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NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS Monday, September 8, 2014

Vol. 1 No. 202

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NNPC opposes Shell’s asset winners’ plea to operate oil fields Adeola Yusuf

T

he Nigerian National Petroleum Corporation (NNPC) may have rejected the plea by prospective winners of the Shell Petroleum Development Company (SPDC) $5

billion assets to operate some of the oil fields.

The assets include the Oil Mining Lease (OML) 29 and the 97-kilometre Nembe Creek oil pipeline.

Shell, which is the operator of the oil fields, has sold its 30 per cent equity

stake in each of them to new owners that would be unveiled soon.

New Telegraph learnt at the weekend that the NNPC, owner of 55 per cent stake in each of the fields, has insisted that Shell only sold its shares

in the oil fields and not the operatorship, adding that its subsidiary, Nigerian Petroleum Development Company (NPDC), has built capacity to operate the fields.

The position of the oil corporation has set jitters

down the spine of some winners, who had banked on the release of operatorship to Seplat in a similar deal.

A senior official of one of the consortia that won bids in one of the assets CONTINUED ON PAGE 1

Diezani Alison-Madueke

Atiku battles Buhari for APC presidential ticket Ayodele Ojo

Quick Read

F

ormer Vice-President Atiku Abukakar is leaving no stone unturned to clinch the presidential ticket of the All Progressives Congress (APC) for the February 14, 2015 election. But he has one major obstacle: Major Gen. Muhammadu Buhari who seems to be favoured

Nigeria’s economy grows 6.54% Nigeria's economy grew by 6.54 per cent (4.18 per cent quarter-on-quarter) in the second quarter of 2014, up from 5.40 per cent in the same period last year.

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Akpabio, Uduaghan, media chiefs, others pay tributes to Dimgba Igwe

33 die, 58 missing as boat capsizes in Niger At least 33 bodies were recovered after a boat capsized between Dere and Murtala Mohammed Bridge on River Niger in Ni-ger State over the weekend.

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lWhat we will miss about him, by daughter

EFCC declares banker wanted over N6bn fraud

Tony Okuyeme and Temitope Ogunbanke

The EFCC has declared wanted a staff of a new generation bank for fraudulently duping his employer of N6.28bn.

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ore tributes came yesterday for the Vice-Chairman, The Sun, Mr. Dimgba Igwe, who died yesterday from injuries he sustained after

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Oby, widow of the Vice-Chairman, The Sun Newspapers, Mr. Dimgba Igwe at their residence in Lagos...yesterday

PHOTO: Godwin Irekhe

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Sanctity of Truth

Monday, September 8, 2014

NEWS

Sanctity of Truth

Monday, September 8, 2014

3

Boko Haram captures another Adamawa town, Michika lJonathan to hold talks with Chadian president

Anule Emmanuel and Ibrahim Abdul

H

eavily armed Islamist militants from Boko Haram yesterday took

over Michika, one of the key towns in Adamawa State.

Residents said the militants who had seized Gulak, another town in

EFCC declares banker wanted over N6bn fraud lGovernorship aspirant on the run over $500,000

Emmanuel Onani

T

he Economic and Financial Crimes Commission (EFCC) has declared wanted an Information Technology staff of a new generation bank (name withheld), Godswill Oyegwa Oyoyou, for fraudulently duping his employer of N6.28 billion.

A statement signed by the Commission's Head of Media and Publicity, Mr. Wilson Uwujaren, said Oyoyou, 38, "allegedly conspired with some scammers and obtained the sum of N6.28 billion from his bank, after hacking into the bank’s database.

Also, the commission declared wanted a gubernatorial aspirant in Bauchi State, Abdulahi Usman Adamu, for allegedly obtain-

ing under false pretence, the sum of $500,000 from a Chinese firm, Shengjia International (HK) Limited.

According to the statement, Adamu allegedly "obtained the sum from the Chinese firm as part payment for the supply of 3000MT of Lead Ore, a contract he failed to execute."

The anti-graft agency said, "following a petition by the Economic and Commercial Counsellor’s Office of the Embassy of the People’s Republic of China, the EFCC invited the suspect for questioning, but he failed to honour the invitation."

It, therefore, called on anyone with useful information on the alleged fugitive suspect, to contact any of its offices, or report same to the nearest police station.

the state, three days ago chased out troops and hoisted their flag in the township.

According to them, a Nigerian military jet flew over the area but did not attack the militants. ‘’The jet continued to hover around the town without attacking the insurgents,’’ a resident, Ms Marry Dauda, said.

Some soldiers were

later mobilised to Mararaba Mubi to prevent the militants from capturing Mubi, another key city some kilometres away from Michika.

Soldiers from the 23 Brigade in Yola were put on red alert to defend Mubi.

The state government spokesman, Mr. Solomon Kumanagar, said Michika and other surrounding villages and towns had been

captured by the insurgents.

Meanwhile, President Goodluck Jonathan will today depart for Ndjamena, Chad, where he is expected to confer with the Chadian leader Idriss Deby, over issues of terrorism around borders areas.

A statement yesterday by the Special Adviser on Media and Publicity to the president, Dr. Reuben Abati, said the trip was in continuation of the Fed-

eral Government’s efforts to forge a stronger alliance against terrorism and violent extremism with Nigeria’s neighbours.

According to Abati, the talks in Ndjamena with Deby, who is also the current Chairman of the African Union’s Peace and Security Council, follow their discussions in Nairobi last week on the sidelines of the African Union Peace and Security Council Summit.

L-R: Chairman, Commerce and Industry Correspondents Association of Nigeria, Mr. Toba Agboola; President, Lagos Chamber of Commerce and Industry, Alhaji Remi Bello; Minister of Industry, Trade and Investment, Mr. Olusegun Aganga; and President, National Association of Chambers of Commerce, Industry, Mines and Agriculture, Alhaji Muhammed Abubakar Badaru, during the presentation of CICAN’s Lifetime Achievement Award to the minister, in Lagos...at the weekend.

Buhari, Atiku battle for APC presidential ticket CONTINUED FROM PAGE 1

by the party leadership for the plum job.

The third likely presidential aspirant, Governor Rabiu Kwankwaso of Kano State, is most unlikely to get the ticket, although he has indicated interest in the office.

Also, New Telegraph gathered that another person being touted for the party's ticket, Speaker of the House of Representatives, Hon. Aminu Tambuwal, may not run after all.

A source said Tambuwal would vie for the Sokoto State governorship race on the platform of the APC. Although Tambuwal belongs to PDP, there are indications that he will soon leave the party for APC. In addition, former Kwara State Governor, Senator Bukola Saraki and the publisher of Leadership Newspapers, Mr. Sam Nda-Isaiah, have also shown interest in the APC ticket.

But it was learnt that the duo may not go far in actualising their ambitions as they are not receiving necessary encour-

agement from the party leadership.

Given the scenario, a source confided in New Telegraph at the weekend that the APC's presidential ticket is a two-horse race between Buhari and Atiku.

Buhari, a serial presidential candidate since 2003, is taking a shot at the presidency for the fourth time.

It was learnt that the party is split between those rooting for Buhari and those canvassing for Atiku’s candidacy.

Buhari and Abubakar have embarked on aggressive consultations with APC stakeholders in their bid for the party's ticket.

The former vice-president last week announced that he would make a formal declaration on September 24 for the presidency.

On his part, Buhari is likely to declare for the presidency before September ending or early October.

His associates believe his candidacy will determine the extent of APC’s progress in the 2015 presi-

dential election.

The APC convention will hold in October where the presidential candidate will emerge.

In the bid for the APC presidential ticket, Atiku has met almost all the APC governors and sought their support.

He was the chairman of the retreat of APC governors held in Owerri, Imo State last week and he seized the opportunity to hold separate meetings with most of the 16 APC governors during which he promised to “pick one of them as his running mate if he emerges as the APC presidential candidate.”

“The governors are more comfortable with an Atiku candidacy but the party leadership and entrenched interests prefer Buhari for the party presidential ticket,” the source said.

New Telegraph learnt that the party leadership is poised to checkmate the former vice-president as if the primaries were to be done through direct election, Atiku, with enormous resources, will defeat

Buhari.

The party will be adopting indirect primaries, using the Electoral College, to pick its candidate.

“If we leave the party primaries open, Atiku has the resources to sway the delegates to his side. We will ensure that money doesn’t determine who gets the party’s ticket,” a member of the National Working Committee (NEC) of the APC told New Telegraph.

Already, the former vice-president has met with APC state chairmen, especially in 20 states and the Federal Capital Territory (FCT) where there are no governors elected on the platform of the party.

One of the state chairmen of APC told New Telegraph that “Atiku has been supportive of the party at the state level. It is a giveand-take situation. When he needs us, we will support him.”

Why Atiku prefers to pick one of the APC governors as his running mate, the party leadership, especially former governor of Lagos State, Senator Bola Tinubu, has suggested

three names: Prof. Yemi Osibajo (SAN), Mr. Yemi Cardoso and Senator Ajayi Boroffice.

Tinubu has pencilled in one of the trio as Buhari’s running mate.

The choice of Osibajo is based on the fact that he is Christian, which balances out the candidature of a Muslim flagbearer.

The professor of Law and a former Lagos State Attorney General and Commissioner for Justice, is a pastor of the Redeemed Christian Church of God (RCCG).

Cardoso, a former Lagos State Commissioner for Economic Planning and Budget, is an economist and banker while Boroffice is expected to garner support from Ondo/Ekiti axis.

It was learnt that the inner caucus of the APC seems to have settled for the candidature of Buhari.

“Don’t forget that Buhari has a cult followership in the North and the success or otherwise of APC depends on Buhari candidacy in the presidential election,” a former minister, who is an associ-

ate of Buhari, told New Telegraph.

A source in APC told New Telegraph that major stakeholders in the legacy parties – Action Congress of Nigeria (ACN), All Nigeria People’s Party (ANPP) and the Congress for Progressive Change (CPC) – that formed the APC are rooting for Buhari’s candidature.

“Majority of the APC stakeholders has settled for Buhari as the presidential candidate in the 2015 election but that does not foreclose any other aspirant vying for the office.

But we consider Buhari above others as an asset to the APC in its quest for the presidency,” the source said.

It was also learnt that the choice of Buhari was based on his credibility, electoral value, zero tolerance for corruption, wide acceptance and ability to pull crowd.

In the permutations of the APC leadership, Buhari is the only person that can confront President Goodluck Jonathan in the 2015 election. This CONTINUED ON PAGE 5

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Sanctity of Truth

Monday, September 8, 2014

Why Jigawa is opposed to Jonathan's re-election Geoffrey Ekenna

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resident Goodluck Jonathan's alleged failure to honour campaign promises to Jigawa State has been cited as one of the reasons his second term bid is facing opposition from the state.

Part of the campaign promises include the completion of the irrigation project at Auyo, started by former President Shehu Shagari; the Dutse water scheme and a dam in Hadeija.

Also, the president had promised to assist the state build an airport in Dutse, the Jigawa State capital, New Telegraph gathered at the weekend that the state Governor, Alhaji Sule Lamido, who is the arrowhead of the opposition to the president's reelection bid in the state, is rankled by the alleged failure of Jonathan to honour his pledges.

Besides, it was learnt that the governor was also oppose to the president's re-election because of the arrest of two of his sons on what is believed to be trumped-up charges by the Economic and Financial Crimes Commission (EFCC).

Last week, Lamido had denounced the reported

endorsement of Jonathan by the North-West zone of the Peoples Democratic Party (PDP), saying the party leaders rigged the alleged consensus.

His denouncement had brought to the fore the deep-seated disagreement between the governor and the president.

Sources in Jigawa told New Telegraph that Lamido was embittered by the failure of the president to fulfill any of his promises made to the state in the run-up to the 2011 general election.

On November 4, 2012, Jonathan had during a two-day visit to the state, laid foundation for the Dutse International Airport amid funfair.

While laying the foundation stone of the airport, the president had promised that the Federal Government would assist the state in its completion, adding that he would do so because he believed that every state should have an airport, no matter how small, to ease movement to all the state.

But less than two years after the ceremony, the airport has been completed

by Lamido, with little as-

sistance from the Federal Government.

It was learnt that the Federal Government only contributed N750 million of the N13 billion spent on the construction of the airport.

That, one of the sources said, angered Lamido, who since then has been locked in a battle with the presidency in the leadership struggle in the PDP. The governor was one of the seven aggrieved PDP governors, otherwise known as G7, who launched the battle for the removal of former PDP National Chairman, Alhaji Bamanga Tukur.

While Lamido and his Niger State counterpart, Dr. Babangida Aliyu, stayed back in the PDP, five others, Chibuike Amaechi (Rivers), Rabiu Musa Kwankwaso (Kano), Abdulfatah Ahmed (Kwara) and Aliyu Wamakko (Sokoto) defected to the All Progressives Congress (APC).

The sources said Lamido felt that the failure of the president to fulfill his promises to the state was not unconnected with the leadership crisis in the PDP.

However, the testy relationship between the president and the governor was said to have worsened when EFCC arrested and prosecuted Lamido's first son for not declaring $50, 000 he was travelling to Egypt with.

Lamido’s son was arrested at the Kano airport and detained before he was charged to court.

Another of his sons was also arrested and tried by the EFFCC as part of what one of the sources said was a plot to humiliate the governor.

All these, according to the sources, angered the governor, who was absent at the North-West meeting of the PDP where the zone endorsed Jonathan for the 2015 presidential election.

A day after the endorsement, Lamido's deputy, Alhaji Ahmad Mahmud Gumel, told reporters that Jigawa State would not endorse the president.

"The South-South may have good reasons to endorse him (Jonathan). He may have performed for them. The South-East may feel comfortable with him.

The North-Central may also endorse him. They have their good reasons.

It is their business, but we will not support him.

He failed on his promises to us. In 2011, it was only in Jigawa in the whole of core north that you could shout vote for Jonathan.

Lamido put everything to support him then to the detriment of his life, family and business. Lamido even told the elders of the state to vote Jonathan and hold him (Lamido) responsible. That was what made the elders to draw up demands for the president when he came here for campaign. They told him what they wanted and he agreed to do them.

But four years on, he did none of those. That is why we will not support him this time," the source said.

Lamido's opposition to Jonathan's re-election is also linked with his own presidential ambition as he believes that the PDP has not delivered optimally to Nigerians since the exit of former President Olusegun Obasanjo.

According to him, after the Obasanjo era, which was used to consolidate the unity of Nigeria, PDP ought to have moved to the level of service delivery to Nigerians.

TODAY’S WEATHER FORECAST ABUJA

22oC 11oC Sunny

PORT HARCOURT

CONTINUED FROM PAGE 4

21o C 17oC Storms

KANO

33o C 22oC Thunder Storms

ENUGU

IBADAN

Storms

L-R: Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema; renowned accountant, Chief Akintola Williams and Chairman, Zenith Bank Plc, Mr. Jim Ovia, during the closing gong at the NSE by Williams, as part of the activities to mark his 95th birthday in Lagos...at the weekend

PHOTO: Suleiman Husaini

22oC 11oC

NNPC opposes Shell’s asset winners’ plea to operate oil fields

29o C 22oC

Sunny

CALABAR

27o C 21oC Rain Showers

MAIDUGURI

30o C 22oC Storms

ONITSHA

22oC 11oC Sunny

CONTINUED FROM PAGE 1

told New Telegraph at the weekend that his company and other winners were in separate covert talks with the Federal Government on this matter.

He said: “The government wants to build local capacity and all the companies, indigenous firms that won bids in Shell’s assets divestments, got to this stage based on expertise, capacity and integrity. We believe that this unprecedented effort of government to build local

capacity stands the chance if these firms are allowed operatorship of the fields based on merit. Exactly like what the government did for Seplat, which has now turned out to be a success story for Nigeria’s capacity in global oil and gas.

“Yes, you can publish it, only if you guarantee to protect my anonymity and that of my company, we are in talks with the government,” he said.

Royal Dutch Shell had been in another talk with the government to secure

‘minister's consent,’ as the statutory approval to complete the divestment.

The company’s revenues from assets sale in Nigeria is to hit $7 billion as representatives of the company met with the Federal Government on the final lapse the sale of equity in Oil Mining Lease (OML) 29 and the Nembe Creek Pipeline.

Investigation revealed that the Anglo-Dutch company had earlier netted $1.8 billion since 2010 when its divestment drive

began in Nigeria.

A source at the Ministry of Petroleum Resources said Shell and representatives of the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had already been advancing talks on how to secure ‘minister's consent’ for the sale of the new assets.

“The winners of these assets have also joined in the lobbying of the government for this approval,” he said.

The value of new assets CONTINUED ON PAGE 5

FLIGHT SCHEDULE FIRST NATION AIRWAYS LAGOS-ABUJA (MON-FRI) 06.50; 09:30; 11:45; 16:00 (SAT) 06:50; 11:45 (SUN) 11:45; 16:00 ABUJA-LAGOS (MON-FRI) 09:00; 11:30; 13:40;18:30 (SAT) 09:00; 13:40 (SUN) 13:40; 18:30 LAGOS-PORT-HARCOURT (MON-FRI) 14:45 (SAT) 16:15 (SUN) 14:45 PORT-HARCOURT-LAGOS (MON-FRI) 16:50 (SAT) 18:20 (SUN) 16:50 AEROCONTRACTORS LAGOS-ABUJA (MON-FRI) 06:50; 13:30; 16:30; 19:45 (SAT/SUN) 12:30; 16:45 ABUJA-LAGOS (MON-FRI) 07:30; 13:00; 19:00 (SAT) 12:30 (SUN) 15:30 MEDVIEW AIRLINES LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30 OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00 ARIK AIR LAGOS-ABUJA (MON-FRI) 07:00; 08:00; 09:00; 11:00 13:00; 15:00; 17:00; 19:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 11:00; 13:00; 15:00; 17:00; 19:00 ABUJA-LAGOS (MON-FRI) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00; 20:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 09:00; 13:00; 15:00; 17:00; 19:00 LAGOS-PORT-HARCOURT (MON-FRI) 07:00; 09:30; 11:00; 13:30; 15:00; 17:30 (SAT) 07:00; 11:00; 15:00 (SUN) 09:30; 11:00; 13:30; 15:00; 17:30 PORT-HARCOURT-LAGOS (MON-FRI) 07:30; 09:00; 11:30; 13:00; 15:30; 17:00 (SAT) 07:30; 11:30; 09:00; 13:00; 17:00 (SUN) 11:30; 13:00; 15:30; 17:00 ABUJA-PORT-HARCOURT (MON-FRI) 06:45; 10:10; 13:30; 16:50 (SAT/SUN) 06:45; 10:10; 13:30 PORT-HARCOURT-ABUJA (MON-FRI) 08:30; 11:50; 15:10; 18:30 (SAT/SUN) 08:30; 11:50; 15:10

NEWS

Sanctity of Truth

Monday, September 8, 2014

5

Adamawa guber: Aspirants allege manipulation of delegates Ibrahim Abdul Yola

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ome governorship aspirants that participated in the Saturday, September 6 governorship primaries of the Peoples Democratic Party (PDP) in Adamawa State have condemned the exercise.

The aspirants accused the party of incompetence and manipulation of delegates in the conduct of the exercise.

The Acting Governor of Adamawa State, Hon. Ahmadu Umaru Fintiri, won the party ticket for the October 11 governorship election.

One of the aspirants, Dr. Umar Ardo, alleged that there was manipulation of delegates during the exercise. According to him, “the way and manner the primary election was being conducted was totally against the party’s interest.”

Ardo, who accused the national delegation that

supervised the election of incompetence, said he had never experienced such manner of shoddy conduct of polls.

“You are abusing the sanctity of the open ballot box election,” Ardo told the delegation at the venue of the exercise.

“Could you imagine even those that were not initial delegates were asked to vote in favour of a candidate. Local government chairmen, their deputies, members of the state House of Assembly and other members of the House of Representatives that recently defected to PDP were asked to vote for a particular candidate.

“It’s not good for our party and believe me people will live to regret their action,” Ardo fumed.

Also complaining about the exercise, the former Special Adviser on Political Affairs to President Goodluck Jonathan, Ahmed Gulak, criticised the delegation for allegedly handling

the election in a shoddy manner.

“The way this election is being conducting is totally strange in the history of our party,” Gulak said.

“It’s unfortunate the way and manner the whole charade was observed,” he said.

At the primaries held at Lamido Cinema in Yola, the state capital, Fintiri scored 624 delegates votes to beat Dr. Ahmed Mohammed Modibbo, who polled 197 votes.

Former Military Administrator of Lagos State, Brig.-Gen. Buba Marwa (rtd) scored 54 votes, Dr. Umar Ardo got nine votes and Hon. Jerry Kundisi polled four votes.

After the voting, Congress Chairman and former Speaker of the House of Representatives, Hon. Dimeji Bankole, declared Fintiri as the winner.

But Fintiri, the immediate past Speaker of the House of Assembly, who became acting governor

after he successfully impeached Initially, the delegates were on Saturday divided over the choice between Fintiri and former Executive Secretary of the Universal Basic Education Commission (UBEC), Modibbo The state secretary of PDP, Tahir Shehu, confirmed this when he said that the primary election was delayed as a result of technical issues and to put some records appropriately.

“There are some fundamental issues that arose that needed to be cleared before going to the election,” he said.

He said the delay was also caused by a crucial meeting of the 14 aspirants, including those that withdrew from the race and party officials just as a total of 800 delegates from 21 local government areas of the state participated in the primary election after screening.

The primaries held

at the Lamido Cinema started on a peaceful note, with supporters of the aspirants arriving the venue as early as 8.a.m.

The arrival of the former PDP National Chairman and Nigeria’s Ambassador at Large, Bamanga Tukur, at 5:30p.m. added colour to the exercise.

Tukur told party supporters and well-wishers at the venue that the exercise was for Adamawa people and expressed appreciation for the large turnout.

“I feel happy because it is Adamawa Project, considered for the peace and development of the state,” he said.

It was learnt that delegates were not only induced but also threatened to vote massively for the Acting Governor, being the preferred candidate of the Presidency.

Among the delegates are members of the state House of Assembly and chairmen of local government areas.

Investigations further revealed that more than two-thirds of delegates were earlier camped at a secret location, from there they were moved down to the venue.

The political office holders within and outside the state including ministers, senators and House of Representatives’ members as well as aides of the acting governor that were all

delegates mobilised and voted for Fintiri.

It would be recalled that the national leadership of the PDP led by Senate President David Mark met with the 14 aspirants where eight governorship hopeful withdrew from the contest.

The National Secretary PDP, Prof. Wale Oladipo, stated that the party agreed that those in the race would not be allowed to seek the party’s ticket for the 2015 governorship election.

“The present contest is about the completion of the tenure of the impeached governor of the state, Murtala Nyako.

Only six aspirants chose to contest in 2014 and forfeit their right to contest in 2015 should they win the 2014 race,” Oladipo said.

Those, who deferred their governorship ambition to 2015, include the former presidential candidate of the defunct Action Congress of Nigeria (ACN), Nuhu Ribadu, Awwal Tukur, Aliyu Idi Hong, Andrawas Sawa, James Barka, Aliyu Kama, Markus Gundiri and Abubakar Girei.

Mark and National Working Committee (NWC) of the PDP, according to reports, stepped in to forestall a major crisis rocking the party in the state ahead of the party’s primary election.

NNPC opposes Shell’s asset winners’ plea to operate oil fields CONTINUED FROM PAGE 4

L-R: Kwara State Governor, Dr. Abdulfatah Ahmed; Speaker, House of Representatives, Hon. Aminu Tanbuwal; Ahmed's predecessor, Senator Bukola Saraki and his wife, Oluwatoyin, during the 50th birthday of Mrs. Saraki in Ilorin...at the weekend.

Buhari, Atiku battle for APC presidential ticket CONTINUED FROM PAGE 3

is hinged on the strength of his electoral value as demonstrated in the 2003, 2007 and 2011 presidential elections.

The APC leadership believed that Buhari’s outing against Jonathan in the 2011 election, in which he polled about 12 million votes, is a major factor considered in settling for his candidature.

Buhari, a former head of state and presidential candidate of the CPC, defeated Jonathan in 12 of the 19 Northern states in the 2011 presidential election.

Out of the 19 northern states, Jonathan won

in Kwara, Kogi, Plateau, Benue, Nasarawa, Taraba and Adamawa.

Buhari, on his part, defeated him in the 12 northern states of Bauchi, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Niger, Borno, Sokoto, Yobe and Zamfara.

It is expected that the fortunes of Jonathan would further be depleted in the North as Kwara is in the hands of APC while the party is sure of winning Nasarawa with the defection of former Governor Abdullahi Adamu to APC. Nasarawa has an APC governor.

However, one major impediment against Buhari

is his age. He will be 73 by 2015 and his critics believe that his age may work against his candidacy.

But an aide of the former military ruler dismissed this, saying: “Age is not a barrier. In the presidential contest, age is not an issue. How old was Nelson Mandela and Ronald Reagan when they became presidents of South Africa and United States respectively?”

A source, however, said should Atiku lose the APC ticket, he may defect to the Peoples Democratic Movement (PDM) to contest the 2015 election.

The PDM is being promoted by political associ-

ates of the former vicepresident.

Atiku had defected from PDP to AC in 2006 in the wake of his crisis with former President Olusegun Obasanjo. He polled 2.6 million votes – seven per cent of the total votes cast in the 2007 presidential election.

He later returned to PDP in 2009. He contested for the PDP presidential ticket in 2011 and lost to Jonathan.

The October 11 governorship by-election in Adamawa, his home state, will go a long way to test Atiku’s political relevance ahead of 2015 polls.

on sale has, according to Reuters, skyrocketed to $5 billion and this made the cumulative revenues from assets' sale in Nigeria to hit $6.8 billion.

SPDC's spokesperson, Mr. Precious Okolobo, had earlier confirmed the ongoing divestment of assets, stating that the process was ongoing.

He described the process, in a telephone interview, as confidential while declining to make further comments on the transactions.

OML 29 is the most coveted asset of the four being sold. Its output has peaked at 62,000 barrels per day (bpd) of oil and 40 scf/d of gas and holds reserves of 2.2 billion barrels of oil equivalent (boe), according to a Shell prospectus.

Shell is selling its 30 per cent stake in the four oil blocks, with France's Total and Italy's Eni also set to profit from the sales of their 10 per cent and 5 per cent stakes. NNPC owns

the remaining 55 per cent.

Shell is also selling the 97-km (60-mile) Nembe Creek oil pipeline, which has been regularly attacked by oil thieves.

The oil firm had released the confidential list of shortlisted bidders for its N480 billion worth of oil blocks and assets in the Niger Delta, which holds a large portion of Nigeria's 37 billion barrels of reserves.

The oil is high quality, relatively easy to drill and Nigerian firms have said they can better handle security challenges that have prompted the oil majors to divest.

Commodity trader Glencore, involved in marketing Nigeria's crude oil and importing its fuel for decades, is among the companies vying to enter its upstream sector.

Glencore has linked up with Nigerian traders, Taleveras and Aiteo, for its bid on OML 29.

These two firms are involved in Nigeria's crudefor-product swap deals.

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NEWS

SYMPATHISERS AT LATE DIMGBA IGWE’S RESIDENCE IN LAGOS

Sanctity of Truth

Monday, September 8, 2014

Editor, Entertainment Express, Mr. Amatus Azuh, signing the condolence register

Pastor Kanu Ikechukwu of Evangel Pentecostal Church (left) and Elder Uche Nduku, conducting a prayer session

Brother in-law, Mr. Ben Ogbechie, signing the condolence register

Widower, Mrs Obioma Igwe, being consoled by the Managing Director, Rain Oil Limited, Mr. Gabriel Ogbechie

Legal practitioner, Mrs.Stella Odusote, signing the condolence register.

Prof. Sunday Oyegoke of Afe Babalola University signing the register

Propretress, OSTRA School, Mrs. Rosemary Ohio-Elumaghe, signing the condolence register.

Mrs. Pat Bassey of KARIS gazing at the condolence register

PHOTOS:GODWIN IREKHE

NEWS

DIMGBA IGWE (1956-2014)

Sanctity of Truth

Monday, September 8, 2014

7

Guild of Editors mourns Dimgba Igwe T he Nigerian Guild of Editors (NGE) has expressed its sadness over the death of frontline journalist, Dimgba Igwe, on Saturday in Lagos.

This is contained in a statement signed by Mr. Isaac Ighure, NGE General Secretary, in Abuja.

The NGE stated that it was joining the late Igwe’s family and other

75

sympathetic Nigerians to mourn his demise.

Igwe, 58, a renowned journalist, author and a Fellow of the Guild, who died as a result of wounds suffered when he was knocked down by a careless and cowardly hit-and-run driver.

“It is painful to recall that only recently between August 27 and 31, Igwe was in Katsina,

The life expectancy (in years) at birth of men in Bahrain in 2010-2015.

Source: Un.org

where he actively participated in all activities at the 10th All Nigerian Editors Conference (ANEC).

“His death, therefore, has dealt a great blow to the journalism profession, to which he and his inseparable colleague, Mr. Mike Awoyinfa, had made invaluable contributions.

“Igwe was deputy to Awoyinfa when the

120,540

The total area (in sq. km) of North Korea.

Source: Worldfactsandfigures.com

A cross-section of sympathisers at late Dimgba’s residence in Lagos...yesterday

Weekend Concord hit the newsstand in 1989.

“The partnership was replicated when the Sun Newspapers came on board in 2003, and the various books that they co-authored,” the statement stated.

The Guild described the deceased as a peaceable gentleman, and urged the security operatives to fish out the cowardly

1,383m

The number of mobile-cellular subscriptions of developed countries in 2009.

Source: Itu.int

PHOTO:GODWIN IREKHE

driver.

“The Guild wishes to use this medium to urge the security agencies, especially the Nigerian

Police Force, to fish out the cowardly driver who committed the dastardly act,” the statement stated.

Igwe's death too painful, say ministers Adesina Wahab ADO-EKITI

he Minister of NaTmission tional Planning Com(NPC), Dr.

Abubakar Sulaiman, has described the death of Pastor Dimgba Igwe, as shocking and sudden.

This is contained in a statement issued in Abuja yesterday by the Special Assistant to the minister on Media, Mr. Abdulrahman Abdulrauf.

The minister described the late journalist as a “complete professional,” saying the deceased effectively combined professionalism with moral in the discharge of his duties.

Alarmed by the death, the minister exclaimed that: “I can’t really find the right words to express my shock over the death of this fine journalist who brilliantly excelled in the discharge of his duties as a media guru.

“As a friend of the media, I am always fascinated at the job he, and his ‘twin brother’, Mike Awoyinfa made of The Sun publications.

“What else can one say of this fine and refined journalist whose in-

formed commentary and opinion on issues can’t be brushed aside?

“The loss is not just to The Sun family and the media, but indeed to the entire nation.

“For him, telling the truth, as usually reflected in his regular column, Sideview, was one thing he strove to do diligently in informing and enlightening the populace.”

He condoled with the family of the late journalist, The Sun family and the nation’s media industry as a whole, and prayed God for the repose of his soul.

For Minister of State for Works, Prince Adedayo Adeyeye, Igwe’s death is "one death too painful!"

Adeyeye said: "This is another dark day in the journalism profession.

It is a loss of one of the biggest Iroko tree in the forest of the profession of journalism in Nigeria and I am very sad."

The minister said the death of Igwe was an exit of a phenomenal role model and trailblazer, who injected vibrancy, glamour and colour into the journalism profession.

Ambode, Pitan, Akinlade, Agbaje commiserate with The Sun APGA, UPP: We have lost a rare gem Wale Elegbede Also, another APC “Dimgba Igwe's death, the field of journalism.” governorship aspirant, a colossal loss to Nigeria' “Our prayer is that he National Chairman and quintessential jourfront runner for the Dr. Leke Pitan stated that A member of the God will grant the Igwe Tof the All Progressives nalist whose devotion to ALagos State governor- he received the news of House of Representa- family, The Sun organi- Grand Alliance (APGA), professionalism was not ship on the platform of the All Progressives Congress (APC), Mr. Akinwumi Ambode, has commiserated with the Sun Newspapers on the death of its Vice Chairman, Mr. Dimgba Igwe.

Ambode described the death “as an irreparable loss to Nigerian journalism and the Nigerian people.”

The former Lagos State Account-General said: “We can only be consoled by the fact that Mr. Igwe in life deployed his God-given talents and gifts for the benefit of the Nigerian masses and indeed mankind by his writings and diligence in the management of one of the foremost Nigerian newspapers.”

Ambode prayed for the management, members of staff of The Sun newspaper and the family of the deceased that God will grant them the fortitude to bear this loss.

Igwe’s death with absolute shock and dismay.

“My first reaction to the shocking news was: why at this point in time when the country needs principled and ideological journalists as epitomised by Mr. Igwe?

I have encountered him in interview sessions on a couple of times, and I found in him a sound, intelligent and thorough-bred journalist. He was a fine, didactic and conclusive writer. He spoke to all through his writings and comments on public issues.

“His contributions to growth of the profession, its business and management will surely become a reference point by the present and future generations of journalists, newspapers mangers and proprietors alike.

Mr. Igwe has simply set a benchmark, a standard that will be difficult to lower or bend.

tive and frontline governorship aspirant on the platform of the Peoples Democratic Party (PDP) in Ogun State, Hon. Abiodun Isiaq Akinlade, said Igwe’s death was a colossal loss for Nigeria.

Akinlade, a third term member of the House of Representatives and Chairman, House Committee on Science and Technology described the death as sad, cruel and unfortunate.

He said: “His death is very sad, too unfortunate and cruel. His last column on the back page of Daily Sun dated September 2nd, 2014 was very insightful and factual.”

Also, PDP governorship aspirant in Lagos State, Mr. Jimi Agbaje described Igwe’s death as tragic and unfortunate.

Agbaje said the country had lost “a conscience of the nation and a foremost icon in

sation and the entire Nigerian press the strength to bear this irreparable loss,” Agbaje said.

“Igwe was the man with the journalistic Midas Touch. I have followed his career since he teamed up with Mike Awoyinfa and others to create Weekend Concord, and build the paper into a pinnacle of journalistic excellence. And that feat they replicated when they established The Sun newspaper chain.

“Igwe proved to be a quintessential, fearless and courageous writer, who deployed his pen for the defence of the commoner and the accountability of government.

“Sometimes, life is not about how long but how well. Dimgba Igwe packed into his brief 58 years a galaxy of gems, as a conscientious social commentator, a writers’ writer and a great personality.”

Chief Victor Umeh, has described the death of the Vice Chairman of The Sun Publishing Company (Publishers of The Sun Newspapers), Pastor Dimgba Igwe, as unfortunate, terrible and a most painful way to lose a rare gem in the journalism profession.

Umeh, in a statement through his media aide, Mr. Stan Okeke, said Igwe was a thorough breed gentleman who had the fear of God in him, even before he was ordained a pastor.

According to Umeh, "his death at this time cannot be explained but God, in His infinite wisdom, knows why Dimgba died this way. When he set out to jog that fateful morning, if you told him that something terrible would happen to him, he was most likely to say that you were a prophet of doom. This is indeed unfortunate."

Umeh described the late Dimgba as a dedicated

in doubt.

He consoled the Publisher of Sun Newspapers, Chief Orji Uzor Kalu and the management and staff of The Sun Newspapers, urging them to bear the colossal loss with fortitude.

While also condoling the family of Igwe, the APGA National Chairman urged the family, Kalu and members of staff of the newspaper organisation, to bear the loss with fortitude and prayed God to accept his soul in peace.

The United Progressive Party (UPP) also mourned Igwe’s death.

The UPP National Publicity Secretary, Chief Ogbuehi Dike, stated that his death is a devastating blow to the journalism profession.

The party said: "We are deeply pained by the untimely death of a foremost journalist, pastor, author, administrator and mentor to younger reporters.

8

NEWS

Sanctity of Truth

Monday, September 8, 2014

Nigeria’s economy grows by 6.54% in second quarter Abdulwahab Isa Abuja

N

igeria's economy grew by 6.54 per cent (4.18 per cent quarter-on-quarter) in the second quarter of 2014, up from 5.40 per cent in the same period last year.

The current figure, according to statistics released yesterday by the National Bureau of Statistics (NBS), is also higher than the 6.21 per cent recorded in the first quarter of this year.

Nigeria’s economy had grown 6.5 per cent and 7.0 per cent in 2012 and 2013 respectively and is projected by the World Bank to grow at 6.7 per cent, 5.5 per cent and 6.1 per cent respectively in 2014, 2015 and 2016.

The nation’s Nominal GDP (at basic prices) during the quarter was estimated at N21, 734,829.86 million (about N21.735 trillion) and N16,084,622.31 million (about N16.085 trillion) in real terms.

For corresponding quarter of 2013, Nominal GDP was estimated at N19, 931,015.71 million (about N19.931 trillion) and N15, 096,763.55 or (about N15.097

trillion million in real terms.

A breakdown of sectoral performance of overall GDP indicated that the services sector, which also recorded the highest figure in the first quarter of 2014 accounted for the largest share of real GDP in the quarter under review, amounting to N8, 549,170.96 million or 53.15 per cent of the GDP, while industry ranked second with a contribution of N4, 175,000.87 million or 27.36 per cent.

Agriculture sector was the least in the quarter under review, representing N3, 360,540.48 million or 20.89 per cent of GDP but crop production was the largest contributor to real GDP in the second quarter of 2014, with N2, 983,925.41 million or 18.55 per cent of total real GDP, marginally lower by 0.54 percentage points from Q2 2013.

According to the NBS, the growth of 3.56 per cent year-on-year (12.89 per cent quarter-on-quarter) was lower by 1.86 percentage points from the Q1 2014.

Notwithstanding the slowdown in the growth rate recorded in second

quarter when compared with the preceding quarter, NBS noted the sector continued to enjoy government interventions by the way of the Agricultural Transformation Agenda.

For oil sector contributions, NBS reported that real growth in the sector was recorded at 5.40 per

cent in Q2 2014 (-5.22 per cent quarter-on-quarter), indicating better performance compared to -16.42 per cent growth recorded during a similar period in 2013.

During the review period, the average daily crude oil production in the second quarter of 2014 was 2.21 mil-

lion barrels per day (mbpd) as against 2.11 mbpd in the corresponding quarter of 2013, representing an increase of 0.10 mbpd or 4.7 per cent.

Also, the United States dollar price of crude increased significantly from an average price of 104.31 in second quarter of 2013 to

112.25 in a similar period in 2014, an increase of 7.6 per cent.

Consequently, Oil GDP was valued at N2, 633,328.61 million in nominal terms in the second quarter of 2014, compared with N2, 633,328.61 million recorded in the corresponding quarter of 2013.

L-R: Human Resources Director, Nigerian Breweries (NB) Plc, Mr. Victor Famuyibo; Marketing Director, Mr. Walter Drenth; Logistics and Sourcing Director, Mr. Henk van Rooijen; Managing Director, Mr. Nicolaas Vervelde and Sales Director, Mr. Hubert Eze, during the new bottle re-launch of Gulder beer/final selection of contestants for Gulder Ultimate Search 11, in Lagos…at the weekend.

PHOTO: SULEIMAN HUSAINI

What we will miss about him, says late editor's daughter CONTINUED FROM PAGE 1

he was knocked down by a hit-and-run driver while jogging near his home in Lagos.

His home at Dele Orisabiyi Street, Okota, Lagos played host to dignitaries, including media chiefs, who came to condole with the family.

Those who could not come, including Governor Chibuike Amaechi(Rivers), Godswill Akpabio(Akwa Ibom), Emmanuel Uduaghan (Delta) and Abdulfatah Ahmed (Kwara) as well as former Osun State Governor, Prince Olagunsoye Oyinlola and the Nigeria Labour Congress (NLC) sent condolences messages in which they paid fitting tributes to the late veteran journalist.

In his message, Amaechi described the late Igwe as a thorough professional who had contributed immensely and impacted greatly on the practice of journalism in the country.

In a condolence letter to the Publisher of The Sun Newspapers, Dr. Orji Uzor Kalu, a copy of which was given to the media by the Chief Press Secretary to the governor, Mr. David Iyofor, Amaechi expressed shock and sadness over Igwe's sudden demise.

He urged the publisher, management, staff of the newspaper, colleagues,

family and friends of the late Igwe to find strength in the abilities possessed and displayed by the deceased during his lifetime, particularly in his field of journalism where he stood out as a true and thorough professional.

“It is indeed a sad moment for all of you at The Sun Newspapers, the family of the late Igwe, journalists and all who knew him.

However, you are not alone.

We mourn with you. Our thoughts and prayers are with you and many others whom the late Dimgba Igwe had touched their lives one way or the other," the governor said.

Akpabio also described as shocking and a great loss to the nation the death of Igwe.

Akpabio, in a statement by his Special Assistant on Media, Mr. Jackson Udom, condoled with the management and staff of the newspapers over the Igwe’s demise.

"Igwe was one of the shinning lights of the pen profession and his days in the defunct National Concord and his decision to team up with the publisher of the Sun Newspaper, Dr. Orji Uzor Kalu, was a turning point in development of the media which he anchored professionally before his gruesome death.

"He was a fierce and fearless columnist, who became a household name

because of his incisive and revealing analysis of local, national and international issues. This quality and fearless write up by Igwe would be missed by his teeming admirers," he added.

On his part, Uduaghan expressed deep shock over the death of Igwe.

In a statement by his Press Secretary, Mr. Felix Ofou, the governor said the death was a big blow to the media, fans and readers of the late journalist as well as lovers of truth worldwide.

"Dimba Igwe's Sideview column in the Daily Sun is well respected and has a large following. So, when he wrote about our modest efforts at transforming Delta State many people took note. I believe that article and others written by those who attended the Nigerian Guild of Editors Conference (NGE) in Asaba last year set the tone for the awards we have received in the last one year," he said.

While also mourning Igwe, Ahmed described him as an outstanding professional with uncommon passion for national unity and reform.

The governor, in a statement by his Chief Press Secretary, Alhaji Abdulwahab Oba, said his death marked a monumental loss to the journalism profession, especially as the industry crave for profes-

sionalism and ethical rejuvenation.

In his condolence message, Oyinlola, in a statement yesterda, said it was a sad irony that a man who used his endowments to preach peace could be a victim of such a death.

He described Igwe as a thorough bred professional whose writings evoked the best in humanity.

He recalled that as governor, his interactions with Igwe on a number of occasions showed him as a calm intellectual in journalism driven by a deep sense of patriotism and godliness.

While commiserating with Kalu, the management and staff of the company and the media, Oyinlola prayed God to look after the family the deceased left behind while granting his soul eternal peace.

Also, the NLC in a statement by its General Secretary, Dr. Peter Ozo-Eson, said the versatile columnist contributed to the development of the country.

“The circumstances of Mr. Igwe's death calls to question the mental fitness of most drivers in Nigeria as we wonder as to what was the speed level of a vehicle that could run down a man within a small street, resulting in his untimely death in few hours,” NLC stated.

However, mourners

swarmed the late Igwe's Lagos home to console the family.

Among the early callers where the Managing Director and Editor-InChiefs of New Telegraph Newspapers and The Sun Newspapers, Mr. Eric Osagie and Mr. Femi Adesina, who expressed shock at the demise of Igwe.

Others, including the Managing Director, THISDAY Newspapers, Mr. Eniola Bello; Chief Awoyinfa Moses; Dr. and Mrs. Uche and Uzo Ezeaniu; Mr. Albert Ohams; Prof. Sunday Oyegoke of Afe Babalola University; Editor, Entertainment Express/Sunday Express, Mr. Azuh Amatus; Dr. and Mrs. Uche and Uzo Ezeaniu, while writing in the condolence register, paid tributes to the late Igwe .

Bello described Igwe’s death as shocking, saying: “Oga Dimgba, your mode of departure was shocking. We take consolation that life is not how long you lived but how well you touched others. Rest in peace.” Moses in his tribute, described Igwe as a great journalist and a peace loving person.

“Mr. Dimgba. A great journalist and great writer; you have set your foot in the print of time. A peaceloving person. May your soul rest in perfect peace,” he said.

“It is shocking to hear

of your sudden death. You were a restraining voice to all of us in Weekend Concord. May your great soul rest in peace,” Mohammed also wrote in the condolence register.

Oyegoke in his tribute, described the late Igwe as an amiable and charismatic fellow.

“He is full of zeal to see the change of the nation for good. He was a man who loved the welfare of the people. He desired to this nation progress. And he has used all his life to do that. My prayer that God Almighty comforts his family; The Sun Newspaper,” he said.

In subdued grief, the late Igwe’s 21-year-old daughter, Victory, described his as a God fearing person, fearless and courageous person. “He was so kind and loving. He was very funny; he was always making us laugh. He was so nice; he always wanted to give what we want if it reasonable.

Our last born, Chianasa, 16, is a writer, a poet. Our daddy wanted to publish Chinasa’s poems. We will miss him, his laughter, and his encouragement.

He was always there for us.

“I am a believer, so I know he has gone to heaven. I know that God knows best. I will miss him and miss him so much. We’ve always known that he has enemies. He received threat messages,” she said.

NEWS

Sanctity of Truth

Monday, September 8, 2014

Adamawa guber: Atiku calls for stakeholders' parley SECURITY Ex-vice president wants fair play as security concerns continue to dominate politics in his state Johnchuks Onuanyim

Abuja

T

he Chieftain of All Progressive Congress ( APC ) and former Vice President, Atiku Abubakar has called for a critical stakeholders parley in Adamawa State to ensure a free and fair governorship election in the state on October 11.

According to Atiku's media office, the former Vice President made the call against the backdrop of the need to maintain security in the state and fears being

expressed about the probable suffocation of the sovereignty of the people by the prevailing emergency rule in the state.

"Atiku Abubakar noted that that his call for an urgent parley of Adamawa critical stakeholders comprised of the major political parties, security agencies, Adamawa State Government, Independent National Electoral Commission (INEC), civil society and election observers and religious and traditional rulers followed the results of NOI Polls which revealed that 55% of adult Nigerians want the emergency rule imposed on three states in the Northeast region lifted during the 2015 elections.

"According to the former Vice President, 72% of those surveyed from the region, however, advocated for the lifting of the emergency rule for the

purposes of the 2015 election in the states of Borno, Yobe and Adamawa.

"Atiku said that the envisaged meeting will come up with modalities for ensuring a free and fair election in an emergency rule in Adamawa State. He said the Adamawa situation could be used as a fore runner of the 2015 elections.

"The Turaki Adamawa while expressing the imperative of providing adequate security in the state, especially with the peculiar situation presented by the emergency rule, however, observed that the prevailing emergency rule may pose difficulties, if not impossible for voters in the state to perform their civic rights of franchise."

The statement further quoted Atiku as saying that apart from hindering the people of the state the freedom to cast their ballots,

APC kicks against NSPMC role in elections Johnchuks Onuanyim

Abuja

T

he All Progressives Congress (APC) yesterday stated that the Presidential directive that all electoral materials must be printed by the Nigeria Security Printing and Minting Company (NSPMC) will undermine a free, fair and credible elections in the country.

APC also in statement from its National Publicity Secretary, Alhaji Lai Mohammed stated that such directive was a threat to the independence of Independent National Electoral Commission (INEC).

According to the party the directive becomes suspicious because it was followed by the dissolution of the management

of the NSPMC, which may be a ploy by the President to inject PDP cardcarrying members into the reconstituted management so the company can become another rigging tool in subsequent elections, especially the 2015 general elections.

The party's statement read: ''On the surface, there is nothing wrong in having the NSPMC print electoral materials, since this will translate to more jobs for Nigerians and save money. However, against the background of the PDP-led Federal Government's abuse of national institutions like the military and the police, which are used as the enforcement arms of the PDP during elections, it will be dangerous to have them (FG) take control of

the printing of ballot papers and other electoral materials via the NSPMC. ''Secondly, where is the independence of INEC when the President can just direct it by fiat to do its bidding? INEC should be left to determine where to print its electoral materials to ensure the integrity of such materials. ''Thirdly, asking the CBN governor, an appointee of the President, to now oversee the 'reform' of the NSPMC, and the gover nor's promptitude in visiting INEC over the presidential directive, raise more questions. While the CBN is a part owner of the NSPMC, it is not INEC's supervisory ministry and should not tamper with its duties".

23 industrial centres converted to MSME clusters – Aganga Ayodele Aminu wenty-three Industrial T(IDCs) Development Centres across the country

are being converted into world class Micro, Small and Medium Enterprise (MSME) Clusters, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said.

He disclosed this during the Annual Seminar and Awards Ceremony of the Commerce and Industry Correspondents Association of Nigeria (CICAN), in Lagos, at the weekend.

Hitherto, the IDCs were mainly incubation and capacity building centres, which were not adding the requisite value to industrial/MSME development.

But with the approval by President Goodluck Jonathan to convert the IDCs to MSME Clusters, work has commenced to provide infrastructural facilities, enablers such as financing and other facilities that will make MSMEs operating in the zones to operate more cost-effectively and competitively, the minister said.

All agencies that will help nurture and grow the businesses to international standards, such as the Bank of Industry, Industrial Training Fund, Standards Organisation of Nigeria, SMEDAN and commercial banks, among others, are already establishing their presence in the zones, Aganga explained.

Aganga bagged the Industry Correspondents’ Lifetime Achievement Award for his outstanding contribution to the development of Industry, Trade and Investment in Nigeria, while his Senior Special Assistant on Corporate Communications, Mrs. Yemi Kolapo, received the ‘The Most Outstanding Media Person Award for 2013/2014’.

Speaking shortly after the award ceremony, Aganga said: “The focus of this administration is achieving inclusive economic growth, and we cannot achieve that without putting emphasis on the right development of Micro, Small and Medium Enterprises."

the rights of free movement and association, which ordinarily afford people opportunity to attend political rallies and gatherings would be compromised under an emergency rule.

"He observed further that the emergency rule in Adamawa State also calls to question, the expected level playing ground, which the government is supposed to provide for all political parties participating in the election since the Federal Government is also an interested party in the election through the participation of the ruling Peoples Democratic Party (PDP).

9

Fayemi: Fayose’s transition committee looking for cheap popularity State governor, Dr. Esaidkiti Kayode Fayemi has that stories of shady

deals levelled against his administration by the state chapter of the Peoples Democratic Party (PDP) and Chief Dipo Anisulowo, chair of the transition committee put in place by the Governorelect, Mr Ayodele Fayose, are unfounded, describing the outburst as highly irresponsible and infantile in nature.

Fayemi in a statement signed by his Chief Press Secretary, Yinka Oyebode, said allegations of last minute recruitment of workers, panicky withdrawal of funds among others were malicious and aimed at painting the government black

before the public.

The statement said that the Fayemi administration has run the affairs of the state in the last four years with utmost regard for public accountability and fiscal responsibility laws, a development that has earned the state accolades from relevant authorities and rating organisations both locally and globally.

"Having built a reputation of service and integrity over the years, nothing - not even a controversial loss in an election would make us go back on this path of honour. Neither are we going to succumb to cheap and infantile blackmail,” the statement added.

32.5 cement grade is for plastering, flooring, Dangote says anagement of Dangote M Cement has revealed that its new variants of 32.5

grade of cement is for plastering and flooring only.

The company said this is in line with the clarifications of the Standards Organisation of Nigeria (SON), on the different grades of cement and its uses.

The recent categorization of cement grades and applications by the Standard Organization of Nigeria (SON) prescribes three

grades of cement, 52.5, 42.5 and 32.5 for use in Nigeria.

It issued a directive that 52.5 grade be used for bridges, 42.5 grade should be used for casting of columns, beams, slabs and making blocks(multipurpose), while 32.5 grade was restricted to plastering and flooring.

The management of Dangote Cement said it was leveraging on the clear’ standards set by SON to push its own brand of 32.5 cement into the market for

the benefits of its teeming customers who might want to plaster their houses or do the flooring.

The Group Managing Director of the company, Mr Devakumar V.G. Edwin, revealed last week that the decision to start producing the grade of cement was not in any way meant to take away the importance of the 42.5 grade which he said the company had been producing for the past nine years.

10

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

Ayorinde Durojaiye

T

ricycle riders plying Ascon-BoulosFirst Gate route at Ogba have accused officials of the Lagos State Transport Management Authority (LASTMA) of harassing and extorting money from them.

The riders, who spoke to NT Metro, also said that Vehicle Inspection Officers (VIOs) and policemen from Area G were hindering their operation.

“VIO and LASTMA officials as well as the police are really disturbing us.

When they arrest any of us, sometimes for a minor thing like stopping where we are not supposed to, instead warning, they would demand between N3,500 and N7,000,” one of the riders, who gave his name as Idowu Ikeja said.

Ikeja also accused policemen of breaking the rules they often arrest them for.

He said: “They even said we should stop carrying passengers in the front seat, but the annoying thing is that we do carry policemen from Area G and LASTMA officials in the front seat. Yet they will demand N5,000 from us for carrying a passenger in the front.”

Another tricycle operator, who identified himself as Dayo Amusa, said the extortion could be at any time of the day.

He said: “If you come out early in morning

MONday, SEPTEMBER 8, 2014

and they catch you, they will ask you to pay N5,000 or N7,000 before they can release your tricycle. Where do they expect us to get that amount of money at that time of the day?

It is not easy at all to make money; they ought to know that.”

Mr Abdulraheem Habeeb, also a tricycle operator, corroborated Amusa’s views.

“LASTMA and VIO officials are disturbing us. We don’t have the peace of mind while working again because you don’t know where they will jump out from. If they arrest you, they will just write any amount they like and you will be begging them to reduce it.

But they will not listen.

The amount can be up to N20,000 or sometimes even N30,000.

“What is annoying me is that they don’t usually harass all these ‘big men’ with ‘big’ cars. If you commit the same offence with a ‘big man,’ they will leave the ‘big man’ and face you. The harassment is too much. LASTMA, VIO and police, all of them are disturbing us here,” Habeeb said.

Some commuters also claimed they had witnessed the extortion and harassment of the tricycle operators by the state officials.

One of them, Mr Aminu Yusuf, said when the officials stopped the operators,

abiodun. bello@newtelegraphonline.com; otuntise@yahoo.co.uk

0802 393 8212

Cyclists: Police, LASTMA, VIO make our lives unbearable

Tricycles waiting to pick passengers at First Gate area of ACME Road

they would force passengers to disembark, if the rider was unable to pay the fine.

He said: “The traffic

officials or policemen sometimes engage in a fight or misunderstanding with passengers who plead with them to leave

Operation Burst: Our soldier, not a rapist

O

peration Burst, the Oyo State anti-crime outfit, has described as a tissue of lies allegation case of rape levelled against one of its operatives by a student of the Eruwa Polytechnic, Ibadan.

The outfit, according to a statement issued yesterday by the Special Adviser to the governor on Media, Dr Festus Adedayo, said it investigated the allegation and found it to be baseless.

The outfit’s Second in Command, CSP Elijah Bawa, according to the statement, said the officer involved had been recommended for disciplinary measures by the Nigeria Army for abandoning his duty post.

Bawa said immediately the outfit was intimated with the allegation of rape, it dispatched an investigation team to Eruwa.

He said the team met with the Divisional Police Officer for the Eruwa Division, DSP Kayode Adigun, who disclosed that the 23-yearold Mass Communication student lodged a complaint with the com-

mand that she had been raped by the soldier who was also an operative of the anti-crime outfit.

The DPO, according to him, took the lady to the Eruwa General Hospital for medical examination, but the result proved negative.

When interrogated about the process of the rape, according to Bawa, the lady said she had left her hostel and was seeing her friend off about 2230 hours and when she was returning, she was accosted by the Operation Burst operative who accused her of being a cult member.

According to him, the lady alleged that the soldier took her under a 54 tree where he asked her series of questions, ordered her to remove her clothes to affirm whether she had tattoos of cult groups on her.

“The test on the lady was conducted by a Dr Jesimi Gamdu and all the physical manifestations of rape were not found on her.

“The soldier will, however, be charged for abandoning his duty

Abiola Ajimobi, Oyo State Gov.

post in the night without permission against standing instructions in the Operation Burst’s code of conduct,” Bawa said.

the operators alone.

“This is an inhuman behaviour due to the love of money. It is total wickedness.”

Another commuter, who identified himself as Dare Ogunbiyi, said the government should come to the aid of the tricycle operators.

“LASTMA are really extorting and exploiting the operators due to little mistakes they make. We are begging them to take it easy because they are only struggling for their daily bread,” he said.

But when contacted on phone, LASTMA Public Relations Officer (PRO), Mrs Bola Ajao, debunked the tricycle operators’ claims.

Ajao said the authority was corruption-free and disciplined.

She said: “LASTMA officials are disciplined. They should stop spoiling our name, no LASTMA official will stop you and collect money or even charge you without you been a trespasser of the law.

“No LASTMA official

PHOTO: AYORINDE DUROJAIYE

will collect bribe from you because the organisation was operating a cashless policy since its declaration by the Central Bank of Nigeria (CBN).

“Any hand to hand transaction is illegal; we are operating a cashless policy.”

Ajao also promised to investigate the matter.

She added: “I can’t just accept that what they are saying is true.

We have to do our investigation its part. Anybody who sees a LASTMA official go against the law should report to Alausa, preferably with their names.”

Also, the state Deputy Police Public Relations Officer, Lelma Kolle, refuted the allegations.

He said: “Tricycle operators should stop making false claims.

Anytime they are charged for anything by the police, they should write down the name of the official or the officer and send it to the Police Public Relations Department.”

METRO

Monday, September 8, 2014

11

33 die, 58 missing as boat capsizes in Niger DEADLY JOURNEY About 33 people, on their way from Niger State to Kogi State, lose their lives in a boat accident on River Niger Dan Atori and Musa Pam

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t least 33 bodies were recovered after a boat capsized between Dere and Murtala Mohammed Bridge on River Niger in Niger State over the weekend.

The boat was conveying about 100 passengers to Lokoja market in Kogi State from Katcha Local Government Area of Niger State.

This is as six persons were reportedly killed while six others were injured during an attack on Lamba Gyambar community in Wase Local Government Area of Plateau State on Saturday evening.

It was gathered that the boat capsized when it hit a tree in the water.

A pipeline patrol team boat reportedly beamed its halogen light on the oncoming boat around 4:35am which made the driver to lose control, thereby hitting a floating tree trunk which was uprooted by the river that had over flown it banks owing to the recent heavy rains.

The tree broke the boat conveying fishermen, traders and many children with no life jackets to protect them.

About four people were rescued by the local rescuers while five persons swam to the riverbank and hung onto the trees by the riverside.

It was also gathered that among the victims were people from Yawa and Baka in Lapai Local Government Area of Niger State.

A witness, Mr Samson Alfa, said the boat was filled to capacity.

He said: “The boat was conveying about 100 persons, over 100 bags of rice, many baskets of fish and other valuable items.”

When contacted, the Niger State Police Public Relations Officer (PPRO), ASP Ibrahim Gambari, confirmed the incident.

He, however, said it oc-

File picture of a boat accident

curred outside Niger State jurisdiction.

Meanwhile, in the Plateau State attack, it was gathered that some yet-to-be-identified persons invaded the community around 5pm, shooting sporadically and setting houses ablaze.

A resident, Ibrahim Idris, told our correspondent on phone that four persons were

initially killed on Saturday while eight were injured.

Idris said out of the eight that were rushed to Dangi General Hospital in Kanam Local Government Area, two died yesterday morning, bringing the casualty figure to six.

He said: “Two died of gunshot wounds this morning. The soldiers that were at the check-

34-year-old man defiles four-year-old girl Taiwo Jimoh

P

olice have arrested a 34-yearold man for allegedly defiling a four year-old-girl.

The suspect, identified as Abiodun Yusuf of Oremeta Street, Ojodu Berger area of Lagos State, was arrested at his house recently.

The victim’s elder sister, who craved anonymity, said that when the suspect was confronted he denied it.

When Police detectives from Ojodu Police Division led by CSP Ibrahim Zango arrested Yusuf, the medical report conducted on the minor was brought before him.

It was gathered that the victim’s parents knew about their daughter’s defilement following the alarm raised by her elder sister.

The elder sister alleged that she met the suspect and the victim at the back of their house when she was searching for her.

During interrogation, the suspect reportedly confessed to the crime.

“I didn’t know what went over me to sleep with the little girl. I

Braide

took the girl to the back of the house after I had bought her biscuit and had carnal knowledge of her,” he reportedly said.

A neighbour, who gave her name simply as Kemi, said she was aware of the incident.

She said: “Though no one believed the incident, until police from Ojodu Division came to arrest him.”

Another resident of the area, who identified himself as Kunle, de-

scribed the incident as unfortunate.

He said: “Since his arrival in this area for over three years, he has been an easy going person. He has never been associated with any illicit act in the community.”

But the suspect’s wife, Sekinat, told our correspondent that the allegation against her husband was a lie.

She said: “My husband only bought biscuit for the girl and other children in the compound when he came back from work on that fateful day.”

The state Police Public Relations Officer (PPRO), Ngozi Braide, who confirmed the story, said one Abiodun was arrested in connection with the act.

She said: “It is unfortunate that people still get involved in such dastardly act despite efforts by the police to curtail the menace in the public.”

The PPRO also blamed the victim’s parents for allowing their daughter to be lured by the suspect.

Braide urged parents to be vigilant and monitor their wards’ activities closely.

Residents welcome horn-free day in Lagos Muritala Ayinla any residents of Lagos have M expressed support for the declaration of a ‘horn-free day’ by

Lagos State Government.

The Commissioner for Transportation, Kayode Opeifa, had on Friday said henceforth, motorists in Lagos would abstain from honking while driving for a day in a year, starting from October 15, 2014.

The commissioner said that the ‘horn-free day’ would be an annual event to be observed by everyone driving in the state, adding that its implementation would follow a series of sensitisation campaign by government.

This move, it was learnt, is

geared towards making Lagos a horn-free city like many other developed mega cities of the world.

Governor Babatunde Fashola had, at a quiz competition organised for children on transport education tagged: “Be Road Friendly, BRF,” indicated interest in having a Lagos without drivers blaring horn while on the wheel.

The governor said it was possible if only drivers could adopt decent driving culture and be mindful of other road users.

Hence, he advocated a hornfree day, saying if it was successful, the state would proceed to a horn-free week, month and year until Lagos became a horn-free mega city.

Gov. Fashola

point were removed on Friday to be deployed to Maiduguri which is why the attackers took advantage and attacked us.”

The Media and Information Officer of the Special Task Force, Captain Ikedichi Iweha, confirmed the attack.

Iweha, however, could not confirm the casualty figure at press time.

Police officer petitions IG over LG chairman’s assault Sola Adeyemo Ibadan

police offiAtionnceraggrieved at Idere Police Stain the Ibarapa area

of Oyo State, Inspector Olorundare Salawu, has petitioned the InspectorGeneral of Police, Suleiman Abba, over assault on his person by a local government chairman, Mr Bola Olawoore.

Olawoore, who is the caretaker chairman of Ibarapa Central Local Government Area of Oyo State, allegedly slapped Salawu in the course of his duty.

In the petition, the police officer alleged that the chairman assaulted him while he was discharging his official duty of protecting lives and property.

Salawu explained that the incident happened on August 23 during the voter registration exercise by Independent National Electoral Commission (INEC).

According to the petition, the police officer received a call from Agbomi Daniel, a police officer with registration no F/ No 3/0288-CPL covering Idere Ward III, located in Islamic Primary School, notifying him that there was crisis on going.

The petition reads in part: “On getting to the scene, I was informed that some politicians had mobilised students of Emmanuel Alayande College of Education in Lanlate area of the state to regis-

ter in the ward at the detriment of the indigenes.

“One of the students, Odedele Victor, who was an Oyo indigene, was apprehended, while the indigenes were about to mob him and taken to the station for further interrogation.

“Suddenly, the council boss, Olawoore, emerged and blocked the police patrol vehicle with his car, ordering the police to release the student not minding the presence of the DCO, who tried explaining to him. The council boss resurfaced at the station with an Oodua Peoples Congress (OPC) member, Ajibi Tiamiyu, and both released the boy forcefully.

“He slapped me and Agbomi Daniel and removed our berets. The incident occurred in the presence of the DCO, Mr Mathew Folorunsho, the council’s SSS officer.’’

Though he admitted that the DPO, Superintendent of Police Hassan Khahi, Oba Kingsley Oyelami, the Onidere of Idere and an All Progressives Congress (APC) party leader, Chief Silas Lasunsi, had pleaded with him; he wanted justice to take its course.

“I therefore requested the IG to use his good offices to protect my interest in bringing the culprits to book in order to serve as deterrent to others and encourage police officers in the discharge of their duties,’’ Salawu demanded in the petition.

12 METRO

Monday, September 8, 2014

Drug peddling: Physically-challenged man faces trial Muritala Ayinla

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30-year-old man, Issa Sanni, is being prosecuted by the Lagos State Task Force on Environmental and Special Offence unit for drug peddling.

He was arrested as part of a nine-man gang who specialised in selling hard drugs in Lekki Phase 1.

Among those arrested in Lekki were two minors who had since been sent to the rehabilitation centre in the state.

Sanni was arrested in Alakija area, near FESTAC junction and arraigned at the special court sitting in Alausa.

He was granted bail in

the sum of N100,000 with two sureties after pleading not guilty to the three-count charge. The sureties, according to the court, must also present tax clearance for three years.

Some of the items recovered from him include N35,000, a bag containing hard drugs, a knife and a cutlass.

Speaking with our correspondent on the menace of drug peddling among the youth, the Chairman of the task force, Mr Bayo Sulaiman, a Chief Superintendent of Police, said the agency would continue to clamp down on drug peddlers to discourage the youth from engaging in the illicit trade.

Sulaiman said that disability did not give anyone the freedom to engage in criminal acts, adding that task force officials were combing the hideouts of those who engaged in hard drugs in the state.

He said: “Generally, drug peddling is a crime regardless of your physical status, whether you are crippled or not. There is no sentiment about our enforcement. If we know where you are, we will go after you. You will hardly see people misbehaving except when they have taken drugs. People should stop patronising them.”

Sulaiman also debunked speculations that the task force had relaxed its en-

FAN Milk staff protest dismissal of 65 workers Sola Adeyemo Ibadan

M

embers of the National Union of Food, Beverage and Tobacco Employees in Fan Milk Plc, Ibadan, yesterday protested the sack of 65 of their colleagues by the management.

The three-day old protest was sequel to the affected workers’ refusal to accept sack letters from the management of the company without full payment of their gratuities and other allowances.

The management of the 53-year-old company at

Eleyele Ibadan was said to have concluded to relieve about 65 workers of the union after their refusal to accept cancellation of their gratuities, which the company’s Managing Director allegedly proposed to them in a meeting.

On Saturday, the workers caused a stir on Dugbe-Eleyele Road while displaying placards with various inscriptions like, “8 years of casualisation must stop,” “We say no to slavery,” among others.

They alleged that the company had not fared well since the assumption of of-

fice of the new MD in 2011.

Speaking on behalf of other protesting workers, the branch unit chairmen and the Secretary, Mr Alli Olatoye, Mr Owoseni Michael and Mr Bello Ishola, said in 2011 about 40 workers of the dairy company were dismissed and now 65 sack letters had been prepared.

Though he said they were not opposed to being retrenched, they were, however, averse to the method employed by the firm which, they said, was a violation of earlier agreement between the management and the national secretariat of their union.

World book capital: Rivers builds model school Rotimi AmaeGinovernor chi’s administration Rivers State has con-

structed new 20-classroom Blocks Model Primary School to commemorate the status of Port Harcourt as the World Book Capital City.

The school, called World Capital City Model Primary School, is located in Port Harcourt Township and has already been furnished preparatory to the commencement of classes for the 2014/2015 academic session beginning from September 22.

The Chief of Staff to the governor, Chief Tony Okocha, and the state Chairman of the All Progressives Congress (APC), Dr Davies Ikanya, applauded the administration’s effort to develop the education sector during a facility tour of the new school at the weekend.

In addition to classroom and teachers’ offices, the model school is equipped with state-of-the-art facilities like demonstration science laboratory, library, ICT, sick bays and reception class.

“I am very happy that since the declaration of a state of emergency in the education sector by Governor Chibuike Rotimi Amaechi in 2008, the sector has witnessed total turnaround

forcement of the law owing to the forthcoming election.

According to him, the task force is strictly for law enforcement and has nothing to do with politics.

He said: “We can’t compromise law and order for politics or rumours or whatever anybody says. We can’t afford to toy with what we have achieved in terms of safety and sanity in Lagos. People should not mix our operation with politics.

This is about law and order.

“Should we compromise safety for politics?

No we can’t and we won’t.

Task force officials are law enforcement agents whose responsibility is to ensure law and order.”

Sanni with items recovered from him

COEASU suspends three lecturers, as police arraign nine students Cajetan Mmuta BENIN

he Colleges of Education AcaTsuspended demic Staff Union (COEASU) has three lecturers at the Edo State-owned College of Education, Ekiadolor for allegedly trying to break the ranks of the union during the protest that rocked the institution last week.

The suspended members are the Dean, Students Affairs, Mr Richard Amayo, and two others over alleged plans to conduct examination for students while other academic staff are on strike to press home their demands.

Sources close to the institution said yesterday that the three men had connived with the management of the institution to organise second semester examination for the students, a development that allegedly triggered off violent protest.

Already, the authorities had ordered the closure of the institution and asked the students to vacate their hostels.

This came as the President of the Students Union Government (SUG) of the college, Emmanuel Emenaghamwon, Deputy Speaker of the parliament and seven others are to be arraigned before a Magis-

trates’ Court sitting in Benin today.

The students were arrested by police attached to the Area Command, Ekiadolor for allegedly spearheading the violent protest in which two vehicles belonging to a chieftain of the Peoples Democratic Party (PDP) and business magnate, Chief Gabriel Igbinedion, were destroyed on the Benin-Lagos Expressway.

The nine students have been remanded at the Oko Central Prisons since Wednesday last week following the protest.

It was gathered that the students embarked on the protest to draw the attention of the state government to the need to urgently address some of the infrastructural challenges on the campus and an immediate end to the strike embarked upon by the Coalition of Unions of State Owned Tertiary Institutions, which include the payment of their 16 months’ salary arrears.

Governor Adams Oshiomhole had penultimate week inaugurated board members of the various stateowned tertiary institutions and ordered them to investigate the several demands of the striking unions and report back to the government.

Efforts to reach Amayo for comment yesterday failed as his phone was switched off.

Two die in police, cult members’ shoot-out The newly built model school

from decay to decorum.

“The decorum in the education sector has necessitated a surge in admissions into public schools in Rivers State, a situation that prompted the construction of 20 classroom blocks across the state. To me, this is an exhibition and promotion of excellence unequalled by any other state in Africa,” Okocha said after the tour.

On his part, Ikanya described the project as historic. According to him, with Amaechi’s feats in education and other sectors, APC’s task of winning the 2015 general elections has been made easier for the party.

Conducting them round, the Commissioner for Education, Alice LawrenceNemi, said the construction of 20-classroom blocks

Taiwo Jimoh was necessitated to address the issue of out-of-school children in the state.

She said: “The state government embarked on this project to ensure that every child in the state has easy access to the free education policy of the Governor Chibuike Amaechi-led administration.

“The project is in line with the Education for All (EFA) and Millennium Development Goals (MDGs) vision of providing access to all children of school age by the year 2015. Samples of the 20-classroom blocks are built in all the 23 local government areas of the state that include demonstration science laboratory aimed at giving children the opportunity to visualise what they are being taught in class.

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t least two persons were feared dead yesterday when some suspected cult members engaged the police attached to the State Special Anti-Robbery Squad (SARS), Ikeja, in a fierce gun battle at Somolu area of Lagos.

Two other members of the cult group, which could not be identified at press time, were arrested at the end of the encounter.

The shoot-out, which lasted a few hours, caused panic among residents, who were running helter-skelter.

It was gathered that the shoot-out, which took place intermittently, swept through Moshalashi to Awoseyin streets in the area, causing commotion among residents and shop owners.

It was also learnt that the suspects, who attacked an executive member of the National Union of Road Transport Workers (NURTW) in Onipanu area, identified simply

as Adeyeye Fadaka, first opened fire on the police team.

Fadaka, who spoke with our correspondent on phone, said he had fled his office shortly before the arrival of the cult members.

One of the residents, who identified himself simply as Bamidele, told our correspondent that the shoot-out with the police had been on for two days.

The man said the cult members, who seemed to have become audacious in the recent times.

He said: “I witnessed the shootout yesterday (Saturday). It was about 8pm at Moshalashi Street. The gunshots could be heard from the fourth and fifth streets. The police came to area to arrest some notorious cult members and those guys put up resistance. However, in the end, I think the police were able to arrest them.”

The state Police Public Relations Officer (PPRO), Ngozi Braide, did not pick her call to confirm the story.

Abdulmejeed: Nigerian youths got better deal from confab / PAGE 17

POLITICS

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Who’s Who @ NATIONAL CONFERENCE 2014

Nnamani, Agbakoba, Bakare, Falana advocate restructuring, new constitution The 2014 National Conference was a reflection of the rainbow characteristic of Nigeria. There was hardly any profession, trade, vocation or segment of the society that was left out of the discourse.

In continuation of our series - Who’s Who @ Confab, we serve you the profiles and contributions of some distinguished delegates as captured by ONWUKA NZESHI Dr Olisa Agbakoba: Platform: Civil Society Organisations Region: South East Committee: Law, Judiciary, Human Rights and Legal Reform Profile: Agbakoba was born in Jos, Plateau State on May 29, 1953. He is a lawyer and a Senior Advocate of Nigeria (SAN). He is a former president of the Nigerian Bar Association (NBA) from 2006–2008 and a founding partner of Olisa Agbakoba and Associates. Agbakoba is an expert in Maritime Law and also the founder of Nigeria’s foremost human rights organisation, the Civil Liberties Organisation (CLO), one of the earliest groups in the pro-democracy movement in Nigeria.

Agbakoba is also the founder of United Action for Democracy and the Zambian pan-African human rights organisation, AfroNet. He was a defender for the Civil Rights activist, Ken Saro-Wiwa who was executed during the Abacha regime. Agbakoba is the Principal Partner and founder of Human Rights Law Services (HURILAWS), a Non-Governmental Organisation that specialises in advocacy and law.

Contributions: He came to the 2014 National Conference on a mission to restructure Nigeria and enthrone true, balanced and fiscal federalism. In a memoranda presented to the conference on the first day of proceedings, Agbakoba recommended among other things, the preparation of a draft constitution. He canvassed the re-modelling of Nigeria from what he called centralised federalism to a balanced federation with ‘massive’ devolution of powers from the centre to the federating units.

He ended his eight-page memo thus: “Conference, in addition to producing a report, ought to draft an Executive Bill and attach a Draft Constitution, incorpo-

Nnamani

Agbakoba

Bakare

Falana

rating our resolutions. In order to make our work relevant, it should be recommended to the President to send an Executive Bill to the National Assembly for referendum and enactment of a new constitution.” This memoranda and others like it set the tone for long conversations at the conference.

Mr. Femi Falana Platform: Civil Society Organisations Region: South-West Committee: Law, Judiciary, Human Rights

and Legal Reform Profile: Falana is a Senior Advocate of Nigeria (SAN). He was the former president of the National Association of Democratic Lawyers (NADL) and also a former chairman of the West African Bar Association (WABA). He contested and lost the governorship election of Ekiti State in 2007 on the ticket of the National Conscience Party (NCP). He has been a human rights activist and public policy analyst for several years. Falana is also known for providing free legal

services to the poor and disadvantaged.

He has also been detained several times by the security services for his activism.

Contributions: Like many Southern delegates Falana came with the goal of seeing Nigeria restructured. He said: “The important thing is for us to appreciate that the present Constitution – that is Decree 24 of 1999 promulgated

by Gen. Abdulsalami Abubakar, is defective. Once that is appreciated, we can go CONTINUED ON PAGE 14

14 POLITICS

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Monday, September 8, 2014

Who’s Who @ NATIONAL CONFERENCE 2014 CO N T I N U E D F R O M PA G E 1 3

from there. If the resolutions are popular and they reflect the interest of the generality of the Nigerian people, I can assure you that the resolutions would force the National Assembly and the government to subject those resolutions to a referendum so that it can have the imprimatur of the Nigerian people.

“But if the delegates decide to satisfy and massage their own ego, the ego of the elite, we would be back to square one.

All those who have come with their own agenda including the government that said that the unity of Nigeria is not negotiable, should watch it. I think that is an arrogant statement. It is the way you run the country that will preserve its unity” Tunde Bakare Platform: Ogun State Region: South West Committee: Political Restructuring and Forms of Government Profile: Bakare is the serving Overseer of the Latter Rain Assembly, Lagos.

He is a Pentecostal pastor known for his fiery sermons targeted at the ruling class and the corrupt politicians. He was arrested in March 2002 after preaching a sermon critical of then President Olusegun Obasanjo. Bakare was one of the conveners of the Save Nigeria Group, a civil society and pro-democracy organisation. In 2011, he became the vicepresidential candidate of the defunct Congress for Progressive Change (CPC).

But the CPC lost the presidential election to President Goodluck Jonathan.

Contributions: Right from the beginning, Bakare showed he was at the conference for a frank discussion that could produce pragmatic solutions to the national question. He tackled the issue of religion and it’s politicization when he confronted the chairman of the Conference, Justice Idris Kutigi and asked him to avoid bringing religious sentiments into his assignment.

Bakare expressed discomfort at the penchant of Kutigi to begin proceedings with some incantations peculiar to the Islamic faith when he was supposed to be presiding over a multi-ethnic and multireligious gathering.

“Mr. Chairman, you began your speech yesterday with some words I did not understand. Today again you have also said something I do not understand.

We should adopt a standard language.

We should not allow religion to divide us. If I stand up to speak and I begin by saying: Praise God somebody... We may end up having a church service instead of a national conference,” Bakare said.

The message was understood and from then on, the practice stopped.

Mike Ozekhome Platform: Federal Government delegate Region: South South Committee: Law, Judiciary, Human Rights and Legal Reform Profile: Ozekhome is a Senior Advocate of Nigeria (SAN) and vibrant human rights activist.

Contribution: He was visibly active for most of the sessions and capped it with a publication – The Politics of Power and the Power of Politics in Nigeria – which he distributed as a gift to all delegates at the end of the conference.

He was among the delegates that expressed misgivings about the voting procedure and the 75 per cent threshold in arriving at decision.

Ozekhome reasoned that achieving the 75 per cent or three-quarters of the votes of delegates on every issue would be problematic, particularly on controversial and sensitive issues. He suggested that the conference should go for simple majority or two-thirds as the three-quarters was likely to produce a tyrannical minority that would be ready to shoot down otherwise popular decisions.

Yerima rains curses

Yerima

Ozekhome

Darah

Ejiga

“If we also have to go by this 75 per cent rule, it means we are going to have a tyrannical minority; if 74 per cent of the delegates vote on an issue and 26 per cent voted against but can’t carry through because we have not the 75 per cent mark.

The result is that the 26 per cent that voted against has actually won. So, my suggestion is that we should toe the line of parliamentary standard across the world by adopting two-thirds majority.”

Justice George Oguntade Platform: Judiciary Region: South West Committee: Law, Judiciary, Human Rights and Legal Reform Profile: Oguntade is a retired Justice of the Supreme Court. He was appointed a Judge of the High Court of Lagos State in September 1980 after practising at the Lagos Bar for 14 years. Between 1984 and 1986, he served as the Chairman of the Armed Robbery and Firearms Tribunal in Lagos State.

In September 1987, he was elevated to the Court of Appeal. He served as Justice, Court of Appeal, Enugu from September 1987 – September 1993; Presiding Justice, Court of Appeal, Ibadan, Oyo State from September 1993 – September 1995; Presiding Justice, Court of Appeal, Jos, Plateau State – September 1995 – December 1998; Presiding Justice Court of Appeal, Lagos, Lagos State from January 1999 – December 2002 and Presiding Justice Court of Appeal, Abuja, Federal Capital Territory from January 2003 –

May 2004.

On May 19, 2004, Oguntade was elevated to the Supreme Court. He retired from the Supreme Court Bench on March 10, 2010 having attained the statutory retirement age of 70 years. In April 2010, the President of the Federal Republic of Nigeria decorated him with the national honours of Commander of the Federal Republic [CFR] in recognition of his outstanding contributions to the development of law in Nigeria.

Contributions: Justice Oguntade was Chairman of the Committee on Law, Judiciary, Human Rights and Legal Reform at the National Conference.

The committee made up of legal luminaries was about the fastest of all the 20 committees in terms of completing its assignment and submitting a report. It is on record that Oguntade’s vast knowledge and experience earned him the respect of his colleagues which resulted in the far reaching recommendations he presented at plenary.

Major General Geoffrey Ejiga Platform: Benue State Region: North Central Committee: National Security Profile: Ejiga is a retired officer of the Nigerian Army. He was Commander of Operation Harmony II, the Organisation of African Unity (OAU) sponsored Peace Keeping Mission (1981-1982) in the Republic of Chad. The Nigerian contingent on that mission were a total of 2,000 troops.

Contributions: As one of the delegates representing Benue State at the national conference, Ejiga championed the agitation for the creation of Apa State.

He believed that the new state would free the Idoma ethnic group from the age-long domination by their neighbours, Tivs, who have ruled Benue State since its creation in 1976.

He canvassed for the conference to produce a report that will give Nigeria a new beginning. He also believes that the insecurity spurned by the Boko Haram could be best tackled if Nigerians gave full support to the troops deployed to the area.

Dr. Haruna Yerima Platform: Borno State Region: North West Committee: Devolution of Power Profile: Born on January 1, 1961, Yerima was a member of the House of Representatives where he represented Biu/ Kwaya/Bayo/Shani federal constituency of Borno State. He was elected into the parliament on the platform of the All Nigeria People’s Party (ANPP). During his tenure in the parliament, Yerima was suspended for one month “for using coarse and disparaging language to describe his interpretation of legislative proceedings and individual members.”

Yerima has been a controversial fellow even before he went into politics. He was a lecturer in the Political Science Department of the Nigeria Defence Academy (NDA), Kaduna. He got into trouble

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Monday, September 8, 2014

15

Who’s Who @ NATIONAL CONFERENCE 2014

on treasury looters

Oyebode

Elue

while delivering a lecture on Violence and Political Leadership in Nigeria at a seminar organised by the Youth Wing of the Arewa Consultative Forum (ACF).

He lost his job after the lecture. He is currently a lecturer at the Ahmadu Bello University, Zaria.

Contributions: Yerima did not behave differently at the National Conference. He caused a stir at plenary when he rained curses on corrupt public officials and tasked them to return the funds they looted from the public treasury. Hear him: “Finally, I just want to pray to the Almighty God: You know that some people have stolen our money in this country and have stashed them outside. Please touch their hearts, let them bring this money. But if they fail, destroy those riches. Some people have bought houses all over the world, touch their hearts and let them bring back this money. If they fail to bring this money, let fire, earthquake and landslide destroy these houses.”

Besides being an anti-corruption crusader, Yerima was also one of the northern squad who vehemently opposed the moves of the South-South to have an upward review of the derivation formula.

Senator Florence Ita-Giwa Platform: Cross River State Region: South South Committee: Environment Profile: She was born on February 19, 1946 in Atabong, Bakassi Local Government Area of Cross River State. She

Aina

Edosomwan

was educated at the Kilburn Polytechnic, London; worked briefly as a nurse and later as a representative of the Beecham Pharmaceutical Company. She joined politics and was the state chairman of the National Republican Convention (NRC) before being elected into the House of Representatives in 1992. Giwa was a member of the 1994/95 Constituent Assembly and later got elected into the Senate to represent the Cross River South Senatorial District in April 1999.

After the Senate in 2003, she was appointed the Special Adviser to the president on National Assembly Matters. Outside the parliament, she has been actively involved in the struggle

Erhagbe who moved the infamous motion to bar the media from covering the proceedings of the National Conference after photographs of some “sleeping delegates” were published on the front pages of some national dailies

of the Bakassi people to reclaim their homeland ceded to Cameroun through a judgement of the International Court of Justice. She is fondly called Mama Bakassi.

Contributions: Apart from leading the Committee on Environment at the National Conference, Ita-Giwa seized the opportunity to rekindle the struggle of the Bakassi people. She seemed to have accepted that the Bakassi Peninsula was gone for good and her campaign at the conference was for the Federal Government to resettle and compensate the displaced people of the ceded territory.

Brig.-Gen. Anthony Ukpo Platform: Cross River State Region: South-South Committee: Economy, Trade and Investment Profile: Ukpo, a retired military officer was born on July 16, 1947 at Okpoma, Yaka Local Government Area of Cross River State. Ukpo holds a Diploma in Instructional Technology from the US Marine Corps and a Master’s Degree in Military Arts and Science from the Command and General Staff College, United States of America.

He was Minister of Information and Culture and then Governor of Rivers State during the regime of General Ibrahim Babangida. He was a Principal Staff Officer to the President, one-time instructor at the Nigeria Defence Academy and was appointed Deputy Director, Defence Intelligence Agency in 1985.

Contributions: Joined his compatri-

ots from the South South to revive the demand for resource control and an end to the pollution of the environment as a result of the activities of multinational oil companies.

Prof. Godwin Darah Platform: Delta State Region: South South Committee: Devolution of Power Profile: Darah is a teacher, journalist and resource control activist from Delta State. A former chairman, Editorial Board of The Guardian newspapers and former Chief of Staff to former Governor of Delta State, Chief James Ibori.

Darah currently teaches Oral Literature and Folklore at the Delta State University, Abraka. He was a delegate to the 2005 National Political Reforms Conference where the agitation for resource control took centre stage.

Contributions: At the conference, Darah proved to be an unrepentant apostle of resource control as he insisted that fiscal federalism remained the key to unlocking Nigeria’s great potential.

He was part of the delegates who canvassed a return to regionalism through a restructuring of the country.

“We want the federation restored as it was at independence in 1960. By implication, we want the states to be the federating units and by extension, the states should have 100 per cent ownership of their resources whether natural or human. They will exploit these resources, develop and manage them and pay taxes to the Federal Government to run essential services like the Armed Forces, Immigration, Foreign and Diplomatic Services.

The luggage of administrative work on the Federal Government would be vastly reduced and the development of Nigeria would be at the state and local government levels,” he said.

Chief Benjamin Elue Platform: Delta State Region: South South Committee: Political Restructuring and Forms of Government Profile: Elue hails from Obior in Aniocha North Local Government Area of Delta State. He was for eight years the Deputy Governor of Delta State during the Ibori administration. He is currently the Chairman of Anioma People’s Congress, an umbrella body for the political and socio-economic development of the Northern Senatorial District of Delta State.

Contributions: He led the struggle to ensure that Anioma State was among the proposed states endorsed for creation by the National Conference. He was an advocate of a restructured federation. He said: “Our first priority is to Nigeria - to ensure that her unity is not negotiable.

We have to stay together to make her work better. The second priority is that we have to restructure the country to ensure equity, a sense of belonging and peace to every part of the country.”

Prof. Chigozie Ogbu Platform: Ebonyi State Region: South East Committee: Social Sector Profile: Ogbu is a former Deputy Governor of Ebonyi State and delegate to the conference. He was the Chief Medical Director of Ebonyi State University Teaching Hospital, Abakaliki and a onetime Commissioner for Health in old Imo State.

Contributions: He was part of those who kicked against the reversion to the old regions. Ogbu argued that to accept the bid by some groups to restore the old regions was like accepting to go back to a situation of oppression, intimidation and lack of development which made the CONTINUED ON PAGE 20

16 POLITICS Chief Femi Fani-Kayode is a former Minister of Aviation

I

f not for the courage and sheer gallantry of the men and women of the Nigerian Armed Forces Boko Haram would have taken over Bama and many other towns in north-eastern Nigeria by now and things would have been far worse.

We must not fail to commend and encourage our soldiers when they do a good job because they are the only thing that stand between us and the demon hordes.

Frankly I am very proud of the way in which they gave Boko Haram the beating of their lives and threw them out of Bama in the last few days. I take this opportunity to salute them and to thank them for their service and this beautiful gift to the Nigerian people.

Yet despite the admirable efforts of our military personnel the Haramite infidels and barbarians have taken over the town of Gwoza, killed the Emir and declared the place an islamic state.

They have seceded from Nigeria and they are beheading Christians and southerners and all moderate northern muslims that do not share their views.

I wonder what would have happened if it had been a town in the south that had been taken over in this way by a group of terrorists and christian fundamentalists.

I wonder what would have happened if they killed the local traditional ruler and then started to kill every northerner, every muslim and every moderate christian in that town that did not share their views.

I wonder what Nigeria would have done to them if it was a southern town that fought our soldiers, murdered our people, butchered our young boys, abducted and raped our little girls and declared secession from our country in this way and not a northern one.

I wonder how our northern brothers would have reacted to this and how they would have felt if any southern terrorist group had as it’s main objective the wiping out of islam and all muslims in Nigeria and the establishment of a christian fundamentalist state in the whole of the south that is governed by Old Testament christian canon law.

I wonder if our northern brothers would be as calm, as forgiving and as patient as we in the south have been about the atrocities of Boko Haram.

The last time that a part of this country attempted to secede we slaughtered over two million of our compatriots in order to keep Nigeria one. Yet today Gwoza has been taken over by murderous secessionist forces and we act as if it is no big deal.

The truth is that this is a nation of double standards where southerners are subjected to a different set of conventions, laws, rules and regulations when compared to northerners.

Northerners can get away with secession and establishing an islamic fundamentalist state and new caliphate whilst southerners dare not try to do the same sort of thing.

This begs the question: is Nigeria really one country and are we really one people. And even if we say it is one country and we are one people, how much longer can this remain so given what is going on in the north today with Boko Haram?

Some northerners have said that if power does not return to the north next year they will smash up Nigeria and make the south pay dearly. They believe that they own Nigeria and that they were born to rule.

How are we as southerners supposed to react to this? Are we supposed to accept it sheepishly and just bow down and surrender? Does a southerner from the Niger Delta not have a right to serve two terms in office as President of Nigeria?

Are southerners and Middle Belters not human beings? Are they nothing but slaves to the core muslim north? Are the issues that Colonel Emeka OdumegwuOjukwu, the erstwhile leader of Biafra,

Sanctity of Truth

Monday, September 8, 2014

Is Nigeria a nation?

Fani-Kayode

raised after the pogroms and brutal massacre of igbos that took place in the north in 1966 and just before the civil war in 1967 not still relevant today?

Were the recommendations and agreement that were agreed upon and entered into by both sides after protracted negotiations at Aburi in Ghana not pertinent and appropiate? Did we not make a monumental error by not standing on Aburi and allowing Nigeria to become a confederation?

Is it not of paramount importance that we restructure this country and devolve power from the centre before we all kill ourselves? Is Nigeria not meant to be a secular state where each and every religion, nationality and tribe are regarded as being equal, regardless of their size, strength or number?

Should the minority ethnic nationalities not be protected from the excesses of the majority ones? If the basic principle of equality of all faiths and nationalities and the equitable principle of equal opportunities for all is violated must Nigeria remain one?

Should we tolerate the practice and institutionalisation of apartheid in our fatherland twenty four years after contributing so much in helping to bring it to an end in South Africa?

When a former Minister of the Federal Republic from the core north says that the killing of any fulani person by the Nigerian Armed Forces, or indeed by anyone else, in their fight against Boko Haram ‘’is a debt that will be repaid’’, what are we to make of that?

When a leading Presidential candidate from the core north says that an attack on Boko Haram “is an attack on the whole of northern Nigeria’’ and that the islamist terrorists “should not be killed’’ and ‘’their homes should not be burnt’’, how are we meant to feel?

When the northern spokesman of the leading opposition party says that Boko Haram ought not to be proscribed and that to proscribe them would be ‘’unconstitutional and unjust’’, how are we supposed to react?

How are we meant to feel about the constant threats and provocative submissions of some of the core northern delegates at the recently concluded Constitutional Conference? Permit me to give two examples.

Firstly a vocal delegate from Yobe state, who was the National Secretary of the defunct CPC, who is a close associ-

The truth is that this is a nation of double standards where southerners are subjected to a different set of conventions, laws, rules and regulations when compared to northerners ate of General Muhammadu Buhari and who is a leading member of the opposition said the following: “Let me come back to the issue of derivation. All these big names, professors, they almost knelt down before us that we should maintain the status quo for the stability, security of the Nigerian nation. All these people shouting at plenary.

These are the people we liberated from the south east. They should be told. Is it because they have transient power?’’

Secondly a leading traditional ruler from Adamawa state, who was also a delegate at the conference, said that if the north did not get it’s way during the proceedings he and his people “would leave Nigeria and relocate to the Cameroons’’ where half of his kingdom was actually situated and where half of his people reside and come from.

One must ask whether these people know the implications of what they are saying? Are the rest of us meant to take all this lying low and do they really expect us to keep our mouths shut and not express our deep sense of outrage and utter disgust?

When the Northern Elders tell the President that he must withdraw the soldiers that are fighting Boko Haram from the north-east, cancel the State of Emergency that he declared in the three most affected northern states and that if he does not do all this and produce the girls that were abducted from Chibok at the soonest he should “forget his re-election bid in 2015’’, what does that mean?

Do they not appreciate the fact that this is nothing but cheap blackmail? Do they not know that it reinforces the suspicion that Boko Haram is just a tool in the hands of the core north to ensure that the President is intimidated into

throwing in the towel and to ensure that the country is brought to it’s knees unless and until power is returned to the core muslim north?

Do the core northerners themselves understand that this can result in a terrible reaction from the rest of the country against them and that they may end up losing everything that they have gained and benefited from Nigeria in the last 54 years if they do not desist from indulging in that sort of reckless rhetoric or from treading that dangerous and unpredictable path?

How much longer do we have to put up with this sort of thing? For how long do we have to put up with these threats and this assumption that we are second class citizens in our own nation?

How much longer do we have to shy away from asking the same question that others asked many years ago, namely, is Nigerian really one country?

Are we a nation or a mere geographical expression? Has anything changed since Chief Obafemi Awolowo, the Leader of the Yoruba, asked that question as far back as 1947 in his book titled ‘’Paths To Nigerian Freedom?’’

Is the principle of “self-determination’’ with it’s inherent quest for freedom and it’s ethos of “justice for all’’ a dirty word? Is it not a perfectly natural, legitimate, equitable and lawful aspiration which has the full backing of international law? Do people not have a right to determine what their future will be and whether that future will be spent as Nigerians or as non-Nigerians?

Surely It is time for us to answer these difficult questions even though we keep brushing these matters under the carpet. It is time for us to either answer the Nationality Question once and for all or begin to prepare for the break up of this great country into two, three or perhaps even more pieces.

It happened in India, Malaya, the Sudan, Indonesia, Abssynia, AustriaHungary, Yugoslavia, the Soviet Union, Czechoslovakia, Yemen, Gran-Colombia, Prussia, the Ottoman Empire, the Persian Empire, United Arab Republic and in many other countries and it is in the process of happening in the United Kingdom today with the upcoming referendum on independence in Scotland.

If that is the only thing that will bring peace, stability and lasting progress to our shores why should Nigeria be any different?

POLITICS 17

Sanctity of Truth

Monday, September 8, 2014

NATIONAL CONFERENCE Comrade Abdullahi Abdulmejeed, a former student union leader and President of National Youth Council of Nigeria (NYCN), was delegate to the just-concluded National Conference. In this interview with TEMITOPE OGUNBANKE, he argues that all the recommendations in the confab report are feasible in achieving the muchneeded change in Nigeria.

Excerpts: Can you share your experience as a delegate to the 2014 National Conference?

My experience at the just-concluded National Conference was very rich, exciting and challenging. Firstly, the conference happened to be the largest assembly of eminent and foremost Nigerians that I have attended within the compass of a closely-knitted working group and not as a one-day event. As a youth delegate to the confab, I represented the largest set of the country’s demographic cluster, the least represented, most marginalised, and highly misunderstood. Majority of those I represented are unemployed, poverty ridden and vulnerable to all consequences of the systemic failure in our country. Inadvertently, my constituency and I were the most affected by the lingering problems that the conference was convoked to resolve and so you can understand the level of pressure on me and the other 17 youth delegates.

In the beginning, the delegates of the older generation were not too accommodative of our move because they saw it as confrontational and usurping but with time through informal bonding and interactions, we were able to reduce the inter-generational antagonism which eventually paved the way for a smooth relationship between us and many of them. I was humbled by that opportunity to ventilate the opinions of Nigerian youths before such a large convergence of distinguished Nigerians and elder statesmen and I utilized that rare opportunity to its maximum to bring to fore my passionate concerns and that of Nigerian youths about the Nigerian project.

Were your expectations at the confab actually met?

Largely, I will say yes. This is in view of the fact that most of the issues that I went to the conference to advocate for on behalf of my constituency, which is the youth constituency, were achieved with very few unmet issues. On the youth agenda was the issue of the justiceability of chapter 2 of the Constitution that captures the fundamental obligation of government towards its citizens, especially as it relates to socio-economic rights. We also achieved reduction in the qualifying age for some elective offices, which is targeted at increasing opportunities for youth participation in politics and governance. We pushed for and achieved resolutions on the provision of an affirmative action for Nigerian youths. The issue of indigene-settler dichotomy was looked into, a job creation agency was also recommended to be created, improvement of social safety nets affecting youths across all major sectors especially social security inclusive of unemployment allowance to the teeming

Abdulmejeed: Nigerian youths got better deal from confab unemployed Nigerian youths were some of the resolutions that are of pertinence to me and the youth constituency.

So, you mean issues affecting Nigerian youths were really discussed.

Issues affecting Nigerian youths received considerable attention as most of the youth delegates did a very good job in spite of our low representation; we still did a great job at ensuring that youth issues were on the front burner of the conference agenda all through.

How do you see the outcome of the Confab and what do you think should be done to its recommendations?

The outcome of the confab is an aggregation of the views, opinions and position of Nigerians on the multi-farious issues militating against our development as a people. The confab report did make very extensive recommendations aimed at resolving the structural dislocations and disequilibrium in our federal structure as a country. The content of those voluminous reports categorised into three volumes include policy reforms, legislative amendments, and constitutional changes. The conference focused on improving and deepening our political federalism. We looked closely at the powers of the federal, state, and local governments and made necessary recommendations on appropriate devolution of powers and responsibilities in a way that can help consolidate and strengthen the political system.

Second, the conference report included strategies for building national cohesion while addressing the question of citizenship and the indigene/settler syndrome. The report provided a formula to guide fiscal federalism; it made recommendations about improving the integrity of the electoral system, the party system, zoning, and principles to guide the Electoral Act. The conference report also devised mechanisms for a more inclusive democracy that has women and the youth getting better representation.

Finally, one of the key products of the National Conference is the revamping of the 1999 Constitution with a view to creating legitimacy for it based on the people’s input and endorsement.

The President has already announced during the closing ceremony and official presentation of the conference report to him that he will be sending the report to the Council of State and the National Assembly. However, so many Nigerians would have wanted a situation whereby the conference can give birth to a brand new Constitution but it is uncontestable that constitutional review and legisla-

On the youth agenda was the issue of the justiceability of chapter 2 of the constitution that captures the fundamental obligation of government towards its citizens, especially as it relates to socioeconomic rights

tion is the prerogative of the National Assembly but a national consensus could in some cases pave the way for alternatives in a situation where it is perceived that the incumbent government or the National Assembly could hinder the birth of a new constitution or the amendment of the existing ones in line with the wishes and aspirations of the people.

My fervent expectation from the outcome of this conference is for the president to proceed without delay to implement in its entirety all recommendations of a policy review nature which can be accomplished via Executive Fiat while the whole country mobilises the necessary critical mass required to prevail on the National Assembly to play its part by way of accelerating the ongoing process of the amendment of the 1999 Constitution with the inclusion of all the recommendations made in the third volume of the conference report tagged proposed draft amendment to the 1999 Constitution. This is the only way we can have a constitution that will be duly owned by the Nigerian people.

How feasible are some of the recommendations and do you see government implementing the report?

All the recommendations made in the conference report are feasible and achievable for a government that is serious in its avowed commitment to bringing about the much needed change to the country’s structure and system thereby removing the barriers and clogs in the wheels of our national progress and development. However, it is imperative to state that what is ultimately needed to bring all those hopes and aspirations captured in the conference reports is the political will of the conveners of the conference and the patriotism and spirit of service of the legislature while all Nigerians require eternal vigilance, which of course is the price of liberty.

Do you see the 2014 confab going the way of other previous conferences?

I doubt that much and my response is seeded in the fact that Nigerians are more enlightened and politically active now more than ever.

They realise and recognise the implicit consequences of implementing the report of the conference or doing otherwise. Nigerians have become more demanding of accountability on the part of their elected governments and that is a major guarantee that the conference outcome will not be discarded as was done previously. In addition to the public awareness and interest is the commitment and conviction of the distinguished delegates that the outcome of our long and strenuous deliberations is put to good use. In line with that, we as deleAbdulmejeed gates have

also put in place a mechanism to carry the conversation further and to provide the mechanism to mobilise Nigerians around the conference outcomes while also institutionalizing the principles and practice of dialogue in our country as a way of resolving the numerous conflicts and disagreements that are at the root of our national woes. To this end, we have established the 2014 National Conference Delegates Association (NCDA), which will be unveiled very soon.

Do you think Nigerian youths were well represented at the conference?

On the issue of proportional representation, I will candidly say that Nigerian youths were not appropriately represented considering our population. As youths, we constitute above 60 per cent of this country’s population whereas at the conference we represented a paltry four per cent of the conference’s population. That obviously was an underrepresentation. However, looking at the trend in the country historically taking a cue from the 2005 National Political Reforms Conference where the youths were given only six slots after they protested compare to the 18 slots given to us in 2014 without protest, it is obvious that it has gotten slightly better but we are not where we need to be.

18

Sanctity of Truth

OPINION My thought about peace in Nigeria Odimegwu Onwumere

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istory teaches us that unity is strength, and cautions us to submerge and overcome our differences in the quest for common goals, to strive, with all our combined strength, for the path to true African brotherhood and unity, said Haile Selassie.

A peaceful society would do everything within its coffers to keep and maintain peace. This is not new to Nigerians. We have always been a peaceful people and can still maintain peace no matter the contrary.

We cannot hijack peace and replace it with wars and chaos where none should exist. We have known that war and chaos are not part of human beings but are created by greed and shortsightedness, hence combativeness and belligerent attributes which will not better our lots or lift us to the 21st century humanity.

Political turbulence will never have pay-offs except regret and sorrows. If our pasts were turbulently violent, our future should be better than our past, if we can make our today a good place for us all.

We are not beasts that we will be hatching Chimpanzee aggression that do not support our neighbours, but attack our collective responsibilities. All over the world, people are yearning for peace and we would not be a better people if combatant schools are erected in the nooks and crannies of our environment because of politics.

It should not be commonplace if we sack our tomorrow and call such ruinous habit politics. We are one no matter our different political interests. We should see ourselves as neighbouring communities that do not make

wars with each other.

Our country was not founded out of the dust of wars, so it behooves on us to make it a peaceful system. Much as we knew, even an organization like the European Union which was founded after the Second World War, has been able to avert chaos on its continent, we can.

We will pay the price if we refuse to make peace today.

We cannot continue with the sharp increase in political casualties following one interest or the other, which we invariably know that we will pay the negative price if we do not take a decision and fan the embers of peace initiatives, instead of fanning the embers of war initiatives, which the end product will be sorrows and totters.

If we notice, our political fights are taking place in our villages, towns and cities, public places and market places with upward disturbing escalating traits. We cannot afford to have political Taliban, when we know that in a place like Afghanistan were exists the gruesome Taliban; life has not been easy for the citizens of that country. Taliban anywhere causes injuries and deaths of about 80% of a country, state, council they are.

In 1988–1989 reportedly, there was the withdrawal of Soviet troops from Afghanistan without a reached agreement between pro and anti-government forces inside the country. The aftermath was the terrible (un)civil war that ensued.

Today, some of us in Nigeria are doing everything within our reach to make our country a place that we can call our own, but just like the Soviet Union reportedly did everything to bring peace in Afghanistan, but the West mounted the contrary, so also some persons are thwarting the peace moves in our country for their

Monday, September 8, 2014

self-centered interests.

For how long shall we continue to live like two warring brothers? All of us should not continue in turmoil.

The perceived divisions in our country can only grind the efforts we are making for a better Nigeria if the divisions continue to stay funded. We should learn lessons from the comment by one Gabriel Carlyle in “Afghans pay price for US refusal to make peace” on the happenings in Afghanistan.

Carlyle said: With the US set to keep 9,800 troops in Afghanistan in 2015, following the ‘end of combat operations’ at the end of this year, and both Afghan presidential hopefuls committed to signing a long-term ‘security’ arrangement with the US within a month of taking office – ensuring the continued flow of US funds, without which the Afghan army and police would collapse – the war looks set to grind on for a good deal longer yet.

We must make Nigeria a peaceful place, unlike in "War is not part and parcel of human nature", where Douglas P Fry inter alia writes as if speaking in idiom about our country thus: Over recent centuries, nonWestern peoples have been portrayed as ‘primitive’ and ‘savage’ and such views have facilitated the atrocities of enslavement, displacement and annihilation directed against indigenous peoples during colonialism and subsequently. The existence of peaceful peoples and peace systems might not be anticipated as they contradict the familiar stereotypes of uncivilised and warlike savages.

• Odimegwu Onwumere (apoet_25@yahoo.com, www.odimegwuonwumere.wordpress.com, a Poet/Writer, writes from Rivers State. Tel: +2348032552855

Cleaning the mess in the Glass House Adewale Kupoluyi

T

he imbroglio that engulfed the Nigerian Football Federation (NFF) after the national team’s poor outing at the last World Cup appears to be assuming an embarrassing magnitude that should no longer be allowed to continue. Before now, there have been litigations, court injunctions, dissolution of the federation board, suspension by the Fédération Internationale de Football Association (FIFA) and the ouster of Alhaji Aminu Maigari as the NFF President.

Rather than taking stock, learning from our performance and planning ahead, our football administrators are busy engrossing in power tussle while little attention is being accorded sound football administration in the country. The crisis in the Glass House, which started some years ago with the removal of Alhaji Sani Lulu-Abdullahi from office after the 2010 World Cup, brought in the regime under Maigari, who was in the saddle for four years that was mired by so much acrimony. Going by FIFA rules, NFF is meant to be autonomous, independent and free of government’s control. The plight of NFF worsened with the election of Chris Giwa as its new helmsman.

While the Maigari-led congress dissolved the executive and electoral committees and fixed September for elections into the next board, another congress, allegedly backed by the government voted and elected Giwa as the NFF President, an election already rubber-stamped by the

Ministry of Sports.

FIFA has insisted that it would not recognise any person or organ that is not elected in furtherance to the NFF statutes (As contained in Article 17 of FIFA statutes). No doubt, this decision by the Nigerian government has pitched its tenth against FIFA, which has warned that the nation will be sanctioned if Giwa’s faction does not vacate the office, as other notable football stakeholders such as the Nigeria Referees Association (NRA), Association of Professional Footballers of Nigeria (APFON), club owners, coaches among others, have also decried the infighting that has turned into a national embarrassment. The Guild of Sports Editors, the umbrella body for sports editors recently met to review recent happenings and equally expressed the need to salvage the situation without further delay.

The NFF crisis has taken much toll on our volatile football administration as virtually all the tiers of the league are being suspended at a critical period when our national team, the Super Eagles, is expected to begin its title defence against Congo in the next year’s Africa Cup of Nations qualifier in the next few days. Currently, the nation’s football league comprising the Nigeria Professional Football League (NPFL) also known as the Glo Premier League, the Nigeria Nation Wide League (NNWL), the Nigeria Women's League and the Nigeria National League (NNL), have also suspended their activities indefinitely as a result of referees’ boycott.

From the unfolding events, one can say that NFF is unarguably the architect of its own misfortune. For instance, it would be recalled that an Abuja High Court had stopped the election that brought Maigari and his team into the board four years ago but Maigari, rather than obeying the law,

decided to hide under the threat of FIFA ban, ignored the court ruling and went ahead with the election. Again, a Federal High Court sitting in Ikoyi also nullified the elections conducted into the NFF elective offices. Inspite of this, the Maigariled NFF board brushed aside all the court rulings and refused to vacate or appealed against them. Apart from the disrespect for the courts, the Maigari-led NFF board had been bogged-down by one crisis or another going from the alleged missing dollars inside an aircraft, high-level corruption, match-fixing and strained relationship among board members, who were said to have illegally constituted a the League Management Company (LMC), to run the Nigeria Professional League.

The Ministry of Sports, under Dr. Tammy Danagogo, appears to be incapable of overseeing the operations of NFF effectively. Rather, it has deployed overbearing and divide-and-rule tactics that have been counter-productive. While the Maigari group is enjoying the goodwill of FIFA, the Chris Giwa team on the other hand has the backing of the Nigerian government. It is expected that with the series and grievous allegations leveled against the body, the ministry should have demanded accountability from the NFF. But whenever this happens, the impression that is given is that FIFA would sanction the nation because of government intervention. Up till now, the inferno at the NFF secretariat in Abuja is yet to be investigated, especially in the face of information that the fire extinguishers at the secretariat expired since 2012 without any attempt to replace them. The ongoing stalemate is nothing but a clear manifestation of the absence of the genuine passion for service by those that are benefitting

from the humongous situation and would rather prefer that the status quo ante be maintained.

As a way forward, Nigeria should put in place, a sound football administration where those saddled with such responsibility would consider national interest foremost; instead of leaving the game to a few vested interests that appear to be after their private pockets. From what we have been seeing so far, we can safely say that those involved in football administration in Nigeria have no real interest in developing the game. This could be due to the 'free' money that comes from the government that makes the NFF secretariat the toast of politicians. Unfortunately, we have failed to tap the immense opportunity in the football business for national development in the sense that it has the tendency to be the only sport that is capable of self-funding and revenue generation in Nigeria and elsewhere. If the government stays away from football in terms of full control - because it has been proven that government cannot run football administration effectively - it is possible that the right calibre of people that can move in and drive the game forward. What FIFA wants now is a shift in date that would allow for more time to conduct free and fair elections. Therefore, the election that brought Giwa into office should be revisited as directed by FIFA and democracy should be allowed to take its full course in the bid to choosing experienced and selfless leaders for NFF. We cannot afford to be banned again by FIFA. This should be the ultimate concern of our football administrators. They should stop throwing stones in the Glass House!

• Kupoluyi writes from the Federal University of Agriculture, Abeokuta, vide, adewalekupoluyi@yahoo. co.uk, Twitter, @AdewaleKupoluyi

19

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Monday, September 8, 2014

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MONDAY, SEPTEMBER 8, 2014

Building momentum in domestic rice production

P

rivate sector investors appear upbeat in responding to policy initiatives by government to enhance local production and stimulate possible export of staple food, especially rice.

A motley of large and medium-sized firms with Dangote Industries Limited (DIL), a member of the Dangote Group, Olam Nigeria Limited, Stallion Foods, and Best Foods, as spearheads, have invested massively to raise annual domestic processed rice production to more than four million metric tonnes valued at a princely N800 billion. Annual domestic processed rice production was 2.9 million metric tonnes valued at N580 billion two years earlier.

While Olam recently unfolded plans to raise investment in the production of commercial rice to some $100 million (N15.7 billion), the Dangote Group also signed a Memorandum of Understanding with the Federal Ministry of Agriculture and Rural development to give verve to its N165 billion ($1 billion) jumbo investment aimed at lifting the country’s domestic rice production and processing capacity to a higher pedestal. Olam has increased its stakes in the country’s integrated rice production efforts to N18 billion ($111 million), with not less than cultivable 10, 000 hectares for irrigated and mechanised paddy to provide 36,000 metric tonnes of milled rice annually, supported by high-yield varieties tested

in association with the West Africa Rice Development Association.

The Dangote Group, on its part, has acquired farmland in Edo, Jigawa, Kebbi, Kwara, and Niger states totalling 150,000 hectares for commercial production of paddy rice. The group also plans to establish two state-of-theart large-scale rice mills each with a capacity to mill 120,000 metric tons of rice, bringing total capacity to 240,000 metric tons. The group intends to double capacity within two years. In the end, the project is expected to emerge as Africa’s largest single investment ever made in rice production and will see the group’s rice plants estimated to produce 960,000 metric tons of milled rice to bridge the country’s rice importation by about 46 per cent.

This development, which translates to 80 per cent of the 5m metric tonnes of processed rice consumed yearly by the domestic market, pulls the country in the direction of government’s dream of achieving sufficiency not only in rice but also in all other domestic food production and processing. This measure of interest by private sector investors remains positive and commendable. Rice imports alone gulp about N650 billion ($4billion) annually, a gargantuan sum by any standard.

We firmly believe that initiatives aimed to put an end to such degree of resource haemorrhages by the national economy should be given all necessary support to succeed, putting the knock-

on effect into consideration.

It is also our belief, as stated by President Goodluck Jonathan during the MOU signing ceremony by the Dangote Group, that Nigeria is capable of producing rice that can feed the whole of the West African sub-regional market. This further strengthens our position that the country urgently needs to build momentum in food production and processing, especially in the area of staple commodities, if the objective of food sufficiency must be realised, and the challenges of significant growth in population coped with.

It is exhilarating that the country’s expanded local rice production has added N750 billion to the economy, with more than N407 billion as net incomes to farmers and rice processors, and boosted rural economy by 360,000 jobs as disclosed by the Minister of Agriculture and Rural Development, Akinwunmi Adesina.

We commend all policy pegs, adroit strategies, bubbly investor response and buy-in that have coalesced in effect to increase national paddy rice production by an extra 7 million metric tonnes, and the number of integrated modern rice mills in the country from only one in 2011 to 18 by 2014, with all processing the local paddy into high quality finished rice.

With pride, we notice the ubiquitous indigenous rice brands milled and processed in the domestic economy today.

This may not feature as a be-alland-cure-all in achieving the food security objective of government or in addressing the urgent need to ensure that majority of Nigerians have regular supply of the staff of life, but we believe it is a rewarding path to take in raising local content and growing the economy inclusively. However, government must realise that the country is not yet there. There is still the need to develop and implement cutting-edge strategies to bolster production, improve quality and find the right market for the product within and outside the country.

The National Orientation Agency (NOA) must strategically engage Nigerians to change their orientation, mind-set, perception and preferences, and ensure that the local producers are empowered and organised to derive good nourishment from patronage by domestic consumers.

Failure in this area would expose the investments to precarious situations and torpedo whatever gains stand to be made from government’s rice-sufficiency programme. There is an urgent need for proactive rice-growing policies to reverse the underexploited production capacity and ensure that the 57 varieties of rice made available to growers through joint selection mechanisms are put to optimal use.

The famous Abakaliki and Ofada rice brands must be sustained and supported by all.

MANAGING DIRECTOR/EDITOR-IN-CHIEF

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20 POLITICS

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Who’s Who @ NATIONAL CONFERENCE 2014

Ita-Giwa, Dura: Strong female voices CO N T I N U E D F R O M PA G E 1 5

founding fathers of Ebonyi State to fight for several years before they eventually secured the freedom of Ebonyi people.

He however supported the creation of an additional state in the South East.

Chief Charles Edosomwan Platform: Edo State Region: South South Committee: Law, Judiciary, Human Rights and Legal Reforms Profile: Edosomwan is a Senior Advocate of Nigeria (SAN) who came to the National Conference as one of the three delegates nominated by Edo State. He holds the traditional title of Obasuyi of Benin Kingdom.

Contributions: He proposed that states of the federation should have their own constitutions the same way the defunct regions had their separate constitutions during the First Republic.

At the committee level, he argued that the states rather than the geo-political zones should be the federating units in Nigeria. He also made a strong case for a unicameral legislature and a modified presidential system where 70 per cent of ministers would be appointed from the parliament. He believes that this would save cost and make the cabinet representative of the people.

Prof. Eddy Erhagbe Platform: Edo State Region: South South Committee: Devolution of Power Profile: Erhagbe is an Associate Professor in the Department of International Relations and Diplomacy, University of Benin. He was the Head of Department of History and later Dean of Student Affairs in the same university.

Contributions: He told delegates at the conference that for Nigeria to move ahead, the bottom line remains good governance. According to him, corruption is not ethnic, regional but an elite conspiracy. It was Erhagbe who moved the infamous motion to bar the media from covering the proceedings of the National Conference after photographs of some ‘sleeping delegates’ were published on the front pages of some national dailies.

Although the motion was meant to protect the delegates from the prying eyes of the media and save them from public ridicule, it was seen as an attempt by the conference to censor the media.

Prof. Akin Oyebode Platform: Ekiti State Region: South-West Committee: Foreign Policy and Diaspora Matters Profile: Oyebode is a renowned academic, teacher and researcher. He was born on December 9, 1947 in Ado Ekiti. He attended Christ’s School, Ado Ekiti (19601966); Kyiv National Tara’s Shevchenko University, Kyiv, Ukraine ( 1967-1973); Harvard Law School, Cambridge and Nigeria Law School, Victoria Island, Lagos. He is the Chairman of the Office of International Relations, Partnerships and Prospects at the University of Lagos. He is also a member of the Governing Council, Nigeria Institute of International Affairs.

He was one time Vice Chancellor of the University of Ado Ekiti.

Contributions: At the conference, Oyebode’s most significant contribution was when he proposed that Nigeria should change her name to United States of Songhai just like the Kate Dr Kwame Nkrumah changed the former Gold Coast to Ghana. He was also an advocate of fiscal federalism and put an end to ‘feeding bottle federalism’.

Ita-Giwa

Prof. (Mrs) Olabisi Aina Platform: Ekiti State Region: South-West Committee: Politics and Governance Profile: Prof. Aina is the Dean, Faculty of Social Sciences, Lagos State University, Ojo, Lagos. She holds a PhD in Sociology/ Anthropology from the Obafemi Awolowo University, Ile Ife, Osun State. She is a visiting professor at the University of Ado Ekiti.

Contributions: As a sociologist and researcher with interests in gender policy and planning framework, gender and human rights as well as gender and equality in the workplace, Aina brought her wealth of experience to bear on discussions that had to do with gender mainstreaming during the conference.

Senator Ken Nnamani Platform: Enugu State Region: South East Committee: Devolution of Power / Immigration Profile: Ken Nnamani was born in Enugu on November 2, 1948. He was educated at the Ohio University, Athens and was elected into the Nigerian Senate in 2003. He rose to become the President of the Senate in 2005. He is a member of the Peoples Democratic Party (PDP) and on leaving the parliament in 2007; he went on to establish the Ken Nnamani Centre for Leadership and Development.

The centre is an institution designed to groom qualitative and transformative leadership and development in Africa.

Contributions: While at the conference, Nnamani joined other like minds in the agitation for the restructuring of Nigeria. He wanted the geo-political zones and not the states to be the federating units while the local governments would be the business of the states. He was of the opinion that a restructured Nigeria should go along with it devolution of power from the centre to the federating units.

However, Nnamani was not one of the advocates of a new constitution because he believed that the conference lacked the powers to give Nigeria a new constitution. He did not share the sentiments of those who equated the conference with the National Assembly and did not also support resolutions that tended to clip the wings of the National Assembly.

Alhaji Usman Faruk Platform: Gombe State Region: North East Committee: Devolution of Power Profile: Usman Faruk is a retired

Ogbu

Dura

Commissioner of Police and the first administrator of the defunct North Western State when it was carved out of the Northern Region in 1967. He remained in charge of the state until the military administration of General Yakubu Gowon was toppled by General Murtala Mohammed on July 29, 1975.

Faruk was dismissed from the service by the new regime after an inquiry found him guilty of corruptly enriching himself while in office. He was however pardoned, reinstated and his rank restored several years later during the regime of President Ibrahim Babangida.

Contributions: Faruk represented the political elite from the North who were at the conference to defend and maintain the status quo. He was against all proposals to restructure the country.

He did not believe the time was ripe for fiscal federalism and resource control.

He could not be bothered about the perceived setback brought upon Nigeria by the intervention of the military in the politics and governance of the country.

According to him, the only people that should apologise for military intervention are the Military Heads of State and those who plotted the coups that brought in the military regimes.

components sourced and fabricated locally, a feat that would have made it the cheapest and most affordable car in the world.

Contributions: No doubt, Izuogu made significant contributions during the consideration of the report of the Committee on Science and Technology.

This resulted in the resolution seeking the establishment of a National Science Technology and Innovation Fund (NSTIF) for the purpose of promoting technological research and development of inventions in the country. The fund when established would be managed by the Academy of Science, Academy of Engineers, Academy of Education and Manufacturers Association of Nigeria.

It is also to have a Presidential Council on Science Technology and Innovation amongst whose membership shall be the other relevant Academies.

Dr. Ezekiel Izuogu Platform: Imo State Region: South East Committee: Science, Technology and Development Profile: Izuogu is an Electrical Engineer and a former lecturer in Communications and Electronic Engineering at the Federal Polytechnic, Nekede, Imo State. He is well known for designing and producing the Z-600, Africa’s first indigenous manufactured car. The car produced in 1997 had 90 per cent of its

Erhagbe who moved the infamous motion to bar the media from covering the proceedings of the National Conference after photographs of some “sleeping delegates” were published on the front pages of some national dailies

Dr. Magdalyne Dura Platform: Benue State Region: North Central Committee: Law, Judiciary, Human Rights and Legal Reform Profile: Dura is a lawyer and the Dean, Faculty of Law, Benue State University, Makurdi. She is currently the Director, Centre for Gender Studies in the same university. Dura is a committed women rights activist and has served on several federal and state committees on the actualization of Committee on the Elimination of Discrimination against Women (CEDAW) in Nigeria. She is also the chairman, Governing Board, Lawyers Alert Contributions: As a delegate representing Benue State, Dura spoke vehemently against the incessant clashes between Fulani herdsmen and farmers in the North Central region of the country. She stirred the hornets’ nest when she proposed an amendment to the resolution on the bid to establish grazing reserves for nomadic Fulani herdsmen.

While some delegates wanted the herdsmen to graze their cattle wherever they found pasture and remain the burden of the whole country, Dura had a different view. “My amendment is that their state governments should carve out lands and dedicate funds for them to settle down. Where they do need to leave their states of origin to other parts of Nigeria, they, like other Nigerians have the right to apply for land anywhere they reside. They should follow due process and apply for land,” she opined. This amendment did not go down well with the Fulanis and those sympathetic to their cause.

INVESTIGATION MONDAY, SEPTEMBER 8, 2014

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Model Colleges: Gradual decent into abyss The idea of Model Colleges in Lagos State was conceived about 30 years ago. It was meant to stabilise standard of education in tune with current global realities. Today, however, the story is different. The dynamism appears to have been lost, replaced by a gradual decent into abyss with many of the schools becoming an eye sore. What has gone wrong with this lofty idea? How can the colleges be revived to meet the yearnings of the founding fathers? These formed the fulcrum of this report by GBOYEGA ADEOYE

Students of Ojo Medel College in session. Inset: Governor of Lagos State, Babatunde Fashola

A

recent visit to some of the Model Secondary Schools scattered across Lagos State revealed a lot; the major stain being the steady decline of the infrastructure.

It is obvious most of them are living in the glory of their past. The decay, however, is most visible in the classrooms, hostel facilities, dining halls and lavatory.

From Kankon in Badagry to Meiran down to Igbogbo at the outskirts of the state, the story remains the same. Incidentally, susceptible parents, who could not afford the high cost of pri-

vate secondary institutions but wanted standard, still manage to hang on to the noble ideas of these colleges.

The schools were established to provide among others, a comprehensive residential education for students in the state. They were sites to behold at the infancy phase. And their state-of-the-art teaching and learning materials, amenities as well as knowledgeable teachers made them the envy of parents and other schools at the time.

Funding then was also said to be above those run by the Federal Government.

Little wonder many once described them

as truly model.

However, there was a melodrama under a scorching sun on Friday, July 25.

The students had just finished their last paper on religious studies that was fixed for the vacation day. They were tired but managed to mill around the school major entrance. They expected their parents most of whom arrived at the compound earlier but had to be persuaded to attend the scheduled Parents Teachers Association (PTA) meeting to deliberate on the numerous problems besetting the institution. Like locusts on a mission to invade a farmland, the visibly mal-

nourished and skinny looking students in their hundreds, besieged the college gate in Badagry, the home of the famed slave exit point of the 17thcentury. They anxiously waited for their parents and relatives.

The kids in circle formation would intermittently giggle and hiss, much in the manner of those caught in the terminal throes of death, muttering unintelligible words on sighting a stopover commercial vehicle at the adjacent bus stop. They would be cold, however, at the CO NTINUED O N PAGE 22

22 INVESTIGATION

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Colleges potray systemic failure –Parents

Students of one of the model colleges in Lagos State CONTINUED FR O M PAGE 21

realisation that the alighting occupants of such buses had no link to them. In the seemingly unending suspense, some lost verve, threw caution to the winds and wept profusely as the clock ticked away.

The pupils no doubt, were agitated.

Not only because of the seeming disappointment of not seeing their parents, but for the fact that most of them would not want to spend a minute longer in such a putrefied environment.

Though, the school looked beautiful outside, but beyond the façade of its attractive ambience lies a rot that speaks volumes. The compound on this day was littered with broken floors, doors and windows begging for repairs. The classrooms are said to be overpopulated while the hotels harbours bug in large quantity.

The pit toilets are no different. They are in bad shape, and remained unkempt, and covered with pieces of planks. They exude offensive odour. This, according to the pupils, forced some students to continuously adopt the ‘short-put’ technique to avoid infections. There are those, who also sneak into the nearby bush to do their thing.

High intake of students worsened already bad situation A teacher, who craved anonymity, said the school gradually moved from good to the decaying state it found itself at present, as a result of high intake of students, which went beyond the available facilities without any improvement or expansion.

“The common entrance examinations used for admitting students into the various schools are just mere formality

because most of these schools admit students through the backdoor. It is a matter of whom you know or how much you can afford and not necessary what you know.

The teachers, principals, party stewards and senior government officials all use their positions, according to investigations, to influence students’ admission.

And with this, what do you expect?” She reportedly queried.

In the school, like most of the other ones, students are made to pay N25, 000 per term as feeding allowance while tuition is free. In the arrangement, few textbooks are distributed to the lucky few as against the promise of government to the populace.

Moreover, branded exercise books, according to findings, are being sold while parents pay for Cardigan, uniforms, stockings, plates for food, cup, insecticides, soap and cutleries. Parents are also made to cough out N2, 000 each for their wards’ security against, what the school authority termed, possible invasion of the Boko Haram sects. This happens at the beginning of every new term.

With the kidnap of the 234 Chibok girls still fresh in the minds of Nigerians, parents overwhelmingly complied without much questions. Incidentally, neither police nor other security personnel were sighted near the school when this reporter visited.

According to a student, who refused to have her name in print, “Kankon is a glorified prison. The food we are given is very small and lacking in nutrition.

Sometimes we are given porridge beans and garri as breakfast. So, what our parents do is to arrange some money with our house masters, which we draw on a daily basis.

“Extra arrangements are also made

Oladunjoye

with the operators of kiosk in the school premises, who sells provisions and food to augment the ‘rubbish’ we get from our dining hall. We are equally made to bring along such items as insecticides, long and short brooms, Izals, Dettol’s and other things that ought to guarantee healthy living at the point of resumption for each term,” she said.

Perhaps, this may have been why another parent lamented that “the model colleges are everything but decent. They portray government’s inconsistency over the years. This is a state that prides itself as Centre of Excellence where education is free, yet we pay more than those in private schools.

“The facilities are in shambles and these young chaps are made to go through a very difficult time for a systemic failure they did not cause. Government has to wake up to its responsibilities or phase out the model schools because if it is incapable of redirecting the focus and put up a standard infrastructure befitting of such schools. The way they are now, epidemic of great proportion would not be far in sight,” he said, adding, “there is no control measure over the number of intakes.

“The teachers, politicians, people in government, all use their influence to bring all manner of students into the school. Today, things have got out of hand as government is not expanding and resuscitating the facilities to accommodate the number of the existing students. In most cases, it is the PTA that builds classes, renovates and provides other necessary things to keep the system running.”

Efforts to speak with the principal of Kakon Model College, Mrs. Ayo Moji, proved futile. She was said to have just resumed duty and getting acclamatised with the system. But, a teacher in the college, who did not want his name because “I am not authorised to talk to the press on such issues” said the problems are deep-seated and would require the urgent intervention of the state government to ameliorate. He also pointed to the problem of student’s intake, which according to him, has been the bane of the terrible state of infrastructure in all the model colleges that dotted the state’s landscape.

“We don’t have control over the intake. All manners of dignitaries come to us with letters containing names of students they want us to admit and these letters are endorsed by authorities higher than us from the seat of government.

So, the upsurge of students on daily basis without enough facilities to cater for the number compels us to shift some of these responsibilities to parents since help is not coming from the appropriate quarters,” he said.

This situation has, however, turned some underprivileged students into petty thieves as they continuously break other students’ lockers. This has added to the unsavoury pain and additional financial burden of other innocent kids.

But, Kankon is not an isolated case.

At the Ojo Model College, learning and healthy environment appears also to be a luxury of sorts. The hostels are not just overcrowded, they are also unCO NTINUED O N PAGE 23

INVESTIGATION

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23

‘Students battle against mosquitoes, bedbugs'

Children of Kankon Model College, Badagry sleeping in one of the classrooms CONTINUED FR O M PAGE 22

kempt. Besides, there are no standard bathrooms and toilets. The boys defecate in a makeshift latrine, which is covered with planks in the premises. Interestingly, that serves as a bathing place for the pupils also. The offensive odour in an around the school compound leaves fear in the minds of not only the students but their parents, who fervently pray against epidemics.

School authorities working to correct the anomalies Pupils at Ojo Model College are no different. They sleep in their classrooms at siesta periods to evade heat and filthy hostels. Night rest is not better either, as many struggle for the few spaces on the floor where they have to battle against mosquitoes and other vectors, including bedbug and lice.

Equally of concern to parents is the way food is cooked and served in the school. Aside the quality and quantity the students have to contend with, the food does not come at the right time.

The Kitchen personnel allegedly shortchange the pupils by starving them and serving breakfast around 11.00am, in ridiculous measures.

“I couldn’t recognise my daughter when I saw her. She was so skinny, looking like the malnourished famine-stinking children of then Ethiopia,” said a parent. Another added in frustration: “When I was young, I attended a boarding school too, and I felt things were still good like I had in my days. That was why I brought my son here, but it is unfortunate that our children are treated as if

Adeniran

A dilapidated pit toilet in one of the colleges

they were prisoners.”

However, sources at the school admitted these lapses but added quickly that the school authority is working towards correcting some of these anomalies. He said, “We have decided to mandate the kids to elect representatives that would act as a watchdog, especially in monitoring the cooking of their foods and report anything that negates the stipulated rules to constituted authorities.”

Rufus Abegunde, a parent, attributes the lapses being noticed in the model colleges to the age-long tradition of government’s carefree attitude to bequeathing quality education to the citizenry. Ac-

cording to him, most government projects are put in place, not for the impact it should have on the electorate but as a mere camouflage to secure their votes at any given times.

“It is sad that many projects are there only to whip up emotions. They come up with some of these projects, highlighting the gains whereas they deliberately withhold the finishing aspect so as to keep having what to say as their next line of action in subsequent elections. They put structures in place and turn their eyes away from the project and by that creating a loophole for desperate workers to exploit and milk the system,” he

said.

Chairman, Coalition Against Corrupt Leaders (CACOL), Debo Adeniran, is also disturbed about the happenings in the model schools. To him, government in Lagos is only paying lip service to the issue of education in the state. This, he said, is giving private school proprietors a field day as they remain the only option for any parent that desires good education for their wards. He said that the dwindling fortune of the model colleges have defeated the purpose for which they were established and further sink the education sector in deeper mud.

“Today, different private schools spring up in Lagos State under different names and standards. The government, which is supposed to be a check on the influx of these mushroom schools, is as guilty as those private individuals that are establishing them. A government CONTINUED ON PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, September 8, 2014

Govt 'll fix the problems soon – Commissioner

Infrastructural decay at Kankon, Iworo-Ajido Colleges

Empty taps at Kankon Model College, Badagry CONTINUED FR O M PAGE 23

that cannot provide a desk, with which students in government schools could write, lacks the moral justification to question the setting up of a sub-standard school in its state. This has been the situation all along, and it is sad,” Adeniran said.

Government appears to have lost its bearing Adeniran, who cited the recent decision of the government to rescind its decision to hike the school fees in the state owned university after several months of protracted student uproar and lecturers’ strike, said that there is no hope for the Nigerian child under the present educational system.

He stressed that the lull would persist until government decide to take a holistic measure that would guarantee quality education and efficient monitoring to drive the system. “When a government deliberately decides to make laws and put up institutions without taking the people that are supposed to be the beneficiaries into consideration, the end result is always like this.

“Go to the housing sector, the health sector and the rest, you will realise that the story is the same. We have the people as the end user of all government policies. But, situations where the people who should benefit from those policies are daily being chased away or pauperise by other governmental policies, are

unspeakable. Frankly speaking, the people have lost confidence in the government of the day and it is now every man to himself. You pay your way to get the best for your children and that is why there is no difference in terms of incentives between the government schools and their private counterparts,” he stated.

The colleges were originally set up by the state government to meet the yearnings of Lagosians, who desires quality education for their children but could not afford the high fees being charged by the private schools. They were supposed to provide all round quality education that would form the yardstick with which the private ones would follow.

According to one government teacher, Peter Ebohon, “the schools started well with affordable boarding system and good hostels as well as decent classrooms suitable for learning. Problem set in, however, when people started seeing the benefits of sending their wards to the model schools. That was when students started gaining admission through the backdoors via the influence of people in government. It soon became a tradition, which school officials indulged in. And since government would not add to the existing facilities, the schools became congested. The onus then fell on the parents to rescue the schools if they really want to get the best for their wards.

“We are now faced with a situation where we cannot really give our best

Pupils of Government Senior Model College, Ikorodu

as a result of the uncontrollable influx of new students per term. As we try to get over the current situation, another complex situation starts shortly after; that is why we are where we are today. If anybody tells you there is an end to the lingering situation, the person is only building castles in the air or deliberately being economical with the truth,” Ebohon said.

The beginning of each term is usually boom time for a section of teachers in the model colleges, as most of them would turn to student enrollment contractors.

Parents besiege the schools like bees would besiege honey, frantically looking for who could offer help in seeing their wards through into the schools. Majority of them in this ‘madness’ would erroneously believe that education is free in the state, but get disappointed after their children’s admission.

Rachael Abulime, a widow was unlucky in her attempt to secure a place for her son, Albert, at the Ikorodu Model School. She had desired a good school for her child. Initially, she contemplated enrolling Albert into Command Military School also in Lagos but couldn’t. She was then persuaded by a friend, who advised her to try the Ikorodu Model School where she was made to pay several amount of money to a supposed teacher, Obi, under the guise that her ward would be given a slot right from Alausa.

“He told me I should pay a sum of N80, 000, which he promised to take to Alausa to lobby the Commissioner for Education in order to include his name in his list. He was so confident in his approach, and the way several parents on such mission flock around him, leaves no one in doubt that he would do the job. He listed what I should buy, which included two pairs of uniform, house wear, sport wears, mattress and cupboard, which I hurriedly bought and kept at home in expectation of when he would tidy up the Alausa arrangement. All these happened during the last long vacation. I became agitated when schools resumed for the first term without any admission letter for

my child. But, Obi maintained his deceitful promises until he became evasive.

“My curious enquiries later revealed that Obi was not a teacher in that school but rather, a teacher in another public day school. I also discovered that Obi had always been involved in admission racketeering into the model colleges and in the process gained a lot of contacts that helped him to facilitate and share from the accruing booty,” Abulime narrated.

Abulime is just one of the many unfortunate victims admission racketeering cases of parents, who had been fleeced in their desperate quest to have their children admitted into the model schools. Many before him had fallen victims of this type of fraud in the past. The schools’ past feat in external examinations was also an attraction for parents. For instance, the Kankon Model College was said to have come out tops in previous examinations conducted by the West African School Certificate (WASC) in Lagos State. This was traced to the quality teachers in the college then.

“The teachers here are still up to standard. We parade professional here, who are well tested in the field of teaching. This is our Unique Selling Point (USP). The model schools would continue to maintain their top position for so many years to come. Even as a section of parents are complaining about the poor state of facilities, other parents are still falling over themselves in their effort to secure a place for their wards in the model colleges.

“The schools have come to stay. It is true that there are challenges in them, hopeful, they would be surmounted soon and the schools would in no distance time bounce back to what they were in the beginning,” a source close to one of the schools, said.

Also reacting, the Commissioner for Education, Mrs. Olayinka Oladunjoye, said her ministry was aware of the situation in the model colleges. She, however, promised that his ministry would align with the state government to get the problems resolved soon.

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What's news One major airline group to emerge soon, says Rewane Chief Executive Officer of Financial Derivative Company Limited (FDC), Mr Bismarck Rewane, has predicted that one major airline group could emerge in Nigeria, but with a proviso that significant challenges must first be addressed in the sector.

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Shell's revenue from assets sale in Nigeria to hit $7bn Winners lobby FG for ‘minister’s consent’

year - where workers who are penciled for training were requested to fund their trainings overseas with promise to reimburse them when they come back.

Virtually all the low cadre workers are still pursuing their allowance and other expenses incurred on their trips, over one year after the training.

Some of them, who spoke to New Telegraph under the condi-

newspaper at the weekend that Shell and representatives of the minister are already advancing talks on how to secure ‘minister’s consent’ for the sale of new assets.

“The winners of these assets have also joined in the lobbying government for this approval,” he said.

The value of new assets on sale has, according to Reuters, skyrocketed to $5 billion and this made the cumulative revenues from assets sale in Nigeria to be $6.8 billion.

The assets include the OML 29 as well as the 97-kilometer (60-mile) Nembe Creek oil pipeline,” a source said, adding that only “OML 29 is likely to fetch between $1 and $1.5 billion.”

Spokesperson for the Nigerian subsidiary of the company, Precious Okolobo, had earlier confirmed the on-going divestment of assets, stating that the process was on-going.

He described the process, in a telephone interview, as confidential while declining to make further comments on the transactions.

OML 29 is the most coveted asset of the four being sold. Its output had peaked at 62,000 bpd of oil and 40 scf/d of gas and holds reserves of 2.2 billion barrels of oil equivalent (boe), according to a Shell prospectus.

Shell is selling its 30 per cent stake in four oil blocks, with France’s Total and Italy’s Eni also set to profit from sales of their 10 per cent and five per cent stakes.

The Nigerian National Petroleum Corporation (NNPC) owns the remaining 55 per cent.

Shell is also selling the 97-km (60-mile) Nembe Creek oil pipeline, which has been regularly attacked by oil thieves.

Shell, the London-listed major, has already made $1.8 billion from asset sales in Nigeria since 2010 as several oil majors divested onshore blocks due to oil theft and a government drive to increase local ownership.

Royal Dutch Shell has re-

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Rice may cost more in Nigeria, Ghana in Q4 The price of rice may go up in the last quarter of this year over Ebola outbreak in West Africa as exporters from Bangkok in Thailand are finding it difficult to ship the essential commodity to West African ports of Lagos Tincan, Lome Tema and Abidjan.

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Starwood group plans five new hotels in Nigeria As the Nigerian hospitality industry anticipates major growth of the number of hotel rooms in the next five years, rising from 8,400 in 2013 to 24,000, in 2018, Starwood group, the global hospitality giant that owns St. Regis, Westin, Le Meridien and Sheraton group, has planned to open five new hotels in Nigeria by 2017.

L-R: Chief Executive Officer, Diageo Plc, Ivan Menezes; Managing Director/Chief Executive, United Bank for Africa (UBA Plc), Philip Oduoza; Managing Director and Chief Executive, Guinness Nigeria Plc, Seni Adetu and Chief Executive Officer, Nigeria Stock Exchange (NSE), Oscar Onyema, at the dinner in honour of Ivan Menezes, in Lagos.

DIVESTMENT The Federal Government and Shell have advanced talks on the statutory minister’s consent

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Nigerian stocks suffer further depression The Nigerian equity market last week, plunged further for the third consecutive week, following massive sell off that had characterised the local bourse in recent times.

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AYODELE AMINU, Deputy Editor (Business) Simeon Ogoegbulem, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) Godson ikoro , Asst. Editor (Money Market) DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor WOLE SHADARE, Aviation Editor

KUNLE AZEEZ, Senior Correspondent Chuks Onuanyin, Energy Nnamdi Amadi, Reporter JOHNSON ADEBAYO, Asst. Production Editor

R

oyal Dutch Shell’s revenues from assets sale in Nigeria is to hit $7 billion in four years as representatives of the company met with government on the final lapse of the sale of equity in Oil Mining Lease (OML) 29,

the Nembe Creek Pipeline and other assets.

Investigation by New Telegraph revealed that the AngloDutch company had made $1.8 billion since the 2010 beginning of its divestment drive in Nigeria.

A source at the Ministry of Petroleum Resources told this

NCAA links blockage to govt’s directive Workers penciled for training were requested to fund their trips with promise to reimburse them Wole Shadare

A

bigger problem, which threatens the human capacity development in the aviation industry

CHRIS UGWU, Capital Market Editor Abdulwahab Isa, Finance Editor

Adeola Yusuf

Air safety threatened as agencies halt capacity training PAIN

BUSINESS CREW

}p-42-43

looms, as many of the agencies in the sector have allegedly stopped training and retraining of workers abroad and locally.

For the Nigerian Civil Aviation Authority (NCAA), there is a growing agitation among the workers, particularly those on level 8 and above. They insisted that lack of training or retraining has the propensity for affecting aviation safety oversight.

Aside that, the NCAA introduced a policy penultimate

Rates Dashboard INFLATION RATE July 2014.................................8.3% June 2014................................8.2% May 2014....................................8%

LENDING RATE

EXCHANGE RATE

(Parellel As at Sept 05)

USD . . . . . . . . . . . . . . . . . . . . . . N168 InterBank Rate . . . . . . . . . . 11.57% Pounds . . . . . . . . . . . . . . . . . . N290 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . . . . N228 Maximum Lending Rate..25.83% • Foreign Reserves – $39.65bn as at 4/09/2014

EXCHANGE RATE

(Official As at Sept 05)

USD . . . . . . . . . . . . . . . . . . . N156.73 Pounds . . . . . . . . . . . . . . . N255.32 Euro . . . . . . . . . . . . . . . . . . N202.76 Source: CBN

26 business | NEWS LOSSES GALORE Only one carrier (Ethiopian Airways) in Africa was profitable Wole Shadare

C

hief Executive Officer of Financial Derivative Company Limited (FDC), Mr Bismarck Rewane, has predicted that one major airline group could emerge

One major airline group to emerge soon, says Rewane

Seven new carriers on verge of operation in Nigeria, but with a proviso that significant challenges must first be addressed in the sector.

Although he declined to

Aviation agencies halt capacity training C O N T I N U E D F R O M PA G E 2 5

tion of anonymity, said that the exercise had been stopped owing to paucity of funds by agencies in aviation but only limited to those on level 12 and above.

But spokesman for NCAA, Fan Ndubuoke, in a telephone interview, said that the NCAA and other parastatals only activated the directive of the Federal Government to stop foreign trainings for certain category of persons.

He stated that instead of training abroad, government insisted that they should be trained locally while those on level 12 and those involved in critical areas of safety should be given concession to train abroad.

A top official of NCAA, who pleaded anonymity because he was not authorised to speak to the media, said it is true that government gave directive to that regard but noted that a former Director General of the agency, Dr. Harold Demuren, while he held sway, had always gotten a waiver to ensure that all workers are trained.

He said that Demuren was conscious of the fact that the only capital project NCAA has is training and did whatever he could to get government to aside the rule, which was beneficial to everybody.

“The whole situation has gone from bad to worse. Level 8 workers go abroad for training but now; local and foreign trainings have been stopped.

This problem is caused by paucity of fund occasioned by misplacement of priority not by the people in NCAA, but by wanton

corruption that took place in the last three years assisted by the Ministry of Aviation.”

The source further stated that the influx of people through employment without recourse to due process assisted greatly to put not only the NCAA finances in serious trouble, but other agencies.

He said currently, the Federal Airports Authority of Nigeria (FAAN) is hugely in debt of over N170 billion, same for the Nigerian Airspace Management Agency (NCAA); a situation he said has made the agencies to shirk their responsibilities.

“This crisis portends grave danger for aviation. It is bad image for the country. Priority is given to the purchase of cars rather than what sustains the aviation industry.

Another worker said: “Every year, they normally submit budget for local training.

The acting DG submitted names of some and left others. During the tenure of Demuren, he made it compulsory for everybody to go for training. When Demuren left, they overturned everything.

“The training made workers to learn new things and how to apply them to our various works. Aviation is dynamic and it evolves. It allows us to be on top of our jobs. The education you get cannot be quantified. It affords us the opportunity to know more the sector and what happens in the global aviation industry.”

He said that they initially wanted to stop it this year but added that they finally succeeded this year.

Shell's revenue from Nigeria assets' sale to hit $7bn C O N T I N U E D F R O M PA G E 2 5

leased the confidential list of shortlisted bidders for its N480 billion worth of oil blocks and assets in the Niger Delta, which holds a large portion of Nigeria’s 37 billion barrels of reserves.

Competition is stiff for the blocks in the Niger Delta, which holds a large portion of Nigeria’s 37 billion barrels of reserves.

The oil is high-quality, relatively easy to drill and Nigerian firms say they can better handle security challenges that have prompted the majors to divest.

Sanctity of Truth

Monday, September 8, 2014

Commodity trader, Glencore, involved in marketing Nigeria’s crude oil and importing its fuel for decades, is among the companies vying to enter its upstream sector.

Shell is also selling the nine kilometre (60-mile) Nembe Creek oil pipeline, which has been regularly attacked by oil thieves.

Glencore has linked up with Nigerian traders Taleveras and Aiteo for its bid on OML 29, say two oil industry sources.

These two firms are involved in Nigeria’s crude-for-product swap deals.

disclose the carrier, the implication is that the emergence of any such carter would not only help for interline of that carrier with global players such as British Airways, Lufthansa, Air France-KLM, Delta and United, among other global airline brands.

This came as he equally

disclosed that 17 domestic carriers are at the verge of acquiring their Air Operator Certificate (AOC), which empowers them to become operators.

Airlines currently undergoing AOC process in accordance with the Nigeria Civil Aviation Regulations (NIG-

CARs 2009) are Peace Airlines, Air Taraba, EAN Aviation, Executive Jets Air Services Limited, Gyro Air Limited, Izy Air Limited, Jupiter, Manyatta Engineering Services.

Others are Nestoil Plc, Prime Air, Toucan Air, Baltic CONTINUED ON PAGE 31

L-R: Head, Lagos Office, Consumer Protection Council, Tam Tamunokonbia; Executive Director, Shared Services, Fidelity Bank Plc, Chijioke Ugochukwu; Regional Bank Head, Victoria Island Regional Bank, Emeka Obiagwu; Head, Enforcement and Compliance, National Lottery Regulatory Commission, Joy Okuna and Head, Regulation and Monitoring, National Lottery Regulatory Commission, Daniel Onyemenam, at the Fidelity Bank Save4 Scholarship Savings Promo draw in Lagos.

FEAR Thai Government has halted exportation of rice to W' African countries over Ebola disease Bayo Akomolafe

T

he price of rice may go up in the last quarter of this year over Ebola outbreak in West Africa as exporters from Bangkok in Thailand are finding it difficult to ship the essential commodity to West African ports of Lagos Tincan, Lome Tema and Abidjan.

Thailand Government has declared that exporters should halt their sales to the Ebola-affected countries in the region to avoid the spread of the dreaded disease.

Nigeria and some African countries are the major markets for Thailand’s rice, but the industry is finding it difficult to meet demand.

It was learnt that Africa consumes nine million tons of rice annually and Nigeria consumes one third of African imports.

So far this year, Thailand has shipped over 3.3 million tons of rice to Africa, a pace far ahead of last year’s total shipments of 3.75 million tons. The top destinations, in terms of volume, are Nigeria Benin, Côte d'Ivoire, South Africa, Cameroon and

Rice may cost more in Nigeria, Ghana in Q4 Mozambique in that order.

But this year it is feared that the country may not meet its demand as production stands at 3.1 metric tons.

Already the United States Department of Agriculture has express doubts in its 2014 forecast that rice imports to Nigeria may likely to remain at 2013 levels of around 2.9 million tons to meet an annual consumption demand of around 6 million tons.

But the anti-import measures such as high duties, levies and have worked against the required demand.

Miffed by the recent outbreak of Ebola, the President of the Thai Rice Exporters Association, Vichai Sriprasert, operators of dry bulk vessels cannot find crews to man their ships because of fears of possibly contracting the deadly Ebola virus.

He said: “Merchants in West Africa are trying to build up stocks to meet the requirements during Christmas sales.

They have to buy now in order to have enough stock. But if we cannot find enough vessels to go there this would jeopardise the whole trade situation.”

Not being able to ship rice quickly during this peak season is creating a bottleneck,

with Thai exporters' warehouses already filled. Vichai said that is creating a chain reaction in the rice industry all the way back to the farmers.

He explained: “We cannot release the rice out of the warehouse and also cannot buy rice from the millers. And the millers' warehouses are also filled up. If they cannot sell to exporters they also cannot buy from the farmers. The price of rice from the farmer also has to drop because not too many people can afford to buy. There's no place to keep the stock.”

Meanwhile, ships awaiting berth at Apapa have declined to 64 in August from 68 in July, the Financial Derivatives Company Limited has said.

The company said that the number of active rigs have increased to 15 in July from nine rigs in June.

The company in its monthly economic news and views at Lagos Business School Executive Breakfast Meeting noted that while the ships awaiting berth are to remain at an average of 62, the number of rigs may likely to decline due to increased activities of pipeline vandals.

YOUTH CULTURE

MY CITY, MY WORLD (GEORGE)

Photos posted on Instagram by young residents of the city

This is an advert space for hotels

LIFE IN THIS CITY

Lagos means different things to different people –Ewenla

A hunters’ festival in the city

The Mega City

www.newtelegraphonline.com/megacity

MONday, SEPTEMBER 8, 2014

...for the love of Lagos

Oshodi, the metamorphosis of a city’s major hub Oluwatosin Omoniyi

I

t was a haven for robbers, pick pockets, beggars, the stranded and the homeless. Oshodi. A mega bus terminus, and one of the most popular hubs in Lagos state.

Before 2007, Oshodi was notorious for all manners of criminal activities. It was also popular for perpetual traffic gridlock. Not only that, Oshodi was a field for street urchins otherwise called area boys. Members of the National Union of Road Transport Workers(NURTW) also dominated the place. It was a haven for street

trading, and had large markets with thousands of shops where one could find manners of goods, including cloth materials. The pedestrian bridge and walkways built for people were occupied by traders.

The lily-livered or timid dared not go to Oshodi then, else would cry home either from the stress of pushing through the crowd, getting trapped in the traffic or having been baptized by a horrible experience in the hands of pick pockets. Most people especially corporate workers avoided passing through Oshodi at day time because of traffic and at night for

fear attack from area boys.

Relief however came the way of Lagosians when Babatunde Fashola, governor of Lagos State, came on board in 2007 and one of the first projects he embarked on was the clearing and restoration of sanity to Oshodi and its environ.

It was unbelievable!! For months, even after the clearing, people avoided plying the route of Oshodi or going there. Gradually, they gained the confidence of passing through and even patronising the now well organised markets.

With the permanent presence CONTINUED ON PAGE 28

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‘Whole grain foods lower blood pressure’ iss Yemisi Olowookere, whole-grain bread instead M a Dietician with Garki of white bread.

Hospital, Abuja, has said ``Look for products lathat hypertensive people should eat the right foods such as whole grains to lower blood pressure.

Olowookere in an interview said this was important because whole grains had more fibre and nutrients than refined grains for lifestyle intervention.

She said lifestyle intervention should be the first line of treatment and is the foundation for treating hypertension.

“You can control your blood pressure by reaching and maintaining a healthy weight and focus on whole grains because they have more fibre and nutrients than refined grains. ``For instance, use brown rice instead of white rice, whole-wheat pasta instead of regular pasta and

beled 100 per cent whole grain or 100 per cent whole wheat. Grains are naturally low in fat, so avoid spreading on butter or adding cream and cheese sauces,’’ she said.

Olowookere said that in addition, there should be an inclusion of legumes, nuts, lean poultry, fish, and low-fat or fat-free dairy products. ``Increase your vegetable intake (four to five servings a day) Tomatoes, carrots, cucumber, sweet potatoes, greens and other vegetables are full of fibre, vitamins, and such minerals as potassium and magnesium. ``Examples of one serving include one cup raw leafy green vegCONTINUED ON PAGE 28

How we sanitised Oshodi,

by Task Force boss Muritala Ayinla Lagos State Taskforce on Environment Tandhe Special Offence

Unit has explained how it was able to restore sanity in Oshodi. The task force Chairman, CSP Bayo Sulaiman, said the agency was not resting on its oars to ensure that Lagosians commute freely in Oshodi and its environs without fear of molestation by anybody.

The task force boss also said that beyond infrastructural renewal in the place, especially the construction of the pedestrian bridges, the government also ensured that the entire Oshodi is well-lit always

IN NUMBERS

26

the number of General Hospitals in Lagos State

256

the number of Public Healthcare Centres in Lagos State

2,886

the number of Private Hospitals, Clinics, Laboratories, Ophthalmic, Dental, Diagnostic Centres in Lagos

to wade off miscreants.

According to him, the agency also carry out raids on miscreants regularly to ensure and sustain the safety of lives and properties in Oshodi, adding that no fewer than 1,000 miscreants have been arrested.

While noting that the officials of the state task force would not relent in making Oshodi uncomfortable for criminals, Sulaiman bemoaned high rate of under aged hoodlums found and arrested in Oshodi especially in Oko-Mola axis.

He added that parents no longer take care of their wards and allow them to pose security threat in the society.

Sulaiman said “it is unfortunate that the family values are diminishing in our society today. Parents no longer take care of their children. That is why you find many under aged urchins in the place. Some men, because they marry second wife, they abandon their first wives and their children.

That is why majority of arrested under aged

CONTINUED ON PAGE 28

28 FEATURE /MEGA CITY

Monday, September 8, 2014

Ghana High, ‘official’ canteen of Lagos Island workers

CONTINUED FROM PAGE 27

Lydia Famous

are from broken homes. So, the parents are liable”. He however added that the regular clampdown on Oshodi and other areas in the state was meant to ensure law and order and should not be mistaken for politics.

He explained that arrested under aged hoodlums are sent to the rehabilitation homes until the contact of their parents are established while the adult among them are charged to court.

History by one Bayo Alade, has it that, about 400 years ago, Oshodi was nothing but a large expanse of land, mainly a market place where one could buy anything. Also, one could get to virtually every part of Lagos and elsewhere from there.

M

ore than 30 years it first opened shop, a very popular canteen that has become known as Ghana High is still open and running.

This restaurant is located in the heart of Lagos Island, precisely at 4 King George Road, Onikan, and has continued to wax strong in spite of the existence of Fast Food restaurants within its environs. What is the attraction? One wonders, is it because of the quality of food served? Or the conducive environment or is it surviving on its past glory?

Ghana High restaurant as it’s popularly called, got its name from the Ghana High Commission building near it.

Contrary to general belief that the restaurant is run by Ghanaians, it is actually owned and run by the Togolese. It has become a family business Iya Monrufa, as she is fondly called, is the woman running the place. She told Mega City that it has become a family business, passed down from generation to generation.

According to Iya Monrufa, her sister handed the business over to her when it was her turn to run the restaurant.

The business is however not limited to running the restaurant. They have also extended it to outdoor catering for those who have large parties like weddings, birthdays and naming ceremonies. “We also cater for people by cooking for them while they host birthday parties, wedding parties and also burial ceremonies,” she said.

Ghana High restaurant has carved a niche for itself with the caliber of customers who patronise the place.

Exotic cars are almost always parked outside the building. For most part of the day, one can hardly get a table to eat. Men and women, young and old, come from far and near to the place to have their breakfast and lunch. Indeed, it can be said that everyone who

How we sanitised Oshodi, by Taskforce boss

At the serving point

work on Lagos Island, especially the office workers, must have at one time or the other, patronise the canteen, and will visit again at every opportunity.

Mega City during a visit to the place observed that corporate workers decked in suit and tie, civil servants, business men and women, menial workers, students and passers-by trooped into the place and join an existing long queue for food.

Surprisingly, there is some sense of organization in the restaurant with the division of labour and arrangement of food purchase. As customers flocked into the place, they turned on their left by the door to pick up plates, either take-away or eat-in plates. The take-away plates vary in sizes and prices. It ranges between N50 to N500. From the plastic take-away section, customers proceed to a lady sitting, also by the left hand, who tags prices to their orders. For instance, the total cost of a plate of jollof-rice with plantain, beans and fish goes for N350. While a plate of Semovita (swallow) with vegetable soup and goat otherwise called ogufe and ponmo (cow skin) cost N1,250. For white rice and moi-moi and stew, it simply goes for

‘Whole grain foods lower blood pressure’ CONTINUED FROM PAGE 27

Delicacies on display

N300. There are varieties and room for choices for customers. The question of not getting a choice food, meat, fish or drink does not arise. Also, food is sold according to an individual’s affordability. As soon as customers finished eating, some of the workers clear away the plates from the tables to those washing them at the back of the restaurant. The washers in turn passed the washed plates the food servers inside for new customers. It’s in deed a chain of division of labour at the CONTINUED ON PAGE 29

Oshodi, the transformation of a city’s major hub

etables or 1/2 cup cut-up raw or cooked vegetables. ``Include fruits in your daily menu plan (four to five servings a day) .Many fruits need little preparation to become a healthy part of a meal or snack,’’ she said.

The dietician said that examples of one serving include one medium fruit or half cup of fresh juice, limiting use of meat, butter, cheese, whole milk, cream and eggs in your diet.

She also said that people should avoid trans fat, commonly found in such processed foods as crackers, baked goods and fried items.

Olowookere also said that people should limit alcohol intake, engage weight shedding, regular physical activity, and reduce sodium to no more than 1,500 mg/day.

According to her, these lifestyle modifications are considered the best way to treat hypertension.

She said that since high blood pressure was a leading cause of heart disease, it was important to have one’s blood pressure checked regularly and to take steps to keep blood pressure within a healthy range.

CONTINUED FROM PAGE 27

of mobile policemen, combined with Special Task Force of the Lagos State Ministry of Environment, and Lagos traffic managers (LASTMA), discipline and orderliness have been restored in this once notorious hub of the city.

The area boys cleared into thin air.

Rough members of NURTW started behaving themselves and conforming to rules and regulations of the State government. Illegal structures were pulled down in order to tackle traffic congestion along the route.

Passers-by and passengers no longer faced harassment. Oshodi became well mapped and charted out with recreational parks, flood lights, and became well lit at night. Newly built shops, about 571, shops, including stalls for saw millers and electronics shop, surfaced. Bus stations became organised.

Now, passengers queue to board commercial and BRT buses. The beauty and glory of Oshodi shines like a morning star! Gone are the days of mountainous refuse dumps at Oshodi. Taxi drivers no longer fear to pass throug. Even the market women have some breather from the constant extortion and breaking of their shops by the area boys.

Most of the market women really appreciated the development. They affirmed that the transformation of Oshodi has boosted their sales.

Oluwakemi Ajayi, an umbrella dealer at the Oshodi market welcomed the development “ it is a very good development and I am in full support of it,

New Oshodi

development does not come easy.

“Some people were definitely be affected, but now I boast that Oshodi is safe and free compared to some years back,” she said.

Bola Adebanjo, clothier at Oshodi, told New Telegraph that the best thing that has happened in Lagos State in recent years is the transformation of Oshodi which he considered a huge accomplishment.

“I consider it a beautification that has brought sanity and orderliness to Oshodi,” he said, adding that the well-lit highways and environs have pushed bad boys away from the vicinity. “Thanks to our governor Fashola, the place is now clean and one can receive fresh air that will not be injurious to one’s health” he said.

PHOTO GODWIN IREKHE Old Oshodi

Chidiebere Esin, dealers in baby items said it was a good initiative which shows that the governor is visionary leader.

She explained that the restoration of sanity to Oshodi has reduced criminal activities. Presently, only those who have business around Oshodi, go to the motor parks. Criminals can no longer pretend to be commuters. “The issue of people endangering their lives while hawking around Oshodi is no more issue.”

Rotimi Bamidele, chairman of the market, said the income of the market for men and women had improved as a result of the development. He thanked the State government for the orderliness and sanity restored to Oshodi, especially riding the place of gangsterism. He said, if the place could be this transformed, then, there is no doubt

that every part of Lagos State has the potential for positive transformation.

“We say kudos to the Lagos state government for its effort over Oshodi.

The governor in one of the national dailies recalled how most residents and road users in Lagos avoided the area and preferred to travel long distances to their destinations instead of through Oshodi which is shorter.”

A lot has been achieved in restoring sanity as evident in what is obtainable now at Oshodi. It has been estimated that no fewer than 1,000 miscreants have been flushed out of the area.

Kick Against Indiscipline (KAI) Marshall-General, Danjuma Meigeri, said that body would continue to ensure total sanity in the area, “no matter whose ox is gored.”

LIFE IN THIS CITY / MEGA CITY 29

Monday, September 8, 2014

A hunters’ festival in the city Lagos don the toga of an elitist city but in reality it is a place where the good, bad and the ugly combine to make an interesting abode. GBOYEGA ADEOYE in this report captures a local festival where poetic skills and mystical powers provide entertainment in the rural community of Ikotun, in Alimosho Local government Area of Lagos State

T

he local hunters converged, forming a great ring around the bonfire glowing at the front of a building belonging to Jimoh Bello on Idowu Anisere Street in Ikotun, a Lagos suburb. Not far from the spot of the huge bonfire at the frontage of Bello, who is regarded as the head hunter in the area, assorted drinks, kolanuts, bitter kola, boiled dog meat and bush meat were displayed in a large tray placed on a giant table before them. Chattering housewives, some of them scantily dressed, strapped their restless infants firmly to their backs. Boys posed stylishly at standout points, ostensibly to attract young ladies, most of who had just freshened up with an evening bath inside makeshift bathrooms after the day’s hectic farm work.

For the first time in the last twenty years, one could perceive the odour of the legendary “Bintu perfume”. Welcome to Ikotun, a Lagos suburb located several kilometers away from Ikeja, the capital of the Lagos mega city.

Night owls, and bats, hurried across the dark sky; fire flies perched on every gleam of light, far away inside the nearby bush; echoes of the howling barks of the night owl pierced the stillness of the night. Revered ageing hunters from diverse Yoruba towns who have lived most of their lives in the community and whose lives are devoted to hunting in the wild forest that links Lagos with Oyo and Ogun States formed their own world. In their various homes, earlier in the day, hides of antelope, leopards and even crocodiles were seen on display. The hunters’ gathering a forthnight ago was held as part of activities lined up to mark the annual “Ogun Ajobo” celebration, which was anchored this year by some of the community heads in collaboration with members of the Oodua People’s Congress (OPC) in the zone. It was also to remember one of their colleagues, who died at the tail end of last year.

On the eve of the festival, the hunters had gone to the forest as a team and killed various animals for the occasion.

Bello, who led the team towards a forest along Lagos/Ibadan expressway, killed a fat leopard. Some brought rodents and various kinds of animals while Abejide Kehinde, an insurance executive and traditionalist returned with a robust 10-foot long snake.

Ibrahim Adejumo, a Lagosian of Awori extraction and a member of the

OPC, who resides in the community, was the reporter’s guide. “You have come to see the greatest display of native wisdom, fantastic blend of language and lyrics”. According to him, “the most interesting aspect of the show is the mystical display of black power.”

Adejumo introduced this reporter as a journalist from the New Telegraph to his friends and relatives and suddenly, everyone became interested in him. A journalist to the community folk means a man who is close to the corridors of power. One who knows a lot about politics and power. When he speaks, everybody listens.

An old man who called himself a great advocate of “June 12” and genuine democracy, offered this reporter the chance to interview him. He wanted to tell President Goodluck Ebele Jonathan as well as the governor of Lagos State, Babatunde Raji Fashola about the bad road leading to the adjoining streets in Alimoso Local Government and the Federal Government’s perceived lacklustre approach in finding solution to the issue of Boko Haram and curtailing the spread of Ebola virus in the state.

The man who simply gave his name as “No Swagger” also stressed the need for waiver of electricity bill by the Power Holding Company, arguing that “electricity in the area is epileptic, yet outrageous bills kept coming on monthly basis.” He wanted the story published as a cover story with his picture and those of his children. Every attempt to explain how a newspaper operates failed and at last, he branded the reporter “a traitor”.

Another man wanted an interview on the need to make education free from the federal level. He bemoaned the travails of his children whom he described as ‘whizz-kids’. He spoke at length about the ingenuity of his last born, Esther, who he said ought to be studying on scholarship but for the opportunity she does not have to study in a “good school”. “It has to be front page or nothing” he insisted.

There was a man also who served as a dispatched rider in the defunct Daily Times and had been feeding the villagers with fairy tales concerning the ongoing democracy, the Boko Haram debacle and efforts by the American government to come down to Nigeria to liberate the masses. No sooner had he been introduced to the reporter than

Nigerian hunters

he disappeared into thin air.

On the night of the main event, mystical objects and dane guns ruled the setting. A lanky man, Odeyemi, (a.k.a.

Iwin) in a traditional hunter’s attire came forward and shot into the air. The earth and heavens quaked, villagers ran helter-skelter but later regrouped.

A young chap then began to display his poetic wit and mastery.

“Termites are tiny insects without sense, yet they build tents that house the termite family of millions. Venom of the viper does nothing to the tortoise shell. The soil will never slide the snail.”

In one fell swoop, the atmosphere came alive. Even the air, the flora and fauna submitted to the swift twist in session. The flute, the talking drum took on the air. The hunters danced.

They immersed themselves in the air of celebration. Later, waiters served the people with palm wine and all sort of boiled and fried meat.

Then more poetry: I look at the stars, the rainbows, what a world!

Puerile it is, yet so meaningful The world is salt, the greatest of all things.

The world is water, the greatest of all things.

What then is the world?

Can someone tell me?

One after another, the hunters came out celebrating the beauty and profundity of oral poetry.

After a while, the drummer who was giving occasional hype to the drama was called to order. Servers were beaconed at, and in a twinkle of an eye, another round of merriment began. Food was served with fresh palm wine in order of seniority among the hunters.

An ageing hunter beckoned to a young lady standing stylishly close to the reporter. The lady concentrated on the actors in rapt attention as if witnessing the ceremony for the first time. When

FEATURE

Ghana High, ‘official’ canteen of Lagos Island workers CONTINUED FROM PAGE 28

restaurant. According to one of the workers there, she said the building opens to customers from 7am to 6pm, while the peak time is about 1pm. She disclosed that, the number of persons who frequents the place is about 300.

Different people go there for different specialties. Obioma Okaro, a banker, said she only eats Ewa Ago`nyi`( Togolese beans). She said, “Not that I

can’t get it elsewhere but this is the only place I know I could sit down comfortably to eat and I trust their level of hygiene.”

Four years down the line, Franca Onaji visited Ghana High again. She told New Telegraph that she used to come here with her friends back then during lunch and she stays around the vicinity, “ my colleagues and I do come from Ikoyi to have a taste of their meal. It’s home taste,” she said. She added that

her real reason is that because there is no decent place to eat around her and that is affordable. In her opinion, the food didn’t taste as good as it used to taste in those days but it can still pass for a sumptuous meal.

Gbenga Awoyemi, said he feels people flock to the place because the food is traditional and affordable compared to fast food and also, the name the restaurant has made, still makes people patronise them.

More delicacies on display

the beckoning and the shouting of her name “Rukiat” became too alarming, she looked at the direction of the man dangling a large chunk of a boiled fatty meat at her. She hesitated for a while and then moved closer to the man who offered her the piece of meat which was later discovered to be dog meat. And quite dramatically, she raised her two hands up in detest and took few hasty steps backward in a feigned scare. She screamed as if she had just seen a ghost. But she was soon to be accosted by her friends who seem to have been watching the scene from afar. They laughed hysterically as they encouraged her to bury her pride and collect the meat, which according to them, is a special delicacy, admired by almost all the community folks and which they all gather to savour that night.

Stylishly, the lady, who seems to be interested in the reporter crept into the dark and never returned to witness the show again that night. Fatigue and sleep took away this reporter late in the night and he missed the display of mystic powers.

The next morning, the vehicle lights illuminated another class of Lagosians as they moved briskly in their corporate dresses to board the early morning bus to their various destinations. On the way back to my base in Ipaja, Victoria Ajayi, an indigene of the community, whom the reporter gave a ride in his car back, narrated how the hunters displayed magical powers and skills in the course of the night. She said some of the hunters threw some objects to a distance and shot at them to pick different kinds of animals in the full glare of spectators that night.

Since the reporter had retired into his hotel room and was fast asleep when those hard-to-believe “miracles” were supposed to have been performed, he merely listened to yet another mystic tale of our world.

30 THE MEGACITY

Monday, September 8, 2014

UPCOMING EVENTS

Afrinvest 2014 Nigerian Banking Sector Report Launch

Organiser: Afrinvest (West Africa) Limited Date: Tuesday, September 9, 2014 from 10:00 AM to 2:00 PM Venue: Lagos Oriental Hotel, 3 Maroko Road, Victoria Island, Lagos

The Wedding House Party

Organiser: Mind Eye Media Resources & Pamper Me Lush Parties Date: Sunday, September 14, 2014 from 12:00 PM to 7:00 PM Venue: St Thomas Event Studio, Majaro Street, Yaba, Lagos

YOUTH CULTURE,

High-Impact Digital Marketing Workshop

Organiser: Precepts & Mentors Date: Saturday, 13 September 2014 from 08:00 to 16:00 Venue: 5th Floor, Elephant Cement House, Alausa (Opposite Shoprite), Ikeja, Lagos

Webmaker Party in Lagos

Organiser: Power House CSR Date: SSaturday, September 13, 2014 from 10:00 AM to 3:00 PM Venue: RCCG Christ Church, Block A, Plot 6, Redemption Cir (Road Beside UPS), Gbagada Oworonshoki Expressway, Lagos

photos as posted on Instagram by residents of the city

untitled by @hashiat untitled by @4g_superniqqa

#jobless by @mamssyminu

#myday #today #chilling by @iammofel

#JoyCaptured by @sandeeoberrie

untitled by @chibuobiwon

We are too old to be jumping from person to person. At this age loyalty,consistency and and stability is the goal by @ esv_zeus

My City, My World A view from #obanikoro to #palmgroove #instalagos Taken with #Sony #xperiaz by @ahmsta

#boyfriendjeans by @theyhindus

untitled by @israelbryan33

Lagos means different things to different people –Ewenla Mojeed Alabi Ropo Cmeromrade Ewenla is a forPresident of

Had a nice day educating and collaborating with young fashion designers by @ halfnerdhalfamazing

Happy Birthday Tola #BirthdayBehaviour by @omobaswagz

Ma cutie cuzo #cnt wait to c d lil angel in der by @iam_eizzy

my oda half by @am_farouk

Shemzy Makn eba by @celebrationscateringservices

TMJ Lunch set with Hon Afolabi Sofola, chairman of Kosofe LGA After trying the job of a painter by @trymyjobwitholah

20 facts about me by @yemisi_b

2HoodRats @emagic_ by @teejay_og

untitled by @marcel_murphy

the National Association of Nigerian Students (NANS), a former official of the Committee for the Defence of Human Rights (CDHR) and now with the University Ewenla Media Centre, University of Ibadan, Oyo State, believes that Lagos as a cosmopolitan hub means different thing to different people, depending on the their individual perception and how the city has treated them.

Ewenla, who has in the recent time relocated to Ibadan, one of Africa’s largest cities, said these days he is always eager to leave Lagos, having lived in the city for many years in the past and his activities being shaped by the city’s traffic situation. According to the dramatist and writer, Lagos, among other cities on the continent of Africa and in Nigeria in particular is a place to reckon with, having risen to the status of almost an unavoidable place to be particularly by ambitious persons who want to make it in life.

“But that does not mean one cannot make it elsewhere in the country, but to be successful in Nigeria without having nothing to do with Lagos will be unimaginable.”

He said: “Lagos is like a big elephant that no one can claim not to see. To some people Lagos is an elixir where all their problems are resolved while others view it as a place to avoid due to its troubles of crowded environment, traffic logjam, accommodation, among others.

“To me, having lived in Lagos for many years in the past, I don’t think Lagos is still a place I am excited to visit again because I now prefer a place that is relatively calm and conducive for habitation, and not a place where traffic determines where I go, when I go and what I do. That I think is what Lagos has become but largely, it is a city that many long to visit simply because of its alluring nature and the social life of the inhabitants.”

BUSINESS | NEWS

Sanctity of Truth

Monday, September 8, 2014

GROWTH Overall hotel room revenue may expand at a 22.6 per cent compound annual rate Dayo Ayeyemi

A

s the Nigerian hospitality industry anticipates major growth of the number of hotel rooms in the next five years, rising from 8,400 in

Starwood group plans five new hotels in Nigeria 2013 to 24,000, in 2018, Starwood group, the global hospitality giant that owns St. Regis, Westin, Le Meridien and Sheraton group, has planned to open five new hotels in Nigeria by 2017.

According to the monthly

report released by Bismark Riwane’s Financial Derivatives Company (FDC) released at the weekend, Capex is also estimated at $500 million with 700-1000 additional hotel rooms in view of the new investment.

L-R: Alternate Director, FTN Cocoa Processor Plc, Wale Jubril; Excutive Director, Akin Laoye; Managing Director/CEO, Abiola Aderonmu; Chairman, Sir Simeon Oguntimehin and Company Secretary, Philp Afolabi, at the 6th Annual General Meeting of the company in Ogun State.

NERC opens bureau to resolve BEDC’s power disputes FORWARD LOOKING NERC moves to bridge the gap between power consumers and DISCOS Adeola Yusuf

I

n a bid to be closer to consumers in addressing unresolved power issues between the Benin Electricity Distribution Company (BEDC) and its customers within the DISCO’s coverage area of Edo State, the National Electricity Regulatory Commission (NERC) has opened a forum office in Benin, the state capital.

Minister of Power, Professor Chinedu Nebo, who was represented by a Deputy Director in the Ministry, Omololu Ogunleye, at the commissioning of the office, said that the initiative would enhance NERC’s mandate of protecting the rights of consumers.

Nebo hinged the success of on-going reforms in the sector on level of interaction among the stakeholders.

He called for support for the distribution companies to ensure that consumers’ rights were protected. “These companies must ensure that Nigerians have adequate power supply,” he stressed.

Ogunleye said that the forum would serve as a platform and a major talk point for the resolution of electricity issues from various communities.

"The commission has the

31

mandate to ensure that Nigerians have adequate and reliable supply of power. Let me use this opportunity to emphasise that the federal government's efforts are quite glaring and it will not rest on it oars until it has achieved the desire to provide electricity for all. “ It takes the commitment of all stakeholders and patience of the consumers to achieve this goal. There is no gain-saying that the success of the electricity sector is dependent on the effective coordination of the sector," he said.

In his remarks, the Edo State Governor, Adams Oshiomhole, who was represented by the state Commissioner for Energy and Water resources, Chris Ebare, said that the NERC forum office had been expected.

He suggested that such offices should be opened in all the local government areas in the state to reduce the burden of people in the rural areas travelling to the state capital to lay complaints.

Chairman of NERC, Dr. Sam Amadi, represented by Dr Albert Ibrahim, said that the forum office was set up specifically to bridge the gap between power consumers and the electricity distribution company in the state. "The forum is a body charged by the commission to hear and resolve customer complaints on appeal in the operational area of every distribution licensee. Complaints that may come to the forum are complaints not settled at the customer care units situated in the distribution company,” he said.

Amadi said that officials of complaints office were drawn from relevant stakeholders, which he said included the Manufacturers Association of Nigeria (MAN), Consumer Protection Council, Nigerian Society of Engineers (NSE), non-governmental organisations, civil society organisations and the Benin Chamber of Commerce, Industry, Mine and Agriculture (BENCCIMA).

He however, urged electricity consumers to demonstrate understanding with the distribution company in the state, bearing in mind that the transformation in the power sector was a gradual process.

Also speaking, the Managing Director and Chief Executive Officer of the BEDC, Mrs. Funke Osibodu, who was represented by, her Executive Director, Commercial, Abu Ejoor, described the effort as a timely intervention to boost the interaction between the company and its numerous consumers.

On his part, Chairman House of Representatives on Power, Patrick Ikhariale, said he believed that the revolution in the telecom sector would be a child’s play when the power sector becomes fully operational under private sector management.

He said: “If we get the power sector right, we would have solved 60 to 70 per cent of Nigeria’s challenges. The business of electricity is not a tea party business. It is capital intensive, it requires commitment, interest and technical know-how to succeed.”

The new investments include Four points by Sheraton Ikot Ekpene; Four points by Sheraton Benin City; Four points by Sheraton Ibadan; Four points

by Sheraton Ikeja; and Le Meridien Ikoyi Towers.

According to the report, Four points by Sheraton Ikot Ekpene is due for completion in 2015.

The accommodation and food services sector was one per cent of GDP in firt quarter of 2014.

Starwood group was an early entrant with Sheraton Ikeja.

Other groups such as the Intercontinental, Hilton and the Southern Sun are fierce rivals.

Recently, the projected growth of the industry, according to a report issued recently

by PricewaterhouseCoopers (PwC), would see overall hotel room revenue expanding at a 22.6 per cent compound annual rate to $1.1 billion in 2018 from $413 million in 2013.

The report contained in PwC’s 4th edition of the ‘Hospitality Outlook’ also pointed out that the projected growth was based on Nigeria’s booming economy, buoyed in part by regional and international investment in the hospitality industry, and which also grew hotel room

revenue to 59 per cent between 2009 and 2013.

The forecast, according to the PwC report, was despite the fact that the hotel market in Nigeria grew by nine per cent in 2013, which was the smallest gain since 2010. However, stay unit nights (guests staying more than one night) increased by 6.3 per cent in 2013 and has grown faster than room availability over the past three years.

Average room rates have grown slowly in the last two years, rising by only 2.5 per cent in 2013.

Speaking on the further growth expected in Africa’s hospitality sector in the next five years, Nikki Forster, PwC Leader of Hospitality and Gaming, says: “Growth in travel and tourism is expected to fuel growth in the accommodation industry across the African continent during the next five years.”

However, while the number of hotel rooms in Nigeria is expected to rise from 8,400 in 2013 to 24,000 in 2018, it is still far behind South Africa, which the report estimated will have about 63,000 hotel rooms by 2018 up from 60,900 in 2013.

One major airline group to emerge soon C O N T I N U E D F R O M PA G E 2 6

Air, Oriental Airlines, Meridian Airlines, Millennium Travels and Tours, Okada Air and Air First.

Once process is completed, AOC is issued, flight operation is expected to commence.

In his monthly Economic News and Views for September 2014, presented by Rewane at the Lagos Business School, with theme, “Inflation Up, Stock Market Down, What Next”, he lamented that only one carrier in Africa was profitable.

Taking a cursory look at African airlines performances, three airlines considered to be the strongest in the continent made losses except Ethiopian Airways, which made a profit of $143 million. South African Airways and Kenya made losses of $42 million and $92 million respectively.

Rewane further lamented that virtually all airlines in Africa except Ethiopian and a few small carriers are financially bankrupt, adding that cumulative financial loss between 2011 and 2014 indicated that trading was unprofitably.

He said: “African airlines are too small to survive. There will probably be only three major airline groups in SSA; South African Airways, Ethiopian Airways and Kenya Airways. One major airline group could emerge in Nigeria. But first, significant challenges must be addressed in the aviation sector in Nigeria”.

Aside many challenges confronting African airlines, the FDI boss explained the Ebola Virus Disease (EVD) is a major problem for African and Middle Eastern airlines, stressing that many multinationals have suspended nonessential travels within, to and from West Africa including Nigeria.

The Ebola outbreak in Port Harcourt, Rivers State he said, is a delicate location for Nigeria, hinting that location expats, who are on 21 days on and seven days off are at risk.

“Insurance premium will increase for oil sector expatriates. The regional traffic, which accounts for approximate 20 per cent passenger traffic is evaporating. Only five West African countries are affected but they are in the middle”.

Tag-along flights like ASKY network carriers, Ethiopian Airways, British Airways, Emirates, Kenya Airways, among others, are badly hit, with outbound traffic out of Nigeria to Europe, Asia and the United States put at 90 per cent, while outbound back of the cabin was put at 70-80 per cent.

Rewane hinted that second quarter 2014 shows strong gains by US airlines, while there is decline in Asia/Pacific due to cargo weakness.

He however, expressed optimism that that air transport volume would continue to expand in 2015.

BUSINESS | MONEYLINE

32

Sanctity of Truth

Monday, September 8, 2014

Money supply rises to N16.43trn

EXCESS LIQUIDITY Cash supply is expected to increase in Q2 due to increased fiscal spending on electioneering and security

Derivative Company (FDC).

In the September edition of the FDC monthly economic news and views at Lagos Business School breakfast meeting, the analyst attributed the increase both to the net domestic assets and net foreign assets.

He said that money supply is expected to increase in the second half of the year due to increased fiscal spending on electioneering and security.

The FDC boss said that the accretion of the external re-

Godson Ikoro

T

he money supply (M2) rose to N16.43 trillion in July, indicating 3.12 per cent higher than June, said the Managing Director/CEO, Financial

serve in August has also faltered at $39.6bilion, its depletion having stopped in July.

According to FDC, the reserve is expected to remain flat before dipping in October this year.

This will be so because the exchange rate has been decoupled from the external reserves temporarily; showing that the slide ranging between N163 – N169. The CBN had sold 11.9 per cent more dollars in the forex market totaling $2.82 in

S&P assigns BB, stable outlook to Skye Bank

O

ne of the leading global rating agencies, Standard and Poor’s (S&P), has assigned (B/stable/B) to Skye Bank Plc in its current rating released in August 2014.

S&P, according to a statement from the lender, said it based its rating of the bank on Nigeria’s positive economic prospects, which will support Skye Bank's earnings growth, capitalisation and asset quality over the next 12-18 months.

Standard and Poor’s rationalised Skye Bank’s stable rating on the lender’s modest, but profitable franchise, operating in the mid-tier of Nigeria's highly competitive banking sector.

It said anticipates that Skye Bank's RAC ratio will remain between 5.5 per cent and 6 percent over the next 12 months, reflecting robust internal capital generation and mild risk-asset

accumulation.

“We also expect that Skye Bank will maintain non-performing loans (NPLs) at about 3.5 percent of total loans, a cost of risk of about 2.5per cent and a loan-loss coverage ratio in excess of 90 per cent of NPLs over the next 12 months”, S&P was quoted to have said.

The agency, according to the statement, also noted that the bank is largely funded by stable customer deposits and relies on a sizable portfolio of liquid assets.

Besides, it noted that Skye Bank had a modest, mid-tier position in Nigeria's increasingly competitive banking sector, pointing out that in 2013, it reported total assets of N 1.4 trillion ($7 billion at $1 to N160), ranking it the eighth-largest bank in Nigeria by lending.

Also, the experts said its rating is based on Skye Bank's

strategy of focusing on expanding its retail and commercial (largely SME) franchise, while leveraging its branch network and electronic platforms to mobilize low-cost retail deposits.

S&P said: “In 2013, the bank achieved a marked reduction in cost of funds to 4.7per cent, from 6.8per cent a year earlier, thus improving its net interest margin by 140 basis points to 6.6 percent. Although assets are mainly generated through the corporate and investment banking unit (59 per cent of assets; 17per cent of profits before tax), higher yields achieved on loans from the commercial banking (28 per cent of assets; 49 per cent of profits before tax) and retail banking (13 per cent of assets; 34 per cent of profits before tax) units resulted in disproportionate profit contributions at yearend 2013.

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

N14,737,618.7m N16,509,472.5m 8 0.0000 12 10.899 7.96 17.01 US$109.9 US$42,604,781,796.6

Description

TTM

4.00% 23-Apr-2015 13.05% 16-Aug-2016 15.10% 27-Apr-2017 16.00% 29-Jun-2019 16.39% 27-Jan-2022 10.00% 23-Jul-2030

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

Dec, 2013 Dec, 2013 Dec, 2013 2/5/2014 1/20/2014 11/6/2013 Dec, 2013 Dec, 2013 1/20/2014 2/5/2014 Source:CBN

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

Treasury Bills Maturity Date 08-May-14 07-Aug-14 22-Jan-15

Bid 12.10 12.10 12.05

FX

Bid Spot ($/N) 163.28 THE FIXINGS –NIBOR,NITTY and NIFEX of February 6,2014

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

Open-Buy-Back (OBB) Overnight (O/N)

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

August over July. At the parallel market, the naira fell sharply to N175 before rallying to N169.

The external reserve had risen from N36.96 trillion in May, N37.48 trillion in June and N39.62 trillion at the end of August.

While explaining that severe pressure will be on the naira in November, Rewane said that the economic intelligence unit (EIU) expects the industrial raw material index to fall further by 3.5 per cent in 2014.

In the same vein, the global oil production is expected to expand by two per cent to reach 93.25mbpd for the rest of 2014, before accelerating to 2.8 percent in 2015 or 95.8 mbpd; attributing the decline to strong output from a core of key nations including US, Canada

and Iraq.

The situation was further aggravated by the declining Federation Account allocation (FAAC), which dipped by 13.4 per cent to N654.6billion in July from N755.95 billion in June, indicating 3.99 percent of money supply.

This further reflected the decline in crude oil receipts as oil prices fall below $105pd; leaving the FAAC to remain at N650 billion.

Meanwhile on the domestic scene, the naira for the month of August remained relatively stable, appreciating 0.18 per cent at the interbank market.

The apex bank has not disclosed the market opening position in the money markets for the eight weeks running, sequel to systems glitch.

Enterprise Bank floats armed forces personnel loan

I

n line with Enterprise Bank Plc’s avowed desire to constantly delight her growing clientele, the lender has again tailored its unique products and services to specially cater for armed forces personnel.

Christened “The Nigerian Armed Forces Special Personal Loan Scheme,” the product, according to a statement, is designed to avail personnel of the Nigerian armed forces personal loans that will enable them bridge financial gaps at discounted interest rates.

Created for officers currently serving in the Army, Air Force and Navy, from the rank of Second Lieutenant, Pilot Officer or Midshipman respectively, and upwards, Enterprise Bank said that subscribers to the loan will access various sums, which are available with repayment tenures of 12 to 36 months.

According to the statement, the Nigerian Armed Forces Special Personal Loan is availed against the security of Credit

Life Insurance, domiciliation of salary and a third party guarantee. As a way of making it easy for the gentlemen officers, the statement said that the loan repayment will come from the beneficiary’s salary account domiciled with the bank.

Only recently, Enterprise Bank also introduced “Tertiary Cluster Loan” for staff of all tertiary institutions in Nigeria (including Polytechnics, Universities and Colleges of Education).” The loan is also designed to avail their staff (both academic and non academic staff) personal loans that enable them to also bridge financial gaps at discounted interest rates. In that loan category, subscribers stand a chance of accessing funds of between a minimum of N250, 000 and a maximum of N5 million, with a repayment period of up to three years. Aside from that, the product also allows lecturers, especially, professors to access the loan even at the age of 65 years.

$20m EXIM facility: Ecobank, BNDES Brazil partner

E

cobank Nigeria has signed a $20million line of credit with Brazilian Development Bank BNDES. The facility according to a statement, will address special funding needs of customers and non-customers of Ecobank that import goods from Brazil.

BNDES, also known as National Bank for Economic and Social Development, is one of the largest development banks in the world, with financial net worth of $27.40billion and total assets of $353.37 billion as at 2013.

Commenting on the partnership, Ms Foluke Aboderin, Executive Director, Corporate Banking at Ecobank Nigeria, said the partnership is driven by demands from customers and importers requiring competitive financing to purchase products from the international markets, particularly Brazil.

She said the partnership

underscores Ecobank’s pedigree in trade financing in Nigeria. “This partnership offers a seamless solution to companies that import goods from Brazil,” she said. “We encourage all goods importers to avail themselves of the opportunity that this funding arrangement provides by approaching Ecobank. We expect it to generate a sizeable boost in trade flows between both countries.”

Under the arrangement, the executive director explained that importers and exporters negotiate export terms and conditions, and once commercial negotiation is finalised, the exporter or agent bank in Brazil submits the transaction to BNDES for approval.

The areas of interest for the import facility include agricultural products, engineering and construction equipment, oil and gas, industrial goods, electronics, and confectionary among others.

BUSINESS | ISSUE OF THE WEEK 33

Sanctity of Truth

Monday, September 8, 2014

HoldCos: A new paradigm shift Abdulwahab Isa Abuja

A

s part of his policy measures to sanitise the banking sector in 2010, the immediate past Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, repealed the universal banking guidelines and introduced a new banking model.

A key component of that measure was a directive to banks to separate their non-banking businesses hitherto lumped together and treat such as subsidiaries or holding companies - HoldCos as they are now known.

The new banking model permits banks and banking groups to either divest non-core banking businesses or to retain it by evolving into a non-operating holding company structure.

The subsidiary arrangement seeks to ring-fence depositors' funds from risks inherent in non-core banking businesses.

To ensure this new order is not circumvented or twisted by banks’ CEOs, Sanusi followed up with a strong worded warning to lenders that adopted holding company structure to desist from lending or placing funds with their subsidiaries.

The old order Of course, Sanusi justified his action.

He said the move was to protect depositors’ funds from insider abuses, which had led to the collapse of some financial institutions, which the Federal Government through the Asset Management Company of Nigeria (AMCON) had to bail out as well as acquired 100 per cent stakes in three others namely – Enterprise Bank Limited, Mainstreet Bank Limited and Keystone Bank Limited.

“We want to place a control, that if you place money with the subsidiary of your HoldCo, if it is not secured, we take that from your capital. If you lend money to the parent, we take it as a return on equity. So, this idea that people can set up a bank, put in capital and then turn back and borrow it, well it is capital and not deposit. So, we are making it difficult for people to take deposit and trade with it” Sanusi had said.

“We basically regulate the banking industry, and you can’t say you have only three banks. If anything happens to First Bank, FCMB and Stanbic, would we have a banking system? First Bank alone, for example accounts for about 14 to 15 per cent of total assets. So you’ve got banks that are systematically important and are too big to fail and you have to put in control and restrictions”, he said at a sideline of the 4th Annual Pan-Africa Investor Conference, organised by Renaissance Capital in Lagos.

The new mandate CBN, in its determination to ensure banks' subsidiaries operating as HoldCos are sound, last week, issued fresh circular titled: “Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria.”

The 27-page document clearly spelt out method for appointing directors and top management for the firm, licensing requirement, issue of corporate governance and other non-permissible activities.

In the new guidelines already receiving comments of stakeholders, CBN specifically barred banks and other subsidiaries of holding companies (HoldCos) from acquiring shares in their parent companies in the country.

It also stated the financial commitment expected of stakeholders desirous of floating financial holding company.

Apart from seeking the consent of CBN through formal application to the apex bank, promoters of financial holding

CBN governor, Godwin Emefiele

fcmb, MD, Ladi Balogun

companies are to pay non- refundable N2 million application fees (approval in principle) and payment of final license non-refundable fee of N10million.

The new guidelines detailed the does and don’ts of financial holding companies.

The don’ts For instance, banks and other subsidiaries of holding companies (HoldCos) are barred from acquiring shares in their parent companies while subsidiaries of such holding companies are also barred from acquiring shares of other subsidiaries of their parent holding companies.

In the circular, CBN listed some of non-permissible activities of a financial holding company to include: Investment in non-financial firms, establishment, divestment and closure of subsidiaries without prior written approval of the apex bank. Also prohibited are deriving or receiving income from sources other than dividend income from its subsidiaries/association, or income from shared services.

The dos The banking watchdog however, clarified that a subsidiary acting as a nominee is at liberty to invest in any financial holding company on behalf of its clients.

“The CBN may, by order, direct a financial holding company to divest from its banking subsidiary where, in the opinion of the CBN, the financial hold-

First Bank MD, Bisi Onasanya

UBA, MD, Phillips Oduoza

The new regulation is in order. The banking sector has been in disarray for sometime and it is better to over regulate than not to regulate at all ing company is being run in a manner that is detrimental to the interest of depositors and/or other stakeholders of the banking subsidiary,” it warned.

“Any bank lending to subsidiaries within its holding company group would attract 100 per cent risk weight (if it is fully secured) otherwise it would be removed from the capital of the bank when computing capital adequacy ratio.

The circular added: “Director or an insider-related party shall not borrow more than 10 per cent of the holding company’s paid up capital from the subsidiaries within the group, except with the prior approval of the CBN. To promote enthronement of sound corporate governance, the circular gives criteria for appointment of Directors and top management for the financial holding companies.

The CBN also stated that no financial holding companies shall appoint as Di-

rector, any person who at the relevant time is a Director at any subsidiaries; except with prior written approval of the CBN; and where such an appointment is approved, the aggregate number of Director from the subsidiaries and associates at any point in time shall not exceed 30 per cent of the membership of the board of Directors of the financing holding company.

Still providing mode of appointing top management for financing HoldCos, CBN said: “A person who has served as a Director (Executive or none Executive) for the maximum allowable period as stipulated by the relevant industry regulator in to any subsidiary, or an associate of such a subsidiary until after a minimum of period of three years after the expiration of the tenure of such Director or vise versa”.

Also included in the guidelines, is that fitness and propriety test shall be conducted on the promoters of the firm.

The CBN further stated that it may through order direct a financial holding company to divest from its banking subsidiaries where in the opinion of the CBN, the financial holding company is being run in a manner that is detrimental to the interest of depositors or stakeholders of the banking subsidiaries.

Stakeholders' perspective Speaking to New Telegraph by phone, former Skye Bank Group Managing Director and Chairman of Heritage Bank, Mr. Akinsola Akinfenwa, applauded CBN for issuing the new regulating guidelines.

“The new guideline is a necessary change that portends good for the industry. CBN is trying to ensure that if you want to be an active player in the system, you play the game within a confined rule.

This new guideline should be expected and is a healthy development for the financial sector”, he said.

The former Skye Bank CEO said that the issue of corporate governance is very central to the success of any business, stressing that the apex bank has clearly foreseen what could happened and it has put in place guided measure to safe guard eventualities.

“These things are expected occurrence, which is why CBN consistently preaches corporate governance. I think the new guidelines are issued in good fate and I’m sure it received the blessing of all banks CEOs”, he said.

Director General of West African Institute for Financial and Economic Management (WAIFEM) and former board member of CBN, prof. Akpan Ekpo, said the new guideline is in order. He told our correspondent that the banking sector had being in disarray for long, adding that any policy put in place to instill sanity should be applauded.

Ekpo, a former Vice-chancellor of University of Uyo said: " For me, the new regulation is in order. The banking sector has been in disarray for sometime and it is better to over regulate than not to regulate at all. The CBN would have done extensive research before it came out with the new rule and for me, I endorse it".

However, for Dr. Charlie E. Nwkeaku, Head of Department (HOD), public Administration Department, Nasarrawa State University, he picked holes in the clause that provides for conduct of fit and propriety test on prospective Directors and designate top management officers of financial holding company . He said the issue of morality of the person to administer the test can not be overlooked.

The expert said in the final analysis, primordial factor will supersede merit.

He advised CBN to focus and channel its energies on getting credible people as key players in banking sector as against issuing policies and regulation that serve the interest of mediocre.

34

business | STOCK WATCH

PROSPECTS Investors build on Access Bank’s corporate strategic plans Chris Ugwu

T

he regulatory environment governing the Nigerian banking industry has been characterised by policy changes aimed at supporting the fiscal tightening stance adopted by the Central Bank of Nigeria (CBN). Some of the key changes, which were made include increase in cash reserve ratio (CRR) for banks on public sector deposits from 50 per cent to 75 per cent and from 12 per cent to 15 per cent on private sector deposits. Besides, reduction in commission on turnover (CoT) on current account from N3 to N2 per mille and among others, were also effected.

The combined effect of these regulatory changes had significant impact on the operating landscape of banks and consequently their bottomline. The cash reserve ratio hike forced most banks to revisit their portfolio and asset liability management strategies and in certain cases, led to the collapse of discount houses where exposures were significant.

According to financial analysts, the dip in profits of some lenders in 2013 were attributable to regulatory changes in the operating environment, some of which include reduction and removal of a number of fee income lines such as Automated Teller Machines (ATMs) and CoT charges as well as the increase in the Asset Management Corporation of Nigeria (AMCON) levy from 0.3 per cent to 0.5 per cent amongst others.

Access Bank Plc was not insulated to the challenges regulatory headwinds brought to the banking industry. This was evidence on the 2013 full year results as the actions like any other banks, had the effect of putting downward pressure on the lender’s bottom line. A cursory look at the 2013 full year numbers showed that the bank recorded a marginal drop in profit as it posted a Profit Before Tax (BPT) of N44.9 billion, which is a 3.4 per cent decrease compared with the N46 billion recorded for the corresponding period in 2012.

Notwithstanding operating regulatory and economic challenges, the bank began 2014 in a healthy stage as it’s before tax jumped 20 per cent to N13.4 billion in its unaudited results for the three months ended 31 March 2014.

However, the loyalty of investors, which had slowed down between February and March this year is currently seen to be reengineered on the back of significant first quarter 2014 and half year results released to the investment community and hope that the new management would reinforce its statutory business to unlock better potential.

Growth strategy In the evolution of its cor-

Sanctity of Truth

Monday, September 8, 2014

Will Access Bank outperform its industry ratings?

Share price movement of Access Bank Plc

Herbert Wigwe

porate strategy for 2013 – 2017, the lender had identified and commenced cultivation of business areas that will guarantee steady earnings in conformity with its sustainable growth agenda. The bank said it has embarked on aggressive re-activation of accounts within its retail customer base and focused concurrently on the financing the needs of its corporate and commercial customers.

Market pundits believe the banks strategic plan would reposition the bank and shore up confidence of investors on the stocks to jostle for position.

At the close of business last Friday, the share price, which closed at N10.39 per share in October 31, 2013, stood at N9.33, a decrease of N1.06 or 11.36 per cent year to date.

Corporate profile Access Bank Plc is a full service commercial bank operating through a network of about 366 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange (NSE)in 1998, the bank serves its various markets through four business segments: Personal, Business, Commercial and Corporate & Investment banking.

The lender has over 830,000 shareholders including several Nigerian and International Institutional Investors.

Financials A glance through the 2013

full year numbers revealed that the bank recorded a marginal drop in profit as it posted a Profit Before Tax (BPT) of N44.9 billion, which is a 3.4 per cent decrease compared with the N46 billion recorded for the corresponding period in 2012.

The bank’s earnings grew to N206.7billion from N206.4 billion in 2012. Similarly, it recorded an improvement in its cost of funds from 4.5 per cent to 4.6 per cent, while NonPerforming Loans (NPL) ratio decreased to 2.7 per cent from 5.0 per cent, which is owed to the lender’s enhanced risk management framework.

The results also showed an increase in the bank’s deposit base from N1.201 trillion to N1.33 trillion, an 11 per cent growth over last year’s figure while its loan book rose impressively by 33 per cent, from N609billion in 2012 to N810billion in 2013, demonstrating the bank’s resolve to empowering critical sectors of the economy.

However, the bank reported significant developments in its first quarter results as profit before tax jumped 20 per cent to N13.4 billion in its unaudit-

Business performance has improved across all key segments, as the bank lays out its medium term plan

ed results for the three months ended 31 March 2014.

The bank, which recorded N11.1 billion PBT in the comparable period of 2013, also grossed N57 billion, representing a nine per cent increase in the period under review.

Also, its operating income increased by 19 per cent to N42 billion supported by a 12 per cent increase in its noninterest income during the period. In the same vein, Access Bank’s net interest margin rose to 6.2 per cent compared with the 5.4 per cent it attained in the first quarter of 2013.

The results also showed that the bank recorded an eight per cent increase in its loan book to N871.8 billion from the N810.7 billion it stood in the fourth quarter of 2013, while customer deposits climbed to N1.40 trillion.

Besides, Access Bank reported 3.85 per cent growth in its 2014 half-year pre-tax profit.

The bank in a filing with Exchange, said the pre-tax profit rose to N27.1 billion up 3.85 per cent from N26.1 billion during the comparable period of 2013.

Also, revenue rose 15.2 per cent to N117.93 billion in the six months period under review from N102.4 billion posted in 2013.

Based on the results, the bank declared an interim dividend of 0.25 kobo each, the same amount it paid a year earlier.

Looking ahead Commenting on the results, The Group Managing Director Access, Mr. Herbert Wigwe said: “I am pleased with the progress that the bank is making in delivering on a strategy we spent time explaining to our stakeholders. These results clearly demonstrate strong progress towards sustainable and profitable growth for our shareholders.

“Business performance has improved across all key segments, as the bank lays out its medium term plan. Whilst our corporate banking division remains a stronghold for the bank, significant potential is being shown by our Personal and Business banking divisions.

The bank’s Group Deputy Managing Director/COO, Obinna Nwosu, who commented on the future of the Bank and provided highlight of how the strategy will continue to be met said :“This past year, the bank recalibrated its operating model as we leveraged on unique value propositions targeted at growing segments in the economy.

“We launched and completed key projects aimed at increasing our efficiency and improving our customer service over the long-run. These include the upgrade of our IT platform to enhance operational capabilities to support our multichannel strategy; and the revamping of our sales force

2013 Oct 31

N10.39

Nov 30

N10.00

Dec 31

N9.60

2014 Jan 31

N9.10

Feb 28

N7.70

Mar 31

N7.44

Apr

N8.19

May 30

N10.10

May 30

N2.80

Jun 30

N9.55

Jul 31

N10.00

Aug 15

N9.90

Sept 5

N9.33

model to ensure we better improve on customer engagement and utilise marketing opportunities.

“Our customers remain at the heart of our business; we will continue to adapt to changing market trends to meet their evolving needs.”

We have enhanced products, services and systems; we also have effective controls and outstanding people. All these together ensure that we are delivering on our customer promise of speed, service and security.

“Additionally, the bank launched ‘Primus’, an internet banking application for corporate customers and introduced series of customer service initiatives to further transform customer experience across its service platforms.”

Analyst’s perceptive Analysing Access Bank’s Q2 2014 results, experts at FBN Capital said they continue to believe that the bank will expand its ROE by over 400bps to around 19.0 per cent in 2014.

“Management’s reiterated guidance of a 20 per cent ROE implies a slightly stronger outlook. Drivers behind the improved 2014 earnings outlook include net interest margin expansion to close to 7 per cent from around 6 per cent in 2013, over 20 per cent loan growth in 2014 and doubledigit growth in non-interest income. Y/y improvements in 2015 earnings are unlikely to be as strong as 2014.

“Nonetheless, with the shares still trading on a 2014E P/B multiple of 0.8x, we do not believe the market has fully priced in the improvements we are seeing. As we roll over our valuation to 2015, we have increased our price target to N12.3 (N10.5 prev.). We retain our Outperform rating,” they noted.

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, September 8, 2014

35

Nigerian stocks suffer further depression FIELD DAY

gainers table with N4.44 to close at N184.94, while Nigerian Breweries Plc followed with N1.11 to close at N176.75 per share.

On the flip side, Nestle Nigeria Plc led losers with a drop of N7.90 to close at N1,047, while Cadbury Nigeria Plc followed with N2.98 to close at N56.87 per share. Forte Oil dropped by N2.03 to close at N224.97.

Equities market plummet as investors’ interest wane Chris Ugwu

T

he Nigerian equity market last week, plunged further for the third consecutive week, following massive sell off that had characterised the local bourse in recent times.

Contrary to the expectations by market analysts that the uncertainty surrounding the market following massive sell off that most blue chip companies witnessed the previous weeks would be over and stability returned, the activities in the market got messier - safe for a day gain as the bears sustained their grip throughout the trading days of last week.

This was due to profit taking by investors in the wake of the cautious optimism that had prevailed in the market due to the current security challenges and the 2015 general elections that are gathering momentum.

Market operators had predicted that the bullish trend that was recorded in the previous week would trigger profit taking and impact negatively on the stock market when market speculators slow down to pick profits.

Cumulatively, the NSE AllShare Index and Market Capitalisation depreciated by 0.89 per cent to close last Friday at 41,160.62 and N13.591 trillion respectively.

Similarly, all the indices depreciated during the week with the exception of the NSE ASeM Index that rose by 0.36 per cent.

Rampaging bears Activities in the Nigerian equities market began the week low, as the bears staged a comeback from two days gain to overshadowed the bulls, leading to share decline in most blue chip companies.

The key market performance measures, the NSE All Share Index and market capitalisation, dropped by 0.32 per cent as market sentiment turned red on the back of losses recorded by Guinness Nigeria Plc and Con Oil Nigeria Plc. Specifically, the NSE AllShare Index depreciated by 134.26 basis points or 0.32 per cent to close at 41,398.05 as against 41,532.31 recorded at the previous weekend.

The market capitalisation of equities equally plummeted

by N44 billion or 0.32 per cent to close at N13.669 trillion from N13.713 trillion recorded the previous day.

At the close of trading, 25 stocks appreciated in price as against 30 others that depreciated in value.

On the gainer’s table, refined petroleum products marketer, Forte Oil, rose for the third consecutive day, firming up by N0.99 to close at N229.99 a share.

Similarly, the shares of makers of building inputs, Lafarge Cement WAPCO, Cement Company of Northern Nigeria and

NSE building

Dangote Cement, increased by N0.24, N0.19 and N0.16 to close at N177.25, N14.49 and N225.16 per share respectively.

On the flip side, brewery rivals, Guinness Nigeria, shed N5.00, to close at N180.00, Conoil Nigeria Plc lost N4.00 to close at N61.05 per share, Nigerian Breweries dropped by N0.95 to close at N176.05 per share, while financial services players, Zenith Bank and Guaranty Trust Bank, lost N0.59 and N0.39 to close at N24.01 and N29.51 per share respectively.

Meanwhile, a turnover of 222.4 million shares worth N2.2 billion in 4,455 deals were recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active (measured by turnover volume); with 98.8 million shares worth N907.4 million exchanged by investors in 1,543 deals.

Volume in the banking subsector was largely driven by activity in the shares of Access Bank Plc and Diamond Bank Plc. Also, other financial services sub sector of the financial services sector, boosted by the activity in the shares of FBNH Plc, followed with a turnover of 22 million shares valued at N223.8 million in 727 deals.

Stocks lose N44bn Last Tuesday, the Nigerian bourse continued to witness an overall decline in stock prices as the bears sustain grip on equities amid sell-offs.

Blue chip company - Nestle Nigeria, the most highly priced stock on the stock market, depreciated by N25.09 per share to drag the NSE Consumer Goods Index down by 0.76 per cent.

However, the NSE Banking Index advanced by a marginal 0.01per cent on the back of gains on Zenith Bank shares.

Trading activities on the floor of Exchange had the previous day also closed in the red following low sentiment of in-

Five most capitalized stocks@ Sept. 5, 2014 Dangote

N3.8tn

Cement Plc Nigerian

N1.3tn

Breweries Plc Guaranty

N877.6bn

Trust Bank Plc Nestle

N807.7bn

Nigeria Plc Zenith Bank

N761.3bn

Plc vestors.

Consequently, the All-Share Index dipped 133.4 basis points or 0.32 per cent to close at 41,264.65 as against 41,398.05 recorded the previous day, while the market capitalisation of equities depreciated by N44 billion or 0.32 per cent, as market sentiment remained red.

Meanwhile, a turnover of 296.09 million shares worth N6.4 billion in 6,034 deals was recorded in the day’s trading.

Just as in the previous day, the banking sub-sector of the financial services sector was the most active during (measured by turnover volume); with 102.03 million shares worth N1.04 billion exchanged by investors in 1,928 deals.

Volume in the banking subsector was largely driven by activities in the shares of Skye Bank Plc and Sterling Bank Plc. Also, other financial services sub sector, boosted by activity in the shares of FBNH Plc, followed with a turnover of 25.2 million shares valued at N302.1million in 761 deals.

The number of gainers at the close of trading session was 20, while decliners closed at 33.

Zenith Bank Plc led the gainers’ table with 59 kobo to close at N24.60 per share, while Guinness Nigeria Plc followed with a gain of 50 kobo to close at N180.50. Eterna Oil Nigeria Plc added 38 kobo to close at N4.47 per share.

On the other hand, Nestle Nigeria Plc led the price losers’ table, dropping N25 to close at N1, 054.90 per share, while Forte Oil Nigeria followed with a loss of N2.99 to close at N227.00.

Ashaka Cement shed N1.05 per share to close at N32.42.

On Wednesday, the Nigerian bourse continued to witness decline in stock prices as the bears sustained stronghold following 0.13 per cent drop in both market performance indices.

Consequently, the All-Share Index shed 56.86 basis points to close at 41,207.79 as against 41,264.65 recorded the previous day, while, the market capitalisation of equities depreciated

by N19 billion or 0.13 per cent as market sentiments remained on the negative trajectory.

Meanwhile, a turnover of 201.06 million shares worth N2.4 billion in 5,392 deals was recorded at the close of trading.

As usual, the banking subsector of the financial services sector was the most active during the day (measured by turnover volume); with 87.7 million shares worth N715.3 million exchanged by investors in 2,085 deals.

Volume in the banking subsector was largely driven by activity in the shares of Sterling Bank Plc and Access Bank Plc. Also, other financial services sub sector of the financial services sector, boosted by activity in the shares of FCMB Plc, followed with a turnover of 20.6 million shares valued at N232.5 million in 553 deals.

Further analysis of the day’s trading showed that Guinness Nigeria Plc topped the day’s

Negative sentiment Last Thursday the bears maintained their stronghold on the Exchange as major blue-chip companies joined the league of losers, causing market capitalisation and the All-Share Index to remain in the red zone.

Market watchers had attributed the bearish trends to massive sell offs by investors whose consequential effect was a loss of N170 billion or 1.25 per cent during four days of trading last week.

At the close of trading, the key benchmark indices maintained downtrend, taking hits majorly from high-capitalised stocks led by Nestle Nigeria Plc and Forte Oil Nigeria Plc. There was a one-off market trade of shares of Ecobank Transnational International (ETI) as N35.67 billion worth of its shares were purchased, especially by the Qatar National Bank.

Specifically, at the close business, the NSE All-Share Index depreciated by 190.3 basis points or 0.46 per cent, to close at 41,017.49 from 41,207.79 recorded the previous day, while the market capitalisation of equities declined to N13.543 trillion from 13.606 trillion. This represented a drop of N63 billion or 0.46 per cent as market sentiment remained negative.

At the close of transactions, 17 stocks appreciated in price during as against 38 that depreciated in value.

On the gainers’ chart, brewer of alcoholic beverages, International Breweries, advanced by N0.99 to close at N29.00, while industry competitor, Premier Breweries, rose by N0.26 to close at N2.88 per share.

Bulls’ return Respite however, came the way of investors last Friday as the local bourse showed signs of recovery with a gain of 0.35 per cent.

The northwards movement was driven by the activities of cement producer - Lafarge Wapco Plc and Northern Nigeria Flour Mills Plc. Consequently, the All-Share Index gained 143.13 basis points to close at 41,160.62 as against 41,017.49 recorded on the previous day, while the market capitalisation of equities appreciated by N48 billion or 0.35 per cent as market sentiments turned green.

Meanwhile, a turnover of 306.6 million shares worth N2.7 billion in 4,407 deals were recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 114.2 million shares worth N1.2 billion exchanged by investors in 1,450 deals.

Insurance

36

Sanctity of Truth

Monday, September 8, 2014

Compulsory Insurance: Re-enacting public interest to boost GPI BENEFIT Nigerians have a lot to gain from the provisions of the Insurance Act

Sunday Ojeme

M

ore than five years after the National Insurance Commission engaged in a round of massive campaign on the need for Nigerians to take advantage of provisions embedded in the Compulsory Insurance Act, the regulator again found it necessary last week to alert the Federal Government about the policy.

In a move to ensure that the government takes the lead in the process meant to actualise the gains expected from the policy, the management of the commission led by the Chairman of the Governing Board, Hon. Chibudum Nwuche, visited the Head of Service of the Federation, Danladi Kifasi, to intimate him on why Federal Government workers should be properly documented in the Group Life policy to enable them benefit largely from it.

Latest appeal According to Nwuche, “While we appreciate the HOS for the success achieved so far in the implementation of this section of the law, it is imperative to inform you that the scheme has not operated without some challenges.

“These challenges range from availability of adequate data for proper administration, timely notification of claims and submission of supporting documents and appropriate pricing of the risk. These are issues we hope the HOS will look into to ensure continued success of the scheme for the overall benefit of the federal workers.

“Let me also add that as adviser to government on insurance matters, we will advise that the HOS also look into the issue of insurance of Federal Government Assets and property. Insurance of public buildings and buildings under construction are made compulsory under the insurance Act of 2003. It is therefore imperative that all government buildings which fall under public buildings are adequately insured to guard against loss of property and scarce financial resources in the event of any disaster.”

Nwuche’s appeal is entirely not different from the past campaign enunciated by the Commissioner for Insurance, Fola Daniel, to ensure the success of the policy, put in place to enhance the living standard of Nigerians and also to ensure adequate compensation in the event of any loss.

Apart from the benefits to be derived by individuals under the Compulsory Insurance cover, the commissioner is also not losing sight of the financial contributions it would add to the economy if the operators work hard to design products that would be attractive to the insurance public.

Financial projection Two years ago, the NAICOM boss had set a target of N1 trillion Gross Premium for the industry which currently has a GPI of less than N300 billion.

His confidence stemmed from the operators’ ability to comprehensively deploy the provisions of Compulsory

Daniel

MD, Mansard, Yetunde Ilori

Insurance programme.

The N1 trillion target, if achieved, is expected to enhance the sector’s current low contribution to the nation’s Gross Domestic Product that is dangling between 0.6 and 0.7 per cent.

Daniel believes even though the target is yet to be achieved, considerable progress has been made given the current statistics and the role the Market Development and Restructuring Initiative (MDRI) would play in the process.

According to him, there has been massive awareness about the Compulsory Insurances within and outside the industry. This is evident in the number of policies written by companies under this class of insurance between 2009 and 2012, which rose sharply from 72,180 to 152,181 a whopping increase of 111 per cent.

He said, “The Nigerian insurance sector has great potential for massive growth. You will agree with me that the population size of the country, if adequately harnessed, gives an added advantage to the insurance industry to further develop its market. This is what we intend to achieve with the various initiatives incepted by the Commission in recent times.

“I am encouraged that all of these and many other initiatives assure us of an evolving insurance model, a better insurance industry, a growing market and a brighter future. We will definitely appreciate the unflinching support and cooperation of all in this drive.”

As early as January 2013, Daniel had projected that the industry would hit the N1 trillion mark by 2017 from the current GPI written shortly after the wrap up of business in 2012.

According to him, the country planned to more than triple the value of its insurance market in the next four

MD, CHI, Eddie Efekoha

MD, AIICO, Edwin Igbiti

years He said then that the value of insurance contracts in the country should rise to about N1 trillion ($6.4 billion) in 2017, about three per cent of Gross Domestic Product (GDP), from N300 billion now, or less than one per cent of GDP. Expected penetration Penetration should increase to 22.50 per cent of the insurable population in four years from 10 per cent currently.

He said, “We have a target of one trillion naira which we believe we can achieve, and all the fundamentals that were used in packaging that are still realistic.”

The commissioner noted that Nigeria had a population of over 150 million people, with a larger percentage that were not in any way under an insurance cover.

If just about 45 million Nigerians could be covered, he said, it would make a significant impact on the industry’s operations.

According to him, the companies need to develop environmental friendly life policies that will encourage ordinary people, such as the artisans to buy life policies.

He said, “The biggest customer that the insurance company has is the gov-

Penetration should increase to 22.50 per cent of the insurable population in four years from 10 per cent currently

MD, GNI, Cecilia Osipitan

ernment. The government has shown leadership, they are taking insurance policies. It is the ordinary Nigerians that we need to showcase value change, so that when they see value, they need to buy it, government is very compliant.”

At the ports, he observed that most marine insurance certificates were fake because people just take any kind of paper to show to the Nigerian Customs Service as evidence that they had complied with the law.

He urged the insurance industry to have a meeting point with Nigerian ports, and fashion a way by which they could introduce a mechanism to block the leakages.

“If you imagine the amount of imports that are coming into Nigeria that should be insured and are not insured, if all of them are insured and this money is coming to the coffers of insurance companies, insurance will be richer than the banking industry,” Daniel said.

The commissioner also pointed out that a new and commendable trend was setting into the industry with the unprecedented participation by government in compulsory insurance.

Commission’s expectation In one instance, a group of underwriters have come together to enforce the Motor Vehicle Third Party Liability Insurance in Imo State in collaboration with the state government and the scheme is working very well. Another group of 19 underwriters are enforcing the Occupiers Liability Insurance in Enugu State in collaboration with the State Government. And the Commission is working to get more states to embrace these models.

Daniel said, “We also recognised the need to develop the retail insurance market which has remained grossly untapped considering the vast population of the country. And as part of the Commission’s strategy of Financial Inclusiveness, the Micro Insurance Scheme and the Takaful Insurance were launched late last year. Every effort is being made to ensure they make the desired impact in the industry. I am pleased to let you know that on April 23, 2014, the Commission formally launched the Delta State Micro Insurance Scheme at a colourful ceremony in Asaba, the State Capital. Efforts are being made to replicate this model in other states. The Commission has set up an industry steering committee for Micro Insurance under the chairmanship of Mr. O. S. Thomas, Director General (DG) of the Nigerian CONTINUED ON PAGE 37

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, September 8, 2014

MOBILE COVER Nigerians take quick advantage of insurance policies provided by mobile telecommunication providers Sunday Ojeme

T

he entry of mobile telecommunication provider into the insurance market has received another boost as one of the competitors, Airtel Nigeria, recently recorded overt 130,000 customers.

The development came barely two weeks after the GSM provider launched the scheme in conjunction with an insurance provider.

The Airtel insurance scheme, which has revolutionised the telecommunications and insurance sectors, offers Nigerians life and hospitalisation cover with many benefits based on monthly airtime recharge.

It is expected to hit 200, 000 customer milestone in three weeks after launch.

Airtel Insurance is a tripartite collaboration involving Airtel and two prominent insurance providers, MicroEnsure and Cornerstone Insurance plc. The product delivers affordable insurance services while encouraging insurance culture among Nigerians.

It is first of its kind in Nigeria and has been endorsed by the National Insurance Commission (NAICOM). It is open to all Nigerian residents between the ages of 18 and 65 years. To access the service, customers simply dial *259# from an Airtel mobile number.

Airtel Insurance rewards loyal Airtel customers with a free renewable monthly life and hospitalisation cover based on the amount of monthly airtime recharged. All hospitalisation cases are covered, be it from natural or accidental causes, and can be accessed in over 5000 hospitals in the NHIS database, making it the most widely accessible and free insurance cover in the country.

Customers qualify for these benefits by recharging their Airtel lines with N1, 000 or more monthly. The higher the value of recharge, the more insurance cover they enjoy – with up to N500,000 and N50,000 of life insurance and hospitalisation cover per month.

Chief Commercial Officer, Airtel Nigeria, Maurice Newa, emphasized that the Airtel

Telco insurance: Airtel records 130,000 customers Insurance plan was designed to make affordable insurance available to everyone in a simple and convenient manner.

He said, “The Airtel Insurance package is consistent with our commitment towards creating meaningful platforms that enrich the lives of Nigerians. It is in line with our brand promise of becoming the most loved brand in the daily lives of Nigerians.”

Five months ago, precisely in May, FBN Insurance Limited and Etisalat also introduced ‘Sure4Life”, an airtime-based insurance product designed to increase penetration and consumer access to affordable insurance products via the mobile phone.

Director, Business Segment at Etisalat Nigeria, Lucas Dada, who spoke at the launch, said the product would help drive availability and access to a good number of uninsured Nigerians.

In addition, it provided Etisalat customers with one month free life insurance cover between May and July, this year, he said.

Dada noted that the partnership would bring inexpensive and easy reach to insurance products to the benefit of Etisalat’s growing prepaid and post-paid customers.

According to him, “Sure4Life is an innovative product which takes away all the challenges that may be associated with taking an insurance policy and allows Etisalat subscribers access and maintain insurance coverage with ease. It is in line with our reputation as the most innovative telecommunications company to provide such lifechanging products to our customers.

“The plan is optional and open to all registered Etisalat subscribers that are between 18 and 80.”

Managing Director and Chief Executive Officer, Val Ojumah of the underwriting firm said the initiative would help correct the inaccurate perception that insurance is only for the rich and reduce the complexities and paperwork often associated with insurance.

The initiative also supports our aspiration to bring the benefits of insurance to Nigerians who otherwise would have remained uninsured.

At the last Africa Insurance Organisation (AIO) conference in Kigali, Rwanda, the Commissioner for Insurance expressed appreciation to the management of MTN for also deploying insurance to 100,000 persons monthly in Nigeria.

Daniel said so far the MTN

C O N T I N U E D F R O M PA G E 3 6

gerian Generally Accepted Accounting Principles (NGAAP); Market Conduct Reforms, Claims Settlement Reforms, Financial Inclusion, Combating financial crime etc, all geared towards developing the industry and improving the general perception about insurance.

“Commission commenced the implementation of section 50 (1) of the Insurance Act 2003 on January 1st 2013

growth in the industry.

According to him, deploying information technology (IT) and using the telephone as a means of selling insurance in Nigeria and Africa is the right thing that will move the industry forward to a better insurance business.

L-R: Ex-Officio member of the Lagos Area Committee, Nigerian Council of Registered Insurance Brokers, Mr Eniola Fajimite; Chairman of the Committee, Mr Patrick Ikponmwosa; General Secretary, Mrs Bukola Ifemade and Vice Chairman, Mr Ayo Akande, during the insurance market awareness campaign by the Area Committee to Sabo Market in Lagos.

HY: Prestige Assurance joins losers as profit declines by 41% L ike some of its counterparts that have reported half year losses in the past few weeks, Prestige Assurance Plc has released its unaudited financial statements for the same period with a profit slide by 41 per cent from N336,255 milliom in June 2013 to N198,407million within the same period in 2014.

In the same vein, Gross Premium Income (GPI) came down by 28.3 per cent to stand at N1,690,923 billion at the end of the half year in June 2014 as against N2,360,514 billion for the same period in 2013.

Prior to announcing its results

Re-enacting public interest to boost GPI Insurance Association (NIA).

“Suffice it to say that the Nigerian insurance industry has witnessed considerable metamorphosis in recent times owing to the new reforms embarked upon by the Commission. Some of these reforms include but not limited to the introduction of Risk Based Supervision, migration to International Financial Reporting Standard (IFRS) from the Ni-

has assisted in deepening insurance penetration across Nigeria, stressing that other service providers should emulate MTN. He said if they put in similar efforts the industry would be doing a minimum of 250,000-customer coverage leading to rapid

to put a stop to the vexed issue of delayed or non-payment of claims. The on-going implementation of this law has significantly improved the cash flow of insurance institutions in the country. It is expected that this positive turn of events would impact on the capacity of operators to settle claims promptly, thus removing a major sore point in the relationship of insurance consumers and service providers.”

at the Nigerian Stock Exchange, Aiico Insurance Plc also suffered a loss in profit by 22.60 per cent due to what the management attributed to rising operating costs.

For the first six months of the year, Aiico’s net income plummeted by 22.37 per cent to N1.13 billion from N1.46 billion the same period of the corresponding period (HY) 2013. Earnings per share (EPS) reduced to 16.43k in HY 2013 from 22.35k as of HY 2013.

The not too palatable performance with its underwriting profits also went down by 39.85 per cent to N1.93 billion from N3.21 billion in the preceding year.

Total underwriting expenses increased by 21.92 per cent to N9.73 billion in HY 2014, compared with N7.98 billion as of HY 2013, while management expenses surged by 35.98 per cent to N1.62 billion.

There were however growth at the top-line level as gross premium income moved by 9.83 per cent to N12.95 billion as against N11.79 billion last year, while net premium income jumped by 7.32 per cent to N10.28 billion.

The company’s share price closed at N0.81 – August 18, 2014, on the floor of the Nigerian

Stock Exchange, while market capitalisation was N7.21 billion.

On its part, Mansard Insurance Plc, unarguably the best performing underwriting firm in the country today by market value also had its half-year profit after tax depreciating by 56 per cent.

The firm noted that its PAT dropped from N1.842 billion recorded the previous year to N814 million at the end of halfyear (H1) 2014.

Profit Before Tax (PBT) was not left out as it depreciated to N993 million in the half-year of 2014 as against N2.061 billion achieved in the corresponding year of 2013, this representing a decrease of 52 per cent.

Nevertheless, the gross premium appreciated from N7.547billion in the second half of 2013 to N9.611 billion in same second half of 2014 this indicating an increase of 27 per cent.

At the level of reinsurance, one of the practicing reinsurers in the country, Continental Reinsurance Plc, recorded a 9.5 per cent drop in profit for the financial year ended December 31, 2013.

The company posted a profit after tax of N1.58 billion in 2013 compared with N1.73 billion in 2012.

38 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, September 8, 2014

FMDQ Daily Quotations List

5-Sep-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

NA

NA

Description 9.25 28-SEP-2014 4.00 23-APR-2015 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 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)

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

9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

100.00 535.00 530.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 281.35 75.00 150.00 200.00 591.57 70.00

TOTAL OUTSTANDING VALUE

4,591.19

TOTAL MARKET CAPITALISATION

4,677.21

Rating/Agency

Issuer

Description

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

0.06 0.63 1.95 2.64 2.89 2.99 3.73 4.81 5.13 7.40 9.52 14.23 14.71 15.21 15.88 19.87

10.76 11.00 11.31 11.29 11.31 11.31 11.34 11.36 11.47 11.92 11.97 12.39 12.41 12.44 12.15 12.17

8.44 10.73 11.22 11.23 11.25 11.25 11.23 11.29 11.38 11.87 11.92 12.35 12.37 12.39 12.10 12.13

99.88 95.83 102.95 108.45 96.46 95.14 98.07 116.80 83.01 121.50 112.45 117.23 100.46 73.33 85.00 99.80

100.03 95.98 103.10 108.60 96.61 95.29 98.37 117.10 83.31 121.80 112.75 117.53 100.76 73.63 85.30 100.10

Maturity Date

TTM (Yrs)

28-Sep-14 23-Apr-15 16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 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 (%)

Indicative Price

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

0.00 0.00 17.25 0.00/16.00 0.00/16.50 0.00/16.50

978.35 24.56 3.30 112.22 116.70 66.49

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 20-Apr-17 06-Jul-17

0.15 0.72 1.33 2.26 2.62 2.83

1.00 2.63 2.27 2.00 1.00 1.00

11.42 13.68 13.53 13.31 12.30 12.31

98.29 90.94 104.69 101.15 99.56 97.07

Agency Bonds AMCON FMBN

NA

***LCRM

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

1,301.62

TOTAL MARKET CAPITALISATION

1,281.66

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.11

3.29

13.87

99.93

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.99

4.44

15.66

97.21

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

6.08

30-Sep-15

0.59

3.23

14.20

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.11

4.46

15.70

98.70

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.11

3.48

14.72

101.29

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.62

5.59

16.89

85.83

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.66

1.00

12.29

102.45

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.32

1.79

13.11

102.28

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

37.25

30-Sep-18

2.29

1.80

13.11

101.87

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

4.08

1.00

12.35

105.14

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.49

1.00

12.30

104.80

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.49

4.78

16.08

96.10

A/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.87

1.00

12.31

105.08

A/Agusto; A-/GCR

*GOMBE

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

17.28

02-Oct-19

2.94

1.00

12.31

107.84

Aa-/Agusto; AA-/GCR

LAGOS

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.21

1.00

12.49

107.48

A/Agusto; A-/GCR

*OSUN

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

28.37

12-Dec-19

3.00

2.74

14.05

101.67

A/Agusto

*OSUN

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.62

1.00

12.33

106.71

Aa-/Agusto; AA-/GCR

LAGOS

13.50 LAGOS IV 27-NOV-2020

27-Nov-13

13.50

87.00

27-Nov-20

6.23

1.00

12.79

102.94

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

6.32

1.94

13.76

105.08

A/Agusto A-/GCR

*EKITI *NASARAWA

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

31-Dec-13

14.50

4.78

31-Dec-20

3.80

1.44

12.78

105.04

06-Jan-14

15.00

4.79

06-Jan-21

3.83

1.95

13.29

104.98

99.94

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

99.50

484.10 491.75

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb-/Agusto A-/Agusto

LAFARGE WAPCO

11.50 LAFARGE WAPCO 7-OCT 2014

07-Oct-11

11.50

11.80

07-Oct-14

0.09

1.00

11.67

GTB NGC

13.50 GUARANTY TRUST 18-DEC-2014

18-Dec-09

13.50

13.17

18-Dec-14

0.28

5.21

15.40

99.36

17.00 NGC 31-DEC-2014

01-Apr-10

17.00

2.00

31-Dec-14

0.32

8.71

19.02

99.22

µ

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

3.61

17-Aug-15

0.70

4.88

15.92

96.39

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

13.62

09-Dec-15

0.78

1.00

12.09

100.51

BB+/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.60

06-Jan-16

0.86

2.63

13.77

100.76

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

2.07

1.00

12.32

101.19

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

2.14

1.34

12.65

102.87

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

3.07

1.00

12.31

101.69

BBB-/GCR

*C & I LEASING *DANA#

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.73

30-Nov-17

1.88

1.88

13.19

109.12

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

7.20

09-Apr-18

1.84

3.48

14.79

102.22

BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR

#

*TOWER

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

3.27

09-Sep-18

2.01

5.20

16.52

102.63

AAA/DataPro†; A+/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.90

09-Sep-18

2.01

5.06

16.38

101.63

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

4.05

1.35

12.70

104.01

Bbb+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.70

18-Oct-18

2.12

2.29

13.60

104.20

BBB-/DataPro†; BB+/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

17.00

0.41

17-Feb-19

2.45

6.11

17.41

99.34

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

3.32

2.16

13.48

106.52

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

6.19

2.76

14.54

102.78

11-Feb-18

3.44

1.00

12.33

94.18

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

142.08

TOTAL MARKET CAPITALISATION

144.78

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE

12.00 11.30

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.64

4.50

111.51

112.37

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

3.91

3.70

104.29

105.05

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

4.98

4.86

109.90

110.75

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,628.53

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.25

3.25

111.13

111.13

B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.37

4.37

105.04

105.04 101.35

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.72

6.72

101.35

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.66

8.10

94.48

96.16

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.01

5.73

99.95

100.97

B/Fitch

AFREN PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

8.82

8.38

105.30

106.99

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.16

6.16

100.35

100.35

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

8.97

8.73

99.13

100.05

B-/Fitch; B/S&P

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.42

7.42

103.01

103.01

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

7.49

7.49

95.75

95.75

9.25/6M USD LIBOR+7.677 JUN 24, 2021

24-Jun-14

9.25

400.00

24-Jun-21

8.72

8.56

102.88

103.73

B-/Fitch; B/S&P

AFREN PLC III

B-/Fitch; B/S&P

ACCESS BANK PLC II

B-/Fitch; B/S&P

FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

8.00/2Y USD SWAP+6.488 JUL 23 2021

23-Jul-14

8.00

450.00

23-Jul-21

7.53

7.53

101.48

101.48

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

8.57

8.38

99.95

100.89

TOTAL OUTSTANDING VALUE

4,760.00

TOTAL MARKET CAPITALISATION

4,850.91

**Treasury Bills DTM 13 20 27 34 41 48 55

Money Market

FIXINGS Maturity 18-Sep-14 25-Sep-14 2-Oct-14 9-Oct-14 16-Oct-14 23-Oct-14 30-Oct-14

Bid Discount (%) 10.35 10.15 10.40 10.10 10.40 10.30 10.40

Offer Discount (%) 10.10 9.90 10.15 9.85 10.15 10.05 10.15

Bid Yield (%) 10.39 10.21 10.48 10.20 10.52 10.44 10.57

Tenor

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.8333 12.2239 12.8843 14.1394

Rate (%)

OBB

10.46

O/N

10.71

Tenor Call

REPO

Rate (%) 10.50

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M

162.30 162.48 162.74 163.37 164.49

162.40 162.72 163.05 163.95 165.74

TOTAL MARKET CAPITALISATION

1,281.66

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.11

3.29

13.87

99.93

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.99

4.44

15.66

97.21

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

6.08

30-Sep-15

0.59

3.23

14.20

99.50

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.11

4.46

15.70

98.70

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.11

3.48

14.72

101.29

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.62

5.59

16.89

85.83

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.66

1.00

12.29

102.45

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.32

1.79

13.11

102.28

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

37.25

30-Sep-18

2.29

1.80

13.11

101.87

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

4.08

1.00

12.35

105.14

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.49

1.00

12.30

104.80

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.49

4.78

16.08

96.10

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.87

1.00

12.31

105.08

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

17.28

02-Oct-19

2.94

1.00

12.31

107.84

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.21

1.00

12.49

107.48

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

28.37

12-Dec-19

3.00

2.74

14.05

101.67

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.62

1.00

12.33

106.71

A+/Agusto; A+/GCR Sanctity of Truth

Monday, 8, 2014 A-/Agusto; September A-/GCR NIGER A/Agusto; A-/GCR†

*EKITI

A-/Agusto

*NIGER

A/Agusto; A-/GCR

*ONDO

A/Agusto; A-/GCR

*GOMBE

FRAUD

SEC suspends Maven Asset Management

LAGOS Regulator strengthen its A/Agusto; A-/GCR *OSUN A/Agusto *OSUN monitoring capacity

Aa-/Agusto; AA-/GCR

Aa-/Agusto; AA-/GCR

LAGOS

A-/Agusto; BBB+/DataPro

KOGI

A/Agusto A-/GCR

*EKITI *NASARAWA

Stories by Chris Ugwu

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

T

he Securities and Exchange (SEC) has announced suspension A+/Agusto; AA/GCR the LAFARGE WAPCO of Maven Assets Aa/Agusto GTB Manageµ NGC Nil ment Limited, its directors and Bbb-/Agusto *UPDC from all sponsored individuals A-/Agusto *FLOURMILLS capital market activities.

BB+/GCR *CHELLARAMS SEC, in a notice obtained A+/Agusto; A-/GCR NAHCO from its official website, said A-/Agusto FSDH the suspension, which became A/GCR UBA effective since August 29, 2014, BBB-/GCR *C & I LEASING # was as a result of the operator’s BBB+/DataPro†; BB+/GCR *DANA # failure toBB-/GCR carry out *TOWER its investors A-/DataPro†; # AAA/DataPro†; A+/GCR *TOWER200,000 mandate to purchase A/Agusto;of A/GCR units NationalUBA Sport LotCommission Corporate Bonds

Bbb+/Agusto; BBB+/GCR

27-Nov-13 13.50 and Financial services Limited 15.00 and its31-Dec-13 sponsored individuals 31-Dec-13 14.50 have been suspended15.00 from all 06-Jan-14 capital market activities effective 20th May, 2014.

The apex regulator said the suspension of Shalom Securities was as a result of11.50 its refus07-Oct-11 18-Dec-09 al/failure to comply13.50 with the 01-Apr-10 17.00to purcommission’s directive 17-Aug-10 10.00 shares chase completely , client’s 09-Dec-10 12.00 paid for since 2008, resolve the 06-Jan-11 14.00 other complaints against it and 29-Sep-11 13.00 pay the25-Oct-13 penalty imposed by the 14.25 commission.

30-Sep-10 13.00 Director SEC, Ms. 30-Nov-12General, 18.00 Arunma Oteh, had 16.00 said that 09-Apr-11 the commission would do any09-Sep-11 18.00 16.00 thing 09-Sep-11 to compel operators in 22-Sep-11 to obey 14.00 the market the rules 18-Oct-13 15.75 guiding it. This, according to 17-Feb-12 17.00 her, informed the decision to 01-Apr-14 16.00 tighten the noose on market 14-Nov-13 15.25 infractions and other miscel-

IV 27-NOV-2020 tery13.50 PlcLAGOS during the company’s KOGI 31-DEC-2020 200815.00 public offer for which it 14.50 EKITI II 31-DEC-2020 collected N3.1 million.

15.00 NASARAWA 06-JAN-2021 The commission noted that the information was to warn intending investors from engaging the aforementioned operator in any capital market 11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 transaction pending when the 17.00 NGC 31-DEC-2014is lifted. firm’s suspension 10.00commission UPDC 17-AUG-2015 had recentThe 12.00 FLOURMILLS 9-DEC-2015 ly suspended Shalom Invest14.00 CHELLARAMS 06-JAN-2016 ment and Financial services 13.00 NAHCO 29-SEP-2016 Limited and its sponsored indi14.25 FSDH 25-OCT-2016 viduals from all capital market 13.00 UBA 30-SEP-2017 activities.

18.00 C&I LEASING 30-NOV-2017 AMPR+7.00 statement obtained by New DANA 9-APR-2018 Telegraph from9-SEP-2018 SEC’s official MPR+7.00 TOWER MPR+5.25 TOWER 9-SEP-2018 website warned the general 14.00that UBA IIShalom 22-SEP-2018 Investment public 15.75 LA CASERA 18-OCT-2018

BBB-/DataPro†; BB+/GCR

*LA CASERA *CHELLARAMS#

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

MPR+5.00 CHELLARAMS II 17-FEB-2019

Akintola Williams tasks NSE on integrity TOTAL OUTSTANDING VALUE

TOTAL MARKET CAPITALISATION

Supranational Bond

M

AAA/S&P

BUSINESS |FINANCIAL MARKET NEWS 39

IFC

r. Akintola Williams, one of the founding fathers TOTAL MARKET CAPITALISATION of the Nigerian Stock Exchange (NSE) has urged the Rating/Agency Issuer management of the bourse to sustain the high degree of inFGN Eurobonds tegrity it was known for.

BB-/Fitch; B+/S&P Addressing investment community BB-/Fitch; on the floor of the NSE FGN BB-/S&P at the closing of gong ceremoBB-/Fitch; ny to honour him at 95 years, BB-/S&P Williams said he would remain TOTAL OUTSTANDING VALUE eternally proud for being one CAPITALISATION ofTOTAL the MARKET seven founding fathers of the Lagos Stock Exchange Corporate Eurobonds (LSE) late in 1960, which was B/Fitch; B-/S&P AFREN PLCNigeI subsequently renamed B+/Fitch; B+/S&P Exchange.

GTBANK PLC I rian Stock B+/S&P ACCESS BANK PLC “ I was a Council member B/Fitch; FIDELITY BANK PLC for 13B/S&P years and was pleased B+/Fitch; B+/S&P PLCfive to have worked GTBANK under B/Fitch AFREN PLC II of Presidents of Council, two B+/Fitch; BB-/S&P ZENITH BANK PLC whom were expatriates whilst B/Fitch; B/S&P DIAMOND BANK PLC the rest were Nigerians.

B-/Fitch; B/S&P BANK PLC “I am happy toFIRST report that B-/Fitch; B/S&P AFREN PLC III during this period of 13 years B-/Fitch; B/S&P BANK PLC II and subsequentlyACCESS thereafter, TOTAL OUTSTANDING VALUE

B-/Fitch; B/S&P

FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

10.20 IFC 11-FEB-2018

frauds and manipulations of prices were unknown and I note with considerable pleasure that this high degree Description of integrity is still going on.

I plead that it should still be maintained and not relaxed,” 6.75 JAN 28, 2021 he said.

Williams noted that much 5.13 JUL 12, 2018 debate had been going on the need for stockbroking 6.38 JUL 12, 2023to become professionals, as this will supplement the very high standard of professional ethics on which it already insists.

“I must congratulate the 11.50 FEB 01, 2016 Nigerian Stock Exchange for 7.50 MAY 2016counhaving established in19,the JULExchanges 25, 2017 try as many as7.2511 MAY 09, 2018 equipped with6.88 trading floors, 6.00 NOV 08, 2018 staff. libraries and enlightened 10.25your APR 08,call-over 2019 I also notice that APR 22, 2019 is now being 6.25 superseded by 8.75 May 21, 2019 the introduction of computerAUG 07, 2020 based system 8.25 – here again I 6.63 DEC 09, 2020 rejoice with the Exchange on 9.25/6M USD LIBOR+7.677 JUN 24, 2021 this achievement,” he said.

8.00/2Y USD SWAP+6.488 JUL 23 2021

144.78

Dangote Cement invests $5bn on expansion

I

23-Jul-14

8.00

450.00

23-Jul-21

7.53

14-Aug-14

8.75

250.00

14-Aug-21

8.57

1.00

12.33

94.18

Offer Yield (%)

Bid Price Offer Price different grades of cement.

The company posted a 5.3 Prices & Yields per cent increase in revenue 111.51 112.37 to4.50 N208.9billion, while gross profit stood at N133.5billion, 104.29 105.05 up3.70 1.1 per cent when compared with the same period of 2013.

4.86 109.90 110.75 Net debt after dividend payment stood at N119billion, while profit before tax dropped 0.6 per cent to N107billion, from N107.7billion recorded 111.13 111.13 in3.25 the corresponding period 105.04 105.04 of 4.37 2013.

6.72 101.35 Dangote,101.35 with this move, 8.10 produces 94.4842.5 for 96.16 now column 5.73 99.95 making, 100.97 casting, block deck8.38 and other 105.30 general 106.99 puring 6.16 construction 100.35 100.35 that pose work 8.73 99.13 100.05 require high strength, while 7.42 103.01 103.01 also producing the premium 7.49 95.75 95.75 32.5 grade for plastering and 8.56 102.88 103.73 flooring only .

7.53

101.48

101.48

8.38

99.95

100.89

4,760.00

FMDQ Daily Quotations List

TOTAL MARKET CAPITALISATION

1.00 12.79 102.94 susoperators, including their 1.94 13.76 105.08 pension from participating in 1.44 12.78 105.04 capital market activities, will 1.95 13.29 104.98 deter other operators from breaching rules,” she said.

Otteh noted that the commission would also continue to1.00 strengthen all the processes 11.67 99.94 5.21 15.40 99.36 enrelated to investigation, 8.71 19.02 99.22 and forcement, prosecution 4.88 publicity of15.92 outcomes96.39 in line 1.00 12.09 100.51 with international standards.

2.63 13.77 100.76 “We will also revitalise our 1.00 12.32 101.19 enforcement programmes to 1.34 12.65 102.87 ensure a focus on the cases that 1.00 12.31 101.69 are of prime13.19 importance to the 1.88 109.12 investors, that 3.48 14.79 we pursue 102.22 our programme speedily 102.63 without 5.20 16.52 5.06 16.38on fairness 101.63 and compromising 1.35we impress 12.70 on violators 104.01 that of 2.29 13.60 capital104.20 the rules of the markets 6.11 17.41 99.34 that there are high costs asso2.16 13.48 ciated with flouting the106.52 regula2.76 14.54 102.78 tions,” she said.

142.08

n an effort to actualise its expansion strategies,10.20 Dangote 11-Feb-13 12.00 11-Feb-18 3.44 Cement Plc has disclosed that 12.00 it is investing over $5billion for expansion across the African 11.30 continent.

Outstanding Value Issue Date Coupon (%) Date Bid Yield (%) ($mm) Addressing investment to further Maturity comply with the community at the company’s ongoing Standards OrganisaFacts behind the figure on tion of Nigeria (SON) directive 07-Oct-11 6.75 500.00 regulation 28-Jan-21 4.64 the Nigerian Stock Exchange and on the various (NSE), Managing Director, classes of cement and their 12-Jul-13 5.13 500.00 12-Jul-18 3.91 Mr. Edwin Devakumar said prescribed uses, the company plans to launch its brand the investment decision was 12-Jul-13 6.38 500.00 12-Jul-23 4.98 to enable company beef up in- of the premium 32.5 cement 1,500.00 tegrated production capacity grade, selling for N200 lower 1,628.53 across 13 countries. per bag than the price of the He said the company has re- higher strength 42.5 grade. viewed the price of cement in He said the 32.5 cement 01-Feb-11 downwards 11.50 with 450.00 the country grade from 01-Feb-16 the stable of3.25the 500.00 19-May-16 4.37 about19-May-11 N100 slashed7.50off the company was also to ensure 25-Jul-12 7.2550-kilo350.00 25-Jul-17 6.72 original price of each consumers pay the right price 09-May-13 6.88 300.00the right02-May-18 gramme bag of cement. for value so that8.66 con08-Nov-13 to him, 6.00 400.00 08-Nov-18 6.01 would not be paying According distribu- sumers 08-Apr-12 cement 10.25 300.00 for lower 08-Apr-19 tors lifting from the more grade as is 8.82 pres22-Apr-14 6.25 plants 500.00 the case.

22-Apr-19 6.16 various Dangote cement ently 21-May-19 across21-May-14 the country, 8.75 will pay 200.00 Devakumar noted that8.97the 07-Aug-13 8.25 300.00 07-Aug-20 7.42 N100 less per 50 kilogramme move is to develop an array of 09-Dec-13 6.63 360.00 09-Dec-20 7.49 bag of cement. cement types to meet the var24-Jun-14 9.25 400.00 8.72 needs of 24-Jun-21 consumers for the Devakumar also stated that ied

8.75 AUG 14, 2021

TOTAL OUTSTANDING VALUE

87.00 27-Nov-20 6.23 laneous capital market crimes.

5.00 31-Dec-20 “We must implement6.32the 4.78 31-Dec-20 3.80 SEC zero tolerance policy3.83 in a 4.79 06-Jan-21 decisive and far-reaching man484.10 ner. I am therefore determined 491.75 to eliminate sharp practices, deter malpractice and change behaviours by ensuring 0.09 that 11.80 07-Oct-14 13.17 the institutional 18-Dec-14 both and0.28 per2.00 0.32 sonal costs of31-Dec-14 any wrongdoing 3.61 extremely 17-Aug-15 0.70 are high.

13.62 0.78 “We will 09-Dec-15 ensure high stan0.60 06-Jan-16 0.86 dards in regulatory oversight 15.00 29-Sep-16 2.07 and enforcement and 2.14 will 5.53 25-Oct-16 name and shame where 3.07 nec20.00 30-Sep-17 essary . We are continuing 0.73 30-Nov-17 1.88 to strengthen inspection 1.84 and 7.20 09-Apr-18 investigation and any opera3.27 09-Sep-18 2.01 0.90 found erring 09-Sep-18 will be2.01 tor sus35.00 22-Sep-18 4.05 or pended, issued a warning, 2.70 18-Oct-18 2.12 fined depending on the gravity 0.41 2.45 and nature of17-Feb-19 the violation.

We 4.50 01-Apr-19 3.32 hope that the various enforce2.05 14-Nov-20 6.19 ment actions against erring

5-Sep-14

4,850.91

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to Money Market FIXINGS Foreign Exchange (Spot & Forwards) the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

**Treasury Bills

DTM Maturity Bid Discount (%) 13 18-Sep-14 10.35 20 25-Sep-14 10.15 FGN Bonds 27 2-Oct-14 10.40 34 9-Oct-14 10.10 41 16-Oct-14 10.40 Rating/Agency Issuer Description 48 23-Oct-14 10.30 55 30-Oct-14 10.40 9.25 28-SEP-2014 62 6-Nov-14 10.20 4.00 23-APR-2015 69 13-Nov-14 10.70 13.05 16-AUG-2016 76 20-Nov-14 10.10 15.10 27-APR-2017 83 27-Nov-14 10.80 9.85 27-JUL-2017 90 4-Dec-14 9.70 9.35 31-AUG-2017 97 11-Dec-14 10.80 10.70 30-MAY-2018 111 25-Dec-14 10.55 16.00 29-JUN-2019 118 1-Jan-15 10.90 NA NA 125 8-Jan-15 10.75 7.00 23-OCT-2019 132 15-Jan-15 10.80 16.39 27-JAN-2022 139 22-Jan-15 10.25 14.20 14-MAR-2024 153 5-Feb-15 10.60 15.00 28-NOV-2028 167 19-Feb-15 10.30 12.49 22-MAY-2029 181 5-Mar-15 10.35 8.50 20-NOV-2029 216 9-Apr-15 10.20 10.00 23-JUL-2030 230 23-Apr-15 10.30 12.1493 18-JUL-2034 244 7-May-15 10.15 335 6-Aug-15 10.40 TOTAL OUTSTANDING VALUE 363 3-Sep-15 10.35 TOTAL MARKETbonds, CAPITALISATION *from the Amortising the average life is calculated and not the duration

Offer Discount (%) 10.10 9.90 10.15 9.85 10.15 Date Issue 10.05 10.15 28-Sep-07 9.95 23-Apr-10 10.45 16-Aug-13 9.85 27-Apr-12 10.55 27-Jul-07 9.45 31-Aug-07 10.55 30-May-08 10.30 29-Jun-12 10.65 10.50 23-Oct-09 10.55 27-Jan-12 10.00 14-Mar-14 10.35 28-Nov-08 10.05 22-May-09 10.10 20-Nov-09 9.95 23-Jul-10 10.05 18-Jul-14 9.90 10.15 10.10

Bid Yield (%) 10.39 10.21 10.48 10.20 10.52 (%) Coupon 10.44 10.57 9.25 10.38 4.00 10.92 13.05 10.32 15.10 11.07 9.85 9.94 9.35 11.12 10.70 10.90 16.00 11.30 11.16 7.00 11.24 16.39 10.67 14.20 11.09 15.00 10.81 12.49 10.91 8.50 10.86 10.00 11.01 12.1493 10.89 11.50 11.54

NIBOR

Bonds

Tenor O/N 1M Outstanding Value 3M (N'bn) 6M

Rate (%) 10.8333 12.2239 12.8843 Date Maturity 14.1394

100.00 28-Sep-14 535.00 23-Apr-15 530.27 NITTY 16-Aug-16 452.80 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 10.3488 100.00 31-Aug-17 2M 10.4377 300.00 30-May-18 3M 10.8105 351.30 29-Jun-19 6M 10.9100 9M 11.0586 233.90 23-Oct-19 12M 11.5567 600.00 27-Jan-22 281.35 14-Mar-24 75.00 28-Nov-28 150.00 NIFEX 22-May-29 200.00 20-Nov-29 Current Price ($/N) 591.57 23-Jul-30 BID($/N) 162.1850 70.00 18-Jul-34

OFFER ($/N)

4,591.19

162.2850

Tenor

Rate (%)

OBB

10.46

O/N

10.71

REPO TTM (Yrs) Tenor Call 0.06 1M 0.63 3M 1.95 6M

Bid Yield (%) Rate (%) 10.50 10.76 11.91 11.00 12.45 11.31 13.61

Rating/Agency

Issuer

Description

Issue Date

Spot 7D Offer 14D Yield 1M(%) 2M 8.44 3M 10.73 6M 11.22 1Y

2.64 11.29 11.23 2.89 11.31 11.25 2.99 11.31 11.25 3.73 11.34 11.23 :Benchmarks 4.81 11.36 11.29 * :Amortising Bond µ :Convertible 5.13Bond 11.47 11.38 AMCON: Asset of Nigeria 7.40Management Corporation 11.92 11.87 FGN: Federal Government of Nigeria 9.52 11.97 11.92 FMBN: Federal Mortgage Bank of Nigeria 14.23 12.39 12.35 IFC: International 14.71 Finance Corporation 12.41 12.37 LCRM: Local Contractors Receivables Management 15.21 12.44 12.39 NAHCO: Nigerian Aviation Handling Company 15.88 12.15 12.10 O/N: Overnight 19.87 12.17 12.13 NOTE:

UPDC: UAC Property Development Company WAPCO:West Africa Portland Cement Company

Bid ($/N)

Offer ($/N)

Price 162.40 162.30 162.48 162.72 162.74 163.05Price Bid Price Offer 163.37 163.95 164.49 165.74 99.88 100.03 165.62 167.41 95.83 95.98 169.28 172.63 102.95 103.10 176.68 184.97

108.45 108.60 96.46 96.61 95.14 95.29 98.07 98.37 NA :Not Applicable 116.80 117.10 # :Floating Rate Bond ***: Deferred 83.01coupon bonds83.31 121.50 121.80 †: Bond 112.45 rating expired 112.75 117.23 117.53 100.46 100.76 73.33 73.63 NGC: Nigeria-German Company 85.00 85.30 UBA: United Bank for Africa 99.80 100.10

4,677.21

#

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

Tenor

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

Agency Bonds AMCON NA

FMBN Modified Duration Buckets

***LCRM

<3

28-Dec-11 FMDQ FGN0.00 BOND 24-May-10 0.00 03-Apr-12 17.25 Weighting by Weighting

by Mkt 09-Dec-11 0.00/16.00 Outstanding Vol Value 20-Apr-12 0.00/16.50 06-Jul-12 0.00/16.50

1,036.97

983.07

3<5

1,139.32

951.30

819.21

872.92

31.09

Market

2,995.51

2,807.29

100.00

TOTAL OUTSTANDING VALUE

TOTAL MARKET CAPITALISATION>5 Sub-National Bonds

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016Total Outstanding Porfolio Market Value(Bn) 0.00/16.50 LCRM II 20-APR-2017 Volume(Bn) 0.00/16.50 LCRM III 06-JUL-2017

35.02

34.62

33.89

38.03

INDEX 978.35

24.56 3.30 112.22 Bucket Weighting 116.70 66.49

0.35

31-Oct-14 24-May-15 03-Apr-17 % Exposure_ 09-Dec-16 Mod_Duration 20-Apr-17 06-Jul-17

16.28

0.15 0.72 1.33 Implied2.26 Yield 2.62 2.83

11.30

1.00 2.63 2.27 Implied 2.00 Portfolio Price 1.00 1.00

119.1425

11.42 13.68 13.53 13.31 INDEX 12.30 12.31

1,131.61

98.29 90.94 104.69 YTD Return 101.15 (%) 99.56 97.07

13.1611

1,301.62 0.34

27.35

1,281.66 0.31

34.48 49.24

12.09

103.8126

1,211.06

21.1057

100.00

1.00

100.00

11.85

119.9600

1,139.49

13.9492

11.76

135.6217

1,148.39

14.8393

A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.11

3.29

13.87

99.93

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.99

4.44

15.66

97.21

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

6.08

30-Sep-15

0.59

3.23

14.20

99.50

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.11

4.46

15.70

98.70

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.11

3.48

14.72

101.29

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.62

5.59

16.89

85.83

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.66

1.00

12.29

102.45

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.32

1.79

13.11

102.28

Daily Summary as of 05/09/2014

Printed 05/09/2014 15:10:46.046

40 business | CAPITAL MARKET

Daily Summary as of 05/09/2014 Printed 05/09/2014 15:10:46.046

Daily Summary (Bonds)

Sanctity of Truth

Monday, September 8, 2014

No Debt Trading Activity

The Nigerian Stock Market Exchange as at September 5, 2014 Daily Summary (Equities)

Daily Summary (Equities)

Activity Summary on Board EQTY

Activity Summary on Board EQTY

AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals

Symbol FTNCOCOA OKOMUOIL PRESCO

Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol LIVESTOCK

No. of Deals 87 11 12 110 No. of Deals 14 14

AGRICULTURE Totals

Current Price 0.52 34.50 36.00 Current Price 3.20

124

CONGLOMERATES Diversified Industries Daily Summary as of 05/09/2014 A.G. 15:10:46.046 LEVENTIS NIGERIA PLC. Printed 05/09/2014 JOHN HOLT PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

Symbol AGLEVENT JOHNHOLT TRANSCORP UACN

Daily Summary

No. of Deals 3 2 331 47 383 (Equities)

CONGLOMERATES Totals

Current Price 1.40 1.08 6.40 58.59

383

Activity Summary on Board EQTY

Quantity Traded 56,764,028 169,252 148,827 57,082,107 Quantity Traded 316,300 316,300

Value Traded 1,011,888.00 1,011,888.00

57,398,407

41,495,149.85

Quantity Traded 77,420 252,569 13,180,485 1,608,206 15,118,680

Value Traded 108,388.00 272,774.52 83,873,663.06 92,398,374.56 176,653,200.14

15,118,680

176,653,200.14

Page

Published

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

Symbol COSTAIN

No. of Deals 11 11

Current Price 1.11

Quantity Traded 592,566 592,566

1

Current Price 65.00

Quantity Traded 19,792 19,792

Value Traded 1,240,487.92 1,240,487.92

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

Symbol UAC-PROP

No. of Deals 20 20

Current Price 15.34

Quantity Traded 174,859 174,859

Value Traded 2,682,070.46 2,682,070.46

787,217

4,580,306.64

Quantity Traded 36,000 250,000 279,800 294,958 1,509,077 57,588 2,427,423

Value Traded 274,005.50 185,000.00 50,407,949.14 8,389,199.32 265,392,722.23 182,163.91 324,831,040.10

Quantity Traded 8,364

Value Traded 1,176,814.80

41

CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GOLDEN GUINEA BREW. PLC. GUINNESS NIG PLC Daily Summary as of 05/09/2014 INTERNATIONAL BREWERIES PLC. Printed 05/09/2014 15:10:46.046 NIGERIAN BREW. PLC. PREMIER BREWERIES PLC Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC.

Symbol CHAMPION GOLDBREW GUINNESS INTBREW NB PREMBREW

No. of Deals 5 1 60 16 103 4 189

Current Price 7.91 0.74 181.00 28.50 176.08 3.17

Daily Summary (Equities) Symbol No. of Deals Current Price 7UP

Computers and Peripherals OMATEK VENTURES PLC Computers and Peripherals Totals Services as of 05/09/2014 DailyITSummary (NIGERIA) PLC. PrintedNCR 05/09/2014 15:10:46.046 IT Services Totals

Processing Systems CHAMS PLC Processing Systems Totals

13

No. of Deals 10 10

BERGER PAINTS PLC Activity Summary on Board EQTY CAP PLC INDUSTRIAL GOODS Building Materials CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. FIRST ALUMINIUM NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals

No. of Deals 14

Current Price

Quantity Traded 8,364

Value Traded 1,176,814.80

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. U T C NIG. PLC. Food Products Totals

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UTC

No. of Deals 110 106 39 54 41 8 1 359

Current Price 6.97 8.15 64.76 4.15 9.69 22.05 0.50

Quantity Traded 1,023,651 4,182,636 190,450 1,160,704 560,890 350,832 258,833 7,727,996

Value Traded 6,574,332.46 34,077,894.40 12,332,239.76 4,798,292.83 5,364,658.36 7,487,348.40 129,416.50 70,764,182.71

Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

Symbol CADBURY NESTLE

No. of Deals 75 105 180

Current Price 55.08 1,019.00

Quantity Traded 210,760 204,546 415,306

Value Traded 11,209,438.16 207,230,757.73 218,440,195.89

Symbol VITAFOAM VONO

No. of Deals 18 6 24

Current Price 4.30 0.87

Quantity Traded 336,235 180,342 516,577

Value Traded 1,410,628.35 156,897.54 1,567,525.89

No. of Deals 23 23

Current Price 35.95 48.00

Quantity Traded 61,426 220,100

Value Traded 2,110,120.90 10,507,868.37

No. of Deals 46

Current Price

Quantity Traded 281,526

Value Traded 12,617,989.27

11,377,192

629,397,748.66

Quantity Traded 21,608,271 793,722 2,744,533 12,594,399 12,067,203 17,644,589 21,292,273 3,194,182 795,824

Value Traded 201,501,670.63 4,871,658.26 48,754,481.21 24,617,240.10 357,037,534.56 48,271,151.63 46,251,844.54 23,083,754.77 6,784,751.52

Page

Household Durables Daily Summary as of 05/09/2014 VITAFOAM NIG PLC. Printed 05/09/2014 15:10:46.046 VONO PRODUCTS PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.

Symbol

Daily PZ Summary (Equities) UNILEVER

Activity Summary on Board EQTY

Page

Published by The Nigerian Stock Exchange © CONSUMER GOODS Personal/Household Products Personal/Household Products Totals

Symbol

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. Daily Summary as of 05/09/2014 DIAMOND BANK PLC Printed 05/09/2014 15:10:46.046 ECOBANK TRANSNATIONAL INCORPORATED 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

FINANCIAL SERVICES Banking UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services

AIICO PLC. Exchange © Published

by INSURANCE The Nigerian Stock

CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. Daily N.E.M Summary as of 05/09/2014 INSURANCE CO (NIG) PLC. Printed 05/09/2014 15:10:46.046 NIGER INSURANCE CO. PLC. STANDARD TRUST ASSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Activity Summary on Board EQTY FINANCIAL SERVICES

812

Daily

Symbol No. of Deals ACCESS 122 DIAMONDBNK 35 ETI 80 FIDELITYBK 60 GUARANTY 245 SKYEBANK 91 STERLNBANK 348 Summary (Equities) UBA 143 UBN 70

Symbol UNITYBNK WEMABANK ZENITHBANK

No. of Deals 4 31 221 1,450

Symbol No. of Deals AIICO 23 CONTINSURE 2 CORNERST 13 EQUITYASUR 1 GUINEAINS 2 INTENEGINS 1 LASACO 1 LAWUNION 10 LINKASSURE 3 MANSARD 5 MBENEFIT 27 NEM 30 NIGERINS 1 STACO 2 STDINSURE 2 Daily Summary (Equities) 39 WAPIC 162

Current Price 9.33 6.15 17.86 1.96 29.82 2.78 2.24 7.27 8.56

Current Price 0.50 0.91 24.25 Current Price 0.80 0.97 0.51 0.50 0.50 0.50 0.50 0.50 0.50 2.50 0.53 0.80 0.50 0.50 0.50 0.73

Quantity Traded 1,393,469 1,525,967 18,532,272 114,186,704

2

3

of

13

of

No. of Deals 1 1

Current Price 0.99

Page Quantity Traded 100 100

5Value Traded of 13

Mortgage Carriers, Brokers and Services UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Symbol UNHOMES

No. of Deals 2 2

Current Price 0.50

Quantity Traded 500 500

Value Traded 250.00 250.00

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

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 39 20 334 68 8 35 56 560

Current Price 3.26 3.95 15.00 4.26 0.57 30.40 2.17

Quantity Traded 997,855 1,308,705 6,319,494 2,916,105 305,874 195,966 51,314,800 63,358,799

Value Traded 3,304,580.62 5,168,786.71 93,799,869.05 12,367,233.36 176,148.18 5,884,231.00 111,041,876.37 231,742,725.29

201,023,596

1,461,560,223.31

Quantity Traded 173,751 651,371 2,710 211,750

Value Traded 321,381.63 2,397,114.59 171,008.80 321,102.55

NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. Published by The Nigerian Stock Exchange ©

2,175 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER

No. of Deals 11 32 7 15

Current Price 1.95 3.69 65.99 1.53

Page

102.00 102.00

6

of

Quantity Traded 10,000 10,000

Value Traded 5,700.00 5,700.00

Symbol OMATEK

No. of Deals 1 1

Current Price 0.50

Quantity Traded 100 100

Value Traded 50.00 50.00

Symbol NCR

No. of Deals 1 1

Current Price 13.50

Quantity Traded 1,000 1,000

Value Traded 13,550.00 13,550.00

No. of Deals 5

Current Price 0.50

Quantity Traded 1,281,030 1,281,030

Value Traded 640,515.00 640,515.00

1,292,130

659,815.00

Symbol CHAMS

Daily Summary (Equities) 5 8

Symbol

Daily Summary (Equities) ASHAKACEM BERGER CAP

No. of Deals 56 4 13

Current Price Quantity Traded 7 361,640 of 32.50Page 8.60 3,204 39.05 24,893 Value Traded 2,261,167.29 26,758,842.85 110.00 2,000.00 48,663,619.22 90,450,147.33

Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

Symbol CUTIX

No. of Deals 4 4

Current Price 1.82

Quantity Traded 34,126 34,126

Value Traded 62,048.80 62,048.80

Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals

Symbol BETAGLAS

No. of Deals 1 1

Current Price 18.85

Quantity Traded 5,000 5,000

Value Traded 90,000.00 90,000.00

1,136,079

90,602,196.13

Daily Summary as of 05/09/2014 OIL AND GAS Printed 05/09/2014 15:10:46.046 Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

172 Symbol JAPAULOIL

SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Daily Summary as of 05/09/2014 Automobile/Auto Part Retailers Totals Printed 05/09/2014 15:10:46.046 Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals

Current Price 0.50

Quantity Traded 5,526,621 5,526,621

Value Traded 2,773,945.76 2,773,945.76

Symbol OANDO

No. of Deals 229 229

Current Price 25.85

Quantity Traded 4,448,380 4,448,380

Value Traded 113,480,154.33 Page 113,480,154.33

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 34 42 47 12 6 6 147

Current Price 61.00 3.90 219.00 174.00 55.96 172.06

Page Quantity Traded 124,700 453,354 113,225 39,041 5,000 864,135 1,599,455

9Value Traded of 13 6,945,924.14 1,769,894.55 24,805,393.28 6,801,285.45 265,850.00 148,684,792.35 189,273,139.77

Symbol SEPLAT

No. of Deals 3 3

Current Price 679.98

Quantity Traded 1,315 1,315

Value Traded 892,973.00 892,973.00

11,575,771

306,420,212.86

Daily Summary (Equities)

444 Symbol RTBRISCOE

No. of Deals 20 20

Current Price 1.00

Quantity Traded 794,125 794,125

Value Traded 766,526.21 766,526.21

Symbol REDSTAREX

No. of Deals 1 1

Current Price 4.79

Quantity Traded 1,000 1,000

Value Traded 4,560.00 4,560.00

Symbol CILEASING

No. of Deals 17

Current Price 0.50

Quantity Traded 2,742

Value Traded 1,371.00

Symbol

No. of Deals 17

Current Price

Page Quantity Traded 2,742

Hospitality TANTALIZERS PLC Hospitality Totals

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 2,000 2,000

Value Traded 1,000.00 1,000.00

Hotels/Lodging IKEJA HOTEL PLC TOURIST COMPANY OF NIGERIA PLC. Hotels/Lodging Totals

Symbol IKEJAHOTEL TOURIST

No. of Deals 26 1 27

Current Price 1.00 3.88

Quantity Traded 766,206 100 766,306

Value Traded 763,729.03 369.00 764,098.03

Printing/Publishing ACADEMY PRESS PLC. LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol ACADEMY LEARNAFRCA UPL

No. of Deals 3 14 15 32

Current Price 1.55 1.58 4.15

Quantity Traded 9,015 260,429 486,311 755,755

Value Traded 13,342.20 392,245.63 1,880,889.02 2,286,476.85

Symbol ABCTRANS

No. of Deals 10 10

Current Price 0.69

Quantity Traded 1,247,666 1,247,666

Value Traded 865,447.99 865,447.99

Symbol

No. of Deals 2 37 39

Current Price 2.00 5.00

Quantity Traded 10,000 1,792,308 1,802,308

Value Traded 20,065.00 8,962,184.09 8,982,249.09

No. of Deals 17 17

Current Price 5.00

Employment Solutions C & I LEASING PLC.

Activity Summary on Board EQTY SERVICES Published

by The Nigerian Stock Exchange © Employment Solutions Employment Solutions Totals

Daily Summary of 05/09/2014 Roadas Transportation Printed 05/09/2014 15:10:46.046 ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Totals Activity Summary onServices Board EQTY SERVICES Published by The Nigerian Stock Exchange © Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

Daily Summary (Equities)

Daily Summary (Equities) AIRSERVICE NAHCO

Symbol CAVERTON

SERVICES Totals

EQTY Board Totals

13

No. of Deals 65 65

OIL AND GAS Totals

Symbol NPFMCRFBK

Micro-Finance Banks © Published by The Nigerian Stock Exchange

Current Price 0.55

Quantity Traded 159,767 119,099 100 4,000 424,250 1,096,953

Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

Value Traded 46,196,021.81 of 13 194,029.70 529,308.50 25.00 1,020.00 44,350.00 20.00 2,333,158.50 775.00 562,436.00 1,513,692.56 3,225,699.09 5,000.00 1,750.00 275.00 1,903,103.58 16,510,664.74

3,602,549.17

Current Price 14.40 225.00 1.15 0.50 117.00

OIL AND GAS Published byPetroleum The Nigerian Exchange © andStock Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Quantity Traded 7,743,371Page 200,030 1,038,317 50 2,040 88,700 40 4,666,317 1,550 224,350 2,855,552 4,052,830 10,000 3,500 550 2,590,296 23,477,493

1,408,278

No. of Deals 21 36 1 1 35 167

Integrated Oil and Gas Services

Value Traded 696,734.50 1,398,546.30 450,037,113.26 1,213,306,481.28

Value Traded 391,941.60 3,602,549.17

Symbol CCNN DANGCEM DNMEYER FIRSTALUM WAPCO

OANDO PLC Published

by The Nigerian Stock Exchange © Activity Summary onGas Board EQTYTotals Integrated Oil and Services

13

Quantity Traded 368,696 1,408,278

No. of Deals 1 1

INDUSTRIAL GOODS Totals

Symbol

Current Price 1.05

Symbol COURTVILLE

on Board EQTY

INDUSTRIAL GOODS Building Materials

134.00

Published

by The Nigerian Stock Exchange © CONSUMER GOODS Beverages--Non-Alcoholic Beverages--Non-Alcoholic Totals

Daily Summary as of 05/09/2014 ICT Totals Printed 05/09/2014 15:10:46.046 Activity Summary

ASHAKA PLC © Published by The Nigerian StockCEM Exchange

14

Activity Summary on Board EQTY

No. of Deals 15 80 80

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

of

Symbol JBERGER

Symbol NEIMETH

HEALTHCARE Totals

Value Traded 657,748.26 657,748.26

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

CONSTRUCTION/REAL ESTATE Totals

HEALTHCARE Pharmaceuticals NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals

Value Traded 29,294,831.27 5,827,188.58 5,361,242.00 40,483,261.85

Daily Summary (Equities)

Page Quantity Traded 92,031 92,031

10 of 13 Value Traded 1,371.00

11 of 13 Value Traded 454,895.86 454,895.86

164

5,463,933

14,126,625.03

4,403

306,581,283

2,729,098,026.79

Quantity Traded 103,000 103,000

Value Traded 145,440.00 145,440.00

103,000

145,440.00

Quantity Traded 30 30

Value Traded 15.00 15.00

30

15.00

Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals Daily Summary as of 05/09/2014 Printed CONSUMER 05/09/2014 15:10:46.046 GOODS Totals OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC Petroleum and Petroleum Products Distributors Totals

Symbol MCNICHOLS

No. of Deals 3 3

Current Price 1.48

3 Symbol

No. of Deals 1 1

CAPOIL Daily Summary (Equities)

Activity on Board ASeM OIL ANDSummary GAS Totals

Current Price 0.50

1

ASeM Board Totals Published by The Nigerian Stock Exchange ©

Equity Activity Totals

4

103,030

4,407

306,684,313

Page

145,455.00 12

of

2,729,243,481.79

13

Daily Summary (ETP) Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals

Symbol NEWGOLD VETGRIF30

No. of Deals 2 4 6

Current Price 1,983.00 18.70

Quantity Traded 74 100,000 100,074

Value Traded 147,223.00 1,868,000.00 2,015,223.00

ETF Board Totals

6

100,074

2,015,223.00

ETP Activity Totals

6

100,074

2,015,223.00

13

Published by The Nigerian Stock Exchange ©

Page

13

of

13

Value Traded 11,765,529.65 26,286.64 972,591.68

8

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13

BUSINESS | GLOBAL NEWS 41

Sanctity of Truth

Monday, September 8, 2014

US economy adds 142,000 jobs in August

T

he US economy added 142,000 jobs in August, latest figures from the Bureau of Labor Statistics reveal, missing expectations. The unemployment rate dipped to 6.1 per cent from 6.2 per cent in July.

The world’s largest economy had been averaging a monthly jobs gain of 212,000 in the previous 12 months.

According to the report from Global Business News, part of the sluggish jobs growth was attributed to a loss of 17,000 food and beverage jobs as a result of a supermarket store strike.

Thousands of employees of the Market Basket chain of supermarkets in the north-

eastern US had gone on strike in July to protest the firing of their boss. The dispute was resolved late last week.

US markets did not react strongly to the news, with all three indexes dipping just slightly lower in early morning trading in New York.

There were some bright spots in the August jobs report: wage growth, a crucial sign of the strength of the US economy, ticked up slightly.

Average hourly earnings are now growing at 2.1 per cent year over year. US Federal Reserve chair Janet Yellen has previously indicated that wages are a crucial factor in the Fed’s analysis of the state of the health of

the US jobs market.

Employment in the car industry also dipped less than expected, as fewer workers were laid off for factory retooling.

Jobs growth in the professional and business services also continued to lead the recovery, with an additional 47,000 jobs adding in August, bringing the yearly total to 639,000.

“Disappointing” was how the jobs figure was described by a number of analysts. Employment growth was sharply below the previous six months.

It was not much better than what’s needed to keep up with the growth in the working age population. There are other features of the US labour market

that suggest it is still weaker than what’s implied by the moderately low headline unemployment rate.

The numbers of people who want to work longer hours or have been unemployed for more than six months are unusually high.

The new figures will reinforce the reluctance of the Federal Reserve chief Janet Yellen to move soon to raise official interest rates from the current very low level of close to zero.

Janet Yellen Federal Reserve chair Janet Yellen recently warned of “slack” in the US jobs market Most analysts believe that the sluggish August figure will

give central bankers pause for thought as they consider when to end the Fed's extraordinary support of the US economy.

The central bank is scheduled to meet on 16-17 September.

Many have wondered whether or not so-called “hawks,” who favour increasing interest rates, would be able to persuade other members of the committee to move forward the bank's plans to raise interest rates from their historically low levels of zero per cent.

“This should take some wind out of the sails for the (Federal Open Market Committee) hawks,” wrote investment bank Jefferies economists’ in a note to clients.

Lufthansa pilots’ strike means travel chaos for thousands

L

Philipp Hildebrand, vice chairman of BlackRock Intl. (middle) Urs Rohner, chairman of Credit Suisse Group AG, and Axel Weber, chairman of UBS AG, right, listen to a speaker during the Swiss International Finance Forum (SIFF) in Bern, Switzerland.

Home in S'Florida hits market at $139m

A

French-inspired estate home currently under construction in Hillsboro Beach, Florida called Le Palais Royal has just been listed for sale at $139 million, making it the most expensive palace in the continental U.S. currently on the market.

The 60,500-square-foot palatial estate sits on over four acres and 465-feet of beachfront on Millionaires Mile. Le Palais Royal boasts a 492-foot private dock that can accommodate up to a 185-foot mega yacht, and an underground garage with parking for over 30 cars. Currently under the final phase of construction and slated for completion before the end of 2015, the price tag includes the finishing.

Listing agent William P.D. Pierce of Coldwell Banker Residential Real Estate tells World Property Channel, “Le Palais Royal is to be the most expensive listing on the market in America, and was designed to be fit for royalty and the upmost refined individual. It is a true extension of a life well-lived.

This grand palace will be a landmark that rivals Europe's greatest palaces. A true masterpiece, it is adorned with custom detailing exclusive to its design and incomparable finishes.”

A 13-foot, 22-carat gold-leaf gate and 26-foot entrance fountain transports visitors into a world of opulence and luxury.

The magnificent fountain is just one of six waterfalls that adorn the exterior. The entryway features seamless double “day and night” custom-designed doors, one of bronzeencased glass and the other of solid mahogany inlayed with 22-carat gold leafing. The doors open beneath a $2 million marble staircase with steel-iron railing and gold leaf, which took craftsmen more than two years to construct. The grand entrance and lobby open up to the expansive Le Salon with mesmerizing panoramic views of the Atlantic Ocean.

This oceanfront palace features 11 bedrooms, 17 bathrooms and the first-ever IMAX Theater contracted for private use, featuring a 50 by 27-foot screen and seating for 18 with a bar and IMAX lounge. Other exceptional features include three master bedroom suites and one presidential master suite, each with a Jacuzzi overlooking the ocean or Intracoastal Waterway.

La Cuisine du chef will feature a La Cornue Grand Palais custom range and custom cabinetry made of solid mahoga-

ny accentuated with 22-carat gold leafing. The family room will feature a 1,300-gallon Living Color aquarium enclosed within custom cabinetry that will accommodate a high definition 3-D television.

This royal palace features a 4,500-square-foot infinity edge pool with a 12-foot cascading waterfall, double loop LED-lit waterslide, fire pit and swimup bar for outdoor entertaining. The pool was designed with state-of-the-art technology including an automated temperature gauge sensor and triple sanitation system, which utilizes saline, chlorine and ultraviolet light.

An outdoor Jacuzzi is positioned above a waterfall, and there is also a plunge pool off the master suite on the second floor of the exterior terrace.

The courtyard also features an outdoor summer kitchen with a pizza oven, outdoor lounge for royal entertaining, and entrance to indoor spa massage rooms.

Designed and inspired by fashion dynast Joseph Leone and in-house architect Denio Madera Design, every detail, including the construction techniques and infrastructure, has been taken into account on this palatial project.

ufthansa says a pilots’ strike has meant cancelling 200 flights and that the stoppage has also hit the travel plans of about 25,000 passengers.

The German airline has been locked in a dispute with the Vereinigung Cockpit union over an early retirement scheme.

Lufthansa said short-haul and medium-haul flights leaving Frankfurt airport, Europe’s third largest, had been hit.

Pilots at Lufthansa’s budget carrier Germanwings went on strike last week over early retirement.

Friday’s strike involves a sixhour stoppage from 1500 - 2100 GMT. “We will continue to strike until Lufthansa brings an end to the confrontational way in which they deal with staff,” union official Joerg Handwerg told theReuters news agency.

The pilots, who staged a

three-day nationwide strike in April over the same issue, want Lufthansa to retain a 50-year old scheme that allows pilots to take early retirement at 55 and still receive up to 60 per cent of their pay.

The carrier, which had wanted to scrap the scheme entirely, wants to increase the average age at which its pilots retire to 61.

Lufthansa chief executive Carsten Spohr has said changes are necessary to keep the airline’s costs down.

Although Friday’s strike will not cause as much disruption as April’s industrial action, it coincides with the end of the summer holiday period in some German states.

Last Friday’s Germanwings strike meant the cancellation of more than 100 flights, hitting the plans of about 15,000 passengers.

Motorola releases round smartwatch

G

oogle's Motorola division has begun selling its highly anticipated circular smartwatch, the Moto 360.

The firm according to the British Broadcasting Corporation (BBC), said it believed the model offered a stylish design after what it suggested had been a series of unappealing wearable tech launches by its rivals.

The release of the watch comes at a time of transition for the business.

Sales of Motorola's smartphones are on the rebound and the business as a whole is about to switch ownership to Lenovo.

But while analysts have been generally positive about the look of the new timepiece, they expressed doubts about its potential to become a bestseller.

Motorola also unveiled new smartphones and a small Bluetooth earbud designed to allow owners to interact with their handset by voice.

The Moto 360 can display a range of watch face designs as well as app interfaces The Moto 360 features a 1.5in (3.8cm) LCD touchscreen encircled by a thin metal band.

The waterproof device is powered by Google's new Android Wear operating system - which is designed for small screens -

and also features a built-in heart rate monitor and pedometer step counter, but no proprietary sleep monitoring software.

It only lasts about a day between charges. The version already on sale in the US has leather straps, and versions with metal bands will follow. The watch will be released in the UK in October.

The firm's president, Rick Osterloh, suggested it was a clear improvement on competitors' earlier models.

"I think the first watches that shipped have been really bad," he said.

"A number of manufacturers were willing to ship products that I felt were not appropriate for consumers.

"The biggest problem consumers said they had with them was that they really didn't look appealing.

"The difference in our initial approach has been to focus on that problem and solve it."

He added that he welcomed the prospect of Apple entering the sector, potentially as soon as next week.

"I think Apple is going to help grow the category," he said.

LG's G Watch R has a smaller screen but avoids blanking off the bottom part of the display.

42 business |INTERVIEW

Sanctity of Truth

Monday, September 8, 2014

‘Digital adoption critical Many businesses in Nigeria are yet to actively take up the growth potential offered by various digital tools and platforms. But in this interview with KUNLE AZEEZ, Country Manager of Google in Nigeria, Mrs Juliet Ehimuan, asserts that modern business must be digital-compliant to succeed in the current highly-competitive business environment, where consumers now access most information online. Excerpts How will you assess the level of adoption of online platforms or digital tool by business organisations in Nigeria?

Just as we are seeing growth in online activities and online adoption in Nigeria, we are also finding that many Nigerian brands are taking advantage of the trend in reaching consumers. The traditional style of marketing was very much around offline media but over the years, we have seen a lot of fragmentation in offline media, where, for example, one TV station, one newspaper or radio station is used and your message is out there to reach your target. But today, there are so many of them and offline channel, by virtue of their nature, is quite limited and we are finding more Nigerians that are actually going online to look for information. So, it is very important for brands to be able to meet them there and as such, we’ve seen that more Nigerian brands are coming online to meet them there by using the online tools and platforms that are available to reach the consumer in a more engaging way; in a more dynamic way and in a more dialogue-based way.

It is not just broadcasting my message online, but I can actually get feedback.

I can tell if they like my message, I get feedback from consumers, making it a two-way communication between you and your existing and potential customers which are not geographically-based because once your message is online, you are already open to global customers. This helps me to better serve my customers. There are many examples, the most recent which we just had was that of the World Cup in Brazil. A lot of online activities were out there. There were songs that were created, Star came with ‘Shin on Super Eagle’, Glo had ‘Go Ahead Super Eagle’, Cool FM had theirs and there were a lot of activities offline.

Some of these songs were available on TV. Traditionally, it would end there. But this year, we had pretty much, all these songs were available on YouTube such that people could watch them on demand basis. And some brands took it further, like Globacom, taking over the YouTube homepage for the first week of the World Cup to really cheer on the Super Eagles, send some goodwill messages and things like that. There was also a Google Fan hang out with Coach Stephen Keshi. So, that is one of the examples of activities

Mrs Ehimuan

that brands undertake and traditionally, we would have to rely on mainstream media to get such messages in a one way approach by just having to watch the TV before you know what is going on. But we have the behind-the-stage videos of the World Cup uploaded on YouTube for people to view and millions are watching these videos to their delight all over the world.

Star sponsored a commentator to travel with the Super Eagle and capture behind-the-scene activities and put them on YouTube. Globacom also sponsored sport.com to do the same thing, so that people could really see what was going on behind the scene as the sporting activities were going on on the pitch. So, it is a very exciting time where we are seeing innovative migration from offline to online platform.

Is there anything Google is doing to catalyse digital adoption in the country?

Recently, we organised an event targeted at C-level executives at advertising agencies and also of brands in Nigeria.

We wanted to increase awareness and provide more education around what it takes to build a successful digital strategy and the tools available. We wanted to share case studies around the world and we wanted to use it as an opportunity to catalyse digital adoption in the Nigerian market. We were very impressed with the turnout. So, the event was very positive. The attendance was impressive with over 70 C-level executives and the interactions, the questions and the engagements were very instructive and we had some brands that approached us post-event, talking with us to have a deeper understanding on how to integrate digital into their marketing strategy. From that perspective, the event achieved the objective for which it was set out. We also had a panel discussion to really discuss topical issues around basic digital integration issues.

The advent of internet just came suddenly and people are keying into it. One of the biggest drivers of online adoption today is online shopping. From people’s phone and other IT gadgets, people can go online, do shopping and they have

the purchased items deliver to them wherever they are in the country. And many other smart businesses are not left behind and the C-level executives are beginning to see the real potential for business, for how to connect, how to sell and engage heir consumers online.

The old means of marketing just doesn’t cut it anymore, because, for now, if you are looking for something, the first thing you do is to go online and find more information about it. That was why we had the C-level engagement to help people at the top understand the digital tools that are available to make them more visible to customers. The reason that event was a C-level event was because it was principally targeted at top management executive for ad agencies and from the brands. It was our thinking that once you have top-level buy-in, it is easy for the organisation to speak the same language, because the moment the top management executives understand the potential for going online, it is easy for the marketing team to convince the management to have their approval for all the fantastic online marketing strategies being planned for the company. So, we believe that with this, once the marketing team is creating digital strategy for the

The advent of internet just came suddenly and people are keying into it. One of the biggest drivers of online adoption today is online shopping. From people’s phone and other IT gadgets, people can go online, do shopping and they have the purchased items delivered to them wherever they are in the country

company, it can easily be championed right from the top since the top executives are fully aware of the potential of embracing more of online tools to reach their customers.

You would have noticed too that many television stations in Nigeria today are leveraging online platforms, developing apps that are web-based which people can access on their phones to read the news online. They are also using YouTube so that the news that people miss can be supplied.

How do you see the uptake of internet in Nigeria’s Information and Communication Technology?

Since 2005, there has been a five-fold increase in the number of Nigerians getting online. It has grown now to about 32 per cent and that is about 48 million people. So, we are seeing this engagement now and what we are asking business organisations to appreciate is that there is danger for any brand that is slow at lashing unto the huge potential growth offered by getting online for businesses.

If you’re not meeting your consumers where they are, you lose connection with them and majority of them are now is online. You must make use of the channels they are using to search for information so that if they’re looking for any information about your company online, they can always find you there. There is a risk for brands that don’t lash on early enough to actually lose the connection over time with consumers.

Let’s look at the role of increasing access to mobile devices in driving online usage.

Mobile penetration in Nigeria has been growing at a phenomenal rate and this has affected internet penetration positively. We now have around 130 million active mobile lines in the country with a sizable number of them being smartphones. Some Nigerians are having their first internet experience via mobile. We’ve seen a rise in mobile applications in Nigeria. A lot of brands have recognised the fact that there is a huge trend of people using mobile to connect to the internet and so, they are extending their offerings with mobile apps. Right now, we have mobile apps in entertain-

business |INTERVIEW 43

Sanctity of Truth

Monday, September 8, 2014

for modern businesses’ BIODATA Education:

Executive MBA, London Business School; PGD, Computer Science; BSc., Computer Engineering; Recipient, London Business School Global Women’s Scholarship; Fellow, Cambridge Commonwealth Society.

Positions held in past: General Manager, Strategic Business Unit at Chams Plc; Performance Maintaining and Quality Assurance Supervisor, Shell Petroleum Development Company (19951997); Program Manager, Microsoft UK; Business Process Manager, MSN Global Sales and Marketing Organisation; Strategist, Strategic Insight Consulting Limited, UK. Current position: Country Manager, Google Nigeria

ment like Afrinolly, Wakanow app, a lot of banks have mobile transaction apps for their customers which they download to access their e-payment services.

The apps store is actually filling up with applications from Nigeria. And part of our recommendation to brands when they are thinking of digital strategy is that you need to extend your online access to mobile. So, if you have a website, for example, you need to ensure that there is a version that is optimised for mobile because there is huge traffic coming from mobile.

Is there anything you are doing to encourage mobile applications development since we’re experiencing huge traffic coming from mobile?

The platforms that we offer as Google cut across desktops and mobile. For example, when you think of digital marketing, we have tools on mobile as well that you can use to advertise through search on mobile and we continue to work with developers to ensure that mobile software apps development ecosystem continues. On an on-going basis, we do work with different developers to build more robust applications that people can use to access the internet better. We recently had an event tagged Google I/O, which is an annual software developer-focused conference held by Google in San Francisco, California. It is our biggest event worldwide and we hosted local version in Nigeria while some of the developers travelled outside the country to attend the event. We don’t see market as one that is static, but one that continues to move rapidly. One of the things that the internet has brought to businesses is to take away the geographical barriers. I can be a business working up Kano and I am selling products to people in the South-West and even beyond Nigeria.

All the issues round opening a physical shop or having to plan a huge marketing budget to actually be able to sell to people in Canada are just automatically taken away from you. The internet is a platform that nationalises and globalises you.

Google has many tools and services provided to business and individuals. Can you tell us what has remained constant in all of these tools?

If I get your question correctly, I will say that one good thing that drives everything we do at Google is to focus on the user first. It is usually about the user experience. It is about how you can seamlessly send messages, get feedback and get protected online. For any of our products and services such as Gmail, Google+, Search and anyone, we have to certify them within the concept of user consideration.

Mrs Ehimuan

YouTube is fast becoming a key platform for business activities on the internet.

Will you say this is being well explored in Nigeria?

YouTube is our video-sharing platform and today, video is a powerful tool in getting your message across.

Nigerians are also very creative people and so, we are seeing more Nigerians using YouTube creatively in entertainment, education, news and in building brand messages, among others. So, we are recording year-on-year growth in the amount of YouTube usage from Nigeria as well as the contents that get posted on YouTube and indeed, a lot of brands are beginning to leverage it as an integral part of brand building strategy, either by putting TrueView adds - these are the adds that come up when you want to view a video and you have the option to skip the add; there are many other adds formats on YouTube that are being leveraged. In June this year, we launched a special product called the YouTube Masthead where a brand can brand the entire

Mrs Ehimuan

YouTube.com.ng page and we have had a lot of brands taking advantage of that since launch.

The issues of cybersecurity and privacy of the internet users appear to be a factor hindering the use of internet by many.

What is your take on this?

First of all, the internet is an open platform and that is one beauty it exudes and we encourage brands to leverage it by putting their information there and that is why we are telling them that it is better for them to put their messages online so that what customers are looking for about you online is what they find on the internet. If you are not there, they will find something else that may not even be as good as what you are offering as a brand. So, it is good to put your information out there so that people have the benefit of that and your message is well represented online. With regards to privacy, across different climes where Google operates, we are very serious about being compliant with data privacy laws and we do that across all our

web-based platforms for businesses and individual internet users that come on our platform.

What level of collaboration do you have with stakeholders in Nigeria, especially government, towards ensuring deeper internet penetration?

We have been working over the years with different stakeholders. Government is very good part of that. We have had initiatives with different arms of government. For example, Google sat on the National Broadband Committee to help build the National Broadband Plan.

We are also part of the National Broadband Council, inaugurated to monitor the implementation of the broadband strategies. We have worked with different agencies of government in the area of policy creation, to create the right enabling environment for broadband growth. There are many recommendations that we have put in the National Broadband Plan that we developed for the country and this is available for download on the official website of the Federal Ministry of Communication Technology. It has the issues and challenges as well as recommendations and the roadmaps to achieving about 30 per cent broadband penetration by 2018 up from the current six per cent penetration in the country.

What other plans do you intend to recommend if digital adoption in Nigeria, especially for business organisations, is to be accelerated?

Education is one big quiz and that is education across board. Education at different levels within an organisation and within agencies and we are providing the education, some organisation-specific and some, industry-wide. The second thing is that we invite agencies and brands to actually try out something.

The beauty of digital is that you can measure results and success stories at a very granular level unlike traditional strategy where you cannot measure accurately. With digital, you can measure what level of exposure people have to your content, what they are watching, what they are not watching and where traffic is actually coming from and which platform – mobile or desktop - do they use to access the online contents. So, with digital, you can get a lot of things that can aid decision making. So, our invitation to brands is that they should not be inundated with the flurry of activities going on in the digital world; they can start from somewhere, measure results and if effective, can now adopt the digital platform fully.

High cost of internet bandwidth is another problem hindering accelerated internet access in the country. Do you think we are doing anything as a country to tackle this potential hindrance?

The challenges we have in terms of lashing onto the internet are in many areas, when you think of cost of operation, right of way, that a lot of operators have to put up with; you have multiple taxation, high cost of operations as in many cases, you have replication of the same end-to-end infrastructure, poor adoption of infrastructure sharing model and so many others. These are parts of the challenges of operating within the industry that are driving up costs and those costs get passed on to the consumers. So, the essence of the broadband strategy and policy intervention are to remove these barriers. For example, the Ministry of CommTech is already having conversations in different states around reducing the cost of right of ways (ROW) charges and there have been success in some states like Lagos where the Right of Way charges have been reduced significantly.

44 business | GLOBAL NEWS

World Bank to raise $500m from sukuk

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he World Bank plans to raise as much as $500 million worth of Islamic bonds, or sukuk, this year to help fund an immunisation programme, one of several initiatives from the multilateral body in the Islamic finance sector.

The World Bank, acting as treasurer of the International Finance Facility for Immunisation (IFFIm), would help issue the sukuk, said Michael Bennett, head of derivatives and structured finance at the World Bank's treasury department.

According to Reuters, IFFIm has previously raised money from retail investors in markets such as Australia and Japan through so-called “kangaroo” and “uridahsi” bonds. It could soon add sukuk to the lexicon of vaccine financing.

“Right now we’re thinking $300 million to $500 million, we are still talking to the market on what the right size should be,” said Bennett on the sidelines of an industry conference.

The World Bank has hired Standard Chartered and National Bank of Abu Dhabi to arrange the transaction, which could happen as early as this month although a specific timeframe has yet to be finalised, said Bennett.

“We’ve been having investor conversations in the Gulf, Malaysia and tomorrow it will be Brunei.”

IFFIm, rated AA by Standard & Poor’s, is backed by nine countries including France and Britain, it issues bonds designed to roll forward future donor pledges into cash-in-hand today to finance its immunisation efforts.

Since 2006, IFFIm has raised $4.5 billion through bonds, its last issuance was a $700 million bond in June of last year.

Because those pledges are not interest-based, they could be used to structure a sukuk, which follow religious principles such as bans on charging interest and pure monetary speculation.

The World Bank has been

engaged in Islamic finance for years and its private lending arm, the International Finance Corp. , is also considering a return to the sukuk market.

Other units like the International Bank for Reconstruction and Development (IBRD) are limited in their direct use of sukuk to fund projects.

But the World Bank is increasingly considering using sukuk in other ways, such as adapting them to be used as “green bonds” to fund projects to increase energy efficiency and expand use of renewable energy.

IBRD is now advising the Dubai government on developing a funding strategy for the emirate’s green investment programme, which could include sukuk, said Bennett.

“This likely will require raising funds in a variety of different ways - with green sukuk being just one of the options being considered.”

This could help close the gap between ethical and Islamic investing, two sectors which have largely developed independently from each other.

Western institutional investors such as pensions have long favoured green bonds, while investors in the Middle East and south-east Asia require sharia-compliant alternatives to interest-bearing debt.

In the long term, the World Bank is also exploring partial credit guarantees to be used for sovereign sukuk issues, said Bennett.

The World Bank, through IBRD, offers partial guarantees to sovereigns, their agencies and other state-owned entities; such a programme could be used to help developing countries that have struggled to tap the sukuk market in the past.

A sovereign sukuk insurance product has been developed by the Saudi-based Islamic Development Bank, with the Manilabased Asian Development Bank also considering a product of its own.

American state exports hit $30bn

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ew Orleans has the eighthlargest export market in the country in 2013, according to a report issued this week by the US Department of Commerce.

According to the report, the new data show that the New Orleans area, one of the 387 Metropolitan Statistical Areas included in the report, exported a record $30 billion worth of merchandise last year.

The International Trade Administration, an agency of the Commerce Department that supports the export of US goods, reported that the exports grew by $5.7 billion in 2013, marking a 23.3 per cent increase from 2012.

Predictably, the New Orleans area's top export sector was petroleum and coal products, which made up 49 per cent of the area’s total exports. Crop production ($10 billion), food products (1.8 billion) and chemicals (1.6 billion) followed.

Of the exporting parishes in the New Orleans area, St. John

the Baptist Parish showed the largest share of the total with $8.1 billion. Plaquemines Parish and Jefferson Parish were next, with $3.9 billion and $2.4 billion in export value, respectively.

St. James Parish came in with $1.2 billion, followed by Orleans Parish with $452 million and St. Bernard Parish with $147 million. The total export values for St Charles Parish and St. Tammany Parish were withheld.

The top export markets for the area were China at $5 billion, Singapore at $2.4 billion and Mexico at $2.1 billion.

France and the Netherlands were also top export markets, purchasing $1.8 billion and $1.6 billion worth of goods.

The ITA's report noted that, in 2013, the New Orleans metropolitan area accounted for 65 per cent of Louisiana’s exports.

Exports also sustain 1,025 companies in greater New Orleans, according to the ITA’s latest available data from 2011.

Sanctity of Truth

Monday, September 8, 2014

AfDB releases N'Africa's 2014 Report

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he African Development Bank (AfDB) has released its North Africa 2014 annual report with a brand new indicator, which measures the extent to which growth may be considered inclusive.

The AfDB remains one of the region’s key partners in its efforts to overcome these challenges. The Bank is currently supporting more than 100 projects in the region, funded by loans and grants totalling $7 billion.

This year’s report, entitled Looking for inclusion focuses on the pressing need for inclusive growth and development, as demonstrated by the uprisings experienced in several countries in the region in early 2011.

The data reveal an important observation noting Tunisia was the highest-ranked country in the region, followed by Egypt, Libya, Morocco and Algeria respectively.

Despite improvements in the North African economies, both in real terms and in comparison with other developing nations, the report reveals deepening inequalities between social groups in two key areas: the labour market and regional

variations.

Furthermore, these very same inequalities are recognised as the main obstacles to inclusive growth. Genuinely inclusive growth would help to deliver fairer distribution of wealth between age groups, social classes and regions in these countries.

The report also reveals the existence of a two-tier labour market in the region, with a marked rift between the formal and informal sectors. Less than 50 per cent of the working-age population is employed in the formal labour market, and the unemployment rate across the region stands at around 10 per cent – considerably higher than the global average. Furthermore, people in the 15-24 age bracket are three times more likely to be unemployed than adults aged 25 and over. The unemployment rate is especially high among young, educated people and women. Indeed, women are twice as likely to be unemployed as men.

The situation among young women (aged 15 to 24) is even worse, with people in this category three times more vulnerable to unemployment than women aged over 24.

In many cases, long-term unemployment leads to permanent withdrawal from the labour market. This, in turn, results in chronic poverty, marginalisation and, as demonstrated by the Arab Spring, social unrest.

A high proportion of North African workers are in unstable employment in the so-called “informal” sector, with no contract or social protection.

Only 30 per cent of workers in Morocco, 46per cent of workers in Tunisia and 50 per cent of workers in Egypt have a contract of employment. Generally speaking, informal-sector workers experience sub-standard working conditions (compared with the formal sector) and receive extremely low wages.

However, the picture is not the same across North Africa.

Income levels and other wellbeing indicators vary markedly by geographical location, including within individual countries. These differences are also reflected in the quality of public services and social welfare provision, as well as in private-sector employment opportunities and public-sector development assistance for the private sector.

L-R: Mr. Jun Ying (Bloomberg News Energy Finance), Dr. Wang Yao, (Central University of Finance & Economics), Ms. Weiwei Kou (Carbon Trading Capital) Mr. Scott Vaughan (IISD), and Ms. Stephanie Jensen-Cormier, (China Carbon Forum & Canadian Embassy), at an energy seminar in Canada.

Norway’s 2015 oil investment to fall 13.9%

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orway’s oil and gas investments, a key ingredient of economic growth, are expected to fall more than expected in 2015, a survey showed on Wednesday, weakening the crown and increasing the chance interest rates will be kept low.

Investment on the Norwegian continental shelf (NCS) is now expected to fall 13.9 per cent in 2015 from 2014, a faster rate than the 12.3 per cent year-on-year drop expected in June, when compared with the same forecast released in June last year.

According to Reuter, companies are now expected to invest 185 billion Norwegian crowns ($29.84 billion) in the sector down from 215 billion crowns in 2014.

“The new forecast indicates

a steeper decline in oil investments compared to the central bank’s forecast in June and it points to a lower interest rate path,” said Kyrre Aamdal, chief economist at DNB Markets.

When adjusting for inflation, the drop could be even bigger than the survey suggests.

“The new forecast means a decline of about 15 per cent in 2015 from 2014, which could have a negative impact on GDP by 0.2 percentage points,” Aamdal said.

Norway, one of the best-performing economies through Europe’s crisis, has struggled in recent quarters due to weak exports and consumption. Its fortunes could sour further as its energy firms, which account for nearly a quarter of the economy, cancel or delay some

of their biggest projects.

In June, the Norwegian central bank, which has held rates steady at 1.5 per cent, cited lower 2015 oil investment forecasts as one of the main reasons for cutting its guidance on interest rates.

Norges Bank said it did not expect to raise rates until 2016, against previous guidance for next summer, and could even cut rates. Its next interest rate decision is due later this month.

Last week, the Norwegian agency tasked with managing oil and gas resources told Reuters it expected no new development plans for fields to be submitted this year. In June, a few had been expected and in January, some 13 plans were expected to be submitted in 2014/2015.

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Monday, September 8, 2014

Imo PDP: Ihedioha, Anyanwu, Ahamba forge alliance UNITED Aspirants from Mbaise team up.

Mbano throws up ex-governor Steve Uzoechi

OWERRI

A

head of the Peoples Democratic Party (PDP) gubernatorial primary in Imo State, the six governorship aspirants of Mbaise extraction under the party’s platform have resolved to pursue a common agenda.

At a closed-door meeting held last Saturday at the Owerri residence of Senator Chris Anyanwu, the Senator representing Imo East, the six aspirants met for close to two

hours, coming up with the decision to forge an alliance.

In attendance at the meeting were Rt. Hon. Emeka Ihedioha, Chief Mike Ahamba, Senator Bright Nwanne, Engr.

Emma Ojinere and Dr. Charles Amanze, all PDP governorship aspirants.

The aspirants, who came out of the meeting contented, mandated Chief Mike Ahamba, to speak to newsmen on their behalf.

According to Ahamba; “We have met in the overall interest of our party, the PDP, to see how we can harmonise and work together.

“This is the first time we are meeting in the house of our distinguished senator and the discussions were friendly and fruitful.

“We want to disabuse any statement that may

come from any quarters, and we think everybody in Imo State is happy that what the party’s detractors thought would happen is not happening.

All of us have resolved to work together and also reach out to our brothers in the PDP in other zones so that our party will not be plunged into any crisis following the governorship primary.

“And for the avoidance of doubt our meeting and consultations will continue,” he assured.

Meanwhile, the immediate past governor the state, Chief Ikedi Ohakim, has forged an alliance with artisans comprising mechanics, tricycle riders, tailors and other self-employed persons to pursue his ambition of reclaiming the governorship position, which he lost to Governor Rochas Okoro-

cha in 2011.

Declaring their position after a closed-door meeting with the former governor at his Okohia, Isiala-Mbano country-home, the group which operates under the umbrella of Imo State Artisans Association (ISATA) said Ohakim deserves the support of Imo people, especially as it has become evident that the former governor has a greater vision for socioeconomic development of the state.

ISATA through its Chairman, Okenze Nwachukwu said; “Having realised that Ohakim championed a greater vision that created vast opportunities for Imo people, including artisans, our members have agreed to join other well-meaning Imo leaders to canvass for his return in 2015, to enable him complete his good job."

Utomi, Tilije, O’tega for Delta governorship race Dominic Adewole

ASABA

elta State chapter of the Dgress All Progressives Con(APC) has faulted

the clamour for power shift to Delta North senatorial district of the state in 2015.

The party said its main priority is to search for “a winning candidate,” who has what it takes to take the state to a higher level.

It maintained that such candidate’s ethnic origin is in the suburb of the party’s strategy in the race to succeed Governor Emmanuel Uduaghan, of the ruling Peoples Democratic Party (PDP).

The APC Secretary, Mr. Chidi Okonji, in Asaba said, so far, three contenders have been shortlisted for the battle next year.

He listed them to include the Director of the Lagos Business School, Prof. Pat Utomi, the former running mate to Chief Great Ogboru in the de-

Tambuwal, Igbinedion want second term for Ajimobi he Speaker of the Ttives, House of RepresentaHon. Aminu Waziri

Deputy Speaker, House of Representatives, Rt. Hon. Emeka Ihedioha (left) and others, presenting electricity transformers donated by him to communities in Aboh, Ahiazu, Ezinihitte, Ngor Okpala and Owerri Municipal L.G.A, at St. Peters Anglican Church …at the weekend

Niger bye-election: APC rejects INEC’s result, blasts Aliyu Dan Atori

MINNA

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he All Progressives Congress (APC) in Niger State yesterday rejected the result of the Niger East senatorial bye-election, which gave victory to the candidate of the ruling Peoples Democratic Party (PDP).

Publicity Secretary of the party, Mr. Jonathan Vatsa, in a reaction in Minna, said the result announced by the Independent National Electoral Commission (INEC) in the early hours of yesterday was ‘unacceptable’ to the party.

According to him; “The party is currently studying the result and will make

its position known, but for now the result is unacceptable.

"We (APC) are yet to take a decision on the outcome of the bye-election, all I know for now is that the result announced by INEC is not acceptable; and in due course the official position of the party will be announced.

“The next line of action on the bye-election will be taken after consultations at the state level. We are also in touch with the national headquarters of the party and our position will be made known soon,” he said.

Vatsa also condemned the statement credited to Governor Mu’azu Babangida Aliyu, who said: “The

victory for PDP was a reflection of the confidence the people have in the party when he knew that the conduct of the election contravened the Electoral Act. “It is a known fact that the outcome of the byeelection was a product of rigging between the PDP and INEC. It took a party that has been in power for over 15 years to use money to induce, use fake security agents to intimidate the electorate and used INEC to doctor the results to ‘win’ a bye-election “The governor has no moral right to speak, because he lost the last byeelection in his unit, ward and local government. In fact Governor Aliyu has

never won any election in his local government, ward and unit,” he said.

Meanwhile, Governor Aliyu yesterday dedicated the victory of the Peoples Democratic Party (PDP) in the bye-election to the people.

Aliyu, who made this known in Minna, said the victory of Dr. Shem Nuhu Zagbayi, over the All Progressives Congress (APC) candidate, David Umaru, is a reflection of the confidence the people have in the party.

He expressed satisfaction over the conduct and outcome of the election, saying that despite the use of thugs, a level playing ground was the major characteristic of the entire process.

funct Democratic Peoples Party (DPP) in 2011, Chief Fidelis Tilijie and Olorogun Emerhor Otega, who lost his senatorial bid to replace late Senator Pius Ewherido to PDP’s Emmanuel Agwuariowodo.

“The APC believes in internal democracy. APC is not talking of rotation.

The party is looking of that man who is accessible and can win the governorship election and solve the problems of the state. We are not saying that power must go to Delta North, Central or South. The constitution of APC is very clear. Everybody should contest. Whoever emerges will pick the ticket.”

While he dispelled the speculation that some PDP money-bags have purchased APC ticket by proxy, he said out of the three aspirants under consideration, “it is only one person that will emerge through a free, fair and credible primary election.”

Tambuwal, and the Chancellor of Igbinedion University, Okada, Edo State, Sir Gabriel Igbinedion, at the weekend, showered encomiums on Governor Abiola Ajimobi of Oyo State, asking the electorate to give him a second term in office.

They both spoke at two separate events in the state capital, Ibadan.

Tambuwal, who was speaking at an empowerment programme organised by a member of the House of Representatives, Hon. Saheed Fijabi, commended the governor for what he called his brilliant performance and monumental achievements, in spite of the differences in the political affiliations of the people, stating that political af-

filiations should not be a yardstick for determining good governance.

Meanwhile, at an 80th birthday event organised by the University of Ibadan for foremost philanthropist, Chief Gabriel Igbinedion, who said he once lived in Ibadan as a constable in the Nigeria Police, expressed surprise that when he got to the capital city, he missed his way due to the many infrastructural developments that had been brought to the state by the Ajimobi government.

“I have at least six houses in Ibadan. When I spoke with the governor days before this event and he assured me that I would miss my way, I didn’t believe him, but when I got here, I indeed missed my way.

Even though he is building on what his predecessors did, but his achievements stand out,” he said.

Ogun kicks-off 500,000 tree planting exercise line with the global est enrichment.

Iofncampaign on the essence “About 2,000 hectares of tree planting, the Ogun land have been recovered State Forest Regeneration Programme has received a boost with the planting of 500,000 tree seedlings within the state forest reserves.

Speaking at the flagoff of the tree planting exercise at Area J6, Omo Forest Reserves, Commissioner for Forestry, Mr. Adebayo Fari, who was in the company of his counterpart in the Ministry of Culture and Tourism, Mrs. Yewande Amusan, said the seedlings were prepared at the Arakanga office for for-

from cocoa farmers inside our reserves, and we have 500,000 seedlings in our Arakanga office to commence the regeneration programme,” he said.

Meanwhile, the state government has warned members of the public to beware of fraudsters that are sending text messages to innocent people asking them to pay certain amount into private bank accounts in respect of the Homeowners' Charter Programme.

46 NEWS

Sanctity of Truth

World Igbo Congress endorses Jonathan for second term Felix Nwaneri

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he World Igbo Congress (WIC) has joined the growing list of groups that has endorsed President Goodluck Jonathan’s re-election bid in 2015.

Rising from its 20th annual convention in Houston, Texas, United States, WIC under the leadership of Engr. Joe Eto, endorsed the President for a second term, given what it described as Jonathan’s several accomplishments in the South-East, particularly road projects since he came to power.

Some of the road proj-

ects, according to the group are the Owerri-Onitsha Road, Enugu-Onitsha Expressway, Enugu-Port Harcourt Road, NgujuEdda-Nporo-Ohafia Road, The Obiziora-Iziagu Road, Enugu-Abakaliki Road, Umuahia-Ikot Ekpene Road, the Ore-Benin Road, and others, among other feats in other sectors.

“Congress is impressed by the superfluous rendition of the accomplishments of Dr. Goodluck Ebele Azikiwe Jonathan despite opposition-induced challenges,” a communiqué at the end of the conference read.

Those who relished Jonathan’s accomplishments at the four-day convention were Nze Elvis Agukwe, National Coordinator of South-East amalgamation for Jonathan/Sambo 2015 and his USA counterpart, Dr. Acho Orabuchi, USA Coordinator of South-East Amalgamation for Jonathan/Sambo 2015.

They said Ndigbo will be better served with Jonathan as the president of Nigeria, as he has demonstrated fairness and equity in his appointments and policies.

“Detractors of the President have used ev-

ery means possible to stifle his transformation agenda and create chaos in the country. It is therefore patriotic to endorse the President at this time when it matters. It is important for our people at home to know where our sentiments lie. We are with Jonathan,” they said.

Speaking at the conference, President Jonathan enunciated his accomplishment while extolling the virtues of the Igbo and their contributions to Nigeria’s socio-economic and political developments, as well as their rich history of accomplishments.

Monday, September 8, 2014

Umeh begins consultation for senatorial ambition Tony Okafor AWKA

head of the 2015 generAChairman al elections, National of the All Pro-

gressives Grand Alliance (APGA), Chief Victor Umeh, will embark on a two-week consultation for his senatorial ambition this week.

Umeh made this known after his adoption by his Anaocha local government area kinsmen as their sole candidate for Anambra Central senatorial election.

The APGA boss said he would take two weeks to hold wide consultations across the senatorial district before his formal declaration.

Umeh who said he was overwhelmed by the support he was getting in the race, commended his kinsmen for their solidarity, saying he would do more to promote their interests.

He said: "Remember that I was the person who brought Peter Obi out to the people of Anambra State and stood by him to

be governor for 8 years.

I got him elected first term, defended him in all the battles he waged. I got him re-elected in 2010 for a second term and he has served the people of Anambra State and by the way God has designed it, we have elected another governor for Anambra, Willie Obiano who is doing exceedingly well and the people are happy.

“So, from what I have seen here in Anaocha local government today, the statement has been loudly made that there is no stopping their son in going to this Senate. It is a clarion call for me to go and represent them.

“What you saw here is what you will see in other local governments when we visit them. This one was just organized by committee of friends.

By the time my local government council, the party people and myself put an event in this local government for a formal declaration, you can imagine what will happen”, Umeh said.

PDP chieftain advices on EKSU Adesina Wahab ADO-EKITI

aspirant for Ikole AthenConstituency 1 seat in Ekiti State House of L-R: Princess Naa Asie Okansey of Ghana; Hon. Nosa Osahon; Chairman, House Committee on Diaspora, Hon. Abike Dabiri-Erewa; renowned African American actor, Mr. Lou Gossett Jr; Hon. Abdulrahman Terab and Ms. Erieka Bennett of the African Union (AU) Diaspora African Forum, at the first African Diaspora Bridge Builders awards in Washington DC.

OPTIMISM

Ladoja believes in the ability of troops to uproot Boko Haram fighters Sola Adeyemo IBADAN

N

ational leader of the Accord Party (AP) and former Oyo state governor, Senator Rasidi Ladoja, has expressed optimism that the Nigerian military would rout the Boko Haram insurgents.

He said that the insurgents would not be able to over run the country because the Presidency

Ladoja: Soldiers will rout insurgents had exhausted negotiation processes and is now ready to defeat them at all cost.

Ladoja said this at the weekend in Ibadan after he received the Speaker of the House of Representatives, Hon. Aminu Tambuwal, who paid him a condolence visit at his Ondo Road, Bodija residence over the death of his mother, Alhaja Alimat Ladoja, who passed on recently in Ibadan at 94.

The AP governorship candidate in the 2015 election gave the assurances following the recent occupation of Gwoza town and

its declaration as a 'Caliphate' by the insurgents, the attempt to take over Bama town, as well as warning from the United States of America that the fundamentalists might overrun the North Eastern parts of the country.

As a member of the just-concluded national conference that took place in Abuja, Ladoja told New Telegraph that the delegates recommended to President Goodluck Jonathan to negotiate with the Boko Haram insurgents, but if it failed, government should rout them out with all the military might.

"I believe that President Jonathan has started making good the recommendation. He told us that he had concluded negotiation processes with the Boko Haram. Since it has failed, the second option is now the alternative. You can see that demonstrated in the recent ruthless attack on the insurgents when they wanted to take over Bama.

"Boko Haram cannot overrun the country. Security matters are not discussed on the pages of newspapers. Nigeria is not a small country that can be taken over by insurgents just like that.

Assembly, Chief Gboyega Aribisogan has said the structure of the Ekiti State University should be changed to make it a multi-campus institution for other communities to have some of its faculties.

Aribisogan who hopes to go to the Assembly on the platform of the Peoples Democratic Party (PDP), made the call in Ikole-Ekiti at the weekend while declaring his intention to vie in next year's general elections.

To realise this, he said he would therefore lead the effort to amend the law establishing the institution presently located in Ado-Ekiti.

He promised that when the goal is achieved, some faculties of the institution would be located in IkoleEkiti.

"This will help in creating job opportunities in

other communities apart from Ado-Ekiti where the institution is located now.

A lot of state universities are run this way to also give as many communities as possible a sense of belonging.

"Also, I will champion the cause of returning the state Agriculture Development Project moved out of Ikole-Ekiti back to this place. We need to create opportunities for people to get jobs," he noted.

On the role of the legislature to democratic growth, Aribisogan noted that a virile legislative arm of government would help in making democracy stronger in the country.

Aribisogan, a journalist cum publisher, opined that it was not until the legislative arm adopts a confrontational attitude in its relationship with the executive arm that it would be said to be doing its job.

He added that he would champion the cause of his people through progressive legislative activism.

Party leaders must guide, support Fayose, says Babalola Adesina Wahab ADO-EKITI

luminary, Chief Lhasegal Afe Babalola (SAN), called on members

and leaders of the Peoples Democratic Party (PDP) in Ekiti State to support and guide the Gover nor-Elect, Mr. Ayo Fayose, in the task of moving the state forward.

He stated this at the

weekend when the State Working Committee of the party, led by the state chairman, Mr. Makanjuola Ogundipe, paid him a visit at his office in Afe Babalola University, Ado-Ekiti.

Babalola, who congratulated the party and its leaders for the success of Fayose in the June 21 governorship election, said the task of taking the state to

higher height was the duty of all.

"You party leaders and members must support and guide the governor-elect when he assumes office. The task of leading the state well and recording giant strides does not rely only on the governor, it is the duty of all of us.

"We must all cooperate, work together and see Ekiti as our own

which we must make an envy of other states in the country. The people must help in realising this.

"What Ekiti people need is to show their genuine commitment to the development and growth of the State.

When I was about setting up this university, some people wondered why I did not locate it in a place like Lagos or

Ibadan. But now it is doing well in Ekiti and providing numerous opportunities for people from all walks of life", he said.

He promised to continue to contribute his quota to the development of Ekiti State.

In his remarks, Ogundipe lauded the contributions of Aare Babalola to the growth of Ekiti and Nigeria in general.

He noted that apart from making his mark in the legal profession, Aare Babalola had done well in education, philanthropy and many others.

Ogundipe said the establishment of ABUAD had also placed Ekiti on international map, as its' fame had grown worldwide due to high standard and quality education.

47

Sanctity of Truth

Monday, September 8, 2014

Ugborodo crisis: FG, Delta in search of peace

Joe Obende

Warri

T

he Federal Government and the Delta State government are back on the drawing board in search of lasting peace in Ugborodo, the host community of government's multi-billion dollar EPZ project in Warri SouthWest Local Government of the state.

This was even as fresh calls were made to the

combatants to sheath their swords and embrace peace.

Disclosing this to newsmen in Warri, Delta State, at the weekend, the Commander of the Nigerian Navy Ship, NNS Delta, Navy Captain Musa Gemu, said much had been done in the last three weeks, when a peace meeting was held to ensure that the community returns to normalcy after the turmoil that engulfed it.

Gemu, who said he would not wish to disclose most of

the steps taken to firm up the gains already made, however, revealed that one of the contentious issues in the crisis, which was the arrest and incarceration of some members of the community, had been sorted out

by Governor Emmanuel Uduaghan.

The commander, who confirmed the peace process was still on, also said that stakeholders in the community had been adequately enlightened by their counsels

Oyo urges NASU to shelve strike Sola Adeyemo

Ibadan

O

yo State government at the weekend appealed to members of the Non-Academic Staff Union of Educational and Associated Institutions (NASU) in the state to shelve their intended industrial action to give room for negotiation.

The government made the appeal in a letter signed by the Acting Head of Service, Mr. Soji Eniade.

The national headquarters of NASU, had in an earlier letter, given the government a 21-day ultimatum to address the demands of the union or face a strike action.

NASU in the letter said that the government had failed to implement the 37.5 percent peculiarity allowance it requested for its members in the State Teaching Service Commission (TESCOM).

Part of the letter had

read: “His Excellency would recall that he graciously granted NASU delegation audience in May 2013. You directed the then Commissioner for Education, Commissioner for Establishment and Training and the Executive Secretary, TESCOM to meet on NASU demand and present recommendation for approval. The directive has not been carried out since then,” he said.

The union also said the current commissioner for education had given assurance to address the same subject when he met the union’s delegation on March 5, “but had not taken any positive step on the matter till now,” it concluded.

In the letter made available to New Telegraph yesterday, Eniade said the governor had directed all relevant authorities to critically work out acceptable modalities for consideration.

Ambode opens campaign office E

fforts by Mr. Akinwunmi Ambode, to succeed Governor Babatunde Fashola, as Lagos State governor will receive a major boost today as he inaugurates his campaign office.

The event, which is expected to be graced by thousands of his supporters, will take place at the Gbagada office of the Lagos East senatorial district.

The former accountant general of the state, who hails from Epe, will also use the opportunity to interact with his supporters across the state.

The women and youth wing of the organisation will also be unveiled at the event.

Ambode, who insisted that the vision to be the next governor of Lagos State is out of his burning desire to consolidate on the foundation laid

by Asiwaju Bola Tinubu, whom he described as the pathfinder of modern Lagos and Governor Fashola, who he called the actualiser of modern Lagos.

He said having served as labourer and carpenter in the project of Lagos for 27 years out of the 47 years of existence of the state; he is eminently qualified to serve as the project manager in taking Lagos to the next level.

He promised that given the opportunity, his vision for Lagos, which is very clear and well thought-out, would be diligently pursued such that Lagos will continue to be the pride of Lagosians and indeed Nigerians.

Ambode’s Special Adviser on Communications, Mr. Idowu Ajanaku, stated this in a statement issued yesterday.

4,287

on the need not to further heat up the community by restricting some members from moving into their homeland, saying this would be unconstitutional.

It will be recalled that one of the parties to the crisis, David Tonwe, had in the past, insisted that the other party would not be allowed into Ugborodo until they appeased the land for allegedly desecrating the community.

“We are making prog-

The number of pending asylum seekers of Gabon at the beginning of 2010.

Source: Blatantworld.com

ress. Since our last meeting, if you people have had your ears to the ground, you will realise that there has been silence; there has been peace in the community.

“Like I said, I don’t want to pre-empt the situation, but I assure you that soon, we shall call the media to see where we are and probably follow me into the community, so that you will get the picture yourselves, because normally we don’t disclose military operations; what we

-11.75%

The growth rate of air travel passengers of Calabar airport (domestic wing) (20122013) Source: National Bureau of Statistics

want to do, how we want to do it, where we want to do it and when, we don’t disclose them, but generally there is relative peace in Ugborodo community.

“You may not be aware that even the six people that were allegedly incarcerated have been released through the magnanimity of the Delta State governor. The six people are back in the community, this was celebrated last week,” Gemu said.

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The sex ratio of women to 100 men (international migrants) in Chad in 2010.

Source: Un.org

L-R: President, Igbere Welfare Union, Lagos branch, Mr. Godswill Okorie; Chief Operating Officer, Freight Forwarding Division, Slot Nigeria Limited, Mr. Emenike Iguh; Speaker, Dr. Uwakwe Oji Abiai Esse; Patron, Chief Chinwe Awa and Speaker, Hon. Michael Ijioma, at the 2014 Igbere Day lecture in Lagos…at the weekend.

PHOTO: GODWIN IREKHE

Osun PDM promises internal democracy Adeolu Adeyemo

OSOGBO

O

sun State chapter of the Peoples Democratic Movement (PDM) yesterday pledged to embark on intensive membership drive ahead of the 2015 general elections.

Newly elected Chairman of the party, Mr. Tajudeen Adekunle, who made the pledge in Osogbo, assured the people that the party would participate fully in all categories of elections next year to prove that their political strength stands firm in the politics of Osun State.

Adekunle, however, charged the members to work with the new executive to be able to win the state in the 2015 elections.

“The party would not hesitate in transforming the state, hence the need for total support from the people and we are assuring that the PDM would build a solid foun-

dation for the state and its people as the party believes in the welfare of the masses and not in the selfish gains of its leaders.”

He added that the leadership of the party would uphold internal democracy to see that every member is treated equally without favour or bias.

“The party is known for democratic uprightness and will not deviate from it.

“The party's strict adherence to internal democracy stands it out among others and our tenure would see to the improvement of party members while adequate attention would be paid to their needs.

Adekunle described the out-going Chairman of the party, Alhaji Lasisi Bakare, as a good political leader, who used his time and energy to uplift and develop the structure of the party.

Dangerous vegetable oil brands flood market Muritala Ayinla

nvironment and safety experts yesterday warned Nigerians to be wary of brands of vegetable oil mixed with Polychlorinated Biphenyls (PCBs) currently in circulation across the country.

They said such brands of oil are dangerous to human health and may lead to terminal diseases.

The experts also described Polychlorinated Biphenyls (PCBs) as organic pollutants found mostly in transformer and capacitor oils, which are harmful to humans, plants and animals, urging Nigerians to abstain from them as only trained handlers should go near them.

They said the toxic property in PCBs is known to cause cancer, impaired immune function, and reproductive and development toxicity and affect the central nervous system.

Speaking at a workshop for journalists organised by the Federal Ministry of Environment and the Nigeria Polychlorinated Biphenyls

E

Project, the General Manager, Health and Safety Environment, Olisa Okoli, who raised the alarm, said some unscrupulous individuals are already diverting the oil meant for the maintenance of PCBs transformers to the market for sale after mixing them with vegetable oil for consumption.

Hesaidmostvegetableoils, particularlythosenotbranded are products of PCBs diluted oil, reiterating that on no account should anyone have direct contact with the PCBs oils let alone converting them to domestic use.

He said: “Some people use these dangerous oils (PCBs containing oils) for specific domestic use like frying of food such as bean cake and others. Some use them as fire propellant for heavy usage such as roasting of Suya.

Yes, some people use them for body and hair creams.

All these are delicate."

These are ways of ingesting toxic poison in PCBs. The damage these usage patterns have caused can only be imagined.”

48 NEWS SETTLEMENT

At last, the election is over and winner is a former deputy governor of the state, Zagbayi Nuhu Dan Atori MINNA

T

he Independent National Electoral Commission (INEC) yesterday declared

Sanctity of Truth

Monday, September 8, 2014

PDP wins Niger East senatorial bye-election the candidate of the Peoples Democratic Party (PDP), Dr. Shem Nuhu Zagbayi, winner of the Niger East senatorial bye-election amid tight security.

While announcing the result in Minna, the Returning Officer for the election, Prof. Oluwole Olakonmi Morenikeji, said Zagbayi scored

35,000

The number of adults and children estimated to be living with HIV in El Salvador in 2008.

Source: Blatantworld.com

92,056 votes against Mr. David Umaru of the All Progressives Congress (APC), who polled 87, 405 votes.

According to him; “We have come to the conclusion of the collation, I, Prof. Olakonmi Morenikeji, hereby certify that I was the returning officer for the Niger East senatorial district

27

The number of saves made by United States in Brazil 2014 World Cup. Source: Fifa.com

bye-election held on the 6th day of September, 2014.

“The election was contested, the candidates received the following votes; Mr. David Umaru, APC 87, 405; Isa Bello of APGA, 2,185 votes; Dr. Shem Nuhu Zagbayi of the PDP scored 92, 056 votes and Abdulahi Diko of the SDP scored

31,168

The number of fixed-telephone subscriptions of Belize in 2009.

Source: Itu.int

419 votes.

“Dr. Shem Nuhu Zagbayi of the PDP having certified the requirements of the law and scored the highest number of votes is hereby declared the winner. And he is returned elected, signed by me, the returning officer.”

Morenikeji said the total number of registered voters was 149, 851 and the total number of accredited voters who participated in the election

Ondo former speaker eyes House of Reps Babatope Okeowo AKURE

ormer Speaker of the FAssembly Ondo State House of , Taofiq Olawale

Borno State Governor, Kashim Shettima (middle), exchanging pleasantries with some internally displaced persons in a camp in Maiduguri …at the weekend

Kano APC elders endorse Kwankwaso’s presidential ambition

Teachers recruitment: Adesanya lambasts Mimiko

Muhammad Kabir

Babatope Okeowo

KANO

45 hours after the BDr.arely Kano State Governor, Rabiu Musa Kwank-

waso, said that he was still consulting over his widely speculated presidential ambition, the elders’ committee of the All Progressives Congress (APC), has endorsed his candidature as a man of remarkable value to free Nigeria from its present sorry state.

Speaking on the issue, the APC chairman of the elders’ committee said it was clear that the government of President Goodluck Jonathan could not provide any meaningful way out for the nation’s terrible security situation.

Ambassador Kabiru Rabiu, who read the communique after the elders’ meeting alongside the Special Adviser to the Governor on Politics, Yusuf Kutama, said the president was not providing any solution to the problem of insurgency in the country.

He said Kwankwaso, who has “tremendous

experience and is a man of strong character and value, is also a team player and would make Nigeria a better place to live.” He said such a man should be given the chance to fly the flag of the APC. The elders’ committee boss, who though dodged every question about what happens to General Muhammadu Buhari’s ambition, insisted that Governor Rabiu Kwankwaso, has been a water engineer, a politician with heavy historical values, somebody that was a member the House of Representatives and rose to be the Deputy Speaker, member of the Constitutional Conference that ushered in the fourth republic and has been governor twice, is highly qualified to run the nation.

The endorsement of Kwankwaso’s presidential ambition, followed a similar one by the Presiding Bishop of the New Generation Bible Church International, Bishop Godwin Elomobor, who said Governor Kwankwaso should be given a chance to fly the flag of the APC in 2015.

AKURE

he All Progressives TOndo Congress (APC) in State has described as deceitful an attempt to hoodwink the people of the state with the announced plan by the government to recruit 2, 000 teachers in the state’s workforce.

The party through its Publicity Secretary, Mr. Abayomi Adesanya, also advised job seekers to be wary of the Greek gift from the government as the party may be sacked after next year’s election.

Adesanya in a statement described “the highly-publicised plan of the government to recruit 2, 000 teachers as a mirage and another way to deceive the people.”

The opposition party said if indeed the government plans to recruit teachers, it would have scored a political point, but said the integrity of the government has been soiled since it came on board since 2009.

He said: “But what Ondo State people wit-

nessed since February, 2009, in the scope of employment and empowerment are nepotism, discrimination and partisanship. Friends and families of Mr. Governor are been smuggled through the backdoor, into the state's Civil Service Commission, while the bristling population of the unemployed are left in eternal joblessness by the Olusegun Mimiko administration; sacking and retrenching workers under the guise of flimsy excuses is the order of the day.”

“Therefore, it took the people of Ondo State by astonishment, that a government that has abandoned them for almost six uneventful years, suddenly announced its intention to recruit 2, 000 teachers. Is this August recruitment exercise a bid to shore up the dwindling popularity of the government?

“For record purpose, the last time Ondo people witnessed mass and genuine recruitment into the state civil service, precedes the Mimiko era," Adesanya said.

was 205, 765.

The result as announced by the Returning Officer showed that there were 182, 137 valid votes cast and 8, 042 invalid votes, making 190, 179 votes.

He said there were 949, 851 registered voters, but only 205, 765 voters were accredited for the election, an indication that less than 25 per cent of the registered voters for the bye election came out to vote.

Abdusalam, has obtained the Peoples Democratic Party (PDP) form to represent Akoko North-East and North-West federal constituency in the House of Representatives.

With Abdusalam’s form at the weekend, the number of those who have obtained the PDP Expression of Interest forms for the House of Representatives are now 16 while that of the Senate is three and the State House of Assembly, 26.

The two term legislator said he sought to serve at federal level, having served his people meritoriously at the state level.

He said: “With due respect to other candidates, I am the candidate to beat.

I have suffered for the party and have not shown any sign of betrayal. I was in the House of Assembly for eight years

and the two of them I spent as Speaker. I have been tested and proved to be trustworthy.”

Abdusalam promised to give quality representation to his people if given the mandate as he would work with the governor, senator and the president to bring development to his constituency.

Chairman of the PDP, Mr. Ebenezer Alabi, who spoke after the former speaker obtained his form, said the party would present its best to the electorate for next year’s election.

Unlike other political parties, Alabi said the party primaries would “be transparent, clear and there will be a level playing ground for all aspirants.

On the fate of new entrants into the party, Alabi said it is bright as there is no founder or joiner in the party. He, however, said that everybody would pass through the normal channels of the party.

Cross River targets $10m Fadama project extension Clement James CALABAR

to ensure Dofetermined large scale production agricultural products in Cross River State, the state Fadama 111 Coordination Office said it was targeting $10 million out of the $200 million provided by the World Bank for Fadama 111 project extension in Nigeria.

Cross River State Fadama 111 Coordinator, Mr. Bassey Elemi, said this in Calabar, during the inspection of Fadama project site by the World Bank Country Director for Nigeria/African Region, Mrs. Mary Nelly.

Elemi said the state was focusing on cassava production, which it has comparative advantage in a value chain system.

“The entire portfolio from the World Bank is $200 million. A state that is a staple crop zone like

Cross River can get as much as $10 million. The other production clusters will get about $1 million each,” he said.

Speaking, World Bank Country Director, Mrs. Mary Nelly, said the prospect of the success of the project was very bright and encouraged the farmers to make it large scale to add value to their crops.

“We are talking of moving from traditional agriculture to commercial agriculture. From what I have seen here, there is a good prospect,” she said.

She advised the beneficiaries, known as Fadama User Groups, to explore more ways of synergising in order to achieve more results.

Some of the projects inspected by the director included the N2.3 million cool room constructed by Ikot Ansa Fadama Community Association.

NEWS 49

Sanctity of Truth

Monday, September 8, 2014

2015: PPA vows to rescue Abia from PDP  Accuses Orji of betrayal, maladministration DISMAL

Troubled Chief Orji is in for more sleepless nights as accolades continue to elude him Onwuka Nzeshi ABUJA

A

head of the 2015 general elections, the Progressive People's Alliance(PPA) has vowed to rescue Abia State from the clutches of bad governance allegedly imposed on it by the People's Democratic Party (PDP) in the last eight years.

In 2007, Chief Theodore Orji was elected governor of Abia State on the platform of Progressive People’s Alliance but he later decamped to the All Progressive Grand Alliance (APGA) before joining PDP, the ruling party at the centre.

In a statement released yesterday, the leadership of the PPA accused the Governor Theodore Orji led-government of betrayal and maladministration, stressing that under its watch Aba, the commercial city of Abia State has remained "very dirty and the roads are so bad" that they signpost the "horrifying infrastructural decay and underdevelopment" of the entire state.

National Chairman of PPA, Comrade Peter Ameh who endorsed the statement, said the party has been vindicated because when it fell apart with Governor Orji and he left the party, many Nigerians did not understand the underlying reasons for the disagreement.

Ameh who is also the Secretary General InterParty Advisory Council (IPAC), an organ of the Independent National Electoral Commission(INEC

), disclosed that as soon as Orji was elected on the platform of the PPA, the party came up with a seven point action plan for the development of the State but what the Party and the electorate got from him was a betrayal of trust and mandate through his defection to another party.

"His main cause of disaffection was because the Party gave him an action plan on ways to develop Abia because of the petition we got from the State that the Party rating was going down due to poor performance of the Governor."

Then the State earned about N3billion every month outside internally generated Revenue (IGR).

"Abia is the commercial nerve center of the South East and we all know that Ariara market alone can generate1billion and more a month for the government if it is well managed," Ameh said.

Four million nomadic children have no access to education, says board chair Yekeen Nurudeen ABUJA

T

he Executive Secretary of National Commission for Nomadic Education (NCNE) Professor Abdulrasheed Aderinoye has revealed that about four million school-age children of nomads across the country have no access to education.

Professor Aderinoye who described this development as a “time bomb” also attributed the incessant conflicts in Nasarawa, Taraba and Benue states involving the Fulani herdsmen and the people of the states to high level of ignorance and illiteracy among the pastoralists.

The NCNE Executive Secretary made this remark at the weekend after a meeting with the Minister of National Planning Commission, Dr. Abubakar Sulaiman.

“There is high level of ignorance, illiteracy and marginalization among the nomads and some of these crises could be sign of protest that they need attention, but they are not able to do it in a constructive way,” he said.

He disclosed that the population of the nomads including pastoralists, migrant fishermen and migrant farmers is about 17 million with majority of them unable to read and write.

Specifically, Professor Aderinoye said out of

about four million schoolage children of nomads that are supposed to be in school, only about 500,000 of them are in schools across the country.

He said the advocacy visit to the Minister of National Planning Commission was to see how to build strong partnership as part the ongoing effort to reposition nomadic education in Nigeria.

While lamenting that funding has been one of the tremendous challenges of the Commission in executing its mandate, he said: “since one hand cannot clap” there was the need to build synergy with relevant government agencies as well as attract foreign assistance from development agencies.

Sani Dangote's firms reassure stakeholders he Management of Dan- described the court’s court would entertain the TBulk sa Foods Limited and interim injunction as a applications in the suit Pack Services Lim- temporary setback. brought by Union Bank ited, over the weekend, assured their customers and other vendors of stability in their operations despite last week’s Court order restraining the company’s operations with their banks.

Company Secretary and Legal Adviser to Dansa Foods Limited, Mohammed Shitu Jibril

“Our lawyers are taking appropriate steps to address our various dissatisfactions with the Order of the court and the actions filed by the bank”, Jibril said.

Justice Okon Abang who made the order last week, in a ruling, said the order subsists till September 11, 2014, when the

Plc against Sani Dangote and his companies.

Describing the situation as a phase that will soon be a thing of the past, he appealed for understanding and calm, noting that all the parties will soon sit down to look at the issues raised and reach an amicable solution that will be suitable to all.

European commision: Let's avoid distractions on reforms Shadrack Yusuf embers of the EuroM pean Commission (EC) have been urged to

keep up the momentum and truly deliver the reforms that the body has

set in motion at all levels.

A communiqué issued yesterday at the forum of Ambrosseti – the European House quoted the President of EC, Jose Manuel Barroso, as saying that the body needs

to avoid everything that distracts attention from the need for reforms.

His words: “I believe the key is to put emphasis on structural reforms.

So my concrete answer to you is structural reform.

50

Sanctity of Truth

Monday, September 8, 2014

Quadri, Onaolapo move in ITTF latest rankings Ajibade Olusesan

A

frican champion, Aruna Quadri, became one of the biggest movers in the International Table Tennis Federation (ITTF) rankings for the month of September when he jumped from number 111 to 73 in the men’s category.

Quadri who caused two

Quadri

major upsets at the last Czech Open when he defeated world’s number 24 and 38 to make it to the last eight of the championship garnered 2125 points to get to his new position. He’s now the second highest ranked African player behind Omar Assar of Egypt who is 61st in the world.

Another Nigerian mover is Ojo Onaolapo. The teen-

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

ager moved six places from 370 to 364 in the world.

Se gun Toriola, Seun Ajetunmobi and Oyeniyan Boboye did not move from their previous positions of 157, 275, and 245 respectively.

For the President, Nigeria Table Tennis Federation (NTTF), Wahid Oshodi, Quadri’s success in recent time did not come on a

NEW TELEGRAPH

newtelegraphonline.com/sports

51

platter of gold, as he remains one of the of most disciplined and hardworking players that the country has had in recent time.

“We are proud of what Quadri has done and will still do and we hope sponsors will avail themselves of the opportunity to support the player in his quest to make it to the zenith of the game in the world,” the NTTF boss said.

Did you know?

kunle.salami@newtelegraphonline.com adekunles@yahoo.com

That 2014 US Open was the first time since 1966 that the first two seeded players lost in the Semi final

the pitch.

“We wanted to win the match, we tried to put in everything but it wasn’t just enough. We know how Nigerians feel because of this match but we are sorry about it. We have always been making them happy and we would always make them happy.

“This is football, things like this happen in football but we need their support, their prayers so that we can do well in other matches.”

South Africa are leading Group A after beating Sudan 3-0 in Omdurman last Friday and will be hoping to con-

solidate when they host Nigeria on Wednesday.

Super Eagles are yet to lose to Bafana Bafana in a competitive match but will travel with a damaged morale to face the South Africans who are relishing a newfound form.

But Omeruo said the loss to Congo would spur them to good performance against the Bafana Bafana.

“We have to forget about this loss as quickly as possible and focus on the South African game because we have to get a good result against them,” he said.

ADEKUNLE SALAMI, DepUTY Editor, SPORTS

MONday, SEPTEMBER 8, 2014

We were poor against Congo –Omeruo

lSays Eagles will fly in South Africa Ajibade Olusesan

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uper Eagles defender, Kenneth Omeruo, has said their performance against Congo on Saturday was unacceptable and assured Nigerians Eagles would atone for their poor outing with excellent showing in South Africa on Wednesday.

The national team has attracted widespread criticism after a forgettable performance that resulted in a 3-2 defeat in the hands of the Congolese in their opening match of the 2015 Afri-

can Nations Cup qualifiers in Calabar on Saturday.

The Middlesbrough defender said that last Saturday was surely not their day as everything went wrong for the team.

He said that they were determined to win the game but were shocked about the way things panned out in Calabar.

When asked if the current crisis in Nigerian football affected the team on the pitch, the former Standard Liege player said; “Not at all because it is not our business what happens outside

Italy have no problem with Balotelli - Buffon

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SPORT

Sanctity of Truth

Monday, September 8, 2014

Eagles lacked coordination against Congo – Owolabi

Owolabi

Charles Ogundiya

F

ormer International, Felix Owolabi, has said the Super Eagles failed to fly past the Congolese because of poor coordina-

tion on the pitch.

Owolabi said from the attack to the defence, it was obvious that the players were just playing to the gallery as they failed to win any 50/50 ball against the Red Devils.

The Super Eagles were humbled 3-2 at the UJ Esuene Stadium, Calabar, on Saturday in the team’s first game in the 2015 African Nations Cup qualifiers.

Despite Efe Ambrose giving the team an early goal in the game, the Super Eagles conceded three goals to trail their opponent 3-1 before another goal by substitute Gbolahan Salami in the dying minutes of the game reduced the deficit, as the team slumped to their first defeat in Cala-

bar. The loss has put the Stephen Keshi-led side’s quest to qualify for African football showpiece in 2015 in some jeopardy.

The former Shooting Stars of Ibadan player said the team played for the first 15 minutes before losing the initiative to their opponents.

Owolabi said: “The players were playing as if nothing was at stake, the midfielders were not helping out in the defence while exposing the goalkeeper.

“I can’t blame the goalkeeper because even if it was Vincent Enyeama in goal, we would still have lost the game, maybe the goal margin would have been more, who knows?

“The Congolese wanted the game more and they got the result at the end;

the players kept giving the ball away and the Congolese took the initiative to punish us.

“I am sure Congo wanted just a fair result, not to be humiliated by the defending champion, but after seeing what the boys had to offer, their confidence grew and they got the three points.”

When asked if the crisis in the football house played a role in the sad loss, Owoblow as he was popularly called in his playing days said: “The players were going through a psychological trauma but that was not enough to lose the game especially because they are all professionals.

“The fact is there was no hunger in the team.

The technical crew, led

by Stephen Keshi, did not help matters too by failing to pass instructions to the players like the opposite number, Claude Le Roy, was doing, “ Owolabi added.

Babaginda bemoans Club Owners suspension Ajibade Olusesan

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hairman of FC Taraba, Tijani Babaginda, has laughed off the suspension placed on him by the Club Owners Association.

The association banned the former Super Eagles player and three others members for accepting to work in committees set up by the factional President of the Nigeria Football Association, Chris Giwa, contrary to the group’s directives.

But Babangida said he had not done anything that contravenes the rules and regulations of the association.

“I am still at a loss as to why I have been suspended because I have

not done anything wrong.

I have not gone against their laid down rules except that they are they telling me that as Tijani Babaginda I do not have the right to associate with whoever I chose to, then, that is infringing on my right and I will not take that at all.

“They only sent a text message to me concerning the appointment and they cannot use that to suspend me and to underscore the fact that there is an agenda, the story about my suspension was all over the media before they even told me about it. This is a dirty game and I do not expect that the club owners would condescend to this level because they want to fight for some people,” he said.

Chukwumerije ready for 2014 Manchester Grand Prix

Charles Ogundiya

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igeria’s Chika Chukwumerije has said he

would be hoping to improve as he prepares for the World Taekwondo Federation Grand Prix,

Agali

Eagles must bounce back against South Africa -Agali EmmanuelTobi

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ormer Hansa Rostock of Germany striker, Victor Agali, has charged the Super Eagles to rediscover their scoring form after Nigeria suffered a stunning 3-2 home loss to Congo Brazzaville on Saturday on match-day 1 of the Africa Cup of Nations qualifying competition.

It was the first defeat in 47 home matches for the Super Eagles since qualifying started 48 years ago and the first time they had conceded three goals at home in an eliminator.

But the former Super Eagles striker said: “The defeat is a wake-up call to the Eagles and the coaching crew. We must bounce back and finish the job against South Africa in Cape on Wednesday. If South Africa can win in Sudan while Congo won in Nigeria, so Nigeria can also win in South Africa.”

Celtic defender Efe Ambrose nodded the Super Eagles into an early lead at UJ Esuene Stadium, only for Prince Oniangue to level within three minutes.

Goals either side of half-time from Thievy Bifouma — the second from a powerfully struck penalty — gave Congo a two-goal lead, before Gbolahan Salami snatched a late consolation.

to be held in Manchester, United Kingdom on 25th and 26th October 2014.

Chukwumerije was in danger of failing to qualify for the prestigious Grand Prix, after missing out on the last edition in Suzhou, China.

He however gathered points at the 2nd Grand prix of the year in Astana, Kazakhstan, held between 29th August and 2nd September, where he defeated inaugural Grand Prix finalist, Guilherme Cezario of Brazil, 8-1 in the opening round, before narrowly succumbing to Number 3 in the World, England’s Mahama Cho 3 – 5 in the round of 16.

Commenting on his

performance, Chukwumerije acknowledged he would need to step up his training to make better impact at the next Grand Prix.

“I was not quite fit for the Astana Grand Prix, even though I put in a solid defensive performance. I lost a bit of concentration right in the last few seconds of my bout with Cho, and it cost me the match.

“However, it was critical I got enough momentum to make it to the next grand Prix in Manchester. Now, I have two months to get myself back into the kind of shape I should be in, and I am looking forward to the challenge.”

Chika (left) in action for Nigeria

Babaginda

Le Roy: We were tactically better

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oach of the Red Devils of Congo, Claude Le Roy, whose side shocked Africa champions Nigeria, beating them 3-2 at home, says his side was tactically better than the Stephen Keshiled team.

“Our tactics paid off as we worked on all the Nigerian players,” he told reporters at the post match conference.

“Musa, Oshaniwa, Ambrose - and the players did what we asked them to do.”

“We won and It was a huge result for us, because we were better tactically but we now have to focus on Sudan.”

Le Roy who confessed prior to the game that he will be satisfied with just a point, said he psyched his players up by telling them not to be intimidated by the pedigree of Nigeria as champions of Africa.

“I told my players not to be impressed by Nigeria’s pedigree of being African

champions and getting as far as the round of 16 at the World cup and it worked.”

“If we remain very humble and confident, we can do great things, the early goal against us could have killed us, but we were strong.”

The well-traveled coach insists their victory is not a reason to believe they are through to the Africa Nations Cup instead it’s just the start.

“We are not there yet, this is just the start, teams will come at us now with expectations so we have to maintain our discipline if we want to be at the Nations Cup in Morocco next year.”

The last time Congo were at the Nations cup was in 2000 when Nigeria co-hosted the tournament with Ghana but their victory over Nigeria has given them a lift towards qualifying for next year’s edition.

SPORT | EURO FOOTBALL

Sanctity of Truth

Monday, September 8, 2014

Euro 2016 qualifiers: Rooney wants England to raise game

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ayne Rooney has called for England to raise their game as they prepare to start their Euro 2016 qualifying campaign against Switzerland.

The Three Lions came in for more criticism following their lacklustre display in a 1-0 friendly victory a g ainst Norway on Wednesday, which was watched by the lowest crowd for a full inter national fixture at Wembley since the stadium was reopened seven-anda-half years ago.

England now face what is expected to be their most dif ficult game in Group E when they take on the Swiss in Basel, with the hosts having given a far better account of themselves in Brazil as they

reached the last 16.

New captain Rooney, who scored the only goal of the game from the penalty spot against Norway, believes that England have enough quality to silence their critics and stressed that now is the time to lift the gloom as they attempt to reach the European Championship in France.

“If you look at the squad, with Raheem Sterling, Daniel Sturridge, Jack Wilshere and Alex OxladeChamberlain, they are doing great for their teams in the Premier League,” Rooney told reporters.

“Being part of a World Cup and seeing how it is can only give them great experience for future tour naments but we all have to stand up now and make sure we qualify for Rooney (left) Euro 2016.”

Spain will reach Euro 2016 semi-finals - Low

Suarez won’t be biting anyone Under-pressure Spain out for big qualifying win at Barcelona - Rakitic I van Rakitic has insisted that “polite” striker Luis Suarez will not bite anyone at Barcelona, despite his chequered history.

The Uruguayan is currently serving a four-month ban from competitive football after biting Giorgio Chiellini at the World Cup this summer, although the bizarre incident did not stop Barca from spending €88 million to bring him to Camp Nou from Liverpool.

Rakitic, another new arrival under Luis Enrique’s regime, had only positive things to say about his Barca team-mate and said he is loving life in

Catalunya alongside stars like Lionel Messi, Neymar and Xavi.

“Suarez is very calm, polite and quiet,” the Croatia international told reporters. “He’s a great man and he said that any biting moments he has had in the past will never happen again.

“I came to Barcelona to enjoy my football, to work hard, to give my best, to help the team, to share the locker-room with some of the best players in the world.

“Every day I have smile on my face as I go to training and that is most important thing.”

Falcao admits knee nerves R adamel Falcao has admitted he remains nervous about the state of his knee as he prepares to make his debut for Manchester United.

The Colombia striker made his first international appearance since Janaury against Brazil on Saturday with a brief 13-minute runout in Miami.

Falcao scored twice in three Ligue 1 appearances before leaving Monaco for Old Trafford on a seasonlong loan, showing few illeffects of his torn anterior cruciate ligament sustained against part-timers Chasselay in last season’s Coupe de France.

“Because of the injury I felt so nervous,” Falcao is quoted by British media. “Almost like it was my

first time with the national team.

“And I expect it will be the same before I play my first game for Manchester United. I’m so happy to be back, and I am also happy about being able to join United. Physically I feel spectacular. I have been able to play without any kind of trouble.”

Euro 2016 Qualifiers fixtures

Luxembourg v Belarus Spain v Macedonia Ukraine v Slovakia Estonia v Slovenia San Marino v Lithuania Switzerland v England Russia v Liechtenstein Austria v Sweden Montenegro v Moldova

Diego Costa

S

pain’s new-look squad is already under scrutiny ahead of the nation’s first competitive match of a new era at home to Macedonia on Monday.

The 2014 World Cup saw Spain’s dominance of the international game come to an abrupt end, with defeats to the Netherlands and Chile resulting

53

in a group-stage exit for the team that had claimed two European Championship titles either side of becoming world champions in 2010.

Xavi, Xabi Alonso and David Villa followed Carles Puyol into international retirement thereafter, leaving coach Vicente del Bosque without four men who had played pivotal roles in the team’s earlier success.

Del Bosque has overlooked striker Fernando Torres - another significant figure in Spain’s golden era - for the clash with Macedonia in Valencia, which kicks off both sides’ Euro 2016 qualifying campaigns.

With Gerard Pique, who asked to be excused from duty, and Andres Iniesta (knee) also absent, Spain’s squad has a somewhat unfamiliar look to it.

Dani Carvajal, Mikel San Jose, Raul Garcia and Paco Alcacer all earned first caps in an underwhelming 1-0 defeat to France on Thursday.

G

ermany boss Joachim Low believes Spain will respond to their World Cup disappointment by reaching at least the semi-finals of Euro 2016.

Vicente del Bosque’s side was among the pre-tournament favourites for the competition this summer, but was eliminated at the group stage after losses to Chile and Netherlands.

However, Low believes that the European champions will soon be a force to be reckoned with once more, citing their performance in their recent friendly loss against France.

“Take Spain as an example.

In the game against France you could see that they are a team in transition but still played well,” he is quoted as saying by AS.

Quit France,get punished - Platini tells Ribery

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ranck Ribery could face a suspension if he refuses to represent his country again, according to UEFA president Michel Platini.

Ribery announced his retirement from international football after injury ruled him out of the World Cup finals.

But according to Platini, a player

cannot refuse a summons to national duty if there is no physical problem impeding them from doing so.

“If Deschamps calls him up, then he has to come to the national team,” Platini told Bild am Sonntag.

“That’s written in the FIFA statutes. If he doesn’t report for duty, then he would be banned for three matches for Bayern Munich.

“It is not the player’s decision whether he represents his country, it’s the decision of the coach.

“Ribery cannot simply decide for himself whether he wants to play for France or not.”

Ribery said ongoing injury concerns were behind his decision to bring an end to his international playing career after 81 caps.

Italy have no problem with Balotelli - Buffon

I

taly goalkeeper Gianluigi Buffon has insisted that the national side has no problem with Mario Balotelli.

New Azzurri coach Antonio Conte left the Liverpool striker out of his first squad since being named as successor to Cesare Prandelli, following a

2013-14 in which Balotelli struggled to replicate the form he had shown in his first six months at AC Milan.

“We are players and Mario is our team-mate,” the goalkeeper told reporters. “We don’t have a problem with him.

“We are not so pre-

sumptuous enough to think that we can teach someone how to act or how to live, because it’s not as if we are 50 years older.

“I just think there is a coach and he decides what is best for the group. It is not our job to comment on Balotelli who gets called up.

2015 NATIONS CUP QUALIFIERS

SPORT

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Uganda to build on Ghana draw

U

ganda coach Milutin Sredojevic says his side can build on their impressive 1-1 draw to qualify for their first Africa Cup of Nations finals in 37 years.

The Cranes put up a brilliant display to earn a point on their visit to the Baba Yara Stadium in their opening 2015 Africa Cup of Nations qualifier.

Tony Mawejje had given Uganda the lead on the stroke of half time but Ghana levelled through Andre Ayew courtesy a controversial penalty early on in the second half.

Sredojevic, affectionately called Micho, believes his side has taken a bold step to pick up one of the slots for Morocco 2015.

“Getting one point is a boost for morale but you cannot talk as there are still five matches to go,” the Serbian said in a postmatch interview. “(There is still a) long way to go and I strongly hope with the spirit we are having, with the hard work of the boys, with motivation and everything else, that we shall try our best and make Ugandans happy. For 37 years they haven’t seen the Africa Cup of Nations.”

We’ll rewrite history against Eagles –Bafana coach

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afana Bafana coach Shakes Mashaba believes Wednesday’s African Nations Cup qualifier against Nigeria will not go the same way as previous encounters against the reigning African champions.

South Africa have never beaten Nigeria in a competitive fixture, but Mashaba said: “We are meeting our nemesis but my gut feeling is that all that [never beating Nigeria] is about to change. Wednesday should be a defining moment.”

Friday’s morale-boosting 3-0 victory over Sudan in Omdurman comes against the backdrop of the South Africa U-20 team qualifying – also under Mashaba’s guidance – for the CAF Youth Championships that will be played in Senegal next year after beating African powerhouse Cameroon 2-1 in Polokwane to complete a 3-2 aggregate win.

Mashaba said that for an absolute change of culture, Bafana Bafana as the torchbearers had to lead the way.

“Of late, Bafana Bafana had become a laughing stock and had lost credit within the football standing and we need to restore that acclaim.

We must bring back the pride to our national team and I am glad with the 3-0 win away from home. It is a beginning of that rebuilding process,” said Mashaba.

The Bafana mentor has left the Under-20 position to concentrate on the senior team and said the 3-0 win

Ifeanyi Ibeh

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igeria coach Stephen Keshi has said his team is now pressed to win in South Africa on Wednesday after they fell 3-2 at home to Congo.

South Africa are top of Group A after they won 3-0 in Sudan on Friday and they will take on Nigeria in Cape Town.

RESULTS Friendlies 1-0

Colombia

Vietnam

3-1

Hong Kong

Singapore 2-1

Congo

Sudan

0-3

South Africa

Guinea

2-1

Togo

Senegal

2-0

Egypt

Congo DR

0-2

Cameroon

Zambia

0-0

Mozambique

Côte d'Ivoire

2-1

Sierra Leone

Ethiopia

1-2

Algeria

Niger

1-3

Cape Verde

Burkina Faso

2-0

Lesotho

Ghana

1-1

Uganda

Uganda Cranes player Emmanuel Okwi (middle) during Saturday’s match against Ghana

Atsu blames fans for Black Stars draw G

Atsu

Keshi has now called for support while hoping the Super Eagles could redeem themselves against Bafana Bafana on Wednesday.

“It’s football. Brazil lost 7-1 and we lost (on Saturday).

Everybody is going to lose someday. We cannot win all the games all the time. This is where we need the media and Nigerians. They have to be behind the team, so that we can go to South Africa and win,” said a disappointed Keshi.

A

AFCON qualifiers 2-3

Mashaba

“I’m very disappointed. It was not just the result but the way we played in the first half.

I was like a soothsayer because I saw it coming and I talked to the boys that they had to be aggressive and first to the ball.

“I’ve played against the Congolese team before and I know they play tip-tap football. We scored the first goal and that was it. It’s a shame that we had opportunities, mostly in the second half, but we could not score.”

Algeria coach calls for improvement

Papua N/Guinea

Nigeria

over Sudan was a great platform on which to build good things.

“Once we weathered the storm in the opening minutes, in which they pumped long-balls up-front, I knew we would achieve our goal of coming away with three points. And the boys stuck to the script.

“In the second half we completely dominated the game and with clinical finishing, the scoreline could have been six, seven or eight. But the 3-0 win is quite encouraging and we need to maintain the momentum.”

Win against Bafana non-negotiable –Keshi

Sredojevic

Brazil

Sanctity of Truth

Monday, September 8, 2014

hana winger Christian Atsu believes fans apathy contributed to their below par 1-1 draw display against Uganda at home in the 2015 Africa Cup of Nations qualifiers.

The Black Stars had a hostile reception from the fans who, uncharacteristically, were not at the Baba Yara Stadium in their numbers to support the team.

Officials and players have been apologising to the fans for the off-the-pitch incidents which riddled Ghana’s World

Cup campaign and resulted in a first round exit. But all that fell on deaf ears and that had a negative impact on the performance of the team.

“We need the fans. We apologise to them that things went wrong in Brazil.

We are hoping that it will not continue like this,” the Chelsea-owned player said in a post-match interview.

“If they want the country to move forward, they should not look at what happened in Brazil but look at the future and make it better.”

lgeria’s coach Christian Gourcuff was satisfied with his side’s performance against Ethiopia on Saturday, but believes they have plenty of room for improvement.

The Fennecs enjoyed a 2-1 victory in Addis-Ababa in their Group B opener, thanks to goals by Hilal Soudani and Yacine Brahimi, and Gourcuff said: “It was a tough game as we expected. We saw how difficult it was to put passes together in the second half. It was predictable. And the poor pitch conditions meant that we were often put under pressure.

“But tactically, we were very dedicated despite the short preparation. We managed to

do lots of damage to our opponents; we grabbed the three points, it’s good for our confidence.

“It is only one match, but it is very good to start with a win. In the next games, the conditions will be difficult but we will have the opportunity to play better football.

“I hope that we will continue to make the public happy. (On Saturday) we only did it from time to time but I believe that we can do much better.”

Algeria will try to keep their momentum going against Mali in Blida on Wednesday, in matchday 2 of the qualifiers.

Gervinho hails Elephants’ mental strength

C

ote d’Ivoire winger Gervinho praised his side’s mental strength after the Elephants came from behind to secure a 2-1 win over Sierra Leone in Abidjan.

One goal down at the break, Hervé Renard’s men fought back with two second half goals by Seydou Doumbia and Gervinho.

“We suffered, but it is what makes this victory even greater. The most important was to get the equaliser before taking the lead towards the end to scoop the three points,” Gervinho said after the game.

“You must not under-estimate your opponents. Unlike what people thought, they are a very solid team.

SPORT 55

Sanctity of Truth

Monday, September 8, 2014

SSS stops Giwa in Calabar Ajibade Olusesan

Emmanuel Tobi

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actional President of the Nigeria Football Federation, Chris Giwa, on Saturday, was exposed to ridicule after he was denied the chance to perform the traditional handshake during the Super Eagles Africa Nations Cup qualifying match against Congo in Calabar last Saturday.

The administrator who had been warned by world football governing body FIFA to stop parading himself as the President of NFF was stopped by the men of the State Security Service at the entry point to the pitch of UJ Esuene Stadium.

The proprietor of Giwa FC accompanied Cross River State Governor,

N Giwa (back) being shielded by security officials

Liyel Imoke, to the stadium, he was even seen sitting at the State Box with Imoke but his attempt to join the Governor for the handshake was rebuffed by the operatives of SSS. He was seen frantically appealing to the security men but they would not bulge as only the governor was allowed to perform the pre-match function.

Crisis in the Nige-

Nishikori, the history maker

Nishikori

K

ei Nishikori’s journey to the U.S. Open final began a decade ago, when he was spotted as a teen at a tryout in Japan and invited to move to Florida to attend a tennis academy.

Nishikori was among the first beneficiaries of a project to improve Japanese tennis funded by former Sony executive Masaaki Morita.

“Kei was just 14, and he didn’t speak a word of English,” said Nick Bollettieri, a member of the International Tennis Hall of Fame who coached players such

as Andre Agassi, Boris Becker, Jim Courier and Monica Seles. “He was gifted. Great speed and great eyes.”

Now that he’s the first man from Asia to make it to the final of a Grand Slam singles tournament, his profile — and that of his sport — will grow exponentially in his home country.

Nishikori’s surprising 6-4, 1-6, 7-6 (4), 6-3 victory over No. 1-ranked and seven-time major champion Novak Djokovic in the U.S. Open semifinals began at about 1 a.m. Sunday in Japan, but people across the country stayed awake to keep track.

“This is definitely huge for Japan. It’s a big country, over 100 million people. This can definitely be a great encouragement for tennis in that country,” said Djokovic, who is from Serbia.

rian football took a different turn when Giwa emerged the President of NFF last month.

FIFA and other stakeholders have refused to accept the outcome of the poll that produced him and the world governing body has given him until today to vacate the office or Nigeria will be banned.

Congo disgraced Nigeria as they beat the African champions 3-2.

ovak Djokovic has admitted that he was nowhere near his best during his shock US Open defeat to Kei Nishikori.

The Serb crashed out in the semi-finals at Flushing Meadows courtesy of a 6-4 1-6 7-6[4] 6-3 defeat, preventing him from

igeria quartet of Clifford Enosoregbe, Henry Atseye, Umaru Balami and teenager Sylvester Emmanuel are ready to compete with their counterparts from Africa as the Davis Cup team begins its quest for promotion to the World Group II in Cairo, Egypt on Monday.

The players, alongside Coach Benson Isicheli, who is also a non-playing captain, departed Lagos on Saturday evening and arrived Cairo in the early hours of Sunday.

This is the sixth consecutive year that Nigeria will be playing in the Africa Group III

after finishing as jointseventh in the Africa Zone Group III positional play-off at the same venue last year.

The country’s best Davis Cup performances have been semifinal finishes in Euro/Africa Zone Group I, in 1988 and 1989.

According to Nigeria Tennis Federation President, Sani Ndanusa, “From what we have seen of the players we can expect that we will have a good outing and possibly get one of the promotion tickets.

“The report I got from the camp shows that the team is well prepared having got used to the clay court at the Lagos Country Club.

US OPEN

A final of numerous firsts

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his will be the first US Open final between two players making their Grand Slam final debut since 1997 when Patrick Rafter defeated Greg Rusedski. That was also the last US Open final without a Top 10 player.

Rafter was ranked No. 14 in the Emirates ATP Rankings and Rusedski was No. 20.

This will be the first Grand Slam final between two first-time Grand Slam finalists since 2005 Roland Garros when Rafael Nadal defeated Mariano Puerta.

This is the first time since 1966 that the No. 1 and 2 seeds lost in the semifinal at the US Open/Championships: (1) Manuel Santana l. to John Newcombe and (2) Roy Emerson l. to Fred Stolle.

Cilic is the first Croat to reach a Grand Slam final since coach Goran Ivanisevic won Wimbledon in 2001 (d. Rafter).

Nishikori is the first Asian man to reach a Grand Slam final and he’s beaten three Top 10 players en route – No. 6 Milos Raonic (fourth round), No. 4 Stan Wawrinka (Quarter final) and No. 1 Novak Djokovic (Semi final).

I wasn’t myself –Djokovic N

Tennis: Nigeria begins Davis Cup promotion race

reaching a fifth consecutive US Open final.

The number one seed acknowledged that he was beaten by the “better” player on the day and is hoping to bounce back quickly and end the year on a high.

“Other than that second set,

This will be the first Grand Slam final since 2005 Australian Open without Novac Djokovic, Rafael Nadal, Roger Federer or Andy Murray. This will be the third time in the past 39 Grand Slam titles there will be a non-Big Four winner (2009 US Open-Juan Martin del Potro, 2014 Australia Open-Stan Wawrinka) The winner will become the 13th player in the Open Era to win his first Grand Slam title at the US Open. The last year two (more) players won their maiden Grand Slam title was in 2003: Juan Carlos Ferrero (Roland Garros), Federer (Wimbledon) and Andy Roddick (US Open).

This will be the second time in three years there are four different Slam champions.

Cilic

my game today (Saturday) was not even close to what I wanted it to be. A lot of unforced errors, a lot of short balls. I just wasn’t myself,” Djokovic told reporters.

“I felt like I could have gone at least a step further here, but it was disappointing today. It’s sport. I have

to congratulate the better opponent and move on and try to finish off this year hopefully as close as I can to last year.”

Djokovic has had issues with hot conditions before in his career, but he refused to use the temperature as an excuse for his performance.

Atseye

He added that: “Enosoregbe is one of the best ranked players by the ITTF and he showed a bit of what he has in stock at an exhibition match in Ikoyi club on Friday. We can also count on the form of Atseye becasue he has been on top of his game in the last few years. So the NTF is confident of the team getting a promotion ticket.”

Ebola: Chukwumerije carpets Uzbekistan, China on discrimination Emmanuel Tobi

N

igeria’s Olympics Taekwondo bronze medalist, Chika Chukwumerije, has blasted the Uzbekistan and China governments for discrimination against Nigerian athletes due to the outbreak of Ebola virus in the country.

Nigeria has missed the 2014 Youth Olympics in China and the Wrestling World Championships in Uzbekistan since the Ebola saga started.

“I fought in Kazakhstan last week at the Astana Grand Prix, and checks were carried out at the airport – here in Nigeria and at Kazakhstan. Why next door neighbours, Uzbekistan would deny the Wrestlers potential World Championships fame is unfair.”

Chukwumerije encouraged world sporting regulatory bodies to take a cue from the World Taekwondo Federation, “The nature of sports is to break down barriers, not enforce them. Perhaps, other sports need to take a cue from the WTF in the lesson of inclusion, rather than marginalising a country of 180 million people, because of very few Ebola cases.”

“The message is simple – stop marginalising our National Teams. Ebola is a serious threat in the West African region that is a genuine challenge that the global community is understandably wor ried about,” he added.

World Record

On Marble

Learn from the past, set vivid, detailed goals for the future, and live in the only moment of time over which you have any control: now.

– Denis Waitley

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Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONDAY, SEPTEMBER 8, 2014

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Lizzie Velasquez (24), from Austin in Texas is the thinnest girl in the world: she weighs 4st 3lb and has to eat every 20 minutes because of rare medical condition

N150

Moving ahead with Energy Price Reforms

nergy plays a critical role in the functioning of modern economies. At the same time, it’s at the heart of many of today’s pressing environmental concerns—from global warming (predicted to reach around 3–4 degrees Celsius by the end of the century) and outdoor air pollution (causing over three million premature deaths a year) to traffic gridlock in urban centers. In a new IMF book, we look at precisely how policymakers can strike the right balance between the substantial economic benefits of energy use and its harmful environmental side effects.

These environmental impacts have macroeconomic implications, and with its expertise in tax design and administration, the IMF can offer sound advice on how energy tax systems can be designed to ensure energy prices fully reflect adverse environmental impacts.

We do this by developing a sensible and reasonably simple way to quantify environmental damages and applying it, in over 150 countries, to show what these environmental damages are likely to imply for efficient taxes on coal, natural gas, gasoline, and road diesel. For example, the human health damages from air pollution are calculated by estimating how many people are exposed to power plant and vehicle emissions in different countries and how this exposure increases the risk of various (e.g., heart and lung) diseases. Although there are some inescapable controversies in this approach (e.g., concerning the valuation of global warming damages or how people in different countries value health risks), the methodology is flexible enough to easily accommodate alternative viewpoints—it is a starting point for debate, not a final point of arrival.

Not all taxes are bad The world’s finance ministers should recognise they have some fairly potent tools at their disposal. Let’s face it, taxes can be a powerful way to point consumers and firms away from certain products— look at what’s happened with cigarettes in many countries over the past 50 years.

Environmental taxes or similar pricing instruments can help in “getting prices right,” that is, reflecting environmental side effects in energy prices. We need to focus on smarter taxes, not higher taxes.

If properly targeted at the source of environmental harm, these instruments provide the most effective way to reduce the harmful side effects of energy consumption. And their revenues allow governments to lower other burdensome taxes, or meet fiscal objectives more efficiently, thereby achieving better environmental and health outcomes while limiting any adverse impact on macroeconomic performance.

Guest Columnist Ian Parry

Parry

per gigajoule of energy (about two-thirds of the average world price) while air pollution damages (despite regulations) exceed $10 per gigajoule in countries like China and Poland (with high population exposure to pollution), but are less than $1 per gigajoule in Australia and Chile (where the converse applies). Corrective taxes on gasoline are also substantial across advanced, emerging, and developing countries, but more to reflect the costs of congestion and accidents than air pollution and carbon emissions.

There is much at stake here—implementing corrective fossil fuel taxes (relative to the current situation) would generate an estimated reduction in global carbon emissions of 23 percent, save 63 percent of fossil fuel pollution deaths, and provide fiscal benefits averaging 2.6 percent of countries’ gross domestic product.

In short, countries need not wait on international action to move ahead with energy price reforms, given the large domestic environmental and fiscal benefits. Finance ministers have a central role to play in all this, both in administration, and in restructuring the tax system away from taxes that are likely to be most harmful for efficiency and growth, such as income taxes, in favor of carefully designed energy taxes. But we need to pay careful attention to what should be taxed (the “tax base”) and how much should be paid via tax rates.

Getting bases and rates right As for tax bases, although there are different options, carbon emissions are most easily priced through levies on fossil fuel suppliers in proportion to the fuel’s carbon content, building off existing motor fuel taxes. Similar charges on fuel supply can be levied for local air pollution, though providing credits or refunds for capturing emissions—as sulfur dioxide “scrubbing” technologies do at power plants—is important, because it is net emissions released

into the atmosphere that matter for environmental damages. For motor vehicles, charges on kilometers driven (varying with different urban road classes and time of day) can most effectively reduce congestion, and should be feasible for the longer term—but a reasonable interim step is to reflect all harmful environmental effects (most importantly: carbon, pollution, congestion, and accident risks drivers pose for other road users) in fuel taxes.

As regards tax rates, these need to be set in line with environmental damages, to provide an automatic gatekeeper, ensuring that only those environmental improvements are made for which the benefits exceed the costs.

To get it right, price it right A robust finding in the book is that fuels are pervasively, and substantially, undertaxed. But the degree of undercharging varies considerably across countries. Take coal, for example, which is essentially untaxed at present, but for which carbon charges shown in Chart 1 amount to $3.3

• Ian Parry is a Technical Assistance Advisor in the IMF’s Fiscal Affairs Department, specializing in fiscal analysis of climate change and environment issues.

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