14th july 2015 by Newtelegraphonline

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS /newtelegraph

Vol. 2 No. 510

Tuesday, July 14, 2015

@newtelegraph1 www.newtelegraphonline.com

N150

FG revokes Tompolo's maritime security contract }5 EDUCATION

YABATECH sacks bursar against court }23 order

Dogara: Why president can't remove fuel subsidy lWe'll handle subsidy with care, says Buhari lEl-Rufai pushes for abolition of NNPC

midst calls for the full removal of fuel subsidy, House of Representatives Speaker, Hon. Yakubu Dogara, has said it will be illegal now for the Federal Gov-

Philip Nyam, Anule Emmanuel and Yekeen Nurudeen Abuja

ernment to remove fuel subsidy without constituting a Price Control Board in line with the Price Control Act. Dogara, who spoke yesterday in Abuja while receiving a del-

egation of the Independent Petroleum Marketers Association of Nigeria (IPMAN) that visited him, also described the perennial fuel shortage in the country CONTINUED ON PAGE 4

Okonjo-Iweala took $1bn for Jonathan’s re-election

lOshiomhole accuses ex-Finance Minister of fiddling with ECA }2 lFormer finance minister: Gov suffering from 'numerical diarrhoea'

Buhari replaces service chiefs, NSA

Maj.-Gen. Abayomi G. Olonisakin, Chief of Defence Staff

Maj.-Gen. T.Y. Buratai, Chief of Army Staff

Rear Admiral Ibok-Ete Ekwe Ibas, Chief of Naval Staff

Air Vice Marshal Sadique Abubakar, Chief of Air Staff

Air Vice Marshal Monday R. Morgan, Chief of Defence Intelligence

OUT

Air Marshal Alex S. Badeh, Former Chief of Defence Staff

Lt. General Keneth Ninimah, Former Chief of Army Staff

Air Marshal Adesola Amosu, Former Chief of Naval Staff

Vice Admiral Jibrin Usman, Former Chief of Air Staff

Rear Admiral G.E. Okoi, Former Chief of Defence Intelligence

Hope dims for Second Niger Bridge lJulius Berger vacates site, sacks 50

News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Oshiomhole: Okonjo-Iweala took $1bn for Jonathan’s re-election Cajetan Mmuta and Abdulwahab Isa

he war of words between Edo State Governor, Mr. Adams Oshiomhole and former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, over the management of the nation's finances raged on yesterday as the governor accused the former minister of illegally taking $1 billion from the Federation Account to fund the re-election bid of former President Goodluck Jonathan. He also challenged Okonjo-Iweala to tell Nigerians how the Excess Crude Account (ECA) was drawn down to $4.1 billion from $10 billion when no approval was given by the National Economic Council (NEC) for any withdrawal. The governor spoke yesterday in Benin at a seminar organised by the state government for permanent secretaries, directors and deputy directors with the theme: “Enhancing IGR in Edo: Issues, prospects and challenges.” Oshiomhole said Okonjo-Iweala would have been declared a pathological liar if she were a witness in court due to the inconsistencies in her statements. He added that a forensic audit would determine how much was illegally spent from the Federation Account under her watch. The governor also told participants at the seminar that the state government would hold them responsible for any fraud detected in their departments. He said: “The truth is, many things went wrong even at the federal level. As you might have read in the papers, while the Federal Government, under Goodluck Jonathan, with the then Coordinating Minister for the Economy liked to blame “governors” for wasteful spending, for not saving for the rainy day, for not investing properly, the truth is the real weakness in the Nigerian federal chain has been the Federal Government. “Our hope is that with the new president, given his pedigree we will break from the past. “As I’m sure you will soon begin to hear when all the numbers are published. Last week, I complained aloud that Edo State lost about N10 billion over a four-year period from only one source: the NLNG remittance to the Federation Account. “How did I arrive at the figure? I used my 4-figure table and I asked myself, at $2.1 billion remitted by

NLNG as taxes and Shell, and by the way, Shell is not the only oil operator, we have Chevron and several others. They shared the $2.1 billion based on the revenue allocation formula and Edo State got about N2.27 billion. So I said thank God this money came after the departure of Okonjo-Iweala and President Jonathan. If the PDP were still in charge in Abuja, this money would have been taken. “That is not the only money the Edo State Government has lost. You have heard of the last installment of $4.1 billion that was in the Excess Crude Account as of November 2014. And from that time till today, we have not; when I say we, federal, states and local governments, have not touched that money. "We have not agreed to take anything out of it, and yet it has been drawn down to about $2 billion. Which means $2.1 billion disappeared. If you listened and followed the conversation, when I made this allega-

tion after the National Economic Council meeting that the former Coordinating Minister for the Economy and Minister of Finance, Dr Okonjo-Iweala, took $2.1 billion without approval and spent it in a manner that was never accounted for, she replied that I lied and said that it was the commissioners and herself who agreed to distribute that money to the three tiers of government and that FAAC is the most visible expression of our true federalism. And that we shouldn’t claim that FAAC is unknown to us. That FAAC is a creation of law and so on and so forth. “I’m going into this, because, as public servants, you need to understand not just the finances of Edo State, but also the finances of Nigeria, particularly as they affect our state. “Now, the Commissioners of Finance met and they looked at themselves and they looked at OkonjoIweala and they submitted to Okonjo-Iweala that ‘madam, you lied; not Os-

hiomhole (lied), because in truth, we have no powers to decide withdrawals from the Excess Crude Account and that that power is vested in the state governors at the level of the National Economic Council.’ But whether vested or not, we never, never resolved to share money from that account. “Now the former Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, confronted with these hard facts, now shifted the argument that ‘oh no, it is not FAAC that approved it, it was the former President Goodluck Jonathan that approved it. “President Jonathan, as far as the law of Nigeria is concerned, or any president, his approval is limited to funds of the Federal Government; not funds of the federation. Funds of the federation can only be approved by governors and representative of the president as reflected in the composition of the National Economic Council. But there’s so

much confusion now that Okonjo-Iweala can say one thing in the morning and tomorrow she will say I never said so. If she were a witness in a court of law, she would be declared a pathological liar whose evidence is of no value. “Now that she claimed she used it, between herself and the last president, they agreed to take the money to pay oil marketers. But if you talk to those oil marketers, they will tell you that within that period, they were paid $1 billion not $2.1 billion. So in truth, about $1 billion was taken for election purposes. “For clarity, that is not the only money they have so illegally taken. If you look at the total number at a point, the Excess Crude Account peaked at $10 billion and we now heard it dropped to $4.1 billion. This means at some point, another $6 billion was taken." However, OkonjoIweala in a swift rebuttal, described Oshiomhole's allegations as baseless. The former minister, in

a statement by her Media Adviser, Mr. Paul Nwabuikwu, said the allegation that $1 billion was allegedly spent out of ECA fund for presidential election "is the kind of ludicrously false statement that has unfortunately become a trademark of the governor in his public campaign of falsehood against Dr Okonjo-Iweala". The statement described remarks credited to the governor as " just another example of the numerical diarrhoea that seems to have afflicted His Excellency in recent times in his effort to damage the reputation of the former minister". The statement added that the governor had, within the last few months, asked Okonjo-Iweala to explain all kinds of totally wild and unsubstantiated figures, ranging from $30 billion, $20 billion, $2.1 billion, N720 billion and now $1 billion. "To say the obvious, the accusations are totally lacking in credibility", said the statement.

L-R: Managing Director, Euromoney, Mr. John Orchard; Assistant Vice-President, Chapel Hill Denham, Mrs. Ronke Sokefun; Director, Mrs. Kemi Awodein; Vice-President, Mr. Ayo Fashina and Editor, Euromoney, Mr. Clive Horwood, at the European Awards for Excellence 2015 in London...at the weekend.

Hope dims for Second Niger Bridge Okegwo Kenechukwu Onitsha

onstruction giant, Julius Berger Nigeria Ltd., has stopped works on the ongoing second Niger Bridge project. New Telegraph learnt that the company had in the last one month sacked over 50 workers on the site due to financial constraint. The construction company had earlier stopped work on the Lagos-Ibadan Expressway due to paucity of fund. Our correspondent, who visited the project site at the Asaba and Ogbaru end

of the bridge, reports that some of the heavy duty equipment working on the site have disappeared while only few security personnel and some foreign nationals were seen loitering at the site. The plant house along the expressway has also been shut. Only security personnel were seen at the entrance of the plant. A source stated that there is funding gap for the project. The source said: “Oga, I don’t know what is happening; you can see the workers are no longer here. In fact, more than 50 of us (ad hoc staff) have

been sacked and even this weekend more will go. The management told us that some of us should prepare to go including supervisor because they said there is no money to executive the project.” The project is at the level of preliminary foundation and sand pilling. The Federal Government had promised to complete the project in 48 months. Efforts to speak with the Public Relations Officer of the company, Mr. Joseph Ojolabi, on the development proved abortive as he neither pick his call nor reply to the Short Messaging Service sent to him.

In the build up to the 2015 general elections, the Goodluck Jonathan-led administration had promised to speed up work on the project. In the heat of the presidential campaign, President Jonathan told the people of Anambra State and Nigerians that N10 billion had been spent on the project. The second Niger Bridge had been awarded since the Shehu Shagari administration in 1979. The project has always been a subject of political campaign by successive government. In 2006, former Presi-

dent Olusegun Obasanjo inaugurated the second Niger Bridge. The first Niger Bridge was built between 1964 and 1965 by the French construction giant, Dumez, to link Onitsha and Asaba in the present-day Anambra and Delta states at the cost of £5 million. The construction was completed in December 1965 but during the Nigerian Civil War of 1967-1970, soldiers destroyed the River Niger Bridge at Onitsha. After the war, the bridge was rehabilitated but experts have predicted that the Niger Bridge is gradually collapsing.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Fresh crisis looms in Senate over committee sharing

lNew Standing Rule stipulates equality of zones Chukwu David Abuja

ndications emerged yesterday that the Eighth Senate will be enmeshed in another round of crisis when it finally settles the pending leadership tussle. This time, the crisis might emanate from the distribution of the standing committees of the Assembly, when the lawmakers resume plenary on July 21. The reason is because the 2015 Standing Order of

the Senate stipulates that the committees be shared equally among the six geopolitical zones of the country, irrespective of political party affiliation. Accordingly, each zone is expected to get at least nine committee chairmanship seats out of the 57 Senate committees that will be set up when lawmakers resume plenary and settle their pending leadership differences. The new principle is in compliance with Order 3 (4) of the Senate Standing Orders 2015 as amended. The Order states that

"the appointment of Senators as chairmen and members of committees shall be carried out in such a manner as to reflect the six geo-political zones of the country and there shall be no predominance of senators from a few geopolitical zones." However, chairmanship positions of the 57 committees have over the years, always been skewed in favour of senators belonging to the ruling party and ranking in status. The PDP enjoyed this privileged up to the 7th Senate. But the tradition is

bound to change going by the new provision, which is expected to provoke protest from the ruling All Progressives Congress (APC), particularly those who are opposed to Senator Bukola Saraki's emergence as the President of the Senate. Meanwhile, this portion of the Standing Order, which denies the APC privilege of domination in committee sharing is in conflict with the 2011 version, which favoured the then ruling Peoples Democratic Party (PDP). In the 7th Senate, the distribution of committees

President Muhammadu Buhari with the President, Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, during Moshiri’s visit to Buhari in Abuja…yesterday. PHOTO: TIMOTHY IKUOMENISAN

showed a serious discrepancy in favour of the PDP. In the previous arrangement, the South-South got 14 chairmanship seats. This is followed by the North-Central, South-East and North-West, which got 10 each. The South-West got the least number of chairmanship positions with only five seats while the NorthEast got seven. The political implication of the equal sharing principle as contained in the new rule is that the APC, which got the bulk of its membership mainly from the North-West, North-Central and SouthWest will enjoy no special preference as the PDP did when it formed the government in the country. It will be recalled that the 2015 Standing Order of the Senate is in serious controversy and has generated severe contention in the Senate, leading to the intervention of the Police early last week. Senators belonging to the Senate Unity Forum (SUF), who are challenging Saraki's emergence, had petitioned the police over what they described as forgery of the Senate Rule. This was interpreted as a reaction to their defeat in the battle for the Senate leadership. Consequently, the Police reportedly summoned some members of the leadership of the seventh

Senate including Senators David Mark, Ike Ekweremadu, Victor Ndoma-Egba and Ita Enang. Also invited for questioning was the President of the 8th Senate, Bukola Saraki. The petition read: "We write to bring to your attention, the existence of the fraudulent introduction of a 2015 Senate Standing Rules as amended. We wish to attach the original and authentic Standing Order for 2011 that was used by the 7th Senate, Annexure A. "We again attached the annex Herero, a purported amended Standing Orders 2015, which was used by the Clerk to the National Assembly (along with the Clerk of the Senate) in inaugurating the 8th Senate on June 9. "The so-called new Standing Orders purports to allow for secret instead of the open ballot system that has been prevalent in all Senate elections as permitted by the extant rules. This infraction, among others, arise from the fraudulent production of the Rules without an approved consideration by the 7th Senate. "At no time was the Standing Orders of the Senate amended during the entire life of the 7th Senate neither has the 8th Senate sat for long enough to produce the rules now being circulated and in use."

Dogara: Why president can't remove fuel subsidy Lamido, sons transferred CONTINUED FROM PAGE 1

as an embarrassment. He spoke just as Kaduna State Governor, Mallam Nasir el-Rufai, called for the scrapping of the Nigerian National Petroleum Corporation (NNPC). The speaker said the Price Control Act, which provides for the regulation of prices of some consumer products, including petroleum products, was yet to be repealed. He added that for fuel subsidy removal to be effected, there must be a Price Control Board, which is the only body vested with the powers to remove petroleum products from the first schedule of the Act. According to him, the only alternative way petroleum subsidy could be removed is for the National Assembly to amend or repeal the Petroleum Control Act. He said: “You talked about bringing this product at no cost to the government; that implies to me the removal of subsidy.

Now, I have had this discussion on so many platforms but as a legislator, I can tell you there is something about subsidy removal that we are not looking at. There is a Price Control Act; if you look at the Price Control Act, section 4 talks about regulating or controlling the prices of products that are listed in the first schedule of that Act. One of the products listed in the first schedule is petroleum products. So, by law in this country, we must control the prices of petroleum products. “But the law as passed by the parliament gives a window and prescribes and vested the responsibility of adding up items on the schedule of the given items to the Price Regulating Board; and I am not sure we have that board in place. So, for any discussion then to be meaningful, you have to put pressure on the executive. It is not the legislature’s work to constitute the board. “The board has to be put in place in line with

the provisions of that law; so as soon as the board is constituted, the members of the board can remove petroleum products from the schedule of the act; in that way, subsidy is gone. “But in the absence of that, the only other alternative is for the National Assembly to amend the Act removing petroleum products as one of the products in the schedule to the Act or repeal the Act altogether. These are the only two avenues by which subsidy can lawfully be removed. Any other way will be ultra vires in abolishing subsidy; that is the truth.” He urged IPMAN to put pressure on the Federal Government to set up the Price Control Board so that discussions on the removal of subsidy could commence in earnest. On the controversial Petroleum Industry Bill (PIB), the speaker assured the delegation that as soon as the House resumes full legislative activities, it would step up efforts to complete work on the pro-

posed law. The speaker also expressed concern that Nigeria, being an oil-producing country, is always experiencing fuel shortage. “I don’t know if there is any country that produces the kind of oil that is produced in Nigeria that refines its products outside its own shores. For me, it is kind of illegal; this is most inexcusable because we have turned this nation into a laughing stock," he added. Earlier, the President of IPMAN, Mr. Chinedu Okoro, had said the association, in conjunction with partners from Peru, had concluded plans to inject a total of $4 billion into the construction of two refineries in the country. He stated that the building of the refineries would reduce the incessant shortage of petroleum products. Okoro said the refineries would be located in Kogi and Bayelsa states. Also yesterday, Governor El-Rufai urged PresiCONTINUED ON PAGE 6

to Abuja prison

lBegin bail application today Muhammad Kabir KANO

ormer Jigawa State Governor, Alhaji Sule Lamido and his sons – Aminu and Mustapha – were yesterday transferred from Kano Central Prison to Kuje Prison in Abuja. This is to pave the way for a bail application hearing today. A prison warder told New Telegraph in Kano yesterday that Lamido and his sons left the Kano prison for Abuja at about 10a.m. The former governor along with his sons were arrested last week Tuesday by the Economic and Financial Crimes Commission (EFCC) over allegations that he collected kickbacks to the tune of N1.351 billion from contractors handling different projects in the state.

The trial judge, Justice Evelyn Anyadike had denied Lamido bail on account that the EFCC counsel, Chile Okoroma, need time to study the application submitted by counsel to the former governor. The judge also adjourned the case till September 28 for hearing of the substantive suit. The judge, however, stated that a vacation judge might hear the bail application within the week. Lamido’s counsel, Barrister Effiiong Effiong (SAN), was said to have secured a vacation judge for the governor. The court will today hear the bail applications of the accused. When our correspondent visited the Kano prison, several people were waiting to see Lamido without knowledge of his transfer from the facility.

News

NEW TELEGRAPH TUESDAY, JULY 14, 2015

FG revokes Tompolo's maritime security contract Bayo Akomolafe

he presidency has ordered the Nigerian Maritime Administration and Safety Agency (NIMASA) to discontinue payment for the provision of platforms for security of the nation’s waterways to Global West Vessel Specialists Nigeria Limited (GWVSNL), New Telegraph has learnt. The move is meant to channel the money paid to the private firm to strengthen the Navy and marine police to secure the nation’s waterways. A source at the Federal Ministry of Transport (FMOT), who does not want his name in print, disclosed this to our correspondent in Lagos yesterday. The $103 million (N21 billion) maritime security contract was approved by former President Goodluck Jonathan and awarded by NIMASA in 2011, shortly after the Director General of NIMASA, Patrick Akpobolokemi, was appointed to head the agency. A former Niger Delta militant, Government Ekpomupolo aka Tompolo allegedly owns the company. New Telegraph learnt that the payment had been stopped since June. He said that the Per-

manent Secretary of the FMOT, Mohammed Bashir, had directed Akpobolokemi to halt payments for the controversial maritime security contract until further notice. The source noted: “It is difficult to believe that former President Goodluck Jonathan would hand out the security of the nation’s entire maritime domain to his kinsman under the guise of public-privatepartnership (PPP). “It was certain that such a contract would not stand the test of time. It was a matter of time and like the pipeline security contracts awarded by the same regime, its time is over.” Former Senior Special Assistant to the President on Maritime, Mr. Leke Oyewole, said he was not aware of this development. He said: “Honestly I have not heard anything like that.” Oyewole, however, advised the Federal Government not to go back the old ways when NIMASA was handling the water security. He noted that ever since GWVSNL was in charge of providing platforms for security on the nation’s waters, there had been an improvement. The All Progressives Congress (APC) had before it came to power kicked

against the contract. Last month, pioneer Chairman of the Board of NIMASA, Alhaji Tijjani Ramalan, alleged that GWVSNL was paid N1.5 billion monthly by NIMASA to execute the contract. He lamented that despite the huge payment, the country is still losing more than 400,000 barrels of crude oil daily to oil thieves. The former NIMASA Chairman called on President Muhammadu Buhari to cancel the contract. Ramalan said: “Over

400, 000 barrels of crude oil are being stolen daily from our shores under President Jonathan yet we had a government that had the Navy, the Army and the Air Force, and the government of Jonathan decided to handover the security of our maritime waters to the company at a very exorbitant amount of money. “And these same people that were given the job of our maritime security are the ones that are collaborating with the international shipping companies

to steal our oil.” The former chairman of NIMASA said that one of the ways to help the country’s economy bounce back was to revoke the contract. “And if Buhari does not do so, we will be the first to start attacking him. There is no basis to give that kind of billion naira job to ex-militants,” he had declared. Contacted for his response, NIMASA’s Deputy Director, Public Relations, Mr. Isichei Osamgbi, failed to respond to enquiries

sent to him via the Short Messaging System (SMS) and e-mail. He also failed to respond to calls made to him by phone. Last month, the Federal Government had also cancelled pipeline protection contracts awarded by former President Jonathan to the Oodua People’s Congress (OPC) and Niger Delta militia group. The Federal Government ordered the Nigerian Army and Navy to take over the pipeline protection from the ethnic militiamen.

L-R: President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Okoronkwo; Speaker, House of Representatives, Hon. Yakubu Dogara; Vice-President, IPMAN, Alhaji Abubakar Garima and a member of IPMAN, Alhaji Abdulkareem Ujah, during a courtesy visit to Dogara in Abuja…yesterday. PHOTO: ELIJAH OLALUYI.

Buhari replaces service chiefs, NSA lHow ex-military leaders learnt of their retirement

Anule Emmanuel and Emmanuel Onani Abuja

resident Muhammadu Buhari yesterday fired the military chiefs and National Security Adviser (NSA) he inherited from his predecessor, Dr. Goodluck Jonathan and replaced them with new ones. Those removed were: Chief of Defence Staff (CDS), Air Chief Marshal Alex Badeh; Chief of Army Staff, Lt. Gen. Kenneth Minimah; Air Marshal Adesola Amosu; Chief of Naval Staff, Vice-Admiral Usman Jibrin and NSA, Col. Sambo Dasuki (rtd). Presidential spokesman, Mr. Femi Adesina, in a statement announced their replacements. Badeh is succeeded by Major-General Abayomi Gabriel Olonishakin; Major-General T.Y. Buratai takes over from Minimah; Rear Admiral IbokEte Ekwe Ibas replaces Jubril and Air Vice Mar-

shal Sadique Abubakar is Amosun's replacement. Besides, the president appointed Major General Babagana Monguno (rtd.) to take over from Dasuki as NSA. He also named Air Vice-Marshal Monday Riku Morgan as the Chief of Defence Intelligence. The new service chiefs will hold their appointments in an acting capacity until their confirmation by the Senate. Olonishakin, from Ekiti State, was until his appointment, Head of the Nigerian Army Training and Doctrine Command in Minna, Niger State. Buratai, who hails from Borno State, was until yesterday Commander of the Multinational Joint Task Force, which has its headquarters in Ndjamena, Chad. He also served as Commander of the Nigerian Army's 2nd Brigade in Port Harcourt and Commander of the Nigerian Army School of Infantry in Jaji, Kaduna State. Ibas, who is from Cross

River State, was the Chief Executive Officer of Navy Holdings Limited, until yesterday. He enlisted into the Nigerian Defence Academy as a member of the 26th Regular Course in 1979 and was commissioned as a Sub-Lieutenant in 1983. His previous appointments include: Naval Provost Marshal, Chief Staff Officer, Naval Training Command, Chief of Administration, Naval Headquarters, Flag Officer Commanding Western Naval Command and Chief of Logistics, Naval Headquarters. On his part, Abubakar who hails from Bauchi State was the Chief of Administration, Nigerian Air Force (NAF) Headquarters. His other previous appointments include: Chief of Standards and Evaluation, NAF Headquarters; Chief of Defence Communications and Air Officer Commanding, NAF Training Command. Morgan, the new Chief

of Defence Intelligence, is from Benue State. He was commissioned into the Nigerian Air Force as a Pilot Officer in June 1982. His previous appointment includes Air Officer Commanding, NAF Logistics Command. Monguno, who took over from Sambo, was a member of the Nigerian Defence Academy's 21st Regular Course. Before his retirement from the Army, he held several command and staff appointments including: Commander, Guards Brigade, Deputy Commandant, National Defence College, Chief of Defence Intelligence, Chief of Defence Logistics and Commander, Training and Doctrine Command. Buhari, in the statement by his spokesman, commended all the outgoing service chiefs and the NSA for their service to the nation and wished them well in their future endeavours. None of the new service chiefs and the NSA agreed to speak to report-

ers after meeting with Buhari at the State House. New Telegraph, however, learnt that Badeh heard the news of his sack yesterday in his office at the Defence Headquarters (DHQ). A source said: "The former Chief of Defence Staff cleared his table and entered his car and left the Defence Headquarters, immediately he watched the news of his sack on the television. "In fact, having been told by the Commanderin-Chief that he would send the officer that will replace him to his office, the chief was waiting patiently, only to hear about his sack on the television. "He felt there was no need waiting, and so, he left." On his part, Minimah was locked in a strategic four-day conference which opened yesterday - with General Officers Commanding (GOCs), Commandants, Brigade Commanders and other operational commanders at the Army Headquar-

ters Command Mess, Abuja, when he received news of his replacement. In his opening address, Minimah had said: "In the past few months, we have achieved tremendous success in reclaiming all previously occupied territories from the terrorists. "Today, their ability to face our gallant troops in any form of combat has been seriously degraded." Meanwhile, there was jubilation by officers and soldiers at a military facility in Abuja, as they were said to be happy with the appointment of Buratai, as the new army chief. A source, who spoke on the condition of anonymity, said: "It was interesting to see officers and soldiers celebrating the appointment of General Buratai as the new army chief. "I think their jubilation is not because General Minimah was not good, but largely because they see General Buratai as bringing his operational and commanding experiences to bear at this critical time."

News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Money laundering: Oronsaye, others arraigned over N1.2bn lCourt fixes July 21 to hear bail application

Tunde Oyesina Abuja

former Head of Service of the Federation, Mr. Stephen Oronsaye and three others were yesterday docked before the Federal High Court sitting in Abuja over alleged money laundering to the tune of N1.2 billion. The trial judge, Justice Gabriel Kolawole, fixed July 21 to hear the bail application of the accused and consequently release them to go home pending the next adjourned date. A third accused person, Abdulrasheed Maina, former Chairman of the Pension Task Team, is said to be on the run. The Economic and Financial Crimes Commission (EFCC) had slammed a 24-count charge on the accused persons and one company. One of the counts reads in part: “That you Stephen Oronsaye, Abdulrasheed Abdullahi Maina (now at large) Osarenkhoe Afe and Fredrick Hamilton Global Services Limited on or about 2nd July, 2010 in Abuja, within the jurisdiction of this honour-

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able court collaborated in disguising genuine nature of the sum of N161,472,000 derived from an illegal act wit, conducting procurement fraud by means of fraudulent and corrupt action the contract extension of biometric enrolment purportedly awarded to Innovative Solutions Limited by the Office of the Head of Service of the Federation without following due process and you thereby committed an offence punishable under Section 14 (1) (b) of the Money Laundering (Prohibition) Act, 2004.” Another count reads: “That you Stephen Oronsaye, Abdulrasheed Abdullahi Maina (now at large) and Xangee Technologies Limited (now facing another charge) between July and December 2011 in Abuja, within the jurisdiction of this honourable court, collaborated in disguising genuine nature of the sum of N153,146,719.99 derived from an illegal act to wit; conducting procurement fraud by means of fraudulent and corrupt action the contract of biometric enrolment purportedly awarded to Xangee Technologies Limited by the Office of the Head of Service of the Federation without following due process and you thereby committed an offence punishable under Section 14 (1) (b) of the Money Laundering (Prohibition) Act, 2004.” When the charge was read to the accused persons, they all pleaded not guilty.

Oronsaye’s counsel, Kanu Agabi (SAN), and that of the co-accused person, Oluwole Aladedoye had made an oral application, asking the court to release their clients on bail. Agabi argued that under the new Administration of Criminal Justice Act, 2015, an accused person was entitled to bail through oral application. Opposing the bail application, prosecution counsel, Aliyu Yusuf, argued that oral application for bail was not permitted in view of the provisions of Section 162 of the ACJA. He further argued that bail could only be granted

judicially and judiciously and based on materials in the form of affidavit evidence placed before the court. Yusuf, however, asked the court to remand the accused persons in prison because the commission has no space to accommodate them. He also sought an adjournment till Wednesday to enable him respond to the written bail applications filed by the defence. Delivering a ruling, Justice Kolawole held that there are some certain instances where you don't have to remand an accused person in the EFCC custo-

dy or prison and that the instant case is one of such. "This is in view of the fact that the counsel to the EFCC had not argued that the accused persons were 'flight risked',” the court held. Following the EFCC's arguments that they don't have enough space for the accused persons, the court however ordered that they should be released on the grounds that their counsel will sign an undertaking to produce them in court on the next adjourned date. The court later adjourned till July 21 to hear their bail application and October 28, 29, November

3, 5 and December 5 for trial. The prosecution accused them of committing the procurement fraud in 2010 under the pretext of using the various sums of money, illegally withdrawn from the Federal Government’s account, for “biometric data capturing project.” The offences, allegedly committed while Oronsaye was Head of Service of the Federation, were said to be contrary to provisions of section 14(1) of the Money Laundering (Prohibition) Act and section 1(1) of the Advanced Fee Fraud and other related offences Act.

L-R: Former Minister of Education, Dr. Oby Ezekwesili; Kaduna State Governor, Mallam Nasir el-Rufai; Chairman, Wole Soyinka Centre for Investigative Journalism, Prof. Ropo Sekoni and former Chairman, Onigbongbo Local Council Development Area, Mr. Idowu Obasa, during the 7th Wole Soyinka lecture in Abuja…yesterday.

We'll handle subsidy with care, says Buhari CONTINUED FROM PAGE 4

dent Muhammadu Buhari to scrap the NNPC. He urged the president to create in place of the NNPC an independent company that would be capitalised and will work more transparently. He also urged the Federal Government to "incentivise competent investors to acquire majority shares and management control in all our refineries and sell to them crude oil at market prices, and remit the proceeds directly into the Federation Account." This, according to him, will end the circle of corruption in the oil and gas sector and help the nation profit more from its natural resources. The governor described NNPC as a monster and a parallel government that consumes more than what the whole nation benefits from its resources. El-Rufai spoke on the topic "Nigeria and Oil For-

tune" in Abuja at the Seventh Wole SoyinkaCentre Media Lecture Series. "No one is better qualified to do this than the person that birthed the NNPC through the merger of the NNOC and the Ministry of Petroleum in 1977 - President Buhari himself. "No one can appreciate the gap between the vision of NNPC's founding fathers, the beautiful baby of 1977 and the 38-year-old monster it has become better than President Buhari. "The NNPC of today must make Chief Sunday Awoniyi of blessed memory squirm in his grave. Something fundamentally decisive must be done to tame this monster. "We must have the political will to make all oil industry transactions transparent. There should be clear rules and processes for licensing, concessioning, procurement and contracting. Opaque systems tend to be corrupt and it is

time to shine the light," the governor said. Besides the call for the scrapping of the NNPC, El-Rufai also sought the removal of fuel subsidy. He said: "The long and short of the situation of our oil industry is best exemplified by the parallel government called the NNPC. In 2012, it sold N2.77 trillion of 'domestic' crude oil, but paid only N1.66 trillion to the Federation Account. In 2013, it earned N2.66 trillion but paid N1.56 trillion to FAAC; in 2014, its oil sales were N2.64 trillion, but NNPC remitted N1.44 trillion, while between January and May 2015, it earned N733.36 billion and remitted only N473.2 billion! "That means that the NNPC only remitted about 58 per cent of the monies earned between 2012 and the first half of 2015. A company with the audacity to retain 42 per cent

of a country's money has become a veritable parallel republic! "This country can no longer afford to maintain an NNPC that arrogantly, unlawfully and unconstitutionally spends an unhealthy proportion of national oil earnings on itself." Hours after Dogara outlined how to remove fuel subsidy, the president said his administration would handle the issue with care. He spoke after receiving briefing from the Ministry of Petroleum Resources, the NNPC and other agencies in the oil sector. Buhari said in a statement by Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, that he would carefully review all the submissions he had received on the need to remove fuel subsidy. "I have received many literatures on the need to remove subsidies, but

much of it has no depth. "When you touch the price of petroleum products that has the effect of triggering price rises on transportation, food and rents. That is for those who earn salaries, but there are many who are jobless and will be affected by it,” the president said. He also identified lack of security, sabotage, vandalism, corruption and mismanagement, not necessarily subsidy, as the most serious problems of Nigeria's oil sector. He promised to deal decisively with all the problems, saying: "We have to go back to the good old days of transparency and accountability." Buhari directed the NNPC to review agreements for the swapping of crude oil for refined products with a view to injecting more honesty and transparency into the process to reduce costs.

NEW TELEGRAPH tuesday, july 14, 2015

Ayodele Aminu

igeria and Saudi Arabia led the Organisation of the Petroleum Exporting Countries’ (OPEC) crude oil output in June, New Telegraph has learnt. In the oil cartel’s monthly report released yesterday, OPEC estimated, based on figures from secondary sources, its own collective crude output rose by 283,000 bpd to 31.38 million bpd in June, led by Iraq, Saudi Arabia and Nigeria. That according to the organisation, is still well ahead of current demand for OPEC oil and should help ensure global inventories continue to build for some time to come. It however, said that the oil market should be more balanced next year as China and the developing world use more oil while supply of fuel from North American shale grows more slowly. The 12-member oil cartel said it expected world oil demand to increase by 1.34 million barrels per day (bpd) in 2016, up from growth of 1.28 million bpd this year. World oil demand growth should outpace any increase in oil supply from non-OPEC sources and ultra-light oils such as condensate, increasing consumption of OPEC crude, it said. "This would imply an improvement towards a more balanced market," OPEC's in-house economists said in the report. OPEC has increased

Nigeria, Saudi Arabia lead in OPEC’s crude output production sharply over the last year as its most powerful member, Saudi Arabia, and other core producers in the Middle East Gulf attempt to build market share, leading to higher inventories worldwide. OPEC said Saudi Arabia reported that it pumped 10.56 million bpd last month, up 231,000 bpd from May. According to industry data, that would be a record high.

ustice Mohammed Idris of a Federal High Court in Lagos, has ordered the Nigeria Police Force (NPF) to pay N100million to the family of a former legal adviser/ company secretary of the Nigerian Railway Corporation (NRC), Mrs Patricia Onyeabor, who died in police custody on May 16, 2014. Delivering his judgement yesterday in a suit filed by the daughter of the deceased, Amaka Onyeabor, to challenge the continued detention of her mother, Justice Idris, expressed his sadness over the action of the police in denying the deceased access to medical care while in detention. "I hold that the Nigeria Police has failed in its responsibilities. The applicant has a right of liberty to live but was denied while in custody of the police thereby leading to her life being terminated", the

Higher OPEC production has been a major factor behind a collapse in oil prices, which are now around half their levels of a year ago. Benchmark Brent crude traded around $58.70 a barrel yesterday, down from a peak above $115 in June 2014. Lower prices have squeezed high-cost oil producers and brought a sharp fall in the number of oil exploration rigs in operation, particularly

across North America. OPEC said supply of oil from non-OPEC producers was expected to grow by only 300,000 bpd in 2016, down sharply from growth of 860,000 bpd this year. US oil output, which has seen rapid increases over the last five years thanks to the development of huge shale resources by "fracking", is expected to log much more modest supply growth in 2016.

"Total US liquids production is expected to grow by 330,000 bpd, just one third of the growth of 930,000 bpd expected this year," it said. That should mean more demand for OPEC oil next year. OPEC said it expected demand for its own crude to rise by 860,000 bpd in 2016 to 30.07 million bpd. But it cut its estimate of demand for its crude this year by 100,000 bpd to 29.21 million bpd.

Tribunal to hear Amosun, Isiaka's case, Aug 10 Kunle Olayeni Abeokuta

he Ogun State Election Petitions Tribunal sitting in Abeokuta yesterday fixed August 10 for definite hearing in the petition brought before the panel by the Peoples Democratic Party (PDP) candidate in April 11 governorship election, Prince Gboyega Isiaka. Chairman of the tribunal, Justice Henry Olusiyi, announced the date while reading the report of the pre-hearing session which was concluded yesterday. Isiaka is challenging the victory of Governor Ibikunle Amosun, who contested as candidate of the All Progressives Congress (APC). The tribunal chairman said both the petitioners and respondents would have 14 days to argue their cases. According to him, the direction of the hearing session would be dictated largely by the approach of the parties involved in the suit.

SCCF condemns killing of aged persons L-R: General Manager, Enterprise Marketing, MTN Nigeria, Mrs. Oyinye Ikenna-Emeka; General Manager, Consumer Marketing, Richard Iweanoge and General Manager, Marketing & Corporate Services, Coscharis Group, Mr. Abiona Babarinde, at the media unveiling of TECH+ Conference and Exhibitions in Lagos.

Court orders police to pay N100 million over woman’s death Akeem Nafiu

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judge said. Justice Idris added that, "if she had access to hospital, she would not have died. The police deprived her opportunity to visit hospital for the treatment of her ailment. Therefore, the applicant deserves general damages in the sum of N100 million". The deceased’s daughter, Miss Amaka Onyeabor, had slammed a N1billion suit on the Inspector-General of Police(IGP) over the death of her mother. Joined as co-respondents in the suit are; the Lagos State Commissioner of Police and Assistant Commissioner of Police. Amaka, in an affidavit sworn to in support of amended originating motion filed before the court by her Lawyer, Chief Anthony Idigbe(SAN) and brought pursuant to Sections 6(6) (b), 33, 34, 35, 36, and 46 of the constitution of the Federal Republic of Nigeria 1999.

Job cuts loom at MTN S’Africa, Nigeria Kunle Azeez

With agency reports

frica's biggest mobile operator, MTN, which is grappling with an eightweek strike at its South African operations, plans to cut hundreds of jobs. Citing unnamed sources close to the company, Reuters quoted a South Africa local newspaper as saying that MTN would go through with layoffs as the strike had shown the company could do without some of its workforce. A spokesman for MTN declined to comment on the report, saying the company was in a closed period. Job cuts are a thorny issue in South Africa, where often violent union militancy has been on the rise and the unemployment rate is over 25 per cent. The Chief Executive of MTN's South African unit, Ahmed Farouk, re-

signed earlier this month as the strike by 2,000 workers dragged on. In a related development, New Telegraph had exclusively reported that there has been palpable anxiety in the Nigerian operation of the telecoms company as a change of outsourcing firm for MTN call centre operation is expected to result in likely loss of jobs. An estimated 4,000 call centre agents with CNSS (Contact Centre) Limited, an indigenous company, had been handling MTN call centre operations in the country before now. In its place, Ison BPO Limited, an Indian-based Business Processing Outsourcing (BPO) company, is billed to take full charge of MTN outsourcing business in Nigeria. Already, Ison will today (Tuesday) make an official appearance to announce its entrance into the Nigerian telecoms market at a press confer-

ence being organised n Lagos. It was gathered that the call centre agents at CNSSL have raised concerns over ‘enslavement, poor staff welfares and job cuts’ that may characterise the coming of the Indian firm. However, MTN Nigeria’s General Manager, Public Affairs, Mrs. Funmi Onajide, had said the exercise was not meant to lay off its call centre agents in the country. According to her, the outsourcing of the call centre operation to the Indian firm was not a “staff rationalisation/ retrenchment exercise” but rather an exercise carried out “in line with global best practices.” She noted that, as a company that has invested over $13 billion (over N2 trillion) in the Nigerian economy, MTN was committed to working with indigenous companies and other players in the market in a competitive manner.

he Senior Citizens Care Foundation (SCCF) has condemned the rampant killing and kidnapping of the elderly in Nigeria in recent time. Former Attorney General of the Federation and Minister of Justice, H.E Bola Ajibola(SAN) is the Chairman Board of Trustee of SCCF. In a statement yesterday, Jide Taiwo, the Chief Executive Officer of the foundation called on the government and security agencies to look into this barbaric act which is a major treat on the prolonged existence of senior citizens in Nigeria. He said: “Few days ago, an 82 year-old woman, Alhaja Saidat Elewuju, Iyalode General of IjebuOde was killed at her residence in Ijebu Ode. Also, few weeks ago, a 78 yearold Prof. Albert Ilemobade the former Vice- Chancellor (VC) of the Federal University of Technology, Akure ( FUTA) was killed by his driver and gate man at his residence in Akure, Ondo State. Last month, Pa Adewunmi, a 97 year- old man was kidnapped in Ogun State. Few days ago, another 80 year-old woman Mrs. Rose Aina was kidnapped in Ilogbo, Ekiti State.

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tuesday, july 14, 2015 NEW TELEGRAPH

national

My shoes too big to fill — Kuku

Buhari promises transparency in oil sector

Charles Ogundiya

Anule Emmanuel

pecial Adviser on Niger Delta Affairs to the former President Goodluck Jonathan, Hon. Kingsley Kuku, has said his position as the Chairman of the Presidential Amnesty Programme will be difficult to fill. Speaking with New Telegraph in Akure at the weekend, Kuku said he was of the opinion that the president, Muhammadu Buhari, was taking his time in looking for the best person that would be replacing him. “I am just appealing to the 30,000 delegates I ran office for to please endure for a little while and give the present administration of President Muhammadu Buhari time to sort itself out,” he said. “Working with these people was quite an experience for me; these are a group of people, former agitators, that if their payments is delayed for three days, they block the Niger Delta way. But for over two months now, they have been disciplined; they have been calm to a large extent. That, to me, shows the kind of discipline I have been able to instil in them during my tenure as the chairman of the amnesty committee, and that is what the present administration is enjoying.”

14 people killed in Cameroun suicide bomb attack

ourteen people were killed and several others injured in a suicide bomb attack on Sunday evening in Cameroun's Fotokol town, on the border with Nigeria, army sources have said. The suicide bombing took place at around 6:00 p.m. local time, leaving 14 people dead, including the female suicide bomber and one Chadian soldier, an unnamed army official said. No group has claimed responsibility for the attack and no official statement has been issued but it has been blamed on the Islamist group Boko Haram. The group, active in northern Nigeria, through its activities, has left thousands dead. It first launched attacks on Cameroonian soil in 2013. Fotokol has a heavy presence of Camerounian troops deployed to fight Boko Haram, along with some 2,500 Chadian soldiers who were deployed to the country in January.

Abuja

resident Muhammadu Buhari has assured local and foreign investors that his administration would implement far-reaching reforms to boost accountability and transparency in the nation's oil and gas industry.

The President gave the assurance at a meeting with senior officials of Chevron led by the company's President for Africa and Latin America, Mr. Ali Moshiri. A statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu quoted Buhari as declaring that his administration was ready to effectively ad-

dress the myriad of challenges in the sector. "We understand the situation in the industry and we will do our best to address the challenges affecting exploration, production and distribution of oil products in the country,’’ the President told the delegation. Buhari, while acknowledging the merits of the Amnesty Programme initiated

by President Umaru Yar’Adua to reduce violence in the Niger Delta region, said that his administration will build on good aspects of the programme. The President added that his administration will also implement other measures to enhance security in the Niger Delta and optimize investments in Nigeria's oil and gas industry.

Moshiri had urged Buhari to restore the confidence of international investors in the industry. He identified improved security in the Niger Delta as key to increased investment in the oil and gas sector in Nigeria. Moshiri said that Chevron, which has 36.7 per cent interest in the West African Gas Pipeline Company Limited, was keen to support Nigeria’s gas sector and bring more electricity to Nigerian consumers.

Don’t politicise ambassadors’ recall, Rajis-Okpara warns Nigerians Mojeed Alabi

Former Head of Service, Steve Oronsaye at the Federal High Court, Abuja for corruption charges by the EFCC…yesterday.

PHOTO: ELIJAH OLALUYI

Death toll in Eni's pipeline NLNG fund: Group faults explosion rises to 13 Oshiomhole, APC Adeola Yusuf

he death toll in the explosion that rocked the pipeline operated by Italy's Eni in Nigeria has risen to 13. The oil company announced "with regret" on Monday that one of the three people injured in the fire that occurred July 9 at the site of the repair works of the TebidabaClough Creek line in Nigeria died at the hospital. The incident therefore caused a total of 13 deaths and 2 injuries. The pipeline is located in Nigeria’s onshore Niger Delta and was previously damaged by acts of sabotage. The Chief Executive Officer (CEO) of Eni, Claudio Descalzi, said: "All of Eni rallies around their colleagues in Nigeria and the families of those who lost their lives in this tragic event. "Sorrow for the loss of so many lives is now compounded by dismay and upset at the details of events that are now emerging regarding the incident. "We reiterate our determination to shed full light on the matter, in

close cooperation with local authorities." Eni also stated that, following initial investigations that the company is carrying out in collaboration with local authorities, it appears likely that the fire was triggered by the people who previously worked on this pipeline to illegally obtain crude oil. Some local witnesses have reported seeing saboteurs, upon arrival of the intervention team to repair the pipeline, at the point of theft of the oil where the same saboteurs had installed a specific valve. Eni added that it would continue to work with local authorities in collecting information useful to reconstruct the dynamics of the accident and the related responsibilities. The Tebidaba-Clough Creek pipeline in the Niger Delta was previously “damaged by acts of sabotage.” The company said it is still investigating the cause of Thursday’s blast. “The men were part of a maintenance crew, including security and environment officials, carrying out repairs on Thursday afternoon,” the statement earlier issued by Eni read.

group, Move on Nigeria has accused the All Progressives Congress (APC) and Comrade Adams Oshiomole of Edo State of deliberately misleading the public on issues surrounding the Nigerian Liquified Natural Gas Fund. In a statement yesterday, the group vowed that it will continue to expose APC’s lies no matter how many times such lies are repeated because the public deserves to know the truth. The the National Coordinator of the group, Hon. Clem Aguiyi, warned that APC will soon lie its way into trouble with Nigerians except it learn to respect facts. He said: “Truth is sacred and no one can lie to the people all the time without being caught one day. The ‘Change’ we need now is for the ruling party to change from minting and spreading outright falsehood to saying the truth.” Aguiyi said the truth which is verifiable is that the NLNG had been on a 10-year tax haven until 2014. Within the

period, successive governments, right from President Olusegun Obasanjo down to President Jonathan neither shared nor tampered with the cumulative dividends. “Whatever taxes paid from the NLNG go through the Federal Inland Revenue Services (FIRS) and recorded as part of the income of the Federal Government. It is imperative to note that by the end of the tenure of President Goodluck Jonathan, NLNG dividends had risen to accumulative $5.6billion and not a single cent was ever taken from the funds in the entire six years of the Jonathan’s administration.” He challenged the ruling party to present contrary evidence that NLNG was not on tax holiday until 2014, any evidence that either of the regimes of Obasanjo or Yaradua tampered or shared revenues accumulating from NLNG Taxes or proof that the Jonathan’s administration removed a dime from $5.6bn that accumulated during the life of the regime.

igeria’s immediate past Ambassador to Singapore, Mrs. Nonye Rajis-Okpara, has advised Nigerians and particularly the media to desist from heating up the polity by politicizing the recent recall of Nigeria’s ambassadors by President Muhammadu Buhari-led administration. This is even as the diplomat alleged that the media had ‘erroneously’ referred to the recall as ‘sack’ in their report, saying it was the tradition globally for ambassadors to be recalled whenever a new government takes over power. In a statement issued yesterday by the ambassador, she commended the President for being magnanimous enough to have given the ambassadors long time to prepare for their handing over, while also insisting that their recall will not in any way affect Nigeria’s relationships with the host nations. The stated reads in part; “I would like to use this opportunity to inform Nigerians that ambassadors were not sacked, as stated in many Nigerian media; rather, they were recalled according to standard procedure, once there is a new government. I am thus calling on fellow Nigerians to give the new administration a chance for the change it promised and stop heating up the polity. We have only one country that we can call our own. Let us therefore stop tearing it down but rather join hands to build the Nigeria of our collective dreams, hope and aspirations.” The statement added; “President Buhari has not committed any offence, neither did the ambassadors commit any crime."

NEW TELEGRAPH tuesday, july 14, 2015

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Dangote Foundation distributes relief materials to 5, 000 families

angote Foundation at the weekend commenced the distribution of relief materials to internally displaced persons (IDPs) in Yobe, Adamawa and Borno States. The distribution programme, in the spirit of the holy month of Ramadan, is targeting a mini-

mum of 5, 000 families in the three states. Managing Director of Dangote Foundation, Zuwaira Youssofu, assured the IDPs that the foundation will live up to its promise of supporting them, meeting them at their points of need, praying that their travails will soon be over. According to her, “One

of our foundation’s missions is to relief the sufferings of the people. We identify where the sufferings are and move aggressively to the area to ameliorate them.” She said: “A special victims’ fund has been set up, which we have made a pledge to. Today, we are here in the context of Ra-

madan, just to let the internally displaced ones in Yola know that we remember them, and we are with them through this journey. “We, the Dangote Foundation are distributing products like Dangote Spaghetti, Rice, DanQ Seasoning, Salt, Sugar and Blankets, to bring relief to the people in

this camp. We are in Yola now, but we are targeting a minimum of 5,000 families in Adamawa, Yobe and Borno. We are physically here in Yola to witness the distribution process. We are partnering with Like Mind, an NGO that volunteer to facilitate the distribution exercise.

Coordinator of the NGO, Fatima Kiyari, lauded the foundation and prayed specially for the Chairman of the foundation, Aliko Dangote that “God will bless Aliko Dangote. The number of lives he has been able to touch today is unbelievable, not to talk of other camps where distribution is going on in Yobe and Borno that are ten times bigger than the camps here,” she said. One of the recipients of the relief materials, Malam Ari Gwaza, also lauded the foundation's philanthropic gesture and appealed to other notable Nigerians to emulate the good deeds of Dangote and use their wealth also for the poor.

Babalola advises contenstants for UI VC Sola Adeyemo Ibadan

L-R: Candidates for the post of the Vice-Chancellor, University of Ibadan, Professors Idowu Olayinka; Oladele Layiwola; Ayodeji Oluleye and Labode Popoola, at the University of Ibadan Community Forum…yesterday.

FCMB congratulates New Telegraph MD Temitope Ogunbanke

he management and staff of First City Monument Bank (FCMB) Limited, has commended the appointment of Mrs. Funke Egbemode as Managing Director/Editor-inChief of New Telegraph newspapers. FCMB in a statement signed by its Group Head, Corporate Communications, Uchenna Mojekwu, said Egbemode’s appointment “is a testimony of your sterling qualities and pedigree as a seasoned media practitioner. It is also a confirmation of the overwhelming confidence reposed in her by the board and management of the organisation. “We have no doubt that the reputation of New Telegraph newspapers, as one of the frontline media establishments in the country, would be enhanced under your able leadership. “We are proud to identify with you and wish you the very best as you discharge your duties.”

Suit challenging defection of Benue lawmaker struck out Cephas Iorhemen MAKURDI

Makurdi High Court presided over by Justice Adam Onum, yesterday struck out the suit filed by the Peoples Democratic Party (PDP) against the Benue State House of Assembly and three others challenging the defection of Mr. Nick Eworo, from PDP to APC for lack of jurisdiction. Justice Onum said the court has no jurisdiction over issues of member-

ship of a political party, adding that the plaintiff did not disclose any cause of action against the defendants. Ruling on the preliminary objection against the suit filed by Prof Tony Ijohor, who appeared with Mrs. Nguavese Ikyaagba, Justice Onum said the PDP has no locus standi to challenge the decision of the House of Assembly even in relationship to the appointments to offices of the Majority Leader and Majority Whip, by virtue of S.R. 6 (4) of the Standing Rules of the House,

OAU management shuts down institution Adeolu Adeyemo Osogbo

he management of Obafemi Awolowo University, Ile-Ife, has shut down the institution temporarily, warning all students to vacate the campus with immediate effect. New Telegraph gathered that the decision to shut down the institution was

reached by the management after its emergency Senate meeting on Sunday. Speaking with newsmen on the development, Chairman of the Non-Academic Staff Union, OAU chapter, Comrade Wole Odewunmi, said whether the institution’s management shut it down or not, the union had embark ‘on a full shutdown of the university on Monday.’

which were adopted on July 10, 2012. Besides, Justice Onum said: “By law, no one can compel any person to join a political party.” He noted that the APC, which is a necessary party in the case, has not been joined as a defendant by the PDP, and accordingly struck out all the reliefs sought, which touched on the interest of the APC. Reacting on the matter, counsel for the defendant, Prof. Tony Ijohor (SAN) described the judgement as the rule of law in action.

It will be recalled that Hon. Nick Eworo of the opposition PDP had announced his defection on the floor of the Assembly to the ruling APC when he was allegedly suspended by the party in his Ikonu council ward of Obi Local Government area of the state. He was one of the PDP lawmakers that worked for the emergence of the present Speaker of the House, Hon. Terkimbi Ikyange, on the ticket of the APC, resulting in his (Eworo's) emergence as Majority Leader.

Suicide bomber kills self in Borno Ahmed Mringa Maiduguri

suspected suicide bomber yesterday blew himself off at a military checkpoint in Jimtilo in the outskirts of Maiduguri, the Borno State capital. A civilian JTF operative at the check point, Garba Gora, told our correspondent on phone that a bus

driver, who came with passengers loaded in a bus, told security men at the check point that they were suspicious of one person in the vehicle of carrying an improvised explosive device (IED). He said: “We quickly ask those in the vehicle to come down for thorough check, as we were about to check, the IED went off and killed the suicide bomber."

ounder of Afe Babalola University, Ado Ekiti, Aare Afe Babalola (SAN), yesterday rated the University of Ibadan high in academic excellence, submitting that any vice-chancellor that leads the university is eminently qualified to lead any university in the world. He also asked all the stakeholders and those contesting the position of the vice-chancellor in the premier university, to support whoever emerges as the vice-chancellor. The former Pro-Chancellor of the University of Lagos and a legal luminary, gave the remark while urging whoever emerges as the next vicechancellor to move the institution to higher levels in order to sustain its ‘primus inter pares’ status among other universities in the country. Represented by the former Vice-Chancellor of the University of Lagos, Prof. Oyewusi Ibidapo-Obe, Aare Babalola gave the charge at the Trenchard Hall of the University of Ibadan, where he chaired the interactive session with candidates vying for the position if the VC of the institution organised by the University of Ibadan Community Forum 2015 Committee. With Mr. Femi Falana (SAN) as the programme coordinator, the forum according to the Convener, Prof. Nelson Fashina, was to create a level playing ground for contestants to guide against the previous practice of imposition of VCs on the university community without their interacting with the stakeholders to showcase what they have in stock for the university community.

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Metro

Man beheads neighbour over dispute

FATAL BRAWL A man cuts off the head of his neighbour over disagreement and buries the body in a shallow grave Cephas Iorhemen Makurdi

middle-aged man yesterday beheaded his neighbour over a communal strife at Utonkon area of Oju Local Government Area of Benue State. However, the suspect, whose identity could not be ascertained at press time, has been apprehended by the police in Otukpo Local Gover nment Area of the state. Investigation showed that the suspect is a native of Igede land. Utonkon and Oju share common boundary. Sources said the two men

met in the farm yesterday morning and engaged each other in a fight, before the suspect eventually overpowered the victim and beheaded him. The suspect, it was gathered, immediately buried the body in a shallow grave inside the farm and put the head inside a bag. However, he ran out of luck as the villagers raised the alarm. He was caught as his bag had blood stains and taken to Otukpo Police Area Command where he was being quizzed at press time. The state police Public Relations Officer (PPRO), Austine Ezeala, who confir med the incident, said investigation into the matter was ongoing. He said: “The suspect is currently in the Otukpo Police Area Command where he is facing interrogation. He is a native of Oju while the victim hailed from Ado Local Government both neighbouring councils.”

Man kills stepbrother in Anambra Pamela Eboh Awka

27-year-old man, Mr Chijioke Nwenyi, from Umuohi Okija in Ihiala Local Government Area of Anambra State has reportedly murdered his stepbrother, Gregory, with a machete. Nwenyi was, however, arrested yesterday by the police. It was gathered that Gregory died during a fight with his step brother. When policemen got to the area on the day of the incident, they found Gregory in a pool of blood.

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

The body was later deposited at the Okija General Hospital by the police. Similarly a middle-aged man, Tochukwu Maduekwe, from Nkpor in Idemili North Local Government Area of the state is on the run following the alleged murder of a tenant of his father. A witness said that Maduekwe (20) stabbed the tenant, David Anukenyi (42), following a squabble with his father over electricity bill brought by Enugu Electricity Distribution Company (EEDC). “The deceased was rushed to Iyienu General Hospital, Ogidi where he was pronounced dead on arrival,” the source said. The matter was reported by his younger brother, one Chijioke Anukenyi, at the Ogidi Divisional Police Station. Both cases have been transferred to the State Criminal Investigation Department (SCID) in Awka. The state Police Public Relations Officer (PPRO), DSP Uche Ezeh, confirmed the incidents yesterday. The PPRO said that investigations into the cases were ongoing.

The suspect

Ambode rescues accident victim

overnor Akinwunmi Ambode of Lagos State yesterday helped to rescue an accident victim on Osborne Road, Ikoyi. The victim, Miss Angela Anukam, who was driving alone in a wine-coloured Toyota Corolla car with registration number EKY 415 CG, about 8:15am, lost control and rammed into the road median before the vehicle somersaulted. Ambode, who was heading to the office when the incident occurred, ordered his convoy to stop at the scene to enable him to assess the situation as well as help rescue the passengers. The governor instructed the ambulance attached to his convoy to convey the victim, who was in a state of shock, and could barely move or talk, to be taken to the Lagos Island General

Hospital for treatment. His sister, Amaka, who was contacted shortly after the incident, said she was treated for minor injuries and discharged free of

Ambode (middle) at the scene of the accident, yesterday

charge on the orders of the governor. Amaka, according to a statement issued by the Chief Press Secretary to the governor, Habib Aruna, said the ambulance also conveyed her sister back to her residence at 3, Efosa Ehiedu Close, off Modupe Thomas Estate, Ajah, while the Lagos State Traffic Management Authority (LASTMA) towed the vehicle away from the roadside. The statement reads in part: “What the governor has done is typical of him. It is indeed a demonstration of his concern to the wellbeing of every resident and Miss Angela is not an exception. “He has also, with this act, shown his commitment to an all-inclusive approach in protecting the lives and property of citizens in the state.”

Metro 11

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Foodstuff seller held with 47 kegs of petrol

Nwevo the suspect fielding questions from journalists

Muritala Ayinla and Elijah Samuel

fficials of Ojodu Local Council Development Area of Lagos State yesterday apprehended a middleaged man at Ogba, Innocent Nwevo, with 47 kegs of Premium Motor Spirit (PMS) otherwise

known as petrol. Speaking with journalists, the Executive Secretary of the council, Mallam Ahmed Jaji, said a combined team of members of the Caretaker Committee and men of the Nigeria Security and Civil Defence Corps (NSCDC) attached to the council arrested the suspect.

According to him, the team acted on a tip-off that a tenant in a shop opposite Retail Market, Ogba, was stockpiling and engaging in illegal sales of petroleum product in the area. Jaji added that, being a resident of the area, he mobilised his team for an on-the-spot assessment of the place.

According to him, they did not meet the suspect initially but later got him and discovered several kegs of petrol, carefully concealed behind foodstuffs and other commodities in the shop. The executive secretary added that to avoid being mobbed, the team took both the suspect and the exhibit to the council. He said: “We thank God that an action that could put our lives and property in jeopardy was averted today. Who knows what could have happened if this ‘bunkerer’ was not apprehended or imagine a keg out of the several kegs bursts, the whole would have been in crisis. “Thank God, we were able to avert this. However, having succeeded in nailing the culprit, our next line of action is to hand him over to the appropriate law enforcement agency for further necessary action. Though I have at the same time intimated the relevant government agencies especially Lagos State Government about the discovery.”

Fire razes building, shops in Lagos Olushola Ricketts

ire yesterday gutted a house and 10 shops as well as property worth millions of naira at 28, Salawu Onikoyi Street, Barracks Bus Stop, Ifako-Gbagada, Lagos. This came a few days after hoodlums attacked the community, injured some residents and stole valuables. Though some residents said the fire might have started from one of the shops, the real cause of the inferno remained uncertain. According to the residents, the fire started at 1am. One of the residents, who identified himself simply as Jelili, said though people claimed the fire started from a shop, the shop did not burn completely. But, according to him, the

rooms in the building were completely burnt, a sign that the fire must have begun in one of the rooms. He added: “They are just looking for someone to blame. The fire must have started from one of the rooms and affected the shops too. This morning (yesterday), we saw that the shops were not affected like the main building. It is really a major setback for the tenants. “One of the shop owners said she just paid her rent yesterday (Sunday). Another tenant just moved in, though he was still renovating.” A source said the landlady of the house died a few months ago, living the property for her children and grandchildren. “Even before the death of

the landlady there was an issue about selling the house. As if the woman knew they could sell the house, she demanded to be buried there. When she died, some of the family members raised the idea while some opposed it. As it were now, it would be hard not to sell the property.” A civil servant, Mr. Julius Arojie, said his wife’s salon was one of the 10 shops gutted by fire. He said: “I seized my wife’s phone the moment people started calling us around 2am. We stay in the area, but most of the gates are always locked. When we got here, the fire has already affected our own shop. If the fire started from the Mallam’s shop as they claimed, it should have burnt down my shop and others completely before I ar-

One of the shops affected

rived.” Policemen, officials of the state task force on environment and those of Kosofe Local Government were at the scene of the fire incident.

Motorcyclist stabs security guard to death Taiwo Jimoh

commercial motorcyclist, Shehu Sanni, has reportedly stabbed to death a security man, identified as Ibukun Oguntona, at Ebute-Meta area of Lagos metropolis. Oguntona was killed while trying to stop the motorcyclist from entering Abeokuta Street about 1.30am on July 9. There was an altercation between the two men, while the angry motorcyclist was said to have brought out his knife and stabbed Oguntona in the chest. The incident was reported at Denton Police Division. The suspect was said to have fled to the destitute

home at Okobaba to seek refuge. But instead of harbouring him, they invited the police. “The victim was rushed to the Mainland General Hospital by the Denton Police Patrol team. But, he was confirmed dead at the hospital about 4am owing to excessive blood lost,” a source said. It was gathered that immediately the news of Oguntona’s death filtered into the community, some youths in the area went on the rampage. They were, however, pacified by policemen attached to Okobaba Police Post. A resident of the area said: “The excesses of the motorcycle riders in Ebute-Meta are

becoming unbearable. The security guard would not have died if his colleagues were there that fateful day. I believe he would have survived the attack. “Immediately he was stabbed, we rushed him to Koban, a private hospital, where he was given first aid treatment.” Another resident, Chief Lateef Akogun, called on the Lagos State Government to come to the aid of the vigilantes. He said: “We want the Lagos State Government to beam its searchlight on the destitute home because hoodlums have taken over the building from the disabled. Whenever they commit crime, they run there

to seek refuge.” Alhaji Sani Kabiru, who claimed to be Seriki Hausawa of Lagos State, condemned Oguntona’s killing. He said: “We have handed over the suspect to the police for proper investigation. “Since the day of the incident, we have held security meetings with the vigilantes and our host community to prevent further break down of law and order.” The state Police Public Relations Officer (PPRO), DSP Kenneth Nwosu, who confirmed the incident, said the suspect had been transferred to the State Criminal Investigative Department (SCID), Panti, Yaba.

City Briefs Man jailed for stealing N130,000 Caleb Onwe Abuja

Magistrates’ Court sitting at Karu in the Federal Capital Territory (FCT), Abuja has sentenced a 22-yearold man, Daniel Ibrahim, to six months in prison without option of fine for stealing. Ibrahim was tried and convicted on a three count-charge of joint act, theft and criminal trespass, contrary to sections 79, 348 and 288 of the Penal Code. The prosecutor, Francis Udofia, told the court that Ibrahim, a servant of the complainant, Mr Aureol Deseye Vionana, of Plot 643, Central Road, Karu, Abuja, invited a stranger, Jethro, who is still at large, to come and steal from his master’s house the sum of N130,000, a Blackberry, Samsung and Nokia phones.

Six OPC members in court for assault

ix men, who claimed to be members of Odu’a Peoples Congress (OPC), yesterday appeared before an Isabo Magistrates’ Court, Abeokuta, for allegedly assaulting two traders with dangerous weapons. The accused are Gbenga Adeniyi (21), Francis Daniel (18), Lekan Onaneye (20), Suraju Oyedele (19), Kehinde Lawansin (21) and Taiwo Oluwafemi (22). They were arraigned on a four-count charge bordering on conspiracy, assault, breach of the peace and possession of dangerous weapons. The prosecutor, Mr Augustine Ozimini, told the court that the accused committed the offence on July 12 at 9am at Kuto Market, Abeokuta. Ozimini, according to the News Agency of Nigeria (NAN), said the six men, who claimed to be members of OPC, conspired and assaulted two traders, Femi Anayo and Damilare Adeniji, in the market. According to the prosecutor, the accused, armed with broken bottles, machetes, axes and other dangerous weapons invaded the market and assaulted their victims.

FRSC, stakeholders move to reduce road crashes Camillus Nnaji

he Federal Road Safety Commission (FRSC) and tank farm owners said they were working on modalities to reduce carnage and gridlock on the road. The stakeholders met in Lagos yesterday on the need to comply with safety standards to avoid crashes and gridlock. The FRSC Corps Marshal, Boboye Oyeyemi, said the meeting was to ensure safety culture and reduce gridlock caused by tankers. He said: “Many truck owners have compromised on road safety standard. That is why tankers have been falling with petroleum products’ spills that cause tragedy. “Again, over 90 per cent of tankers on our roads are aged and only a few companies or marketers could buy new ones. Henceforth, any tanker that does not maintain safety standard will not load products and those that involve in crashes would be prosecuted.”

News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

NATIONAL

Ondo marketers: We can’t sell at N87 per litre

lWarn of impending fuel scarcity Babatope Okeowo AKURE

etroleum dealers in Ondo and Ekiti States yesterday accused the Nigeria National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) of conniving to defraud members of the public in dispensing fuel to filling

stations in the states. The marketers who addressed a press conference in Akure, the Ondo State capital, alerted members of the public of impending scarcity of petroleum as a result of the activities of the two federal agencies. The President of the Petroleum Filling Station Dealers and Owners in the two states,

Prince Jimi Adedapo, said the cost of bringing petroleum to both Ondo and Ekiti states did not permit the selling of the product at the government approved price of N87.00 per litre. According to him, the true cost of bringing the petrol from Lagos to the two states was between N104.00 and N108 per litre while the cost from

Ogara/Warri in Delta state was beween N105.00 and N108.00 per litre. “Despite the fact that the DPR knew the amount the landing cost of the product, it still went ahead to seal many filling stations in both states for selling above Federal government approved price of N87.00 per litre.” Adedapo said that none of the NNPC depots in the state was selling petroleum despite

the fact that it is the only Corporation importing fuel in the past three months. He added that the government agency preferred to sell to independent marketers instead of disbursing the product directly to the end users. His words: “Even when NNPC gives out fuel, the cost to us at our stations are above N89.00 per litre. One wonders how as businessmen with responsibilities can sell below cost price. The ordinary law of supply and demand will not allow it. “Despite our plights as highlighted, the regulatory authorities, the DPR rather than facing the reality of the situation have resorted to sealing off all our stations in Ondo and Ekiti states and vowed never to re-open them until we comply with the directives of selling at the approved pump price of N87.00 per litre.” “Rather than running our stations at a loss, since most of us are on loan from financial insti-

tutions we have resolved not to procure the products until it is readily available at NNPC depots. “We are demanding that government should deregulate the oil sector to enable us to sell at appropriate prices. We are sorry for whatever inconveniences these actions might cost the public who may be at the receiving end.” Adedapo said there had not been activities in the NNPC depot in Ore, despite the efforts of the government, the development which has made the situation difficult in the two neighbouring states. According to him, most of the filling stations in both Ondo and Ekiti States are under lock and key and the situation may get worse in a few days as the DPR in the state has made the situation worse. He added that most of the stations pretending to sell at N87.00 per litre had tampered with their metre.

CCC factional pastors agree to unite Muritala Ayinla L-R: Chairman, Osun State Joint Public Service Negotiating Council, Mr Bayo Adejumo; Chairman, Nigeria Labour Congress (NLC), Comrade Jacob Adekomi and Head of Service, Mr. Sunday Owoeye, during the Signing of Memorandum of Understanding between the labour unions and the government to end their seven weeks strike at Government Secretariat, Abeere…yesterday.

Osun workers suspend strike FG must curb incessant strikes Adeolu Adeyemo OSOGBO

sun State workers yesterday received a month salary alert out of the seven months owed them by the state government. The development has, however, led the state Chapter of the Nigeria Labour Congress (NLC) to suspend the seven weeks old strike embarked upon to agitate against the nonpayment of workers’ salaries in the state. When asked about other months that are yet to be paid, the chairman of the union, Comrade Jacob Adekomi, who spoke to newsmen in Osogbo, stated that they have agreed with the government that “January and February, 2015 salaries will be paid as from Monday, 13th July, 2015”. “March and April,2015 salaries of local government workers and primary school teachers will be paid as from Monday, 13th July, 2015.” In a memorandum of understanding after their meeting, the NLC agreed with the government that: “all the outstanding

deductions and pensions of December 2014 shall be settled as soon as bailout funds are received from the Federal Government. “That this MOU is agreed to by both parties taking due cognizance of the present parious financial situation of the state government,on an interim basis, as a condition precedent to suspending the on-going strike action. “That Labour unions will suspend the on-going strike action on the basis of the memorandum to allow for all public Service personnel audit and verification exercise as well as auditing of local government staff/primary schools.” Teachers and retirees take place.

by doctors –CMD

Adesina Wahab ADO-EKITI

he Chief Medical Director of the Federal Teaching Hospital, Ido-Ekiti, Dr Majekodunmi Ayodele, has called on the Federal Government to take decisive steps at putting an end to incessant strikes by doctors and other workers in the health sector. This, according to him, is necessary if service delivery in the sector is to be taken to global standard. Ayodele, who spoke in Ado-Ekiti in a chat with journalists, said the ongoing strike by members of the Association of Residents Doctors (ARD) was uncalled for.

He said the incessant industrial disharmony was crippling the health sector in the country. Ayodele, a consultant psychiatrist, urged President Muhammadu Buhari to set machinery in motion for the restructuring of the health sector by prohibiting medical personnel, whom he said offer essential services, from embarking on strike. Resident doctors are currently on strike to demand the full implementation of the Consolidated Medical Salary Scale (CONMESS) and the commencement of the payment for the skipping of Consolidated Health Salary Scale (CONHESS) 2 to members as directed by the Federal Government.

fter months of discordant tunes in the Celestial Church of Christ Worldwide over leadership crisis, the three of the factional pastors of the church have finally agreed to come back to the fold. Head of a Lagos-based faction, Pastor Josuah Kayode Owodunni disclosed that his faction has decided to team up with Ibadan-based Pastor Paul Suru Maforikan-led faction in order to support Rev. Olatosho Oshoffa as the overall leader of the church. According to him, all worrying factions decided to come back to the fold having been convinced that there is a divine hand in the unification moves. Owodunni said that the founder of the church, Prophet Pastor Samuel Oshoffa had appeared to him in separate visions and instructed him to support the Unification Leader of

the church, Rev. Olatosho. Pastor Maforikan on his part, said four years ago, Prophet Pastor Samuel Oshoffa appeared to him in a vision and told him to support the Unification Leader, saying he is now ready to follow the instruction of his spiritual leader. He promised to instruct all his churches home and abroad to support Rev. Olatosho. The clergies expressed their desire to collaborate with Rev. Olatosho so as to ensure that celestial church worldwide remain in one accord again. The pastors encouraged Rev. Olatosho to continue in its efforts at uniting the church, saying they are with him in spirit and in truth; even as they promised to attend the burial of Mother in Celestial, Elizabeth Oshoffa, slated for August 15, 2015 at Imeko to demonstrate their full reunion with the mother church.

TUC warns Ondo against diverting bailout lWe are yet to receive any bail-out, says govt Babatope Okeowo AKURE

he Trade union congress (TUC) yesterday cautioned the Ondo state government against diverting the fund that will accrue to it from the fed-

eral government’s bailout to capital projects. The union, through its Chairman and Secretary, Messrs Sola Ekundayo and Clement Fatuase, called on the state government to spend the money for its primary purpose of unpaid accumulated sala-

ries of workers. In order to guarantee industrial harmony, the union leaders said the government should spend the bailout to ameliorate the sufferings of the state workforce. However, the government said it has not received

any bailout from the federal government to pay salaries of workers in the state. The government that is owing its workforce two months’ salary said it only received N2.2billion accrued to it from taxes, being part of June allocation from the Federation account. At a joint media briefing addressed by the

state’s Commissioner for Information, Hon, Kayode Akinmade and his Finance counterpart, Chief Yele Ogundipe, the government said the bailout proposal presented to the President at a recent meeting by state governors was yet to bear a fruit as modalities on it are still being worked out.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Money laundering

Anti-graft

Ondo

At last, court strips Nnamani of property

Buhari trudges on fiscal discipline

Residency card of controversy

Politics

House leadership

Cutting the Gordian knot The warring groups in the lingering leadership crisis in the House of Representatives may have decided to adopt elections as the final arbiter. PHILIP NYAM reviews the scenario

ore than two weeks after members of the House of Representatives engaged one another in a free for all over disagreements on the choice of principal officers from the majority party, the All Progressives Congress (APC), peace remains elusive in the hallowed chambers. Efforts to get the contending groups; the Consolidation Group led by Speaker Yakubu Dogara and APC Loyalty Group headed by the speaker’s lone challenger in the speakership election, Hon. Femi Gbajabiamila, to sheathe their swords and adopt a common position have been unfruitful. Following the show of strength by both camps, holding elections to choose principal officers to fill the vacant positions of majority leader, chief whip, deputy leader and chief whip is now the last resort in putting to rest the leadership impasse. The elections may likely hold on July 21 when the House is expected to reconvene from the forced recess. The outcome of this election will be difficult to hazard because a lot of factors would come into play. First, there are 213 APC members in the House and the Gbajabiamila

AYODELE OJO

DEPUTY Editor, POLITICS ayodele.ojo@newtelegraphonline.com

Dogara

group claims to enjoy the loyalty of 174 of the members meaning that Dogara has the support of less than 50 APC members. But in the elections, the outcome may alter this calculation considering the fact that the speaker has the power of incumbency behind him. It is evident that with the election of Dogara, some of Gbajabiamila’s supporters have switched their loyalty and are now lobbying for chairmanship of different committees. Therefore, the 174 members the Loyalty Group is banking on may not be intact. Nevertheless, the elections will determine the numerical strength of these two groups and once and for all put to rest the number propaganda. Why elections Consequent upon the embarrassing pandemonium that engulfed the House on June 25, the APC constituted a peace committee led by former speaker and

Gbajabiamila

If they wish to play the zoning card, then the Senate and House cannot be headed by the North

now Sokoto State governor, Hon. Aminu Tambuwal. The Tambuwal-led committee met separately last week with the Consolidation Group and the APC Loyalists Group. While the Dogara group for the umpteenth time rejected the list of principal officers from the party preferring that the federal character principle be adhered to in the sharing of the offices, it however agreed to cede the position of majority leader to the Gbajabiamila camp but to another zone other than the South-West where the former minority leader hails from. The speaker’s group submitted that “but that considering the constitutional requirement of equitable representation and federal character, such candidate should be from any zone other than the North-East and SouthWest zones that had already produced the speaker and deputy speaker respectively.”

Consolidation Group stand Giving a graphic account of what transpired at the peace meeting, spokesman for the Dogara group, Hon. Abdulmumin Jibrin (APC, Kano) said it was true they both met with Tambuwal. He said: “Concessions were made completely against the original plan that we went to the meeting with. We went to the meeting and you have always known our position, we believe that we did not go against any provisions of the laws of the party or the provisions of the constitution of the Federal Republic of Nigeria electing the speaker or his deputy. “We also believe that there should be playing ground for everyone in terms of the occupation of the remaining offices of principal officers that has always been our position. But after a very lengthy meeting with His Excellency, the immediate past speaker and governor of Sokoto CONTINUED ON PAGE 16

Politics

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Chimaroke Nnamani, a former governor of Enugu State, was arraigned in 2007 alongside seven others over money laundering. The trial lingeed for eight years after which the Federal High Court sitting in Lagos granted an order of forfeiture of property. TUNDE OYESINA examines the sequence of the trial

he trial of former Enugu State Governor, Dr. Chimaroke Nnamani over alleged money laundering amounting to about N5 billion which had lingered for about eight years was finally laid to rest on July 8, as the Federal High Court sitting in Lagos ordered the forfeiture of the accused person’s properties. Nnamani and seven others were first arraigned before Justice Tijani Abubakar in 2007 on a 105-count charge of conspiring with others to launder various statutory allocations of some local government areas of Enugu State. The matter was later re-assigned to Justice Charles Archibong. The other accused are, Sunday Anyaogu, Rainbownet (Nig) Ltd, Hillgate (Nig) Ltd, Cosmos Fm, Capital City Automobile (Nig) Ltd, Renaissance University Teaching Hospital and Mea Mater Elizabeth High School. Nnamani was also accused of stealing N1.4 billion from the Excess Crude Oil Funds to local governments in the state. In addition, Nnamani was accused of transferring millions of dollars from Enugu State funds to his personal bank account in the United States of America, through the help of one Chinero Nwigwe, now at large. The offences were said to contravene provisions of the Money Laundering (Prohibition) Act, 2004. The trial, however, suffered several adjournment since 2007 until when judgement was given in the case. The accused were however rearraigned before Justice Mohammed Yunusa on March 7, 2013, following the transfer of the previous judge, Justice Archibong. The accused persons had pleaded not guilty to the charge, while the court had allowed them to continue with the earlier bail terms granted by Archibong. In the charge, the accused were alleged to have laundered various sums of money to the tune of N5 billion and had lodged same in a secret account. It was also alleged that Nnamani conspired with other accused persons to launder various statutory allocations of some local government areas of Enugu State. The local governments are: Aninri, Enugu South, Agwu, Igbo Etiti and Isi Uzor. He was alleged to have stolen N1.4 billion from the

Nnamani in court

At last, court strips Nnamani of property Excess Crude Oil Funds allocated to local governments in the state. Besides, it was alleged that the accused, through the help of Nwigwe, fraudulently transferred millions of dollars of Enugu State funds, to his personal accounts in the United States. These offences were allegedly committed while Nnamani held sway as Governor of Enugu State between 1999 and 2007. At a point, when the trial was being delayed because of its joint nature, the Economic and Financial Crimes Commission (EFCC), asked for a separate trial of Nnamani. On the day the application was moved, prosecuting counsel, Kevin Uzozie, told the court that the matter had been stalled severally on account of Nnamani’s frequent applications to travel abroad for medical treatment. Uzozie said that from the records of the court, it was clear that Nnamani had always applied to court for leave to travel out of the country on grounds of ill-health. “It is a scandal that a criminal case which the law says must be speedily concluded has not even proceeded to trial seven years after it was filed,” he said. In his application to separate the trial, Uzozie urged the court to accept his arguments so that Nnamani’s frequent medical trips abroad would no longer stall the trial of his co-accused. In the application brought pursuant to Section 155 of the Criminal Procedure Act, 2004, the prosecutor urged the court to allow the trial of Nnamani and his former aide, Sunday Anyaogu, to be conducted separately. He argued that the applica-

It is a scandal that a criminal case which the law says must be speedily concluded has not even proceeded to trial seven years after it was filed

tion became necessary following the need for a speedy conclusion to be arrived at in respect of the assets and liabilities of the six companies, which were corporate entities. Uzozie further argued that the assets might become obsolete and seriously eroded if the companies were not separately tried. He, therefore, submitted that there was need for the court to decisively address the scandal which had stalled the case for about seven years. Responding, defence counsel, Ricky Tarfa (SAN) adopted his counter-affidavit to the application. He argued that the application, if granted, would disrupt the fair trial for Nnamani. Tarfa argued that contrary to EFCC’s allegations, Nnamani had always made himself available for trial after the completion of each phase of medical treatment abroad. According to him, the trips were aimed at facilitating his recovery process. He also noted that on many occasions, the matter had been adjourned at the instance of the EFCC, and so it was wrong to allege that his client had been using the medical trips to delay the matter. Tarfa further argued that the accused would be severely prejudiced if the application is granted, and that no assets would be eroded as canvassed by the EFCC. Ruling on the application on March 26, 2015, the trial judge, Justice Mohammed Yunusa, said EFCC’s request was in line with the Practice Direction of the Federal High Court Rules.

The judge discountenanced the argument of Nnamani’s lawyer, Tarfa, that separating the trial would lead to complications. Tarfa, in a counter-affidavit filed in opposition to EFCC’s prayer for separate trial, had argued that it was better to jointly prosecute all the accused persons since the prosecution was bringing the same set of witnesses to testify against all the accused persons. The senior lawyer also submitted that conducting separate trials might plunge the court into reaching conflicting decisions in the case. But Yunusa upheld the EFCC’s submission that there was need to expedite the companies’ trial in view of their assets, which were liable to becoming eroded. The judge subsequently ordered the commission to amend its processes and adjourned till May 11, 2015 for mention. At the resumed trial, four of the six companies standing trial with Nnamani, pleaded guilty to amended counts in relation to the offence. The four companies – Rainbownet Nigeria Limited, Cosmos FM, Capital City Automobile Nigeria Limited, and Renaissance University Teaching Hospital – pleaded guilty, following their re-arraignment on an amended 10 counts. The companies were prosecuted separately from Nnamani by the EFCC to fast-track their trial. The move was to save their assets from being eroded, because the trial had made little or no progCONTINUED ON PAGE 16

Politics 15

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Buhari entrenches fiscal discipline President Muhammadu Buhari seems to be giving vent to his campaign promise of fighting corruption to a standstill. EMMANUEL ONANI reports

quoted as saying: “I write to forward the completed IPPIS registration form of Mr. President and to draw your kind attention to Mr. President’s directive that only 50 per cent of his salary be paid to him.” Reports say Buhari’s current Revenue Mobilisation Allocation and Fiscal Commission (RMAFC)-approved pay package, stands at N14,058,820 per annum.

ampaign periods provide veritable platforms for political parties and their candidates to present their manifestos to the electorate. These manifestoes, in the main, serve as the blueprint upon which elected officials prosecute action plans for sustainable growth and development of the country. Prior to the March 28 presidential election, therefore, General Muhammadu Buhari, the standard bearer of the All Progressives Congress (APC), had predicated his party’s manifesto on three cardinal planks – anticorruption fight, defeating Boko Haram, and creation of jobs. Nigerians, having regard to antecedents, hardly doubted President Buhari’s capacity, wherewithal and will, to tame corruption; a cankerworm that had threatened the fragility of the Nigerian state. Many had accused the then Peoples Democratic Party-led Federal Government of not demonstrating sufficient commitment in the fight against the hydra-headed monster, which many wont to argue, is the bane of the society. Since May 29, when Buhari was inaugurated as president, certain developments and actions, which are indicators of avowed determination to fight graft, had taken place in the polity. EFCC’s renewed vigour Until May 29, the Economic and Financial Crimes Commission (EFCC) – the lead agency in the fight against money laundering and official corruption in the country – had, arguably, been in near inertia. This perceived lull had made many to interrogate the capacity of the commission to put to trial highly-placed public officials, both serving and retired. In fact, it seemed to many outsiders, that once the EFCC arraigned alleged corrupt individuals in court, it went back to sleep, literally. Rightly or wrongly, many had accused the former administration of allegedly shielding some persons from facing prosecution, even as they had called for the head of the commission’s leadership. This perception seemed to have changed, as four former governors voluntary submitted themselves for grilling at

Buhari

the commission’s headquarters in Abuja. This development, no doubt, elicited mixed reactions from the public. To be sure, few days and weeks after Buhari assumed power, Alhaji Murtala Nyako, Senator Ali Modu Sheriff, Chief Martin Elechi and Alhaji Sule Lamido – former governors of Adamawa, Borno, Ebonyi and Jigawa states respectively, surrendered themselves to hours of interrogation at the commission’s headquarters in Abuja. What was more curious, according to concerned observers, was the fact that the EFCC said it had extended letters of invitation to Sheriff and Nyako, whom it had also declared wanted. Besides, operatives of the commission, had also gone after a former governor of Imo State, Chief Ikedi Ohakim, who was later arrested in his Abuja residence. Few weeks after the interrogation of the ex-governors, the anti-graft agency has filed charges against some. Specifically, Lamido, Nyako and Ohakim, have had their days in court, even as their separate experiences, are not the same. For example, while Nyako and Ohakim, who were arraigned on a 37-count charge of alleged fraud to the tunes of about N29 billion and three-count alleged fraud to the tune of about 270 million, respectively, were granted bail on largely liberal terms. Lamido, who was arraigned alongside his two sons before a Federal High Court in Kano, on alleged money laundering and other sundry corruption charges was remanded in prison custody until September 28. There are indications that more former governors will soon be guests of the commission, as investigations of their respective tenures, are said to have reached advanced stages. The EFCC was established in 2003 via an Act of the National Assembly to, among other responsibilities, fight Advanced

Lamode

Fee Fraud (419), money laundering and economic crimes in Nigeria. It operates like the United Kingdom Financial Intelligence Unit (UKFIU), as well as the Financial Crimes Enforcement Network (FinCEN), a Bureau of the United States (US) Department of the Treasury. It is, however, pertinent to note that before this new dawn, the EFCC had yet to successfully prosecute cases of over 10 ex-governors to a logical conclusion, as many have not gone beyond trial stages, since 2007 and thereabouts, when they were instituted.

I don’t need any new cars; the ones I am using now, are just fine

Buhari rejects N400m cars A few days ago, reports had it that President Buhari rejected an offer by the Federal Government, to procure five brand-new armoured Mercedes Benz S-600 (V222) cars, to serve as latest addition to the presidential fleet. Reports had quoted Buhari as saying that “I don’t need any new cars; the ones I am using now, are just fine.” He was reported to have insisted that the official cars he inherited from the administration of former President Goodluck Jonathan will serve his needs. The Senior Special Assistant (SSA) to the President on Media and Publicity, Mallam Garba Shehu, was said to have confirmed the report. Buhari slashes own pay by 50% While Nigerians were still savouring the news of the rejection of the plan to purchase new cars, another fresh report came, that the president had ordered a 50 per cent cut from his pay. This, according to reports, also affected the Vice President, Prof. Yemi Osinbajo. Buhari’s decision was transmitted to the Office of the Secretary to the Government of the Federation (OSGF) by the Permanent Secretary, State House, Mr. Nebolisa Emodi. The Permanent Secretary was

Probe of NNPC In the wake of the inability of many states to pay their workers’ salaries, coupled with allegations of monumental corruption in the Nigerian National Petroleum Corporation (NNPC), the National Economic Council (NEC) at its last meeting in June, set up a four-member governors committee, to probe the state of affairs, as they relate to remittances. Speaking on the development, Zamfara State governor, Alhaji Abdul Aziz Yari, said: “On that line, a four-man committee consisting of the governors of Edo, Gombe, Kaduna and Akwa Ibom states – Adams Oshiomhole, Ibrahim Dankwambo, Nasir el-Rufai and Udom Emmanuel – was constituted to go through the books of NNPC and Excess Crude Account (ECA) as well as the Federation Account. “The four-man committee will check the books of NNPC, most especially the issue of excess crude and what is not remitted into the Federation Account. “The Federal Government, in conjunction with the CBN, will look inwards to see how to support, how much they will give to states especially on the issue of outstanding salaries owed by the states and even the Federal Government,” he stated. A member of the probe committee, Oshiomhole, added: “We are talking about transparency; we are talking about change. And what we saw from those numbers which I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned N8.1 trillion, what NNPC paid into the Federation Account from 2012 to May 2015 was N4.3 trillion. “What it means is that NNPC withheld and spent N3.8 trillion. “The major revelation here is that the entire federation, that is the Federal Government, the states and all the 774 local governments, the amount the NNPC paid into the Federation Account for distribution to these three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion. “This means that the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged and what is stolen. There are huge figures.” While some may argue that it is too early in the day to give thumbs-up to the less than two months administration, it suffices to place on record that “a chick that will grow into a cock, is spotted the very day it is hatched.”

Politics

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Odigie-Oyegun

Tambuwal

Jibrin

Chachangi

Dogara, Gbajabiamila resort to election C O N T I N U E D F R O M PA G E 1 3

State, we were able to make a farreaching concession and this is to allow for peace to reign in the House. “It was very tough and of course the wise counsel of Governor of Sokoto on the need for a concession on peace. Three things we agreed, one, we maintain the position that we do not recognise the letter written by the party and I give you reasons. “We have utmost respect for the chairman of the party, but that letter did not pass through the relevant organs of the party. It was neither approved by the National Working Committee (NWC), the National Executive Council (NEC), not even the caucus was consulted and it was product of one or two governors and of course the National Chairman. “Let me maintain the fact that we respect the national chairman and we will only respect a letter through legal organs of the party. Our position is that we do not recognise the existence of such letter. Secondly, the principal officers of the House must be in tan-

dem with principle of equity and Federal Character as prescribed by the constitution of the Federal Republic of Nigeria. “We expect the Femi group to accept this concession so that we can move forward. In the event that they do not accept, we also provided that it should be left for us to choose principal officers of the House in line with the standing rules of the House, so we have to come back and hold an election. The entire APC members would hold an election to elect the house leaders. If someone says he has 174 members, fine let’s hold an election in line with the standing rules of the House and that is our position.” APC loyalists stand On the side of the APC Loyalists Group, its spokesperson, Hon. Rufai Chachangi (APC, Kaduna) denied that there was such arrangement whereby the position of leader was ceded to their group but taken away from South-West. He said: “We the 174 APC Loyalists group of the House are aware that there was a private discussion between Governor Tambuwal and

The entire APC members would hold an election to elect the house leaders

President Muhammadu Buhari on Tuesday evening at the State House. Also aware that Governor Tambuwal briefed the press that there would be a meeting between him and Speaker Dogara’s group same day.” Chachangi’s clarification on the issue is also an indicator that both sides will not come to a consensus unless elections take place. As the name of the group suggest, the lawmakers are bent on doing the bidding of the party leadership by ensuring that Gbajabiamila emerges as House leader. According to Chachangi, “To the best of our knowledge, no counter-offer has been made to the APC Loyalists Group after our first meeting with the Tambuwal peace committee wherein the APC Loyalists clearly stated that in line with party supremacy resolution reached at last APC NEC meeting, the position of the party on Femi Gbajabiamila as the House Leader is non-negotiable.” He said: “We understand that the Dogara group is now playing the zoning card after same group had hitherto before the speakership election of June 9 rejected

At last, court strips Nnamani of property C O N T I N U E D F R O M PA G E 1 4

ress since 2007 when it commenced due to Nnamani’s ill health. In the amended 10 counts levelled against Rainbownet Nigeria Limited, Cosmos FM, Capital City Automobile Nigeria Limited, and Renaissance University, the four companies are accused of failing to comply with a lawful enquiry by Mr. Ibrahim Lamode, who was then the EFCC’s Director of Operations. The companies allegedly refused to release their cash books, fixed assets, various vouchers and cheques to the EFCC operatives for investigation. They were also accused of failure to give the breakdown of their trade creditors and to show the names of their creditors and amounts between 2002 and 2006. The offences, according to the EFCC prosecutor, Uzozie, were punishable under section 38(2) of the Economic and Financial Crimes Commission Act, 2004. Upon reading the 10 counts to the four companies, Tarfa pleaded guilty on their

behalf. Following the guilty plea, Uzozie urged the court to adjourn the matter for review of facts of the offences. Counsel for the accused companies, Tarfa, promised the court to inform the accused companies’ secretaries to write a letter undertaking the alleged crimes and their plea. Consequently, the presiding judge, Justice Yunusa, adjourned the matter till May 27, for review of the facts of the matter. On July 8, when the matter came up, counsel to the EFCC prayed the court to make an order of final forfeiture of the companies based on their plea. Justice Yinusa after reviewing the facts convicted the companies and made an order of final forfeiture of their assets to the Federal Government, citing provision of the EFCC Establishment Act on Final Forfeiture. The properties are located across the five states in the South-East geopolitical zone. Among them are 22 duplex buildings in Ebeano Under Tunnel Estate now

known as Fidelity Estate; Renaissance University Teaching Hospital; Cosmos 105.5 FM Digital Station (Ceuna Communications); and Capital City Automobile Limited, located at 12 Station Road, GRA, Enugu. Also forfeited to the Federal Government include properties of Hill Gate Investment - Plot No H12, H13, H14, H15, H21`, H116, H188, Plot 10, Plot H11, Plot H16, Plot H17, Plot H18, Plot 19, Plot H20, Plot H49, Plot H50, Plot H117, CP/4 (HCR2), CP5 (HCR2) CP/6(HCR2) CP/7 (HCR2) CP/8. The assets also include several undeveloped properties/plots of land of Rainbownet Nigeria Limited in Enugu, Abakaliki, Aba, Owerri, Onitsha, Awka and Umuahia. Properties of Rainbownet Communication which include BTS, Microwave Avenue Radio, Rectifiere, and a host of the equipment in various sites in Anambra States are also to be forfeited to the Federal Government. Aside the landed properties, over N35 million from the frozen bank accounts of the companies are also to be forfeited to the Federal Government of Nigeria.

the zoning formula of the party prior to the mock election. Interestingly, the six geopolitical zones in the country are not recognised by the constitution. But if they wish to play the zoning card, then the Senate and House cannot be headed by the North.” Explaining further, Chachangi said: “For avoidance of doubt, the issue of South-East being denied a principal officer’s seat in the House is hogwash. We have respect for the people of South-East but we cannot hold brief for a zone that produced only two “new” APC members. The issue of exclusion of SouthEast does not exist rather they are not qualified to be principal officers of the House. For emphasis and clarity, the provision of standing rules of the House, Order 7 Rule 37 states that “Only members with cognate legislative experience as members of the National Assembly shall be eligible for appointment as principal officers. “We are also surprised that a group led by Speaker Dogara who is a lawyer is talking about a court action presumably instigated by him base on federal character, when a fresh law school graduate knows that the issue of federal character as enshrined in Section 14 of the constitution is non-justiciable and of no legal consequence.” According to him, “in playing his mediatory role, the former House Speaker, Governor Tambuwal agreed to take our position to Dogara group for consideration and convene a joint meeting of both groups, which is yet to be convened as at Wednesday evening. So any purported decision reeled out to the public in the name of the National Assembly peace pact before such joint meeting is lopsided and not acceptable to the APC Loyalists Group. “However, as a group that wants peace and quick solution to the logjam in the House, the APC Loyalists Group would equally subscribe to an election among entire members of the APC House Caucus where all members irrespective of zones would exercise their right to elect their principal officers.”

Politics 17

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Residency card of controversy The implementation of Residency Card by the Ondo State government has pitched the opposition All Progressives Congress (APC) against the state government, BABATOPE OKEOWO reports

o the Ondo State government, the implementation of the Residency Card otherwise known as kaadi igbe ayo is one of the best policies rolled out by the government since it came into office six years ago. But to the opposition elements in the state, the policy was of no use to the people, poorly packaged and badly implemented. Unlike previous policies, the opposition did not give the government any chance to prove its efficacy of the programme before tearing it into shred. But the ruling party also rose in defence of the government, saying it meant well for the people of the state. The opposition said since there is the National Identity Card began by the Peoples Democratic Party (PDP) at the federal level when they were in the saddle, the effort of the government was an exercise in futility. Also, the introduction of the payment of N2.000 irked the opposition who see it as another mean to impoverish the people of the state. The government had on July 2 began the implementation of the Residency Card with the aim of knowing the number of the people in the state and to know those benefitting from government policies and programmes. It also said the Residency Card would be a prerequisite for all residents of the state to access government facilities. Governor Olusegun Mimiko who made the pronouncement during the inauguration said multi-application smart card becomes the entry visa into all state government social services from the Abiye Safe Motherhood programme to the micro-credit and economic empowerment, highlysubsidised agric input and supplies, Free Education and others. Mimiko explained that Kaadi igbe ayo would not just be a new lexicon in the vocabulary but an integral part of life in the Sunshine state. His words: “You would recall that at the inception of this administration in 2009, a 12- point programme tagged ‘A CARING HEART’ was rolled out as a guiding paradigm of our people-oriented administration. This underlying philosophy formed the platform for our mission “to mobilise the people of Ondo State to harness all God-given resources, create and use wealth for the collective fulfilment, individual happiness, and peaceful co-habitation in an environment of transparent and honest leadership. Commissioner for Information,

Mimiko

Mr. Kayode Akinmade, said the enforcement of the smart card in the health sector has exposed 70 per cent of on non-resident who were benefitting from the free health programme of the government. He said the enforcement would soon be extended to other sectors of the state government programme. He added that the government would not go back on the enforcement of the policy as it would not fold its arms and allow non-residents to benefit from it. However, the opposition APC and the pioneer Coordinator of the agency responsible for the programme, State Information Technology Development Centre (SITDEC), Engr. Tunji Ariyomo, said the programme was another way to impoverish the people of the state and another ploy to siphon government money. The APC in a statement signed by its state publicity secretary, Abayomi Adesanya, said: “The over-hyped ‘Kaadi igbe ayo’ project is another conduit pipe deliberately built to siphon public funds by the Olusegun Mimikoled administration in the state.” Adesanya alleged that over N5 billion of taxpayers’ money have been spent on the project without any corresponding benefits for the good people of the state. His words: “The Ondo State APC wishes to draw the attention of the general public, especially the good people of Ondo State, to the anti-people and wicked policies of Mimiko-led administration, which have assumed a dangerous trend. “The governor should know that, what the people of Ondo State desire is a better life, good road network, job opportunities for the youth, revamping our moribund industries, accountability, urbanisation of our towns and

To liken this project to the National ID Card scheme is to exhibit high level ignorance

villages, portable water, affordable and accessible health care services, prompt payment of salaries and entitlements of workers and pensioners, not a valueless card that over N5 billion of their money have been spent to produce coupled with a levy of N2,000.” Similarly, Ariyomo who is the pioneer Coordinator of SITDEC tackled the state government over the introduction of N2,000 levy for the collection of Residency Card by the people living in the state. Ariyomo said the payment of the levy would further pauperise the people of the state who have been finding it difficult to live due to irregular payment of salary to the civil servants in the state. According to him, the government should not have introduced the levy as there is no record that the people of the state have resisted or abandoned their statutory responsibilities in terms of payment of extant dues, taxes, levies or charges. He said to impose sanctions in this “austere period in form of a N2,000 kaadi igbeayo levy is the height of public administration’s recklessness and uncaring attitude.” His words: “To make such payments a prerequisite for accessing public utilities and services is sheer wickedness. Information Technology is designed to make life more comfortable for the masses. It was never conceived as an instrument of terror. Current technology in fact does not require you to own a card or carry one before critical data on a subject could be collated, preserved or accessed.” Ariyomo said the present move of the state government would further pauperise the people of the state and make them pay undeserved penalties for sins committed by strata of governments in Nigeria that refused to save for

raining days despite the recent unprecedented oil-boom. His words: “There are turns of incredible win-win options and opportunities for massively increasing the Internally Generated Revenue (IGR) of Ondo State or any other state in Nigeria. These they have refused to explore. This fixation with punishing the masses as the only means of increasing revenue is unacceptable.” However, the Publicity Director of the Peoples Democratic Party (PDP) in the state, Hon. Banji Okunomo, stated that the APC and those opposed to it needed to be educated on the importance of the Residency Card, saying the essence of the scheme was to provide a database for the citizens of the state. He noted that the present PDP government in the state has recorded many successes in the provision of social amenities for the people of the state which is also being enjoyed by the people of the neighbouring states. Okunomo said the registration became imperative to guarantee the legitimate right of the people of the state and to enjoy the facilities provided by the state government. He said: “In view of the foregoing, we are duty bound to let the APC and its co-travellers know that the essence of this scheme is to provide a data base for the citizens of this state so that they can have absolute access to the dividends of democracy that is solely designed for the people of Ondo State by their government. “It is an incontrovertible fact that the Ondo State Government has accomplished so much in the provision of amenities and social services for its people and yet another indisputable fact is that some neighbouring states controlled by the APC have failed grossly to provide for their people and therefore their people have simply moved over to Ondo State to enjoy from the social amenities provided for our people. “Therefore, the essence of the need for our citizens to enjoy register for the Kaadi igbe ayo is to guarantee their legitimate right to the good programmes of the Mimiko administration rather than allow our neighbours to simply cross the borders and reap from where they are not entitled to benefit. “To liken this project to the National ID Card scheme is to exhibit high level ignorance that is not permissible in view of the enlightenment done so far on the various applications of the multipurpose residency card,” he said. Okunomo, however, called on the leadership of the APC to wake up to its responsibilities by piling pressure on its government to deliver its promises to the people of the country. “APC is yet to separate itself from the mentality of an opposition party to a ruling party much expected to deliver on the dividends of democracy as promised Nigerians in their change agenda. The APC is unrepentantly trading in their act of castigating the PDP for their own incapacity to set the stage on as a ruling party as it were,” he said.

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Opinion Jega: Between wiles and will Jones Onwuasoanya

rofessor Attahiru Jega is arguably Nigeria’s most celebrated public official in recent times. His success in retaining the confidence of a good number of Nigerians is especially interesting when you consider the enormity of controversies surrounding the kind of job he took up and held for five good years. He came in amidst celebrations from Nigerians who expressed confidence in his ability to deliver right before his appointment was made public. I can remember receiving a telephone call from my very dear friend and one of Africa’s most promising intellectuals, Mr. Ugoo Iwuji, the morning after Jega’s appointment was made public. My friend expressed confidence that Jega’s leftist political background and his history of non-compromise, transparency and efficiency as Vice Chancellor and earlier as the President of the Academic Staff Union of Universities gave hope that he would restore confidence in the Nigerian electoral system. I, like most other Nigerians shared in Ugoo’s optimism. Five years after that festival of belief and hope, I have little doubt that Professor Attahiru Jega is returning to his old duty post as a Professor, with shoulders held high. Should he? By the 30th of June 2010, when former President Goodluck Jonathan

inaugurated Jega as the Chairman of the Commission, INEC was already seen by not a few Nigerians as an internationally acclaimed election manipulator and a subsidiary of the ruling Peoples Democratic Party (PDP). Professor Maurice Iwu was so messed up in the media, that his unceremonious departure from INEC on the orders of the then acting President Goodluck Jonathan was seen as part of the factors that swelled Jonathan’s popularity among Nigerians. Even the major beneficiary of the 2007 elections, in the person of Late President Umoru Yaradua made it clear that the elections were fraudulent, hence, Maurice Iwu was at the receiving end of an unprecedented public opprobrium. Taking over from such a badly battered man, Professor Jega needed no one to remind him that his job had been clearly cut out for him. He did not only need to conduct the affairs of the Commission more transparently than his predecessor did, but he also had the burden of convincing Nigerians that he did. Though he took office less than one year before the 2011 elections, Jega knew that the real test of his efficiency lay in the conduct of that election, as Nigerians were not ready for any excuses. That he would achieve anything substantial in that election depended on how much he cooperated with his immediate pre-

decessor, who laid the foundation for the conduct of that election. I am convinced that Iwu was determined to use the 2011 elections as an opportunity to launder his image before the world by conducting a transparent election. It was Iwu who put in place most of the structures and equipment deployed by Jega in the conduct of that 2011 elections, and election observers from across the world confirmed that lots of improvements were made from the previous elections. Like Iwu, Jega went to work immediately after the 2011 elections to prepare for the next general elections. Even with the pass mark, the 2011 elections got, there were still many people who felt, and rightly too, that INEC perpetrated fraud in that election. Jega left no one in doubt about his determination to ensure that he left the INEC job, with his popularity among Nigerians and the world, intact. It must not be lost to us that there is a big difference between achieving credibility in a process and making it look like credibility was achieved in a process. It is beyond argument that Professor Jega succeeded in making a substantial number of Nigerians believe that the 2015 elections were credible, what is debatable is whether they truly were. A strong willed electoral umpire can conduct a credible, free and fair election without pandering to the whims of any group of people. A wily electoral umpire is tempted to the whims of a loud minor-

ity. In Nigeria, the Devil can be canonized as saint if he conducts an election in which the humongous and obstreperous Peoples Democratic Party (PDP) puts up a bad showing. The PDP was already building a name for itself as an invincible and indomitable political Party in Nigeria, and even the most vocal opposition parties almost lost hope of heading the Federal Government. The opposition Parties were seen as marginalized and oppressed by the PDP, while the PDP was seen as an oppressor and power drunk electoral criminal, such that, any election won by the PDP is deemed manipulated, while elections won by the opposition, no matter the circumstances, is seen as a triumph for democracy. With this situation, an electoral umpire who is more interested in personal image laundering will not stress himself investing in achieving a credible election that may eventually produce the PDP as winners, but will rather concentrate on populist programmes and utterances that will portray him in good light before the people while working in cahoots with the opposition to sway victory their way. While Professor Jega is receiving more encomiums for the conduct of the 2015 elections, any unbiased analyst will agree with me that the 2011 elections with all their imperfections were more credible than the 2015 elections. • Onwuasoanya wrote in from Owerri, Imo State.

LETTERS TO THE EDITOR

Ekweremadu as endangered DSP ON 9th of June, 2015 history was made when the emergence of renowned and Distinguished Senator Ike Ekweremadu as Deputy Senate President for unprecedented three consecutive terms sealed the bipartisan nature of 8th Senate. Ikeoha Ndigbo (strength of Igbo people), as he is fondly called got this bipartisan mandate when he won Deputy Senate President Election with 54 votes to defeat his rival Senator Ali Ndume of the All Progressive Congress, APC who secured 20 votes out of 74 votes cast. Ekweremadu assumed his constitutionally empowered duty as Senator representing Enugu-West Senatorial zone on the platform of Peoples Democratic Party, PDP and Deputy President of the Senate. PDP in conjunction with “real” progressive Senators in APC who believe that the independence of legislature as a critical organ of democracy must be protected at all cost, worked assiduously to ensure the re-election of Senator Ekweremadu as Deputy Senate President to enable the legislative Michelangelo used his hard-earned experiences to maintain the stability witnessed in Red Chamber for the past eight years, which

will rub off positively on the Executive arm of government as a result of his dexterity both nationally and internationally taking into consideration his influential position as Speaker of ECOWAS parliament for the past four years, which will in turn help the new President of Senate, Bukola Saraki to learn fast on the job. The electoral process that enthroned the duo of Senators Abubarka Bukola Saraki of APC and Ike Ekweremadu of PDP as Senate President and Deputy Senate President, respectively against the undemocratic stand of the governing APC, was adjudged not only to be credible and transparent but acceptable to the nation’s 1999 Constitution (as amended) and advocates of entrenchment of tenets of democracy to deepen the growth of Nigeria’s democracy. After the elections of principal officers of National Assembly, those who lost out in the unfolding political chess game have sworn to high heavens not to allow peace and stability to return in the Red Chamber by metamorphosing into political scavengers • Nwobodo Chidiebere (chidieberenwobodo@yahoo.com)

Obama’s choice of leadership PRESIDENT Barack Obama on 11 July, 2009 made a speech that tumbled the deep-seated and unenthusiastic mindset of the world about leadership. The speech was customarily about what the characteristics of leadership in the 21st century should be. He used Africa as a metaphor, believing that the continent needs strong institutions of leadership, not strong men as some think. Unwaveringly it means that the characteristics of effective leadership in the 21st century should not be seen in dearth of people that possess some qualities but lack other essentialities. Namely we can unveil upbeat vs. knee-jerk approach. Other features can be supple/pliable, ability to converse that are deferential, calm, self-assurance, passionate, unbiased, satisfying, ingenious, intellectual, dynamic, appraisal, enthusiast in the new media – such as Feedback, arranged, dependable, and inventiveness. There are many others we cannot list here. To say the least, the above list of features of leadership are very necessary in the sense that they prove and build confidence in the

minds of the people; a confidence that inspires character and common purpose of lifting visions to high level that can transform the world. The 21st century leadership has to be one based on a reliable foundation, for the formidable institutions of leadership canvassed to stand. Across the world, there are strong institutions of leadership aimed to serve needs but such institutions have shown how they are not reliable. Within such institutions, there are tyrants. Across the world, we notice strong institutions faced with weak leadership traits. When institutions are challenged by weak leadership traits – it is obvious that it is in trouble. There within, human rights are being abused. Such institutions experience corruption which will reign supreme in the manner in which it is distracted to deliver results. Leadership institutions should be helped to function and serve their purposes. Obama made governments at all levels to understand that the present leadership should not be about the governments expecting their people to respect governments will, but the other way round. So

should leadership institutions be enabled to facilitate issues in governance. Using democracy as an allegory to send his message across of what effective leadership should mean in the 21st century, Obama reaffirmed that democracy is not just about voting, but also about what happens between elections. There is the understanding of great disparity between a leader and leadership: Leadership is always ready to lend itself for a quick recuperation, but a leader may be trampling on the purpose of leadership for self-aggrandizement. An example of such a leader is common with Britain that gave its former colonies a well-designed administrative structure, but just for the purpose of exploring and exploiting them and, not for the purpose of giving them a meaningful leadership. Britain’s establishment of ‘strong institutions’, as Obama has suggested, was not strong in the real sense of Obama’s choice of strength of leadership institution. • Odimegwu Onwumere, Port- Harcourt

NEW TELEGRAPH TUESDAY, JULY 14, 2015

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Killing in God’s name

od must be angry with humanity even if the scriptures teach and preach forgiveness. In the name of religion a lot of atrocity is committed. Witches are tied to the stake, toddlers are chained to their beds, and so called reverend gentleman and Bishops evade taxes while their pockets grow fatter. The most nauseating of all these, is sending people to death in the name of deliverance. Early last week, Uselu, Benin City, was in the news for the wrong reason. That part of the Edo state capital is embedded in history as the home of the Oba’s first son. Tradition banishes the Edaiken from the Palace the moment his father is crowned Oba. He is not expected to set eyes on his dad until the King passes on. Religion , not traditioin brought Uselu to the fore. Forty –Five year old Osayande Ekhator, was sent to his creator while attending deliverance service at the Holy Ghost Deliverance Centre, Uselu. According to reports, the man who was sent there , by his family, was chained during the healing process. As if the demons in him became too stubborn, Ekhator was beaten black and blue. In the process, instead of bringing out the devil in Ekhator, church members were only able to bring out his bruised dead body from their Deliverance centre. The Resident Pastor, Mrs Isoken Ekundaye, was quoted as boldly defending their action. “ We don’t beat, we don’t kill, we only heal,”

she said. A very sad development that should get the police cracking. Already, she has been taken in by the cops. Those who claimed to be prayer warriors and were tasked with the spiritual duty of cleansing Ekhator, instead of attacking Lucifer and his legion of demons, ended up battering and killing hapless Ekhator. Karl Marx saw religion as the opium of the masses. That might as well be spot on. Our society seems helpless when it comes to matters of religion. Nigeria is guilty to a very high degree. Christians and muslims have turned every available space into churches and mosques. Neighbourhoods know no peace. The environment is full of noise from some of these prayer points even at very ungodly hours. And the government must accept part of this irresponsibility. In a country where the

Instead of bringing out the devil in Ekhator, church members were only able to bring out his bruised dead body from their Deliverance centre

basic things of life are hard to come by, some of these so called mushroom healing centres take over the jobs of hospitals. It is possible that a man who suffers depression following the loss of his means of livelihood, would be told that some evil spirits were responsible for his condition. He does not have money to go for medical attention. And even with money handy, the doctors may be on strike. That offers some fraudsters, masquerading as men of God, to gain advantage. Most of those who set up these inner city prayer ministries are school drop outs who cannot even compete under a sane economy. And simply because they hoodwink the public with signs and wonders, many just wander into their den, for deliverance. They come out worse than they went in. We condemn such acts of murder in the name of religion. And government must not continue to allow such criminality. In July 2006, one deranged youngman who claimed to be Rev. King, set some members of his Christian Praying Assembly[CPA], church ablaze in Lagos. One of them Ann, died in the hospital as a result of severe burns. King enjoyed an uncanny way of driving demons. He had a standby Army of macho men who beat the hell out of members. Ironically, most of his devotees only saw more hellfire after the beatings. King was sentenced to death but has worshippers praising him even in maximum confinement while he is awaiting Supreme

Court attention. In 2012, legendary footballer, Rashidi Yekini, was killed by family members under the guise that the erstwhile gangling striker had gone nuts. Two muslim clerics from his Irra, Kwara hometown, simply came in a vehicle, overpowered , chained and took him away for healing. Yekini’s mother, Alhaja Sikiratu, did not see any crime in that. Her son was wasted, with her consent, in the name of deliverance. It is also a global issue. The world was shocked in November 1998, when Jim Jones murdered en masse 914 members of his Peoples Temple in Jonestown , Guyana. Among the dead were 276 children. Jones was believed to have shot himself immediately after. He knew the American government was closing in on him after killing Congressman Leo Ryan and five others who went on a fact finding mission. The ‘Mad Messiah’ had fled San Francisco in 1977 following tax evasion charges. The United States would also not forget David Koresh and the conflagration that took place in Waco, Texas in 1993. A year later, 48 members of the Apocalyptical Order of the Solar Temple Sect, died in Chairy, near Geneva , Switzerland. Those deaths had to do with religious beliefs. People who kill should not go scot free. There is no explanation for the untimely death of Ekhator in the Bible, just like the Koran cannot condone Yekini’s passage. Punishment must be visited on those who kill in the name of the Lord.

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Editorial Coordinator, Europe n Sam Amsterdam

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Business Development Manager n Taiwo Ahmed

Sales/Circulation Manager n Oyebanji Abiodun

Head, Graphics n Timothy Akinleye

Head, Admin. n Robinson Ezeh

Politics

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

APC won’t give room for wastage of resources – Onabis Francis Onabis, a chieftain of the All Progressives Congress (APC), advises the governing party to reconcile differences among its members to ensure smooth running of government. TEMITOPE OGUNBANKE reports What do you think should be the top of priorities of the Muhammadu Buhari administration? The Peoples Democratic Party (PDP) government left problems for the new government in term of corruption, debts, inse-

curity in the North-East, massive unemployment, and declining economy among others. I believe all these problems would be tackled by President Buhari. It is obvious the president has prioritised security of the citizens of

ly can’t move forward. We have to ensure adequate security for foreign investors to come and invest in Nigeria and for the citizens to feel safe. So, personally the first thing I think the president should do is to secure the country and I am proud of Buhari’s early steps in achieving a secured country. Onabis

the country. That is what a reasonable government will do because a country that is not secured basical-

What about the issue of corruption? We have to create the situation that people have to understand that corruption is not the way

of living or a way of doing business. There must be certain laws that will make people understand that there is consequence if you take money or bribe from somebody to do what you are paid for or if someone steal public money. The moment people know that there is a consequence for their actions, they will stop taking things that doesn’t belong to them. Most people who are dipping hands into the public purse did that because of the posture of the country’s leader. Today,

public office holders are sitting up because a nononsense president is in charge and people will be amazed with the manner of people who will make the cabinet. It is not going to be business as usual. Nigerians will not be disappointed. President Buhari and his vice, Prof. Yemi Osinbajo, have declared their assets. How do you see the development? That is the leadership I am talking about. The president and his vice have already declared their assets, so I believe all governors and any person who is going to hold public office must also declare their assets public. I am sure governors who have not declared their assets will be forced by the president’s commitment to ending corruption to do same. What is your take on the salaries and allowances of the National Assembly which many Nigerians fee is jumbo? I think the federal lawmakers should know the change Nigerians wanted is here, so they must stop doing things the old way. The present economy of the country does not give room for wastage and that is why some All Progressives Congress (APC) governors across the country have cut their own salaries. I think the leadership of the National Assembly must toe this line. APC lawmakers in the National Assembly must advocate for reduction of the lawmakers’ salaries and allowances in line with our party agenda. So, I am expecting our respected lawmakers to ensure that our party agenda on reducing cost of governance in the country is implemented. Now that APC is at the helms of affairs, what should the party do differently? APC will do many things differently in terms of infrastructure, unemployment, internal democracy and security in the country. We told electorate before election that our party will stick to its blueprint to develop Nigeria and we will do that. Our party must support the government with its activities. I believe if the party is peaceful and devoid of internal rancour, the president will be more stable to govern the nation very well. I am looking forward to a peaceful reconciliation of our members in the National Assembly because this would ensure our party’s agenda and ensure robust relationship between President Buhari and the National Assembly.

NEW TELEGRAPH TUESDAY JULY 14, 2015

Arts In Abeokuta, Kongi’s Harvest of stories, CULTURE

performances for Soyinka at 81

Antie Noma on set with children during Storytime

Tony Okuyeme

he closing session of the 6th Wole Soyinka International Cultural Exchange (WSICE) project which began on Sunday July 12, holds today Tuesday July 14, 2015, in the Ijegba Forest Theatre located in the neighbourhood of the residence of the Nobel laureate, Professor Wole Soyinka, with series of activities. The session will feature a rich line-up of activities including, Story Telling presentation by two guest artistes – Auntie Thea (from Trinidad & Tobago), and Auntie Noma (from Nigeria); dance drama by the Ogun State Cultural Troupe; Poetry by guest artistes; and stage performance of Wole Soyinka’s Kongi’s Harvest by Crown Troupe of Africa at the

TONY OKUYEME Arts Editor tony.okuyeme@newtelegraphonline.com

Ijegba Forest Theatre, Abeokuta. The yearly Wole Soyinka International Cultural Exchange (WSICE) programme was initiated in 2010 and debuted on the 76th birthday anniversary of the Nobel laureate, Professor Wole Soyinka as the “quintessential artist and symbol of our humanity”, according to the promoters of the project, Nigeria-based ZMirage Multimedia Company and US-based GlobalNewHaven. Unlike previous editions in which activities held in Lagos, Ogun and Osun State, events for this year’s edition will hold exclusively in Abeokuta, Ogun State, where the Nobel laureate, Prof. Wole Soyinka resides. Remarkably too, the organisers have concentrated the activities in the neighbourhood of the Ijegba Forest Residence of Soyinka, and at the Ogun State Cultural Centre, Kuto. The theme for this year’s edition is Justice and Freedom: Essential Conditions for Humanity, and according to the organisers, “these are the two fundamental concerns of the Nobel laureate in his career of promoting better humanity not only in his literary writings but also in his intervention in local and global socio-cultural and political discourses.”

Soyinka

WSICE is the core project of the The Open Door Series promoted by Alhaji Teju-Kareem-led Zmirage and Professor Segun Ojewuyi-led GlobalNewHaven, and it has been staged every year since 2010 when Soyinka was 76. Last year witnessed the grand fifth edition, which marked the 80th birthday anniversary of Prof. Soyinka. While the 2014 fifth anniversary edition was a grand parade of drama, poetry, music, painting exhibition and variety youth programmes in honour of Soyinka’s 80th birthday, this sixth edition marking his 81st, has been redesigned in terms of performance features. The, 2015 project focuses on Storytelling, “as a resourceful art form that is an integral part of the socialisation process of an average African personality”, stated the Executive Producer, Teju Kareem, in a statement announcing the hosting of the event. “’Our theme is Storytelling and Youth Development’, and this is designed to address our observations that in an era when the society continues to drastically lose its moral values, due to vagary of factors including improper and inadequate child upbringing and chaotic educational system, we believe that a full exploration and exploitation of the power of Storytelling in parental upbringing and as well as school activities could help to inculcate moral values in our young ones.

“We also reckon that Wole Soyinka is essentially a Storyteller as will be seen in his poetry, drama, songs and even public commentary through which he has grossly affected our lives and those of other peoples around the world in past six decades and more.” According to Kareem, to realise the objective of the core International Cultural Exchange dimension of the project, “we have identified two international reputable experts who engage storytelling to teach and mentor young ones, and have made tremendous impacts on the socialisation process in their respective stations. From the Diaspora is the Caribbean leading storytelling performer, Theodora Ulerie aka Anty Thea (Trinidad and Tobago) and from Nigeria, Mrs. Noma Sodipo, founder and anchor of the popular children TV programme, StoryTime with Auntie Noma (Nigeria). These two tested and core professionals will help us realise the objectives; they will run workshops and mentorship sessions with junior secondary schools drawn from Ogun State, and 81 senior secondary school students from across the country”. The 81 from across the country, he explained, represent the finalists in the annual essay competition, which will focus on the theme of the celebration “Justice & Freedom: Essential Conditions for Humanity”.

Arts

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Don’t pay lip service to culture – Ugbomah Tony Okuyeme

s reactions continue to trail the proposed merger of the Ministry of Tourism, Culture and National Orientation with that of the Information, veteran film maker and former Chief Executive of the Nigerian Film Corporation (NFC), Chief Eddie Ugboma has called on President Mohammadu Buhari not to ignore the culture sector, as is the image of the country. Ugboma in an interview in his house in Lagos, also harped on the need for Motion Pictures Practitioners Council of Nigeria (MOPICON), while also urging stakeholders to forge a common front. “I am telling the government of today, that if they think they are going to ignore culture, I am sorry for them. This country will lose her image, because whatever economy that you have, and you have no image, no culture; you have nothing. Look at the American culture, American image. American culture, communication has swallowed the whole world,” Ugboma said, adding that Nollywood is a powerful tool for image making. According to him: “If we ever want to try to compete with the world, we got to put good money, good film, good story, good producers and good directors; we have all of the here. If you look at the past six years, I will choose these films, ‘October 1’, ‘Half of a Yellow Sun’, as two mega films, the other two mega movies which I am expecting to come out are, the one Jeta Amata did that was premiered in the UN, and the one Tarila did with over 400 million already sunk in, called ‘The Creek’. I have been waiting for those two movies that can be called films, not this rubbish they release every day and say they are doing premiere. They just release one story or novel – when I kiss you, you

kiss me, cut – and say they have released a film. Those are not movies; they are not even up to television soap. “So either they come up and grow together. And they should this time not to put the money but to give them a level paying ground.” The renowned film maker called on government to create the enabling environment for Nollywood to flourish. “Government should give all these telecommunications companies tax rebate. They have billions in their pockets which they can put in this industry; this industry needs billion. And it will create 600,000 jobs in a year, more than any company will ever do in Nigeria, through movies. By the time we shoot 300 films per year, you use over one million people on the set, because with film, you have actors, directors, producer, crews, editors, name it; printers will eat, radio and television will eat, the marketer will eat. “That is the power of the industry which has been ignored. Let us forget that some of the practitioners in Nollywood danced for Jonathan or they didn’t dance for Buhari; they are Nigerians. Jonathan did very well for them so they dance d for him; he deserves it. So we should not look back in anger. What is next is that all those people that have turned Aso Rock to the houses should be ignored. They’ve done their own thing; they’ve done their own praise-singing. Where do we go from here? “Where we go from here is to get someone of my age - not all these young boys - to salvage this industry. I am volunteering myself to salvage this industry because I know the power. Take for instance, look at the new programme that I have just lunched; the programme is over 30 years late. It is called the Music Makers Hall of Fame. “Which hall of fame do we have in Nigeria? Is it for boxers? Where can you see any story about Hogan Kid Bassey?

SNA celebrates Jegede at 70, holds exhibition, conference Tony Okuyeme

rom July 23 to 24, 2015, the Society of Nigerian Artists (SNA) will hold a conference, an art exhibition and talks to commemorate Prof. Dele Jegede’s 70th anniversary and his contributions to the development of the Society, as well as contemporary Nigerian art. The events themed Introspection: Dele Jegede@70, will hold across two separate venues; the University of Lagos and the Yaba Colege of Technology. A former president of the Society of Nigerian Artists, Prof. Jegede is a renowned illustrator, cartoonist, painter and art critic from Ikere-Ekiti in Ekiti State, Nigeria. He trained at the Yaba College of Technology, Lagos, before proceeding to the Ahmadu Bello University, Zaria, where he graduated as a painter in 1973, winning the department’s prize. He also received his PhD in Art History from the Indiana University, Bloomington, United States. Prof. Dele Jegede was the Art Editor of Daily Times before he became a research fellow at the Cultural Studies Department of University of Lagos. He has been professor of Art History at Miami University since 2005. He has taken part in several exhibitions in

Nigeria and internationally. His work can also be found in many public and private collections both here and abroad. The SNA in a statement signed by its President Mr. Oliver Enwonwu stated that the two-conference will open on Thursday July 23, and end on Friday July 24, 2015, at the Dept. of Creative Arts Complex, University of Lagos, while the Creative Confab (Stampede) holds on Friday July 24, 2015, at the Art Complex Foyer, YABATECH, Lagos. The art exhibition will open on Friday 24 and run till Friday 31 July, 2015, at the Yusuf Grillo Gallery, Yaba College of Technology (YABATECH), Lagos.

Jegede

Ugboma

Where can you see any story about Dick Tiger? These are world champions; they died and everything died, like they did to Sam Oparaji.” Continuing, he said: “I don’t know why this country hates to remember or appreciate people. Look at me, an industry I belong into, where I am the chairman of the board of trustees for both producers and directors; they could not celebrate my 50 years in the industry. For nine months they were planning to do it; till now they didn’t do it. “Can you believe that the three billion naira that former President Goodluck Jonathan gave to the industry, I didn’t get a penny. They said that I am a trouble maker. They sent over 64 people abroad for capacity building. They gave N5million each. What am I going to do with N5million? “What am I going to do with five million naira? I want to laugh at the Bank of Industry that said we should come and take 50 million naira to make mega movie to compete with the world. You mean 50 million naira to be at the location? Look at the park that Stephen Spielberg just made. He used 600million dollars. Penultimate week, the film grossed 1.5billion dollars on release, because they spent 600million dollars to producers it. “But all the same, I still have the power and energy to register with some music makers like Sina Peter, Adewale Ayuba, Femi Lasode, Tee Mac, others and myself, we have registered at the CAC, Movie Makers Hall of Fame. And I have done interviews with 26 old musicians, Peter King, Bola Agba (lead vocal of Jambos Express), Sina Peter, Tee Mac, Adewale Ayuba, Oritz Wiliki, Ras Kimono, Mike Okri, name it, I have done interview with them, and it will soon be screened on television so that these boys can learn. You blame these boys that they are singing bad songs, what did you lay down for them to learn from? And the new generation is just singing junk; they don’t last. That is because they don’t sit down to compose; they don’t arrange properly; all the producers are producing monotonous dancehall beat. You cannot identify this one from that one. But all the same, it is a matter of time, it will soon die. But one thing you cannot kill is original music, you cannot kill

highlife, you cannot kill afro beat… I have told them that they should try to improve. Look at how Tu Face and Viclor Olaiya jazz up ‘Baby Mi Da’ (Baby Jowo); look what IK Dairo did with his father’s song ‘Mo se rire’. There are a lot of things to be done in this industry.” Ugbomah also urged practitioners to rally round the establishment of the Motion Picture Practitioners Council of Nigeria (MOPICON) as this would help control standard. “I am saying that all the guilds – actors, producers, directors, all of them, whether Ibo, Hausa or Yoruba – should join hands and have one major body – the Motion Picture Practitioners Council of Nigeria (MOPICON). That bill has been on the floor of the Ministers of Information for the past 15 years. “When the members of parliament go home they must watch good films and listen to good music, and I can get all these boys together and then everybody will make film in their language; they should not subtitle it. People don’t have time to be watching a film and be reading it. “Let them do what the Mexicans are doing to us. Let them sink or do sound dubbing so that when the actor for instance says ‘how are you’, it is that language they are speaking in English. So we don’t kill Hausa, Igbo or Yoruba films. They are cultural products, we should keep them. And to give to the world, they should do like what the Mexicans are doing to us. On the proposed merger of parastatals, he said: “My advice to the Federal government is that they should close down Nigerian Film Corporation (NFC); it is worthless. Since I left there more than 20 years ago, they have not produced one film. So what is Film Corporation all about? They have not produced one new documentary, and every year they go to Cannes film festival with nothing and come back with nothing. “Then they should close the Copyright Commission down; this Nigerian Copyright Commission is the only one I know that don’t collect money for the owners of rights. So let government close Copyright Commission down and give everything to the COSON and do a better job. At least COSON is paying the musicians, paying them good money.”

NEW TELEGRAPH TUESDAY, july 14, 2015

Curriculum NUC unveils academic standard for ‘Old People’ studies

Education FRAUD

While the Industrial Arbitration Court ordered the reinstatement of the suspended bursar of YABATECH on July 1, the management announced his sack the same day. Mojeed Alabi

he last has not been heard about the crisis of allegation of financial misappropriation rocking the oldest higher institution of learning in the country, the Yaba College of Technology (YABATECH), Lagos. Like the proverbial bird that perched on a rope, it is neither comfortable for the bird, nor for the rope. This is exactly the summary of the protracted drama currently being played out at the institution, which has pitched some management members of the college against the Rector, Dr. Margaret kudirat-Ladipo and the Governing Council Chairman, Chief Ebenezer Babatope. The ‘war of attrition’ is between the ‘Yaba Eight,’ a group of some embattled members of staff of the college and the management. Now, the Bursar and Chief Financial Officer of the college, Mr. Olu Ibirogba, is calling on the government and good-spirited Nigerians to save him from the alleged highhandedness of the management of the college. The crisis took another dimension on July 1, when the Industrial Arbitration Court sitting in Lagos, had in its judgment ruled that the embattled bursar be reinstated by the management of the college, with his entitlements since 2013 paid. But, while the judgment was still being celebrated at the court premises, the management of the college announced Ibirogba’s sack, in defiance to the judgment of the court. Other workers sacked alongside Ibirogba include two Assistant Chief Accountants of the college, Messrs Adedeji Adesina and B. Ayinde, as well as Mrs. M. Ibitomi

kayode olanrewaju Editor, education

kayode olanrewaju@ newtelegraphonline.com

Babatope

Kudirat-Ladipo

Ibirogba

YABATECH sacks bursar against court order

l Embattled bursar accuses rector, council chair, others of fraud l Babatope: It is absolute nonsense l FG: EFCC, ICPC, police should do their job (Principal Accountant); Mr. Olusola Dada (Principal Accountant) and Mrs. Teniola Akinwumi (Senior Accountant), among others. Tracing his predicament in the hand of the management of the institution, Ibirogba at an interactive session with some journalists last week, described his sack against the judgment of the Industrial Arbitration Court as an infringement on his fundamental rights and an arbitrary attempt to silence him. Ibirogba, who alleged conspiracy between the management and the council over his sack, however, wondered why they refused to implement the court judgment, saying instead of obeying the order to reinstate him, the management acting on the directive of the council sacked him. Going by the allegation, New Telegraph gathered that the parties had resorted to legal solutions, as well as engaging the police and other forms of investigators and adjudicators to intervene. The bursar, who linked his suspension to the alleged financial recklessness leveled against the rector, had following the failure of the appropriate authorities to

The management is using its money, political power and police to suppress the allegations

act on his earlier petitions, on behalf of the “YABATECH Eight” addressed a fresh one to President Muhammadu Buhari and his Vice, Prof. Yemi Osinbajo According to Ibirogba, whose petition, dated June 10, 2015, and entitled; “Large Scale Stealing and Victimisation by YABATECH Authorities: Appeal for Intervention so that We are not Silenced,” was written by his lawyer and Principal Partner of Frank Eke and Company, Mr. Frank Eke, alleging that since 2009, when the rector resumed office, the college has lost no less than N2 billion to corrupt practices. Ibirogba, who said he stands by his petition and could substantiate them as the financial officer of the polytechnic, insisted that the Federal Government should conduct full investigation into the matter. He said the management was trying hard to sweep it under the carpet and tagged him a criminal. “The management is using its money, political power and police to suppress the allegations, as well as calling me criminal,” he argued. The petition reads in part; “The Governing Council approved N5

million monthly security votes to the Rector, Dr. Kudirat Ladipo, which is paid to her personal account each month directly. This is besides the institution’s organic security staff (about 150 personnel), six outsourced security companies, as well as monthly payment of motivational allowances to the Sabo Police Station and DSS staff at Sabo. “This N5 million monthly security vote translates to N60 million per annum. Payment of security votes to head of government parastatal is very strange and an indicator of abuse of office and executive fraud. We have submitted this to EFCC and it has been verified. The rector has collected more than 25 million naira in the last five years for holidays and foreign trips including Estacode for about $30,000 dollars and she has never embarked on any trip and also not returned the money. This is another clear duplication, as all employees in the federal polytechnics, including YABATECH, are paid their leave allowances monthly.” CONTINUED ON PAGE 24

24 Education

TUESDAY, july 14, 2015 NEW TELEGRAPH

My sack is illegal, bursar insists C O N T I N U E D F R O M PA G E 2 3

He also accused the rector of divided loyalty, noting that she has a company, Spicy Nig. Limited, which she uses to execute several jobs in the institution; and that she is also engaged in contract splitting as well as an arbitrary employment of workers. Meanwhile, in 2014 when a new Governing Council was inaugurated for the college, Ibirogba claimed he approached the Chairman, Chief Babatope, who, he said attempted to broker peace between him and the rector. He further narrated: “But right from the first meeting I suspected foul play when Chief Babatope told the rector that she should not allow me to die as a pauper, and the rector responded that I was the one not interested in ‘eating’ from the system. “But events that followed clearly indicated that Chief Babatope too had become an accomplice when we noticed that through an officer at the Public Relations Department of the college, who also has two personal companies, was sending monies to the account of the Council chair to the tune of about N10 million between 2014 and 2015.” Ibirogba, however, claimed that the Council had set up an investigative panel on the series of allegations leveled against the rector, but that both the composition of the panel and the manner with which it carried out its assignment called into question its mission. “The panel was chaired by Honourable Shehu Ibrahim Kagara. In a document they signed and gave to the court, they claimed it was statutory for them to suspend anyone that was being investigated but Madam Kudirat-Ladipo was not suspended. She even nominated some members of the committee that would investigate her. She approved illegal allowances for the sittings of the panel members. When they were considering the report of the committee she was part of it. That is a travesty of investigation. “In terms of the allowances for the panel members, the chairman was legally entitled to N40,000 per week no matter how many days they sit per week while members were entitled to N30,000. But instead, they were paid sitting allowance

per day for 27 days. So, the Chairman of the panel collected N1,080,000 instead of N160,000 and the members collected N920,000 each instead of N120,000 they were officially entitled to collect. “Besides that, they were housed in YABATECH Guest House and in spite of that they were paid Duty Tour Allowances of N20,000 per night every day for

the duration the investigation lasted. We have vouchers and we have all the details. We have given all these to the EFCC. The most annoying thing is that they travelled to Abuja to write the report and they spent N2.1 million on the report alone.” But in his response to the allegations, Chief Babatope described them as absolute nonsense, while accusing Ibirogba

The bursar must be mad, says Babatope The embattled Bursar of YABATECH, Mr. Olu Ibirogba has accused you of receiving about N10 million meant for the traveling allowance of the former Public Relations Officer of the polytechnic, who was alleged to always scheduled to accompany you on a journey but that he would not go, and instead pay the money into your account. How true is this sir? Adams sent N10 million into my account? That bursar must be mad. Which paper published that? Any paper that publishes it I will sue it to court. If any paper lies against me I will sue that paper to court. I have not received any 10 million kobo in my lifetime. Which kind of allegation is that? We will never publish a one-sided report and that is why we are asking for your position sir. Let me advise you if you will need my advice. If you publish anything libelous against me I will sue your paper to court. That boy (bursar) talking to you is a useless, hopeless idiot. What is the N10 million for and where is the N10 million from? Which account is it paid to? Sir, this effort is to fulfill the ethical purpose so that we can get your own side of the report sir. The allegation is that each time you request for a staff of the college to accompany you on a journey, Mr. Adams is usually selected and he would be paid but instead of him to go with you he would transfer the money to your account, and he alleged that such was the practice between 2013 and 2015

amounting to about N10 million. What is your reaction? It is false, and the boy is mad. Let me warn your paper not to publish something that will be libelous and I will sue you to court. It is absolute nonsense. He also claimed you met with him and the rector sometimes in 2013 and that you asked him to tell the rector the following words; “Don’t let this bursar end as a pauper?” He added that the rector replied; “He is the one that does not want to ‘eat’? And what is the meaning of that? He alleged that you implied that the rector should involve him in the dirty deals. He must be a mad boy. He didn’t tell you he came to me in Akure to buy me and I asked him to go away with his money? He didn’t tell you? So, forget that nonsense, and don’t publish rubbish. We are not interested in maligning you sir. We are only doing our work and accountable to you and to the public. Ah! What are you talking about? I told you the boy (bursar) has published nonsense about me and you don’t believe my story? You know I am a lawyer and I am a journalist and if you publish any nonsense against me I will sue you to court. But the bursar claimed he was sacked same day he won against the college in court? Okay

of trying to tarnish his image having rejected his bribe and chased him out of his house, even before he resumed as the Council chair. The septuagenarian, who threatened to sue any platform that publishes any libelous material against him, said he never collected a dime from the school through any officer and had never tampered with the college’s management. Also in his reaction, the Public Relations Officer for the college, Dr. Charles Oni, described the allegations as the ranting of a sinking man, saying Ibirogba was only interested in destabilising the college. On the allegation of N5 million monthly security votes, he argued that it was no longer strange, in view of the peculiarity of the college’s environment, especially concerning the security threats constituted by those he described as the “Fadeyi Boys,” “Jibowu Boys” and “Abule Oja Boys,” which he said, informed the decision of the Council to approve the money. On the sack of the bursar the same day that court gave its verdict, Oni said the Council reserved the right to terminate any of its employee’s appointment as long as it feels the services are no longer needed. He said: “The Council as the employer of every staff and management members of the college deserves the right. And whether it is a contempt of court, I cannot say because I am not a member of the Council. But you must know that he has been telling lies around about the college and the management which should be disregarded.” Meanwhile, the Federal Government has asked the security operatives to perform their responsibilities without fear or favour concerning the matter. Addressing the issue during a media interaction at the King’s College, Lagos at the weekend, the Permanent secretary, Federal Ministry of Education, Dr. MacJohn Nwaobiala, noted that the government would not like to comment on the matter for now because it is already before the law court. He, however, urged the appropriate petitioned authorities to address the matter diligently and quickly. He said: “But for me, I won’t say this or that person is right or wrong. I believe those agencies should be able to handle it.”

LASPOTECH rector restates commitment to excellence Kayode Olanrewaju

he new Rector of the Lagos State Polytechnic (LASPOTECH), Ikorodu, Mr. Samuel Olayinka Sogunro, has said that efforts of his five-year administration would be geared towards the sustenance of culture of excellence enthroned in the institution by successive administrations. Specifically, he pledged that his utmost plan is to ensure that LASPOTECH improves on its current rating, from being one of the foremost polytechnics in the country, to become the best tertiary institution in Africa. He said: “I pledge to do all in my power to continue to spearhead developmental efforts in the polytechnic. The focus of

my work in the immediate future will be the maintenance of the high quality of the institution’s academic programmes, intensifying research activities, improvement of facilities, accelerate infrastructural development, improvement of capacity of members of staff, provision of fast broadband internet connectivity on the three campuses of the polytechnic, as well as ensuring that all academic certificates and students’ transcripts are promptly processed and released.” Sogunro, who spoke during his inauguration as the 10th Rector of the 38-year-old polytechnic, said he accepted his appointment having been aware of the multi-faceted challenges currently facing the institution. Sogunro, whose appoint-

ment took effect since June 1, succeeded Dr. Abdulazeez Abioye Lawal. He listed some of the challenges to include inadequate funding, dwindling internal revenue generation (IGR) base, indiscipline among staff and students, ill-equipped laboratories, lack of administrative complex, poor staffing, shortage of facilities, construction of students’ hostels and the activities of land speculators or grabbers on Ikorodu main campus. But as daunting as the challenges were, Sogunro pledged the readiness of his administration to critically look into them with a view to addressing them. To achieve this, the rector who solicited the support of members of the polytechnic community said: “My distinguished colleagues, whether I

The registrar, Mrs. Aderonke Ige presenting hand-over note to Sogunro

earned your support or not in the process of getting this appointment is immaterial to me, what I have learnt in the entire process is the fact that we all share a common passion to see LASPOTECH progress, although we do subscribe to different points of views. “As rector, I pledge to work closely and in harmony with the workers’ unions, the students’ union body, members

of staff and other stakeholders in the polytechnic project, to ensure that LASPOTECH assumes its rightful position as the foremost institution for academic excellence and innovation in the country. “Let me use this opportunity to once again re-assure you that I will remain committed to promoting the culture of excellence handed over by the past administrations of the polytechnic.”

Education 25

NEW TELEGRAPH TUESDAY, july 14, 2015

NUC unveils academic standard for ‘Old People’ studies Yekeen Nurudeen Abuja

Benchmark Statement and Minimum Academic Standards for the studies of old people, tagged: “Applied Gerontology,” has been launched by the National Universities Commission (NUC) for the nation’s universities. Speaking at the formal presentation of the benchmark to the 11 selected universities, the Executive Secretary of the commission, Prof. Julius Okojie noted that it would address the

challenges facing the studies of Geriatrics and the care of the older persons in the society. Okojie, who acknowledged the fact that there were challenges in integrating geriatrics studies into the Nigerian university programmes, however identified network of geriatric care centres as a means to deal with problems confronting the care for the senior citizens in the society. “Problem of ageing is more relevant in Africa and at the National Universities Commission, we are mindful of the development and this has called for the urgent need to produce

THE rates UNIPORT sixth in Africa in research Kayode Olanrewaju

he world’s most trusted rankings provider, the Times Higher Education (THE) has ranked the University of Port Harcourt (UNIPORT), the sixth in Africa and best university in Nigeria in research. In the ranking released last week, tagged: “The first glimpse of future Africa University Rankings,” the University of Cape Town takes top spot, with South Africa dominating the top five positions. According to the organizers of the ranking, “the university rankings provider has revealed the top 15 universities in the region, based solely on their scores for research influence – in other words, how many African universities’ research papers are referred to and cited by other academics across the globe.” On the methodology used, it listed among other that the research publication and citation data is derived from Elsevier’s Scopus database: www. elsevier.com/scopus; while an institution must have published a minimum of 500 papers to be considered between the period of 2009 and 2013. For the ranking, the articles, reviews and conference papers were considered; use of fractionalised counting with the threshold set at 50 (fractionalised) papers per annum as considered in the exercise. The Editor of the Times Higher Education, Phil Baty said of the World University Rankings: “This is an experimental and preliminary ranking based solely on research, and only on one aspect of research – how many times research papers are cited by other academics. “When we develop a full Africa University Ranking, we expect to add many more indicators, by examining things like a university’s economic contribution, its civic engagement and of courses its teaching. In the list of the best 15 universities are University of Cape Town, South Africa; University of the Witwatersrand, South Africa; Makerere University, Uganda; University of Stellen-

bosch, South Africa; University of KwaZulu-Natal, South Africa and the University of Port Harcourt, Nigeria, which came sixth in that order. UNIPORT has 573.55 research publications between 2009 and 2013, with an overall score of 88.92 per cent. Others are University of the Western Cape, South Africa; University of Nairobi, Kenya; University of Johannesburg, South Africa; Universite Cadi Ayyad, Morocco; University of Pretoria, South Africa; University of Ghana, Ghana; University of South Africa, South Africa; Suez Canal University, Egypt and Université Hassan II, Morocco. “To be included in this future-gazing table, an institution must have published a minimum of 500 research papers in the five-year period assessed with at least 50 papers per year,” Phil said, stressing that 30 African universities were ranked. Meanwhile, between July 30 and 31, the Times Higher Education will hold the African Universities Summit, billed for the University of Johannesburg, South Africa, where all the 30 universities, according to Phil, would be unveiled. In the release sent to the New Telegraph, he said the Africa universities summit would present the perfect opportunity to help shape this future ranking and to ensure that Times Higher Education develops the most appropriate and relevant ranking for Africa, in full consultation with African universities.

Okojie, NUC scribe

professionals equipped with the necessary knowledge, skills and competences to deal effectively with the challenge,” he added. The NUC boss, who allayed the fears of professional bodies on building formidable capacity for geriatric studies, urged medical professional bodies and other stakeholders, to support the full integration of the studies as the commission is open to suggestions. “There are dichotomies of challenges in integrating the geriatric programmes, but I urge the professional bodies and other stakeholders to support the commission on this,” he said The Country Representative of the World Health Organisation (WHO) and the keynote speaker at the event, Dr. Andrew Mbewe re-emphasised the need for older people’s health, noting that good healthcare delivery is important for the promotion of

their health. Mbewe, who insisted that creation of socio-environment, would have greater impact on the lives of the older people, pointed out that “by 2050, the number of older people in Africa will grow from 54 million to 213 million, in which Nigeria will account for 29 million.” “There is increasing number of older population globally, while the number of physicians is not commensurate and health services are not adequate to meet the needs of the elderly in the society,” Mbewe stressed, saying based on these reasons the university community should rise up to save the world from experiencing an increased number of this group of people without adequate care. He traced the major challenge of older people to noncommunicable diseases, heart disease and stroke, and lung dis-

ease, among others; even as he added that “many of the health challenges were preventable with access to good care.” The convener of the programme, a visiting scholar to NUC on the ageing studies, Dr. Emem Omokharo declared that the commission has developed training modules in Applied Gerontology Studies to facilitate the programme. “The NUC has laid a foundation for positive and irreversible change on the care for the elderly persons in the Nigerian society,” he said To enhance effective takeoff of the programme in the 11 selected pilot universities, the commission was said to have trained no fewer 22 qualified academic staff from the institutions in Ageing Certificates and Applied Gerontology at the University of North Texas, United State.

L-R: Akande; Managing Partner, ALTS Consulting, Anthonia Foluke Sawyerr and Sanders at the university’s breakfast meeting.

Webster varsity to invest in Nigeria’s education sector Mojeed Alabi

arring last minute change of mind, the management of Webster University, United States of America, is to invest heavily in the nation’s education sector. This was as the university advised policy makers to make conditions for investment within the industry friendly to foreigners. The institution’s Dean of George Herbert Walker School of Business and Technology, Benjamin Akande, who expressed the desire at a media briefing in Lagos, organized by the university’s Ghana Campus, regret that the institution chose to open the Ghana campus ahead of Nigeria, due to what he described as unfavourable investment conditions in the country. The Nigerian-born Professor of Economics, however, expressed optimism

that President Muhammadu Buhari-led administration would be open to new ideas on how to maximize the country’s potentials, especially in the area of human capacity building and skill acquisition. He said the university was working towards commencing Masters programme in Business Administration in the country, while also advising willing candidates to enroll in the Ghana campus of the university, based on the available facilities and the opportunities for exchange programmes in the institution’s campuses across the various countries of the world. He said: “As a Nigerian, and having lived and worked abroad for more than three decades, I can tell you that what Nigeria needs currently particularly at this trying moment, is heavy investment in education. This is imperative, especially by building practical-based curriculum

that could offer the graduates the required skills in the labour market. “This is what is obtainable at Webster University, and rather than sending the children to substandard institutions by parents in the name of schooling abroad, there is need for them to make better choice.” Corroborating Akande’s position, the university’s Director of Ghana campus, Christa Sanders, said as Africa’s largest economy, Nigeria needs to prioritise quality education as the future of the world, saying successful economies in the near future would not be built on oil or agriculture, but on sound and qualitative knowledge. Sanders said Nigeria, therefore, could not afford to allow its teeming youth population to acquire substandard education, promising value for parents’ investment in the education of the children in the institution.

26 Education

TUESDAY, july 14, 2015 NEW TELEGRAPH

Ladder Steps College: A rescue to foreign education challenge QUALITY

Worried by the exodus of Nigerian students to foreign countries in search of quality higher education, the owner of Ladder Steps College, Lagos, said the college is to the rescue. ojeed Alabi and M Rachael Aiyeyemi

he increasing influx of Nigerian students yearning for quality higher education to countries such as the United States of America, the United Kingdom, Ukraine, Malaysia, Indonesia, Russia, South Africa, Egypt and the neighbouring Ghana, Benin Republic and Togo, has continued to be a source of concern to stakeholders. Lamenting the development, the Managing Director of Ladder Steps College, Omole Estate, Lagos, Mr. Akinwale Akinola, said many of the students said to be studying abroad are either in fake institutions pursuing wrong programmes or are not in school at all. Faced with this challenge, Akinola, a former teacher in the United States, however, blamed most parents for their children’s education predicament, saying many of them are only interested in sending their children abroad without making necessary enquiry about the institutions and the relevance of the courses their children are pursuing to the needs of the society. The graduate of Obafemi Awolowo University (OAU) and the University of Lagos (UNILAG) respectively, who said he is passionate about reversing the trend of poor career guidance in the country, told New Telegraph that the college was established primarily to offer quality service to Nigerian students seeking admission to either Nigerian or foreign higher institutions. The college, located at the highbrow Omole Estate, on Ojodu-Berger axis of Lagos, offered training in University Foundation Programme (UFP), Cambridge ‘A’ Level, Cambridge International General Certificate of Secondary Education (IGCSE), Graduate Management Admission Test (GMAT), Scholastic Assessment Test (SAT), Graduate Record Examination (GRE) and English Language tests including IELTS and PTE, among others. The Ladder Steps College, Akinola stated “was borne out of the need to provide quality and standard education for students who are willing to pursue higher education abroad and in private universities in the country.” Akinola noted: “It is a long time vision I have nursed for about three years now, and the primary intention, of course, is to be a proprietor, to be an educationist and to do something that will not only contribute to the society, but also that I know will be beneficial to myself and my family. “I have had the opportunity to teach at various levels of education both at home and abroad, and having visited

several institutions in many countries including the UK and Canada, I believe most of our students abroad do not have good orientation and there is need for us to begin the enlightenment revolution as part of efforts to protect the future of this country.” While insisting that the country does not have the capacity to stop the capital flight through admission in foreign institutions, especially with more than 1.5 million candidates writing the Unified Tertiary Matriculation Examination (UTME), the entrance examination into the nation’s universities, polytechnics and colleges of education annually, Akinola bemoaned a situation in which only about 500,000 candidates have the opportunity of securing admission. According to him, researches have shown that the nations that will make wave in the future are not countries with oil or other natural resources only, but those that have invested heavily in education. Describing education as the bedrock of national development, he said considering the stage the country found itself presently; it could not continue to rely on oil as the major source of revenue, this was as he insisted that the best global economy today such as Chinese economy is run on knowledge-based. Akinola further explained: “The reality has shown that oil cannot save us as the fall in the prices has almost ruined our economy. Yet, at a time we are crying of economic crunch global financial institutions that are founded basically on knowledge including Google, Apple and Facebook, among others, are recording huge turnover.

Ekiti varsity gets governing council A

new Governing Council has been constituted for the Ekiti State University (EKSU), Ado-Ekiti by the state governor and Visitor to the university, Mr. Ayodele Fayose. The seven-man council has as the Chairman and Pro-Chancellor, the former Minister of State for Works, Prince Dayo Adeyeye. Other members of the council, according to a release by the Secretary to State Government (SSG), Dr. Dupe Alade, are: Pastor Rufus Teniola, Chief Afolabi Ojuawo, Mrs. Abiola Yesufu, Mrs. Titi Olukemi Adeyemo and Chief Idowu Odeyemi. The release stated that their appointments take immediate effect.

Fayose

Akinola in a classroom

“It is, therefore, the responsibility of those of us, who have been out there to guide our parents on best standard and courses to choose and the best institutions to study. I have told a parent that considering the course his child had chosen to study, the child did not need to travel abroad but should enroll at a private university in the country, at least, because of incessant strike actions in public institutions., but he thought I was not being sincere or giving him the best advice.” He added: “Naturally, if not because of my vision and the objective for setting up this college, that I have, it sounds crazy for anyone to believe that I returned home to invest huge resources into setting up this place. It is saddening when you find out that parents just want their children to read Law because they are lawyers without bothering to know what the children really want and what they have capacity to do. That is why it is called Ladder Steps College, that is, a ladder to your success. We want to advise parents essentially on why they

send their children to school in the first instance. If it is because of strike, there are good schools here that take A’ Level. “There is a particular parent who came here two or three days ago, that she did not want her child to go to a private university in Nigeria any longer, simply because of rise in her status. Now, they do not know what course the girl will study and they have asked her to withdraw from the institution. The girl has become confused because her parents have not even concluded plans about which country to send her for study.” Worried by the development, Akinola wondered how could a parent risk so much to send a child abroad, yet come back to join millions that are already roaming the streets without gainful employments. “The best thing for us at Ladder Steps College, according to him, will be to study courses that can guarantee the students immediate job opportunities. “We will give our sincere opinions because this college is not merely profit-oriented, but an institution that has come to serve humanity,” he argued. With the congenial learning environment, he noted that the college is conducive enough for effective learning giving the fact that it has a maximum of 15 students in a classroom, while the laboratories are wellequipped to prepare the students for all kinds of examinations. On the facilities put in place in the college to enhance qualitative education at an affordable cost, Akinola listed them to include a sickbay; with each of the classrooms installed with air conditioners and other instructional materials for students to learn under a conducive atmosphere. He added that the computer laboratory is essentially equipped with online tests and practicals, saying the college has packaged its programmes to equip Nigerians with how to guide their kids to achieve excellence. To this end, Akinola advised parents to ensure that their children maximize the long holiday period by engaged them in meaningful activities such as summer school, so that they are not distracted by the many social factors they are contending with in the society.

Don seeks end to harmful traditional practices Musa Pam Jos

University of Jos (UNIJOS) don and Professor of Drama and Theatre at the Department of Theatre and Film Arts, Illah Sani John has advocated de-emphasised of patriarchy of harmful traditional practices in the society. The de-emphasising of patriarchy, according to him, is the conceptual and ideological bedrock of Nigeria’s culture which permeates the conscience of the people. He noted that most harmful traditional practices in the society derive their ideological strength and justification from it. This was part of the views of Illah in his inaugural lecture entitled: “Encrypted Mosaic: Culture Patriarchy and Health Behaviour in a Modern Nigeria.” While delivering the 71st inaugural lecture of the university, chaired by the Vice-Chancellor, Prof. Hayward Babale Mafuyai, the inaugural lecturer pointed out that patriarchy has always been masqueraded as our custom and tradition or the way of our fathers.

In spite of this, the don stressed that the issues of early marriage, scarification, child hawking/labour, female genital mutilation, sharp widowhood practices, and open defection are consigned as sacrosanct. Illah, however, lamented that despite that these images are packaged and presented at the national festivals of arts and culture, carnivals, state and local cultural fiestas, proverb of obscenity mainly against women and children are presented on the radio as ‘words of still beingour fathers and words of wisdom’. “Nigerian home video producers use them to garnish their story lines for aesthetic effect,” the lecturer noted, stressing that most of all the so-called words of wisdom is obsolete. This was even as he reiterated that the encrypted mosaic of the mind as culture archetype has continued to tele-guide our behaviour even though materially, we are disconnected from it. Illah, who added that though we might be appalled with these harmful practices, however wondered that we have continued to tolerate them as culture thereby implicating our health and the right of others.

NEW TELEGRAPH TUESDAY, july 14, 2015

Campus Eddy Uwoghiren UNIBEN

orried by the decline in enrolment of girls in sciencerelated disciplines, the Organisation of Women in Science for the Developing World (OWSD), the University of Benin (UNIBEN) chapter has risen to the challenges of reversing the trend. Towards achieving the laudable aim, the organisation at a one-day seminar oragnised at the Banquet Hall of the institution, tagged: “Science is Fun and Innovative,” raised further concern and the need to urgently address the issue without further delay. Setting the tone of the talk-

VC sets agenda for sports development dekunle Ajasin University, A Akungba Akoko (AAUA) Vice-Chancellor, Prof. Igbekele

Ajibefun, has set a seven-point agenda for the newly-inaugurated Sports Directorate of the institution. The seven-point agenda was handed over to the 15-man council, chaired by the Deputy Vice-Chancellor (Administration), Prof. Francis Oyebade, during their inauguration. While inaugurating the council, the Vice-Chancellor tasked the members to formulate policies that would help in promoting sport culture in the university; encourage meaningful participation in internal and external sporting events and activities, as well as provide the guidelines for such; and creatively package and brand robust sporting programmes that could showcase talents among staff members and students. Part of the agenda are to stimulate the patronage of the university’s sport facilities by corporate individuals and organisations; seek support or partnership from corporate organisations for the university sports programmes and events; advise the university on the procurement, maintenance and use of sporting facilities in the most beneficial manner; as well as consider any other sport-related matters that may be referred to the Sport Council.

Ajibefun

Election

Award

ABSU students’ union conducts free, fair election

NANS confers leadership award on UNN VC

Group makes case for women’s involvement in science shop, Dr. Edith Odia, a lecturer at the Business Administration Department of the university, said the seminar was borne out the associations desire to encourage female participation and study of science, technology and other science-related disciplines. In her lecture entitled: “Career Prospect in Science,” Prof F.E Eiche of Pharmaceutical Technology Department declared that there were several career opportunities available

to women or girls in sciencerelated fields. She noted that the age-long notion that science was difficult, with the problem of inadequate learning materials, poor motivation, quality of teachers, and dearth of libraries in schools were responsible for the decline. Therefore, the don called on the government to properly fund the teaching of science in schools, stressing that no nation could develop without adequate investment in science.

Meanwhile, Dr. Dele Alice of Plant Biology and Biotechnology Department, whose lecture dwelt on “The Bane of Examination Malpractice,” however, encouraged girls to shun examination malpractice and other anti-social behaviour which she warned that the effects could be detrimental to their progress, development and survival. She admonished them: “You must build integrity. Nothing should be seen as too difficult. Examination malpractice has

done more harm than good to students and so you are advised in your own interest to shun it. I want to say that even if you get away with it in secondary school; you will never have your way in the university system. If you are caught cheating, you risk being expelled from the university and which could lead to the termination of one’s life aspirations.” The seminar was attended by secondary school girls from Ugbowo and Benin City.

Participants in a group photograph shortly after the event

‘Vocational, technical education, key to national development’ Emeka Onwudinjo UNIZIK

clarion call has gone to the government at all levels and the general public to pay maximum attention and support to the development of the Technical and Vocational Education (TVE) in the country. The call was made by the Nigerian Association of Technical and Vocational Educators (NATVED), which identified VTE as critical to rapid national growth and development, saying it increases socio-economic base of the nation through entrepreneurship. The association made the call during this year’s edition of its conference, which took place at the Multi-Purpose

Hall of the Federal College of Education (Technical), Umunze, Anambra State. It was at the 13th national conference of the association, which was attended by the members of the association, staff and management of the college. The National President of the association, Alhaji Bamidele Rotimi, while welcoming guests to the conference thanked the management of the college for its approval to host the talk-shop and provide the enabling environment and materials that enhanced the success of the event. The theme of the year’s conference is: “The Role of Technical and Vocational Education in Nigeria Democratic Dispensation.” Rotimi, who noted that the

theme was not only timely and apt, said it was relevant to the present democratic change in the country, even as he pointed out that the economic competitiveness of a country depends largely on the skills of its workforce. While adding that technical and vocational education was perceived as one of the crucial elements in enhancing economic productivity, the president hinted that the essence of the conference is to re-evaluate, review and re-orientate people on the role of TVE in development processes and the need to be fully engaged in a productive venture that will increase economic base of the nation through entrepreneurship. His words: “Emphasis on Technical and Vocational Education in the nation’s

education system will not only provide the impetus that is needed to make the individual to be fully engaged in a productive venture that will increase economic base of the nation, but also help to stem the incessant cases of insurgency in the country.” While delivering the lead paper, which was entitled: “The Role of Technical and Vocational Education (TVE) in Nigeria Democratic Dispensation,” an Associate Professor from the Nnamdi Azikiwe University (UNIZIK) Awka, Anambra State, Prof. C. Okolocha described TVE as a tool that unlocks the development of personal and national potentials of citizens of a country and the world at large. According to Okolocha, emphasis is shifting away from the general education that encourages mere acquisition of certificates to skillbased education, which she said focused more on what one can do and ability to apply requisite skills to the real work environment.

28 Education | Campus

TUESDAY, july 14, 2015 NEW TELEGRAPH

Medical students advised to join active politics Eddy Uwoghiren UNIBEN

or the rot in the medical profession and practice to be corrected, medical students should learn to marry politics with their studies. Besides, for them to aspire to be globally competent and competitive, the students are expected to embrace leadership roles while in school in order to develop themselves. The advice was given by the former Chairman of the Nigerian Medical Association (NMA) Edo State chapter, Dr. Philip Ugbodaga during the maiden leadership summit, which took place at the Igbinedion University, Okada in Edo State. The summit was organised by the Nigerian Medical Students Association (NiMSA) as part of efforts at promoting medical practice. Ugbodaga, whose lecture was entitled: “Medicine and Politics: Mentoring Medical Students for Leadership,” lamented that a lot has gone wrong in the medical profession as a result of the attitude of many medical students who shy away from playing active politics. While noting that there is a growing need for political leaders in the health care system and public sector, Ugbodaga said this growing need was one of the reasons why medical students should aspire to take up leadership role in the society right from their universities.

His words: “Medical students and doctors are required by the society to be utmost responsible as compared to others professions. This calls for zero tolerance for them to fail to meet up such expectations. Despite this, though medical students receive no formal or structured guidance about how to become effective community leaders, they only learn by personal experience how to achieve such. This is the reason why the students should begin to take up leadership role in their institutions.” Ugbodaga, who noted that most professions that are doing well have members in the political arena who are advocating for their rights, wondered that “sadly, many medical students are too conscious of the academic workload they have to cover in order not to fail, and hence refused to develop their innate political and leadership skills. He said: “Due to this, they pass through medical schools without any other thing to hold on to, except the academic certificate. If, we have enough medical doctors in the National Assembly, they will push

for bills that will better the health sector of the country. Those pending health bills in the assembly will be passed into law, and the medical students will benefit from such since their exchange programmes will be adequately catered for.” Ugbodaga, who pointed out that it was high time medical students were involved actively in politics and looked beyond the medical profession, said there was need for them to nurture their talents in other fields outside medicine. Meanwhile, the President of Medical Women Association of Nigeria (MWAN), Edo State chapter, Dr. Amina Okhakhu, in her paper: “Medical Career and Life Outside Medicine: Finding a Balance,” urged the students to always balance whatever activities they have taken alongside their medical studies. She said: “In medical school, the struggle for a balance as medical students between academics and leadership role is usually a difficult task. Medical students in leadership position find reasons to question their choice to participate in politics when faced with the demands of

leadership. At times, medical students get disapproval from friends and family over seemingly choice to distract themselves from politics. All these challenges have reduced the number of medical students in leadership role on Nigerian campuses.” She, therefore, encouraged the students to always strike a balance between leadership role and academic activities, and to be conscious that their primary purpose at medical school is to become qualified doctors. Dr. Okhakhu hinted that despite their engagement in leadership roles and responsibilities, they should always return to their books. The National Vice-President (Internal Affairs) of NiMSA, Oni-Ogunbor Stephani, while welcoming guests to the summit, recalled event was borne out of the current realities in the campuses, saying the programme would address the need for NiMSA to ensure that medical students are well grounded in every facet of the development before their graduation.

NANS confers leadership award on UNN VC

igerian students, under the aegis of the National Association of Nigeria Students (NANS) Zone B, have conferred the association’s highest honour, “the Heroes Leadership Award” on the ViceChancellor of the University of Nigeria, Nsukka (UNN), Prof. Benjamin Chukwuma Ozumba. The award was conferred on him in recognition of his sterling contributions to the education and socio-economic development of the country. Ozumba, according to NANS, would become the fifth distinguished Nigerian to be conferred with the award. The other recipients of the award are the author of Things Fall Apart, the late Prof. Chinua Achebe; Nobel Laureate, Prof. Wole Soyinka; the founder of Afe Babalola University, Ado-Ekiti (ABUD), Aare Afe Babalola and Prof. Peter Ejiofor. Presenting the award to Ozumba at the Vice-Chancellor’s Conference Room, the Coordinator of NANS Zone B, Okorie Ikechukwu, said that Prof. Ozumba was bestowed with the award in recognition of his contributions to the growth of education in the country. “We can without any equivocation bear testimony to the fact that Prof. Ozumba has always supported any cause that will uplift education as well as whatever that will accelerate the pace of socio-economic transformation of the country,” he said.

Ozumba

Participants at the summit

ABSU students’ union conducts free, fair election Uchechukwu Amanze and Favour Nnadi ABSU

fter several months delay in the election of Student’s Union of the Abia State University (ABSU), Uturu, the students finally elected their leaders, who will pilot the affairs of the union for the 2014/2015 academic session last week. Already, the delay in the election had continued to raise dust on campus, as students accused the outgoing President of the union of deliberate action to delay the election. As part of the electioneering activities, there was manifesto night organized for the entire contestant a day before the election, where they reeled out their programmes to the students. The manifesto night, which was held at the university main auditorium, turned to a rally, as supporters of the various candidates were given the opportunity one after the other to campaign for their candidates. During the exercise, those contestants who were eloquent in their speech were cheered, while those who gabbled were booed, especially by supporters of other candidates. On the day of the election, the con-

testants were engrossed in a last minute campaign, while security within and outside the campus was air-tight. The security men at the university gate screened and searched everyone entering and coming out of the campus. The election earlier scheduled to take place at the New Examination Hall, had to be changed to the university pavilion by the electoral team, led by the Student Affairs’ Officer, Elder Emma Nwoke because of the large turnout of the students. As early as 10am, the accreditation of students voters had begun, while the prerequisite and requirements for the voting exercise, which include the

One of the candidates

payment of the 2013/2014 or 2014/2015 academic session fees were reeled out to the contestants. However, voting started by 12pm and ended by 3pm, while counting of votes followed immediately. While counting of votes was going on, some of the supporters, who were ordered to stay few meters away from the pavilion, were jubilating that their candidates were leading. During the counting, about 40 ballot papers with the name of Oluchi Ujoh, the candidate for the position of the Assistant Secretary General had already been neatly ticked and stuffed in the ballot box.

Education | Campus 29

NEW TELEGRAPH TUESDAY, july 14, 2015

We aim to make FCE best technical college, says provost Emeka Onwudinjo UNIZIK

he Provost of the Federal College of Education (Technical), Umunze, Anambra State, Prof Josephat Ogbuagu, has reiterated his vision to make the college the best in the country. According to him, this would only be achievable if members of staff and students share and key into the vision. The provost, who disclosed this during an interactive session with the students, said his administration had recorded landmark progress even as he solicited more support from the students. Ogbuagu, a Professor of Industrial Chemistry, however, warned the students to refrain from excessive patronage of social network, which according to him, is the major distraction to their

Medical Council accreditation team visits Ekiti varsity

s part of moves to ensure quality control mechanism at the College of Medicine, Ekiti State University (EKSU) towards professional accreditation of the college’s programmes, the Medical and Dental Council of Nigeria (MDCN) accreditation team has visited the college. The council’s visit, which was the second in its series, according to a statement by the spokesman for the university, Mr. Ajibade Olubunmi, Deputy Registrar, Information and Protocols, is to verify and address some critical issues raised in its report of the accreditation exercise conducted in January. According to him, the team during the two-day assessment visit assessed the facilities on ground at the college for proper training of the medical students. After the assessment of the facilities, laboratories as well as the teaching personnel, the MDCN team, led by a Professor of Surgery from the University of Jos, Prof. N. Y. Dakum lauded the university over the significant improvement in basic facilities, teaching personnel and infrastructural development of the college.

studies and hindrance towards making good results in their examinations. While advising the students to resist the temptation of engaging themselves in any form of anti-social behaviour or activities, he warned them also to shun indecent dressing, cheating and ex-

amination malpractices. The provost, who pointed out that his administration, has zero tolerance for anti-social behaviour, stressed that the college would not hesitate to show any student or group of students involving in these acts the way out of the college. “We will not hesitate to

MD/CEO of Fidelity Bank Plc, Mr. Nnamdi Okonkwo (right) with Ogbuagu (middle) during a visit of the bank’s team to the college.

expel any student whose behaviour does not conform to the acceptance norms of the college,”

Ogbuagu said, while reassuring them that the college would not fail in its responsibility to offer

them the required support that will enable them to actualise their dreams and aspirations.

30 Education

TUESDAY, july 14, 2015 NEW TELEGRAPH

Maltina Teacher of the Year to emerge Oct 5 Kayode Olanrewaju

he stage is set for the Maltina Teacher of the Year Award, in which the overall winner and state winners will go home with over N50 million, when the winners are announced during this year’s World Teachers’ Day billed for October 5. The maiden edition of the award instituted and flagged off in May 20 by the Nigerian Breweries (NB) Plc, under the Maltina brand is expected to make a millionaire out of Nigerian teachers. Addressing journalists in Lagos at the weekend, the NB Corporate Social Responsibility & Sustainability Manager, Mrs. Emete Tonukari, said the award was instituted to change the concept that teachers’ reward is in heaven, as well as people would begin to see teaching as a respectable and noble profession. “Many people go into teaching today as an alternative, who are ready to quit whenever they have good jobs. This means they do not like the profession, but they are in the job to make the ends meet,” she said, insisting that this must change as this is what the company is set to achieve by the award and recognition. According to her, part of the objectives of the award, is to make teaching more inspirational in order to attract others to the teaching fold. “The award, which is not a promotional or sales outlet, is purely to recognize those who are already teaching and doing the job well,” Tonukari stressed, adding that it was

a selfless corporate social responsibility initiative of the Nigerian Breweries to reward and promote excellence in the profession. The manager, who noted that though many entries had already been received and many more are still trickling in, added that because of popular demand the deadline of the entries which had earlier been fixed for June ending had to be extended to accommodate more entries and many teachers are still showing interest in the award. Towards this end, she noted that entries would not close in July, while the winners will be decorated during the World Teachers’ day on October 5. The winner will receive N1 million cash, a fully paid overseas training as well as N1 million yearly for the next five years; while the school will get a N25 million project to be executed by the company. The first runner-up gets N1 million; the second runner-up will receive N750,000, while the state winners in each state of the federation and the Federal Territory will get N500,000 each. “The project is a CRS project for teachers to make the teaching profession inspirational. It is not a one-off thing or a sales promotion stunt. It is a pure citizenship project to give back to the society,” she said. Tonukari, who assured Nigerians that the process of selecting the best teachers at the state and national levels would be transparent, however, explained by a crack team of experienced and credible panel had been raised to do proper justice to the exercise.

L-R: Mrs. Fowler-Amba; Mrs. Akerele De-souza; Otunba Osibodu; the best graduating pupil in JSS, Chinaza Ngozi Esiabo; and Executive Director, Enough is Enough Nigeria, Ms. Yemi Adamolekun at the ceremony.

Taiwo Jimoh

n appeal has gone to the Federal Government to established education bank that will grant loan facilities to the students and operators of the sector, as well as accelerate the development of the system. The President of Association for Formidable Educational Development (AFED), Mrs. Esther Ifejola made the appealed during the national congress of the association, which took place in Lagos. “We need the Federal Government backing and support to spread affordable education to the north and other parts of the country,” she said, adding that “such assistance could be rendered

Group pleas with FG to establish education bank through the establishment of education bank through which proprietors of schools could borrow money for the provision of qualitative education to the less-privileged in the society.” While insisting that the federal government should grant private schools tax exemption, Mrs. Ifejola stressed that such move would prevent the operators or school owners from discrimination and harassment from government agencies. The president, however, added that, it had become a growing concern for stakeholders in the education

sector the levity with which the sector is being treated, even as she pointed out that some of our leaders were yet to realise that education is more than a luxury, but a responsibility that the society owes to citizenry. “The performance index of the nation’s education sector is currently not on the fair side despite efforts by the government and some private individuals,” Mrs. Ifejola lamented, saying further that the over 10 million primary school age children who are out of school in the country portends a great danger for the future of the nation.

EDUPEACE

with Mahfouz A. Adedimeji (08066372516, sms only)  Dr Adedimeji is a Senior Lecturer and Director, Centre for Peace and Strategic Studies, Unilorin

What is the purpose of education?

n his well-known book, “History of Education in Nigeria” (1974), the late Minister of Education, Prof. Babs Fafunwa, conceived education as “the aggregate of all the processes by which a child or a young adult develops the abilities, attitudes and other forms of behavior which are of positive value to the society in which he lives”. There are dozens of definitions that construe education in a similar light. The purpose of education, on the other hand, has proved to be a dicey subject. Scholars, practitioners, statesmen and virtually every group disagree on the purpose of education. While Eleanor Roosevelt wrote of “Good Citizenship: The Purpose of Education” in 1930, Dr Martin Luther King Jr wrote in a campus publication, “The Maroon Tiger”, in 1947 that the function or purpose of education is two-fold “the one is utility and the other is culture. Education must enable a man to become more efficient, to achieve with increasing facility the legitimate goals of his life.” While reviewing how various people have addressed the purpose of education, I did not find a single one in which the purpose of education is said to be meal ticket. Unfortunately, to many Nigerians, that is the purpose of modern education. This is why a lot of emphasis is placed on employment, not productivity. Don’t misunderstand me, dear reader, there is no doubt that employment opportunities are crucial to the attainment of the purpose of education, which Jonathan Cohen says is “to support children in developing the skills, the knowledge, and the dispositions that will allow them to be responsible, contributing members to their community. Meaning, to be a good friend, to be a good mate, to be able to work, and to contribute to the well-being of the community.” Cohen did not stop there. He added that all education should aim to equip children and learners with CIVIC SKILLS which include respecting others, working collaboratively, acting in a way that is fair and just and being an active participant in the life of the community. In other words, the purpose of education is to develop character. There is need for a paradigm shift from the mentality of seeking jobs as the purpose or goal of higher education in Nigeria. We are often inundated with the complaints that education is irrelevant if it cannot

The value and import of education should not be reduced to providing one just a meal ticket

serve as a meal ticket, and this meal ticket is narrowed down to a letter of appointment somewhere. Part of the purpose of education, especially university education today, is to make graduates job creators, not job seekers. The value and import of education should not be reduced to providing one just a meal ticket, an insult to education. One does not need to have a university degree to eat but to add value. Both in Nigeria and elsewhere, there are millions of people who live (therefore eat) without a university degree. What Martin Luther King warned against in 1947 is what is happening today in Nigeria. “If we are not careful, our colleges will produce a group of close-minded, unscientific, illogical propagandists, consumed with immoral acts” as we find in the National Assembly and some State Governments. Like Dr King Jr in the same article, “I often wonder whether or not education is fulfilling its purpose. A great majority of the so-called educated people do not thing logically and scientifically. Even the press, the classroom, the platform, and the pulpit in many instances do not give us objective and unbiased truths…Education must enable one to sift and weigh evidence, to discern the true from the false, the real from the unreal, and the facts from fiction.” If you ask me, the purpose of education is to be RESPONSIBLE - to God, to oneself and to the society in which one lives. Education is dead in whoever is not responsible. How many of our leaders are responsible? Though they speak English, and any fool can speak any language, they lack what Fafunwa referred to as “positive value” and they become liability to the nation while they make it difficult to achieve “positive change”, despite President Muhammadu Buhari.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Energy

DPR: A ‘toothless bulldog’

Property

Aviation

Coroner’s verdict on Synagogue: Lessons for professionals

Implications of declining traffic to Nigeria

Business What's news

Town planners mull use of land report for building approvals, others The Nigerian Institute of Town Planners (NITP) may adopt Land Use Planning and Analysis Report (LUPAR) as part of documents to support building plan approvals, applications for opening of corporate bank accounts and processing of bank loans by early next year, New Telegraph has learnt.

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Expert frets over incessant incidents on Nigeria’s runway Former Commandant, Murtala Muhammed Airport, Lagos, Group Capt. John Ojikutu (rtd), has expressed concern over what he termed incessant aircraft incident on the runway and taxiways of most of the country’s airports, especially at the Lagos

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The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dele Alao

Industry & Agric Editor

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa

L-R: Company Secretary StanbicIBTC Plc, Ms Angela Omo–Dare; Chairman Geometric Power, Prof. Bart Nnaji; Vice Chairman, Afrigem Integrated Utilities Limited, Mallam Samaila Zubairu (FCA); Deputy Managing Director, Diamond Bank Plc, Mrs Caroline Anyawu, and Head, Strategic Accounts, Asset Management Corporation of Nigeria (AMCON),Mr Kamilu Omokide (FCA), after execution of the Transaction Implementation Agreement for N15 billion investment to commission the Aba Integrated Power Project between Afrigem Integrated Utilities, Geometric Power, Diamond Bank, AMCON and StanbicIBTC Plc, in Abuja.

QUALITY BOOST

Porting is aimed at boosting the quality of service Kunle Azeez

he number of telephone lines that have been out-ported by subscribers from one network to another has risen to 295,930 as at May this year, New Telegraph has learnt. The new figure was disclosed in a data released by the Nigerian Communications Commission (NCC), which provides industry status report on Mobile Number Portability (MNP) activities on telecoms networks. The telecoms regulator launched the MNP service in 2013 to provide wider choices for the bourgeoning telecoms subscribers to migrate from one network to another if there is a need for it without losing their original line. Following the intermittent quality of services (QoS) often experienced on networks and the growing dissatisfaction by

subscribers on their networks, the NCC came up with the porting initiative to allow subscribers move to another competing network with improved service. This, this commission said, would compel telecoms operators to increase their network investment towards building a network that will encourage their subscribers to stay on their networks, thereby igniting competition that leads to increased network quality by the operators. Of the over 146 million active telephone subscribers in the country as at May, the NCC, in its latest report, said that 296,000 have out-ported so far. Following its launch in April 2013, the number of ported lines in the month of May stood at 7,013. In June, July, August, September, the number of ported lines rose to 5,802; 6,753 12,039

INFLATION RATE May 2015.................................9% April 2015................................8.7% March 2015.............................8.5%

LENDING RATE Interbank Rate....................12.57% Prime Lending Rate...........17.93% Maximum Lending Rate...26.83%

Finance Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Nigeria’s ported phone lines rise to 295,930 and 13,072 respectively. In October, November and December 2013, the monthly figure also increased to 14,296; 7,830 and 5,850 in that order. The number of subscribers porting their telephone lines also continued the upward swing in 2014. As at January last year, the number of ported lines were 6,880; 7,080 in February; 13,383 in March; 14,183 in April; 9,365 in May; 10,325 in June and July, 2014, the figure stood at 11,110. By August 2014, the total number of monthly-ported telephone lines reached was 13,878; 18,980 in September; 16,697 in

146 million Total number of active telephone subscribers in the country as at May

October; 13,578 in November; and 10,539 in December. By last January, the monthly ported lines stood at 14,330; 14,801 in February; 14,718 in March; 15,357 in April and in May, the figure stood at 18,071. Meanwhile, of the outgoing 18,071 ported telephone lines in May, MTN Nigeria recorded the highest number - 18,071 lines. Airtel followed this with 3,316 ported lines; Globacom and Etisalat came third and forth in outgoing lines standing at 3,253 and 1,989 respectively. On the gainer’s chart or incoming ported lines, Etisalat topped the table with 12,252 lines, the highest monthly gains so far by any operator since the NCC launched the MNP scheme in 2013. Next to Etisalat was Airtel, which gained 4,161 incoming ported lines while Globacom came CONTINUED ON PAGE 32

Rates Dashboard EXCHANGE RATE (BDC as at July 10)

USD . . . . . . . . . . . . . . . . . . . . . . N240 Pounds . . . . . . . . . . . . . . . . . . . N339 Euro . . . . . . . . . . . . . . . . . . . . . . N257

l Foreign Reserves – $29.719bn as at 8/07/2015

Source: CBN

EXCHANGE RATE (Interbank as at July 10)

USD . . . . . . . . . . . . . . . . . . N200.00 Pounds . . . . . . . . . . . . . . . . N315.27 Euro . . . . . . . . . . . . . . . . . . N225.60

Business | News

APROPOS

Experts say the document is relevant to the financial sector and regulatory agencies Dayo Ayeyemi

he Nigerian Institute of Town Planners (NITP) may adopt Land Use Planning and Analysis Report (LUPAR) as part of documents to support building plan approvals, applications for opening of corporate bank accounts and processing of bank loans by early next year, New Telegraph has learnt. President of the NITP, Dr. Femi Olomola, disclosed this in Ibadan, Oyo State, describing the LUPAR as a novelty that seeks to expand the frontiers of Site Analysis Report (SAR) applications beyond the tradition of planning approvals. He spoke at the formal opening of the 17th edition of 2015 Mandatory Continuing Professional Development Programme (MCPDP) themed: “Development of a Multi User Template for Land Use Planning and Analysis Reporting

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Town planners mull use of land report for building approvals, others in Nigeria.” LUPAR is expected to build on the existing SAR processes and procedures, add details of geographic references and further information relating to building types and conditions, title deeds, the local land use, development setting and the permits granted on property. The expanded areas of its application cut across various sectors of the economy, many of which have direct relevance to the financial sector and regulatory agencies.

Olomola said that the new format LUPAR, in addition to other benefits, could become a very useful and authentic instrument that supports applications for opening of corporate bank accounts, process bank loans, make requests for Insurance cover and incorporate/register new companies with the Corporate Affairs Commission (CAC). Besides, it will also addresses the traditional requirements of applications for building plan approval/permits, issuance of certificates of occupancies (C-

of-Os), and potential value to security and regulatory agencies with oversight functions on crime and enforcement of standards, among others. Olomola said that about 13 different areas of the economy where LUPAR will be useful had been identified. The NITP boss, who noted that the Urban and Regional Planning Decree 88 of 1992 clearly defines the legal and institutional framework for Land Use Planning in Nigeria, regretted that the nation is yet to get the

environment right. Part of the reasons he adduced for this include unavailability of tools needed for site visits, shortage of personnel, with less than 5,000 registered town planners in the country, among other factors. He said that the institute couldn’t afford to wait for governments to provide all that is needed to achieve the dream environment, hence the idea of the new template that is aimed at addressing some of the identified gaps.

Ported phone lines rise CONTINUED FROM PAGE 31

third with 1,065 ported lines. MTN with the lowest gained numbers of 657. Analysts said that the major factor driving the decision of subscribers to port from network to another is the quality of service delivery provided by the receiving network. The NCC has set a strict Key Performance Indicators (KPIs) QoS for telecoms operators and has continued to sanction operators for not meeting the QoS parameters. As such, the Commission said that the NNP scheme would also boost competition among telecoms operators on the provision of quality of service, while also providing wider choices for the subscribers. Public Affairs Director, NCC, Mr. Tony Ojobo, had reiterated that MNP is a need-based valueadded service for willing subscribers. “MNP is not a compulsory service that people must subscribe to. If a subscriber sees a need for it, he or she may switch from his or her current network to another and if not, he or she remains on its current network. “So, you don’t expect a surge in MNP uptake since it is based on the decision of the subscribers to either port or not to port. Yet, I believe we are having impressive uptake, coming mostly from individuals who have seen a need to migrate. The beauty of porting services is freedom of choices,” Ojobo said. Meanwhile, the NCC report also showed the current positions of the telecoms operators, regarding their shares of the 146.5 million active telecoms subscriber base in the country.

L-R: Director, Learning and Development, Nigeria Employers Consultative Association, Mrs. Celine Oni; Chairman, Ruff ‘n’ Tumble, Mr Adegbola Ogunlesi; Mrs Adenike Ogunlesi; Director-General, Industrial Training Fund, Dr. Juliet Chukkas-Onaeko; Director, ITF-NECA Technical Skills Development Project, Mrs. Hellen Jemerigbe and Director, ITF, Mr. John Enyi, at the unveiling of the NECA-ITF Skills Development Project, in Lagos.

EMBARRASSMENT

There are no adequate taxi-way lightings and apron lightings at MMA terminal and at GAT Apron Wole Shadare

ormer Commandant, Murtala Muhammed Airport, Lagos, Group Capt. John Ojikutu (rtd), has expressed concern over what he termed incessant aircraft incident on the runway and taxi-ways of most of the country’s airports, especially at the Lagos aerodrome. Ojikutu spoke in Lagos against the backdrop of the Emirates’ aircraft that clipped the wing of a parked HAK Air’s aircraft on the taxiway of a runway 18L, considered to be shorter in length and width. Emirates flight EK782 from Lagos to Dubai (Boeing 777-200LR) was last Monday involved in an incident while taxiing for departure. The right hand wingtip of Emir-

Expert frets over incessant incidents on Nigeria’s runway ates aircraft came into contact with the tail of a stationary aircraft (Boeing 737 of a local carrier named Hak Air). There were, however, no injuries to passengers or crew of Emirates Airline, as they were transferred back to the terminal. Speaking on the incidents, Ojikutu recalled that the safety recommendation on the incident seven years ago when Hydro Air cargo aircraft hit the runway resurfacing equipment that was carelessly left on a runway undergoing repairs, said it could have led to avoiding such occurrence if the advice had been implemented. He noted that the reported collision between the two aircraft brought to the fore the lessons not learnt from the crash-landing of the cargo airplane many years ago. Ojikutu said that it was an embarrassing incident to the responsible safety authority

that caused Nigeria over $5 million to pay as damages to the foreign aircraft owners. His words: “The question one should be asking the responsible safety authorities of the Murtala Muhammed Airport, the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Civil Aviation Authority (NCAA) are what are the regulations, operating minima, safety standards or the distance for any aircraft to be parked near to the runways, taxiways and apron shoulders or clear areas at MMA, taking into consideration the extended wing span of some modern aircraft like the A-777 particularly at MMA GAT?” He queried the last time there was any airfield inspection at the Lagos airport to ensure that the minimum standards, maintenance, regulation are being enforced and ensuring that there are no obstructions to air traffic

movement on the taxiways/ runways and at their shoulders/clear areas. Ojikutu also inquired how often foreign airlines aircraft taxi on the taxi-ways left of 19L or why was Emirate aircraft was not cleared to use the taxiway right of 19L. He questioned who was responsible for airfield inspection and apron control at General Aviation Terminal. “Are there adequate taxiway lightings and apron lightings at MMA terminal particularly at the GAT Apron? How long has the Hak Air’s aircraft been parked at the collision position and who authorised its parking at that position?” He reiterated that there was a need also to find answers to these questions to ensure the process of completing credible certification or decertification of MMA and other airports to enable the stakeholders know the true status of these airports.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Oil price rout to persist till 2016, says IEA p.34

Energy

DPR: A ‘toothless bulldog’ of the product lately. He said that the mandate of the agency is to licence marketers not necessarily to guarantee products to them. Bamgboye said that IPMAN members do not import products, but rely solely on the Nigerian National Petroleum Corporation (NNPC).

The anti-corruption stand of President Muhammadu Buhari is expected to boost the watchdog activities of the Department of Petroleum Resources (DPR), reports Adeola Yusuf

Clog in wheel The backlogs of subsidies have been the clog in the wheel of smooth supply by the marketers and these have also majorly contributed to monitoring challenge for the DPR. Buhari, however, agreed to pay outstanding subsidy-related debts on PMS to marketers in a bid to check the growing queues for fuel at filling stations across the country. IPMAN’s spokesman, Yakubu Suleiman, who said this, maintained that this agreement was the outcome of a meeting between representatives of the Federal Government and the marketers. An acute fuel shortage crippled Nigeria in April and May as fuel importers shut their depots to press their case. Importers were worried that the new government, elected in March, would not honour the debts incurred on subsidy and foreign exchange differentials. “They agreed to pay the remaining balance last week. Nothing has come yet, but maybe this or next week. It’s N159 billion ($800 million)” Suleiman, said. He revealed that he was present at a meeting last Thursday with the permanent secretaries of finance, oil and the DPR, which regulates the costly subsidy scheme for petrol and diesel. The presidency, however, did not immediately respond to a request for comment on the issue.

or the umpteenth time, the DPR, on Wednesday, July 8, 2015, threatened to delist marketers that engage in sharp practices. This is not the first time the agency has read the riot act to marketers. It had at different fora in the heat of fuel scarcity in May, vowed to deal with marketers who sell Premium Motor Spirit (PMS) otherwise known as petrol, above the regulated price of N87 per litre. While a pocket of filling stations were sealed up in the morning and later reopened in the evening, major players who erred were not apprehended while profiteering, hoarding and other sharp practices continued in the industry unabated. Meanwhile, major activities of the new government had recently been tailored towards ensuring that the DPR does not only bark, but also bite. Nigeria, one of Africa’s top producers of crude oil, subsidises PMS and other fuels. The country must import the bulk of the 40 million litres a day that it consumes owing to a neglected refining system. The coming of Ladan A few weeks ago, President Buhari ratified Mr. Mordecai Danteni Baba Ladan’s appointment as the new Director of the DPR. Ladan is not a rookie in the watchdog business, having attained the rank of Deputy Director and appointed as the head, Downstream Monitoring & Regulation Division, between October 2005 and June 2013. He succeeded Mr. George Osahon, whose two-year tenure lapsed on June 19, 2015. But because his appointment took immediate effect, he was faced with the daunting task of ensuring strict compliance by fuel marketers to the N87 per litre price for PMS. The trained Petrochemist joined DPR on November 23 1987, as a Senior Analytical Chemist. Baptism of fire Ladan took advantage of his first public stakeholders’ meeting last Wednesday to again read a riot act to marketers who engage in fuel hoarding, profiteering and other sharp practices. Acting Director of DPR who chaired the meeting with officials of Depot Products and Petroleum Marketers Association(DAPPMA),

DPR Headquarters

Buhari

Major Oil Marketers Association of Nigeria (MOMAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) particularly threatened to delist the names of fraudulent petroleum marketers selling petrol above the regulated pump price of N87 per litre, from further participation in the Petroleum Support Fund (Fund). Despite several warnings to marketers to desist from selling above the regulated price, Ladan said that some marketers have consistently flouted the government’s directive. “This meeting is, therefore, convened to reiterate the resolve of

Ladan

All eyes are on the DPR to discharge its statutory responsibility as the watchdog of the oil industry

the DPR to ensure that henceforth, the DPR would not allow a situation whereby supply of Premium Motor Spirit (PMS) is dictated by the private interests of marketers and dealers to the detriment of the Nigerian public, neither will the Department condone any act of selling PMS above official pump price in government licenced facilities under any guise whatsoever,’’ he said. But a representative of IPMAN, Mr. Kunle Bamgboye, said that it would be unfair on the part of the agency to accuse marketers of hoarding and threaten sanctions accordingly when it was obvious that there are interrupted supplies

Review of subsidy Meanwhile, President Buhari is expected to review closely the subsidy scheme, which was revealed to have paid out over $6 billion in fraudulent claims in 2012. The president had earlier been advised to pay backlog of subsidy on PMS and DPK amounting to over N250 billion. This was contained in the executive summary of the 800 pages of policy recommendations of a ‘transition committee’ set up by Buhari in April, which was submitted to the president last month, obtained by Reuters. The details of the study were not made public, but Reuters reported last Tuesday that among its recommendations were slashing the size of the civil service, overhauling the much-criticised NNPC and removing costly petrol and kerosene subsidies. The committee also recomCONTINUED ON PAGE 33

Business | Energy

DISMAL PERFORMANCE Major global oil firms have reported a year-on-year decline as a result of lower oil prices

Adeola Yusuf

igeria and other oil producers should expect a tougher economic time, which would be buoyed by further oil price slide expected to last till 2016, the global crude market watchdog, International Energy Agency (IEA), has warned. It made this prediction in its July Oil Market Report, declaring that the further price slide that would begin before December would last till next year. Nigeria, Africa’s biggest crude exporter depends largely on crude proceeds to service over 85 per cent of its budget. The price fall, which saw the commodity crash to $40 per barrel last year had a negative impact on the economy of Nigeria than any other member of Organisation of Petroleum Exporting Countries (OPEC). The world oil market was, according to IEA, unable to absorb the huge volumes of oil now being produced, which followed the massive drop in prices that started last summer. The price of Brent crude fell sharply last year from $115 a barrel in June to $45 a barrel last January. The current price of Brent crude is $59 a barrel.

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Oil price rout to persist till 2016, says IEA The fall in prices has led oil firms to cut back investment in exploration, while North Sea oil has come under significant pressure. All seven major global oil firms have also reported a yearon-year decline as a result of lower oil prices. Only last month the Office for Budget Responsibility (OBR) forecast North Sea oil and gas revenues would fall to below 0.1 per cent of Gross Domestic Product (GDP) over the coming decades.

It said that the tax takes from North Sea oil and gas had already fallen by 80 per cent in the last three years, The price rout, which has sent oil prices to a four-year low in 2014, is expected to deepen, the International Energy Agency added. The Paris-based watchdog said: “While there has been some speculation that the high cost of unconventional oil production might set a new equilibrium for Brent prices in the $80 to $90 range, supply/

demand balances suggest that the price rout has yet to run its course.” The murder capital of the world Against a backdrop of weakening demand, oil supply in October increased adding further downward pressure on prices, the IEA said in its monthly market report. According to the watchdog, global oil supply inched up by 350,000 barrels per day (bpd) in October to 94.2m bpd. However, in London Brent crude bounced at the open up

almost 1pc at around $78 per barrel after heavy losses overnight in the US saw West Texas Intermediate blend crude fall to $74 per barrel. “Crude prices are enduring another hefty move lower, with Brent shifting below $80 for the first time since late 2010,” said Chris Beauchamp, Market Analyst, IG. “With this key level out of the way a move towards $75 now looks likely as the hunt for a real floor in oil prices goes on.” The supply glut will add to pressure on the Organisation of Petroleum Exporting Countries to sharply cut back on production at their meeting on November 27. However, the group’s major producers may be reluctant to do so due to the risk of losing more market share to shale oil drillers in the US.

A ‘toothless bulldog’ CONTINUED FROM PAGE 33

mended a root and branch overhaul of Africa’s biggest oil industry and increased borrowing to help pay off $20 billion of government arrears, a reform proposal document showed. Contracts between NNPC and oil firms and fuel traders should be reviewed, the committee suggested. NNPC works alongside oil majors such as Shell, Exxon, Chevron as well as global oil traders, including Trafigura, Vitol and Glencore. Among its recommendations of ‘transition committee’ was that Buhari should appoint a “Reform Czar” within the president’s office to oversee changes, the committee suggests. “Time is of the essence and expectations are high. The administration must act now,” the report said. The paper lays bare the dire state of public finances in Nigeria, which has been hammered by a halving of oil prices last year. Nigeria relies on oil exports for 80 percent of government revenues and 90 percent of foreign exchange earnings. Conclusion All eyes are on the DPR to discharge its statutory responsibility as the watchdog of the oil industry and provide the necessary support for the much-touted oil sector’s reforms.

Managing Director, Nipco Plc, Mr Venkatapathy Venkataraman, dispensing fuel to a motorist while the Company Secretary, Paul Obi (2nd Right) and a director of the company, Mr. Tunji Adeniji watch with admiration during the inauguration of Nipco flagship station on Ikorodu Road, Lagos.

CONSOLIDATION Firm moves to consolidate its position in the downstream sector Adeola Yusuf

IPCO Plc has augmented investments in the downstream sector with a surge in number of its service stations above 150, its Managing Director, Venkataraman Venkatapathy, has said. This step, he said, was a display of staunch belief that the deregulation of the downstream sub-sector may come earlier than expected. Speaking at the inauguration of NIPCO’s flagship station in Lagos, Venkatapathy said that the outlet was aimed principally at meeting the needs of motorists and other petroleum

NIPCO expands Nigeria’s downstream investments products’ users. The flagship station, he added, was to improve access to fuel and non-fuel services and ease suffering being faced by the populace during fuel scarcity. “The station, which is the latest addition to over 150 outlets on the NIPCO’s brand, is part of the company’s giant stride to increase its service outlets across the country,” he explained. The NIPCO helmsman tasked the managers of the station to maintain high safety standards in line with international best practices, a feat that, he said, had earned the company scores of recognition over the years. “NIPCO has remained a benchmark in petroleum

products storage and dispense through its ultra modern terminal on Dockyard Road, Apapa and has since embarked on parallel integration with the acquisition of hundreds of service outlets, retailing the products across the nation. “We presently has over 150 outlets with the most latest being the Ikorodu station strategically located on the ever busy expressway linking the mainland to the Lagos metropolis in the erstwhile Federal Capital,” he said. Venkatapathy said that the new station with a combined storage capacity of over 200,000 litres, has a multi-nozzle pumps for dispensing of products, including Premium Motor Spirit (PMS), Automotive

Gas Oil (AGO) and Dual Purpose kerosene (DPK). He said that the dispensing pumps are properly calibrated and tamper proof to guard against any unpleasant acts to the detriment of motorist with a view to ensuring continuous patronage Venkatapathy gave the assurance that product supply to the station would be given utmost priority with exceptional service delivery on the minds of the attendants. He disclosed that the state-of-the-art station is a reflection of the company’s pedigree in the downstream sector as acclaimed by various stakeholders in the petroleum products marketing realm.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Property&Environment Coroner’s verdict on Synagogue: Lessons for professionals N60bn Inagbe Resort boosts real estate p.36

Taking a cue from the Lagos State coroner’s verdict on the Synagogue saga, built environment experts have cautioned their members to ensure quality in jobs they undertake. DAYO AYEYEMI writes

ollowing last week’s verdict of the coroner on the collapsed six-storey building belonging to the Synagogue Church of All Nations (SCOAN), which killed 116 persons on September 12, 2014, built environment experts said their members should be ready to bear responsibility for their actions. Describing the judgment as a “welcome development,” experts in the sector maintained that gone were the days when a building would collapse on occupants and nothing happens to the culprits after. This is the first time that such judgment was coming to the sector following scores of building collapse in the past. Coroner’s Verdict The Lagos Coroner, Magistrate Oyetade Komolafe, last Wednesday, called for an investigation and possible prosecution of the two structural engineers who built the collapsed six-storey building belonging to the Synagogue Church of All Nations. He also indicted SCOAN of erecting a building without “possessing necessary building permits,” stating that it be investigated and prosecuted. The coroner insisted that the building fell as a result of structural failure due to the combination of designs and detailing errors. The coroner noted that the collapsed building had no approval of the state, asking that the church be “investigated and proceeded against under the law by the relevant authority.” He further recommended that fitness test be conducted on all other structures on the premises of SCOAN in order to prevent a future occurrence. “Relevant authority should carry out detailed ‘fitness for habitation test’ on all the structures/buildings within the premises of the Synagogue Church of All Nations, situated at Segun Irefin Street, Ikotun, Lagos State, immediately,” the coroner added. Relying on the report by the

Scene of collapsed building belonging to Synagogue Church of All Nations in Lagos

Council for the Regulation of Engineering in Nigeria and others, the coroner concluded that the six-storey building collapsed due to inadequate columns and beams, which constituted structural defects. SCOAN But the Synagogue Church of All Nations has, described the coroner’s verdict as “unreasonable, one-sided and biased.” The church maintained that the building collapsed as a result of sabotage, disagreeing with the finding that the incident was due to structural failure. Experts’ view President of Building Collapse Prevention Guild (BCPG), Mr. Kunle Awobodu, lauded the verdict, tasking professionals to know their limitations in the course of duty. He also appealed to government to check corruption among its staff in order to nip building collapse in the bud. Former President of the Nigerian Institution of Structural Engineers, Mr. Victor Oyenuga, called on homebuilders to always consult structural engineers during building construction. He also tasked government to outsource the vetting of building design and the supervision

One hundred and thirtyfive buildings collapsed in Lagos State between 2007 and 2013

of construction project to structural engineers. “Government and homebuilders should look into the coroner’s verdict by giving jobs to professionals,” he said. A Lagos-based architect, Mr. Femi Shodunke, described the verdict as a ‘good judgment’, asking professionals to be ready to take responsibility of their actions at any time. He stated that one thing that the verdict pointed out was that the collapsed structure was structurally defected. “The judgment has sent signals to professionals that they should be ready to bear responsibility for their work,” he said. Cumbersome planning permit process, absence of physical development plans and operative development guides, as well as title documents as prerequisite for granting planning, have, however, been adduced as major factors for building collapse. Past building collapse incidents One hundred and thirty-five buildings collapsed in Lagos State alone between 2007 and 2013, according to the 2013 Report of the Tribunal of Inquiry into Building Collapse in Lagos State. The highest occurrence was in 2011, with 34, accounting for 25.5 per cent of collapse incidents. There were also 54 buildings

of 2-3 floors, constituting 40 per cent of incidents and buildings above five floors constituting the remaining percentage. For non-availability of persons prosecuted or sanctioned over the 135 reported incidents of building collapse during this period, the tribunal, headed by Mrs. Abimbola Ajayi, an architect, indicted the state government for alleged complicity. The report noted that there was no single record of prosecution by the Lagos State Ministry of Justice, the Nigeria Police or any other known organ in the state, despite the state government’s primary role of protecting lives and properties. According to the study, the state government has not done enough in the implementation of laws that prescribe the operations of all stakeholders in the construction industry in the state. Conclusion To put an end to cases of building collapse, built environment experts comprising architects, engineers, builders, quantity surveyors and town planners must work together to ensure that right things are done in the building production process. Also, homebuilders must patronise professionals to ensure safe and sustainable development.

Business | Property & Environment

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

N60bn Inagbe Resort boosts real estate MORE JOBS The project will generate 4,000 jobs in next one year

Stories by Dayo Ayeyemi

he real estate market in Nigeria has received a boost with the injection of $300 million (N60 billion) hospitality asset known as Inagbe Grand Resort and Leisure on Lagos Island, the nation’s commercial and business hub. Located on a four million

square-metre land in Inagbe, a sleeping island with expansive beach front in the middle of Lagos’s Lagoon and Atlantic Ocean, the Resort is currently attracting high net worth individuals and corporate organisations, including First Bank, Stanbic IBTC, Nestle, KPMG, PWC, Nigeria Guinness and Peak Milk manufacturers, among others, as clients. Initiated by Gran Imperio Group (GIG), a real estate investment and development company less than two years ago, the Resort has transformed Inagbe Island to a city owing to the number of ongoing construction activities and visitors trooping into the

area for relaxation. “What we have here now is a city we have created at the middle of nowhere called Inagbe Grand Resort and Leisure; it is very Nigerian and pan-African because most of the products used here are basically produced either in this island or sourced from several local companies we have partnership and alliances with,” Managing Director/Chief Executive Officer of Gran Imperio Group (GIG), Mr. Adeyeye Ogunwusi, said. He said that the town now offers landed property on a site and services scheme for developers and those interested to have a home within it.

He disclosed that the entire project would gulp over $300 million. According to him, no fewer than 1,000 people are currently working in the city while over 300 people visit the Resort weekly. He projected that the venture will employ 4,000 people in the next one year. The GIG boss said that the project was meant to develop the remote area and create real estate investment that would be showcased as a masterpiece to the entire world in form of tourism. Besides, he said that it was designed to brand the country so that people can explore good things and know that such

Inagbe Resort, Lagos

Lekki Gardens targets one million housing units by 2023

ekki Gardens, a property development firm, plans to build one million housing units by 2023. The new target - a record by any private developer would see the firm spread its footprints from the current Lagos, Abuja and Port Harcourt property market to at least 12 states in the country. The firm, according to a statement, currently boasts of over 15,000 housing units in its existing 49 projects and is confident that the country’s real estate sector holds an immense opportunity, driven primarily by high household spend on rental and purchase. Nigeria’s 17 million housing deficit holds a market potential of $500 billion, as only 25 per cent of the said deficit accounts

for an effective demand. Making this known at the Lekki Gardens Annual Lecture series tagged; “Unlocking the Opportunities in Nigeria Real Estate Market,” Chief Executive Officer (CEO), Lekki Gardens, Richard Nyong, stated that, with families spending between 40 to 70 per cent of their income on real estate, the sector remains investors’ delight. Nyong explained that in a bid to tap into these new opportunities, his firm has developed some unique capacities such as deeper managerial skills, accountability and huge infrastructure investment. Recalling the beginning of the brand’s success story in just three years of its existence, the Lekki Gardens boss narrated that from one estate of 350 housing units

in January 2012; two estates of 2,000 housing units in January 2013; 21 projects with about 7,000 housing units in 2014, the brand now has a total of 48 projects accounting for 15,000 housing units sold so far. He said: “Our presence in the industry have dropped house prices by as much as 50 percent across all the locations our project feature, and we are happy we are pioneering that change.” He added that the brand’s lower prices and effective marketing strategy are part of a well-though out strategy, which distinguishes it from its contemporaries. On its future prospects, Nyong is positive of his firm’s ability to deliver at least 100,000 housing units in the next two to three years, even as it targets one million marks in the next eight years.

could come out of Nigeria. Ogunwusi hinted that the company was planning to replicate the project in other geopolitical zones of the country. Presently, the Resort has 125 bungalows shared between the lagoon and ocean front of the enclave. He disclosed that the plan was to build a five-star hostel along the coastal belt in the near future. “We are already talking with institutional investors in order to expand this facility,” he said. When journalists went on tour of the Resort, some guests from the Institute of Directors (IoD) and foreigners were on ground to explore the opportunities offered by the facility. In order to encourage all classes of people to patronise the Resort, Ogunwusi said that the management recently introduced a product known as ‘Explore’, which will afford would-be visitors and guests to enjoy all the city offers with very little financial commitment. He said: “The ‘Explore’ product is a loyalty programme that we are working out for members of the public to come and experience this place in its natural ambience. It is very easy to do. The minimum points a client can get from this Explore Card is 25,000 and each point costs N2.00. With this you can experience everything we have here and from there, he keeps generating his points on regular basis.” He said that the average of N35,000 charged as room rate per night on the island might be unaffordable for the ordinary folks who would like to patronise them, hence the Explore Loyalty Programme has been structured in such a way to reduce the room rate by as much 50 per cent.

Plusworld mulls public primary schools’ renovation

s part of its Corporate Social Responsibility (CSR), Plusworld Roofing, an indigenous roofing solution company, is planning to either restore or renovate the roof of selected public primary schools nationwide. Managing Director and Chief Executive Officer of the company, Mr. John Igbaifua, disclosed this in Lagos. He said that if the true change that Nigerians are clamouring for should come to reality, all hands must be on deck. Igbaifua added that one of the best and easiest ways to effect change in any society is via its education system. “The change we so much desire starts from us. The easiest way to achieve this is by supporting sound education for the young ones, especially at the primary school level, because only sound minds make sound decisions. The environment where the students are taught goes a long way in determining the success or failure

of any education policy. Good environment breeds sound education, which in turn breeds sound mind and sound minds make sound decisions,” he said. He asserted that although no specific school has been chosen, the lucky one would eventually emerge through voting by the general public via the social media network, adding that this has started in the month of May and the school with the highest votes would get the nod. Explaining the modality for the nomination, Igbaifua said: “As part of giving back to the society, we decided to either install or renovate the roof of a public school. Nomination is free and to participate, just send the name, location and picture of the roof of the school to www.facebook. com/plusworldroofing, and get as many people as possible to like the picture.” He added that the picture with the highest number of likes wins the chance to have a complete roofing installation or renovation.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

‘Cheapest fares not certainly the best’ p.38

Aviation

Implications of declining traffic to Nigeria A careful analysis of traffic trends in the last two quarters of this year shows a decline. WOLE SHADARE writes on the domino effects on airlines, aviation agencies and Nigeria

fewer passengers than the preceding quarter. Nonetheless, this decline was lower, relative to the other airports, as MMA held a three per cent point greater share of the total in the first quarter, at 39.64 per cent. The statistics added that yearon-year, quarter one of 2015 recorded a marginally lower volume of domestic passenger traffic, with 2,372 or 0.26 per cent fewer passengers.

he statistics clearly speak volume. Passenger traffic is dropping, airlines are bleeding, and aviation agencies are groaning over depleting revenue in passenger taxes, while oil marketers are supplying fewer litres of aviation fuel, otherwise known as JET A1. The harsh economic reality has made it extremely difficult for people to take to air travel, except for businessmen, contractors, government officials - same set of people who travel round the country for business purposes. A travel expert, who spoke on condition of anonymity, said that domestic and international travel would continue to suffer because of lack of money in the hands of many people, adding that even if the fares are brought down to a ridiculously low level, many people would still prefer to travel by road. He explained that many operators could be forced to close shop with low patronage, just as aviation fuel price keeps increasing, while airlines are daily losing passengers to the roads. Fuel is as important to an airline as the aircraft itself. Not just for its cost implications, but because without fuel in tanks, the plan to deliver service is not feasible. The domino effect of this development is that the airlines need to think out of the box to remain in business. According to the source, “not only will the situation affect various aviation agencies, which are sustained by the different charges they get from the travelling public, the airlines are equally affected as revenue is expected to drop drastically. If care is not taken, they will be saying good night to an industry, which has so much potential for growth, but one which is not run effectively by policy formulators.” Impact on economy This also has serious impact on the contribution of revenue from the sector to the Gross Domestic Product (GDP). A report about the economic and social impact of aviation entitled “Aviation: The Real World Wide Web,” launched in London a couple of years ago by Oxford Economics, a world leader in quantitative

Top: Aero Contractor B737-500 aircraft. Bottom: Arik’s B737-700 aircraft

analysis and economic forecasting, said that air transport has been contributing $10 billion to Gross Domestic Product (GDP) of Nigeria and other African countries. Also, close to six million jobs would be supported by Africa’s air transport sector in the next 20 years. That is too paltry for a sector that is money-spinning in United Arab Emirates (UAE), United States, Europe, Ethiopia, Kenya and other places. To drive the point home, the Nigeria airports and airstrips recorded 10.88 per cent decline in passengers’ traffic in the first quarters of 2015 with 3,710,618 movements when compared with the last quarter of 2014. Just like in the past years, the Murtala Mohammed Airport (MMA), Lagos, recorded the highest number of passengers in the local operations, while the Murtala Mohammed International Airport (MMIA), Lagos, led others in the movement of international passengers arriving and departing the country. In the last quarter of 2014, a total of 4,163,762 passengers travelled through the country’s airports, which were up by 227,744 or 5.59 per cent from quarter three of the same year. Declining traffic Information from the National Bureau of Statistics (NBS) indicated that year-on-year, the first quarter of 2015 value was still 294,011 passengers or 8.61 per cent greater than the first quarter of 2014, while quarter four of 2014 was 594,317 passengers or 16.65 per cent greater than the number recorded in the closing quarter of 2013.

The airlines need to think out of the box to remain in business

The bureau stated that of the passengers that travelled in the first quarter of 2015, a total of 2,261,648 or 60.95 per cent travelled domestically, while 71.32 per cent of travel was domestic in the preceding quarter. The corresponding quarters recorded 68.84 per cent and 65.90 per cent domestic travel in quarter one of 2015 and quarter four of 2014 respectively. The bureau stated that declines in total passengers in the first quarter were driven by lower numbers of domestic travelling passengers, which it put at 708,092 fewer passengers or 23.84 per cent below quarter four of 2014 values. However, international passengers increased by 254,948 passengers or 21.35 per cent. Similarly, the quarterly rise observed in quarter four of 2014 was also driven solely by higher domestic passenger numbers, increasing by 320,544 or 12.10 per cent relative to the preceding quarter, while international passengers declined by 92,800 or 7.21 per cent. In the domestic scene, in the fourth quarter of 2014, the airport with the greatest frequency of domestic passenger traffic was MMA, which had 1,088,141 passengers, or 36.64 per cent of the total traffic. The bureau described the period as the peak of the airport, having increased by 74,225 passengers or 7.32 per cent from the last quarter. Sharp fall in domestic traffic The opening quarter of 2015, however, saw a sharp decline in MMA’s domestic passenger traffic, with 191,617 or 17.61 per cent

Abuja local traffic rises Abuja had the second highest number of passengers travelling domestically. Similar to Lagos, the series peaked in quarter four of 2014, at 940,872 passengers, representing 31.68 per cent of the total. The bureau added: “However, quarter one of 2015 saw an almost equal decline of 176,503 passengers or 18.76 per cent. Yet this was still a rise year-on-year, of 63,120 passengers or nine per cent relative to the 701,249 passengers that travelled in quarter one of 2014. Abuja’s share of total domestic passenger traffic increased to 33.80 per cent in the opening quarter. “Port Harcourt continued to hold the third highest volume of passenger traffic, with 329,499 passengers in quarter of 2014, declining by 64,406 passengers or 19.55 per cent in quarter one of 2015 to 265,093 passengers. Its share of the total, however, increased only marginally, from 11.10 per cent in quarter four of 2014 to 11.72 per cent in quarter one of 2015. Relative to the corresponding quarter of 2014, the opening quarter of 2015 still recorded passenger traffic lower by 9,093 persons or 3.32 per cent.” Besides, total aircraft movement also declined with 71,414 aircraft in the last quarter of 2014 by 12,181 aircraft or 17.06 per cent in the opening quarter of 2015. Conclusion It is not out of place to say that Nigeria has one of the least developed air transport industries in the world, but the multi-million dollar question is: How the numerous airlines in operation today are going to survive, taking into consideration that many of them are flying with less capacity? It is very curious that there is more investment in the sector when the return on capital is abysmally low. The question experts are asking is: Where are the passengers they are going to carry? This is coming at a time several people are taking to land transportation despite the fact that air travel is the safest and fastest means of transportation. The roads have become death traps.

Business | Aviation

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

‘Cheapest fares not certainly the best’ Ngozi Ngoka, a management consultant with 15 years experience in the travel & tourism sector is the Chief Executive Officer of Zigona Travel and Tours Ltd. Ngoka, who is also the National Publicity Secretary of National Association of Nigeria Travel Agencies (NANTA), in this interview with WOLE SHADARE, speaks about the sector that is constantly evolving

television, newspapers and Internet, among others, it’s no wonder the travelling public is confused! And it’s precisely for this reason that the service of a professional travel agent is invaluable. A travel agent not only harnesses the various modes of transportation, but also may be able to save you money with early booking discounts, special fares, hotel deals and travel advice. Travel agents offer one-stop shopping for all travel arrangements. So you can book your flight, hotel, car and travel insurance, among others without having to check multiple Internet sites. Your travel agent will also explain the small prints to you and give you visa, health and safety information about your destination. Agents work for you and will do everything they can to meet your travel needs. Some agents literally go that extra mile to help their clients.

Most travel products such as airline and cruise tickets can be bought online. How has this trend impacted the travel agency business in Nigeria? Not so much. A few years ago when the trend first started, we lost a few customers, but most of them are coming back to us. In Nigeria today, travel agents are still the leading distributors of travel products and services because planning a trip today can be confusing and time consuming. With the overwhelming number of sources of travel information out there - from cable

How true is the notion that bookings made through travel agents are more expensive? This is not always true. Travel agents have strong working relationships with travel suppliers and have the latest in computer reservations technology to enable travel agents to access the most up-to-date information on how to get you the best value. If you are loyal to your travel agent, chances are, your travel agent knows your travel routine and preferences and will inform you when good travel deals are available. Sometimes airlines advertise offers but when you try to book, you

more competitive, travel agencies have increased the quality and type of services they offer. Travel agents can arrange all types of domestic and international travel, from hotel and resort accommodations to air and ground transportation, including car rental needs and tour packages. They can provide assistance with travel insurance protection, passport and visa applications, inoculation procedures and other foreign travel requirements.

Ngoka

In Nigeria, NANTA has a long-standing record of fighting for customer protection

find that those offers are no longer available. Some travel agents have dedicated staff on duty that fish all day (and night) to grab seats for their loyal clients as soon as they become available. Also, bear in mind that the cheapest fares are not necessarily the best. Your agent will analyse all current promotions and offer you the best one for your purposes. What added services do travel agencies offer? As the travel industry grows

What should be the determining factor in choosing a travel agency? First of all, your travel agency should belong to NANTA (National Association of Nigeria Travel Agencies). With over 1,000 members, over the years, NANTA has become a very influential travel association. The customer’s best interests are the priority for NANTA Travel Agents. In Nigeria, NANTA has a long-standing record of fighting for customer protection when airlines have not met up with their side of the bargain. For instance, the National President, Alhaji Aminu Agoha, recently called a press conference to highlight some of the sharp practices by some airlines operating in the country, which has resulted in increased cost of air tickets for journeys originating from Nigeria. In addition, NANTA also lends its voice to issues about travel safety and has an active committee that monitor’s customer complaints and helps find solutions.

Sesby’s Travels brings innovation to trips’ payment N1bn MARK The firm raked in over N1 billion in turnover last year Wole Shadare

ne of Nigeria’s leading travel management company, Sesby’s Travels & Tours Limited, has introduced 25 per cent advance

payment of total travel packages to its clients worldwide with zero per cent interest rate, while the remaining 75 per cent is paid at least a week before the journey. This is an innovation that travel experts said would help to make air travel very seamless considering the harsh economic reality many travellers are faced with. The firm has also launched an online travel portal where

air tickets can be bought at a very competitive price. Tickets purchased via www.sesbys. com, according to a statement, guarantees cheaper airfare that cannot be matched even by the airlines. The over N1 billion turnover of the firm in the year ending 2014 underscores the rating of the company as one of the top travel agencies in Nigeria, its Managing Director, Adeola Sesby-Banjoh, said

L-R: Sales Manager, Trade, Air France-KLM, Stephen Omadevuae; former Rector, Nigerian College of Aviation Technology (NCAT), Zaria, Capt. Adebayo Araba; Chief Executive Officer, Sesbys Travels and Tours, Adeola Sesbys-Banjoh; Account Manager, Air France-KLM, Lawal Dauda and Sales Executive, Trade, Qatar Airways, Simeon Osunkunle, at the launch of ticket sales portal by Sesbys Travels and Tours in Lagos.

in Lagos during the launch of new online portal and travel services to its customers. Sesby-Banjoh said that the essence of the launch of the new portal was for the company to serve better its numerous clienteles; companies and individuals around the world. She said that the portal would be available for 24 hours daily. She noted that the company, which started about 12 years ago with a single office, today has offices in major cities in the country approved by the International Air Transport Association, IATA, affiliated with more than 450 tour companies in over 130 countries, have access to over 200,000 hotels worldwide and works with all the airlines around the world. Sesby-Banjoh said that the essence of the company was to simplify travels for its clients, stressing that the company had been able to achieve this over the years with pragmatic approach. Her words: “We set out to be different from others. We focus on the needs of our customers and satisfy their needs. Unlike some travel tours that abandon their clients, we don’t do such things. We regularly get in touch with them until they return safe to the country.

“Since we commenced operations over 12 years ago, we have not had any litigation against us by any of our customers. We critically look at the budget of our clients and plan for our clients. We guarantee cheaper prices than the airlines because we have relationship with them.” Sesby-Banjoh listed one of the challenges confronting the travel companies in Nigeria to include the infiltration of banks into travel and tours business. She declared that worldwide, banks don’t involve themselves in the travel business, but regretted that the same was not the situation in Nigeria with most lenders attempting to package travels for clients. She said: “Operating in this country has been very challenging. One of these challendges is the attempt by banks to venture into travels and tours business. Banks are not professionals in this area. “We are introducing the 25 per cent total travel package for our clients because we know the environment is challenging and we are the only travel company in the country today who does that. We believe that with the introduction of this, our clients would be able to plan their travels with ease.”

NEW TELEGRAPH TUESday, JULY 14, 2015

Photo | News

A cross-section of Orchestra of the Deeper Life Bible Church performing in preparation for a crusade by Pastor William Kumuyi coming up in Suleja, Niger, during a Regional Combined Service.

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

L-R: Chairman/CEO, Coscharis Group of Companies, Dr. Cosmas Maduka; Chief E ecutive Officer, Unigwe Adunal, Mr. Cyprian Ikegwuoha; his wife, Ijeoma; President, ABRO Industries Inc USA, Mr. PeterBaranay and Vice President, Mr. Tim Demarais, at the Customers’ Forum organised by Auto Care and Consumer Products Division, Coscharis Group in Lagos. PHOTO: GODWIN IREKHE

Executive Secretary, Plateau State Emergency Management Agency (SEMA), Mr. Barde Al-Hassan (left), at the scene where bomb was discovered at Ecwa Bishara 1 Church in Jos.

Rector, Federal Polytechnic, Ibadan, Prof. Olatunde Fawole (middle) and the Principal Executive Officer, Corporate and Public Relations, Amos Anetekhai (right), leading journalists on inspection of TETFund projects at the Federal Polytechnic, Ibadan, Oyo State.

L-R: Mr. Ageniola Joseph of the Retails Department, Huawei Technologies Company Nigeria Limited; Mr. Jerry Jenfa of the Marketing Department; Lagos Regional Manager, Mr. Taofeek-Lawal; Training Manager, Mr. Ayodeji Awodele and Sales Analyst, Mr. Chuks Morah, during the HUAWEI Future Star Award ceremony in Lagos.

President, International Development, Trevari NH3 Limited, Mr. Robert Leth (left) and Executive ViceChairman, Trevari Group, Mr. Innocent Owoicho Obande, at the signing of a Memorandum of Understanding (MoU) in Abuja.

Coordinator, Federal Road Safety Corps (FRSC), Special Marshals and Partnership, Mr. Ben Osaka, with members of the Road Safety Club at their inauguration at Blossom Millennium School, Onitsha, Anambra State.

L-R: Actress, Folake Onisola Aremu, aka Orisabunmi; Mr. Henry Abimbola and Mr. Kayode Olasehinde, aka Pa James, during the special prayers and anointing service for Mr. Abimbola and his family, at the Everwinning Faith Ministries int’l, Ikeja, Lagos. PHOTO: TONY EGUAYE

Business | Money Line

NEW TELEGRAPH TUESDAY, JULY 14, 2015

List of recertified BDCs rises to 2,715

BURGEONING CBN adds 27 qualified operators

ing to the Central Bank of Nigeria (CBN). The apex bank stated this in a circular entitled, “Updated list of confirmed Bureaux de Change in compliance with new requirements” posted on its website yesterday. The latest figure implies that 27 BDCs have

Tony Chukwunyem

he number of Bureaux De Change (BDCs) that have complied with new requirements for operations in the country has risen to 2,715, accord-

been added to the previous list of 2,688 BDCs, which the banking watchdog confirmed had complied with the new requirements as at June 10, 2015. It will be recalled that the apex bank had in a statement in June 2014, revised upward the minimum capital requirement

Cash crunch: Analysts predict decline in consumer spending Tony Chukwunyem with agency report

he prevailing cash crunch in the country occasioned by the oil price slump will impact consumer spending in the coming months, analysts have predicted. According to them, the thousands of civil servants across the country who are owed several months’ salaries will be unable to buy basic items such as food and drinks as shops would no longer extend them the credit they need. A 46 per cent crash in Brent crude prices in the past year has led to half of Nigeria’s 36 states, which

that, “The road ahead will be tougher. Owing to the substantial decline in government revenue in Nigeria and the need to implement austerity measures, we expect that there will be a significant backlash on consumer spending.” Buhari’s six-week old administration announced a bailout last week of as much as $3.5 billion for states to pay salaries and other debts. Details on when the money, which is meant to come from exports of liquefied natural gas and the central bank, will be allocated have yet to be disclosed and the package may only provide temporary relief, according to Manji Cheto, a London-

rely on monthly federal allocations for the majority of their funding, being unable to pay wages. A third of the formal workforce of 11 million is employed by the state, according to Renaissance Capital. The effects have been wide ranging and are hurting business as teachers, doctors and bureaucrats scrimp on spending. Listed consumer companies saw their profit before tax fall 55 percent year-on-year in the first quarter, according to Esili Eigbe, head of West African research at Exotix Partners LLP told Bloomberg. The worst is yet to come, he said. The news agency also quoted him as saying

for BDC operations in Nigeria from N10 million to N35 million. The regulator said it introduced the new requirements in a bid to correct observed deficiencies in the operation of BDCs in Nigeria, which it noted had led to gross inefficiencies and sharp practices in the foreign exchange based vice president at consultancy Teneo Intelligence. “A lot of investors looking at Nigeria haven’t realized the significance of this -- it is major,” Cheto said by phone. “The breadwinner in a lot of families tends to be someone who works in the public sector. On average you’d probably have 20 to 30 people that depend on that one person. You realize how much of a disaster it is on a micro level.” While Nigerian states frequently pay salaries late, the problem is worse this time because the country depleted the buffers that may have helped it weather the crisis, she said. A government oil savings account now stands at about $2 billion, compared with $21 billion in 2008, when crude prices last crashed, according to the IMF.

Economic Indicators As at M2* CPS* INF MPR 91-day NTB Bonny Light Ext Res**

N19,142,526.05m N18,579,219.49m 9 13 10.77 US$60.42 US$29,276,820,453

Mar, 2015 Mar, 2015 May, 2015 4/6/2015 Mar 2015 6/7/2015 3/7/2015

Source:CBN

Description 13.05 16-AUG-2016 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 10.00 23-JUL-2030

TTM

Price

1.11 1.81 3.98 4.61 6.56 8.69 15.05

FGN Bonds 98.21 100.15 102.84 101.49 105.71 97.01 68.00

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 5.1250 14.1547 15.5823 16.3288

Bid Yield

14.81 14.96 15.02 15.06 14.99 14.81 15.56

Change (%) -0.75▼ -0.06▼ -0.02▼ 0.05 ▲

Change (%) 0.31 ▲ 0.12 ▲ 0.08 ▲ 0.15 ▲ 0.17 ▲ -0.05▼ 0.00 ↔

Price 98.36 100.30 103.14 101.79 106.01 97.31 68.30

Tenor (Months)

Offer Yield 14.66 14.86 14.92 14.97 14.92 14.75 15.49

NITTY

1 2 3 6 9 12

Treasury Bills

Rate (%) 9.0934 11.4177 13.4399 13.5793 13.7300 14.3697

Spot($/N)

Offer 197.82

Change (%) 0.30 ▲ 0.12 ▲ 0.07 ▲ 0.15 ▲ 0.17 ▲ -0.05▼ 0.00↔ Change (%) -1.24▼ -0.55▼ -0.15▼ -0.03▼ -0.41▼ -0.05▼

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 12.75 13.14 -0.06 ▼ Open-Buy-Back (OBB) 4.75 01-Oct-15 13.00 13.41 -0.06 ▼ 12.44 13.28 -0.31 ▼ Overnight (O/N) 5.25 07-Jan-16 12.69 13.56 -0.31 ▼ 12.40 13.97 -0.15 ▼ 02-Jun-16 12.65 14.29 -0.15 ▼ Bid 197.72

Change (%) -0.38 ▼

NIFEX

Spot($/N)

Bid 198.9500

Offer 199.0500

Change (%) 0.50▲ 0.75▲

Change (%) 0.00 ↔

CBN Clearing Rates of July 6, 2015 Spot($/N)

195.95

196.95

0.00 ↔ Source: FMDQ

market, rent-seeking, depletion of the external reserves, financing of unauthorised transactions and dollarisation, among others. CBN also reviewed the mandatory cautionary deposit for BDCs to N35 million, adding that the fee shall be deposited in a non-interest yielding account in the CBN upon the grant of approval-inprinciple. In addition, while the application fee was raised to N100,000, the licensing fee to N1 million, the annual renewal fee for the forex dealers was also increased to N250,000. The apex bank pointed out that while the capital requirements for all other CBN-regulated entities had been reviewed upward over the years, that of the dealers in the sub-sector of the forex market had remained

the same. According to the CBN, the move would lead to BDCs being properly structured, effectively regulated and well capitalised to meet the objectives for which they were licenced. All existing BDCs and those currently operating with a final approval letter were expected to comply with the new mandatory cautionary deposit requirements by July 15, 2014. However, the CBN later extended the deadline to July 31 2015. At the expiration of the deadline, the CBN had on August 15 announced that a total of 2, 442 BDCs met the new capital requirements. But since then the banking watchdog has frequently published updated lists of BDCs that meet the capital requirements.

Naira hits fresh low on black market

he naira hit another record low of N241 to the dollar on the parallel market yesterday, as Central Bank of Nigeria (CBN) restrictions fed unofficial trade in dollars, traders said. The naira weakened by 1.0 per dollar on the black market as importers banned from accessing hard currency at the official interbank market by the CBN three weeks ago scramble for hard currency in the unofficial market, a currency trader said. The CBN spokesman, Ibrahim Muazu, said last week that the regulator would not be focusing on the thinly-traded

parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions. Muazu said the official interbank market had the capacity to handle legitimate dollar transactions but that people preferred to use the unofficial parallel market for undocumented transactions. President of the Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, told Reuters that people were buying dollars on the parallel market to protect themselves against further naira weakness.

Corporate governance guru Rossouw speaks at IoD forum

nternationally recognised expert in Business Ethics and the Ethics of Corporate Governance, Professor Deon Rossouw, will be the guest speaker at the Institute of Directors Nigeria (IoD Nigeria) Quarterly Business Forum billed for 21st July 2015 in Lagos. The Director General/ CEO of IoD Nigeria, Mr Victor Banjo, who announced this, explained that Professor Rossouw’s extensive training and consulting experience in the area of Business Ethics and Corporate Governance informed his choice for the event. Mr Banjo further stated that Professor Rossouw has consistently shown that there is an intimate

link between good governance and ethics. Ethics provides the foundation on which sustainable and responsible corporations are built. Professor Rossouw who will speak on, “Governing the ethics performance of organisations” has written several books on business ethics and published in leading international journals. He was the Founding President of the Business Ethics Network of Africa (BEN-Africa) and served as President of the International Society of Business, Economics and Ethics (ISBEE). He currently serves on the main committee for the Fourth King Report on Corporate Governance for South Africa.

Business | Financial Market News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

FMDQ Daily Quotations List

13-Jul-15

Bonds FGN Bonds

Price

Rating/Agency

Issuer

Description ^13.05 16-AUG-2016 ^15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034

Issue Date

Coupon (%)

Outstanding Value (N'bn)

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

581.39 480.13 20.00 100.00 300.00 351.30 233.90 233.73 605.31 599.99 75.00 150.00 200.00 591.57 324.50

TOTAL OUTSTANDING VALUE

4,846.82

TOTAL MARKET CAPITALISATION

4,406.20

Rating/Agency

Issuer

Description

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

1.09 1.79 2.04 2.14 2.88 3.96 4.28 4.59 6.54 8.67 13.38 13.86 14.36 15.03 19.01

14.49 14.80 14.87 14.88 15.01 15.12 15.14 15.05 15.08 15.04 15.96 16.08 16.21 15.56 15.09

14.33 14.70 14.78 14.79 14.94 15.02 15.03 14.96 15.01 14.98 15.91 16.02 16.13 15.49 15.03

98.56 100.40 91.43 90.16 90.18 102.52 74.99 101.55 105.32 95.94 94.69 80.23 57.46 68.00 81.73

98.71 100.55 91.58 90.31 90.33 102.82 75.29 101.85 105.62 96.24 94.99 80.53 57.76 68.30 82.03

Maturity Date

TTM (Yrs)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

17.25 0.00/16.00 0.00/16.50 0.00/16.50

2.10 112.22 116.70 66.49

03-Apr-17 08-Dec-16 19-Apr-17 06-Jul-17

0.97 1.41 1.77 1.98

2.94 1.00 2.66 3.13

17.27 15.62 17.44 17.99

99.97 100.42 102.37 97.91

Agency Bonds FMBN ***LCRM

17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

297.52

TOTAL MARKET CAPITALISATION

299.36

Sub-National Bonds A/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.13

4.44

16.45

99.40

A-/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

2.16

30-Sep-15

0.22

3.23

16.56

99.19

BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

2.60

30-Jun-16

0.71

4.46

18.93

96.84

‡ /Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

3.96

30-Jun-16

0.72

3.48

17.95

98.39

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.77

1.00

15.78

91.33

‡ /Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

21.24

30-Jun-17

1.26

1.00

15.51

98.08

‡ /Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

2.47

1.79

16.73

94.65

‡ /Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

30.81

30-Sep-18

1.85

1.80

16.61

96.07

Bb-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

1.86

1.00

15.81

97.18

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

12.40

09-Dec-18

2.05

1.00

15.87

97.71

Bb-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

9.21

12-Dec-18

2.05

4.78

19.65

91.13

‡ /Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.03

1.00

15.87

99.36

BBB+/Agusto; A-/GCR Aa-/Agusto; ‡ /GCR

*GOMBE LAGOS

15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019

BBB-/Agusto; BBB+/GCR

*OSUN

14.75 OSUN 12-DEC-2019

02-Oct-12 22-Nov-12 12-Dec-12

15.50 14.50 14.75

15.09 80.00 24.74

02-Oct-19 22-Nov-19 12-Dec-19

2.47 4.36 2.53

2.02 1.00 1.00

16.96 16.13 15.95

97.18 94.98 97.63

BBB-/Agusto

*OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

14.75

10.46

10-Oct-20

3.07

1.82

16.86

95.26

Aa-/Agusto; ‡ /GCR

LAGOS

13.50 LAGOS 27-NOV-2020

27-Nov-13

13.50

87.50

27-Nov-20

5.38

1.00

16.10

90.84

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

5.47

1.00

16.10

96.09

‡ /Agusto A-/GCR

*EKITI *NASARAWA

14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

31-Dec-13

14.50

4.30

31-Dec-20

3.31

1.00

16.08

96.22

06-Jan-14

15.00

4.31

06-Jan-21

3.34

1.00

16.09

97.38

99.75

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

440.27 416.62

Corporate Bonds BBB+/Agusto BBB-/Agusto

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

2.50

17-Aug-15

0.10

1.00

12.42

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

9.38

09-Dec-15

0.41

1.00

15.32

98.70

BB/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.22

06-Jan-16

0.48

2.63

17.18

98.51

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

1.21

1.00

15.47

97.30

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

1.29

1.34

15.87

98.12

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

2.22

1.00

15.90

94.70

BBB-/GCR

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.56

30-Nov-17

1.45

1.88

16.53

102.51

Nil

*C & I LEASING *DANA#{r}

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

5.40

09-Apr-18

1.49

1.00

15.68

100.34

A-/DataPro†; B+/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.54

09-Sep-18

1.66

1.00

15.74

102.99

1.66

1.00

15.74

100.29

AAA/DataPro†; A/GCR

*TOWER

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.70

09-Sep-18

A+/Agusto; A/GCR

UBA

14.00 UBA II 30-SEP-2018

30-Sep-11

14.00

35.00

30-Sep-18

3.22

3.00

18.07

90.33

BBB+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.10

18-Oct-18

1.77

2.29

17.07

98.03

BBB-/DataPro†; BB/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

18.00

0.36

17-Feb-19

1.85

6.11

20.92

95.96

Nil

*DANA#{r}

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

2.47

2.16

17.10

97.82

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

5.34

2.76

17.86

91.19

BBB/GCR

FCMB

14.25 FCMB I 20-NOV-2021

20-Nov-14

14.25

26.00

20-Nov-21

6.36

1.80

16.91

89.81

A/GCR

UBA

16.45 UBA I 30-DEC-2021

30-Dec-14

16.45

30.50

30-Dec-21

6.47

1.00

16.12

101.29

A/GCR

STANBIC IBTC

182D T.bills+1.20 STANBIC IA 30-SEP-2024

30-Sep-14

16.29

0.10

30-Sep-24

9.22

1.00

16.13

100.66

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

9.22

1.00

16.13

86.34

TOTAL OUTSTANDING VALUE

177.87

TOTAL MARKET CAPITALISATION

168.19

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.58

1.00

15.96

88.17

Aaa/Moody's; AAA/S&P

AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.80

1.00

16.16

86.66

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

24.95 21.80

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.08

5.87

103.13

104.13

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.15

4.81

99.92

100.86

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.40

6.23

99.85

100.88

FGN Eurobonds

Prices & Yields

BB-/Fitch; B+/S&P BB-/Fitch; BB-/S&P

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,514.49

Corporate Eurobonds B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.94

101.25

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.52

99.50

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

11.42

10.18

89.29

92.06

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.76

7.27

94.92

96.31

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.48

96.00

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

10.17

9.62

95.55

97.23

B-/Fitch; B/S&P B-/Fitch; B/S&P B-/Fitch; B/S&P

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

07-Aug-13 24-Jun-14 23-Jul-14

8.25 9.25 8.00

300.00 400.00 450.00

07-Aug-20 24-Jun-21 23-Jul-21

9.29 10.59 9.80

9.29 10.27 9.80

95.25 94.49 91.25

95.25 95.86 91.25

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

10.57

10.04

91.25

93.50

TOTAL OUTSTANDING VALUE

3,650.00

TOTAL MARKET CAPITALISATION

3,475.61

**Treasury Bills^ DTM 10 17 24 31 45 52 59 73

FIXINGS Maturity 23-Jul-15 30-Jul-15 6-Aug-15 13-Aug-15 27-Aug-15 3-Sep-15 10-Sep-15 24-Sep-15

Bid Discount (%) 7.68 10.35 10.95 10.86 9.47 11.63 12.08 11.91

Offer Discount (%) 7.43 10.10 10.70 10.61 9.22 11.38 11.83 11.66

Bid Yield (%) 7.69 10.40 11.03 10.96 9.58 11.83 12.32 12.20

Money Market Tenor

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 14.7500 14.1621 15.9148 16.6935

Rate (%)

OBB

12.04

O/N

12.50

Tenor Call 1M

REPO

Rate (%) 11.75 12.00

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

197.52 199.30 199.69 200.77 202.93 205.42

197.62 199.86 200.30 201.36 203.69 206.43

9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034

31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14

9.35 10.70 16.00 7.00 15.54 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

100.00 300.00 351.30 233.90 233.73 605.31 599.99 75.00 150.00 200.00 591.57 324.50

TOTAL OUTSTANDING VALUE

4,846.82

NEW TELEGRAPH TUESDAY, JULY 14, 2015 TOTAL MARKET CAPITALISATION Rating/Agency

Description

14.88 15.01 15.12 15.14 15.05 15.08 15.04 15.96 16.08 16.21 15.56 15.09

14.79 14.94 15.02 15.03 14.96 15.01 14.98 15.91 16.02 16.13 15.49 15.03

90.16 90.18 102.52 74.99 101.55 105.32 95.94 94.69 80.23 57.46 68.00 81.73

90.31 90.33 102.82 75.29 101.85 105.62 96.24 94.99 80.53 57.76 68.30 82.03

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

2.10 112.22 116.70 66.49

03-Apr-17 08-Dec-16 19-Apr-17 06-Jul-17

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

2.94 1.00 2.66 3.13

17.27 15.62 17.44 17.99

99.97 100.42 102.37 97.91

FMDQ lists N4.8trn FGN bonds, N2.8trn T-bills

Agency Bonds

Listing on OTC platform improves TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION market transparency

Issue Date

2.14 2.88 3.96 4.28 4.59 6.54 8.67 13.38 13.86 14.36 15.03 19.01

Business | Financial Market News

4,406.20

Issuer

TRANSPARENCY

31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

FMBN

***LCRM

17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

17.25 0.00/16.00 0.00/16.50 0.00/16.50

0.97 1.41 1.77 1.98

297.52

299.36 visibility through their ensure accountability; Speaking at the listing international markets N4, 846,818,821,000.00 Federal Government of ceremony, Managing Di- through enhanced trade inclusion on the FMDQ and, publish relevant Sub-National Bonds 31-Aug-10 12.50 , improved 8.50 31-Aug-15 0.13 99.40 Mr. visibility mar- Bloomberg E-bond trad- 4.44 market 16.45 data and informaNigeria (FGN) bonds 12.50 KADUNA 31-AUG-2015 rector /CEO, FMDQ, A/Agusto KADUNA 30-Sep-10 13.00 2.16 30-Sep-15 0.22 13.00 EBONYI 30-SEP-2015 A-/Agusto *EBONYI and the quotation of N2, Bola Onadele, noted that ket surveillance, global ing system and on the 3.23 tion as 16.56 and when99.19 due to 30-Jun-11 14.00 2.60 30-Jun-16 0.71 4.46 18.93 96.84 14.00 BENUE 30-JUN-2016 BBB+/Agusto *BENUE quotations page 804,793,035,000.00 Nige- the listing was yet anothpresence in their 30-Jun-09 15.50 and competitive3.96 30-Jun-16 0.72 of the 3.48 guide investors 17.95 98.39 15.50 IMO 30-JUN-2016 ‡ /Agusto *IMO Stories by Chris Ugwu 19-Apr-10 10.00 57.00 19-Apr-17 1.77 1.00 15.78 91.33 10.00 LAGOS 19-APR-2017 A+/Agusto; ‡ /GCR LAGOS rian Treasury Bills, both er feat for FMDQ. He reness, enhanced secondary FMDQ website. investment decisions 30-Jun-10 13.75 21.24 30-Jun-17 1.26 1.00 15.51 98.08 13.75 BAYELSA 30-JUN-2017 ‡ /Agusto *BAYELSA outstanding asEDO at31-DEC-2017 July 13, iterated the commitment The Director2.47 General, 1.79 He said market listing 30-Dec-10 14.00liquidity and 25.00 ef31-Dec-17 16.73that the94.65 14.00 ‡ /Agusto EDO 30-Sep-11 14.00 30.81 30-Sep-18 1.85 1.80 16.61 96.07 14.00 DELTA 30-SEP-2018 ‡ /Agusto; A+/GCR *DELTA 2015 on its platform. of the OTC securities exMDQ OTC PLC fective price formation. Debt Management Office of the FGN bonds and 04-Oct-11 14.00 9.00 04-Oct-18 1.86 1.00 15.81 97.18 14.00 NIGER II 4-OCT-2018 Bb-/Agusto; A-/GCR NIGER (FMDQ), *EKITI an another The achievement fol- change to be innovative He14.50 added that by (DMO), 09-Dec-11 12.40list09-Dec-18 Dr. Nwankwo 2.05 1.00 NTBs was 15.87 97.71 at‡ /Agusto; A-/GCR† 14.50 EKITI 09-DEC-2018 12-Dec-13 14.00 9.21 12-Dec-18 2.05 19.65 91.13 Bb-/Agusto OTC *NIGER 14.00 NIGER III securities lows the listings of12-DEC-2018 the and credible, in support ing, quoting and trading noted that it was expect- 4.78 testation of the commit14-Feb-12 15.50 27.00 14-Feb-19 2.03 1.00 15.87 99.36 ‡ /Agusto; A-/GCR *ONDO 15.50 ONDO 14-FEB-2019 exchange and N30.5 billion Bond of the Nigerian economy the government the FGN ed02-Oct-19 that FMDQ 02-Oct-12 . 15.50 Bonds and 15.09 Ni2.47 would 2.02 ment of16.96 97.18 BBB+/Agusto; A-/GCR *GOMBE 15.50 UBA GOMBE 02-OCT-2019 Aa-/Agusto; ‡ /GCR LAGOS 14.50 LAGOS 22-NOV-2019 22-Nov-12 14.50 80.00 22-Nov-19 4.36 1.00 16.13 94.98 self-regulatory organcontinue to provide a and N15.54 billion Stanbic Onadele said that geria T.Bills on FMDQ’s to further develop and 12-Dec-12 14.75 24.74 12-Dec-19 2.53 1.00 15.95 97.63 BBB-/Agusto; BBB+/GCR *OSUN 14.75 OSUN 12-DEC-2019 an Platform, isation, yesterday *OSUN welIBTC Bond14.75 on the se- FMDQ, in providing the first10.46 of its robust and credible OTC 1.82 deepen 16.86 the domestic 10-Oct-13 14.75 10-Oct-20 3.07 95.26debt BBB-/Agusto OSUNOTC II 10-OCT-2020 27-Nov-13 87.50 27-Nov-20 5.38 90.84 Aa-/Agusto; 13.50 LAGOS 27-NOV-2020 efficient platform for kind 13.50 comed‡ /GCR the listingLAGOS of curities exchange. in the nation, the Platform for the listed 1.00 market16.10 and enhance its 31-Dec-13 15.00 5.00 31-Dec-20 5.47 1.00 16.10 96.09 A-/Agusto; BBB+/DataPro KOGI 15.00 KOGI 31-DEC-2020 securities gain access FGN securities of the 31-Dec-13 14.50 4.30 31-Dec-20 3.31 to the 1.00 performance 16.08 96.22 piv‡ /Agusto *EKITI 14.50 EKITI II 31-DEC-2020 the registration, listing, 06-Jan-14 4.31 06-Jan-21 3.34 1.00 otal role 16.09 97.38 inA-/GCR *NASARAWA 15.00 NASARAWA 06-JAN-2021 to the15.00 full complement public; continuously quotation and valuation of financial TOTAL OUTSTANDING VALUE 440.27 of debt securities, has of an FMDQ listings work to improve market termediation-generation TOTAL MARKET CAPITALISATION 416.62 significantly improved and quotations service; transparency and price savings and investment Corporate Bonds which includes but not discovery; transparency, integratmonitor the 1.00 necessary for economic 10.00 UPDC 17-AUG-2015 17-Aug-10 10.00 2.50 17-Aug-15 0.10 12.42 99.75 BBB+/Agusto *UPDC the global eration with local banks activities of dealers to 1.00 growth.15.32 rivate companies ing the domestic09-Dec-10 and limited 12.00 FLOURMILLS 9-DEC-2015 BBB-/Agusto 12.00 to 9.38 09-Dec-15 0.41 98.70 *FLOURMILLS 14.00 CHELLARAMS 06-JAN-2016 BB/GCR 06-Jan-11 14.00 0.22 06-Jan-16 0.48 2.63 17.18 98.51 across Ghana *CHELLARAMS will that understand local in13.00 NAHCO 29-SEP-2016 A+/Agusto; A-/GCR 29-Sep-11 13.00 15.00 29-Sep-16 1.21 1.00 15.47 97.30 NAHCO new vestment challenges. 14.25 FSDH 25-OCT-2016 A-/Agustobenefit from aFSDH 25-Oct-13 14.25 5.53 25-Oct-16 1.29 1.34 15.87 98.12 13.00 UBA 30-SEP-2017 A/GCR 30-Sep-10 13.00 20.00 30-Sep-17 2.22 1.00 15.90 94.70 UBA “The new engagement lending programme by Ac18.00 C&I LEASING 30-NOV-2017 BBB-/GCR 30-Nov-12 18.00 0.56 30-Nov-17 1.45 1.88 16.53 102.51 & I LEASING cess Bank backed by*C EUR with AccessMPR+7.00 BankDANA demon9-APR-2018 09-Apr-11 16.00 5.40 09-Apr-18 1.49 1.00 15.68 100.34 Nil *DANA MPR+7.00 support TOWER 9-SEP-2018 09-Sep-18 1.66 1.00 15.74 102.99 the A-/DataPro†; B+/GCR *TOWER 15 million from the Eurostrates Europe’s he09-Sep-11 Nigerian 18.00 Stock of 2.54 companies together around SMEs, signing on to the SusMPR+5.25 TOWER 9-SEP-2018 09-Sep-11 16.00 0.70 09-Sep-18 1.66 1.00 15.74 100.29 AAA/DataPro†; A/GCR *TOWER Exchange (NSE) has pean Investment Bank. for corporate investment tainable Stock Exchanges (SSE) theme of cancer prevention 14.00 UBA II 30-SEP-2018 A+/Agusto; A/GCR 30-Sep-11 14.00 35.00 30-Sep-18 3.22 3.00 18.07 90.33 UBA released its first and2.29treatment, This BBB+/GCR according *LA toCASERA a in Ghana and builds on Initiative, launching 15.75 LA CASERA 18-OCT-2018 BBB+/Agusto; 18-Oct-13 15.75 Sus2.10 18-Oct-18 the Corpo1.77 17.07 collaborating 98.03 MPR+5.00 CHELLARAMS II 17-FEB-2019 17-Feb-12 18.00 0.36 17-Feb-19 1.85 6.11other key 20.92 95.96 BBB-/DataPro†; BB/GCR statement is the *CHELLARAMS first the success of similar tainability Report titled ‘Con- rate Governance Rating System with financial insti16.00 DANA II 1-APR-2019 01-Apr-14 16.00 4.50 01-Apr-19 2.47 2.16 17.10 97.82 Nil *DANA engagement between programmes with other necting Nigeria to the world (CGRS), forming a partnership tution to revitalise the Finan15.25 NAHCO II 14-NOV-2020 A+/Agusto; A-/GCR 14-Nov-13 15.25 2.05 14-Nov-20 5.34 2.76 17.86 91.19 NAHCO 14.25 FCMBin I 20-NOV-2021 26.00 20-Nov-21 6.36 16.91 89.81 BBB/GCR Access Bank andFCMB the leading banks the through 20-Nov-14 a Sustainable 14.25 Capital with Global Reporting Initiative cial1.80 District in the Lagos State 16.45 UBA I 30-DEC-2021 A/GCR 30-Dec-14 16.45 30.50 30-Dec-21 6.47 1.00 16.12 101.29 UBA country and elsewhere Market. European Union’s long(GRI) to develop Sustainability Central Business District and 182D T.bills+1.20 STANBIC IA 30-SEP-2024 A/GCR 30-Sep-14 16.29 0.10 30-Sep-24 9.22 1.00 16.13 100.66 STANBIC IBTC 13.25 STANBIC IB 30-SEP-2024 A/GCR 30-Sep-14demonstrates 13.25 the 15.44 30-Sep-24 1.00 86.34 STANBIC IBTC The report term lending institution across Africa. The EuroDisclosure Guidelines in 9.22 the launching of16.13the inaugural TOTAL VALUE 177.87 Capital Market and Employee Giveback Month in underOUTSTANDING a wider initiative pean Investment Bank Exchange’s commitment to in- Nigerian TOTAL MARKET CAPITALISATION 168.19 the UNGC Call to Ac- December 2014 as a first phase to support private invest- is committed to backing creased disclosure, expanded signing Supranational Bond stakeholder engagement and tion: Anti -Corruption and the to the Employee Volunteering ment in the country and public and private invest10.20 IFC 11-FEB-2018 AAA/S&P IFC 10.20 12.00 11-Feb-18 2.58 1.00 15.96 further develop Ghana’s ment that supports entrethought 11-Feb-13 leadership on sustainGlobal Development Agenda. Scheme, among others. 88.17 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P AfDB 10-Jul-14 11.25 12.95 01-Feb-21 3.80 1.00 16.16 86.66 financial sector. preneurs and improves ability as a key aspect of its busiThe report said the NSE is Commenting on the report, TOTAL OUTSTANDING VALUE 24.95 lives across Africa,” also committed to supporting The bank said the ness strategy . Chief Executive Officer, NSE, TOTAL MARKET CAPITALISATION 21.80 new lending programme said Pimvan Ballekom, According to a statement local communities through Mr. Oscar Onyema, said: “SusOutstanding Value Description Rating/Agency Date Coupon (%) Maturity Date Bid Yield (%) tainability Offer Yield (%) Price European Investment planned, shared-value social isBidaPrice criticalOffer comporepresents the fourth Issuer from theIssue Exchange, the report, ($mm) scheme to support inBankVice President. which aligns with the Exand economic investments that nent of our business strategy FGN Eurobonds Prices & Yields vestment in the country “This new engagechange’s07-Oct-11 Corporate Social Re- are aimed at 28-Jan-21 creating muchand5.87 publication of this inaugu6.75 JAN 28, 2021 BB-/Fitch; B+/S&P 6.75 500.00 6.08 103.13 104.13 under a EUR 80 million ment with Access Bank sponsibility framework, covers needed opportunity and posiral report marks a significant BB-/Fitch; FGN 12-Jul-13 5.13 500.00 5.15 100.86 BB-/S&P the four key impact areas it has tive credit facility launched shows how the EIB,5.13 asJUL 12, 2018 change. 12-Jul-18 step4.81towards 99.92 greater transparBB-/Fitch; 6.38 JUL 12, 2023 12-Jul-13 6.38 500.00 12-Jul-23 6.40 6.23and robust 99.85 100.88 two years ago to imthe EU Bank, is working devoted attention and resources. It listed the key progress ency engagement BB-/S&P tirelessly to improve acto include reach- with our stakeholders and the proveOUTSTANDING access to finance It noted that the NSE contin- recorded TOTAL VALUE 1,500.00 cess to finance for SMEs by firms in Ghana. ues its journey to build a sus- ing more than 600 students communities that we operate TOTAL MARKET CAPITALISATION 1,514.49 “Over the last 40 years in Ghana. Investment tainable organisation through from over 20 primary and sec- in. It is about responsible and Corporate Eurobonds the European Investment by private companies7.50isMAY 19, 2016 responsible and inclusive finan- ondary schools through 5.94 the inclusive investment services, B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 5.94 101.25 101.25 Bank has supportedACCESS pri- BANK essential for economic cial and investment services. It Global Week initiative, increasing opportunity , preserv7.25 JUL 25, 2017 B+/S&P PLC 25-Jul-12 7.25 350.00 Money25-Jul-17 7.52 7.52 99.50 99.50 6.88 MAY 09, 2018 B/Fitch; B/S&P FIDELITY PLC 6.88 300.00 02-May-18 92.06 launching the11.42 an- ing10.18 vate sector investment in BANK growth and job creation listed its 09-May-13 major achievements to successfully resources,89.29 improving lives, 6.00 NOV 08, 2018 B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 7.76 7.27 94.92 96.31 in the country.” said 6.25 EUAPR 22, 2019 Ghana and across Africa. include launching the Alternanual Corporate Challenge comcreating jobs96.00 and meeting the B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 7.48 7.48 96.00 tive Securities This B/S&P has only been effecdelegation Ambassador petition that drew needs stakehold8.75 May 21, 2019 B/Fitch; DIAMOND BANK PLC 21-May-14 Market (ASeM), 8.75 200.00 21-May-19more than 10.17 9.62 of the various 95.55 97.23 AUG 07, 2020 B-/Fitch; B/S&P the close coopFIRST BANK PLC 07-Aug-13 300.00 07-Aug-20 95.25 95.25 a specialist board for the8.25 listing 350 tive given that we serve. William Hanna.9.25/6M USD8.25LIBOR+7.677 participants from over9.2940 ers 9.29 JUN 24, 2021

Local firms to benefit from Access Bank lending plan

NSE unveils sustainability report

#{r}

B-/Fitch; B/S&P B-/Fitch; B/S&P

ACCESS BANK PLC II FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

8.00/2Y USD SWAP+6.488 JUL 23 2021

24-Jun-14 23-Jul-14

9.25 8.00

400.00 450.00

24-Jun-21 23-Jul-21

10.59 9.80

10.27 9.80

94.49 91.25

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

10.57

10.04

91.25

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

95.86 91.25 93.50

13-Jul-15

3,650.00 3,475.61

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute **Treasury Bills^ Money Market professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS FIXINGS IS” and on an “AS AVAILABLE” basis and may not be accurate or up Exchange to date. We do &not guarantee Foreign (Spot Forwards) DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) NIBORfor the results of any action taken on the basis of the Information. the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability 10 23-Jul-15 7.68 7.43 7.69 17 24 31 45 52 59 Rating/Agency 73 80 94 108 122 136 143 150 157 164 178 185 NA 192 199 206 213 220 227 234 248 255 262

30-Jul-15 6-Aug-15 13-Aug-15 27-Aug-15 3-Sep-15 10-Sep-15 Issuer 24-Sep-15 1-Oct-15 15-Oct-15 29-Oct-15 12-Nov-15 26-Nov-15 3-Dec-15 10-Dec-15 17-Dec-15 24-Dec-15 7-Jan-16 14-Jan-16 NA 21-Jan-16 28-Jan-16 4-Feb-16 11-Feb-16 18-Feb-16 25-Feb-16 3-Mar-16 17-Mar-16 24-Mar-16 31-Mar-16

FGN Bonds

269 TOTAL OUTSTANDING VALUE

10.35 10.95 10.86 9.47 11.63 12.08 Description 11.91 12.73 13.26 ^13.05 16-AUG-2016 13.32 ^15.10 27-APR-2017 13.24 13.73 9.85 27-JUL-2017 12.19 9.35 31-AUG-2017 13.49 10.70 30-MAY-2018 12.74 13.51 ^16.00 29-JUN-2019 12.89 7.00 23-OCT-2019 13.60 ^15.54 13-FEB-2020 13.05 ^16.39 27-JAN-2022 13.71 13.69 ^14.20 14-MAR-2024 13.67 15.00 28-NOV-2028 13.65 12.49 22-MAY-2029 13.76 13.65 8.50 20-NOV-2029 13.75 ^10.00 23-JUL-2030 13.59 ^12.1493 13.79 18-JUL-2034

10.10 10.70 10.61 9.22 11.38 11.83 Issue 11.66Date 12.48 13.01 16-Aug-13 13.07 27-Apr-12 12.99 13.48 27-Jul-07 11.94 31-Aug-07 13.24 30-May-08 12.49 13.26 29-Jun-12 12.64 23-Oct-09 13.35 13-Feb-15 12.80 27-Jan-12 13.46 13.44 14-Mar-14 13.42 28-Nov-08 13.40 22-May-09 13.51 13.40 20-Nov-09 13.50 23-Jul-10 13.34 18-Jul-14 13.54

10.40 11.03 10.96 9.58 11.83 12.32 Coupon 12.20 (%) 13.10 13.73 13.05 13.87 15.10 13.85 14.47 9.85 12.80 9.35 14.28 10.70 13.48 14.38 16.00 13.75 7.00 14.61 15.54 14.01 16.39 14.82 14.84 14.20 14.85 15.00 14.87 12.49 15.04 14.96 8.50 15.17 10.00 15.02 12.1493 15.31

Bonds

7-Apr-16

13.38

13.13

14.84

283

21-Apr-16

13.44

13.19

15.00

297

5-May-16

13.14

12.89

14.71

325

2-Jun-16

12.85

12.60

14.50

TOTAL MARKET CAPITALISATION

Rating/Agency Issuer and not the duration *for the Amortising bonds, the average life is calculated

Description

Tenor O/N 1M 3M 6M

Outstanding Value (N'bn) 581.39

Rate (%) 14.7500 14.1621 15.9148 16.6935

12.04

O/N

12.50

REPO

Maturity Date

NITTY

Tenor 480.13 1M 2M 20.00 3M 100.00 6M 300.00 9M 12M 351.30

OBB

16-Aug-16

Rate (%) 27-Apr-17 9.9094 12.9472 27-Jul-17 13.7766 31-Aug-17 14.1453 30-May-18 14.5838 14.7579 29-Jun-19

233.90 23-Oct-19 233.73 13-Feb-20 NIFEX 605.31 27-Jan-22 Current Price ($/N)14-Mar-24 599.99 BID($/N) 198.9500 75.00 28-Nov-28 OFFER ($/N) 199.0500 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 324.50 18-Jul-34

Rate (%) 11.75

Tenor

Spot 7D 14D 1M 2M Yield Offer 3M (%) 6M 1Y

Bid ($/N)

Offer ($/N)

197.52 197.62 199.30 199.86 Price 200.30 199.69 200.77 201.36 202.93 203.69 Bid Price Offer 205.42 206.43Price 213.13 214.91 229.79 233.36

Tenor Call TTM 1M (Yrs) 3M 6M

Bid Yield (%) 12.00

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

03-Apr-17 08-Dec-16 19-Apr-17 06-Jul-17

0.97 1.41 1.77 1.98

2.94 1.00 2.66 3.13

17.27 15.62 17.44 17.99

99.97 100.42 102.37 97.91

12.25 12.50

1.09 14.49 14.33 1.79 14.80 14.70 NOTE: 2.04 14.87 14.78 :Benchmarks 2.14 14.88 14.79 * :Amortising Bond 2.88 15.01 14.94 µ :Convertible Bond AMCON: Asset of Nigeria 3.96 Management Corporation 15.12 15.02 FGN: Federal Government of Nigeria 4.28 15.14 15.03 FMBN: Federal Mortgage Bank of Nigeria 4.59 Finance Corporation 15.05 14.96 IFC: International 6.54 15.08 Management 15.01 LCRM: Local Contractors Receivables NAHCO: Nigerian 8.67 Aviation Handling 15.04 Company 14.98 O/N: Overnight 13.38 15.96 15.91 UPDC: UAC Property Development Company 13.86 16.08 Company16.02 WAPCO:West Africa Portland Cement 14.36 16.21 16.13 15.03 15.56 15.49 19.01 15.09 15.03

98.56 98.71 100.40 100.55 91.43 91.58 NA :Not Applicable 90.16 90.31 ^ : Market Prices 90.18 90.33 # : Floating Rate Bond ***: Deferred coupon bonds 102.52 102.82 74.99 75.29 ‡ : Bond rating under review 101.85 †: Bond 101.55 rating expired 105.62 N/A :Not105.32 Available {r} :Issuer in receivership 96.24 95.94 94.69 94.99 NGC: Nigeria-German Company 80.23Bank for Africa 80.53 UBA: United 57.46 57.76 68.00 68.30 81.73 82.03

4,846.82 4,406.20

Issue Date

Coupon (%)

Risk Premium is a combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Outstanding Value (N'bn)

Agency Bonds

FMBN ***LCRM

TOTAL OUTSTANDING VALUE Modified Duration Buckets TOTAL MARKET CAPITALISATION

<3 3<5

Sub-National Bonds

17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 Porfolio Market Value(Bn)

03-Apr-12 17.25 2.10 09-Dec-11 0.00/16.00 112.22 20-Apr-12FMDQ FGN 0.00/16.50 BOND INDEX 116.70 06-Jul-12 0.00/16.50 66.49

Total Outstanding Volume(Bn)

Weighting by Outstanding Vol

Weighting by Mkt Value

% Exposure_ Mod_Duration

Implied Yield

Implied Portfolio Price

INDEX

YTD Return (%)

838.84

828.10

26.06

28.42

299.360.26

13.44

14.99

128.2452

1,166.73

5.3152

1,444.93

1,433.72

45.12

48.95

0.45

44.49

15.06

124.6653

1,080.77

6.7355

668.04

916.07

15.36

91.0725

1,097.97

28.83

22.63

31-Aug-10 100.00

12.50 100.00

13.00 EBONYI 30-SEP-2015

30-Sep-10

14.00 BENUE 30-JUN-2016

30-Jun-11

*IMO

15.50 IMO 30-JUN-2016

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

‡ /Agusto

*BAYELSA

‡ /Agusto

EDO

‡ /Agusto; A+/GCR Bb-/Agusto; A-/GCR

0.29

42.07

31-Aug-15 100.00

0.13 15.17

13.00

30-Sep-15

0.22

3.23

16.56

99.19

14.00

2.60

30-Jun-16

0.71

4.46

18.93

96.84

30-Jun-09

15.50

3.96

30-Jun-16

0.72

3.48

17.95

98.39

19-Apr-10

10.00

57.00

19-Apr-17

1.77

1.00

15.78

91.33

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

21.24

30-Jun-17

1.26

1.00

15.51

98.08

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

2.47

1.79

16.73

94.65

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

30.81

30-Sep-18

1.85

1.80

16.61

96.07

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

1.86

1.00

15.81

97.18

12.50 KADUNA2,951.81 31-AUG-2015

A-/Agusto BBB+/Agusto

*BENUE

‡ /Agusto

3,177.88

4.44 115.9146

16.45 1,103.81

9.0323

8.50 1.00 2.16

KADUNA Market *EBONYI

A/Agusto

297.52

Bucket Weighting

99.40 4.6082

Daily Summary as of 13/07/2015

Printed 13/07/2015 15:32:11.011

Business | Capital Market

TUESDAY, JULY 14, 2015 NEW TELEGRAPH Daily Summary as of 13/07/2015 Printed 13/07/2015 15:32:11.011

Daily Summary (Bonds)

The Nigerian Stock Market Exchange as at July 13, 2015

No Debt Trading Activity

Daily Summary (Equities)

Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Activity Summary on Board EQTY Symbol OKOMUOIL PRESCO

No. of Deals 20 14 34

Current Price 28.00 34.00

Quantity Traded 288,702 64,500 353,202

Value Traded 8,119,723.82 2,096,955.00 10,216,678.82

Symbol LIVESTOCK

No. of Deals 11 11

Current Price 2.11

Quantity Traded 145,100 145,100

Value Traded 303,126.00 303,126.00

498,302

10,519,804.82

Quantity Traded 100,000 100 320 17,068,627 1,600,148 18,769,195

Value Traded 133,000.00 376.00 300.80 42,297,277.16 64,111,347.60 106,542,301.56

18,769,195

106,542,301.56

AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. CHELLARAMS PLC. Daily Summary as of 13/07/2015 JOHN15:32:11.011 HOLT PLC. Printed 13/07/2015 TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals

45 Symbol AGLEVENT CHELLARAM JOHNHOLT TRANSCORP UACN

No. of Deals 2 1 1 125 49 178

Daily Summary (Equities)

Current Price 1.33 3.95 0.94 2.50 41.30

178

Activity Summary on Board EQTY

Published by The Nigerian Stock Exchange © CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Page

No. of Deals 17 17

Current Price 0.70

Quantity Traded 322,809 322,809

Value Traded 229,328.32 229,328.32

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals

Symbol JBERGER

No. of Deals 3 3

Current Price 47.97

Quantity Traded 1,100 1,100

Value Traded 50,138.00 50,138.00

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals

Symbol UAC-PROP

No. of Deals 20 20

Current Price 10.40

Quantity Traded 86,461 86,461

Value Traded 889,468.76 889,468.76

Real Estate Investment Trusts (REITs) UPDC REAL ESTATE INVESTMENT TRUST Real Estate Investment Trusts (REITs) Totals

Symbol UPDCREIT

No. of Deals 1 1

Current Price 10.00

Quantity Traded 12,000 12,000

Value Traded 120,000.00 120,000.00

422,370

1,288,935.08

Quantity Traded 29,600 69,012 135,069 405,890 639,571

Value Traded 172,314.00 9,615,244.41 2,587,866.18 55,180,994.52 67,556,419.11

CONSUMER GOODS Beverages--Brewers/Distillers Daily Summary as of 13/07/2015 CHAMPION BREW. PLC. Printed 13/07/2015 15:32:11.011 GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals

41 Symbol CHAMPION GUINNESS INTBREW NB

Daily Summary

No. of Deals 8 48 17 143 216 (Equities)

Current Price 5.61 139.80 19.00 134.30

Activity Summary on Board EQTY

Published by The Nigerian Stock Exchange © CONSUMER GOODS Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. U T C NIG. PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. Daily Summary as of 13/07/2015 NESTLE NIGERIA PLC. Printed 13/07/2015 15:32:11.011 Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Household Durables Totals

Page Current Price 189.00

Quantity Traded 47,665 47,665

Value Traded 8,901,593.20 8,901,593.20

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MULTITREX NASCON NNFM UTC

No. of Deals 28 22 62 22 2 15 1 1 153

Current Price 3.40 6.27 30.69 3.07 0.50 7.45 18.05 0.50

Quantity Traded 193,483 301,037 407,227 301,773 800,000 202,100 100 1,252 2,206,972

Value Traded 637,923.75 1,890,587.99 12,611,605.43 937,322.01 400,000.00 1,551,952.40 1,810.00 626.00 18,031,827.58

Symbol CADBURY NESTLE

No. of Deals 16 38 54

Current Price 35.05 840.00

Quantity Traded 111,571 504,308 615,879

Value Traded 3,717,414.99 423,316,489.43 427,033,904.42

No. of Deals 21 (Equities) 10 31

Current Price 5.88 1.24

Quantity Traded 219,469 130,556 350,025

Value Traded 1,235,693.78 154,069.41 1,389,763.19

Symbol VITAFOAM Daily Summary VONO

FINANCIAL SERVICES Banking UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services Published by The Nigerian Stock Exchange © AFRICAN ALLIANCE INSURANCE COMPANY PLC

AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. GREAT NIGERIAN INSURANCE PLC INTERNATIONAL ENERGY INSURANCE COMPANY PLC LINKAGE ASSURANCE PLC AXAMANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. Daily Summary as of 13/07/2015 STANDARD TRUST ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC Printed 13/07/2015 15:32:11.011 WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks FORTIS MICROFINANCE BANK PLC

Symbol PZ UNILEVER

No. of Deals 49 8 57

Current Price 28.95 39.90

535 Symbol No. of Deals ACCESS 172 DIAMONDBNK 35 ETI 39 FIDELITYBK 74 GUARANTY 227 SKYEBANK 65 Daily Summary (Equities) STERLNBANK 10 UBA 160 UBN 40

Current Price 5.00 3.95 20.45 1.60 26.10 2.24 2.06 4.20 8.47

HEALTHCARE Totals

Electronic and Electrical Products CUTIX PLC.

Activity Summary on Board EQTY

INDUSTRIAL GOODS Electronic and Electrical Products NIGERIAN WIRE AND CABLE PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Published by The Nigerian Stock Exchange Packaging/Containers Totals ©

NATURAL RESOURCES Mining Services MULTIVERSE PLC Mining Services Totals

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM PORTPAINT WAPCO

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

Quantity Traded 120,000 120,000

Value Traded 454,800.00 454,800.00

120,000

454,800.00

No. of Deals 25 2 8 20 35 3 31 124

Current Price 22.15 10.68 41.00 11.50 170.00 5.10 102.00

Quantity Traded 80,844 5,362 98,900 90,580 8,010,681 100,000 1,156,268 9,542,635

Value Traded 1,702,325.92 54,424.30 3,852,155.00 1,023,518.54 1,361,822,361.72 508,960.00 117,816,989.50 1,486,780,734.98

Symbol CUTIX

No. of Deals 7

Current Price 1.50

Quantity Traded 106,686

Value Traded 152,760.98

Symbol NIWICABLE

No. of Deals 1 8

Current Price 0.50

Quantity Traded 200 106,886

Value Traded 100.00 152,860.98

Symbol BETAGLAS

No. of Deals 1 1

Current Price 34.20

Quantity Traded 1,620 Page 1,620

Daily Summary (Equities)

133 Symbol MULTIVERSE

No. of Deals 3 3

NATURAL RESOURCES Totals OIL AND GAS Energy Equipment and Services Daily Summary as of 13/07/2015 JAPAUL OIL & MARITIME SERVICES PLC Printed 13/07/2015 15:32:11.011 Energy Equipment and Services Totals

Current Price 3.79

INDUSTRIAL GOODS Totals

Current Price 0.50

OILby AND Published TheGAS Nigerian Stock Exchange © Petroleum and Petroleum Products Distributors BECO PETROLEUM PRODUCT PLC CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

9,651,141

1,486,991,770.16

Quantity Traded 10,900,000 10,900,000

Value Traded 5,450,000.00 5,450,000.00

10,900,000

5,450,000.00

3 Symbol JAPAULOIL

No. of Deals 3 3

Current Price 0.50

Quantity Traded 14,100 14,100

Value Traded 7,050.00 7,050.00

Symbol OANDO

No. of Deals 206 206

Current Price 13.96

Quantity Traded 3,141,840 3,141,840

Value Traded 44,787,706.52 44,787,706.52

Daily Summary (Equities)

Symbol BECOPETRO CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 2 7 17 15 16 3 14 74

Current Price 0.50 40.85 2.34 180.00 147.00 49.66 158.00

Symbol SEPLAT

No. of Deals 8 8

Current Price 335.00

OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers Daily Summary of 13/07/2015 R Tas BRISCOE PLC. Printed 13/07/2015 15:32:11.011 Automobile/Auto Part Retailers Totals

Page Quantity Traded 9,796,480 11,251 118,469 25,000 610,948 95 12,082 10,574,325 Quantity Traded 19,088 19,088

Value Traded 6,378,583.70 6,378,583.70

13,749,353

152,820,395.09

291 Symbol RTBRISCOE

Quantity Traded 10,015,166 293,853 2,272,567 5,026,703 3,186,187 2,119,543 240,000 4,421,976 393,921

Value Traded 50,171,429.65 1,165,094.46 46,357,183.55 8,248,889.38 83,102,150.29 4,734,114.10 494,202.83 18,575,693.10 3,344,880.34

Current Price 2.46 0.98 18.88

Quantity Traded 1,909,128 318,001 150,385,274 180,582,319

Symbol AFRINSURE AIICO CONTINSURE CORNERST GNI INTENEGINS LINKASSURE MANSARD MBENEFIT NEM NIGERINS PRESTIGE STACO UNIVINSURE WAPIC

No. of Deals 1 22 31 5 1 1 3 6 2 19 1 1 1 2 6 102

Current Price 0.50 0.95 1.05 0.50 0.50 0.50 0.50 2.80 0.50 0.69 0.50 0.50 0.50 0.50 0.50

Quantity Traded Page 5,000 2,689,751 2,208,131 110,017 500,000 4,556 824,800 211,028 200 1,833,000 10,000 50 100 5,000 7,419 8,409,052

Symbol FORTISMFB

No. of Deals 3

Current Price 5.42

Quantity Traded 1,750

Daily Summary (Equities)

Page

Current Price 0.74

Quantity Traded 270,000 270,000

Value Traded 199,800.00 199,800.00

No. of Deals 11 13 (Equities) 24

Current Price 4.75 1.28

Quantity Traded 100,480 575,786 676,266

Value Traded 461,528.02 737,319.08 1,198,847.10

Symbol CILEASING

No. of Deals 2 2

Current Price 0.52

Quantity Traded 25,011 25,011

Value Traded 13,005.50 13,005.50

Hospitality TANTALIZERS PLC Hospitality Totals

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 41,892 41,892

Value Traded 20,946.00 20,946.00

Hotels/Lodging IKEJA HOTEL PLC TRANSCORP HOTELS PLC Hotels/Lodging Totals

Symbol IKEJAHOTEL TRANSCOHOT

No. of Deals 4 1 5

Current Price 4.19 7.86

Quantity Traded 20,336 1,000 21,336

Value Traded 81,348.04 8,150.00 89,498.04

Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Symbol DAARCOMM

No. of Deals 1 1

Current Price 0.50

Quantity Traded 2,600 2,600

Value Traded 1,300.00 1,300.00

Printing/Publishing ACADEMY PRESS PLC.

Symbol ACADEMY UPL

No. of Deals 9 12 21

Current Price 0.91 6.03

Quantity Traded 228,700 117,799 346,499

Value Traded 208,730.00 680,260.57 888,990.57

Symbol ABCTRANS

No. of Deals 7 7

Current Price 0.51

Quantity Traded 91,851 91,851

Value Traded 46,589.49 46,589.49

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Symbol AIRSERVICE NAHCO

No. of Deals 3 14 17

Current Price 2.08 5.50

Quantity Traded 15,000 22,100 37,100

Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

Symbol CAVERTON

No. of Deals 7 7

Current Price 3.55

Quantity Traded 403,088 403,088

Value Traded 1,430,437.44 1,430,437.44

1,915,643

4,036,674.14

3,048

264,356,657

5,466,546,130.39

Quantity Traded 1,000 1,000

Value Traded 1,500.00 1,500.00

1,000

1,500.00

1,000

1,500.00

Symbol REDSTAREX TRANSEXPR Daily Summary

Activity Summary on Board EQTY

Symbol NPFMCRFBK Symbol AFRIPRUD CUSTODYINS FBNH FCMB STANBIC UBCAP

No. of Deals 8 11

Current Price 1.05

No. of Deals 53 3 337 40 29 71 533

Current Price 2.79 4.07 7.88 2.90 24.95 1.37

1,691 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH

No. of Deals 18 2 6 5 12 43 43

Current Price 0.79 3.48 43.50 1.60 1.39

Page

Value Traded 55,534.96 65,019.96

Quantity Traded 1,585,871 53,277 7,949,230 1,702,110 409,965 2,595,230 14,295,683

Value Traded 4,383,785.89 213,640.77 63,080,887.88 4,946,572.62 10,132,503.08 3,582,538.56 86,339,928.80

203,344,304

3,162,975,058.75

Quantity Traded 648,790 4,000 4,753 9,932 93,645 761,120

Value Traded 517,923.70 13,240.00 198,536.40 15,096.64 125,428.70 870,225.44

761,120

870,225.44

Daily Summary (Equities)

SERVICES Totals

EQTY Board Totals

Daily Summary (Equities)

Page

Value Traded 31,000.00 116,260.00 147,260.00

Activity Summary on Board ASeM

Value Traded 9,485.00

Quantity Traded 55,500 57,250

Page

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Value Traded 12 4 of 2,500.00 2,558,295.51 2,367,145.95 55,008.50 250,000.00 2,278.00 412,400.00 591,649.96 100.00 1,178,170.00 5,000.00 25.00 50.00 2,500.00 3,709.50 7,428,832.42

SERVICES Employment Solutions C & I LEASING PLC. Employment Solutions Totals

UNIVERSITY PRESS PLC. Daily Summary as of 13/07/2015 Printed 13/07/2015 15:32:11.011Totals Printing/Publishing

Value Traded 4,567,270.56 311,651.38 2,848,068,717.93 3,069,141,277.57

8 of 12 Value Traded 4,898,240.00 436,651.31 265,801.84 4,354,303.00 89,803,790.40 4,482.10 1,883,786.22 101,647,054.87

No. of Deals 2 2

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

11,682,657.85

534,596,165.35

Value Traded 58,174.20 of 12 58,174.20

Activity Summary on Board EQTY

3Value Traded of 12 6,579,772.85 5,102,885.00

4,225,229

No. of Deals 39 14 170 1,045

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals

Page Quantity Traded 230,925 134,192 365,117

Symbol UNITYBNK WEMABANK ZENITHBANK

Activity Summary on Board EQTY

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

No. of Deals 1 1

FINANCIAL SERVICES Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC Daily Summary as of 13/07/2015 DANGOTE CEMENT PLC Printed 13/07/2015 15:32:11.011 PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals

No. of Deals 24 24

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC Daily Summary as of 13/07/2015 ECOBANK TRANSNATIONAL INCORPORATED Printed 13/07/2015 15:32:11.011 FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. Activity Summary on Board EQTY

Symbol 7UP

Activity Summary on Board EQTY CONSUMER GOODS Published Personal/Household by The Nigerian StockProducts Exchange © P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Symbol CWG

ICT Totals

Symbol COSTAIN

CONSTRUCTION/REAL ESTATE Totals

ICT IT Services COMPUTER WAREHOUSE GROUP PLC IT Services Totals

CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

Symbol MCNICHOLS

No. of Deals 1 1

CONSUMER GOODS Totals

Daily Summary as of 13/07/2015 Printed 13/07/2015 ASeM Board15:32:11.011 Totals

Current Price 1.43

Page

Equity Activity Totals

3,049

264,357,657

5,466,547,630.39

Daily Summary (ETP) Exchange Traded Fund

Name LOTUS HALAL EQUITY ETF NEWGOLD EXCHANGE TRADED FUND (ETF) STANBIC IBTC ETF 30 VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals

Symbol LOTUSHAL15 NEWGOLD STANBICETF30 VETGRIF30

No. of Deals 1 1 1 1 4

Current Price 10.34 2,225.00 97.40 14.42

Quantity Traded 10 55 2,000 15 2,080

Value Traded 103.40 122,375.00 194,800.00 216.30 317,494.70

ETF Board Totals

2,080

317,494.70

ETP Activity Totals

2,080

317,494.70

Page

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Features Feeling the bite of fasting

Ramadan typifies the popular maxim; different strokes for different folks. It is a period of piousness to Muslims, but to food sellers, it is a period of low patronage and dwindling income, writes LILIAN OKAFOR

A food seller in front of a house in Lagos

Foodstuff on display

amadan is a season of prayer and fasting, but the drastic impact it has made on food sellers is forcing many of them to also pray and fast in order to keep their businesses afloat. These food sellers are bemoaning the slump in their trading, as most of their food is unsold. This has severely affected their profit. Those of them, who used to laugh after closure of a business day, are now gnashing their teeth in worry. Ironically, people who are not Muslims and do buy from the food sellers, insisted that the food had become too expensive. But according to the food sellers, since the beginning of Ramadan, cost of foodstuff in the market has skyrocketed, compelling them to increase food prices. Prices of tomatoes, pepper, yam and other foodstuffs have increased in major cities across the country with the commencement of Ramadan. Traders and customers attributed the increase in price of food items to high cost of transportation, the late start of rain, scarcity of foodstuffs and increase in demand because of the fasting period.

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

Mrs. Enahoro

Many of them also argued that most Muslims do not engage in businesses during Ramadan, affecting availability of foodstuffs. Mrs. Ngozi Okereke, a food vendor, bemoaned the reduction in the number of customers who patronise her daily. According to her, before Ramadan started, she used to attend to about 100 customers per day, but now, she serves less than that. She said the number of customers had reduced drastically. After making the first major mistake of cooking too much for just a few, leading to wastage, she made a resolution. Okereke said she was determined to cook as little as possible, to avoid wastage. It was that or she should shut down her business, the woman added. She said: “I’m waiting for the time the Ramadan will end. Half of my customers are Muslims. Since they started Ramadan, I have not been selling as before. “Before, I used to cook 10 cups of ‘Derica’ of rice and six cups of ‘Derica’ of beans per day, but not anymore. In fact, most days, after selling the 10 cups, I would cook another batch. Now, I only cook five cups and barely man-

Nwaka

Ramadan has reduced sales

age to sell everything.” Another seller, who gave her name simply as Mrs Lateef, although a Muslim, said she did not see cooking while fasting and praying as unusual. She said: “Just because it is Ramadan does not mean my family and I should not eat. I cook and sell food to raise money to carter for my family. “I cook and if the food finishes, I will cook another batch for customers, but if it does not finish, no problem. “True, Ramadan is affecting everybody. I used to sell a bag of rice within three days. But now, it takes more than a week for me to sell a bag. The situation is enough to dampen one’s spirit, but I am determined to continue cooking. “I have been in this business for long and before I cook anything, I make sure I measure the quantity of foodstuffs to be consumed in a day, to avoid wastage. That is what I do now.” On her part, Mrs. Bunis Gbenga, said that the season of fasting had also affected sales of soft drinks. She explained that she used to sell four crates of soft drinks, but, according to her, she hardly sells up to 10 bottles per day. The demand for sachet water

PHOTOS: LILIAN OKAFOR

had also reduced, said Gbenga. She added: “Things have really changed now. I remember a few weeks ago, before the Ramadan started, I sold a lot of soft drinks and sachet water and other edible items. “But everything has its season. This is our time to rest from selling while our Muslim brothers and sisters go on fasting. We should not feel bitter because business is bad at this period.” Mrs. Gladys Enahoro, a caterer, who bakes and also sells cooked food, said since the Ramadan started, she had become very prudent in the measurement of food she was cooking daily. She now prefers to cook little, to avoid wastage. Enahoro recalled how painful it was for her after she had to carry an unsold pot of rice home. She also carried unsold beans and fried yam home the same day. According to her, she had to distribute the food to her neighbours. “I used to serve more than 60 people per day, but now, if I get 25 customers to eat, it is a big blessing. “Ramadan has reduced sales. At the end of the day these days, you will realise you have made no sales, let alone profit. Most times, you are forced to take the remnant of your food to your family,” said Mr. Ifeanyi Nwaka, who said the season was hitting him hard. He added: “Since the beginning of Ramadan, I have carried uncountable bowls of food home. I did not need anyone to tell me that it was time to reduce the quantity of food I cook for my customers. “It is better to reduce than to stop. To stop means going bankrupt. Before, I used to buy N500 tomatoes to cook a pot of stew for the day, but now, I buy as much as N1,000. But even that N1,000 tomatoes is no longer enough to prepare good stew.”

FEATURES

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Oyo community: Fanning embers of religious crisis Incubated religious crisis in Igboho town in Oyo State may soon explode unless government moves in swiftly to defuse the time bomb, writes SOLA ADEYEMO

nless urgent steps are taken by all concerned, a religious unrest may soon erupt in Igboho town in Oke Ogun, Oyo State following controversy over erection of a mosque on the premises of a Baptist secondary school. There has been a protracted conflict between Muslims and Christians in the community for over a decade when a makeshift mosque was allegedly set ablaze by some irate youths. The youths claimed the presence of the mosque was an intrusion on their premises. The crux of the matter was the claim by the Christians that the land on which the Baptist Junior High School, Oke-Afin, Igboho, was cited, historically belonged to the whole community, but that it had been ceded to them many years ago. This explains why they have continued to build structures on the land. But the Muslim leaders claimed that it belonged to the whole community and that the school itself was built through communal efforts of all religions existing in the town, thus qualifying them to be joint owners. Relying on government’s intervention and circulars that had for years forbidden erection of any structure that could trigger religious crisis on any government school premises, the Christians operating under the aegis of Oore-Oluwa Baptist Association, have called on security agencies and the Oyo State Government to act swiftly and arrest the looming crisis. The call, according to a letter written by the association led by Rev Remi Adelakun, to the Divisional Police Officer, Oorelope Local Government, which Igboho belongs to, alleged that the controversial mosque of which fresh construction commenced on June 17, 2013, but was later stopped owing to crisis it generated, was recently hurriedly completed within 24 hours in defiance of the government’s directive. To the association, the provocative action was intended to cause breach of the peace in the community and in the state in general. Ifelodun Omo Igboho, an umbrella body of the sons and daughters of Igboho, said that at a community meeting in 2013 “it was unanimously agreed that the erection of mosque at the said school by the Muslim group led by the Chief Imam, Alhaji Bello Yekini, of Anwar Ur Islam, Igboho chapter, is not allowed/acceptable by the union in the interest of peace”. The recent hurried completion of the mosque is causing apprehension for the Christians who are affiliated to the Nigerian Baptist Convention. Their lawyer, Adeola Fehintola, in a petition to the Police Commissioner and the Director, Department of State Services (DSS), Oyo State Command, dated June 29, 2015, said the erection “is contrary to Oyo State Government directive proscribing religious activities at public institutions of learning

Baptist Junior High School, Igboho

The mosque

in the state”. In the petition entitled: “Illegal Erection of Mosque in Baptist High School, Igboho,” the lawyer cited two former state government circulars dated July 29, 2005 and June 18, 2007 entitled: “Erection of Religious/Union/Social and Commercial Buildings on School Land,” and “Religious worship, tolerance and activities in schools,” which directed school heads to note that, “no structures for religious worship in any form should be constructed in any school without express permission of government”. The petition reads in part: “The association is aware of clandestine and secret training of Islamist militants by the Muslim community with the view of starting a jihadist agenda in order to erase, exterminate Christianity as a religion from Igboholand. “The security situation at Igboho today is that Christians are living in fear of Islamist/jihadists, who had procured arms to unleash terror and mayhem on their property.” Reacting to the development, Adelakun confirmed that the school was actually built through communal effort. He said: “Even, the Central Mosque in Igboho was built through communal effort. But the Baptists later took control and management of the school and built houses there. “Even, recently, the school authorities requested for our assistance in power generation, we bought and gave to them a brand new generator. It cost us N50,000. “There are four secondary schools built by the community in Igboho. Mosques were built in all other schools apart from this is one. There are Baptist schools in other towns like Saki. There is Irepo Grammar School, Ifelodun Grammar School, Igboho More

Grammar School. Mosques are all built in them. Ours is not the only Baptist school in Igboho, so why insisting on building it here?” Asked whether the Nigerian Baptist Convention was aware of the crisis and whether steps were being taken to involve security agencies and the Ministry of Education to resolve the impasse, the cleric answered in the affirmative. He added that but for restraint being preached the leaders, some youths in the town could have attacked the Muslims. The Principal of the school, Mr George Morolahun, said though he was relatively new in the school, he knew that the crisis over the mosque had been on for about 10 years. Morolahun confirmed that the mosque was hurriedly built on June 23, against the directive of government. He said: “I have written letters to the police, the DSS, the state Teaching Service Commission (TESCOM), and the Ministry of Education, intimating them of the development. “The state police commissioner has invited us to the Eleyele headquarters of the state Police Command to present our case. I learnt the others have also been summoned.” However, Yekini discountenanced the claims by the Christian body, saying that the Baptist school was built in 1958 by the community members comprising Christians, Muslims and even the traditional worshippers. He said: “The school was in 1958 a modern school. I was not too young then as I was part of those who carried sand to build the school. Three buildings of four classrooms were built by the community. It was not only Christians that built it then. “The elders of the town later decided to hand over the school to the government. Such was only possible through the mission then. Apart from the Christians, the Ahmadiyya, Anwar Ur Islam and others were in existence.

In order to have benefits from the government, we decided to go through Ogbomoso (the Baptist Mission). The school was then named Baptist Secondary Modern School. “In 1977, modern schools were scrapped from the government system. By 1982, the administration of the late Chief Bola Ige resuscitated the old schools, and so we agreed that the government should upgrade our school to a secondary school. “There was a councillor by name Hon. Adeleke. He was a member of the then Unity Party of Nigeria (UPN). He was beaten to death by some people because he was collecting taxes. We attempted to name the secondary school after Adeleke, but the government of the National Party of Nigeria (NPN) that came back to government frustrated the move. The NPN that had an upper hand then named the school Baptist High School again. Our children were being taught the two major religions there then. “By 2006, during the administration of Senator Rasidi Ladoja and Otunba Adebayo Alao-Akala, some Christians said that our children should not be praying there again. The government intervened, saying that a place be given out to the Muslim community to erect a mosque, which we did in 2011. “The shed was, however, burnt by some Christian youths and it sparked unrest, but we ensured it did not get out of hand. “There are eight public secondary schools in Igboho and all have mosques in them. Why are they insisting mosque should not be in theirs for the benefit of our Muslim children? “The essence of our effort is to instil moral education in our youths right from secondary school. It was lack of this that led to the existence of the Boko Haram insurgents in the northern part of the country. “Just like Agricultural Science and Physical Health Education that need practical aside the theoretical lessons in the classrooms, Islamic Religion also needs practical. Would the students be taught how to do ablution in the classrooms? No, they have to do so in the mosque.” Yekini disclosed that the mosque erected then in form of a shed was burnt. He added: “When we started building it later, it was demolished twice. They said government directed that mosque should not be erected in public schools. Did it therefore mean that it was the government that asked them to burn and demolish our mosque? The government should answer this. “Against their claim that the Baptists erected buildings on the premises solely, I say categorically that no building was erected solely by them. We all did it together. The Parent-Teacher Association (PTA) in the town facilitated erection of four buildings in the school. The Ministry of Education has never deemed it necessary to investigate our claims. “Muslims in Igboho have never employed violence. We are ready to embrace peaceful means. After erecting the mosque and the Christians kicked, we went to report to the police and they have asked us to stop work on the building. We have complied.” The imam, however, denied the claim by some Christians that a particular youth carried a gun and positioned himself close to the mosque on the day it was finally erected. He said: “Whoever made such allegation should be asked to swear, and the curse would surely manifest on such person because it is a pure lie. Nobody carried any ammunition on that day.”

NEW TELEGRAPH TUESDAY, JULY 14, 2015

News 47

SOUTH-EAST

Rights Commission probes Okorocha’s alleged intimidation, violation of court orders Steve Uzoechi OWERRI

he National Human Rights Commission (NHRC,) has

commenced investigations into reports of alleged intimidation, harassment and flagrant disregard to court pronoucements and judgments leveled against the Imo State Governor,

Rochas Okorocha. This followed a petition written to the National Headquarters of the commission by Eze Cletus Ilomuanya, the Chairman, South-East Council of traditional

rulers, chronicling his alleged ordeal in the hands of Okorocha, since the governor’s assumption of office in 2011. The monarch at a news conference in

Owerri, the Imo state capital, declared that Okorocha, sacked him from office through his maiden radio broadcast to Imo people in 2011, while he was only 18 months into his tenure as the Chairman of the state council of traditional rulers. Noting that Okorocha, has not paid him a kobo of his allowance as a traditional ruler since over four years he assumed office, he said the governor had visited him with several abuses, compelling him

to seek redress in court on more than seven occasions. He regretted that even with the court ruling in his favour on all the issues he contested with the governor, Okorocha, has refused to abide by any of the court judgments. Consequent upon this, the NHRC, Imo state office has written Governor Okorocha, on the issues raised by Ilomuanya, in a letter dated 29th June, 2015 and referenced: C/2015/3834/ HQ(C/2015/IMS/15).

Tribunal dismisses pleas against Otti’s petition Igbeaku Orji Umuahia

L-R: Hon. DameNkechi Omeje; Mr. AlbertEdeoga; Ugo Chime; Enugu State Governor, Ifeanyi Ugwuanyi and Chairman, Nsukka Urban Renewal Committee, Mr. Chris Offor, shortly after their inauguration at the Government House, Enugu…recently.

Imo Assembly workers reject 50% salary slash

mo State House of Assembly workers have rejected the downward reduction in their salaries by 50 per cent, stating that they never consented to the idea. The staff, during a protest, said the salary cheques for May which were issued last week Friday, would not be accepted by any of them. Chairman of the Imo Chapter of Parliamentary Staff Association of Nigeria (PASAN),

Mrs Ngozi Ofoegbu, told the News of Agency of Nigeria (NAN), in Owerri yesterday, that the slash was unacceptable. Ofoegbu said the staff had been owed salaries since April, adding that most of them had taken loans to survive. The Chairman also stated that the salaries of the staff should not be slashed under any circumstances. “Our salaries were last paid in April, since

then, we have been managing to survive; some of us have taken loans to enable us sustain our families until salaries are paid. “We were dismayed when we received our cheques because our salaries had been reduced by half. “A junior staff who receives N40,000 as his monthly salary got N20,000. After servicing the loan at the bank, the person goes home with nothing’’, she said.

Another staff member of the Assembly, Mr. Kenneth Anyanwu, said nothing had been said about paying them their arrears. The Speaker of the House, Mr. Iheanacho Ihim, urged the workers to remain calm as there was no money in the state’s treasury. Ihim also said his salary was reduced by over 50 per cent and promised that he would ensure that they received their full salaries.

he governorship election petition tribunal sitting in Umuahia yesterday overruled the respondents, to the petition of the All Progressives Grand Alliance (APGA) candidate in the last election, Dr. Alex Otti, Dr. Okezie Ikpeazu and the Peoples Democratic Party (PDP) and the Independent National Electoral Commission (INEC) over service of the pre-trial notice. The tribunal had reserved July 13, 2015, for the commencement of the pretrial in the petition of Otti but the lead counsels to Okezie Ikpeazu, Wole Olanipekun, the PDP, Onyechi Ikeazu and the Independent National Electoral Commission (INEC) Livy Uzoukwu, had told the tribunal that they were not served the application for prehearing and argued that the prehearing could not commence in compliance with the Electoral Act. Citing relevant sections of the law Olanipekun held that the first respondent was entitled

to fair hearing and fair hearing entails service. However, counsel to Alex Otti, Akin Olujimi, argued that in paragraph 18 (1) of the constitution the issue of service had been settled by the Supreme Court which said service could be done by motion on notice, by ex parte motion, by letter or even by phone. Olujimi contended that the notice the respondent was entitled to was in Form TF 007, which is the hearing notice served by the tribunal Secretariat. He insisted that Forms 007 and 008 were duly served the Respondents arguing that “if they have defaulted they can make necessary application but cant make untenable argument,” and appealed to the Tribunal to allow pretrial to commence since all the necessary procedures had been fulfilled. The chairman of the Tribunal, Justice Usman Bwala, directed the court clerk to show the application for pre-trial to the respondents, saying that before the present sitting, the tribunal had fixed July 13, 2015 as pre-hearing date to the hearing of all parties.

Post-MDGs: Nigeria cannot afford to be left behind Steve Uzoechi OWERRI

arely 75 days to the deadline of the Millennium Development Goals (MDGs), the Director and Secretary of the Programme, Office of the Senior Special Assistant to the President on MDGs, Ogenyi Ochapa, has said that it will

be disadvantageous for the country if the views and aspirations of Nigerians were not captured in the post MDGs framework tagged: ‘’Sustainable Development Goals (SDGs).’’ According to a statement issued by Desmond Utomwen, the media aide to the office of the Senior Special Assis-

tant to the President on MDGs (OSSAP-MDGs) Ogenyi, noted that unlike the MDGs, which Nigeria began its full implementation six years after the project was unveiled in 2000, Nigeria must hit the ground running immediately as world leaders adopt the successor framework at the 70th session of the

United Nations General Assembly (UNGASS), which will hold in New York. Ogenyi, who affirmed that Nigeria has been adjudged to have scored a pass mark in the implementation of the MDGs despite starting late, hinted that in a bid to forestall late adoption and deployment of the

Post-2015 Development Agenda as was the case with the MDGs framework, OSSAP-MDGs has been putting the necessary implementation mechanism in place in collaboration with Ministries, Departments and Agencies, sub-national governments, the United Nations Country System, DFID and other

International Development Partners. This he said was to ensure that the project was integrated into National and State development strategies and plans for seamless execution. He therefore called on for all hands to remain on the deck to ensure a better implementation of the successor framework.

News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

SOUTH-SOUTH

Court reinstates 22 sacked Rivers LG chairmen lUneasy calm as Wike’s caretaker chairmen assume office Emmanuel Masha Port Harcourt

n Industrial Court sitting in Yenagoa, Bayelsa State, has ordered the reinstatement of the 22 local government chairmen in Rivers State that were sacked last week by the Federal High Court, Port Harcourt. Justice Lambo Akanbi, had ruled in Port Harcourt that there was a court order restraining former Governor Chibuike Rotimi Amaechi, from conducting the election a week before he left office on May, 29. But the National Industrial Court sitting in Yenagoa, has ordered Governor Nyesom Wike, to re-instate the sacked council chairmen, ordering that the caretaker chairmen should immediately resumed duties in their respective local government areas. It can be recalled that after their sack, the Rivers Assembly empowered Governor Wike, to appoint caretaker committee chairmen to oversee the 22 councils in the state, many of whom re-

sumed work yesterday. At the time of filing this report, details of the court ruling was still sketchy but it was unclear whether or not Wike, would respect the court ruling. The 22 chairmen had withdrawn from the case

at the Federal High Court in Port Harcourt, barely 24 hours before Justice Akanbi, delivered judgment. Meanwhile, there was uneasy calm yesterday in Rivers State as the newlyappointed caretaker chairmen assumed work at

ASABA

undreds of youths in Ase-Omuku Community in Ndokwa East Local Government Area of Delta state, yesterday disrupted oil production at Sterling Global Company Jetty. The youths, numbering 200, barricaded the entrance to the facility with a canopy and chairs, vowing not to vacate the scene until their demands were met. Despite the detachment of over 30 armed

soldiers and 10 policemen to maintain peace and order in the troubled locality, the youths resumed the protest, which started last week Monday yesterday. The youths wielded various placards, bearing headlines like; “SEEPCO Give us our rights, SEEPCO pay for our land, SEEPCO pay all our entitlements, SEEPCO sign our five years MOU, Give us back our health center, Save the lives of unborn children and pregnant women, Say no to dehumanization, Stop spill-

age, among others. Spokesperson for the community, Comrade Amakor Peter, said the community embarked on the protest because the company had turned down several appeals from the host community. He said at a time the company resorted to a divide and rule tactics, which caused serious disagreement among the members of the community until it was resolved. But the Base Manager of SEEPCO, Mr. Noham, said he does not request for the attention

Group urges Buhari to accord Urhobo nation privilege Gabriel Choba Ughelli

social-political pressure group in Delta State known as Urhobo Arsenals for the Development of Niger Delta yesterday urged President Muhammadu Buhari, to accord the Urhobo nation its pride of place as the fifth largest ethnic nationalist amongst communities in the country. The group at a meeting held in Ughelli, noted that the Urhobo have contributed greatly to

State Police Command had warned against protests in any part of the state Security personnel were present at some of the councils, but they did not prevent the movement of people into and outside the council.

Akwa Ibom State Governor, Udom Emmanuel (left), congratulating the Chairman, Technical Committee on Agriculture and Food Sufficiency, Prof. Edet Udo, after the inauguration of the committee at the Exco Chambers of the Governor’s Office, Uyo…yesterday.

Delta community, oil firm square up over MoU Dominic Adewole

their various councils, despite the All Progressives Congress (APC), vowing to disregard the court judgment that brought in the caretaker chairmen. In anticipation of public unrest and possible breakdown of law and order, the

the sustenance of the Nigerian State but sadly has nothing to show for it. In a communiqué issued after the meeting and made available to journalists signed by the National President, Comrade Lucky Demide, Secretary, Comrade Festus Oyibo, among others, the group insisted that the Urhobo nation should be given their rightful place in the nation’s Federal system. They urged President Buhari, to implement the original master plan for the amnesty programme which was

drawn by a person Urhobo extraction, devoid of ethnic discriminations and tribal sentiments within the region; noting that its sole purpose was for the development of the region in the area of poverty alleviation, job creation, skill acquisitions and empowerment. They however noted that, these objectives were not duly followed in the last amnesty program implementation inaugurated by the late President Musa Yar’Adua and ex-President Goodluck Jonathan governments.

Anxiety mounts over abducted lecturer Cajetan Mmuta BENIN

nxiety is said to be mounting among residents of Igbanke in Orhionmown local government area and the university community of the Ambrose Alli University (AAU), Ekpoma, in Edo state over the whereabouts of Dr. Paul Erie, an associate professor after his abduction by gunmen. This came as wife of the Bishop of AkokoEdo Diocese, Mrs. Victoria Oyekpen, a magistrate in Jattu, Etsako West local government area of Edo State who was reportedly kidnapped on Saturday evening by heavily ar med men was said to have been released. Mrs. Oyekpen was abducted along Igar ra-Ibillo road in Akoko-Edo local gover nment area of the state. New Telegraph learnt that Dr. Erie, who is also a palace Chief was kidnapped in his house for over a month ago.

Oshiomhole to PDP: I’m not afraid of EFCC Cajetan Mmuta BENIN

overnor Adams Oshiomhole of Edo State, yesterday dared the state chapter of the Peoples Democratic Party over plot by its chairman Chief Dan Orbih, to petition the Economic and Financial Crimes Commission (EFCC), to institute a probe into the accounts of the 18 local government councils in the state, describing the call as a welcomed development. Oshiomhole, however, insisted that such probe by the anti-graft agency should start from 1999

to date. The PDP presided over the affairs of Edo State from 1999 to November 12, 2008, when the Governor Oshiomhole, recovered his mandate through the verdict of the Appeal Court. Governor Oshiomhole in a statement signed by his Special Adviser, Media and Public Affairs, Prince Kassim Afegbua and made available to newsmen in Benin City yesterday said “as a government driven by prudence in its management of resources, we are proud to say that our achievements in the last six years far supersede that of the PDP’s ten years of presiding over

the State.” He stated further that, “We are pleased to state without fear or favour that we welcome the suggestion raised by Dan Orbih inviting the EFCC to look into the books and accounts of Local Government Administration in the last six years but that such investigation should also cover the period between 1999 and 2008.” The statement also said, “From such investigative effort, the public would be able to know who siphoned Local Government funds between the Government of Comrade Oshiomhole and that presided over by the PDP for ten years.’

PDP chair berates APC over N2.5bn bribery claim

he Akwa Ibom State Chairman of the Peoples Democratic Party, PDP, Obong Paul Ekpo, has taken a swipe at the rival All Progressives Congress, APC, over the claim by the latter, that the petition of their gubernatorial candidate is being frustrated by bribe allegedly offered to Mr. Austin Okojie, INEC Resident Electoral Commissioner in Akwa Ibom, by the past governor of the state, Chief Godswill Akpabio. Obong Ekpo, in a release with newsmen in Uyo, de-

scribed as false, spurious and baseless, the alarmist cry by the Akwa Ibom state chapter of the APC, accusing the former governor of the state, now a senator. It will be recalled that the counsel to Mr. Umana Okon Umana, APC Governorship candidate in the last election and former Attorney General and Commissioner for Justice in the State, Victor Iyanam, in a petition dated July 8 addressed to the Director General of the Department of State Security, and the Inspector General of Police, accused

Okojie of collecting the bribe from Akpabio in order to work against APC’s interest and that of its governorship candidate at the election tribunal. Reacting to the allegation, Obong Ekpo, who laughed off the APC allegation, observed that while it was not necessary to join issues with the party, which he said is reputed to thrive on propaganda and blackmail, it was pertinent to set the records straight so that the gullible and unsuspecting public is not misled and misinformed by the APC.

NEW TELEGRAPH TUESDAY, JULY 14, 2015

Benue SURE-P staff protest non-payment of entitlements Cephas Iorhemen MAKURDI

APC wants Aliyu probed lEx-gov not involved in financial irregularity, says aide Dan Atori MINNA

undreds of members of staff of the Subsidy Reinvestment and Empowerment Programme (SURE-P) in Benue State yesterday blocked Governor Samuel Ortom’s entrance into the state’s People’s House in protest against the non-payment of their entitlements, which they said have piled up close to seven months now. The protest by SUREP staff came in the midst of efforts by the Ortom administration to clear the backlog of arrears of salaries and pensions it inherited from the administration of Gabriel Suswam, which accumulated for six months. The protesters, who besieged the main gate leading to the governor’s office as early as 6.30am, called on the governor to wade into the matter and save their families. Dominated mostly by women, the aggrieved workers told the governor that in the last six months, they were not able to afford two-square meals a day as well as pay school fees of their children, appealing to him to do something urgent to save them from their predicament.

he All Progressives Congress (APC) in Niger State has called on the government of Alhaji Abubakar Sani Bello to probe the administration of former Governor Muazu Babangida Aliyu of the Peo-

Sokoto

okoto State governor, Aminu Tambuwal, has approved the early payment of July salaries to workers in the state to enable them celebrate the forthcoming Eid-el-Fitr festivities with joy and happiness. A statement by the governor’s spokesman, Malam Imam Imam, said already, payments have commenced for all categories of workers in the state civil service.

ples Democratic Party (PDP) in the state. The party made the call yesterday in a statement issued by its Publicity Secretary, Mr. Jonathan Vatsa and made available to New Telegraph. According to the party, “We support the setting up of the two committees put in place by the government. We are solidly behind the

The statement urged the workers to reciprocate government’s gesture by rededicating themselves to the service of the state. It appealed to them to use the remaining days of Ramadan and the Sallah period, to pray for the peace, unity, stability and progress of the state and the country as a whole. It also quotes Governor Tambuwal as wishing all citizens of Sokoto State happy Eid-el-Fitr celebration, in advance.

Maiduguri

n preparation for Eidel-Fitr celebrations, the Presidential Initiative for the North East (PINE), yesterday distributed food items to 16, 000 households in Borno State. Presenting the food items to the households, Secretary of the Initiative, Alhaji Umar Gulani, said over 16, 000 beneficiaries have been slated for the

committees set up, that a probe should be instituted on the government, so be it because APC is a party that follows the popular will of the people, it is the essence of change that the people voted for,” the party said. But in a reaction by the spokesman of the former governor, Mr. Israel Ebije, while saying Aliyu served Niger State

programme across five local government areas in the state, adding that the distribution is to assist them celebrate the Sallah. He said: “The Federal Government is really willing to alleviate the plight of affected towns with all the possible machineries available.” According to him, the initiative will cover its targeted beneficiaries in five local government areas of Borno as well as other states of Bauchi and Ad-

meritoriously, he said: “For now, there is nothing to pin him to any financial irregularity all through his eight years in government.” Ebije urged the APC not to constitute itself into a probe panel, adding that they must not push the committees set up by the incumbent administration into doing the bidding of the party, adding that it would amount to witch-hunt. The APC, however, noted with dismay the rot and corruption that took place in the SURE-P, through workers’ salaries and pension funds by consultants, Ministry of Local Gover nment, (the 10-kilometre roads, ward development projects and many funny loans taken and transferred to personal accounts). While urging the governor not to waive any crime committed against the will of the people, the APC said it will continue to support the gover nor to work for the people. Accordingly, Vatsa said: “Within one month, the governor has embarked on very good people-oriented projects that the people are proud of, typical example is the Sabongari Road project that was abandoned over the years, our dear governor has shown to the people that he is with them, but we believe that he cannot do that without probing into and reversing the rot inherited.”

Kwande youths advised to surrender firearms Cephas Iorhemen MAKURDI

ouths from Kwande Local Government in Benue State in possession of firearms and weapons have been advised to surrender them to the security agencies and embrace the amnesty programme initiated by Governor Samuel Ortom or face the wrath of the law. Chairperson of the lo-

Sallah: Boko Haram victims get food items Ahmed Miringa

Finance and Infrastructure Committee set up by His Excellency, Alhaji Abubakar Sani Bello and we urge him not to hesitate to go further to set up a commission of enquiry to probe the immediate past government because of the rot in the system. “If it is the wish of the people, based on the damning revelations coming from the two

Managing Director/CEO, Dangote Foundation, Mrs. Zouera Youssoufou (left), presenting relief materials to the only survivor of the family, Miss Aminat Ibrahim, supported by volunteer workers in Dawere IDPs Camp in Yola, Adamawa State…recently.

Sokoto civil servants to receive July salary Umar Abdullahi

News 49

NORTH

amawa. “We are in partnership with NEMA and the Red Cross is trying to reach out to the targeted beneficiaries who have not been displaced, but were not able to farm due to the insurgency in the North-East and Borno in particular,” Gulani said. Red Cross Branch Secretary, Comrade Mohammed Zannah Barma, commended the procedure of reaching the targeted beneficiaries.

cal government, Mrs. Helen Ikpambese, who made the appeal at Jato-Aka, home of second republic Power and Steel Minister, Chief Paul Unongo, during a peace meeting with Turan traditional rulers, stakeholders and youths, said the present administration places high premium on the security of lives and property of the citizenry, stressing that the Ortom administration has fashioned out a skills acquisition programme

to meaningfully engage the youths and implored them to shun social vices. Ipkambese also warned youths who are in the habit of fomenting trouble at the major markets in the local government by printing fake receipts for revenue collection to desist henceforth, as according to her, the Internally Generated Revenue (IGR) under her watch would be solely utilised for the development of the local government.

The chairman said the state government has procured and allocated four trucks of fertilizer to the council and admonished farmers interested in the input to pay N4, 000 per bag for collection. While promising to lead by example, Ipkambese appealed to indigenes of the area to disregard rumours, but always consult and confer with her whenever confronted with challenges for clarification.

Kano to sell 60% of Triumph newspapers Muhammad Kabir Kano

he Kano State government yesterday said it has moved to revive the desolate Triumph newspapers’ plan to sell 60 percent of its share to private hands. Speaking while inspecting the company that was closed down by the immediate past government of Rabiu Kwankwaso, Muhammad Garba, the Commissioner for Information, said

selling part of the shares of company is the only sure way of sustaining it. Garba said most of the company’s machines were desolate and outdated and that the only way to revive them is to get partners. The commissioner said government will retain 40 percent share of the company, so that the interests of the government and the state are protected. He said Triumph newspaper has an important job to offer for the development

of Kano State and the nation in general. Garba added that he has been given the go-ahead by the government of Abdullahi Umar Ganduje to find means of reviving the company. CHANGE OF NAME

Ayedun

I formerly known as Miss Adedigba Oluwatosin Tunde, now wish to be known and addressed as Mrs. Ayedun Oluwatosin Tunde. All former documents remain valid. The general public should please take note.

50 WORLD | News

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Greece reaches deal with creditors, avoids Euro exit

fter months of acrimony, Greece clinched a preliminary bailout agreement with its European creditors yesterday that will, if implemented, secure the country's place in the euro and help it avoid financial collapse. The terms of the deal, however, will be painful both for Greeks and their radical left led government, which since its

election in January had vowed to stand up to the creditors and reject the budget cuts they have been demanding. Greece needs another bailout, its third in five years, to dig itself from under a mountain of debt and to get its economy back on its feet after a six year depression. Following months of inconclusive talks, its economy is now teetering on the edge of collapse banks

Tunisia scrambles to seal border amid growing ISIS threat

he desert town of Remada in southern Tunisia has suddenly lost 33 of its citizens. They vanished overnight last week and are thought to have crossed the nearby border into Libya, amid a crackdown by the Tunisian authorities against suspected jihadist cells. The Interior Ministry said "the missing individuals are between 16 and 35 years old. Most of them are radical extremists," but did not confirm all were from Remada. Two were said to be former soldiers, another an air force pilot. The mass disappearance is another sign of

radicalization among young Tunisians, especially in the poorer and more conservative interior, and the lure of Libya as a safe haven for jihadist groups. Towns like Remada, Kasserine and Sidi Bouzid are fertile recruiting grounds for militants. They suffer from high unemployment, especially among the young, and a heavy-handed police presence. Remada is a town of nearly 10,000 people surrounded by desert and scrub. To the southeast are ochre-colored hills and cliffs along the border with Libya, criss-crossed by smugglers' tracks.

have been shut for two weeks and daily business has almost ground to a halt amid cash withdrawal limits. Before it can receive 85 billion euros ($95.07 billion) in loans and support for its banks to reopen, the Greek government will have to pass a raft of austerity measures that include sales tax increases and reforms to pensions and the labor market. Greece will be on a tight timetable to implement its reforms a reflection of how little its creditors trust the government to honor a deal. Greek Prime Minister Alexis Tsipras

infuriated his European partners last month when he called for a popular vote against economic reforms the creditors has proposed. The Greek people voted against those proposals, but now face even tougher measures. Syriza's Left Platform, a group of traditionalists in Tsipras's own party, swiftly denounced the agreement as the "worst deal possible that maintains the country's status: a debt colony under a German run European Union." Both sides in Brussels acknowledged the bitterness that marked their negotiations, which lasted nine

hours past a Sunday midnight deadline. "Trust needs to be rebuilt," said German Chancellor Angela Merkel, adding that with the deal, "Greece has a chance to return to the path of growth." Stock markets rose sharply in Europe on news of a deal, as it averts the imminent danger of Greece falling out of the euro, an event that would create huge uncertainty European and global markets. The Stoxx 50 index was up 1.6 percent, though the euro was down 1 percent after spiking higher. Experts, however, noted that Greece's problems are not over.

Turkey's PM launches coalition talks

urkish Prime Minister Ahmet Davutoglu began coalition talks yesterday with the second-placed CHP party after last month's election which saw his ruling party lose its overall majority. Davutoglu's Justice and Development Party (AKP) failed to secure enough votes in the June 7 election to form a government alone, for the first time since it came to power in 2002. The AKP has 258 seats in the new parliament, the Republican People's Party (CHP) 132, and the Nationalist Movement Party (MHP) and pro-Kurdish People's Democratic Party (HDP) hold 80 apiece. Davutoglu met on Monday

with CHP leader Kemal Kilicdaroglu but no agreement is expected this week during the Eid feast marking the end of holy Muslim fasting month of Ramadan. "This is not a coalition negotiation but preliminary talks for the sides to understand each other," Davutoglu told reporters in Ankara after a more than one-and-a-half hour meeting with Kilicdaroglu. He hailed "very sincere and friendly" talks with the CHP team. Davutoglu said he told Kilicdaroglu that Turkey needs a government as soon as possible, a view shared by the CHP leader. CHP spokesman Haluk Koc said "mutual trust" should be built between the two parties for talks to be successful.

Somalia takes Kenya to ICJ over sea border

he Somali government has submitted its dispute with Kenya over their sea border to the International Court of Justice. The disputed ocean territory stretches for more than 100,000 sq km. Tests have shown potential reserves of gas in the area. The dispute has been going on for the last six years, keeping investors away because of a lack of legal clarity over who owns potential off-shore oil and gas reserves. The BBC's Rage Hassan says Somalia wants the maritime border to continue along the line of the land border to the south-east, while Kenya wants the sea border to go in a straight line east. Somalia's Attorney General Ahmed Ali told the BBC that his government would present a 150-page document ar-

guing its case at the ICJ, which is UN's top judicial body, based in The Hague. Kenya's Attorney General Githu Muigai told the BBC that Somalia had no right to claim what is Kenya's territorial water. He also confirmed that some concessions have been given to foreign companies to explore oil and gas. The application comes days after the Kenyan government said it had received a pledge from Mogadishu that it wanted to solve the case out of court. In 2014 the ICJ gave Somalia the go ahead to file the case after efforts to settle the dispute outside the court had failed. The ICJ has asked the Kenyan government to respond by 27 May 2016, after which hearings will begin formally. It may take several years before the court rules on the matter.

Mr. Ponta, who is recovering from a knee operation, arriving at the prosecutors' office yesterday.

Romania PM charged with corruption

omanian Prime Minister Victor Ponta has been charged with several counts of corruption in a long running investigation, prosecutors say. He faces charges of fraud, tax evasion and money laundering dating back to when he was a lawyer before he became prime minister in 2012, the country's anti-corruption agency DNA said. Some of his property has been seized pending the outcome of the case, the agency added. Mr Ponta denies any wrongdoing. Mr Ponta resigned as

leader of the governing Social Democratic party on Sunday, saying he needed time to prepare his defence, but will continue to fulfil his duties as prime minister. He is accused of receiving the equivalent of around â&#x201A;Ź55,000 (ÂŁ40,000) from a political ally and MP. Mr Ponta returned to work on Thursday following a month-long stay in Turkey for a knee operation. When the DNA agency began investigating Mr Ponta several weeks ago, President Klaus Iohannis immediately called on him to resign, says the BBC's Nick Thorpe. He refused, and op-

position attempts to suspend his parliamentary immunity failed due to the majority enjoyed by the Social Democrats and their supporters in parliament. Now investigators believe they have enough evidence to formally charge the prime minister, our correspondent says. Hundreds of top officials have been convicted of fraud in recent years, as the DNA agency continues its drive to rid Romania of its reputation for corruption. Many of those targeted claim that the case against them is politically motivated.

Israeli PM launches Twitter account for Iranians

ith Iran and world powers close to a nuclear deal, Israel's prime minister has launched a Twitter account in Farsi to reach out to the Iranian public. In his first tweet, Benjamin Netanyahu immediately criticized the ongoing negotiations. Netanyahu has been a fierce critic of the emerging deal. Netanyahu's office said yesterday that the Farsi account will publish content similar to Netanyahu's English and Hebrew accounts to engage directly with the Iranian people. The Israeli leader has a popular

following on Twitter and often tweets videos and photos with messages critical of the Iranian government and nuclear negotiations. Twitter, Facebook, and other popular social media sites are technically banned in Iran. Nonetheless, many Iranians use Twitter through proxy servers, and Iranian leaders often tweet official statements. Israel's defense minister says the Western powers' pending nuclear deal with Iran will force the Jewish state to "defend itself, by itself." Negotiators appeared on the verge of signing a final deal yesterday that would lift longstanding sanctions on

Iran in return for limitations and closer inspections of its nuclear program. Israel has been among the fiercest critics of the talks, saying the world was making undue concessions without getting enough in return from an Islamic Republic that has made no secret of its belligerent intentions. Moshe Yaalon says Israel's assumption is that a "bad nuclear deal" was imminent. He said the agreement would not succeed in closing a single reactor or destroy a single centrifuge. He said Saudi Arabia, Egypt, Turkey and other Middle East nations shared Israel's concerns.

NEW TELEGRAPH TUESDAY JULY 14, 2015

Oshoala relished goal against Arsenal Ladies

International Sport

World-class Sterling will be a good signing for City – Wenger

Wimbledon

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Rankings: Serena, Djokovic widen gap

The challenge before NBA star, Oladipo

Did you know? Serena Williams beat her elder sister Venus in a Grand Slam match for the first time in six years at Wimbledon. Serena has won 15 of the encounters between the American siblings

Yakmut suspends Oliseh’s deal Adekunle Salami

he Director General of the National Sports Commission, Alhassan Yakmut, has said the decision by the Nigeria Football Federation to hire a former international, Sunday Oliseh, as coach of the Super Eagles, will have to wait. In an exclusive interview with our correspondent at the weekend, Yakmut said it was not possible for the chieftains of the football federation to engage a handler for the national team without following the due process. According to the DG, the process of engaging Oliseh should have been done in keeping with the Procurement Act. The NFF should have discussed with the ministry all the formalities before opening talks with the coach. Yakmut said; “Those in charge of procurement in the NSC should have been involved from the start. Look at the issue of the foreign assistant, I only read that in the newspapers but any foreigner cannot work in that capacity without a government waiver. There is a certificate of clearance that must be issued to Oliseh and the assistant. “The NFF is yet to formally inform the NSC of its plan to engage Oliseh and the foreign assistant and all the due process will have to be followed

The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ifeanyi Ibeh Sport Correspondent

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

• Insists hiring must follow due process to engage any coach for the Eagles. This is not new, it is the normal thing. If those new on the board are not aware the people at the secretariat should know better.” The DG told New Telegraph that he had invited the NFF to his office to explain why the ministry was not told about the Oliseh development. “We are not interested in who the NFF hires but the proper procedure must be followed. It is only when this is done that NFF can start discussions with the would-be coach,” Yakmut added. Only last week, the NSC queried the Glass House over the sacking of the former Eagles Head Coach, Stephen Keshi, without notifying the ministry. The NFF swiftly replied the query, apologising for the development. Oliseh is expected to arrive Abuja on Tuesday but whether the unveiling ceremony planned for Wednesday will hold will depend on how quickly the NFF can handle the administrative requirements expected to be done in accordance with the Procurement Act.

Nigeria’s Kenneth Omeruo (middle) vying for the ball with Bosnia’s Edin Dzeko at the 2014 World Cup

Oliseh lacks maturity to handle Eagles – Elaho ria Football Federation for its decision to hire Sunday Oliseh as coach of the Super Eagles, describing the new boss as not only inexperienced, but even more stubborn than erstwhile coach, Stephen Keshi. The NFF penultimate Saturday sacked Keshi for what it described as lack of commitment to the Eagles job after it emerged that he had applied for the coaching role of the Cote d’Ivoire national team. Elaho stated that Oliseh, a former captain of the Eagles, was not only lacking in the Oliseh requisite maturity to lead the senior side, but that the mere fact of his possession Vincent Eboigbe of a coaching badge was not Former Nigeria winger, enough to entrust the national Friday Elaho, has come team to him. down hard on the Nige“Oliseh doesn’t have the

experience, let him come back and prove himself, coach at home first before he is entrusted with the senior team. He is not ripe for the Super Eagles job, having the UEFA coaching certificate is not enough; it is much more than that Elaho said. “It is so sad that a lot of people who should condemn this are silent just because they are angling for NFF appointments in the future.” The former Bendel Insurance left winger also frowned at the persistent labeling of Keshi as stubborn and arrogant, some of the perceived sins that led to the ouster of the ‘Big Boss,’ noting that Oliseh is even worse in this regard. Elaho took the incoming

coach to task for criticising Keshi’s tactical choices at various times in the past, wondering if he did that because he wanted his job. He was also not convinced of the impartiality of the NFF Disciplinary Committee that heard Keshi’s case. “They say Keshi is stubborn and not ready to listen to different views, Oliseh is worse. Was it not Oliseh that led the Eagles to boycott training because of match bonuses? Was he not the one who insulted a serving minister?” Elaho queried. “I knew there was no way Keshi was going to get fair judgment from the disciplinary committee. It is like making a lion a judge in a case inCONTINUED ON PAGE 52

FIBA Africa suspends three Nigerian players

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‘Oliseh lacks maturity to handle Eagles’ CO NTINUED FROM PAG E 5 1

volving a goat. The truth is that they didn’t want him anymore and they contrived things to nail him; Keshi is not the issue, it is NFF that’s the problem of Nigerian football.” The former Brondby of Denmark star was similarly unsparing of NFF boss, Amaju Pinnick, for going back on his words that he would not employ a Nigerian coach for the Eagles. “Pinnick described Nigerian coaches as lacking depth and unable to read matches. He said he was going to hire a foreign coach; I am wondering what the decision to hire Oliseh is all about. I don’t think Pinnick has good advisers, he should be careful the way he is going,” Elaho counseled.

Oshoala relishes goal against Arsenal Ladies Emmanuel Tobi

uper Falcons striker, Asisat Oshoala, has expressed delight after scoring and sealing victory for Liverpool Ladies in their 3-1 win over Arsenal Ladies, in a Women’s Super League match played at the Meadow Park on Sunday. Fara Williams opened the scoring with a stunning strike from 25-yards out before 41-year-old full-back Becky Easton bundled in a second for Liverpool.

While Natalia’s delicate chip pulled one back for the hosts, who were backed by a crowd of 2,061 fans. Oshoala’s lobbed finish secured the points for the Reds. Speaking in an exclusive interview with New Telegraph on Monday, the current African Women Player of the year said, “I feel great to score against a great side like Arsenal. The goal was so vital and I’m happy it helped our club seal the victory and earn the maximum points.”

Oshoala has played six time for Matt Beard’s team since her move from Rivers Angels. Apart from getting all three points, Liverpool Ladies also ended Arsenal Ladies’ unbeaten run in the season. The result also gave the defending champions their first away points of the season and they are now only three points behind the second-placed Gunners, who have fallen five points behind leaders Chelsea team that won 4-1 at home to Bristol Academy.

Mayweather transforms 2015 Wrangler Jeep with $100,000

loyd Mayweather has splashed the cash on his super fleet of cars again after spending $100,000 (£65,000) to transform his 2015 Jeep Wrangler. Mayweather has an incredible collection of cars and he made the headlines earlier this year after posting an image of his £35million fleet of luxury vehicles.

The 38-year-old has decided his off-road car needed to replicate the luxurious look of his other cars so he upgraded his Jeep. The Auto Firm in Miami, who was behind the transformation, took to Instagram to post images of Mayweather’s new-look Jeep. Boxing superstar Mayweather went for the whole

shebang too as his off-roader was customised from top to bottom. A new front hood, Avorza 35 inch wheels, new bumpers, and red LED base lights were added to the Jeep. Mayweather is clearly a fan of technology too, as an iPad integration system was installed which controls everything inside the vehicle.

The ‘Money Man’ took to Facebook on Friday to thank fans for their support and he also confirmed he will fight again on September 12. He said: ‘To My fans, your loyalty and support has given me the best 20 years I could ask for and while at the top, I plan to go out on top....see you back in the ring September 12th!”

Oshoala

LMC names Golden Boot award after Yekini

he League Management Company has decided to honour late goal king, Rasheed Yekini, by naming the Golden Boot award after the former Shooting Stars striker. Chairman of the LMC, Shehu Dikko, said the league was very close to the official unveiling of the Rasheed Yekini trophy for the highest goal scorer as part of the Nigeria Professional Football League Awards which the

board approved at its meeting in June. Dikko said the decision to name the trophy after one of Nigeria’s most prolific forwards was taken by the board as a route to immortalise the player who scored a total of 37 goals in 58 appearances for the country and demonstrated exemplary character and commitment throughout his career. “There are a number of factors that led us to reach

the decision to name one of these awards, that of the highest goal scorer after the late Rasheed Yekini. “The award is part of strategic plans of the LMC to create commercial value and additional revenues out of the assets inherent in the league property. The LMC Chairman disclosed that monetary incentive and other social benefits would be attached to the awards.

Police raise crime awareness with football match Taiwo Jimoh

Mayweather with the jeep

Kwara United fire Abdulrahman Charles Ogundiya

wara United on Monday ended their contract with the club’s coach, Tunde Abdulrahman, following a string of poor results. In a statement credited to said the management of the club led by Haruna Maigidansanma, the coach “has been suspended till further notice. The decision became imperative due to the unimpressive performance of the club.” But New Telegraph investigations revealed that the coach had been given the sack and the word ‘suspension’ was just to soften the sacking of the coach, putting into consideration results of the team in

recent games. He also said something drastic must be done immediately to address the dwindling fortunes of the club, who currently stare relegation in the face. The source said: “With the position of the club now, it is going to be a big miracle if it escapes relegation. “If care is not taken, the club will be playing in the lower division next season and we don’t want that to happen to this club.” Kwara United have lost four of their last six matches, with the latest, being the 1-0 loss at home to Sharks of Port Harcourt at the weekend, slipping to 17th in the Nigeria Professional Football League table with 16 points from 16 matches.

he outgoing Lagos state Commissioner of Police (CP) Kayode Aderanti has called on Lagosians to unanimously join hands in the war against crime. The CP made the call on Saturday at the National Stadium, Lagos, during a novelty match between the Crime Re-

porters Association Of Nigeria (CRAN) and the combined teams of the Actors Guild Of Nigeria (AGN)/Performing Musicians Association Of Nigeria (PMAN). Aderanti who was represented by the Divisional Police Officer of Bode Thomas, Mr Akin Adamu, praised the two competitors for their initiative in preaching against crime.

“Everybody should join hands in the war against crime. That does not mean that people should carry arms and start chasing criminals up and down, but that civilians should give useful information that will assist the Police and other sister agencies to kick out crime especially armed robbery, kidnapping and piracy from the society,” he added.

Ighalo, Musa in fine pre-season form Tosin Obisesan

igeria duo of Odion Ighalo and Ahmed Musa continued their blistering form at the weekend scoring for Watford and CSKA Moscow respectively at the weekend. Odion Ighalo scored in Watford’s 2-2 draw with AFC Wimbledon on Saturday He scored in the 34th minute to equalise at 1-1 and has

now scored three goals in two pre-season games for the EPL new comers. Similarly, Musa was on target for CSKA Moscow in the 13th minute to open the scoring in the 2-0 win over Krylya Sovetov Samara. He has now scored two goals in two games as they prepare for the season’s kick-off. “It’s always good when a striker score goals. I am looking forward to scoring many

Ighalo

goals when the season starts as I am just getting set with the pre-season games,” Musa said.

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NEW TELEGRAPH TUESDAY JULY 14, 2015

World-class Sterling will be a good signing for City – Wenger

rsenal manager Arsene Wenger believes “worldclass” Raheem Sterling will prove to be a good purchase for Premier League title rivals Manchester City. England international Sterling is on the verge of moving to the Etihad Stadium. Despite admiring the winger,

Wenger believes it would have been difficult for Arsenal to sign him due to the plethora of options the Frenchman has available in attacking positions. Some have questioned whether City’s reported outlay of £49million represents value for money, but Wenger said: “It’s a good buy for Man City.

An expensive one, but they can afford it. “It looked a done deal for a while, because Sterling said he wanted to leave. For me, Sterling is a top-class player. Personally I like him. I didn’t make a bid because he plays in an area where we have plenty of players.”

Kasperczak to coach Tunisia again

enry Kasperczak has been appointed coach of Tunisia for a second stint to replace Belgian Georges Leekens. Kasperczak had also been on the final three-man shortlist to take over as coach of Ivory Coast. The 69-year-old former Poland international was sacked by Mali after this year’s Africa Cup of Nations. He coached Tunisia for four years from 1994, leading them to runnersup at the 1996 Africa Cup of Nations losing to hosts South Africa in the final.Polish-born Kasperczak coached Ivory Coast to third place at the 1994 Africa Cup of Nations and has also had spells in charge of Morocco, Mali and Senegal.

Raheem Sterling (right) taking on Arsenal players

Sherwood eyes Adebayor reunion

ston Villa are set to pave the way clear for Christan Benteke’s summer exit by signing Tottenham striker Emmanuel Adebayor. Villa chief Tim Sherwood has made no secret of his desire to keep 24-year-old Belgium international Benteke at Villa Park this summer. And, while the striker has a £32.5million release clause in his current contract, it is looking like that could

be triggered in the near future. Manchester United are throwing money around in the transfer market to ensure they are amongst the Premier League frontrunners next season while Liverpool, who previously baulked at Villa’s valuation, will have almost £40million burning a hole in their pocket from Raheem Sterling’s imminent £49million move to Manchester City.

Casillas (left) with Ronaldo

Basso quits Tour de France due to testicular cancer

ormer Giro d’Italia winner Ivan Basso withdrew from the Tour de France on Monday after revealing he has testicular cancer. “We discover this two hours ago, I have to stop,” the 37-year-old Italian told a news con-

ference on the first rest day of this year’s Tour. “I crashed in the fifth stage and I felt pain in my left testicle and I went for checks,” said Basso, who was addressing the media ahead of his Tinkoff-Saxo team leader Alberto Contador.

Van Persie passes Fenerbahce medical

anchester United striker Robin van Persie is a step closer to completing his move to Fenerbahce after passing medical tests on Monday. The Dutchman arrived in Istanbul on Sunday amid much fanfare and is widely expected to sign a deal with the Turkish side in the coming days. A statement from Fenerbahce confirmed that Van Persie had passed his medical, paving the way for the 31-year-old to finalise a move. The experienced Netherlands international moved to Old Trafford

from Premier League rivals Arsenal in 2012 and was pivotal to United winning the title in his first season at the club. However, an injuryhit campaign last term saw him manage just 10 goals in the Premier League, with his chances of featuring regularly diminished by the capture of countryman Memphis Depay from PSV. Van Persie appears set to join former United winger Nani at the Sukru Saracoglu Stadium, while former Netherlands team-mate Dirk Kuyt left the Turkish giants last season.

Schneiderlin, Schweinsteiger complete Man United move

Adebayo

Ronaldo wishes Casillas luck in Porto adventure eal Madrid star Cristiano Ronaldo has hailed departing goalkeeper Iker Casillas following the Spaniard’s move to Porto. Casillas made 725 appearances for Real after making his debut in 1999 and enjoyed a glittering career at the Santiago Bernabeu, although his latter years at the club saw him struggle to maintain his high standards. The 34-year-old was famously dropped by Jose Mourinho in 2012-13 and, while he re-

Van Persie with fans

gained his position under Carlo Ancelotti, the Spain captain was on the receiving end of boos from the Bernabeu faithful late on in his Real career. Casillas said farewell to the club at news conferences on Sunday and Monday, with Ronaldo tweeting his own personal tribute. The Portugal skipper posted: “Iker, proud to have worked with you for so many years. Good luck with your new team!”

rance international Morgan Schneiderlin and German World Cup winner Bastian Schweinsteiger have become Manchester United manager Louis van Gaal’s latest signings of the close season. Midfielder Schneiderlin, who joined Southampton from French side Strasbourg in 2008, hassigned a four-year contract with United. The 25-year-old who played for France at last year’s World Cup finals after being a pivotal figure in the Saints establishing themselves as a

competitive side in the Premier League, said. “I am delighted to be a Manchester United player. Once I learned that United were interested in signing me, it was a very easy decision to make,” said Schneiderlin, who was at one point linked with a move to Arsenal. “I have enjoyed seven very happy years with Southampton and it’s a club that will always be in my heart. “But the chance to be part of this squad to help this great club be successful was too good to miss.”

Begovic joins Chelsea from Stoke

helsea have signed goalkeeper Asmir Begovic from Stoke, with the Bosnia-Herzegovina international set to be the backup to Thibaut Courtois. Although Begovic is now a Bosnia-Herzegovina international, he played for Canada at the FIFA under-20 World Cup in 2007. He was co-

captain with Will Johnson, now captain of Major League Soccer’s Portland Timbers. Chelsea say Begovic has signed a four-year contract. The transfer fee wasn’t disclosed. Petr Cech joined Arsenal last month after becoming disillusioned at being the second choice to Courtois last season.

Begovic

Sport

TUESDAY, JULY 14, 2015 NEW TELEGRAPH

Basketball Flakes

with Ifeanyi Ibeh 08180766066

FIBA Africa suspends three Nigerian players • As Age scandal rocks U-16 basketball team

igeria’s participation at the ongoing FIBA Africa U-16 Women Championship, in Antananarivo, Madagascar, has been rocked by a scandal of massive after three of the country’s players were suspended by the continent’s basketball body, FIBA Africa, for being overage. This is Nigeria’s maiden participation at the championship, and the players are Maureen Chidimma Okoli, Menan Denis Daniel and Ifunanya Rosemary Okoye. The scandal comes less than four years after the country pulled out of age-grade competitions to check the rampant cases of age falsification in the aftermath of the suspension of five players of the country’s U-16 boys team. According to a circular signed on Monday by the Secretary General of FIBA Africa, Alphonse Bile, “the technical application of the FIBA Internal Regulation governing eligibility of players for the championship” found the three Nigerian players culpable. The circular further stated that the Technical Committee will be forwarding the issue to the FIBA Africa Executive Committee to open disciplinary actions against the three players and the Nigeria Basketball

Federation. NBBF President, Tijjani Umar, reacting to the development in Madagascar, however urged the players to remain focussed and see the competition as a learning process. He said: “They should just remain focused and enjoy the game. The position of the NBBF is that the team is not taking part in the competition to win at all cost, but to use it as a platform of getting future players for the senior team.” The test results emerged last Friday and the girls were subsequently prevented from taking part in the championship which got underway on Saturday. As a result, the Nigerian team has been prosecuting games at the championship with only nine players. Regardless of the reduced roster, the Nigerian team, handled by Adeka Daudu, defeated three-time runners-up Egypt 5452 in their opening match on Saturday before handing out a 60-53 defeat to Madagascar on Sunday. Their final group stage game comes up on Tuesday against Morocco, who lost 62-29 to Madagascar in their opening game. A win will see the Nigerians finish top of Group A and set up a possible quarterfinal clash against Tunisia on Friday.

Action from the match between Nigeria and Madagascar

Preh to lead U-16 boys to Mali

he Nigeria Basketball Federation, on Monday, named former international, Tari Preh, as Head Coach of the country’s U-16 team currently preparing for the 2015 FIBA Africa Under-16 Championship holding in Bamako, Mali from July 30 to August 8. Preh will be assisted by former national team player, Ogoh Odaudu, who was one of the assistant coaches at the 2013 AfroBasket Championship. According to a statement

made available to New Telegraph and signed by the NBBF’s head of media, Patrick Omorodion, players called up for the championship are expected to report to the national team’s camp in Abuja shortly. Nigeria last took part in the FIBA Africa Under-16 Championship in 2009, at the maiden edition of the tournament in Maputo, Mozambique. The team finished in third place at the end of the cham-

pionship won by Egypt. The Egyptians went on to defend the title two years later on home soil before losing to Angola in the final of the 2013 edition in Madagascar. Nigeria’s absence from the last two editions of the tournament was as a result of the NBBF’s decision to pull out of age-grade competitions four years ago to check the rampant age falsification scam which hampered the growth of legitimate talents in the country.

Wimbledon 2015 fallout

Rankings: Serena, Djokovic widen gap

erena Williams has widened her lead at No. 1 in the WTA rankings with her fourth consecutive Grand Slam title at Wimbledon. Williams now holds more than twice as many points as No. 2 Maria Sharapova. Novak Djokovic’s third championship at the All England Club allowed him to retain his healthy lead atop the

Wimbledon champions Novak Djokovic (left) and Serena Williams dancing on stage at the Guildhall in London

ATP rankings on Monday over No. 2 Roger Federer, the man he beat in the final. Sharapova, who lost to Williams in the semifinals, rose two spots, while last year’s champion, Petra Kvitova, slid from No. 2 to No. 5 after exiting in the third round. Garbine Muguruza, the 21-year-old from Spain who was the runner-up to Williams,

moved into the top 10 for the first time at No. 9, an 11-spot rise. The men’s top 10 remained unchanged, including Andy Murray at No. 3, Canadian Milos Raonic at eighth and Rafael Nadal at No. 10. Vancouver’s Vasek Pospisil rocketed up 27 spots to No. 29 after making the quarterfinals at Wimbledon.

Federer praises ‘rock-solid’ Djokovic

Champions celebrate R victory with dance

ovak Djokovic has revealed he and Serena Williams revived an old tradition by dancing at the Wimbledon champions’ dinner. Fresh from their triumphs on Centre Court, the pair received a standing ovation from guests after showing off their moves. They became the first players to dance officially at the London Guildhall event since Bjorn Borg and Chris Evert in 1976. And Djokovic, who won his third Wimbledon title on Sunday after beating Roger Federer, said their performance was

inspired by classic Bee Gees song Night Fever. The Serbian said: “There was no practice, I suggested the idea to (All England Club chairman) Philip Brook and Serena, and fortunately they accepted. “I was very pleased because Serena is a great dancer. “I was thinking of more of a waltz - something more sophisticated. “But Serena wanted to move a bit more and we considered other options. So it was Night Fever. Night Fever came to life and you can imagine how that looked.”

oger Federer has said that Novak Djokovic put in a “rock solid” performance to win a third Wimbledon title. The world number one beat the seven-time champion in four sets to defend the title, giving him the ninth Grand Slam win of his career. After the match, the second seed told BBC Sport: “Well done Novak. That is sport, we don’t know the outcome. I had my chances in the first set. I got lucky to win the second, had chances in the third. “But he was better on the bigger points. He was rock solid, I didn’t play badly myself. That’s how it goes. “I work very hard, so do the other guys, I have a great team behind me. Without them it

Federer

would not be possible. I am still very hungry and motivated. A privilege to play here, again. I would have loved to win but

Novak was very good.” Djokovic now has 20 wins from his 40 matches against Federer.

Features 55

NEW TELEGRAPH TUESDAY JULY 14, 2015

‘Oladipo needs to meet next career challenge’

ictor Oladipo has been an important piece for the Orlando Magic, and he can take the next step this summer, according to an OrlandoMagicDaily.com report. When the Orlando Magic drafted Nigerian-born Victor Oladipo with the second pick in the 2013 NBA draft, it was clear they wanted him to be the cornerstone of the franchise. After two seasons in the NBA, he has shown to have the potential to be just that, but he still needs to work hard to take his game to the next level. Oladipo was the team’s first draft pick after the Dwight Howard trade, so he had an important role on the team from the start. He was thought of as an athlete and a defensive specialist, which seemed to be the type of player (Orlando Magic’s General Manager) Rob Hennigan wanted to build the team around. The Magic needed Oladipo to turn out to be at least a serviceable starter, and not only has he exceeded that role so far, but he has become possibly the most important player on the team. At the 2013 Draft Combine, he measured in at a little taller than 6-foot-4 with shoes, but his wingspan was measured at a little longer than 6-foot-9. His long wingspan enables him to have the potential to create a lot of turnovers,

Duval

American professional tennis player, Victoria Duval, has won one singles and one doubles title on the ITF tour, and last August reached number 87 in the world. Shortly after, she was diagnosed with cancer and, in this article she posted at The Players Tribune, the 19-yearold recounts her ordeal and eventual triumph.

n June of 2014, at the age of 18, I was competing in a tournament in Mexico when I felt a large lump in my neck. I was travelling with a coach at the time. I didn’t think anything of it but informed my mother immediately. Just to be safe I did some scans when I got home and they told me that everything seemed to be okay. My mother

and he has done a solid job of that so far. Last season, he averaged about 1.7 steals per game, and in turn created about 3.3 points off turnovers per game. However, when he played aggressive defence and missed on his chances, the Magic defence struggled with rotations. The team lacked the defensive awareness and rim protection needed to recover when Oladipo or others missed out on steal opportunities, and in turn the defence actually conceded more points per 100 possessions with Oladipo on the court than with him off of it (106.8 vs. the 105.2 team average). His real defensive plus minus rating, which measures on court point differential per 100 possessions and controls for teammates and opponents, was still negative, meaning Oladipo still needs to work harder and play smarter defence. Oladipo was forced to play off of his man more often than he may have liked to prevent opponents from attacking the paint, and it showed with the fact about 62 percent of his matchup’s field goal attempts were more than 15 feet away from the basket. In turn, opponents shot slightly better with Oladipo on them than their general average. Wing players on teams like the Houston Rockets or Indiana Pacers like to close out hard on shooters and funnel

How I survived cancer – Duval and I travelled to Europe a few days later. I was extremely excited to go to Wimbledon — I’d only played the junior event, never the women’s. My ranking wasn’t high enough to get into the main draw, but I had made it to the qualifying rounds. Three wins, and I was in. A few weeks into the trip, the lump kept getting bigger and bigger. My mom, relying on her medical background, had a hunch that something was very wrong based on its location. The tournament doctor, agreeing with my mother’s intuition, quickly arranged for an emergency biopsy. The day before my first round of qualifying, I was told that the results came in. That was probably one of the most stressful moments of my life. My legs were shaking as I made my way over to the doctor’s office. I didn’t really know what to think, to be honest,

Victor Oladipo in action

them into the paint, where there is a dominant rim protector waiting for them. The Magic lacked that luxury and did not adjust well enough to play to Oladipo’s strengths on defence. With the new defensive-minded head coach, Scott Skiles, the team should

look to improve its defence and rotations and allow Oladipo to play to his strength as an aggressive on-ball defender. Oladipo should look to play smarter on-ball and off-ball defence and try to limit unnecessary risks until the team defence improves.

but nothing could have prepared me for the news I was about to hear.”

I was in stellar shape before starting treatment, so my body responded well. I was even able to play some tennis.”

REVELATION As soon as she said that, I immediately blacked out and cried hysterically. I didn’t know much about cancer — I just automatically associated it with death. This may sound dramatic, but I even started thinking about how I wanted to spend my last moments on Earth. The physical therapist who had accompanied me to the office told me that if I wanted to go home I could. But going home was the last thing I wanted to do. I came to England with one goal— to get through qualifying and play in the main draw at Wimbledon. And I made a decision that I wasn’t going to let this diagnosis stop me. The physical therapist advised me to keep the news as private as possible, and to stay focused on the tournament. For better or worse, my state of denial made focusing quite simple. I went on to win all three of my qualifying matches — and, in the first round of the main draw, even beat a girl ranked Top 30 in the world. Once my illness was more thoroughly explained to me, I realised that I had a great chance of winning the battle with cancer. My fears started to slowly dissipate. And in the same way that I relied on my faith to get me through qualifying, I knew that God had a plan for me in this new battle.” OPTIMISM When I flew home, I went to the hospital to do some more tests and build a plan of treatment. Hearing the effects and process of chemotherapy terrified me. Nonetheless, I was optimistic. That optimism was short lived. A few days later, after finishing my first round of chemo, I lost hope. I didn’t see how I was going to be able to deal with feeling so horrible for three months. But I somehow found the strength to persist. Every two weeks, my parents drove me to Jacksonville for treatment. Words can’t really express what it feels like to go through chemotherapy. The constant urge to throw up, headaches, stomach pains, fatigue, loss of appetite, metal taste in your mouth, and the list continues. The good news for me was that

RECOVERY After completing my last round of treatment in September, I cried enough tears to fill a lake. Tears of joy, of course. Three months felt like an eternity, but I did it! I won my battle with cancer! My oncologist informed me that the fight wasn’t over, however. He said the road to recovery would be a long and arduous one. I thought, well, how bad could this be? The tough stuff is over now! Not so fast… I started playing tennis again in late November. I was ecstatic to be back on court. Even though my body didn’t last long at practice, it surely felt like a privilege. In December, I started doing a lot of pool workouts with my physical therapist to start building some strength. The first month was very difficult. My muscles had practically atrophied. At the time, it seemed impossible to get back in shape. But I kept pushing. After a few months, I became strong enough to graduate from physical therapy to tougher fitness training with a conditioning coach. In March, my trainer and I felt that it was time to really focus on the gym. From a tennis perspective, my timing was there. But physically, I couldn’t keep up on the court. I started to feel much better around April — though still not even at 50 percent of where I was before treatment. For the past two months, it has been steady progress: 30 minutes in the gym, turning to an hour, then turning to an hour and a half. At this rate, I’m going to be back to doing what I love in no time! NEXT TARGET My goal is to be playing tournaments in a few weeks. I am also writing my memoir, coming out Fall 2016, in which I will elaborate in much more detail about my journey. This journey has been a tough but educational one. The most important lesson I learned is appreciation. I learned that good health is a privilege — and that, once you have something taken away from you, you begin to realise how much you took it for granted.

On Marble

Sanctity of Truth

Quitting smoking of cigarettes by the avoidance of friends that smoke may be a practical method; but it usually comes with the pains of losing such friends as our most likable companions.

World Record

Pazardzhik, Bulgaria: The Pazardzhik bench, designed by architect Dimitar Boyukliev, is 1 015-meter long and can seat about 2 020 people at once - setting the new world record for the Longest Bench (made from wood).

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

– Kingsley Ogbeide-Ihama

TUESDAY, JULY 14, 2015

N150

Public arena : the column you write

Devaluation not the panacea Boniface Chizea

t is necessary and in deed our patriotic duty not to keep quiet if we disagree when some recommendations are made particularly from very prominent and important quarters such as was recently reported to have been made by no less a personality than the Chief Executive Officer of First Bank; Mr. Bisi Onasanya during a Bloomberg event at the Stock Exchange recently in Lagos. In summary Mr. Onansanya is of the opinion, which we must quickly admit he is entitled to, that the Central Bank of Nigeria will not be able to; giving the complement of policies it has churned out recently, stabilize the rate of exchange but rather that such measures only end up piling up pressure on operatives and the market necessitating that the banks in the country go out sourcing for foreign exchange to keep credit lines open and might actually lead to the undermining of the growth prospects of the economy as productivity is comprehensively negatively affected. He believes and recommends that the Central Bank must not be afraid of devaluation but should bite the bullet and take that route which in his reckoning is the cure-all solution for the current pressure which is being felt by all stakeholders not the least the Regulatory Authorities who have the primary responsibility of promoting schemes and adopting measures to underwrite financial and macro-economic stability in the country. He believes that if the Central Bank relaxes some of the controls such as the recent exclusion from the interbank market of importers of some items into the country which to all intents and purposes the country if it had been properly managed should by now be self-reliant of; will result in the Eldorado we have all been waiting for. But as the above caption indicates we do not agree that this is a correct position and will proceed further by actually eschewing the sophistry surrounding the theory of devaluation and issues relating to appropriate pricing and price misalignment but draw from relevant experience in this country to debug this perspective. Before I commence to look far back, it is a matter for the records that quite recently towards the end of last year the CBN contrary to the avowed and declared position of the Governor as included in his agenda under his watch allowed the Naira to devalue from 155 to 168 to the dollar and thereafter upon the closure of the Auction Window allowed the Naira to sell at 198. This is devaluation of about 30 per cent which is just beginning to reflect on general price levels in the economy after the lag for the pass through effect of such policy to register. And since then what has happened? Has this step which some of us considered ill-advised been able to make any endurable impact? Has it been able to reduce the dollar demand pres-

Godwin Emefiele, CBN governor

Onasanya

sure and how many portfolio investors have since rushed in because investment options have now been made cheaper even if we acknowledge the fact that we enjoyed some respite vis-a-vis the rate of exchange? The point has to be made again that if you liberalize the Naira and relax controls to make the foreign exchange market more liquid, the country will run into real problems. The reserves will collapse overnight and credit risks will worsen and the much taunted growth in productivity will not result to impact the unemployment situation. In my well-considered opinion this country should do all it takes to avoid succumbing to the pressure of those who would preach devaluation but only do so as it is adjudged inevitable even then within the context of a mix of other supportive policies. When Structural Adjustment Programme was introduced in 1986 under the Ibrahim Babaginda regime when we cowered to the pressure from the International Monetary Fund and then in our convoluted wisdom and logic decided to forgo the accompanying loan, the Naira was effectively devalued from 22 to 86 Naira to the dollar overnight even if to cushion the pass through effect. We disingenuously had what we called the first tier window with the rate left at the rate before the massive devaluation and the Second tier for other economic agents creating a perfect scenario for round tripping. Since then this Country has not recovered from this measure. The extent of impoverishment was massive ramping up the misery index in the country. Let us put this observation in context. A friend of mine who is still very much around who was then working for one of the reputable International Consulting Organizations in the country bought a brand new Volkswagen Passat car and was able to pay back the loan he accessed to purchase the car within one calendar year from his salary. Contrast that with the prevailing situation now when most

compatriots will find it difficult to pay back loan for the purchase of second hand car over several years. I am also quick to recall a personal experience I had. My father of blessed memory was at about this time renovating his house and I had assisted him, with replacing the louvres blades down stairs with quality louvres; the type that will not cut you in case you mistakenly rub your fingers over the edge. By the time I had gathered some more funds and returned to attend to those upstairs it was a different call. The budget I made going by my earlier experience was grossly inadequate and even when I managed to undertake the replacement, I could only afford an inferior version and we are talking of a few months later. And that has been the story since then and accounts for the deterioration that is now witnessed across the country even if one is not forgetting the massive negative influence of that cankerworm; corruption which has eaten deeply into the soul of this country. And what is more, since then the Naira has NEVER appreciated on the 86 Naira which was the rate which SAP heralded. Onasanya indicated that probably an exchange rate of around 210 is all that might be needed but that flies in the face of related experience. Devaluation is an ill wind and a slippery slope which once you are unfortunate to encounter is difficult to know where it will bottom out; as a matter of fact, it never does! As has been severally argued and canvassed we do not have the export base to enable the country take advantage of devaluation. We are not in a position today to make our non-oil exports more competitive by devaluation to give the needed boost to the economy and facilitate badly needed growth and provide employment opportunities. In point of fact devaluation in the present Nigeria situation caters more to the interest of the external sector. The challenge confronting the country and particularly the Central Bank is that reserves are dwin-

dling with little or no prospects for accretion and the vulnerability of Nigeria in its dependence on oil revenue is well known and therefore portfolio investors first voted with their feet by a reversal of investment flows suspecting devaluation and those outside are waiting for things to stabilize and the degree of freedom which the Central Bank enjoys is limited. But the apex bank cannot fold its hands to be dubbed clueless particularly in the face of an estimated national annual expenditure of 1.3 trillion Naira mostly on frivolous importation. The Central Bank has to be proactive to initiate some measures mindful of the fact that whatever it does there are bound to be downside risks. What is therefore required is for the CBN to track developments to initiate corrective measures as they become necessary. There could also be a silver lining from the recent developments at the foreign exchange market as it was reported that for the first time in a long while revenue from non-oil exports trumped that from oil in May, 2015 when the revenue from non-oil sources accounted for 61.1 per cent of the total receipts with Value Added Tax and Excise duties contributing a lion share. And this must be the focus for the future. Dependence on oil revenue is the perpetration of inter-generational inequity as this wasting asset is being consumed by the present generation mindless of the generation that is following. We should ideally spend revenue from such sources advisedly on investments that will cater to needs of the present and the succeeding generation. To make sure we are not misunderstood we have not completely ruled out devaluation as a complement of policy mix but it must not and should not be touted as the magic wand as it would appear, we have attempted to do recently. • Dr. Chizea wrote in from Lagos.

HIGH CHIEF

PEDRO APPEALS TO LAGOS ASSEMBLY TO REVERSE HIS IMPEACHMENT- News

- Someone is asking for bailout!

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