you may see some banks declaring N50 billion, N100 billion, but what we need to look at is the capital deployed. If I am able to declare N5 billion or N10 billion on an equity of N25 billion and somebody is declaring N100 billion on a capital of N100 billion, it tells you the efficiency ratio. Averagely, on a year-on-year basis, we have been building our books by 20 per cent and that is why AMCON, because of the health of our financial figures and the achievements recorded so far, picked Enterprise Bank as the first

bank it wants to showcase and to divest from. The level of interest that has been shown shows that what we have achieved so far is commendable. Generally, if you look at the health of our risk assets, it is also solid. You look at the character of the customers and the active accounts; we have almost 160 branches. The way banking is today, it is not the number of branches that matters anymore. Banking now gradually is electronically driven and what we try to do is to take banking services into the office of the customers. So, most of the branches that we have, we are trying to make them more of e-banking to such an extent that from inside their offices, customers can scan documents, they can go to the internet and they can give you instructions without necessarily coming into the banking hall. In fact, what most banks do is to come up with incentives to encourage people to use their ATM machines, to use their electronic cards so that they don’t necessarily need to come into the banking hall

Interview

because that is why the cashless policy is being supported strongly by the banking community because it will bring down the cost of operations. Operational cost is very high in the industry today. That is what is contributing to the high interest rate. So if we are able to share services, bring down the operation cost and take our services to the customers, obviously it will bring down the cost of financial services. What is your loan target for the year? When we started, we started with an operating loan book of less than N5 billion in 2011. We have grown it to around N76 billion. Last year, our target was to do around N100 billion. We are a small bank; we don’t want to go back to the old days, so we are very conservative when it comes to building our loan book. This year, we intend to grow our loan book to around N130 billion because we believe that is what will support our balance sheet. But we are also very careful in diversifying our loan portfolio. Now, it is very easy if you want to build your loan book, for example, in the oil and gas sector you can do that in one month with one transaction. But for a retail bank, you are trying to build the small loans and the small loans which we normally sell through products, take a longer time. This is

I can confirm to you that we are not part of the sale process. Professionals have been appointed and they are driving the process. What we are doing is to run the bank

because we are talking about N10 million, N5 million, lease and so on. That takes a longer time but usually performs because the irregularities are not up to five per cent. We have a lot of products to support our retail banking strategy. Where is Enterprise Bank‘s strength? Really, our revenue strength, just like most banks in Nigeria, is from lending because that is the core line of our income. We do have a lot of income that comes from fees and commissions, but ultimately, if you go through the balance sheet of most banks, between 60 and 80 per cent of the revenue base is from lending; we are not an exception. We make more money from lending even though quite a lot of fees and commissions do come either from foreign exchange transactions, treasury activities, but basically lending is where we make

more revenue. What proportion of your deposit is public sector funds? Now, public sector funds for us in the industry, before now was sort of cheap funds because there are no strings attached to them and usually you keep them in current accounts and it gives you a lot of leeway to have a lot of resources or to lend. So quite a lot of banks – some of the big banks and some of the small banks; realised that the composition of their deposit profile had a lot of public sector funds. Whether we like it or not, in Nigeria, the government plays key role in our economy. They are the major source of liquidity in the economy. So

banking with public sector funds used to be very profitable because it gives you the cash flow. Obviously, the increase in CRR would affect the investible cash flow that you have. At 75 per cent CRR, what it means is that if you collect N1 billion of any government deposit, N750 million of that money will be kept somewhere at zero interest rate. Meanwhile, it is also part of your balance sheet. So, there are lots of other benefits that you usually get if a deposit is part of your balance sheet, but now it works on the reverse side. So, definitely it will affect the cash flow that we have. But I can also tell you that it is a welcome idea. It is something that the banking industry can also deal with. What it means is that we now have to refocus and re-strategise and go after the small businesses. If you recall, the level of financial in Nigeria is less than 60 per cent which means that there is still a lot of room to grow in other sectors. What is happening now is that most banks have gone to the drawing board to see how to compensate the exclusion of 75 per cent public sector funds from the funds that they have

*Ahmed Lawan Kuru...We now have to refocus and re-strategise and go after the small businesses

f 60 per

Vanguard, MONDAY, MARCH 31, 2014 — 39

to play around with. So I will say it has affected the business because if you are going to Ikeja and you have a friend that has a boat, he will take you there faster than if you go through third Mainland Bridge. So, we are in business and once you are in business, you look for opportunities and public sector funds I can tell you, provides a lot of opportunities. But gradually, given the implication of excess liquidity in the economy as a result of the availability of public sector funds, I think the banking industry has come to realise that it is important that the mop up is done so that we can maintain price stability. If you have excess liquidity in the market, what it means is that you will not be able to control exchange rate stability and inflation. So, looking at it from a professional perspective, I think it is something that the banking industry has accepted and identified with as a sacrifice to strengthen the banking environment because it will help exchange rate, it will help inflation and it will also regulate money supply in the market. Which of the policies of the central bank greatly affected your operations, either positively or

Public sector funds for us in the industry, before now was sort of cheap funds because there are no strings attached to them and usually you keep them in current accounts and it gives you a lot of leeway to have a lot of resources or to lend

*Ahmed Lawan Kuru...Basically, lending is where we make more revenue.

negatively? If you ask me what CBN policy has affected us as a bank, one can selfishly say the CRR. This is because it had taken money that typically is free, away from me. If I have N50 billion which typically I was earning money from and you take it out, definitely there is an income loss to me. So, from a selfish perspective, I think that is a major policy that has affected us in the industry. But from a professional perspective, what the CBN does is to bring most of these policies to the bankers’ committee, we discuss, agree, and some we don’t agree. Sometimes when you have the urge to make profit and you look at the larger economy, then you can see sense in some of those actions.

C M Y K

40 — Vanguard, MONDAY, MARCH 31, 2014

Vanguard, MONDAY, MARCH 31, 2014 — 41

Agric Africa still most food insecure continent —FAO By JIMOH BABATUNDE with agency reports

he Food and Agriculture Organisation (FAO) has said that Africa remains the world’s most food insecure continent, with relatively low levels of agricultural productivity, low rural incomes, and high rates of malnutrition, despite important economic progress and agricultural successes. At its 28th Regional Conference for Africa in Tunis recently, FAO called on African ministers of agriculture for action in priority areas to accelerate increased investment and broad-based transformation in support of smallholder farmers, including rural youth and women. Africa has recorded continuous economic growth since 1999, accompanied by improved governance and human development indicators. Currently, seven out of

the top ten fastest growing economies in the world are situated in Africa, and the International Monetary Fund estimates that economic growth in sub-Saharan Africa will be 6.1 percent in 2014. Africa’s annual total GDP grew on average by 4.8 percent in 20002010, up from 2.1 percent in the previous decade, and the agricultural sector ’s growth rates in the same time period were 3.2 percent and 3.0 percent respectively. The continent has achieved a series of agricultural successes in major areas, including the intensification of staple food production, improved varieties of banana in eastern and central Africa, highyielding varieties of maize in east and southern Africa, and productivity gains in cotton production in Burkina Faso and Mali and in tea and floriculture in East Africa.

Maize plantation “The question is how African leaders can build on this progress by providing stable agriculture and fiscal policies that encourage investment, as committed 10 years ago in the Maputo Declaration, and strengthen governance and accountability mechanisms that contribute to more s y s t e m i c implementation of policies and programmes,” said Bukar Tijani, FAO Assistant DirectorGeneral and Regional

Representative for Africa. “These actions are critical to trigger a transformation in the capacity of countries to deliver sustained and b r o a d - b a s e d agricultural growth and development.” The Conference advocated for providing the enabling environment to end hunger in the continent by 2025. It primarily focused on sustainably increasing the potential of agriculture, fisheries, livestock and forestry as a source of employment

and income for African youth, women and men who engage in these sectors for food and nutrition security as well as agri-business ventures aimed at increasing family incomes. The status and trends of agriculture, food and nutrition in Africa Trends in per capita food production have been generally positive over recent decades. On average, agricultural production in Africa has increased slightly less than 1 percent per year,

compared with about 2 percent in developing countries. While Africa experienced high instability in food price levels, per capita food production was more stable over time and variability was relatively low compared to other regions, such as Asia or Latin America. But despite the overall progress made on hunger and malnutrition in Africa over the past decades, absolute levels of hunger and undernourishment remain worrying in subSaharan Africa, FAO said. FAO estimates that poverty rates in Africa declined marginally from 56 percent in 1990 to 49 percent in 2010, leaving 388 million in extreme poverty and approximately 239 million chronically undernourished in the continent. The food security situation in the Sahel and the Horn of Africa continues to be of particular concern.

42 — Vanguard, MONDAY, MARCH 31, 2014

People in Business

he Petroleum T e c h n o l o g y Development Fund (PTDF) said it has trained over 1000 youths from the 36 states, with 40 per cent of them fully integrated in the oil and gas industry. Dr Oluwole Oluleye, the Executive Secretary of PTDF, announced this at Eleme, Rivers, while inaugurating the second phase of Module B-Plate Welding training for 505 youths. According to him, the industry will not absorb all the trainees. “And so, we have come up with an entrepreneurship programme to enable trainees to stand on their own and become employers of labour. He said the training was in line with the Federal Government’s Local Content Act." Oluleye said the programme is aimed to equip youths with fabrication and welding skills to meet the nation’s local content requirement in the oil and gas industry.

Brian Munro rewards Campari distributors in Nigeria

rian Munro Limited has rewarded outstanding distributors of Campari energy drink in Nigeria. Addressing dignitaries from the Wine & Spirit Industry, Marketing Manager, Mr. Abayomi Ajao, said: “The Campari Distributor’s Award is aimed at showing appreciation and encouraging distributors to continue their unwavering loyalty to Campari, a world class brand.” He said that the Campari brand is not only focused on selling, but also on appreciating its valued customers, distributors and marketers. Highlights of the event were the presentation of brand new cars to eight outstanding distributors of Campari across the country by the Managing Director of Brian Munro Limited, Mr. Paul Wilson, while guests were treated to an evening of good music, delightful cuisine and an amazing taste of Campari cocktails. Some of the distributors present also expressed their joy as the awardees. Mr. Onyenanu, an outstanding distributor, said: “I am glad to be recognised and rewarded this day by the Campari Group.

have got excellent grades, we are willing to help you. Giving back to community: Another initiative we are currently working on is Award for best students in English Language in secondary schools. This is for students who have excelled in English language. It is an initiative borne out of the fact that we have noticed that a lot of students do not realise the i m p o r t a n c e of English Language as a prerequisite for getting admission abroad. If students are struggling with English language, it becomes a big problem to cope with studies abroad. " We have a list of schools already, but this is not exhaustive as we are willing to take on more schools. Interested Proprietors and Principals or career Counsellors can contact us for participation.

By EBELE ORAKPO

rs. Bola Agunbiade is the Director of Avail International Consult Limited (AICL Education), an outfit that specializes in international students’ recruitment and career counselling. In this chat with Financial Vanguard, Agunbiade says integrity is very important in the international education counselling business. Excerpts: The Beginning: According to Mrs Agunbiade, she started off by taking some marketing courses. “I have done several strategic marketing courses with communication outfits here in Nigeria. I have travelled severally for trainings abroad in Dubai and the United Kingdom. I have a degree from the Department of Philosophy, University of Lagos. I have been in the business of international student recruiting for 10 years. I started work as a counsellor with one of the foremost agencies in international recruitment in Nigeria Preparation for Life (PFL)in 2004. I was with Preparation for Life for seven years first as a student c o u n s e l l o r, l a t e r a s the Country Representative for West London College, UK. “I enjoyed my work and time so much in PFL that I realised that this is what I have always wanted to do; interacting with people, helping people, solving problems.” In 2011, she resigned from PFL to follow her dream. “AICL was born by the grace of God, in 2011 and in three years, we have been able to assist hundreds of students to travel and study abroad. Our main aim is to help students make informed decisions about their education and future prospects that will stand them in good stead for the rest of their lives,” she said. What we do in AICL: "We raise awareness of higher education among students at the national level. We inspire them and provide

•Mrs. Bola Agunbiade ...Parents need to know they can trust you with the lives of their children

them with required information to guide them with the entire admission process. We also utilise our international expatriate and students’ network to help aspirants in Nigeria solve their career-related and academic problems through collaborative discussion and social networking.

e believe Nigeria can be uplifted only through proper utilisation of its intellectual and skilled manpower and that studying abroad not only opens opportunities to international career exposure, better education and state-of-the-art research, but also individual economic and intellectual advancement. We assist applicants with selection of the best suited schools from the three major destinations we represent. Our services include selecting the right course as per the student’s interest, assisting students with the complete application procedure, tracking the applications for outcomes, providing information on the costs involved in terms of living expenses and tuition fees, advising on scholarships and giving information on university and private accommodation, complete guidance on student visas, arrangement of pick-up and

TDF trains over 1000 youths

The most mportant ingredient in business is integrity — BOLA AGUNBIADE

We believe Nigeria can be uplifted only through proper utilisation of its intellectual and skilled manpower

drop from the airport to the campus and very importantly, progress report from our partner institutions on behalf of our students." We have done several write-ups in education to educate the mind because we believe that education is nurturing the mind, not just for economic purposes, no, we want to nurture people’s minds. About a year ago, I invited journalists here because I felt I needed to do something for the society and I knew there were institutions abroad that were tuition-free, some had partial scholarships but these are basically meritbased, we needed to get across to outstanding students. If you are looking at studying abroad and you

Initial capital: "We started small. Honestly, it is not about how much you have; the most i m p o r t a n t ingredient is integrity. You may have lots of money but without honesty and integrity, it won’t work. Parents want to be sure they are getting timely and accurate information. They need to know that they can trust you with the lives of their children, that they can trust the information you are giving to them." Range of international students’ fees: Quality education does not come cheap. For UK, USA and Canada, on the average, tuition fees are approximately between N1.5 and N2 million per year. Living expenses will average between N1million and N1.5 million depending on the location. For instance, if you a r e s t u d y i n g inside London, cost of living is higher than other parts of the UK. Challenges: "The only challenge we have is dishonesty on the part of either the parent or the student. Right intentions are very important to us. We need to be able to determine if students have the genuine intention to study abroad. We are able to determine intentions most of the time but there were a few times we missed the danger signals."

Vanguard, MONDAY, MARCH 31, 2014 — 43

E- Commerce

Kaymu partners kinabuti to boost entrepreneurship

*HEALTH - From left: Mr Ayo Osinlu, Head of Media, Nigeria Health Insurance Scheme; Dr Folakemi Olomojobi, Permanent Secretary, Ministry of Health, Ekiti State; Mr Akin Fadeyi, CEO, Bufferzone Ltd; Mr Gbenga Adeyinka, Comedian and Barrister Ramatu Umar-Bako, Country-Director, Speakers Corner, at the Health Access Talkshow held in Lagos. Photo by Lamidi Bamidele.

How online marketplace drives e-commerce transition

ecent trends in ecommerce have revealed what appears to be deliberate transition by e-commerce operators globally, from Business to Consumer, B2C to Business to Business, B2B services. A critical look at this phenomenon has also revealed that this transition is driven not merely by anxiety on the part of the operators to beat competition and deepen profit margin, it has also incidentally become a natural order of progress and expansion for the industry. Online marketplace is one of the most common ways that the industry has embraced this transition and has indeed been the chief driver. The implication of this movement is that every ecommerce operator has begun to craft strategic platforms that will accommodate both sellers and buyers on their platforms. For instance, online retailers like Amazon, eBay, Alibaba, Konga.com including online classifieds like Online Exchange have all created platforms that not only enables people to buy but to also sell as well. Recent infographics on marketplaces of some giant retailers like e-Bay and Amazon show that the leading global e-retailers have over 116 to 117 million active users on their marketplace platforms. China’s e-commerce king, Alibaba has over 500 million

active users on its marketplace. In Nigeria, online marketplace like Kaymu.com.ng readily comes to mind as it has provided many Nigerians with its platforms to buy and sell. Online Exchange, Olx has also been offering such services through its online classified platform, olx.com.ng.

By JONAH NWOKPOKU

participating retailers or wholesalers. It aggregate products from a wide array of providers. This makes selection wider, availability higher, and prices more competitive compared to vendor-specific online retail stores. Industry watchers believe that this trend shows a clear progression for ecommerce. Some others also believe that given the

Online marketplace is an incredible powerful force that we expect it to probably stem rural urban migration at some point. The sector itself can create a lot of jobs but I think what is really exciting is the platform that it can create in terms of enabling commerce.

Recall also that recently, Nigeria’s online retailer Konga.com launched a marketplace. Over 3000 users have already registered in less than four weeks after the launch. Online e-commerce marketplaces are the primary type of multi-channel ecommerce and it is a type of e-commerce site where product and inventory information is provided by multiple third parties, whereas transactions are processed by the marketplace operator. In an online marketplace, consumer transactions are processed by the marketplace operator and then delivered and fulfilled by the

potency of online marketplace in delivering access, it is capable of not only boosting employment, in a place like Nigeria but also contribute significantly to iGDP which is the internet’s contribution to the gross domestic products. Konga.com’s founder and CEO, Sim Shagaya captured the place of online marketplace succinctly when he joined a panel that discussed Nigeria’s digital revolution at the just concluded Nigerian Summit organized by Economist Magazine recently. He said Konga wants to make a transition from being just a retailer to becoming a

marketplace where every Nigerian could buy and sell. According to him, online marketplace “is an incredible powerful force that we expect it to probably stem rural urban migration at some point. The sector itself can create a lot of jobs but I think what is really exciting is the platform that it can create in terms of enabling commerce.” “E-commerce is a big part of the digital revolution,” he said and he believes the industry in Nigeria, nay Africa may not to toe the path of western world e-commerce where it is one giant company called Amazon just buying and selling. He believes that the industry will tend to take the eastern flavor of ecommerce where the largest e-commerce will be a platform for others to trade, buy and sell and get empowered. “At least this is what we are aspiring to do with Konga.com,” he said. He also alluded to the fact that online marketplace is capable of contributing significantly to Nigeria’s iGDP, which stands at 1.5 per cent at the moment, according to the data released by Mckinsey & Company, a management consulting firm, late last year. With this trend clear for operators, it reveals again the huge potential in ecommerce, a critical aspect of the digital revolution. The task before them then, remains consumer education as this will determine whether the marketplace will fare better than core and specific online retailing.

igeria’s online marketplace, Kaymu.com.ng has partnered with Kinabuti, a Nigerian fashion house with the support of Thea Kuta to train youths of Orile Iganmu community on silk screening and how to sell online. The three course module titled Kaymuvarsity, an educational initiative by Kaymu.com.ng was conducted on 13 graduates of the silk screening workshop organized by Kinabuti and Thea Kuta. The module educated the students on how to sell online, how to manage an online store, as well as public relation and social media strategies for online marketplace sellers. Speaking on the initiative, the MD of Kaymu.com.ng, Massimiliano Spalazzi noted that, Nigerian youths are entrepreneurial in nature, eager for knowledge and business savvy and there is no better way to contribute to the development of youths than teaching them a skill and training them on how to translate this skill to money.” He explained that, “”For an economy to thrive, it would require youths who are willing and able to become serial entrepreneurs; who can launch and successfully develop their own business ventures and Kaymu is there to provide a platform for these business ventures to bloom.”

Konga.com crashes Android powered Nokia-X price

igeria’s online marketplace, Konga.com is has announced the sale of the newly released Nokia X smartphone, an android powered device at a discounted rate of N19, 200.00 only. Konga.com’s Head of Marketing, Gabriel Umoden who announced at the launch of the product in Lagos said the price is the lowest price anywhere online or offline in Nigeria and competes favourably with international pricing. “The key to us is always to meet our customers’ needs, and we are constantly entering new partnerships with the sole purpose of achieving this,” he added. The Nokia X comes with features such as a strong/ capable camera, access to apps available on android like BBM and Instagram.

44 — Vanguard, MONDAY, MARCH 31, 2014

Appointment & Promotion vicahiyoung@yahoo.com 08033348923

Phillips joins Flour Mills board T

HE Board of Flour Mills of Nigeria PLC, FMN, has announced the appointment of Mr. Foluso Phillips as a Non –Executive Director of the Company. The appointment took effect from March, 12 2014. Foluso, according to a statement by the company, is the Executive Chairman and Founder of Phillips Consulting Limited, a firm engaged in business and management consulting, with offices in Nigeria and South Africa. The company noted that he is a qualified Industrial Economist, a Chartered Management Accountant of the United Kingdom, and a Fellow of the Institute of Chartered Accountants of Nigeria. It said, “He brings with him experience and expertise in finance, business

•Folusho Philips management, enterprise development and macroeconomic policy management. Mr. Phillips who is very active in the Nigerian corporate scene sits on many boards as a director, trustee or shareholder of

commercial organizations, NGOs and charities. He is the Chairman, Nigeria Economic Summit Group; Chairman, Nigeria/South Africa Chamber of Commerce; Chairman, Interbrand Sampson West Africa; and Chairman, Web Liquid West Africa. Mr. Phillips also serves as Director, Special Olympics of Nigeria; Director, Vigeo Holdings (a Power & Energy company in Nigeria); advisory board member, Africa Leadership Academy (an African Leadership Senior School based in Johannesburg). “Mr. Phillips demonstrates a special interest and a keen commitment to the African Renaissance, and he is very active in supporting PanAfrican initiatives in his different spheres of endeavour. He is a prolific speaker, who has addressed many international business

seminars and conferences including Wharton Business School and Harvard Business School both in the United States of America, Business in Africa’s Leadership Summit in South Africa and several other leadership conferences, business and trade summits across Africa, Europe, and the USA. He is also the publisher of the West Africa edition of the “Business in Africa” Magazine.” In addition, Group Managing Director, Flour Mills, Mr. Paul Gbededo said, “Foluso is a professional with high personal integrity, and brings with him, many years of managerial experience in turning around and growing companies profitability. Indeed, the Board of Flour Mills of Nigeria is thrilled to have such an experienced and versatile gentleman who can add great value.”

NB Golden Pen award holds in June E

NTRIES for this year Nigerian Breweries Golden Pen Award will close Friday April 25, 2014. Corporate Affairs Adviser to Nigerian Breweries, NB Plc, Mr. Kufre Ekanem, said the entries for the award billed for June, commenced Friday, March 27. According to him, this year’s award is focusing on Education and Youth Empowerment. He saidthat, this year ’s award would be given to the best entries featuring a focus on Education and Youth Empowerment at its core. As you all know, Education and Youth Empowerment are critical success factors for Nigeria to fulfill its potentials as a nation. Our Award criteria of quality, professionalism and objectivity will remain the filters upon which entries will be shortlisted for awards. The judging panel will analyze the reports and photographs for their Originality, News Value, Use of Resources, Credibility and factuality. Other areas of interest would include Info-graphics, Lay out/Headline, Clarity and Social impact. “As usual, all entries should be sent to the coordinating agency, Mediacraft Associates via Goldenpen2014@mediacraft.ng. Mediacraft Associates, an independent media agency, will also collate all entries published in the focus areas and about Nigerian Breweries

and its brands in the newspapers from January to December 2013 for the jury assessment. Collection of entries for the Nigerian

Breweries Golden Pen Awards will commence today March 27, 2014 and close on Friday, April 25, 2014. “On prizes, we have revised

our categories and introduced a new super-category in line with the expanded focus of the NB Golden Pen Awards.

CIPM Rivers re-elects Ojeh as Chairman

hartered Institute of Personnel Management of Nigeria, CIPM, Rivers State Branch has re-elected Mr.Ojeh as its Chairman for another t wo years. His election is seen as an overwhelming recognition by members of his’ purposeful leadership, credible activism and demonstration of his acclaimed capability building initiatives as well as massive transformation of the institute’s activities in the state. Ojeh holds B.Sc, M.Sc Economics, MBA, and in addition to being a member of CIPM, is also a fellow of the Chartered Institute of Personnel and Development, CIPD, United Kingdom, where he currently serves as the only Upgrade Assessor based in Africa. His competence areas included HR Policy, Leadership Development, Change Management, Compensation, Business Partnering, Talent Management and currently Employee/Industrial Relations and Employee Communications Manager for Shell Companies in Nigeria.

Nted receives Maritime Man of the Year Award P

RESIDENT-GENERAL of Maritime Workers Union of Nigeria, MWUN,Comrade Tony Emmanuel Nted has been honoured with the Maritime Man of the Year 2013. The azward, Maritime Industry Merit Award was organised by the Maritime Media Limited. The award was in recognition of Nted’s tremendous contributions towards the growth and development of the maritime industry. Speaking after receiving the award, Nted thanked the organisers for considering him worthy for nomination for the historic award. The President-General expressed appreciation to the maritime workers for the opportunity given to him to serve with a promise to do more to improve the condition of workers in the sector. He dedicated the award to the downtrodden casual workers in the sector and encouraged them not to bow to frustration stressing that there is always a reward for hard work. “This award is a challenge and a task to do more and I promise not to relent in my

efforts to improve on the welfare of maritime workers. It is a life time commitment,” Nted said. Chairman of the occasion and President of the Nigeria Labour Congress, NLC, Abdulwaheed Omar, said the honour was well deserved because Nted had brought peace and stability to the maritime industry. Omar, represented by a Deputy President of the NLC, Promise Adewusi, described

Nted as a man who had given life and future to dockworkers noting that this was done through humility and dedication to service. Earlier, Managing Director/ Chief Executive Officer Maritime Media Limited, Mr. Asu Beks said the award was initiated in 1997 as a credible platform for rewarding excellence using key performance index. He said the idea was borne out of the need to identify and

honour individuals and corporate bodies that make tremendous contributions towards the development of the maritime industry. “A look at the nominees revealed that we have been able to beam our searchlight on deserving personalities who have dinstinguished themselves through innovations. In this edition, stakeholders in the maritime industry overwhelmingly

AWARD - From Left: Mrs. Tony Emmanuel Nted, Comrade Tony Emmanuel Nted, PresidentGeneral, Maritime Workers Union of Nigeria, MWUN, Mrs. J.D. Amalian, Deputy Director, trade Union Service, Ministry of Labour and Productivity representing Minister of Labour and Productivity, Chief Emeka Wogu, and Mr. Asu Beks, Managing Director\Chief Executive Officer, Maritime Media Limited, during the formal presentation of Maritime Man of the Year 2013, to Comrade Nted in Lagos.

Vanguard, MONDAY, MARCH 31, 2014 — 45

Advertising, Media & Marketing

the consumers even when they are producing at a loss. Okeme lamented government’s apathy to the manufacturing sector saying that no country can truly survive when its manufacturing sector is practically dead. He said that despite the numerous factors affecting product manufacturer, they remain committed even to the poorest consumers who desires quality at cheap prices. He gave an instance where his company have had to increase the size of one of its products for same market price just to remain in the competitive market. Okeme submitted that government must change it policy and attitude towards the manufacturing sector so that already surviving companies would not begin to fold up. He said that manufacturers and service deserves as much protection as the consumers. The founder of CAFON in her contribution sympathized with service providers and manufacturers on the challenges they face in the country but aptly noted that such was not enough reason for exploiting consumers who she insists were indeed helpless. Salako said that in a bid to cover their high cost of production, manufacturers and service providers resort to all manners of scam and tricks to cheat the consumer. She said this has been responsible for the huge profit make especially by the telecoms sector despite the complaint of harsh economic environment. Salako also pointed that every consumer deserves the right to get quality services for payments already made and that no excuse should suffix to the contrary. She also disagreed with the previous speakers that regulatory agencies were really on the side of consumers. According to Shola the action of regulatory agencies which collect fees and fines from defaulting service providers and manufacturers without making direct compensation to consumers is unacceptable.

Stakeholders parley on consumers’ rights abuse BY PRINCEWILL EKWUJURU

s part of activities to celebrate the 2014 World Consumers Day, Brand Journalists’ Association of Nigeria, BJAN held a one day symposium in Lagos to draw attention to issues affecting the Nigerian Consumers. The theme of the event, “Corporate Nigeria and The Helpless Consumer,” had the speaker in the person of Oyeyemi, General Manager, Consumer Marketing, MTN, provided an inciting discourse. The discussants include Tam Tamunokonbia, Head, Lagos Office of the Consumer Protection Council, CPC, Sola Salako, President, Consumer Advocacy Foundation of Nigeria, CAFON, David Okeme, Brand Building Director, Unilever Nigeria and Yomi Badejo - Okusanya, CEO, CMC Connect (Perception Managers). As expected the discussions were meant to portray the helplessness of consumers in the hands of corporate organisations, but opinion on the topic was divided as the guest speaker, Oyeyemi said that corporate organisations are indeed helpless instead. He painted a scenario that affirms the consumer as king and at liberty to reject or accept any product or services targeted at him or her. Kola said this has put the service providers and product manufacturers at a disadvantage since the consumer has plethora of choices and alternatives to

choose from. On the contrary, Kola urged that the Nigeria Consumers were indeed among the most protected across the world. He based his assertion on the premise that several government agencies are daily tasked with the responsibility of protecting the consumers from manufacturers and service providers. He listed the numerous agencies to include the Ministry of Information Technology, Nigerian C o m m u n i c a t i o n s Commission, NCC, National Food, Drug Administration Council, NAFDAC, Consumer Protection Council, CPC and State Infrastructure Regulatory agencies. He also said that service providers especially in the telecommunication sector are over regulated by agencies which mostly seek to make money out of levies, sanctions and fines. Oyeyemi who is also the President of Advertisers Association of Nigeria, ADVAN, noted that despite the difficult challenges of doing business in the country, these agencies daily sanction service providers for not meeting up with their obligations. He further argued that services providers and manufacturers are indeed endangered because no agencies of government are on the look for their interest. He said that despite effort by manufacturers and service providers to survive in a harsh business terrain in the country, consumers remains

Customers as Captives – Part One

.T. Briscoe (Nigeria) Plc is one of Nigeria’s foremost distributors of Toyota cars, among other things. It also offers after-sales support at its service centres strategically located in major cities. The company has been doing business in Nigeria for nearly 60 years. And it appears to have distinguished itself in the various sectors of the economy it has ventured into. So when the air-conditioning system of my Toyota car began to malfunction, it was a no-brainer for me to take the car to R.T. Briscoe. Interestingly, the two customer service representatives I met at the company asked me to deposit N15,000 before anybody could look at the car. I found that strange. I thought the company was supposed to diagnose the problem with the car first, and give me an estimate for the repairs for approval. At least, that was what I was used to, but I was a first-timer there. I sought the rationale for the deposit and I was told it was “management policy.” I sought to know what would happen to my deposit if I decided not to fix the car. I was told the deposit was refundable. But I smelt a rat. I know how difficult it is to get a refund from a Nigerian company. Moreover, I didn’t see the sense in taking a deposit in the first place if it would be refunded in full to a customer that decides not to go ahead with the I sought the repairs. While I was still rationale for trying to challenge that method of doing the deposit business, a customer and I was service rep pointed out told it was that technicians were paid on hourly basis. “management That “Freudian slip” policy.” I settled the matter for me. Was it possible that part sought to of the deposit would be know what converted to a would “diagnosis fee” (for the technician’s wages) if I happen to my decided not to fix the deposit if I car? I didn’t wait to find out. decided not I left in a huff and R.T. to fix the car. Briscoe lost me before I I was told the could become a customer! I drove to deposit was Metropolitan Motors in refundable. Ikeja. Thankfully, the approach was But I smelt a refreshingly different. rat. There was no talk of deposit. Instead, the company quickly diagnosed the fault with my car and gave me an official estimate of almost N26,000 for approval. I approved willingly. At least, I knew beforehand what I was letting myself into. Work commenced immediately, still with no talk of deposit. In fact, while the repairs were on, I dashed to a nearby ATM to get cash for the bill. After the car was fixed, the final bill was N1,000 less than the estimate. Again, I was happy with the approach at Metropolitan. But that was not all. One week later, someone phoned from the company to find out how the car was doing and whether I was satisfied with the work done. You can guess my response. If you were in my shoes, which of the two companies I encountered would you rather do business with? Let’s get to the point of this story. Why do some companies make customers part with money even before they know exactly what they are paying for? Is it that such companies are afraid of losing out completely if customers change their mind? Or do they believe that the best way to do business is to treat customers like captives? If that is so, then such companies have very weak value propositions indeed. Those organisations that try to hold customers captive lose in the long run.

PROMO - From Left: Mr. Austin Aka, Regional Trade Marketing Manager – East, Nigerian Breweries Plc; Chukwuma Tochukwu Obo, winner of Brazil ticket; Obabiyi Fagade, Brand Manager - Star, also of Nigerian Breweries Plc and Senator, the show compere; at the last edition of the Star Trip To Brazil promo, held at the Bamboo Garden, Awka, Anambra, recently.

demanding and disloyal to any particular brand and would quickly move to a competing brand. Oyeyemi said this has made service providers to stoop low to still provide quality services even at low prices to remain in business. He cautioned that at the rate industry regulators dish out sanction, services providers may begin to fold up in coming years. In the end his suggested that the topic should have been ‘Empower the Consumer, And The Helpless Corporate.’ The GM Consumer Marketing, MTN Nigeria view was also supported by Okeme who pointed out that manufacturers in the country still try to satisfy

TO BE CONTINUED

46 — Vanguard, MONDAY, MARCH 31, 2014

Vanguard, MONDAY, MARCH 31, 2014 — 47

48 — Vanguard, MONDAY, MARCH 31, 2014

Email:lesleba@lesleba.com, lesleba@gmail.com Blog page:www.lesleba.com/blog2 Website: www.lesleba.com Tel:0805 220 1997

MONETARY POLICY COMMITTEE as metaphor for the blind leading the blind entral Bank’s Monetary Policy Rate (MPR), in practice, is the strategic benchmark for modulating best practice standards in the critical economic indices of inflation, cost of funds and exchange rate. Consequently, the CBN’s MPR sets the standard for prevailing money market interest rates, as it represents the ‘penalty’ cost for banks’ that need to borrow shortterm funds from the apex bank for whatever reason. Thus, the higher the MPR, the higher also will be the rate at which banks will, in turn, lend to both their public and private sectors customers. Additionally, apart from cost, the CBN also controls the extent of available domestic credit by insisting that commercial banks keep specific proportions of their assets as cash or other readily convertible instrument. Thus, the higher the stipulated ratios for cash or liquid assets, the less will be the ability of commercial banks to also expand credit. Conversely, the lower the required ratios, the wider will be the credit that banks can extend to customers. Last week, Monetary Policy Committee (MPC), which statutorily determines the CBN’s monetary benchmarks, unanimously decided to maintain its current tight monetary stand with the existing high monetary policy rate of 12 per cent, in order to restrain spending and drive inflation below the current level of about eight per cent. The MPC report, however, recognizes that although the ultimate goal of transiting to a

“truly low inflation environment” has remained unattainable, the current tight monetary policy had partially restrained credit expansion, particularly for federal government borrowings; nonetheless, the committee was, however, concerned that the growth of credit to the industrial sector, with its potential for increasing economic growth and employment opportunities, has regrettably continued to lag behind. It is evident, nonetheless, that the Nigerian economy will never attain its real potential for rapid economic growth with increasing job opportunities and enhanced social welfare, with a high MPR, which may, indeed, attract speculative foreign investment inflows, but also has a downside of adverse consequences of real sector contraction with the threat of capital flight, at any slight hint of instability in both domestic and international economies. The pertinent question, therefore, is whether we should continue to kill our industries and impoverish our people, so that foreign investors can feed fat on our government’s economic folly of borrowing in spite of alleged systemic surplus cash induced by the same CBN. Besides, we should also ask why the MPC’s attention is fixated on attraction of volatile foreign capital inflows, while our own Central Bank sits on an idle zero-interest-yielding cache of about $40bn. Incidentally, the MPC comprises of highly accomplished men and women with great intellect, experience and education, but it

must be worrisome that the focus of the committee’s deliberation largely remains as an the attempt to sustain our festering economic sore rather than the actual healing of the malaise. It is not rocket

The pertinent question is whether we should continue to kill industries and impoverish our people, so that foreign investors can feed fat on our government’s economic folly of borrowing in spite of alleged systemic surplus cash induced by the same CBN

science to recognise that the prime cause of high rate of inflation, high cost of funds and a constantly challenged naira exchange rate can all be traced to the unabating existence of alleged ‘excess’ cash in the system. Evidently, when surplus cash is pitched against relative scarce goods and services in any economy, spiralling inflation will undoubtedly be the outcome; so

‘eternally’ surplus naira in the system. Evidently, a weaker naira, not only instigates a rise in the general price level, but also makes the naira unattractive as a store of value, and such public perception of our currency will ultimately lead to capital flight. Worse still, a weaker naira, in spite of increasing oil revenue will also lead to higher domestic fuel prices, and the collateral of trillions more of subsidy payments annually. (See “The Avoidable Oppressive Burden of Fuel Subsidy” of November 2013, at www.lesleba@lesleba.com). The real question is certainly how to address the true cause of ‘eternal’ systemic surplus cash. Observant Nigerians would have noticed that the CBN generally decries the existence of the villain of surplus cash soon after the monthly disbursement of hundreds of billions of naira allocations to the three tiers of government. Incidentally, in spite of 80% total distributed revenue being dollar-denominated, inexplicably, exclusively naira values are ultimately distributed. The substitution and supply of a unilaterally determined naira equivalent for monthly distributable dollar revenue inadvertently provides a platform on which banks can extensively leverage credit expansion, regardless of the attendant collaterals of unbridled inflation, high cost of funds, a weaker naira, increasing national debts and fuel subsidy values, not to mention the challenge of successfully deregulating the downstream petroleum sector. Instructively, the adoption of dollar certificates for payment of monthly allocations of dollarderived revenue will restore commonsense and sanity in the management of our economy.

also, if systemic surplus naira is constantly pitched against deliberately rationed dollar supply, a weaker naira will also be the product. The Monetary Policy Committee is also not apparently concerned that the alleged surplus naira ironically exists side by side with scarcity of funds to build quality educational and health institutions or to indeed, deliver potable water and modern transport facilities to enhance mass social welfare. It is inexplicable and worrisome that Nigerians, including professors of economics in various universities in Nigeria as well as the Nigerian intelligentsia at home and in the diaspora, have remained mute as a mule to Sanusi’s unforced confession last year, that the CBN, and by extension, the Monetary Policy Committee, itself, had for decades, consciously sustained a very foolish policy of giving away government funds at zero per cent to banks, only to proceed soon after to borrow these funds back at a cost of between 12 and 17 per cent, and thereafter farcically simply warehouse the loan proceeds as idle funds. The CBN Committee also mischievously concluded that “the recent pressure on the naira exchange rate was largely the result of forex outflows induced by the marginally improved rate of interest in the United States’ money market. In reality, the MPC appears oblivious of the reality that the actual cause of subsisting naira depreciation is the alleged

Business & Economy

‘Inadequate metering major challenge in power sector’ By NKIRUKA NNOROM

anaging Director of Ikeja Electricity Distribution Company, Ikeja DISCO, Engr. Abiodun Ajifowobaje, has identified inadequate customers’ metering as one of the major challenges confronting the new owners in the power sector. Delivering a paper titled, “The Power Sector PostPrivatisatin: Challenges and Implication on the Manufacturing Sector ”, at the fifth edition of MAN Ikeja Manufacturers’ Consultative Forum, he said that the new owners also battle with inadequate supply from the national grid, saying that it has continued to hamper their C M Y K

ability to meet up with current demand. Represented by Mrs. Olubukola Ojurongbe, General Manager, Customer Service, he said that only 35 percent of Ikeja DISCo’s customers are adequately metered as at date, while the company receives an average of 350 mega watts per month since November when the privatization exercise was completed out of its 900MW demand, leaving the company with 550Mw shortage. He noted that it is impossible to guarantee 24 hour power supply with the present situation. He stated that it is pertinent for the country to seek power generation from alternative sources like wind, solar, and waste among others, saying that this is what is obtainable

in countries like Sweden. He further appealed to Nigerians to desist from energy theft as it erodes the revenue of the new power owners. Speaking on ‘Other Sources of Power Available to Manufacturers aside IKEDC’, Engr. Reginald Odiah, Managing Director, Bennett Industries. Limited and Chairman, Infrastructure Committee, Manufacturers Association of Nigeria, said that the most viable alternative for manufacturers is delineation of members into clusters and provision of power plants to serve each cluster. According to him, the system will eliminate the agony and pains of running individual power plant at unnecessarily high cost, allow manufacturers to fully

He advised the DISCOs to “introduce and encourage energy eficieny practices that will reduce wastages and free saved energy for use.

concentrate on their core business, and substantially reduce cost of production for which power alone constitute about 35 percent to 40 percent.

Omoh Gabriel Babajide Komolafe Clara Nwachukwu Peter Egwuatu Yinka Kolawole Favour Nnabugwu Godwin Oritse Godfrey Bivbere Michael Eboh Franklin Alli Ebele Orakpo Ifeyinwa Obi Rosemary Onuoha

Group Business Editor Finance Editor Energy Editor Head, Capital Market Snr Bus. Correspondent Insurance Correspondent Maritime Correspondent Maritime Correspondent Energy Reporter Industry/Agric. Reporter Energy Reporter Maritime Reporter Insurance Reporter

CONTRIBUTORS Princewill Ekwujuru Nkiruka Nnorom Jonah Nwokpoku Naomi Uzor Providence Obuh LAYOUT

Media/Marketing Capital Market E-Commerce Industry Micro Finance Graphics Department

Vanguard, MONDAY, MARCH 31, 2014 — 49

NEWS ON BRIEFS

Kerry, Lavrov seek deal on Ukraine

Missing plane: Australia’s PM hopeful of new clues

USTRALIA’s prime minister said yesterday he was hopeful clues will emerge soon to help find Flight 370 even though searchers again failed to find jet debris, as relatives of Chinese passengers on the plane protested in Malaysia to demand the government apologize over its handling of the search. An increasing number of ships are scouring an area of the Indian Ocean

off western Australia after a new search zone was identified Friday, but the only objects scooped up by the vessels so far have been “fishing equipment and other flotsam” not connected to the Malaysia Airlines plane that crashed March 8 with 239 people on board, the Australian Maritime Safety Authority said in a statement. Australian Navy Commodore Peter Leavy

told reporters that “there has been no discrete debris associated with the flight.” In Sydney, Australian Prime Minister Tony Abbott insisted that the “intensifying search effort” was positive because objects “have been recovered from the ocean” in the zone after a weeklong search in another area spotted items from planes that

ships never managed to find. The maritime safety authority said nine planes took part in the search Sunday, leaving in staggered times from a military base near the western city of Perth. Eight ships were on the scene, including the Australian navy supply ship HMAS Success, which was designated as the vessel that will store any wreckage found.

USSIA yesterday set out demands for a diplomatic resolution to the crisis in Ukraine, saying the former Soviet republic should be unified in a federation allowing wide autonomy to its various regions as U.S. Secretary of State John Kerry and Russian Foreign Minister Sergey Lavrov prepared to meet in Paris in another bid to calm tensions and resolve the crisis over Ukraine. After a brief call on French Foreign Minister Laurent Fabius, Kerry was to sit down with Lavrov at the residence of the Russian ambassador to France to go over Moscow’s response to a U.S. plan to de-escalate the situation as Russian troops continue to mass along the Ukrainian border.

UN document warns of adverse climate

EADING scientists and officials completed a fresh climate report yesterday expected to lay bare the grim impact of climate change, with warnings that global food shortages could spark violence in vulnerable areas. Part of a massive overview by the United N a t i o n s ’ Intergovernmental Panel on Climate Change (IPCC) set for release today, the report is likely to shape international policy on climate for years to come, and will announce that the impact of global warming is already being felt. Some 500 scientists and government officials have been gathered since Tuesday in Yokohama, south of Tokyo, to hammer out its wording.

Turkish elections turn deadly in local feuds

IOLENCE has hit Turkish municipal elections, with eight people being killed in fights between groups supporting rival candidates. The isolated clashes took place yesterday, Reuters news agency reported, as tens of millions of Turks cast their votes into the evening. The Dogan news agency said six people died and four were wounded in the village of Yuvacik, in the southeastern Sanliurfa province.

Egypt's presidential poll set for May

HE first round of Egypt’s presidential poll has been set for 2627 May, the electoral authorities say, days after army chief Gen Sisi resigned and announced his candidature. State TV said nominations would be accepted from Monday until 20 April. Abdul Fattah al-Sisi led the overthrow of Islamist President Mohammed Morsi in July after mass opposition protests.

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HE National Conference is turning out, as usual, to be a theatre of the absurd, with the thespians being the overused, same old players noisily grandstanding and beating their ethnic and religious empty barrels over mere trifles. There was this picture on the front page of Vanguard on Wednesday, March 27, 2014, in which one elderly man of nearly 80 years old was spoiling for a physical combat with an unseen opponent, while an equally elderly female delegate representing the market women, Madam Felicia Sani, was restraining him. I wondered: if the fisticuff was allowed to proceed who could that pugnacious Baba possibly beat up? If he lands a blow his hand will surely break! That was a comic relief. But by no means a laughing matterwas a statement made by one of the

Lamido’s Freudian slip the heart of what Nigeria means to us as individuals from our respective corners of Nigeria. The emir allowed his anger to get the better of him, which was why two delegates (both of them of the same Fulani ethnic stock as the emir) Alhaji Muhammadu Gambo Jimeta, a former Inspector General of Police and Malam Ishaq Modibbo Kawu, my friend

Anyone that attempts secession will be crushed; if anyone is desirous of joining their kith and kin across the border they are is free to do so; but they will not be allowed to take an inch of the Nigerian soil with him

most prestigious traditional rulers in the country, Alhaji Barkindo Mustapha, the Lamido of Adamawa. Did I hear you say: ”Lamido, again!”? Yesterday, it was about an aspiring royal Lamido from Kano. And now…? Irked by voluble exchanges over the percentage of votes that would decide matters, a visibly infuriated Lamido stood up and issued a warning that set the conference on fire, literally. “Jingoism is not the monopoly of anyone,” he declared. “We are here to make Nigeria work… My kingdom extends into part of Cameroon. In fact, there is a state there known as Adamawa. If anything happens here, I will go there and I will easily assimilate.” This is a loaded statement. It is outbursts like these that go into

and next-door neighbour here on the pages of Vanguard on Thursdays, went to save the emir from himself. He could have simply said: “Jingoism is not the monopoly of anyone. We are here to make Nigeria work”. But by going beyond the acceptable borders, he unwittingly engaged in a serious and dangerous act of jingoism of which he accused others. But then, every word the Lamido uttered was true, especially the bit about his kingdom stretching into Cameroon. I reported stories of conflicts in the Mambilla Plateau in 1992 between the Fulani cattle owners and predominantly farmer indigenous ethnic minorities of the Gembu area. I was told that whenever the

farmers could not withstand the raids from their obviously better armed and wealthier Fulani neighbours they ran across the border to Cameroon to take refuge until the invaders left, then they came back to their farms. The Janjaweed-like night time raids we are seeing on the Jos Plateau areas is not new, even though the level of wickedness has been considerably upped. The Lamido is telling the rest of us that he has a choice between Nigeria and Cameroon. General Muhammadu Buhari once said: “The present and future generations of Nigerians have no other country than Nigeria. We must stay here and salvage it together”. He made this statement when he assumed power in 1984 and hardship forced many Nigerians to migrate to foreign countries, which legendary actor, the late Enebeli Enebuwa, performed in a jingle entitled “Andrew” on NTA in the mid1980s. Buhari comes from Daura, an emirate which equally stretches to Niger Republic. In 2007, during the presidential elections which I covered in Katsina, the home state of Buhari of the All Nigerian Peoples Party, ANPP, and Umaru Yar’ Adua of the Peoples Democratic Party, PDP, I deliberately went to the border post (made up of two drums and a bamboo stick thrown across the narrow road) into Niger. The shabbily dressed Nigerien

officials kept smiling sheepishly at me without even processing me as an alien going into their country. But still (at least to our hearing) Buhari said “ we” (including him) have no other country but Nigeria. Perhaps, the difference between a Buhari and the Lamido is that while Buhari’s side of Daura was part of Nigeria on the day the country was created in 1914, the Lamido’s Adamawa was part of the old Sardauna Province over which a plebiscite was held in 1962 along with Western Cameroon to decide which country they wanted to belong. The people of the Province had initially wanted to go to Cameroon, but Alhaji Ahmadu Bello, the Sardauna of Sokoto and a cousin of Yola royal establishment spoke some good Fulbe sense into their leaders and they changed their minds and decided to remain in Nigeria, virtually overnight. Former President Shehu Shagari used to have that conspiratorial edge with the late President of Cameroon, Alhaji Ahmadu Ahidjo in Fulbe over the Bakassi Peninsula, which was used by the Nigerian ruling establishment to prevent Biafra from achieving their independence. The Lamido is only reminding those of us whose homelands are locked into the belly of Nigeria that those of them with international spillovers have an option if efforts to “make Nigeria work” fail. I will like to point out a few realities to the Lamido and those who believe because their language is spoken across our international borders they will have another home-sweet-home in our neighbouring countries if Nigeria experiences a messy disintegration. It is all a delusion.

If the Lamido becomes a Nigerian refugee in Cameroon he will find out how different the life of a refugee can be – even among his kinsmen in foreign countries. If the people of Adamawa flood into Cameroon because of conflict in Nigeria, they will no longer be welcome. They will be victimised because their coming will bring hardship to the already impoverished locals. Nigeria gives great prestige to the stool of the Lamido, which will be severed if Nigeria is no more.

Quality attention And who says people like us, the landlocked Igbos and other groups in Nigeria, have no other place if Nigeria disintegrates? If there is no Nigeria there surely will be a Biafra! If there is no Nigeria for the Yoruba there might well be an Oduduwa Republic. Yorubas won’t need to migrate to Benin Republic or join their kith and kin in Brazil. They won’t even be welcome there because there is little Yoruba left in the slaves that were taken to Brazil 400 years ago! The affinity is no longer there. And the Yoruba speaking people in Benin who may not be more than a couple of million people will not look forward to receiving about 30 million Nigerian Yoruba refugees from a war-stricken Nigeria. Let us stop the foolishness and pay quality attention to efforts to make Nigeria work. And nobody is going anywhere. Since Biafra was stopped by the rest of Nigeria and her international allies, Nigeria became an indivisible and indissoluble nation. Anyone that attempts secession will be crushed. If anyone is desirous of joining their kith and kin across the border they are is free to do so. But they will not be allowed to take an inch of the Nigerian soil with him. We are all here together, and that’s flat!

OPINION

ENERALLY, I rarely venture into Nigerian politics and its goings-on but three news stories in recent months that appeared in Thisday, National Mirror, and The Sun, titled “Ike Ekweremadu I Know,” caught my interest. The focus of the two stories was on the leadership and associated accomplishments of the Deputy President of Nigerian Senate Ike Ekweremadu. One of the news stories described the Deputy Senate President as “leadership personified”. I was excited and encouraged by this description knowing that political leaders are more exposed to temptation and error than most professions. There are series of reasons political leaders are exposed to temptation and errors, especially when they are in office. For example, in most societies, political leaders consider themselves as the elites, who have advantages over others and thus tend to lose their moral sense of responsibility. In addition, politics operates in arena of conflict and deals with wealth and power. Politicians seek to maximize the benefits to themselves or their group, especially in a free society, which is conflict-ridden. Furthermore, there are no universal failsafe rules for leadership. In fact, Bass (2007) notes that there are as many definitions of

Ekweremadu: A moral leader leadership as there are those defining them. Despite this ambiguity, there are certain traits such as being ethical, honest, humble, transformational, visionary, and charismatic to name a few that are predominantly evident in most successful or great leaders. And those traits define Senator Ekweremadu. My approach to leadership is a combination of realism and idealism. Realism in the sense that leaders inevitably make mistakes, and idealism in the sense that politics should be subordinate to ethics, power to responsibility, and pragmatism to the demands of conscience. Most decisions made in all occupations involve value judgement, and value judgement may in some cases lead to ethical dilemmas. Politics is not exempt from this value or ethical dilemma. One of the basic dilemmas of the political profession is deciding what level and type of resources that should be allocated to each problem affecting a given segment of society without engendering economic hardship of another. To this end, understanding both professional and personal values (i.e. good and bad or right and wrong) of the individual politician who is part of the decision-making is quite

valuable. In the case of Ekweremadu, I assume him to be not only leadership personified as described above but ethical even though I have not met him in person. The basis of my assumption is predicated on the consequences of several actions and decisions he has made in Enugu State. For example, 700 youths in Enugu State are now acquiring basic skills in information technology as a result of his efforts. In addition, through the efforts of Ekweremadu, more than 34 road and development projects have been completed or nearing completion in Enugu State, including the construction of a national youth development center. By directing resources to youth education, Ekweremadu is ensuring the besteducated workforce possible in Enugu State. The economic implication of this act is enormous for the people of Enugu State in particular and Nigeria as a whole. For example, by providing a better-educated workforce, new companies are attracted to the area and more jobs are created which give great economic boost to the State. Quality schools are the key to qualified students, which is necessary for stronger

families, thriving communities and a brighter economic future. It appears that Ekweremadu knows that education is the key to great opportunities and I hope he spreads this knowledge to other politicians in different parts of the country. Let me commend him for focusing on what matters and that is that success starts with quality education. It is refreshing and encouraging knowing that somebody like Ekweremadu will fight for conservative values in a country where others will not stand up for the common good. I may not come from Enugu State but I am happy that there is a leader in Nigerian politics who is willing to use available common resources for the benefit of many. In life, doing ‘good’ is better than feeling good. Those who subordinate their ego to their ideas will endure forever. Leadership demands two kinds of courage: the strength to take a risk, and the humility to admit when the risk fails. Ekweremadu, I thank you for being a leader who has taken the risk of subordinating your politics to your ethics and pragmatism to the demands of your conscience for the sake of humanity.

*Dr. Njoku, a health and safety specialist, wrote from Dallas, Texas, USA.

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Northern leaders aiding Boko Haram —Fasoranti, Afenifere leader •Says Awolowo would have backed this confab CHIEF Reuben Fasoranti is the National Leader of the Pan-Yoruba socio-political organization, Afenifere. In this interview with Vanguard, Fasoranti said the ongoing national conference is a welcome opportunity to adjust the Nigerian federation, that the Yoruba sage, Chief Obafemi Awolowo would have backed it and faults northern leaders on the Boko Haram insurgency.Excerpts: BY DAPO AKINREFON

IGERIA has held many constitutional conferences without result. Do you have hopes in the ongoing conference? I have confidence that Nigeria will be restructured. I am confident that it will be alright with Nigeria. What gives you that confidence? It appears everybody is in favour of the conference. Everybody is conscious of having the conference. Even in the north, there are indications that they are all for it. Everybody is fed up with most of the things that are happening now. So we want to meet and decide whether to go on as a country or not to go on. I am sure that majority are in favour of our continuing with our association. What do you make out of the resolution by the All Progressives Congress, APC not to be part of the conference? That is just one voice. From all indications, I think they spoke before giving it a thought. Majority of Nigerians want it, even in the north. Our people have travelled and made consultations. The feeling is that we should meet and fashion out the modus operandi for the future and for our coexistence and spell out areas of differences and then try

Centralizing the revenue

•Fasoranti take off. From his utterances, I think he is all for it. Whether at the end of the day he will agree with the decision taken at the conference is a difference

I had said that some leaders are in support of what is happening, they do not speak up, they are looking on and it is happening in their area

and agree on how to go on. I think that is the consensus. President Goodluck Jonathan has been accused of having a hidden agenda for this conference. Do you believe this? It is not fair to jump the gun. The president has indicated that he wants the conference and made preparations for the

the people there, they will be free to talk. Nobody will be asked not to talk on any issue. I think they are all in favour of an open playing field. Would you say that the Southwest sent her best eleven to the conference? As far as Ondo State is concerned, we are alright, people, who were sent from this state will deliver the goods and I think ditto for other states in the Southwest. As Afenifere leader, what should be the focus of the conference? The focus will be on issues. Take for instance, resource control, as much as possible, the areas where certain things are produced should benefit. We don’t believe in the practice whereby the centre controls the bulk of our revenue coming from the different states. If you are an oil producing area, you should have very good benefit and the centralization of revenue, which is now being dished out, is what we do not support. We want to say that as you produce, you should benefit.

matter. He knows Nigerians want to meet and talk and decide on how to go on. Some people have said it may lead to a break up of the country but I do not believe that. But should the unity of the country be negotiated? When we meet, then we will decide on what to do. There are

certain things that need to be taken care off. For instance, resource control, whether the thing should remain as it is now is an issue. Then the association itself, I think it is necessary to sit down and reexamine the basis of our unity. It is totally desirable. Should there be no-go areas? There should not be no-go areas at all. We are in Nigeria and all the matters affect us. So, let people express their opinion and then, we agree on how to go on. What do you make of the composition of the delegates? Well, some people are saying that the president has taken a very big chunk of the nominees. When they meet with the representatives from

the states, it will be easy to fashion out what to do. I do not think we should be prevented from discussing issues affecting this country, after all, we are all citizens of this country and we have to know how to go on. The reason for this question is based on the argument of some that the delegates should have been made up of younger persons People were consulted before the list was drawn up. For instance in Ondo State, there were consultations and the result of the consultations is what we are seeing now. From the look of things, debates will be very robust, there will be no gagging at all. From what I can see and from the study of the composition of

For instance, in the days of Awolowo and Zik, we depended solely on cocoa. Whatever we produced here, we benefited maximally. At the moment, centralizing the revenue and then sharing at the end of every month is not desirable at all, it is not ideal. The states have now rested on their oars because every 30 days, they go to Abuja and share the revenue, which I don’t think is ideal. That is why we say as you produce, you should benefit and that is bound to be an impetus for people to work internally. That is our focus. What are those issues the delegates must avoid to prevent the purpose of the conference being defeated? I don’t think they should have no-go areas. Anything that is affecting this country should be discussed and where the people have the consensus,

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Confab: No referendum, no conference — Ozekhome CHIEF Mike Ozekhome is a Constitutional Lawyer and Senior Advocate of Nigeria (SAN). He is equally a federal government delegate at the on going national conference in Abuja. In this exclusive phone interview with Vanguard, he explans the hassles raised by the conference last week and submits that the three months timed conference would amount to waste of time if the outcome would not be subjected to referendum or a popular plebiscite. Excerpts: BY LEVINUS NWABUGHIOGU

HAT are your expectations this week from the National Conference following issues of religion and others that cropped up last week? Let me first correct the erroneous impression that issues of religion have cropped up. No issues of religion have actually cropped up. What happened was that on the very first day of the conference, the secretary to the conference, Dr. Azinge was simply giving guidelines as to what we were to expect, the facilities available, those things that we could use like the gym, walk ways, conference rooms, restaurants and all that. So, it

pass any resolution of the conference. And I want to plead with Nigerians to be patient with the conference because in building a house, you need to lay a very solid foundation. So, the issue of what ratio required to vote came up. Under Order 6 Rule 4 and also Order 11 Rule 1 and 2, there is a provision in the draft rules that to pass a resolution, delegates have to have a consensus. In the absence of the consensus, they should muster three quarter of the delegates to vote. That means 75 percent. In my own contribution, I felt that was not going to be possible or realizable having regard to democratic best practice across

The problem with Nigeria, constitutionally speaking, has been a problem of legitimacy or illegitimacy of the constitution was during that first day that some people who are Muslims now asked if there could be space for them to observe their five times a day prayer. And the secretary said yes, they were trying to liaise with the authorities of the National Judicial Institute (NJI) to secure a space for their prayers. I then got up to also make a humble request. I told the confab chairman that some of us are Christians and that this is Lenten period particularly for those who are Catholics. We are all fasting.

Success of the conference Could the secretariat be kind enough to find a space where Christians could congregate and fellowship as they break fast in the night to pray for themselves, success of the conference and for the nation? It was such an innocuous question and the doctor, (Dr. Azinge) said, unfortunately, because of lack of space, there would be no such opportunity for Christians and that we Christians could pray in the comfort of our homes and we all said OK. And that was it. It ended it. Nobody dragged the issue beyond that. The most rancorous and controversial issue so far has been what ratio is required to

the world. Globally, it is two third majority that votes on any critical matter. Even to impeach the president of Nigeria or a Governor of a state, you need two third majority vote. But when you are requiring three quarter votes, 75 percent of 492 delegates, you are asking for 369 delegates to vote for an

issue. I said not only was this unrealizable, you are also going to see a situation where a tyrannical minority will carry the day. So, I admonished fellow members that a lot of issues are going to come up that are highly inflammable, highly controversial and very emotive. I think such issues are fiscal federalism, resource control and the state police we have at the centre now. Another controversy that is now brewing from the conference is on whether the outcome will be subjected to referendum. As a lawyer, what is your take? As a constitutional lawyer, I will say straight away that the entire deliberations and agreements of that confab will have to be taken to the people of Nigeria for a referendum or a popular plebiscite. Anything short of that will not work. In 2005, I was at the National Political Reform Conference. The beautiful recommendations we arrived at were taken to the National Assembly and they were put in the shelves of the National Assembly and they never saw the light of day. In 2009, I was a member of Vision 2020. The beautiful

•Ozekhome recommendations have not seen the light of the day. The problem with Nigeria, constitutionally speaking, has been a problem of legitimacy or illegitimacy of the constitution. We have not had a constitution in Nigeria that we can call the peoples constitution made by the people of Nigeria and given to the people of Nigeria.

Popular plebiscite This is the first opportunity therefore, for us to make a constitution.The grund norm of Nigeria which will be subjected to a popular plebiscite or referendum of the people of Nigeria so that we can enjoy what we call autochinomy, being home grown; enjoy legitimacy, acceptability,

respectability and believability and the credibility of the people of Nigeria. Anything short of that we would have at the conference for three months wasting time. The reason is that the process by which a constitution comes into being is deemed more important than the contents of the constitution itself. Under Section 9 of the present constitution, the National Assembly is only permitted to amend the provisions of the existing constitution. There is no where in the whole constitution where the National Assembly is given power to make a brand new constitution. Indeed, no National Assembly anywhere in the world makes a constitution. It is the constitution that makes a National Assembly.

Northern leaders aiding Boko Haram —Fasoranti, Afenifere leader Continues from page 58 they should take a decision, it does not matter whose ox is gored. We must know what people are thinking because these are matters that affect their fortunes. They should be allowed to debate it and come to a consensus. Would Chief Awolowo have supported and participated in the conference were he alive? Being a democrat, I am sure he would have subscribed to it. He would want to give everybody a chance to express their views, he won’t oppose them. I am sure he is large hearted enough to say, let us know what you feel about a particular matter and when it is fully debated, a decision will be taken. How true is it that Afenifere has been bought over by the

president to win sympathy for him ahead of the 2015 general elections? No. The things we discussed with the president are things that affect us, we have not gone to him to make representations or for any favour at all.

Federal roads For instance, we were insistent on the roads being made in the Southwest and he acceded to it. When the Lagos-Ibadan expressway was being flagged off, some of our people were there, that was as a result of our pressure. Most of the major roads in the South West were not done particularly the federal roads and he promised that he would do something and later, the Lagos-Ibadan expressway was

flagged off, which is for the general good and not particularly for any political party. What we are asking for is for the general good. In fact, if anything at all, it is he who should be asking for our favour, we are very blunt and we always ask for the rights of our people. Will Afenifere be supporting any political party or candidate for the 2015 elections? When the time comes, we will decide. It is too early to commit ourselves. How can the growing level of insecurity in the North be addressed? It appears that the Federal Government is not up to the task, therefore, I humbly suggest that it should consider approaching the great powers like America and Israel for support and ideas because

they themselves are experts in maintaining internal security. It appears it is beyond us and so, we should try and approach them on equal basis and ask for their support and I am sure they will readily give it. They had expressed some concerns like this before, it appears we are not up to it. So, we should not be too proud. And you do not suspect that some politicians are exploiting it to their advantage especially ahead of the 2015. Before now, I had said that some leaders are in support of what is happening. They do not speak up, they are looking on and it is happening in their area. If they are not supporting it, they should denounce it and come together to support the federal government.

60 — Vanguard, MONDAY, MARCH 31, 2014

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Vanguard, MONDAY MARCH 31, 2014 — 61

Musa Continues from B/P es in the squad, but has not hidden his desire to earn a ticket to Brazil for the showpiece. “It doesn’t scare me at all. Why will I be scared? “We are all professionals striving for the best for the Super Eagles and our various clubs and at the end of the day the ultimate decision lies with the coach (Stephen

Keshi). “But anyone will be proud to represent his fatherland at the World Cup,” he added. Musa has netted six times in 27 appearances for CSKA this season. He played a key role in the World Cup qualifiers, while Odemwingie was not considered because of his tense relationship with Keshi.

Liverpool

Continues from B/P kicked-off but almost instantly lost possession, allowing Liverpool to put

together a neat move with Glen Johnson’s cross turned in by Kaboul. Jan Vertonghen picked

Warri Wolves Continues from B/P their effort paid off in the 7th minute when Harbaoui Hassen scored the first goal with their vociferous fans behind them. Musa Najare

restored sanity when he slotted home a pass from Stanley Dimgba who had out witted Mathlouthi Hamza and on rushing Machani Ali in the 27th minute to silence the home crowd.

Confed Cup Continues from B/P far Buhari’ struck 10 minutes into the second half. The Nigerian outfit then completed the turnaround with just nine minutes remaining with Azubuike Okechukwu the hero for the hosts, who held on for a 3-2 aggregate victory. up an injury and his replacement, Michael Dawson, was at fault for the second goal. Dawson played a terrible pass into Kaboul, whose mis-control allowed Suarez to nip in, drive into the box and finish past Hugo Lloris. The goal was the Uruguayan’s 29th in the League this season, pushing him past Robbie Fowler’s record for goals in a single season by a Liverpool player in the Premier League era.

62 — Vanguard, MONDAY, MARCH 31, 2014

Man U target Ancelotti

Osaze: I’m in the form of my life H

ERO Osaze Oden wingie praised the team’s work ethic in their hard-fought 1-0 Premier League victory over Hull City.. He added that he was happy to be in the form of his life going into the 2014 World Cup in Brazil. “Today was one of those difficult days,” Peter admitted to Stoke City Player following the match. “I honestly don’t know how I found enough energy to finish the game today!” he added. “I lacked a bit of energy throughout because of the way they play with wingbacks meaning as wingers we had to go really deep to help stop them attacking. “But after the break we allowed the full backs to pick them up a bit more and then myself and Marko [Arnautovic] had a few more chances so we’re

ARLO ANCELOTTI will be a contender for the Man United job if David Moyes gets the sack. The United board are weighing up their options for the summer should they decide current boss Moyes has to go. And Real Madrid coach Ancelotti, himself under serious pressure at the Bernabeu, is one of the names being considered at Old Trafford. Real have just suffered back-to-back defeats in La Liga and this week face Borussia Dortmund in the last eight of the Champions League. If the Spanish giants were to go out to the Bundesliga club – for a second season running – it would leave Italian Ancelotti heading out.

•sOsaze

Mourinho: Title chances over C

HELSEA manager Jose Mourinho believes that his side are no longer in the running for the Premier League title after losing to Crystal Palace on Saturday. “I think it is now impossible to win the title. We depend too much on other results,” Mourinho told Sky Sports. “With what happened

•Ancelotti

Serena wins in Miami There were no dark horses, no shock exits no major drama this year in Miami. Both men and women draw ended in blockbuster finals between world no. 1s and 2s. In the women’s final Serena Williams faced Li Na, who has already won the Australian Open title and reached a career-high ranking this season. But even despite playing her best tennis and a strong start to the game, Li wasn’t able to stop Serena from defending the title. The Chinese star managed to break Williams twice in the opening set and was serving to take it 6-2 .

very pleased with that Then I got in the position for the goal, took the shot and was very pleased that it went in. “When I scored I knew that would be a turning point for the game.” The 32-year-old also responded to recent media reports of a possible return to the international scene ahead of Nigeria’s appearance in this summer’s World Cup in Brazil. “I’ve been in touch with the manager and the Federation as well,” he stated. “It’s looking positive now and we’re mending bridges. I’m happy that I am doing well and feel that I am in the form of my life. “If I can help the team it’s never a question of me not being there; I’m always available so we’ll see what happens.”

•Serena

Everton rout Fulham Everton improved their

Everton secure a 3-1 win to continue their push for a Champions League berth, dumping Fulham deeper into trouble.

outside chance of snatching a Champions League place next season by winning 3-1 away to bottom of the table Fulham.

two weekends ago (losing to Villa) and today, it is too much now and we depend on too many results. “Of course, with my mentality, I want to try and win every game. “The main objective is to finish in the top four. The second objective is to finish in the top three, which is also important."

•Mourinho

Referee overturns own penalty decision The Italian World Cup referee Nicola Rizzoli was involved in an extraordinary incident when he awarded a penalty and then changed his mind after five minutes of angry protests during second-placed Roma’s 20 win at Sassuolo on Sunday. Rizzoli initially awarded Sassuolo a penalty when their forward Nicola Sansone went down under a seemingly innocuous challenge by Roma defender Mehdi Benatia Both teams protested the decision, with Roma angry over the penalty and Sassuolo claiming that Benatia should have been sent off.

Nicola Rizzoli is one of Italy’s most highly regarded referees

Vanguard, MONDAY MARCH 31, 2014 — 63

Bayelsa United and the Al Ahly challenge

AY is Saturday, March 29 2014. Time is few minutes to midnight. I am in Sapele, Acropoulis Hotel, in a room christened “London”. With World Sports on CNN, I have just rounded up one hell of a football crazy Saturday that started with Manchester United thumping Aston Villa 4-1, after the fans had decided that the team will be better off without David Moyes on the bench. ( I agree ) Sapele Township Stadium , Saturday was the venue of the CAF Confederation Cup return leg match between Bayelsa United and How Mine of Zimbabwe. After what was termed an impressive 1-2 loss at away in Bulawayo, Nigerians were unanimous that all Bayelsa needed was “just” one goal to move into the next round! Forty five minutes of total control by Bayelsa United, yet the goal refused to come and anxiety set in. frayed nerves, jittery and uncoordinated start of the second half then the needed curtain raiser gave way to the second and qualification to the next round was sealed. As goal scorers kudos to Buhari Gaafar and Samuel Tswanya, yet for me the man of the match was substitute Gabriel Ikechukwu the CHAN Eagle who came in to make all the difference in the Bayelsa defence, inspiring confidence with his towering five star display. As referee Youssef Essrayi of Tunisia blew his final whistle, Sapele broke into a carnival. Hysterical shouts, jumps and dances of joy, hand pumping, embraces of victory with proud Bayelsa Chairman Hon Akpofini Adogu the centre of attraction. Coach Richard Bubagha and his brave lads walked tall. Bayelsa United, rated last in the grading order of Nigerian clubs representing Nigeria in this year ’s Continental campaign was steadily marching on where giants had faltered and fallen. As the celebration was going on, an elated journalist came to interview the legendary Linus Mba, FIFA Referees Advisor. He wanted Mr Mba to comment “….on this wonderful

For now, we keep our fingers crossed and pray for the luck of the draw, advantage Nigeria.

qualification to the lucrative group stage of the competition” The answer shocked him. “Not yet “ Mr Mba counseled and went on to educate him on the format of the competition. Whereas winners of the Champions league at this stage have qualified straight to the “lucrative” group stage, Confederation Cup winners are condemned to play the eight teams that will drop from the Champions league for a place in the Confederations Cup group stage. In other words, Bayelsa United have two matches to go to get to the group stage and one of those opponents is CAF Champions League defending champions, the famous Al Ahli of Egypt who were unbelievably beaten and dumped out of the Champions league, 32 in Cairo by Libya’s Ahli Benghazi! The “Mba reporter ” was not happy to hear this. “ Sir this is not fair. Do you think it is

fair?” Fair or not, that is the format, one that places premium on the CAF Champions League qualifiers, one that has been in operation for years. Of the sixteen teams that Bayelsa are waiting to face, ( The draw is tomorrow in Cairo ) seven are North Africans, of which six were most likely to stay in the Champions League until Al Ahly surprisingly dropped after a slim 0-1 loss at away. Horoya FC of Guinea, Sewe Sports of Cote d Ivoire and Kaiser Chiefs of South Africa have dropped, ousted by CS Faxien of Tunisia, T.P.Mazembe of Congo DR and Vita Club of Congo respectively. So Bayelsa United now know four of their next foes. ( The remaining four were known yesterday. ( Cotton Sports hosted Entente Setif after losing 1-0 at away, Zamalek took a 0-0 first leg result against Nkana Red Devils to Cairo, Esperance was at home to Real De Bamako. First leg result 1-1, same away goal line situation as El Hilal of Sudan hosted A.C Leopards of Congo. Can I therefore be excused for assuming that Entente Setif, Nkana Red Devils, Real De Bamako and Pillars and Heartland conqueror A.C Leopard will be in the hat when Bayelsa opponents are drawn tomorrow? I cannot be excused, thanks to the Al Ahly result, football results that are never mathematics. In Cairo as General Coordinator of the CAF Super Cup I was told that Al Ahly have seen better days. That their domestic form was horrible and they were most likely to be beaten by CS Sfaxien. On the field, it was a different Ahly that we saw, one that rose to the occasion and won the Super Cup. It is that Alhy that we are likely to face in the Confederation Cup, a bitten Ahly, shy Ahly, wounded Ahly, one that I will advice all opponents to beware. For now, we keep our fingers crossed and pray for the luck of the draw, advantage Nigeria. See you next week.

VANGUARD, MONDAY, MARCH 31, 2014

Liverpool on top after hitting Spurs 4 - 0

Musa: Osaze can’t threaten my World Cup place

IVERPOOL o v e r t o o k Chelsea to go top of the Barclays Premier League thanks to a dominant performance over Spurs at Anfield. It took just 90 seconds for the free-scoring Reds to take the lead against Spurs - the away side Continues on Page 61

EPL Table Team 1 Liverpool 2 Chelsea 3 Man City 4 Arsenal 5 Everton

SKA Moscow for ward Ahmed Musa has welcomed the possibility of Peter Osaze Odemwingie’s return to the Nigeria national team fold ahead of the 2014 FIFA World Cup. The jostling for places in the Super Eagles final list is heating up, with the Russia-based player pitted against Stoke City man by pundits. The 21-year-old is, however, not shaken by the competition for plac Continues on Page 61

•Suarez

GP 32 32 30 32 31

W 22 21 21 19 17

D 5 6 4 7 9

L 5 5 5 6 5

GF 88 62 80 56 49

GA 39 24 28 37 31

GD 49 38 52 19 18

PTS 71 69 57 64 60

CAF Confed Cup: Bayelsa, Difaa El Jadida overturn first-leg deficits

AYELSA United struck late on to overturn a first-leg deficit as they beat How Mine 2-0 in the second round of the CAF Confederation Cup.

How Mine led 2-1 going into the encounter at the Sapele Township Stadium, but the Zimbabweans were pegged back in the tie when Ja Continues on Page 61

Warri Wolves crash out!

Serena wins in Miami — Pg 62

ARRI Wolves on S u n d a y afternoon crashed out of the CAF Confederation Cup when they lost to C.A.Bizertin 2-1.The game started on a fast note with the Bizerte boys taking thebattletoWarriWolvesand Continues on Page 61

•Osaze

•Musa

•Egwuekwe

QUICK CROSSWORD

Sudoku TODAY'S

PUZZLE

YESTER DAY'S YESTERDAY'S

ANSWERS

ACROSS 1 Divide (4) 4 Sorrowful (3) 6 Swerve (4) 8 Tail (6) 9 Sweet (6) 10 Sleep (3) 12 Blemish (5) 14 Start (5) 15 Soil (5) 18 Promise (6) 20 Passionate (6) 24 Courtyard (5) 26 Fire-raising (5) 28 Damp (5) 30 Consumed (3) 32 Debase (6) 33 Pointing (6) 34 Sort (4) 35 Pale (3) 36 Require (4)

DOWN 2 Concerning (5) 3 Agreed (7) 4 Broadcast (4) 5 Heap (4) 6 Worth (5) 7 Feeling (7) 11 Deed (3) 12 Weaken (3) 13 Horse (3) 16 Material (3) 17 Headgear (3) 19 Theft (7) 21 Edge (3) 22 Commissionaire (7) 23 Child (3) 25 Astern (3) 27 Fat (5) 29 Because (5) 30 Afresh (4) 31 Deserve (4)

YESTERDAY'S SOLUTIONS ACROSS: 2, Grasp 7, Store 8, Strut Appal 12, Rig 13, Erode 15, Rapidly Defend 19, Gap 20, Tangled 23, Ewer Daze 26, Ranging 30, Nil 31, Galley Clasped 37, Royal 38, Era 39, Dirty Match 41, Eaten 42, Whirl.

10, 17, 25, 34, 40,

DOWN: 1, Stare 2, Grade 3, Repent 4, Soar 5, Striped 6, Bugle 9, Rid 11, Lagging 13, Edged 14, Offer 16, Pal 18, Dangled 21, Daily 22, Berly 24, Ransack 27, Nip 28, Garter 29, Clean 32, Loyal 33, Eager 35, Art 36, Dish.

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.

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