Binder123456789 monday, august 11, 2014 by Newtelegraphonline

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Monday, August 11, 2014 VOL. 1 NO. 174

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FG to merge NAMA, NCAA by month end lDirects parastatals to submit report

Wole Shadare

espite the outrage that trailed the plan by the Federal Government

to merge two key aviation agencies, the Nigerian Airspace Management Agency (NAMA) and the Nigerian Civil Aviation

Authority (NCAA), the government has concluded plans to implement the policy by month end. The Steve Oronsanye

committee had in April recommended the merger of the two critical aviation agencies, a recommendation which the Federal

Government in its White Paper on the report, accepted. The committee proposed that NAMA, NCAA and the Nigerian Meteorological Agency, (NIMET)

be merged to form a new agency to be known as the Federal Civil Aviation Authority (FCAA) while their respective enabling laws are to be amended CONTINUED ON PAGE 2

Aregbesola: My victory, triumph of people’s will

lOsun PDP alleges fraud, heads for tribunal lParty national secretariat accepts defeat lJonathan, Tambuwal, Atiku, Amaechi, Fashola, Amosun, Fayemi, Ajimobi, hail governor Our Reporters

n exultant Osun State Governor, Mr. Rauf Aregbesola, yesterday described his declaration by the Independent National Electoral Commissioner (INEC) as winner of Saturday’s governorship election in

Details of results on page 4 More stories on pages 14-15 the state as the triumph of the will of the people. Aregbesola, in a speech titled: “Victory over the tyranny of power,” to mark his triumph in the election in which he polled 394,684 votes as against the candiCONTINUED ON PAGE 2

Ebola: Catholics, Anglicans adopt new measures }5

Hyundai out with lowpriced cars in Nigeria

Osun State Governor, Rauf Aregbesola, celebrating his re-election in Osogbo...yesterday

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Osun PDP alleges fraud, heads for tribunal CONTINUED FROM PAGE 1

date of the Peoples Democratic Party (PDP), Senator Iyiola Omisore’s 292,747, saluted the electorate in the state for their vigilance and the confidence they have in his administration by re-electing him. Earlier yesterday, INEC Returning Officer, Prof. Bamitale Omole, while declaring Aregbesola winner of the election, said he won the required votes in 22 out of the 30 local government areas in the state while Omisore won in only eight local government areas. The candidate of the Labour Party, Alhaji Fatai Akinbade, came a distant third with 8,898 votes. Aregbesola’s victory sent many residents of the state into wild jubilation just as the PDP congratulated him and conceded victory to the governor. Also, President Goodluck Jonathan, House of Representatives Speaker, Aminu Tambuwal; former Vice-President Atiku Abubakar; Rivers State Governor, Mr. Chibuike Amaechi; his Lagos State counterpart, Mr. Babatunde Fashola (SAN); as well as Governors Kayode Fayemi (Ekiti), Ibikunle

Amosun (Ogun) and Abiola Ajimobi (Oyo) and Ekiti State Governor-elect, Mr. Ayodele Fayose, saluted Aregbesola on his victory. However, the state chapter of PDP has rejected the results and threatened to challenge the result at the tribunal. Reacting to his victory, Aregbesola, said it would not have been possible but for the unswerving determination of the people in ensuring that democracy triumphs in Nigeria. The governor, speaking against the backdrop of the militarisation of the state ahead of the election, said his party’s victory despite intimidation and harassment from security agencies and PDP, had sent a strong signal to all that no might is powerful enough to thwart the will of the people. He said: “After an unnecessarily tense, tortuous and even traumatic process, the Independent National Electoral Commission this morning (yesterday) declared me as the winner of the Osun State governorship election on the platform of the All Progressive Congress (APC). On behalf of my party, we

are delighted to claim victory for our hard work, focus and dedication in this election. “To the good people of Osun State goes our unflinching gratitude. We

salute your steadfastness, courage, loyalty, commitment and fierce determination to defend your sovereign rights and the integrity of our nascent democracy. You have

demonstrated in this election that in a democracy, power truly belongs to the people. I am humbled and honoured by your trust and abiding faith in me CONTINUED ON PAGE 4

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

Chairman of Heirs Holdings, Mr. Tony Elumelu and President of World Bank, Dr. Jim Yong Kim, after a meeting between the duo to discuss partnership on Youth Entrepreneurship across Africa in Washighton DC

Directs parastatals to submit report

LAGOS

accordingly to reflect the merger. In preparations for the implementation of the recommendation, a letter from the Office of the Secretary to the Government of the Federation (SGF) dated July 14 ordered the two agencies to send a progress report on the proposed merger to the government on or before Monday, July 21. The letter, addressed to the Permanent Secretary, Federal Ministry of Aviation, a copy of which New Telegraph obtained, was signed by the Permanent Secretary, SGF Office, Mr. Mohammed Abubakar, on behalf of the SGF, Senator Anyim Pius Anyim. The letter said the submission of the report became necessary in order for the government to eventually go ahead with the planned merger of the agencies. The letter emphasised that upon the receipt of the committee’s report; the government had directed each ministry to set up Ministerial Technical Committees (MTCs) for the implementation of the decisions of the White Paper on the restructuring and rationalisation of

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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

TODAY’S WEATHER FORECAST

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FLIGHT SCHEDULE

Federal Government agencies, parastatals and commissions and ordered it to forward to the government the day-to-day report of the committees. A source told New Telegraph that the Federal Government may implement the merger of the agencies before the end of the month. The letter read in part, “As specified in the circular, each technical committee is to undertake the detailed day-to-day implementation of the decisions in the White Paper, as may be applicable to the agencies being supervised by your ministry/office. It is therefore, expected that your technical committee has proceeded with the implementation of the decisions of the White Paper as they affect the agencies under your ministry. “Accordingly, I am to inform you that the Secretary to the Government of the Federation/chairman of the implementation committee of the White Paper on restructuring and rationalisation of Federal Government agencies, parastatals and commissions has directed that each ministerial technical committees should submit a progress report

on its assignment to the undersigned on or before Monday, July 21, 2014. “I am further explaining that the report should provide explicit proposals on how the merger or restructuring of the affected agencies could be effected, including the proposed organisational structure and the required manning levels for each of the merged or restructured agency.” Besides, another letter from the Federal Ministry of Aviation, dated July 17, 2014 on the subject matter and signed by the Director, Human Resource Management, A.A. Tsafe, for the Minister of Aviation, also ordered the affected agencies’ CEOs, to send their progress report through e-mail before the close of work on July 18, 2014. The letter said this was necessary in a bid to enable it collate and send same to the Office of the Secretary to the Government of the Federation on or before July 21. It was not clear if the chief executive officers of the affected agencies had responded to the letter, but there seems to be uneasy calm in the parastatals. Also, aviation stakeholders and professionals have once again kicked against

the proposed merger of the agencies, describing it as a massive setback to the sector. Former Commandant, Murtala Muhammed Airport, Lagos, Group Capt. John Ojikutu (rtd) condemned the action of government, describing it as illegal. He said the implementation of the recommendation would further take the industry back to the 1995 era, adding that the agencies would be demerged within two years if the government should go ahead with its decision. Ojikutu stated that there was nowhere in the world where a regulatory body is merged with service providers. He added that the move was at variance with the laid down rules of the International Civil Aviation Organisation (ICAO) and other relevant international bodies around the world. Also, President Aviation Round Table, Capt. Dele Ore, said whosoever that had advised the government to merge the three agencies was not well-informed about the industry. According to him, the move will return the industry to the era of selfregulatory.

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

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Nigeria loses Africa’s biggest oil exploration status to Angola Adeola Yusuf

ngola has officially surpassed Nigeria in exploration and drilling for oil and gas, checks by New Telegraph have revealed. Nigeria depends largely on proceeds from crude to service over 85 per cent of her budget. The country was hitherto Africa’s biggest in oil exploration and drilling.

This came just as Nigeria suffered a decline in active oil rig in June with a loss of three rigs. A document obtained by this newspaper showed that the country which now has nine rigs had earlier 12 active rigs in April. Angola has 14 active oil drilling rigs and has surpassed Nigeria, which, currently has the lowest number of rigs among members of Organisation

of Petroleum Exporting Countries (OPEC). “Saudi Arabia has the highest number of rig count and oil production. It has 96 active rigs,” a document obtained by our correspondent revealed. Other countries with rig counts are Algeria, Angola, Ecuador, Iraq, Kuwait, Libya, Qatar, United Arab Emirates (UAE), and Venezuela. Meanwhile, a huge

cloud of doubt hovers over future investments in Nigeria’s oil industry following huge divestments by International Oil Companies (IOCs) from the country. This has left marginal field operators the herculean task of developing their fields with little financial power and obsolete technologies. Statistics, however, revealed that Nigeria produced about 2.2 million

Ogun State Governor, Senator Ibikunle Amosun (right) with widow of the late Chief Obafemi Awolowo, Mrs. Hannah Idowu Dideolu Awolowo, when the governor visited the Awolowos’ residence in Ikenne...yesterday.

Party national secretariat accepts defeat CONTINUED FROM PAGE 2

and my party. I pledge that your confidence in us shall never be betrayed or taken for granted. “Ordinarily, this should be a moment of joy and celebration consequent upon the hard-earned triumph of the people’s will. However, this election shows that democracy is still gravely endangered in Nigeria. We witnessed gross abuse of power and, of due process before, during, and even after the actual voting process. It is so sad and unfortunate that what should be a normal, routine process was maliciously allowed to snowball in to a needless virtual war by the Federal Government and the PDP. “Osun State was unduly militarised in an unprecedented manner through criminal intimidation and psychological assault on our people. This election witnessed an abuse of our security agencies and amounted to a corruption of their professional ethics and integrity. “The security agencies

were unprofessionally utilised in Osun State to harass, intimidate and oppress the people whose taxes are used to pay their salaries and provide their arms. Hundreds of leaders, supporters, sympathisers and agents of our party were arrested and detained. Also, hundreds of other innocent citizens, including women and the aged, were harassed, brutalised and traumatised. In spite of this condemnable repression and abuse of human rights, the unflagging spirit of our people triumphed. “The outcome of this election, once again, shows the unswerving determination of our people to ensure that democracy triumphs in Nigeria. We have sent a strong signal to all and sundry that no might is powerful enough to thwart the will of the people. This should always strengthen our resolve to ensure that as from now on, every vote must not only be counted but must count in this country. No-

body or party must ever exercise power unreasonably at any level except in accordance with the will of the people to whom sovereignty belongs.” The governor therefore dedicated his victory to the people of Osun State. Shortly after INEC had declared Aregbesola winner, hundreds of people poured into the streets to celebrate his victory. Some of the residents went straight to the Government House while others marched out in a long convoy to Nelson Mandela Freedom Square, Osogbo to celebrate the victory. But while APC and other political parties agents signed the result sheet, PDP agent and the party’s Publicity Secretary, Prince Bola Ajao, refused to do so, alleging that there were malpractices in the process. The state chapter of PDP followed up the rejection yesterday with a threat to challenge the results of the election at the Election Petition Tri-

bunal, adding that the election was characterised by fraud. It also accused the APC of attacking PDP members in Osogbo, Olorunda, Isokan, Egbedore, Oriade, Ejigbo, Obokun, Ede North and Ede South Local Government Areas. The state PDP Chairman, Alhaji Ganiyu Olaoluwa, in a statement in Osogbo, rejected the results. He said: “ PDP will not accept the result of the Saturday’s governorship election that produced Governor Rauf Aregbesola of the All Progressives Congress (APC) as the winner of the election. “The leadership of the party has resolved to reject the result of the election after a careful study of the results released by the Independent National Electoral Commission (INEC).” However, notwithstanding the position of the state chapter of the party on the outcome of the election, CONTINUED ON PAGE 6

barrels of crude oil per day, making it the fourth world exporter of oil. Trailing behind Nigeria in oil production is Algeria with about 2.1 million barrels followed by Angola and Libya with 1.9 and 1.7 million barrels respectively. Industry experts believe that Angola will unseat Nigeria as Africa’s biggest oil producer in 2014, due to the former’s unfriendly economic terrain, unfair revenue sharing formula, stall of investment in the sector, non-discovery of crude oil in commercial quantity and the nonpassage of the Petroleum Industry Bill (PIB). A management staff of one of the IOCs, who craved anonymity, urged the Federal Government to address factors militating against the country’s oil production. He said: “For instance, oil companies pay royalties, taxes and other levies to the Federal Government for oil production. That automatically suggests that government is responsible for the upkeep of oil producing communities not the oil companies. But you still find these companies taking care of the oil producing communities.

“The Nigerian terrain is not favourable for them to operate any longer and that is why you find some of them divesting. The Petroleum Profit Tax (PPT) Act (1959) is still on the high side and not attractive. “Applicable tax rate is 85 per cent for Joint Venture (JV) operations and 59 per cent for deep water field is the highest in Africa, if not in the world. For new comers, it is 67.5 per cent rate fort first development projects. With the dwindling exploration activities, experts believed that Nigeria is on the verge of losing its prestigious ‘Africa’s biggest oil producer’ status. Angola drew level with the country in May, with daily oil production at 1.97 million barrels per day. Angola also sold its first gas cargo from its $10 billion gas plants after 18 months delay. The development follows a recent report by Platts survey of the OPEC, which analysts called ‘worrying’. This is because Nigeria is the most affected OPEC producer by the shale oil boom that has seen its oil sales into the United States slashed.

ELECTION RESULTS LOCAL GOVT APC IREPODUN IFE CENTRAL IFE EAST OLA-OLUWA IFE NORTH ISOKAN EDE NORTH IFELODUN AIYEDAADE OBOKUN IREWOLE EGBEDORE AYEDIRE IWO OSOGBO OLORUNDA ATAKUMOSA IFE SOUTH EJIGBO IFEDAYO LGA BOLUWADURO LGA ILESHA EAST ODO-OTIN ILESHA WEST BORIPE OROLU ORIADE ATAKUMOSA WEST EDE SOUTH ILA-ORANGUN TOTAL

PDP

13,314 7,386 9,680 24,555 13,821 20,831 7,927 4,963 8,603 9,841 9,758 10,028 15,403 10,427 17,447 12,442 12,801 11,255 11,696 8,618 18,328 10,330 10,615 7,024 7,724 7,813 20,827 15,493 39,983 11,513 26,551 8,483 9,287 6,294 7,325 12,811 17,700 12,495 4,225 3,982 4,981 5,035 16,106 5,913 11,950 12,902 15,427 5,449 12,723 9,334 8,558 6,786 12,523 10,214 6,928 5,142 11,738 7,482 10,825 7,916 394,684 292,747

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Ebola: Catholics, Anglicans adopt new measures lDoctors demand details of life insurance lNigerian with symptoms quarantined in Hong Kong Appolonia Adeyemi, Yekeen Nurudeen and Igbeaku Orji

wo leading churches - The Church of Nigeria (Anglican Communion) and the Catholic – yesterday adopted new measures to curb the spread of the Ebola Virus Disease (EVD) in Nigeria. The Anglican Communion announced the suspension of the shaking of hands during exchange of the peace, and also the agelong mouth method of administering communion. The Primate of the church, the Most Reverend Nicholas Orogode Okoh, yesterday said in Abuja that the suspension was part of measures to curb the spread of Ebola in the conduct of its Holy Communion service. Okoh said the church would from September roll out measures to its faithful as pre-condition for warding off the rampaging outbreak of Ebola virus in Nigeria. Primate Okoh while delivering a sermon at the Cathedral Church of The Advent Life Camp, Abuja said communicants would from henceforth dip bread in the wine by personal volition while eating it as ordained without the aid of the second party. This, according to him, is aimed at preventing the spread of the disease through physical contact. Communicants had adhered strictly to this instruction while receiving the communion during the church held yesterday. The Primate said other stringent measures would be announced in September after the meeting of the Church-in-council in Enugu. He said it was exigent for the church to take drastic measures to curb the fast spread of the deadly disease. The Primate, however, allayed the fears of the congregation that the Almighty God is always there to protect those who “have abiding faith in Him.” Also, the Catholic Archdiocese of Abuja announced new procedures for worshippers at Masses to check likely spread of the Ebola virus. The procedures which include the administration of the Holy Communion on the palm of the faithful as against placing it on the tongue of the recipient, was announced by Rev. Fr. Moses Jimbili, at SS Peter and Paul Catholic Church, Nyanya. Jimbili told parishio-

ners at the church that the measure was a directive by the Catholic Archbishop of Abuja, His Eminence, John Cardinal Onaiyekan, as check on the spread of Ebola disease. The other change in the church’s practice was the stoppage of hand shake by worshippers done during consecration of the Holy Communion as sign of peace. Onaiyekan’s directive is contained in a statement issued by the Director of Social Communications in the archdiocese, Rev. Fr. Patrick Alumunku. “Due to the prevailing national situation on the Ebola Virus Disease (EVD), I am directing that the following pastoral guidelines should be observed throughout our Archdiocese till further notice. “The sign of peace should be omitted at Mass, Communion in the hand is highly recommended and should be encouraged (unless for those who insist on receiving on the tongue),’’ the statement quoted the Cardinal as saying. The cardinal also directed that special intercessory prayers should be offered during the holy mass against the spread of the virus. As part of measures to combat any possible outbreak of Ebola, the Federal Capital Territory Administration is conveying an emergency stakeholders meeting of its health sector. According to a statement by the Public Relations Officer of FCT Emergency Management Department, Mudasiru Josie, the meeting which is at the instance of FCT Minister, Senator Bala Mohammed holds today. The meeting, the statement stated, is to activate response plans on the Ebola Virus Disease in the nation’s capital. And as part of measures to check the spread of the virus, the Abia State Government has designated five hospitals as isolation centres. The hospitals include Abia State University Teaching Hospital (ABSUTH), Aba; General Hospitals in Okpuala Ngwa, Okeikpe, Isuikwuato and Ohafia. The Commissioner for Health, Dr. Okechukwu Ogah, who disclosed this during a meeting with stakeholders in the health sector, challenged them to seek practical ways of increasing sensitisation on the Ebola virus. Meanwhile, the Nigerian Medical Association

(NMA), Lagos chapter, yesterday challenged the Federal Government to declare details of the insurance it is offering doctors as part of efforts to address the Ebola Virus Disease (EVD) in the country. The doctors also declined the call to suspend the ongoing strike. Addressing a news conference in Lagos yesterday, Lagos State Chairman of the NMA, Dr. Tope Ojo, said doctors would not return to work until the Federal Government addressed some compelling demands of the association. In another development, a Nigerian man who

arrived in Hong Kong on Thursday was rushed to hospital yesterday morning with vomiting and diarrhoea, early symptoms of the virus. However tests came back negative for Ebola last night. Health experts such as University of Hong Kong microbiologist Yuen Kwok-yung believe Hong Kong is unlikely to see an Ebola outbreak, they stress the need for vigilance, given the city’s role as a transport hub and proximity to Guangzhou, home to Asia’s biggest African community. The Nigerian man at the centre of yesterday’s scare is understood to have been staying at a

guest house in Chungking Mansions, the complex of cheap restaurants, shops and hostels in Tsim Sha Tsui popular with African and South Asian visitors. In another development, a patient with flulike symptoms who recently visited Nigeria and was put into isolation at an Ontario hospital has tested negative for the deadly Ebola virus. Ontario’s Minister of Health and Long-Term Care Eric Hoskins confirmed that the man, who recently travelled to Canada from West Africa, where the outbreak has prompted states of emergency, is now “doing well” and anticipated to have a

“full and speedy recovery.” “I can now confirm a recent case that underwent testing at the National Microbiology Laboratory in Winnipeg was found to test negative for Ebola virus disease,” Hoskins said in a release, posted to the Ontario ministry’s website. The man had complained of fever, headache, muscle pain and malaise. Brampton Civic Hospital had instituted heightened infection-control procedures after the patient was admitted. Hoskins said health professionals responded appropriately and showed “our system worked as it should.”

L-R: Head, High Value Sales, Airtel Nigeria, Buchi Anaekwe; Group Head, Domestic Bank, Ecobank Nigeria and Senior Manager, High Value Market, Zainab Baruwa-Abiola, at the unveiling of Premier Banking by Ecobank Nigeria in Lagos… recently

Hyundai manufactures low-priced cars in Nigeria

arely three months after delivering the made-in-Nigeria Nissan range of vehicles, the Stallion Group has delivered yet again on another promise with the manufacturing and assembling of Hyundai range of vehicles. The Chairman of the Stallion Group, Mr. Sunil Vaswani, said yesterday that the new vehicles “will be affordably priced,” in order to give Nigerians a break from the stranglehold of wholesale vehicle importers. The made-in-Nigeria Hyundai vehicles are being assembled at the Hyundai Motor Plant in Lagos. Some of the Hyundai passenger cars which are priced between N1.5 million and N1.9 million are i10, Grand, Accent, Elantra and iX35 while in the truck and bus segments, the 10-ton HD160, seven-

ton HD 120, five-ton HD78 and three-ton HD65 as well as 28+1 seater Hyundai County bus and 30-seater Stallion County bus are now being supplied to the market. The West African conglomerate, the Stallion Group-owned multivehicle assembly plant had in July announced the commencement of locally produced Hyundai range of vehicles, having inaugurated and rolled out the first set of made-in-Nigeria Nissan automobiles in April. Hyundai Motors Nigeria Limited Plant Managing Director, Mr. Tokunbo Aromolaran, said in a statement that the vehicles are certified to the world’s highest automotive operating standard - ISO/TS 16949. “ISO/TS 16949 is the highest automotive operating standard in the world and its benefits include improved quality processes

at the facility along with streaming supply chains both leading to a better overall product,” he stated. The plant had supported its ambitious growth plans by prioritising the need for a faster and more efficient environment to facilitate concurrent product development and support a rapidly changing requirement for a vehicle programme, Aromolaran added. “Today, we are glad to inform Nigerians that we have delivered on our promise to make available affordably priced vehicles, thanks to strong-willed President Goodluck Ebele Jonathan and the indefatigable supervisory roles of the Federal Ministry of Industry, Trade and Investment headed by Dr. Olusegun Aganga,” said. According to him, the first phase of delivery, which has already begun, establishes a system of re-

cord for the complete vehicle programme, which will gradually be expanded to meet the ever-increasing demands for functional vehicle in Nigeria. “Prospective customers can now walk into any of our dealership showrooms nationwide to buy valuedriven made-in-Nigeria Hyundai certified vehicles. Hyundai i10, Grand, Xcent and Elantra are elegantly crafted functional cars with eye-popping styling, good fuel economy, and fantastic driving experience with modest starting price that is affordable to every desiring buyer,” Aromolaran said. Also, Group Managing Director, Stallion Automobile Division, Parvir Singh, who received the vehicles on behalf of Hyundai Motors Nigeria, described the achievement as a milestone in the history of Nigeria’s automotive industry.

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Okorocha: APC has not zoned Presidency to North Steve Uzoechi OWERRI

over nor Rochas Okorocha of Imo State has dismissed insinuations that the All Progressives Congress (APC) has zoned the presidential ticket of the party to the Northern part of the country, saying APC is too progressive to resort to such undemocratic antics. Okorocha said this yesterday during an interaction with journalists in Owerri following the outcome of the Osun governorship election. He said: “APC has not zoned its presidential ticket to any part of the country. As a matter of fact, zoning is not part of our constitution as a party. I can also tell you that there is nothing like Muslim-Muslim presidential ticket or ChristianChristian ticket as the case may be, in the APC. “2015 is a test case for opposition parties in Nigeria. As the opposition,

we cannot afford to fail. Our success or failure is largely dependent on who becomes our presidential candidate. If our presidential candidate emerges from the people we will succeed, but if he is imposed on the people, we will fail. By so doing, we would have replicated the Peoples Democratic Party (PDP) model we criticise and the people would simply say we have brought nothing new to the table.” While congratulating Governor Rauf Aregbesola of Osun State on his victory, Okorocha commended the courage of the Osun electorate. “They stood behind their governor and their votes and went through great trouble to protect their votes and mandate. The days when institution imposed leaders on us are over; mere propaganda no longer work on the people. Candidates must get down to work and make themselves electable, as the politics of money is gradually giving way to

the politics of people.” Answering a question on the need for public enlightenment following the recent outbreak of the Ebola Virus disease in Nigeria, Governor

Okorocha said that enlightenment should be done with care. His words: “Too much information could deform a person in the case of the Ebola outbreak;

I tell Imo people that there is no Ebola in the state but urge them to imbibe basic hygienic practices. It is better to create awareness within the information people

can carry before we create panic. We have done the basic things necessary to help us manage any crisis in the event of any outbreak. And that it what we have done.”

L-R: Accountant-General of the Federation, Mr. Jonah Otunla; former Head of Service of the Federation, Prof. Oladapo Afolabi; Oyo State Governor, Senator Abiola Ajimobi and Supreme Court Justice, Justice Kayode Ariwoola, at an interactive session with Oyo State indigenes in Abuja…at the weekend

Jonathan, Tambuwal, Atiku, Amaechi, Fashola, Amosun, Fayemi, Ajimobi, hail gov CONTINUED FROM PAGE 4

the national secretariat of the PDP demonstrated a spirit of sportsmanship as it congratulated the APC candidate for his victory. The party also commended Omisore for his impressive outing, which according to it, confirms that PDP commands massive followership in the state. “After a careful appraisal of the overall conduct of the election, the national leadership of the Peoples Democratic Party (PDP), in spite of perceived anomalies, hereby accepts the results and congratulates Governor Rauf Aregbesola for his re-election. “This is entirely in the interest of the growth of democracy, peace and political stability of the country in line with PDP’s ideology and the visions of our founding fathers” the PDP stated in a statement by its National Publicity Secretary, Olisa Metuh. But Omisore has said he is still consulting with stakeholders before reacting to the outcome of the election. The PDP candidate’s spokesman, Mr Diran Odeyemi, told the News Agency of Nigeria (NAN) that Omisore would need to consult because “he is a committed party man and 24 hours is too short to engage in widespread

consultation. Jonathan, in his reaction to the outcome of the Osun governorship election, congratulated Aregbesola on his victory as well as INEC and national security agencies for ensuring that the election was free, fair, credible and peaceful in keeping with the avowed commitment of his administration. The president in a statement by his Special Adviser (Media and Publicity), Dr. Reuben Abati, applauded the people of Osun State who came out en masse to peacefully and freely exercise their democratic right. According to him, the free, fair and peaceful conduct of the election has fully reaffirmed his administration’s determination to positively reform Nigeria’s electoral processes. “The outcome of the election has also given the lie to the false, unfair and uncharitable allegations that measures put in place by the Federal Government for the Ekiti and Osun State elections were partisan and designed to achieve a favourable outcome for his party,” he added. Tambuwal also congratulated Aregbesola on his re-election and hailed the electorate in Osun State for exercising their democratic rights in a largely

peaceful manner. The speaker, in a statement by his Special Adviser on Media and Public Affairs, Malam Imam Imam, said with the polls over, the onus is now on the political class to rally round the governor to enable him to administer the state for the benefit its citizens. Atiku, who is an APC chieftain, saluted Aregbesola on his victory, saying his triumph is a measure of the popularity and acceptability of both the governor and the party. The former vice-president in a statement by his media office in Abuja yesterday, said: “The victory of Governor Aregbesola and the APC in the governorship election in Osun State is very symbolic. It shows clearly that my inlaw and the incumbent governor is very popular among his people of Osun State. “It also shows significantly that the people of Osun State are at home with the APC and the massoriented policies associated with our great party.” Also, the Rivers State governor hailed Aregbesola on his victory and congratulated the people of Osun State and the APC on a good outing at the election. Amaechi, in a statement by his Chief Press Secretary, Mr. David Iyo-

for, said the victory was well deserved “and it goes to show that the people of Osun decided to vote wisely. They chose sustainable development and good leadership.” Amaechi expressed confidence that in 2015 and beyond, other states across the nation would follow the example of the people of Osun and fully embrace the change which the APC offers. While also congratulating Aregbesola, Fashola in a statement by his Special Adviser on Media, Mr. Hakeem Bello, hailed him and the people and government of the Osun State for a wellfought and won election in spite of intimidation and harassment by agencies of the ruling opposition party. The governor said the victory of Aregbesola would remain a strong indicator of the victory of truth over falsehood, adding that no matter the amount of pressure or intimidation to suppress them, the ultimate power rests on the people in a democracy. Fashola’s counterpart in Ekiti State, Fayemi, also spoke in the same vein. Describing the outcome of the election as an expression of the will of the people, Fayemi said Aregbesola’s victory was well deserved in view of the positive impact of his

administration on the lives of the people. He, however, said the Osun electorate deserved even a much bigger congratulations for rewarding Aregbesola’s exemplary and transformational leadership with electoral victory. Fayemi in a statement by his Chief Press Secretary, Mr Olayinka Oyebode, said he was confident that Osun State would witness a greater level of development in all spheres of life during Aregbesola’s second term in office. He also flayed the security clampdown on the state and the unwarranted arrest and detention of APC leaders before and during the election. Fayemi’s awaiting successor, Fayose, put aside party sentiment to hail Aregbesola’s victory. Fayose, in a statement in Ado-Ekiti by his Chief Press Secretary, Mr Idowu Adelusi, said Aregbesola’s victory was a plus for democracy in Nigeria as it showed that Nigerians could conduct their affairs in peaceful and orderly manner. He expressed confidence that as the incoming governor of Ekiti State, he would have a pleasant working relationship with Aregbesola in the bid to move their states and the South-West geo-political

zone forward. Amosun, on his part, described the re-election of Aregbesola as divine just as he commended the people of Osun State for keeping faith with the party and for their unwavering support for the governor and the APC. In a statement by his Senior Special Assistant on Media, Mrs. Olufunmilayo Wakama, the governor said the electorate had shown through the victory of Aregbesola that they could make up their minds, irrespective of pressures and persuasion. Ajimobi, while hailing Aregbesola’s victory, described the outcome of the election as the triumph of democracy and the rule of law. In a statement in Ibadan yesterday by his Special Adviser on Media, Dr. Festus Adedayo, the governor said the wild jubilation that trailed the announcement of Aregbesola as winner of the election showed that the results were representative of the will of the people. While describing Aregbesola’s victory as a welldeserved one, the governor attributed it to the outstanding performance of his Osun State counterpart in his first term, as well as the love of the people of the state for the APC and the ideals which it stood for.

Sanctity of Truth

Monday, August 11, 2014

Okoro: Why we refused to follow Amaechi to APC CASH Rivers Assembly Chief Whip talks about cash and sundry

acts emerged in Asaba, the Delta State capital, at the weekend, why six lawmakers of the Rivers State House of Assembly allegedly refused to decamp with Governor Rotimi Amaechi to the

All Progressives Congress (APC). Chief Whip of the Rivers State House of Assembly, Hon. Anicho Okoro, who led a fourman monitoring team to Delta State to oversee the conduct of the Peoples Democratic Party (PDP) primary elections, said despite the governor’s monetary inducements, his faction has remained resolute in their conviction. Okoro described the

remnant of the PDP lawmakers as “men of conscience” that would continue to remain committed to the party even beyond the 2015 general elections. The Chief Whip, who arrived at the venue of the council’s primary election in company of the Chairman of the party, Chief Peter Nwaoboshi, alongside his team members, lauded President Goodluck Jonathan’s transformation

agenda, which he said “has brought good fortunes to the ruling party and Nigeria at large.” He said: “I can’t say I am against Amaechi, but I am a man of conscience. There are six lawmakers in Rivers State that have conscience, who believe that the PDP is their platform and they will continue to remain in the party to take it beyond 2015, notwithstanding the millions

of naira the governor is throwing around to win us to his side.” The Chief Whip, who said he represents Andoni constituency in Rivers State, vowed that PDP would win the 2015 elections to the chagrin of the incumbent governor. He described the ongoing sitting of the other faction of the lawmakers at the Government House as illegal. “I was elected the

Chief Whip of Rivers State House of Assembly on the floor of the House and because the House has not reconvened, I am still the Chief Whip until otherwise stated and that could only be done on the floor of the House. “As we speak, the Rivers State House of Assembly is still under lock and key. No sitting is going on until the Assembly complex is reopened for legislative business,” he stated.

Extortion: NCAT berates soldiers, police Nnamdi Amadi Abuja

L-R: Chairman, Lubcon Limited, Alhaji Jani Ibrahim; Sheik Mukadam Saheed and Vice-President, Nigeria Labour Congress, Comrade Issa Aremu, at the 55th birthday celebration of Alhaji Jani in Ilorin…at the weekend

SURE-P 'll make 2nd Niger 2015: APGA charges members on consistency Bridge a reality, says Agwai Johnchuks Onuanyim

Abuja

he All Progressives Grand Tcharged Alliance (APGA) has its members on

the need to be consistent in all activities of the party, especially as the 2015 general elections draw nearer. The party in a statement fromtheActingNationalPublicitySecretary,Mr.Okwukwe Ibiam, expressed regrets on how members jump in and outof thepartyforticketsany time election is approaching. APGA described such members, who romance with other political parties, as prodigal sons. The statement reads in part; “We at the All Progressives Grand Alliance are relieved at being divested of memberswhohavenoplanto helpbuildandconsolidatethe momentousstridesandgains of our great party. “These members have shown themselves as perennial election ticket hunters, who conveniently declare their allegiance where they may be favoured with a

ticket. We cannot build the party with such unstable and seasonal ticket hunters. “We are also disturbed by the character of men and women who hawk, run and throw themselves at the feet of the PDP National Secretariat foracceptance.“Ourelectorate doesnotrequiresuchindividuals of easy virtue in the party. Aneventthatusuallygoeswith fanfarewithpartybigwigsinattendance has now been made routine with the ‘prodigal children’ selling their birthright andclutchingatclaystructures foracceptance.” The statement further stated; “To cap their discomfiture and disgrace, they were described as ‘prodigal sons to their faces by the PDP National Chairman, Alhaji Adamu M'uazu, during their parade at the PDP National Secretariat, Abuja. “APGA will effectively campaigntorecovertheseats of theprodigaltickethunters. The peoples’ conscience and trustcannotbemortgagedfor individual convenience. Our electorate is tired of users,” the party said.

Uwakwe Abugu

Enugu

hairman of the board of Cment the Subsidy Re-Investand Empowerment

Programme (SURE-P), General Martin Luther Agwai (rtd.), has assured the people of the South-East that the Second Niger Bridge, whose construction has been going on would be fully realised. According to him, the project has, indeed, become a reality, because of the efforts SURE-P is making to ensure that funding bottlenecks for the project be confronted frontally in view of the importance the Federal Government attaches to the project. The SURE-P boss at an orientation training programme organised for interns and firms’ representatives in Enugu State held at the weekend spoke through the Technical Adviser to the programme, Mr. Colet Odenigbo. He said the establishment has concluded plans to sign a Memorandum of Understanding

(MoU) with the government of Enugu State. He added that the Second Niger Bridge was now a reality as it was no longer a political statement that people thought it was because of the failures of past administrations. Agwai commended President Goodluck Jonathan, for initiating the programme and for making sure that the masses benefited from the revenue from oil subsidy removal of 2012 just as he advised the interns on their services to their employers. Director, Graduate Internship Scheme, Mr. Peter Papka, had, in his speech, explained that SURE-P was a programme set up by the government to provide critical infrastructure and social safety nets to the Nigerian people. He cautioned both interns and their employers against abuse of the opportunity providedbythescheme,sayingit was true that some bad eggs, on both sides, have attempted to defraud the scheme through unethical practices.

he National Committee Against Touting (NCAT) has berated soldiers and policemen on duty at the highways in the South East and the South-South for what it called “extortion, criminal intimidation and bullying” of road users. Consequently, NCAT has charged the Chief of Army Staff and the newly appointed Acting Inspector General of Police, Mr. Suleiman Abba, as well as governors in the zone to wade into the matter and call their men to order with a view to bringing the ugly trend to an end. Chairman of the committee, Dr Ike Anikwendu, in a press statement yesterday in Abuja, explained that the most affected areas were the Abia Tower in Umuahia, Abia State, Itodo Junction in Abakaliki, Ebonyi State, Isele Azagba, the Mbiama/ Patani Road in Warri, Delta State and the Benin Bypass/Toll Gate in

Edo State. While accusing highway soldiers and policemen of coercing road users to give them bribes ranging from N2, 000 to N5, 000, Anikwendu stated that; “These officers engage in the act of touting, extortion, criminal intimidation, bullying and frog-jumping of the nation’s investors, truck owners, drivers and innocent commuters as if there is no law in Nigeria, for failure to part with their hard earned money.” The NCAT helmsman threatened to prevail on the Presidency to stop allocation of states and local gover nments that continue to send what he referred to as “horde of lawless touts,” who unleash terror on innocent citizens on the nation’s highways. He appealed to the Federal Gover nment to release sufficient funds for the anti-touting squad to continue to wage war against all forms of touting in the country.

Dabiri-Erewa eulogises Ikorodu monarch Wale Abiodun hairman of the House of Representatives Committee on Diaspora, Hon. Abike Dabiri-Erewa, has expressed her feelings over the death of Ayangburen of Ikorodu, Oba Salaudeen Oyefusi. In a statement made available to New Telegraph yesterday, DabiriErewa said: “I received the news of the death of our father, the Ayangburen of Ikorodu, Oba Salaudeen Oyefusi, with a great deal of shock and sadness. Oba Oyefusi was not only a great father figure to us all, but he also lived a life full of love and kindness to all who came across him.”

The lawmaker also added that the reign of the late Oba witnessed development in his domain. “His reign witnessed tremendous strides in Ikorodu. I personally will miss his words of wisdom, inspiration, care and support to me and my family. I commiserate with Olori Muyibat, who has consistently been a pillar of support, his children, entire family, chiefs, Erelus and indeed all sons and daughters of Ikorodu. A great king and a father will surely be missed, but his legacies and fond memories remain forever. This is an end of a purposeful and dynamic era. May his gentle soul rest in perfect peace,” she said.

NEWS

Sanctity of Truth

Monday, August 11, 2014

2015: Sultan, Onaiyekan hold round table today Ibraheem Musa

Kaduna

he Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III and Archbishop of Abuja Catholic Archdiocese, John Cardinal Onaiyekan will hold a round table aimed at ensuring credible and peaceful elections in 2015 in Abuja today. In a statement issued in Kaduna yesterday, the Sultan said that the deliberations will hold under the auspices of Interfaith Initiative for Peace under his coleadership and Cardinal Onaiyekan. The theme of the discourse, according to him, is “Interfaith Understanding and Cooperation for Responsible Politics.” The statement added that “the conversation that it (round table) will generate is considered apt for setting the mood of the nation as we step into the threshold of another electioneering.” The one-day event will attract participants from religion groups, academia, civil society,

media and other critical stakeholders. Meanwhile, the Sultan has also said that President Goodluck Jonathan will soon be conferred with the Sheikh Ahmad Lemu award. The Sultan stated this in Kaduna during the Da’awa Coordination Council of Nigeria, special General Assembly Meeting in honour of Dr. Sheikh Ahmad Lemu over the prestigious King Faisal Prize which he received recently. According to the Sultan, the Federal

Government had sent Vice-President Namadi Sambo to Saudi Arabia when the award was presented to Sheikh Lemu. “We are still waiting for Mr. President to receive Sheikh Ahmad Lemu award for Nigerians including Muslims and non-Muslims,” he said. The traditional ruler urged Muslims and Christians to unite against the evil forces causing confusion in the country. He advised that the two major religions put aside issues hampering their cordial rela-

tionship between them. “Muslims and Christians must show love to one another. Let’s keep negative things aside as Muslims and Christians. That is the only way that will move this country forward. Almighty Allah will expose all Nigeria’s enemies,” he added. Responding, Sheikh Lemu thanked the Almighty Allah for the award, just as he promised to continue serving God and humanity. He also enjoined other Nigerians to do the same.

WAEC plans training for teachers Tony Anichebe

Uyo

he Management of Tnation West African ExamiCouncil, (WAEC)

yesterday said it would embark on training of teachers across the country. The outgoing Head of Test Administration Divisions, Mr Kester Ekekwe, made the statement in Uyo during the Test Administration Division Planning and Coordinating Committee (TADPCC) meeting in Uyo. Ekekwe said the training was aimed at enhancing the performance of candidates of the West African Senior Secondary School Certificate

Examinations (WASSCE). He said: “The training will also go a long way in empowering teachers in secondary schools with requisite skills and knowledge in marking of examinations. “WAEC is the only organization in the whole world doing this and we collaborate with anybody who wants to improve on examination performance in the country. “We also hold seminars on anything that will impact positively on education and as an examining body, we cannot do much but we have what we call Chief examiners report which make available to schools.”

NHRC threatens sanction against firms conveying workers on open trucks Tony Anichebe

Uyo

he National Human Rights commission (NHRC) is set to sanction construction firms which still convey their workers in big open Lorries. The Akwa Ibom State Coordinator of the NHRC, Mr. Tony Iji during an interview with journalists in Uyo yesterday described the action of the construc-

tion firms as a contravention of the workers’ right which must be stopped. Explaining that the trucks are made to carry goods and not human beings, the Coordinator said: “As far as the Commission is concerned any action or situation that is capable of causing harm to an individual has infringed on the person's right. This is why if the environment where a person lives, water he

drinks, food he eats are in anyway reduced below the standard of what a person should get, we declare an infringement and demand for such rights to be restored. Therefore, we are no longer going to accept construction companies conveying their workers in open trucks”. Iji confirmed that the NHRC in Akwa Ibom State has paid advocacy visits to Julius Berger

PLC on the matter stating that if the company does not take action to correct the infringement on its workers’ right, it will take the steps specified in the law to ensure compliance. “We at NHRC expect that having had useful discussions with some of Julius Berger's officials, it will acquire air-conditioned buses to convey its workers from place to place because this will give them the necessary comfort required in

a work place,” he said. Speaking on some of the achievements of the Commission Iji said its advocacy and policy for Ramps to be provided in Public places for the use of people living with Disabilities (PWDs) is achieving results. According to him the Ramps which are similar to wheel chairs are to be placed in all public building for the use of PLWDs in order to ease their movement.

Doherty: My developmental agenda will positively touch lives Wale Abiodun ormer acting national Chairman of Peoples Democratic Party (PDP) and Lagos State governorship aspirant, Engineer Adedeji Doherty has stated that if he emerges as Lagos State governor in 2015, his developmental agenda will positively touch the lives of the people of the state. He made the statement in Lagos in a chat with our correspondent. According to him, the present government in Lagos has been concentrating on what he called

visuals. “They have been focusing on visuals. They have been focusing on what people can see, not things that will make impact. If I go through express roads I might see traffic lights but how will those traffic lights have impact on my pockets? How does it have an impact on my children? How does it make an impact if I am sick? It only creates ambience, partly security and beautification. What we are supposed to focus on is long term plan. We should move into the decongestion project for Lagos. In the de-

congestion project, it goes into rural development. “That means that we should move from Eti Osa down to Epe, heavy development, low cost housing in order to drive people out of urban Lagos into the rural Lagos. If people have to move into rural Lagos, there should be something that has to take them there. My housing policy should take them there; transport policy should take them there. The civil servants that decide to live in the rural areas should have the 25% increase in salary”, he said.

Snake bite victim delivers twins Cephas Iorhemen

Makurdi

pregnant woman and Afrom victim of snake bite Kaseyo in Guma local government area of Benue state, Mrs. Ngufan Iorbee has delivered a set of twins. Mrs. Iorbee was treated through the assistance of the founder of Oracle Business Limited (OBL) and Minister of State, Industry, Trade and Investment, Dr. Samuel Ortom. The minister who disclosed this in an interview

in Makurdi when another victim of snake bite from Tarka local government area, Terseer Mnega pay a thank you visit to the minister said the victim gave birth to the twins in the course of treatment after the foundation expended over N560, 000. Terseer Mnega, the minister said was treatment at the Bishop Murray Medical Centre in Makurdi, for N228, 000. Ortom, an aspirant for the governorship position in Benue State on the platform of the Peoples Demo-

cratic Party in 2015 said it became imperative for the foundation to respond to the challenge of snake bites which persisted in rural environments where most victims were unable to pay the expensive bills for treatment and subsequently die. The Minister of State, Industry, Trade and Investment stated that the treatment was part of the services which the foundation rendered under its threefold agenda of redemptive, restorative and reformative commission.

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

monday, august 11, 2014

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

0802 393 8212

Sinmiloluwa Sokunbi

he people of Alapere in Agboyi-Ketu Local Council Development Area (LCDA) of Lagos State now live at the mercy of perennial flood. Once it rains, going out and coming in become nightmarish for those living in the area. Mostly affected streets are Ayo Buari, Tabernacle, Oja-omo, Oyemomi, Nwizu Crescent and Igboho. In these areas, some of the buildings are beginning to sink while a few others are showing signs of cracks. Motorists are more often than not trapped in flood. Speaking on behalf of the residents, the Chairman of Ayo Buari Landlords’ Association, Mr Ayo Buari, implored the government to assist them in arresting the problem of flooding. According to him, flood is presently ravaging houses in the area. The recent downpour, Buari added, destroyed property worth millions of naira. Hesaid:“Thegovernment should assist in the aspect of constructing good drainage system so that whenever it rains, the water will flow into the river.

A flooded house

One of the flooded streets

Lagos residents: Living at the mercy of flood

“There should be a channel. I believe the creation of the channel will check the flooding of streets and homes. We wrote many letters to the Ministry of

Environment 2010, but we have not received any response from the ministry. Since then, the community members have been relying on their efforts to

check flooding.” A woman living at Igboho Street, who refused to give her name, said it was only the government that could rescue them

Father seeks justice over son’s death Babatope Okeowo

or the family of the 54-year-old Chief Raheem Akinfolayan Badmus the dark cloud covering the family may take a while to clear. The family has just lost a 20-year-old boy, Oluwatobi, allegedly to police brutality. For the Badmus family, Oluwatobi was a promising child who the parents were hoping would take care of them when they grow old. For this, he was sent to some of the best of schools to prepare him for the future challenges. The father, who is also a devout Muslim, made sure the boy got quranic education so as to put him on God’s path in life. When Badmus recalled his investment on the boy and aspiration, tears cascaded from his swollen eyes. He wept bitterly. “Tobi (Oluwatobi) was the hope of the family. He was one of the children I so much cherished; he was a boy that I believed would take over from me after I might have gone. He got admission last year but I deferred it because I wanted him to finish his quranic studies. If you come to our area they will tell you he was the one leading prayers in the mosque,” Badmus said. In his petition through his lawyer, Mr Bakare Asani, the bereaved father said his son

The late Oluwatobi

died as a result of the injury he sustained when he was kept in police custody on the allegation of stealing a handset belonging to a prophet on their street. “On 21st day of July 2014, the deceased called his younger sister named Oluwaseun Badmus, informing her of his arrest at ‘B’ Division, Akure, on the allegation of stealing a handset. “Sequel to the arrest, the complainant instructed Corporal Adesola Awodeyi who happened to be his friend to torture the deceased in order to admit the allegation of stealing made against the deceased. “When the deceased was eventually brought back by Corporal Awodeyi, his face was swollen and his bulged eyes became so reddish to the extent that he could not compose himself as he

began to complain of headache and stomach ache. “Immediately the deceased was dropped, he started vomiting and foaming through his mouth and nose, and the deceased was taken to the hospital where it was confirmed that he is already dead. “Throughout the period of arrest and the torture of our client’s son by Corporal Ade Awodeyi, our client was not informed even up to his untimely death due to the torture melted on him. “It was immediately after the body of the deceased was deposited in the mortuary that somebody called our client and informed him that the body of his son was lying in the mortuary. “Sir, we passionately appeal to you to use your good offices as a matter of utmost urgency to direct a detailed and comprehensive investigation into the circumstances that surrounded the mysterious death of Mr Oluwatobi Badmus with a view to bringing the perpetrators to justice,” the petition sent to the Inspector General of Police reads in part. Briefing journalists on the circumstances that led to his son’s death, Badmus said he received a call around 11 pm on Monday night and was informed that Oluwatobi’s body had been deposited at the state hospital morgue.

According to him, he wondered what happened to his only son who was hale and hearty in the morning of that fateful day. Badmus said the young man was fasting, adding that he could not be sick and still fasted. He, however, said Oluwaseun related all what transpired before Oluwatobi gave up the ghost. “I was told that when the prophet took them to the police station, he did not lodge any complaint at the counter but called some officers that he knew in the station, including one Ade Awodeyi, to torture my son. “My demand is justice. I want to know the cause of my son’s death. The police have stepped into it. The commissioner of police has called us and they interrogated them (the prophet and the policemen) and with the way they are handling the case, I know I will get justice. I am hoping that the police will do the right thing,” he said. The state Police Public Relations Officer (PPRO), Wole Ogodo, said the State Criminal Investigation Department (SCID) had taken over the case to unravel the circumstances that led to Oluwatobi’s death. Ogodo said the outcome of the autopsy would give a clue to the cause of his death. He promised that the police would not sweep the matter under the carpet.

from the problem of flooding which, according to her, has destroyed property and other valuables estimated at millions of naira. “It is always a disaster whenever it rains. The rain wreaks havoc on those of us living in this area,” she said. A member of the landlords’ association, who gave his name as Mr Olayiwola, said a ‘stubborn’ land speculator had obstructed the passage of water owing to the positioning of his house. “The only solution I foresee is the creation of a direct link to the lagoon for water to flow,” he said. Another resident, who identified himself as Pastor Opatola, said the problem was beyond the ability of the residents. “We can’t do it all alone. We,theoccupantsof thecommunity, need the assistance of the government for good drainage system,” he said. A woman at Tabernacle Street, who craved anonymity, said the government should come to the residents’ rescue. She said: “Whenever it rains, rainwater flows into our homes. Water has destroyed so many valuable things in my own house. When the rain fell last night, I did not know that the water got to the place where my box of clothes and those of my kids were kept. Before I knew it, all my clothes and those of my kids were soaked. My shoes, my children’s books, our mattress and all other things were soaked.’’ Pastor Emmanuel Kehinde, who also resides at Tabernacle Street, said the construction of the drainage at Igboho Street was facilitated through the influence of the former chairman of Agboyi-Ketu LCDA, residing in the area. “Other streets are left without drainage so whenever it rains, water flows into streets and homes. The government should come to our rescue before the flood claims our lives,’’ he said.

10 METRO

Twins stolen, father, mother murdered PUZZLE

A man and his wife are murdered barely 24 hours after giving birth to a set of twins while the whereabouts of the babies are unknown Adesina Wahab Ado-Ekiti

olice in Ekiti State are now working to unravel the circumstances behind the murder of a woman who recently gave birth to a set of twins, the abduction of the babies and the subsequent murder of the father of the children. The victim, Titilayo Kola, three days ago, gave birth to the twins after having two previous children for her husband, Kola. However, things went wrong on Saturday morning when Titilayo was found dead in her family’s one-room apartment and her husband and the new born babies missing. The sad incident occurred at No 23 Temidire Street, Ajowa Quarters, Ado-Ekiti, the Ekiti State capital. Titilayo, who was about 30 years old, was said to have given birth to a set of twins around mid-night of August 7. Her husband, Kola, aka Melomelo, a bread vendor, was said to have been with his wife from the morning of August 8 and slept in the same apartment with her and the children. Also, his mother-in-law, though, not yet identified, was said to have spent the night of

Sulaiman Abba, Ag

August 8 with Titilayo before she allegedly left home to attend a church vigil. She reportedly came back in the morning to be told of the calamity that had befallen the family. The landlady, Mama Aluko, explained that Titilayo was delivered of a set of twins midnight on August 7. She said: “I was with her, helping in tending the children and other things. Her husband,

who did not live here for some time now, also came around. Her mum was also around. “When it was around 8:30 pm on Friday, August 8, her mother told me that she would be going for the vigil in her church. So, it was her husband, herself and their new babies that I left before I went to bed that night. “This morning, (August 9) I woke up planning on what type of food to prepare for Titilayo

Four die in police, robbers’ gun duel Juliana Francis

our suspected robbers have been killed during a gun battle with men of the Special AntiRobbery Squad (SARS) in Ikeja area of Lagos. At the end of the encounter, two of the suspects were also arrested. The bandits were said to have encountered the SARS operatives while on their way to carry out a robbery operation in Ikeja about 2am last Wednesday. Four AK47 rifles, loaded with magazines, two locally-made pistols with six expended and 19 live cartridges were recovered from them. Their unregistered operational bus, painted in Lagos State commercial colours, was also recovered. One of the guns recovered from the robbers, belonged to the Nigeria Police Force. The four guns were discovered in the bus. “We received information that some deadly

Manko, Lagos CP

armed robbers, operating in a Volkswagen bus, were planning to operate around Airport Hotel, Ikeja. The Officer in Charge of SARS, Mr Abba Kyarri, sent two decoys. On approaching the suspects at Johnson Street, off Awolowo Road, Ikeja, the suspects sighted the policemen and opened fire. The SARS men had equally replied the gunshots, killing four

of the robbers,” a police source said. After smoke cleared from smoking guns, it was discovered that one of the robbers had escaped. But the policemen took another of the bandit, Saheed Mohammed, alive. Mohammed was later used as bait to catch the fleeing robber. He added: “When we discovered that one of the robbers had escaped, we told Mohammed to call him. We were made to understand that they came all the way from Obalende and did not know Ikeja Airport Hotel area very well. Mohammed called his partner and told him that he too escaped. He asked the man to come and meet him at a particular place. Following Mohammed’s description, the fleeing robber located him and walked into the waiting arms of the police.” It was also gathered that Mohammed was arrested because he was wounded during the gun battle with the police.

when somebody rushed to me to inform me that Titilayo was found dead in her bed and that her husband and the twins have disappeared.” The aged woman, who said she did not know much about the deceased and her husband’s family more than the fact that they were her tenants, added that Kola had stopped living with his wife a few months after they started living in the apartment. However, the police yesterday evening found the body of Kola inside a canal at Oke-Ila area of Ado-Ekiti. The twins are yet to be found. The state Police Public Relations Officer (PPRO), Mr Victor Babayemi, while commenting on the development, said initially, the late Kola was the prime suspect in the whole saga, as he was the last person seen with Titilayo and the twins. Babayemi said with the new twist, the police would intensify efforts at getting to the root of how Kola and the twins left their home and how Kola was later found murdered in a canal. He said: “It is a case of homicide and child stealing, the deceased was found dead on the bed in a quite suspicious circumstance, and the missing husband also found murdered in a canal. “So, we have a case of homicide and child stealing on our hands. And we are investigating the case presently.” The PPRO gave the assurance that the police would get to the roots of the matter.

Monday, August 11, 2014

We’ve lost five persons to gas flaring, says community Cajetan Mmuta BENIN

producing communities in OcalilGelegele, Ovia North East LoGovernment Area of Edo State,

have appealed to the Federal Government to save them from the danger of environmental pollution. According to the people, the pollution was caused by the gas flaring emanating from the activities of an oil firm operating in the area. They called for urgent relocation of the company to save their lives from years of hazards, adding that such gas flaring has led to destruction of aquatic lives, agricultural products and essential properties. Coordinator of Ijaw Youths of Edo State (YES), Comrade Joseph Gbale, said that about five lives and property worth several millions of naira had been lost to gas flaring emitting from the company. He said: “The state and Federal Government should, as a matter of urgency, prevail on the oil firm to relocate the flaring of gas from the heart of Gelegele community as several lives have been lost.” The community listed the names of the dead as Mr Ibote Ossia, Mr Aladin Iyefabiri, Mr Anthony Adeyemi, Mr Roland Ofunama and Aboy Donyegha. Besides, several others have suffered various forms of ailment arising from environmental hazards due to daily exposure in the community to gas flaring. They are also asking the government to appoint an Ijaw person on the board of Edo State Oil and Gas Producing Area Development Commission (EDSOGPADEC).

Party inaugurates LG secretariat abour Party has inauguratLLocal ed its secretariat in Ikenne Government Area of

Ogun State. The party also inaugurated ward secretariats at Ikenne wards 1 and 2; Ilisan wards 8 and 9 and Irolu Ward 10. The event, according to a statement by party Publicity Secretary in Ikenne Local Government, Lola Desalu, also featured the unveiling of the Plasma Television sets, DSTV system and generators donated by the Ladi Adebutu Democratic Organisation (LADO) to the party secretariats. Speaking at the event, a Labour Party chieftain in Ogun State, Hon Oladipupo Adebutu, urged party faithful to remain united and be stra- Adebutu (left) Mrs. Bola Adekoya and Otesanya during the inaugurategic in their resolve to win tion of the Irolu Ward 10 Secretariat. the next general elections. He said: “Today is not a Adebutu then urged the He commended Adebutu campaign day and it is not by accident that we are in Iken- executives to imbibe a good for his gesture. In attendance at the event ne, the home of the late sage, maintenance culture towards Chief Obafemi Awolowo, to the items that were donated to were aspirants on the platform of the party including commission this beautiful ed- the secretariats. Also speaking, a leader Kayode Adebayo, Mr Sunday ifice. We must be an example that others should emulate, of the party, Chief Duro Ote- Solarin, Dr Waheed Osinowo, sanya, urged members to em- Mr Kunle Otemolu and Mr copy and learn from.” brace love and unity. Jide Sonowo.

METRO

Monday, August 11, 2014

Ebola: Seven hospitalised over salt-water intake Buhari Bello

‘No going back on commercial motorcycles’ restriction’

Jos

Muritala Ayinla

lateau State Government has condemned Pchildren parents and guardians who compelled their and wards to drink water mixed with

seven spoonful of salt, with false belief that it would prevent the Ebola virus. The Commissioner for Information and Communication, Mrs Olivia Dazyem, who gave the condemnation, urged people to report to the nearest hospitals, if they sensed or noticed symptoms of the Ebola virus. This was as it was gathered that at least seven persons, including children, had been hospitalised in the state over too much consumption of salt. Over the weekend, someone posted on Facebook that the Ebola virus could be prevented by drinking and bathing with salt water. The post went viral, as Nigerians started scrambling for salt water bath. Two people were said to have died, while over 20 landed in hospitals for over consumption of salt. The Commissioner for Health, Hon Fom Dakwak, buttressing Dazyem’s argument, said there was no case of Ebola in the state. Dakwak spoke through the Permanent Secretary in the Ministry of Health, Dr Alias Pede, at a press conference at the Nigeria Union of Journalists (NUJ) Press Centre. The commissioner appealed to residents not to panic and should disregard rumour of Ebola outbreak in the state. He said: “We are strengthening our health system by training 200 health personnel in all the 17 local government areas to ensure rapid surveillance and check of the disease. “The ministry has carried out basic enlightenment campaign. The campaign made use of English and Hausa languages in order to reach as many people as possible. “We also made use of multicultural approaches by recommending the general covering of mouth, hand washing and avoidance of direct contact with infected person. People should also cover their noses, mouths while coughing or sneezing.” Dakwak urged people to always wash their hands with soap and keep a clean environment to ensure healthy living. The government advised people to dash to Bingham University Teaching Hospital, Plateau Specialist Hospital and Jos University Teaching Hospital (JUTH), if they fell sick or saw anybody that was sick.

NDDC offers free medical treatment Babatope Okeowo Akure

Niger Delta Development Commission Tfreehe(NDDC) yesterday unfolded plans to give medical treatment to the residents of its

host communities. The Ondo State Commissioner on the board of NDDC, Hon Benson Amuwa, said the free medical programme was in conjunction with pro-health services and would cover all diverse ailments. Amuwa said the free health programme would not be limited to the mandate areas alone, as it would be taken to all parts of the state. According to him, the programme would start in Ilaje Local Government on Monday and moved to Eseodo before heading to other parts of the state. He said the free health programme would include diagnosis, treatment, surgery and free drugs to all kinds of ailments. Meanwhile, Awuwa said the Federal Government had set aside N1 billion for the completion of some of the ongoing projects in the mandate areas. He said a situation where projects would be abandoned as a result of lack of fund would not be tolerated by the board.

agos State Government has diffused expectations of commercial motorcyclists, who thought it may rescind its decision on their operations in parts of the metropolis. The Commissioner for Transportation, Comrade Kayode Opeifa, explained that reversal of the law on operations of commercial motorcyclists would lead to avoidable deaths. According to him, because the Governor Babatunde Fashola administration backed down on the tuition fee of the Lagos State University (LASU) does not mean the government compromises the safety of the residents. Opifa, who said that the tuition fee reduction was incomparable with restriction on the operation of the commercial motorcyclists, also known as ‘Okada riders’, explained that the policy was jointly taken by the states of the federation at the National Council on Transports in 2011.

Okada riders

The commissioner, who is the chairman of the Committee on LASU Tuition Fee Reduction, said a reversal in policy was not an option. Opeifa explained that most states in the country had banned operations of commercial motorcyclists without a law before

Lagos, adding that Lagos only restricted their operations on 475 roads out of the 9,100 roads in the state. He said: “A reversal in policy is not an option for the lives that have been saved. The number of lives that would be saved cannot be compromised. We have saved

Ondo blames rains for delay in road projects Babatope Okeowo Akure

many roads have become Aof simpassable in many parts the state, Ondo State Gov-

ernment has blamed the raining season for the delay in the completion of the ongoing road projects. The Commissioner for Works, Gboye Adegbenro, said the government would, however, seize the incoming August break to fast track the road projects and begin new ones. According to him, no meaningful construction work can take place during raining season, hence the need to slow down road construction. The commissioner denied the insinuation that lack of funds from the federal allocation delayed the completion of the projects. He said: “The government has not abandoned any of the

Mimiko

projects it inherited from its predecessor. It is working to ensure speedy completion of the projects. “Some of the projects inherited from the immediate past government of Dr Olusegun Agagu, including the Akure Township Stadium and reticulation of Owena

Dam were being redesigned. The Owena Dam is a partnership between the Federal and state governments. The Federal Government has completed the dam and awaiting reticulation by the state government.” Adegbenro said that the former administration awarded the contract for the reticulation without the route survey, which was a pre-condition for such a contract. On the fate of the Akure Township Stadium, the commissioner said the initial design was 10,000 capacity, which was inadequate in modern day reality. He said: “Before the completion of the stadium, the government has completed five out of the six stadia scattered across the state. The stadia will be used for this year’s Miston competition. The intention of the government was to improve sports through decentralisation of stadia in the state.”

POWA empowers women, youths in rivers olice Officers Wives’ Association Pwomen (POWA) has trained over 120 and youths in Rivers State. The association head by the wife of the state Police Commissioner, Mrs Chinyere Ogunsakin, embarked on the scheme to empower the beneficiaries economically. The scheme, which involved training and empowering of over 120 women also witnessed youths receiving skills acquisition in various areas such as tailoring, cosmetology, bead/hat making and catering/hotel management. The women and youths also received training in events management and general business development. The trainees, not only received certificates, but also received

equipment to begin using their knowledge. Ogunsakin said she was happy that her plan had finally materialised. She said this was the first phase of the scheme. POWA, she said, was established with the objective of providing socio-economic support and empowerment to police officers’ wives and their wards. This, according to her, has become the sole preserve of the Rivers State chapter of POWA under her watch. She said: “We want to give a helping hand to our trained women to enable them start on their own journey to fulfilment and financial liberation.” The chairperson also shared her vision of forming a coopera-

tive of those beneficiaries who take the empowerment seriously so as to obtain loans from corporate organisations. The beneficiaries danced round the chairperson, singing different songs with the Police Band on hand to add verve to the event. The widows, who were giving accommodation, could not control their emotions as they shed tears of joy. Ogunsakin was also moved to tears, when the widows who clustered around her, went on their knees and started praying for her and her family. One of the widows, Mrs Theresa Israel, described the gesture as the best attempt at empowerment by any POWA administration.

50 lives on a monthly basis. We have prevented an average of 500 injuries monthly. “A reversal in policy, even though change is in evitable, is not an option for the lives that had been saved. You cannot say you want to reverse the use of motorcycles on prohibited roads, so that you will have more accidents and deaths. “Reversing the LASU fees doesn’t harm government, and doesn’t harm the citizens. By going back to N25,000, it shows that government is sensitive to the needs and aspirations of the people. “Don’t forget that the students were not asking for N25,000. What the students and ASUU were asking for was N50,000. This is different from Okada restriction policy because by reversing the policy, most people will die.” Opeifa argued that although the motorcyclists’ restriction affected some people who used motorcycle as a source of livelihood, it was better for the government to ensure the safety of its populace, adding that there were other means of sourcing for income. “What happens in LASU tuition fee reduction was a rare gesture borne out of consideration of economic realities of residents. It is incomparable with restriction of commercial motorcycles operation on the roads. We have reduced road accidents by 80 to 90 per cent,” Opeifa added.

Man bags three years’ jail for forgery Sola Adeyemo Ibadan

n Oyo State Chief MagAIyaganku istrates’ Court, sitting at in Ibadan, has sentenced one Akinwale Babatunde Kabir to three years’ imprisonment for forging a Higher National Diploma (HND) certificate of The Polytechnic, Ibadan. The Chief Magistrate, O. A. Ogunrin, sentenced the accused person, having found him guilty of forgery in line with the twocount charge of conspiracy and forgery preferred against him, contrary to sections 516 and 467 of the Criminal Code Cap 38, Volume II, Laws of Oyo State, 2000. Kabir had earlier pleaded not guilty to the charges, when they were read to him. As at the time of his arrest, the accused was an employee of theMufutahuOlanihunCollege of Education, Ibadan, where he claimed to have lower credit in HND Marketing, whereas what he had was “a pass” on the certificate. Inspector John Agho, in his evidence-in-chief, told the court that the college authorities reported a case of forgery of Higher National Diploma certificate to the police, following which he went to arrest Kabir.

12 NEWS

Sanctity of Truth

Monday, August 11, 2014

Accord chieftain flays Ajimobi's 'free food policy Sola Adeyemo IBADAN

chieftain of the Accord Party in Ibadan North– West Local Government, Mr Oladejo Adetoyese Maruff, has upbraided Governor Abiola Ajimobi's administration over its recent 'stomach infrastructure' policy, describing it as an indirect way of turning the hapless people of Oyo State to 'beggars and destitute's. Owing to the allegation by some opposition politicians that Ajimobi had been busy with tarring roads in the state without tarring the stomachs of the hungry lot, the governor flung open the doors to the Government House during the Muslim fasting period, and on daily basis, fed hundreds of people that thronged the place with assorted foods. In order to satisfy the

yearning of the people of the state, Ajimobi recently promised to continue with the free food scheme in order to banish hunger from the livelihood of the masses and take governance closer to the electorate. The Ibadan North – West politician, in a release made available to New Telegraph yesterday, however, frowned at the free food scheme of the governor in the administration of All Progressive Congress, saying that, “It is appalling and totally absurd to see a government that prides itself as progressive turning our people into beggars and destitute instead of providing conducive atmosphere for them to practice their trades and vocations. "The Ajimobi-led government destroyed their means of livelihood, thereby turning them to beggars," he stressed.

I won’t sack CJ, Orji tells Assembly Igbeaku Orji

UMUAHIA

bia State Governor, Chief Theodore Orji, has rejected the recommendation of the Abia State House of Assembly to sack the Chief Judge of the state, Justice Nnenna Otti. The House recommended the sack of Otti for failing to appear before it to defend a petition against her. But Orji said he will find a way to resolve the matter amicably and stave off the face-off it might generate between the two arms of government. The Abia State House of Assembly had last week recommended the sack of the chief judge for failing to appear before its com-

1:10

mittee that investigated a petition against her. Addressing journalists at the government house Umuahia, on the development, Orji said he has received the “House of Assembly Resolution No 160 of 1st August 2014, seeking the removal of the Chief Judge of Abia State for acts of misconduct arising out of a jail delivery exercise in Umuahia prison, wherein two awaiting trial inmates involved in armed robbery and murder offences were released by the Chief Judge.” He said that from the resolution, he could deduce that the chief judge refused to appear before the House of Assembly, adding that the petition that led to the resolution

The ratio of deaths due to disease related to smoking. Source: Smokingstatistics.org

was as a result of the chief Judge’s performance of her judicial function of jail delivery. The governor observed that any action on the resolution was capable of affecting the relationship between the legislature and the judiciary and by extension, the harmonious relationship among the three arms of government. According to the Governor:“The three arms of government in Abia State enjoy optimum cooperation and collaboration in the running of the affairs of the state and there has never been any friction between any of these arms since the inception of this government in 2007.” “Having said that, I hereby direct that the sta-

64,900 The total population of Bermuda in 2012. Source: Un.org

tus quo should remain, while I go further to seek for a peaceful resolution of the crisis.” Similarly, the Governor dismissed the story of Ebola virus outbreak in the state. He said the reaction became necessary to allay the fears of residents over the rumour that there is an outbreak of Ebola in the state. The governor reassured the people, urging them to freely go about their businesses. Orji said government has taken proactive measure to prevent an outbreak, adding that the state Commissioner for Health was in Lagos to procure kits for the medical team in the event of an outbreak.

145,712

The number of refugees in Sri Lanka at the beginning of 2010. Source: Blatantworld.com

Sycophancy, bane of public office holders, says Uduaghan Chinedu Ekeja overnor of Delta State, Gaghan, Dr. Emmanuel Uduhas said that sy-

cophancy and lies are all what Nigerian politicians get from people around them, saying that people prefer to tell them what they will like to hear so as to win favours from the government instead of the simple truth that will help them know and solve the problems of the society. He made this revelation while commissioning a new media outfit, Rave TV at Ilupeju in Lagos State over the weekend. The governor stated that the label people give to the politicians in the society was a bad one, and the reason is not far from the fact that people around them have failed to give them factual information regarding the

true state of things in the society. He regretted that the game of sycophancy and lies telling have caused the failure of some politicians to make any expected change in governance. He said: “You know, in this our job and our business, there is a lot of sycophancy. Many people around you tell you what you want to hear; they don’t tell you the way it is that will help you make a change”. He went on to state that that was why some people have defined a politician “as somebody who stands in front of you and starts telling you lies, knows that what he is telling you are lies and that you hearing it know they are lies but will continue to tell you the lies until you do what he wants you to do with the lies”

Outrage as Kogi PDP chairman endorses party scribe Muhammad Bashir LOKOJA

here was disquiet over TKogi the weekend, when the State Chairman of

Peoples Democratic Party, (PDP), Alhaji Hassan Salau openly imposed the party’s secretary, Emmanuel Egwu as the House of Representative candidate in Idah Federal Constituency for the next year’s general election. The chair man's endorsement, which sparked-off confusion during Governor Idris Wada’s thank you tour to Idah Local Government Area of the state, raised surprise in the mind of PDP members at the occa-

sion, including the governor and other dignitaries. Our correspondent, who was at the occasion, reported that everything was going on peacefully at the venue of the event when the chairman of the party, who was called upon to make his speech, rather chose to raise the hand of Egwu as the PDP consensus candidate for the 2015 Idah Federal Constituency election, come next year. The party chairman said Egwu was an already anointed candidate and that all other aspirants should forget their ambition as there would be no room for primary election.

L-R: Anambra State Governor, Chief Willie Obiano; Prefect Emeritus, Divine Worship and the Discipline of the Sacraments, Francis Cardinal Arinze and founder, Flora Truworths Nigeria Limited, Mrs. Victoria Nwakoby, after a special mass at the St Williams Catholic Church, Nkwelle Ezunaka, Oyi Local Government Area of Anambra State...at the weekend.

2015: Reps minority Leader, Osagie, declares for senate FOREVER

After 16 years as a lawmaker, from state to House of Reps, Osagie wants more as Senator Cajetan Mmuta BENIN

inority Leader of the House of Representatives, Hon. Samson Osagie, yesterday declared his intention to contest for February 2015 National Assembly elections to represent Edo South Senatorial District at the nation’s senate. He stated this when he informed the state Deputy Governor, Dr. Pius Odubu, about his resolve at a ceremony held in Benin the state capital. This came as the Deputy Governor assured the lawmaker that the ruling All Progressives Congress (APC) would keep to the

tradition of allowing the people the opportunity to freely decide who represents them in various elective positions. Osagie said his aspiration to represent the highly populated South zone at the upper chamber of the National Assembly was to ensure an effective and good representation in the senate. “I have come here to intimate the deputy governor, who is the highest ranking of all elected and appointed political office holder in Edo South senatorial district. I am confident that my credentials for this job are well founded and unsurpassed”. He pointed that his modest and impressive achievements since the past 16 years as a lawmaker stands him out as the best and most qualified person for the job. “I have been a legislature for about 16 years with modest but very im-

pressive achievements. I can say that I am the best man for this job and I am ready for it. I believe that the people of Edo South have long enough suffered for inadequate representation in the senate. With my experience in the House of Assembly and the House of Representatives for almost eight years running and where I am the current a principal member of the house, I stand as the best man for this job,” he said. The APC lawmaker stressed that his visit to the deputy governor was to intimate him of his aspiration for the Edo South senatorial ticket. The deputy governor, in his remarks, stated that only the party and people would decide their representatives when the time comes in the 2015 general elections. According to him, as the All Progressives Congress (APC) has always done, the people would be given the

opportunity to freely decide who represents them in various elective positions. He said the minority whip was just one of the many aspirants for the senatorial seat, assuring that the ruling party would provide a level playing ground for all the aspirants. He also advised all the aspirants to carry out their issue based campaigns in a most civilized manner to all the nooks and crannies and across the people in the three senatorial district sof the state. “My message is clear; many have come and many more will come for this same purpose but the party will provide a level playing field for all of them. I advise you all to prosecute your campaign in the most civilized manner and sell yourselves to the people, who at the appropriate time will decide who will represent them," Odubu said.

INEC: Osun election better than Ekiti / PAGE 14 | The battle has just started, says Fani-Kayode / PAGE 15

POLITICS

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newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

PDP honours Saraki, sets target for 2015

p-17

ayodeleojo@yahoo.com

MONday, AUGUST 11, 2014

NATIONAL CONFERENCE The National Conference enters its final and most critical stage this week with the resumption of plenary to adopt its final report. ONWUKA NZESHI previews the likely scenarios that will unfold this week

Delegates return for unfinished business

The announcement was greeted with mixed reactions from across the hall but its formal adoption in a voice vote marked the end of the consideration of the reports of the 20 committees of the conference.

fter a four-week recess, the National Conference will today reconvene at plenary to receive its final report. About 500 copies of the draft report in the required volumes are expected to be ready for distribution to all the delegates and principal officers of the conference. Each of the delegates will not only receive a copy of the draft report, but will have two days to study it before sitting at plenary to adopt the final document that would be presented to the Presidency at a later date. The conference ought to have commenced this exercise on August 4, but the holiday was extended by one week following the inability of the secretariat to conclude the compilation of the final report at that time. It could be recalled that the conference adjourned plenary on Monday July 14, 2014 after it failed to resolve some knotty issues surrounding revenue allocation, derivation principle and resource control. Other contentious issues that the conference could not resolve were the appropriate percentages to be dedicated to the solid mineral development fund and the post- insurgency rehabilitation fund. Debates on these issues had lingered for several days and even the Committee of 50 wise men could not break the stalemate between the delegates of the North and their colleagues from the South on these issues. Chairman of the Conference, Justice Idris Kutigi, while adjourning the plenary announced that the conference would recommend to the government to set up a Technical Committee to resolve these outstanding issues. Kutigi delivered his final verdict thus: “Having critically examined the issue in contention, the Conference agreed to the need to review the percent-

Kutigi

age of revenue allocation to states producing oil and other resources; reconstruct and rehabilitate areas affected by problems of insurgency and internal conflicts and diversify the Nigerian economy by first, tracking the development of the solid minerals sector.

“The Conference also note that assigning percentages for the increase in derivation principle and setting up special intervention fund to address issues of reconstruction and rehabilitation of areas ravaged by insurgency and internal conflicts as well as solid miner-

als development requires some technical details and considerations. Conference therefore recommends that government should set up a Technical Committee to determine appropriate percentage on the three key issues and advise government accordingly.”

CROSSFIRE I gave him the option to resign. It has actually come to a point where we need to know who actually is the boss because we can no longer work together -Sullivan Chime

I do not mind leaving the office but the public must know that I did not commit any offence, that I did not do anything that will justify my being removed -Sunday Onyebuchi

Last battle Looking back at the scenario on the last day of sitting, there are strong indications that the proceedings of the conference over the next three days might not be as simple and as smooth as some would expect. New Telegraph gathered that the last lap of the race would be much like the last battle by the various contending forces to regain lost grounds. Undoubtedly, the contest will still revolve around national resources and how they should be shared among the regional blocs. It will be a renewal of the same old struggles between status quo protectionists and the change-seeking groups. It will be another round of campaigns by the South-South and other oil producing states to control more of their resources in terms of derivation and a counter mobilisation of forces by the North and other non-oil producing states to frustrate the campaign. In the last few days before the conference adjourned, it was apparent that the northern political bloc was not comfortable with the resolutions of the conference on issues such as state police, removal of local government councils from the constitution and the proposed creation of new states. The Northern Delegates Forum might want to use the opportunity of this “injury time” to attempt a reversal of some of these decisions. Possible scenarios In this last fight, everything will be thrown in and nothing will be impossible. Agitators for a brand new constitution may renew their project and probably submit a draft copy of what they want promulgated as the Nigerian ConstituCONTINUED ON PAGE 16

14 POLITICS

he Independent National Electoral Commission (INEC) yesterday said that facts available showed that the Osun governorship election was better than the Ekiti poll held on June 21. The Chief Press Secretary to INEC Chairman, Mr. Kayode Idowu, made the statement in a telephone interview with the News Agency of Nigeria (NAN) in Abuja. “From all indications, the election has been

Sanctity of Truth

Monday, August 11, 2014

Osun governorship poll

INEC: Osun election better than Ekiti successful even from the comments from virtually all the stakeholders - politicians, observers and others. “Our own figures also prove that it has been successful. On our arrival time by 8 a.m. on Saturday, 96.25 per cent of the polling units were opened. That is better than that of Ekiti State, which was 95.6 per cent. “Don’t forget that

Osun has 30 local government areas, while Ekiti State has 20 local governments, yet we still surpassed the performance in Ekiti,” Idowu said. He said other indices showed that there were no challenges with voter accreditation and voting. “Even the announcement of the election result is another indi-

cation, which shows the functionality of our process. As at 7. 30 a.m. on Sunday, the results from all the 30 local government areas were announced, while that of Ekiti was announced at about 9 a.m. the day after the election. So, from all indications, the election was a success,” he said. Idowu said because no human endeavour

was perfect, the commission would continue to fine-tune its operations to improve on the organisation of elections. “INEC is not saying that the Osun election is the highest we can attain; we are still going higher and we believe God that we will do better by 2015. “We had our deployment plan and contingency plan, but every

Aregbesola’s victory well deserved –Bamidele Adesina Wahab Ado-Ekiti

Labour Party (LP) Tinhe governorship candidate the June 21 election in

Ekiti State, Hon. Opeyemi Bamidele, has congratulated the winner of Osun governorship election, describing the victory of Ogbeni Rauf Aregbesola as well deserved and further entrenchment of democracy in the country. Bamidele, in a statement in Ado-Ekiti yesterday by his media aide, Ahmed Salami, described Aregbesola as a thoroughbred and simple politician, who understands the feelings of his people, saying “his victory did not come as a surprise.”. The Chairman, House of Representatives Committee on Legislative Budget and Research, posited that the return of the unassuming and maverick governor for a second term by Osun electorate, had confirmed that his first term had actually met the yearnings of the people beyond rhetorics and media hype, which is fast becoming the way of politicians lacking in substance. The LP chieftain added that Aregbesola’s victory had taught a great lesson that politicians with track record of achievements would automatically win the hearts of their people, not minding the complexity and dynamism of their environment. “Osun election also drives home the point that a political party desirous of winning an election must present a candidate who is acceptable to both members of the party as well as the general public, for gone are the days when a politician could boast that even if they present a goat for election the goat would surely win. “Definitely, Nigerian electorate are getting wiser without minding whose ox is gored,” he said.

L-R: Returning Officer, Osun State Governorship Election, Prof. Bamitale Omole; Head, INEC’s Election Operation Department, Mr. Wasiu Azeez; Supervising National Commissioner for Osun Election, Amb. Mahmud Wali and his colleague, Prof. Nuru Yaqub, at the INEC results collation centre in Osogbo …yesterday

election has its complication. What INEC normally does is to deploy based on its plan and we also had contingency plan because you cannot predict the turnout of the people. “You will notice that immediately we observed that there were challenges in some areas, the contingency plan was deployed to make up for those places. “That is part of our operational plan and at the end of the day I don’t think there was any place people were unable to vote due to inadequate ad hoc staff,” he said. Asked if the Peoples Democratic Party (PDP) had rejected the election result, Idowu said the commission was not aware of such development and added: “We are more concerned about the election procedures.” He commended all the stakeholders in the election, especially members of the National Youth Service Corps, security agencies, observers and political parties. “They have all done extremely well and we hope to build on that,” Idowu said.

Saraki, Borrofice, Pedro, Pitan congratulate Aregbesola Wale Elegbede

ormer governor of Kwara State, Senator Bukola Saraki, has congratulated Governor Rauf Aregbesola for his overwhelming victory at the Osun governorship election, saying his reelection in spite of the intense pressure across the state typified the voice of the people. Saraki, in a statement, noted that the outcome of the Osun election has shown those who are seasonal politicians, stressing that the outcome must get Nigerians back to a sense of building strong precedents for the nation. “I heartily congratulate my brother, Ogbeni Rauf on his sweeping re-election on the peoplecentered platform of the All Progressives Congress (APC) in spite of the overwhelming pressure mounted by the unnecessary influx of over 70,000 armed personnel across the state. “I know there are many out there that believe it’s time for a change but are held back because they believe “federal might” can’t be defeated or the people’s wish or voice doesn’t count , fellow Ni-

gerians the good people of Osun has shown how that is such a fallacy in today’s Nigeria. “Osun is not only a victory for Ogbeni Rauf and the people of his state, it is a victory for the future of this nation. So, as we celebrate this monumental achievement, I urge Ogbeni Rauf to keep doing the will of his people.” Giving his thoughts on the 2015 general election, Saraki said those that choose to trample on the tenets of democracy must be brought to justice before the election, adding that “we must begin to investigate the new trend of arresting opposition leaders prior to elections. We must also begin to honestly question the restrictions placed on many of our fundamental constitutional freedoms when elections come around.” Also, Senator Robert Boroffice has congratulated the people of Osun State for re-electing Aregbesola. Boroffice, who represents Ondo North Senatorial District, said the victory is the evidence that the will of the people will always prevail, and that democracy belongs to the people.

He said the success at the poll without any doubt has put to halt the activities of rampaging reactionary forces that are bent on seizing the South-West. “The people of Osun has shown once again that the Yorubas are no cowards, they will not be tamed, not in their own domain. The manner at which the people came out as early as 6a.m. and waited till accreditation commenced and how they waited after casting their votes to monitor proceedings until the votes were counted showed how much the re-election of the party meant to them,” the senator stated. He urged Aregbesola to double on his efforts and enjoined the people to celebrate their triumph over federal might in peace. Also, former deputy governor of Lagos State, Otunba Femi Pedro said that Aregbesola’s re-election was a victory for the democratic future of the country, and a testament to the sheer will of the Osun electorate. Pedro, in a statement released via his Official Twitter Handle: @FemiPedro, said that the people of Osun spoke with one

voice with their votes, despite the avalanche of intimidation and the influence of ‘federal might’ by the PDP. “My faith in the people of Osun was never in doubt. The people spoke through their votes, and they have given their assent to the people-friendly policies of Ogbeni’s government and the APC. This victory has shown that the resolve of the people can prevail and give us the future we all desire through self-governance. “I commend the good people of Osun for their doggedness in the face of grotesque intimidation and oppression tactics, and I urge all Nigerians to join the progressiveminded ship of the APC. Together, we can collectively change the dire course our nation is currently navigating by voting out the PDP-led Government come 2015.” Similarly, a former Commissioner for Health in Lagos State, Dr. Leke Pitan, also congratulated Aregbesola, saying that the victory will rejuvenate members of the party in neighbouring Ekiti State and re-affirm APC’s pre-eminence in

the South-West and Nigeria. “Ogbeni, no doubt you have fought a hard political battle, you fought against all odds imaginable. You fought the centrifugal and reactionary forces of Yorubaland and God in his infinite mercy has given you victory. You and the entire membership of our great party and the Osun people deserve our warmest congratulations for this wonderful feat.” For Rivers State Chapter of APC, the defeat of PDP shows that the day of the party at the centre is numbered, adding that the various strategies of the PDP are now exposed. “The election was, in a way, a victory for Rivers State and the State APC Leader, Governor Chibuike Rotimi Amaechi, Chairman of Nigeria Governors’ Forum (NGF), who directed that the mistake of Ekiti State should not be allowed to play out in Osun. “With all of PDP’s rigging strategies now exposed, President Goodluck Jonathan should do himself some good by resisting the temptation to be lured into the 2015 presidential election.”

POLITICS

Sanctity of Truth

Monday, August 11, 2014

Osun governorship poll

Even with his victory in the Saturday August 9 governorship election in Osun State, Governor Rauf Aregbesola in this victory speech decried the “tyranny of power” perpetuated by the Federal Government in its bid to win the poll.

Aregbesola: PDP was desperate to steal people’s mandate

fter an unnecessarily tense, tortuous and even traumatic process, the Independent National Electoral Commission (INEC) this morning declared me as the winner of the Osun State governorship election on the platform of the All Progressives Congress (APC). On behalf of my party, we are delighted to claim victory for our hard work, focus and dedication in this election. I thank the Almighty God for our triumph at the poll, against all odds. To the good people of Osun State goes our unflinching gratitude. We salute your steadfastness, courage, loyalty, commitment and fierce determination to defend your sovereign rights and the integrity of our nascent democracy. You have demonstrated in this election that in a democracy, power truly belongs to the people. I am humbled and honoured by your trust and abiding faith in me and my party. I pledge that your confidence in us shall never be betrayed or taken for granted. Ordinarily, this should be a moment of joy and celebration consequent upon the hard earned triumph of the people’s will. However, this election shows that democracy is still gravely endangered in Nigeria. We witnessed gross abuse of power and, of due process before, during, and even after the actual voting process. It is so sad and unfortunate that what should be a normal, routine process was maliciously allowed to snowball in to a needless virtual war by the Federal Government and the

Aregbesola

Peoples Democratic Party (PDP). Osun State was unduly militarised in an unprecedented manner through criminal intimidation and psychological assault on our people. This election witnessed an abuse of our security agencies and amounted to a corruption of their professional ethics and integrity. The security agencies were unprofessionally utilised in Osun State to harass, intimidate and oppress the people whose taxes are used to pay their salaries and provide their arms. Hundreds of leaders, supporters, sympathisers and agents of our party were arrested and detained. Also, hundreds of other innocent citizens including women and the aged were harassed, brutalised and traumatised.

Jonathan proved critics wrong on poll –Daniel Kunle Olayeni Abeokuta

ormer governor of FGbenga Ogun State, Otunba Daniel, yester-

day said the outcome of Saturday’s governorship election in Osun State has proved critics of President Goodluck Jonathan wrong. He spoke in IperuRemo, Ikenne Local Government Area of the state, where the Deputy National Chairman of Labour Party (LP), Hon. Joseph Akinlaja, submitted that the heavy presence of security agents during the gubernatorial election made transparent and credible elections possible in the country. Addressing LP members in the local government, Daniel stated that Jonathan had successfully consigned the problem of flawed elections in Nigeria into the dustbin of history. He also noted that the

“people’s power” had become supreme in determining who now occupies elective positions. Going down the memory lane, the former governor declared that Jonathan had created credible electoral process for popular parties and their candidates to win, citing the elections in Edo, Anambra, Ondo and Ekiti as well as Osun as examples. He commended the president for not giving room for subversion of people’s will despite the scathing criticisms and allegations from political opponents. “Our president did not say because he’s president that his party must win. The result of yesterday (Saturday) showed that this president is a free and fair and very good president. I therefore congratulate him. By the grace of God, the next election in Ogun State is for Labour Party.”

In spite of this condemnable repression and abuse of human rights, the unflagging spirit of our people triumphed. Our victory is due to the steadfastness and resolute determination of our people to assert and defend their rights. The PDP obviously did all it could in a most desperate manner to steal the people’s mandate. A critical analysis of the elections shows a trend of general low voter turnout largely because of the atmosphere of deliberate tyranny and fear caused by the excessive militarization of the state. Despite our victory, it is pertinent to condemn and also point out the fact that the number of accredited voters in most local governments was less than half of registered voters. Against

this trend, it is curious that the bulk of the PDP candidate’s votes came from only four local governments – namely Ife Central, Ife East, Ife North and Ife South. This suggests an inexplicable large turnout in his stronghold which is a curious departure from the general trend of voting across the state. The outcome of this election, once again, shows the unswerving determination of our people to ensure that democracy triumphs in Nigeria. We have sent a strong signal to all and sundry that no might is powerful enough to thwart the will of the people. This should always strengthen our resolve to ensure that as from now on, every vote must not only be counted but must count in this country. Nobody or party must ever exercise power unreasonably at any level except in accordance with the will of the people to whom sovereignty belongs. Let me assure the good people of Osun State that I appreciate that this victory is a reward for our hard work and commitment to the welfare of our people. I promise that we shall not rest on our oars but shall be spurred to work even harder with all well-meaning people of the State of Osun and the generality of Nigerians to continue to enjoy your trust and support. You can be assured that we will leave no stone unturned in our continued effort to transform Osun into a land of progress, prosperity and peace for all with renewed fervour. I realise that this victory and the challenges we went through is a call to greater service and sustained commitment to our people. I pledge a rededication of myself to the service of our people and the strengthening of democratic values in Osun and Nigeria generally. Our country remains in political bondage and we must set her free.

Kalu: Jonathan committed to free, fair elections

minent businessman and former Governor of Abia State, Dr. Orji Kalu, has felicitated with Governor Rauf Aregbesola, saying that the outcome of the August 9 governorship election has given Nigerians more confidence in President Goodluck Jonathan’s commitment to credible elections anchored on one man, one vote.

In a statement signed by his Special Adviser, Prince ‘Kunle Oyewumi, Kalu stated that in any contest, a winner must emerge, urging Aregbesola to see his victory as a challenge to consolidate on his achievements in his first tenure of office. Kalu, who commended the electorate for the large turnout and peaceful conduct, described

Aregbesola’s victory as a testimony to his good work and popularity among his people. “I extend my goodwill message to all the contestants in the Osun governorship election for the maturity displayed right from the electioneering to the post-election period. “I urge everyone to accept the result in good faith and to support the

The battle has just started, says Fani-Kayode Former Minister of Aviation and a chieftain of the Peoples Democratic Party (PDP), Chief Femi FaniKayode, speaks on the outcome of the Osun State governorship election or the last two weeks I FOsun have been in the field in State campaigning for my friend, brother and kinsman and my party’s candidate in the governorship election, Senator Iyiola Omisore. It has been a gruelling yet wonderful experience and I am very proud to have been part of the team and so deeply

involved. It is now 7.00a.m. in the morning and the final results of those elections have just been formally announced by the Independent National Electoral Commission (INEC). They are as follows: Governor Rauf Aregbesola of the APC polled 394,684 votes whilst Senator Iyiola Omisore of the PDP polled 292,747 votes. It is clear from the foregoing that Aregbesola has not only won but he has also won convincingly. I hereby congratulate him and his party on their

victory. I commend INEC for conducting a free and fair election in which there was no rigging. I commend the security agencies for maintaining law and order and ensuring that no-one was killed or maimed. I salute the courage of my friends and colleagues in the PDP in Osun State for putting up a good fight. I thank my kinsmen and the good people of my district, zone and hometown Ile-Ife particularly for standing by the PDP in this election and delivering virtually all the votes in their four local govern-

governor in moving the state forward. The governor should run an allinclusive and participatory government in the interest of the state,” Kalu added. Kalu commended the Independent National Electoral Commission (INEC), security agencies and other stakeholders on the successful conduct of the election. ment areas to our son and candidate, Omisore. This is democracy and the will of the people must be respected. You win some and you lose some yet the struggle continues. Though we lost this one we are not deterred. As a matter of fact, the battle has just started and we are deeply encouraged and touched by the massive support that we received from many quarters. We shall continue to proudly fly the flag of the PDP and we shall continue to work and fight for a better Nigeria. God bless the good people of Osun State. God bless Nigeria.

16 POLITICS

Sanctity of Truth

Monday, August 11, 2014

NATIONAL CONFERENCE

Delegates return for unfinished business CO N T I N U E D F R O M PA G E 1 3

tion. Those groups, particularly from the North that are against a new constitution will be watching out for those who may want to supplant the existing constitution with a new document. It was learnt that the North will be deploying some technical knockout techniques in trying to upturn some unfavourable decisions taken earlier by the conference and blocking any new one which they might find offensive. On resource control and derivation, they are likely to insist on the decision of the Committee on Devolution of Powers which recommended that the 13 per cent status quo be maintained or grant the increase demanded by the oil-rich states on the condition that they give up the Niger Delta Development Commission (NDDC), Ministry of Niger Delta Affairs, Amnesty Programme and restore the onshore/offshore dichotomy in the computation of revenue accruing to oil bearing states. The North is aware of the Minority Report submitted to the conference by a Niger Delta activist, Ms Annkio Briggs on resource control and revenue allocation in the country. Northern delegates are aggrieved that the conference reopened the issue of derivation after the Committee on Devolution of Powers resolved that the status quo be maintained in the interest of the survival and peaceful coexistence of all parts of Nigeria. In a recent encounter with the media, Engr. Buba Galadima, one of the vocal delegates from the North blamed the leadership of the conference for what he described as a breach of the process in arriving at decisions. He blamed the Chairman of the Conference, Justice Kutigi and his deputy, Prof. Bolaji Akinyemi, for the said breach. The Conference Rules of Procedure states that as much as possible, all decisions should be arrived at through consensus but when consensus fails, it should be resolved democratically through voting and 70 per cent of delegates must endorse a position for it to become a decision of the conference. Galadima postulates that if put to vote, the demand for an increase in derivation will fail because contrary to the general opinion that only northern delegates were against the increase, as many as 10 states in the South were also against it. New threats If the conference formally ratifies the report and the different groups fail to get what they want, it would give rise to new threats to peace in the polity. The North, for instance, will go home feeling short-changed if they are unable to reverse the decisions on the local government councils, new states and a decentralised police system that would allow states to have their own police. On the other hand, the South-South and the other oil producing states would also go home aggrieved if they fail to achieve progress in terms of an increase in the derivation formula. In fact, early warning signs from the South-South came on the last day of sitting in July when a delegate and former governor of Bayelsa State, Chief Diepreye Alamieyeseigha introduced a new twist to the campaign by the South-South to cajole the conference to listen to the voice of the oil producing areas. Alamieyeseigha told the conference that leaders of oil producing communities visited him and threatened

Akinyemi

Falana

Alamieyeseigha

to shut down further exploration and production of oil and gas in their respective areas until the multinational oil companies put in place measures to remediate the environment and safeguard the Niger Delta region from imminent threats of earthquake and tsunami. Alamieyeseigha who spoke on behalf of the “oil landlords” told delegates that after 58 years of fossil fuel extraction across the Niger Delta, the oil bearing communities are beginning to experience earth tremors and are no longer feeling safe. He disclosed that an estimated two million barrels of crude oil have been extracted from the soil without any remediation plans by the oil multinationals. He said: “The consequence is that they

have started experiencing earth movements in their environment and they fear that there is going to be earthquake or tsunami in their land very soon. “In other jurisdictions, where this volume of crude oil is removed from the soil, liquid of equivalent gravity is injected into the soil to stabilise the geology of the area. In recent times, there was a gas inferno off the coast of Bayelsa and for over a month, the heat was so much that all the villagers fled their communities. For one month, the oil companies could not stop the fire. So the communities are afraid that they don’t have the capacity to withstand any earthquake or tsunami if any of such disasters occur in that environment. They said that I should inform you all that they may take the option of

shutting down oil and gas production in their areas until concrete arrangements are made by the oil companies to guarantee the safety of the environment.” While the information delivered by Alamieyeseigha attracted a mixture of applause and murmurings from delegates, human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana followed it with yet another piece of information that was no less frightening. Falana disclosed that the Nigerian economy was under threat because of its overdependence on oil and its inability to plan adequately in terms of adjusting to the changing dynamics in the global oil market. “I wish to inform the conference that the government of Nigeria has run into problems with respect to getting buyers for our oil. As of today, the United States of America has stopped buying our oil because it has got alternatives. Before now the total export to the U.S was about 10 per cent of all oil imported into the U.S. Most West African countries apart from two have struck oil. Angola has increased its production. “The belief that the crisis in Libya and Iraq will cause problems with regards to oil production has not proven to be true. As a matter of fact, the crisis has not disturbed the flow of oil in those two countries. Currently Europe is experiencing oil glut while China and India that we have been pleading with to buy more of our oil are now turning to Russia and Indonesia. Currently, President Vladmin Putin is going round the world assuring many countries that they are going to give them oil and gas. Honestly, Nigeria is in trouble. So, when we are talking about sharing, we need to take into cognizance that very soon, we may have nobody to buy our oil and therefore no money to share,” Falana said. The bottom line is that there would be consequences for whatever decisions the conference would take on these contentious issues. Since no one knows exactly how far the Presidency would go implementing these decisions, every group is trying to, as much as possible, get favourable results for their own people.

Highlights of decisions reached •

Two tiers of government - federal and states (as the federating units).

•

774 LGAs no longer listed in the constitution.

•

All elections will be handled by the Independent National Electoral Commission (INEC)

•

Scrapping of the State Independent Electoral Commissions (SIECs)

•

Three years guaranteed tenure of LG officials

•

State police

•

Abuja assumes the status of a state with an elected Mayor

•

Each state to have its own constitution

•

Immunity clause to be removed from the constitution

•

Politicians found guilty of electoral fraud risk 10 years ban.

•

Introduction of electronic voting system in 2015

•

Conclusion of all electoral litigations before swearing-in

•

Diaspora voting

•

Establishment of a Diaspora Commission.

•

Five per cent for the development of solid mineral

•

Loss of seats as a result of defection

•

Creation of 18 additional states Outstanding issues

Resource control Derivation formula Five per cent post-crisis rehabilitation fund

POLITICS 17

Sanctity of Truth

Monday, August 11, 2014

PDP honours Saraki, sets target for 2015 The battle for the political soul of Kwara State continued with a recent retreat by members of the Peoples Democratic Party (PDP) aimed at brushing up select members on what it will take to win the state from the ruling All Progressives Congress (APC). BIODUN OYELEYE reports Honour for Saraki Expectedly, it was no forum to say anything good about the incumbent administration or its drivers in Kwara State; Governor AbdulFatah Ahmed and Senator Bukola Saraki. The event, the second major meeting to be conveyed by the new executive council of the Peoples Democratic Party (PDP) since it came into office early this year, was used instead to review the political landscape of Kwara State from the viewpoint of the conveners and draw conclusions that will assist them in attainting power in 2015. One trend in the summit that resonated however among speakers was the goodness of the political system and leadership provided by the late Dr. Olusola Saraki. Former deputy governor to Bukola Saraki, Chief Joel Ogundeji, who was chairman of the occasion, paid glowing tributes to the late politician. Ogundeji said: “When military governance was becoming more and more unpopular globally, the need to give civilian government a chance became imperative in 1979, especially after the collapse of the First Republic. “Therefore, the first civilian government in Kwara State came into being in 1979 with the governorship contest then between two giant parties – the Unity Party of Nigeria (UPN) and National Party of Nigeria (NPN). The election was won by the governorship candidate of the NPN – Alhaji Adamu Atta. The rest is now history. “Recall also, that selection of candidates into various elective positions then, especially in the NPN, was greatly under the influence of Kwara politician, community mobiliser and a philanthropist of note. In essence, there was no true internal democracy in the party then. This was the trend until the demise of the great political leader. As much as people then wanted true democracy to thrive, the love and respect they had for Dr. Olusola Saraki made them endure the selection process of ‘I give him’ style until his death. “Interestingly, today, the present PDP is taking steps not only to reverse, but correct the ugly activities of the recent past. Therefore, this discourse could not have come at a better time, if only we will build a Kwara of our dream where equity, fair play decorum and genuine democracy will thrive.” Another main speaker at the event, Dr. Hezekiah Oyedepo, equally had soft words for the deceased Second Republic Senate Leader whom he described as an icon of “unquenchable spirit.” Indeed, Oyedepo, who spared nothing to condemn the incumbent administration and the leadership of the All Progressives Congress (APC) in the state actually devoted a section of his paper to the late politician with the title “The Spirit of Baba and our Imminent Success.” He said: “Let me crave your indulgence, ladies and gentlemen, to pay special tribute to our late sage, an icon of unquenchable spirit Dr. Olusola Saraki, the Waziri of Ilorin, for his uncommon valour. As powerful as he was, he never

Saraki

even once tampered with the state government’s assets in spite of his uncommon philanthropic gesture in spending his hard-earned money on, and for the downtrodden who flocked to his house or whose case came to his attention in his life time. If he was alive, he would have towed the line we are on. He is with us in spirit.” This surprising trend was a departure from earlier postures by some leaders of the party who said they were tired of ‘slavery’ the state was allegedly subjected to by the late popular politician. Many observers argued that the development was a strategic way of accommodating the interest of a key member of the coalition against the APC, Senator Ruqayyat Gbemisola Saraki. There were talks that Gbemisola had been somewhat uncomfortable with some harsh words directed against her father’s political hegemony in the early days of the coalition and had reportedly spoken to some leaders against the trend. Thus the party seems focused now on separating the first Saraki dynasty from the incumbent one, Bukola. This position, it is also argued should assist the party in appealing to voters in Ilorin emirate most of whom hold the late politician in reverence. Ideals for 2015 battle Apart from the Saraki detour, the retreat also provided opportunity to lay down basic principles the party should employ in fighting the war against the APC in the coming elections. Akogun Iyiola Oyedepo, chairman of the party, laid out some of these in his welcome address at the event. His words: “There are some signs and development that are becoming too conspicuous in the political developments of Kwara State that should not be ignored by ardent apostles of change in this state. Gradually, the political process in Kwara State is no more a one-man dominated show. The state congress of our party held on the 15th/16th of April 2014 transferred power from an individual to collectivity in our party. That election remains the first evidence of a concrete step towards political freedom in this state.

Oyedepo

“Our party is being funded by members and people now participate in the funding of the party according to capacities. “Anywhere I have the opportunity to talk to our people I do talk about the party policy of sensitisation, mobilisation and organisation [SMO]. This retreat therefore is a significant part of our policy of sensitisation, mobilisation and organisation. You are sensitized when you are loaded with information as our resource persons will do here today. The sensitization exercise will provide for awareness which will in turn be used to mobilise the people living in or outside this state as members of the party or those that will vote for our party. After people have been mobilised, they must be properly organised so as to derive maximum benefits from our SMO policy.” How to win Kwara In his own contribution, Oyedepo, the guest lecturer, identified certain critical issues the party must consider if it is to see the fulfilment of its electoral goal in 2015. First, he said, is the necessity to have very strong candidates, particularly in the House of Assembly. His argument was that the legislature would be needed to checkmate a possible strong-headed governor after election. He also proposed that the party picks its gubernatorial candidate from the same zone the APC would pick its own, saying in the kind of battle ahead, PDP must closely monitor the body language of its opponents. His words: “To ensure the discon-

As powerful as he was, he never even once tampered with the state government’s assets in spite of his uncommon philanthropic gesture

tinuation of this unacceptable and unprogressive order, very strong candidates should be targeted in our various elective positions, particularly the State House of Assembly. Because, who knows what can become of our PDP governor after he must have assumed office? Should he be given to tyrannical traits or executive rascality that border on constitution infractions, an independent and vibrant legislature can come to the people’s rescue. “In order to rise to the challenge, we appeal to us all, to see the selection of our potential members of the State Assembly as most serious, more serious than that of the senator or even the governor. Consider this quality and see if it tallies with your own candidate that can do the job.” He thereafter set out attributes PDP aspirants must possess, but warned that all of the requirements must be subjected to a very disciplined and powerful party leadership. His words: “A rugged, dogged, brave/ courageous, honest, knowledgeable, altruistic and imaginative team player, imbued with high integrity, appreciably responsible, popular, charismatic, dependable and self-confident, who is committed and loyal to the party and the state, ingenious, purposeful and transparent enough to inspire the confidence of party men, and educated, experienced and skilled enough to recognise, understand and appreciate the challenges of contemporary governance, and the techniques, tools and best practices available to solve them; a man of character, honest and strength of character. These are the qualities and personality type of my ideal candidate at all levels and I recommend it to our great party. Let’s source for them to safe our generation. “We currently have in our hands a golden opportunity to liberate our people and set our youths free from psychological and physical entrapment. To some, it may look a difficult and tall order. It is not difficult as only God is invisible. The outcome of the recent election in Ekiti State is instructive. The fact is that it is not because it is difficult that we don’t dare, rather, it is because we don’t dare that we think it is difficult.”

18 POLITICS Recent developments in the polity poses danger to the nascent democracy, Ayo Akinyemi, a public affairs analyst, argues

here are ominous signs hovering in the Nigeria firmament like the sword of Damocles. The horizon is cloudy. What lies behind is incomprehensible. Yes, beyond human comprehension. The mist that has been gathering progressively over months has become so thick and perceivably, impregnable and frightening. Frightening, because, the political gladiators at the helms, and in the centre of it all, have no sense of history. Bad enough, History has been knocked off the nation’s education curriculum. The situation is saddening as well because the proverbial elders in the market place, who should straighten the tilting head of the baby strapped to the mother’s back, are in a state of paranoia. So also are the proverbial elders who are expected to know or decipher where the tree being axed by the exuberant youths would fall, already nursing jaundiced eye. So, where do we go from here? In the midst of the gathering storm, stones are being thrown into the market place from several directions. It is hard to tell whose head would be smashed, whose nose would be broken, whose eyes would be plucked, whose ears would be blocked. At the moment, the ship of state is on turbulent waters with seemingly deaf captains as the rudder also battling with impaired sight. So, we are at a loss, where the wind would cause the ship to berth. A nation of prayer-warriors, that we are, we are praying fervently, that the ship, no matter what, would anchor in one piece, at the Port of Good Hope. Why the fear? Why the apprehension? One is afraid because our leaders seem to be treading that same path of old, riding on the same road, rowing the boat on the same water-ways that got the First Republic into cataract and falls before the eventual monstrous bang at the rocks which scattered it all. Let us roll back the tape to the developments in the nation’s political sphere between 1962 and 1966. As it was, about 50 years ago, rearing its head again today, there is unbridled intolerance of the opposition; bastardization of democratic norms and ethos; exploitation and employment of state apparatus, military, police and the security agencies, by the government, at the centre to intimidate political opponents; manipulation of electoral processes; desecration of the judiciary and the rule of law, twisting of constitutional provisions and the legislature to settle political scores. It appears as if those who wrote the scripts 50 years ago have resurrected or the reincarnates are at the drawing board again, repeating the grooves of old that channelled the First Republic into the dungeon of history. As I was knocking this piece into shape, came a tap on the door, and in came the vendor with my dailies for the day – Monday, July 21. And behold the banner headlines on the front page of two of the newspapers: ADAMAWA BRIBERY ALLEGATION: PRESIDENCY THREATENS APC LEADERS WITH ARREST; NYAKO: APC CHIEFS ON FG’S SECURITY WATCH LIST OPPOSITION POLITICIANS MAY BE ARRESTED FOR ISSUING THREATS. My heart jerked and my mind flashed back to the Treasonable Felony trial of Chief Obafemi Awolowo in the early 60s - part of the build-up to the collapse of the First Republic. One thinks, 50 years on, our democratic culture ought to have grown or mature enough to absorb, accommodate and tolerate the nuances and intricacies of the opposition. Is freedom of association, speech and expression no longer a major plank of the hallmark of

Sanctity of Truth

Monday, August 11, 2014

Ominous signs for Nigerian democracy

Musa

democracy? The present ravaging gale of impeachment is a monstrous undisguised height of political intolerance which is antithetical to the growth and sustenance of the fledgling democracy we have been caressing for 15 years, now. The development has also brought back the memory of the celebrated impeachment of Alhaji Balarabe Musa as governor of old Kaduna State, in 1981- a sad reminder of the beginning of the erosion of the foundation of the Second Republic. The Balarabe/Kaduna State setting was a unique political configuration of the time. The State House of Assembly was controlled by the National Party of Nigeria (NPN), the ruling-party at the centre, while Musa was of the Mallam Aminu Kano-led Peoples Redemption Party (PRP). For the almost 20 months he was in the saddle as governor, thrice, the House refused to approve his commissioner- nominees. The power of the majority in the State Assembly was eventually employed by the NPN to impeach the governor, as recently experienced in the case of Governor Murtala Nyako of Adamawa State, and now brewing in Nasarawa State. In comparing the Balarabe and Nyako matters, one cannot brush aside a very significant difference in the two scenarios. While Musa, from outset had a hostile legislature to contend with by virtue of the composition, arising from the outcome of an election, Nyako’s was as a result of his defection to the All Progressives Congress (APC) from the Peoples Democratic Party (PDP), the party on which platform he was voted into office, with a controlling majority in the Assembly. In addition, one cannot also lose sight of the fact that the Assembly’s hostility against Balarabe was heightened by the winner-takes-all syndrome in the composition of his intended cabinet. The NPN wanted a number of commissioners slot conceded to the party. It is clear that the Constitution did not envisage a situation whereby the executive would be controlled by a political party other than the one with a controlling majority in the legislature. It is instructive to note that two years after the historic impeachment of Governor Musa, following a cumulative sev-

Nyako

The present ravaging gale of impeachment is a monstrous undisguised height of political intolerance which is antithetical to the growth and sustenance of the fledgling democracy we have been caressing for 15 years eral unwholesome undemocratic developments, the military struck again (as they did to the First Republic, January 15, 1966) to terminate the Second Republic on December 31, 1983 – Three months after a believably flawed general election in which the ruling party won with a landslide. We are praying fervently that the present progression in the political arena would not gravitate to another ignoble repeat of history. In the real sense, are we exercising enough caution and restraint to prevent the re-activation and mobilisation of the vicious cycle? I was old enough in the early/mid-60s to recall vividly, some happenings of the time. I witnessed how viciously the Mobile Policemen, under the guise of deployment to maintain peace and order, before and during election, descended on opposition party and politicians. As a result of their mode of operation, the Mobile Policemen were nick-named, “Kill-and Go”. Many, who also witnessed the events of those years, can still recall the use the police were put to, those election years, 1962-1966, in the Western Region and also in states in the same geographical zone, in 1983. We are reminded of the Operation Wet-E, the Wild-Wild-West conundrum and the mayhem - killing, arson and maiming in the old Oyo and Ondo states following the 1983 elections. The re-captured, 1962-66, 1983 develop-

Fintri

ments were isolated in a region but the effects became a whirlwind that swept through the entire country, with attendant tales of woe. Happily, today, in spite of the wobbles and fumbles, we have the grace of an unbroken 15 years of democratic experiment, albeit, laced with widespread frightening undemocratic human machinations and tendencies. Sadly, deliberately or inadvertently, we seem to be carrying our luck too far and the elastic is being over-stretched to a near breaking point. We need to apply the break. The events of recent years and months are too fresh, that highlighting them would amount to an overkill: From the then Governor Chris Ngige experience with the then Anambra State Police Commissioner Ige, of blessed memory, to the similar scenario between Governor Rotimi Amaechi of Rivers State and Police Commissioner Mbu. The fractured and factionalised Nigeria Governors’ Forum following an election in which Abuja, for reasons, recognised a leadership with 16 votes over one with 19 votes. What about the embarrassing and ridiculous developments in factionalised and fractionalised Rivers and Edo States Houses of Assembly where the minority, perceivably backed by federal might, are battling majority members? It reminds one of the evergreen words of Chief Awolowo that “A community in which a dog kills a tiger is not safe to live.” The several acts and scenes on the political stage, heating up the polity, pose a great threat to the life of this democracy. Most frightening is the gale of impeachment, the new wave of bastardization and abuse of constitutional provisions to settle political scores. Although Abuja had persistently claimed it has no hand in the issues, the actions and pronouncements by the erstwhile Speaker of the Adamawa House of Assembly, now Acting Governor of the State, Rt. Hon. Ahmadu Fintri, which leave much to be desired, have been a naked exposure of the Abuja complicity and hypocrisy. Nevertheless, as things are today in the sphere of politics, we all, the country and the people, are like the proverbial bird perching delicately on a fully stretched flimsy string. None of the characters is at rest. The signs are, indeed, ominous.

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MONDAY, AUGUST 11, 2014

Upgrading Nigeria’s investment portfolio

agos Chamber of Commerce and Industry (LCCI) recently painted a gloomy picture of Nigeria’s investment drive. It said business leaders are largely pessimistic about the state of the economy following the drop of the aggregate Business Confidence Index(BCI) from 19.4 per cent it posted in the second quarter 2014 to 14.3 per cent. The chamber’s report states: “The key factors that mostly depressed the confidence level of business leaders at this time are: security challenges across the country, political transition/electioneering activities and associated risks; cargo clearing issues and access to and from the nation’s foremost ports – Apapa and Tin Can; policy uncertainties and regulatory concerns and worsening public power supply.” On the Sectorial BCI, all the sectors reported positive business confidence levels in third quarter, Q3-2014. “Interestingly, the manufacturing sector posted a positive confidence level of four percent for the second time over the last seven quarters. This sector has consistently remained at the bottom of BCI league table by steadily recording negative confidence levels. Medium and small manufacturing enterprises were the most hit by the lingering challenges constraining productive activities in the country. The most disturbing factor for manufacturers includes: power supply challenges, logistics challenges, the influx of imported and substandard products, preference for imported goods by Nigerians, poor access to credit, high cost of doing business, infrastructure

deficiency and inhibitive activities of government regulatory/monitoring agencies.” According to the report from LCCI, “the optimism among players in the agricultural sector, which was relatively strong in first and second quarters, is beginning to moderate. This is a pointer that operators’ expectation in the agricultural sector is beginning to wane.” It also said the long delay of FG’s 2014 budget, influx and rising patronage of off-shore advisers and business consultants in the country were mostly the concern of players in the professional business services sector. However, the present administration seeks to improve the investment drive in Nigeria and bolster the confidence of investors, both local and foreign. The Ministry of Trade and Investment created by the Jonathan administration like the Department of Trade and Investment in the United Kingdom, is to lay emphasis on the importance of trade and investment to the nation’s economic growth. To this end, Nigeria maintained its position as one of the top three destinations for Foreign Direct Investment in Africa (FDI), despite current challenges, according to the United Nations Conference on Trade and Development (UNCTAD). UNCTAD said this just as the United Nations Industrial Development Organisation (UNIDO) gave its nod, in Vienna, recently, for the establishment of an Investment and Technology Promotion Office (ITPO) in Nigeria. By the latest UNCTAD report, FDI inflows into Africa rose by four

per cent to $57 billion with Nigeria’s inflow standing at N5.6 billion in 2013. It said only seven countries in Africa went above the $3 billion FDI inflow point. They are Nigeria, South Africa, Mozambique, Egypt, Morocco, Ghana and Sudan. The Commissioner for Industry and Private Sector Promotion, ECOWAS, Mr. Kalilou Traore, who spoke during the UNIDO forum on strategies and instruments for inclusive and sustainable industrial development, said the recently launched Nigeria Industrial Revolution Plan was a model for Africa, noting that foreign investments would always thrive in the right environment. In fact, according to President Jonathan, “The NIRP is the flagship industrialisation programme ever embarked upon by this country. It will fast-track industrialisation, accelerate inclusive economic growth, job creation, transform Nigeria’s business environment and stop the drain on our foreign reserves caused by importing what we can produce in locally. “The Nigeria Industrial Revolution Plan is the most ambitious and comprehensive industrialisation programme because it is based on the areas where Nigeria has competitive and comparative advantage such as agriculture and agro-products, metals and solid minerals, oil and gas, construction and light manufacturing services. It has identified those sectors where Nigeria can be number one in Africa and top 10 globally.” The President stressed that the NIRP would address all the major

physical constraints towards industrialization, improve the nation’s investment climate and promote the patronage of made in Nigeria products. Jonathan said: “The NIRP will also address the physical constraints that have consistently inhibited the growth of manufacturing by building industrial infrastructure, prioritize power for industrial use, reduce borrowing cost and mobilize funds for the real sector. It will help to build our industrial skills, improve our investment climate, raise our product standards, link innovation to industry and ensure local patronage of made in Nigeria goods. “The goal of the Nigeria Industrial Revolution Plan,” he added, “is to increase the contribution of the manufacturing sector to GDP from the present four per cent to more 10 per cent over the next five years. This will boost the annual revenue earnings of the Nigerian manufacturers by up to N5trillion per annum.” The President explained that the National Enterprise Development Programme would help reposition the MSME sector as the major driver of job creation and inclusive economic growth, adding that the Federal Government would continue to promote the patronage of made-in-Nigeria products through patronage policies and programmes. Government should carefully look at the drawbacks and pitfalls highlighted by LCCI, and explore innovative and pragmatic ways of addressing all issues in the overall interest of the country. GABRIEL AKINADEWO Managing Director/Editor-in-Chief FELIX OGUEJIOFOR ABUGU Deputy Managing Director/DEIC SULEIMAN UBA GAYA Managing Editor YEMI AJAYI Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday EMEKA OBASI Deputy Editor, Daily LEO CENDROWICZ Bureau Chief, Brussels MARSHALL COMINS Bureau Chief, Washington DC SAM AMSTERDAM Editorial Coordinator, Europe EMMAN SHEHU (PhD) Chairman, Editorial Board GEOFFREY EKENNA News Editor TAIWO AHMED Advert Manager UCHEY OKEZIE Ag. Sales/Marketing Manager TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

Sanctity of Truth

Monday, August 11, 2014

OPINION Dele Olojede: Fragment of an Experience John Anusie

have known Dele Olojede since my early teenage years, thanks to my father, a dark placid man of extraordinary mental acuity,who considered books and newspapers and magazines the shrewdest investment. He gladly forgot to build a house and turned our sitting room, then rented, into a temple for the worship of books. Our sitting room was brimming with literary eclectica, with the magazines and newspapers of that era – Newswatch, Newbreed, African Concord, National Concord, The Punch, The Guardian, Sunday Satellite, The Economist, Time International, TSM, Sketch, Daily Times – you name them. With childlike curiosity, I had wandered from tome to paperback, from tabloid to broadsheet… In one of my wanderings through Newswatch I had encountered Dele Olojede and drooled over his prose, much as I had over Dele Giwa’s. I immediately added him to my little pantheon of master stylists and paid obeisance to him till the early hours of October 19, 1986. On that momentous, bloody and unforgiving day, Dele Giwa, Olojede’s mentor was bombed out of life in his study at 25 Talabi Street, Ikeja. The bombing of his mentor set him ablaze for the cause of justice. The bombers, the murderers must face the wrath of justice, he cried and would not be consoled. A mischievous little gremlin called anorexia took him prisoner and for several days he refused to fight for his freedom. Giwa’s murder sparked a bitter quarrel between Olojede and the Nigerian state. The state won and Olojede had to leave Nigeria. Incidentally, the period of Giwa’s death in a parcel bomb blast also saw the death of much of my father’s fortune. Young, and oh so naïve, I flung the doors of our

sitting room open and invited every sucker in. I introduced my neighbours and equally naive kids like myself to the Anini legend and to stories of eras past. Like a magnanimous priest to starving peasants, I gave away tens of novels, newspapers and magazines: I felt it was my duty to give, to introduce. It was also my duty to eat much eba. Among my eba-eating friends, I had quietly created the myth that our eba disappeared rather too quickly because Anini was always helping himself to what was ours, from the air! And everyone believed me. Not until my late teenage years did I realize what disaster I had brought on my father’s fortune. The loss, this loss of tomes and paperbacks and newspapers and magazines, could provoke insanity in a bibliophile even today. Newswatch magazine was the most depleted. Olojede’s finer articles were nowhere to be found. The very last time I read him was in the pages of Born to Run: The Story of Dele Giwa, a book he co-authored with Onukaba Adinoyi-Ojo. Later in December1987, Ray Ekpu, then editor-in-chief of Newswatch, had written his “Stuff of Fiction,” a brutal review in which he pointed out the book’s failings and ultimately dismissed it as “closer to faction than it is to nonfiction.” I, nevertheless, found the book illuminating, an incandescent lamp in the benighted matrix of blood and murder called Nigeria. Olojede left Nigeria soon after. And – my God, what heresy! – I forgot him. And Olojede stayed forgotten until the news of his winning a Pulitzer Prize in journalism arrested me on the pages of Newsweek. I had expected it all along, for Olojede had always distinguished himself. An idiot’s grin broke on my face. I stiffened in homage. Back then, my verdict was that he would never have won the Pulitzer had he been living in and writing from Nigeria: America

gives you the chance to claim the moon; Nigeria sucks you like a demented hen sucks its eggs. The Pulitzer resurrected in Olojede a long dormant dream of owning a newspaper. He returned home to establish a newspaper uniquely named 234NEXT. That 234NEXT was an animated hub of verdant minds and prodigious talents came to me as no surprise. It reminded me, like a blinding strobe of light, of Obafemi Awolowo’s perennial apothegm: “Only the deep can call to the deep.” In many ways, 234NEXT was a continuation a distinguished tradition of journalistic excellence lovingly and faithfully propagated by Dele Giwa as editor of Sunday Concord and later Newswatch. For some arcane reasons – indolence if you like – I never bought a copy of 234NEXT while the print edition graced the newsstands. Now 234NEXT is no more. And I regret not having bought a copy. I could have discovered more patriarchs and added them to the pantheon. And to think that the online edition, too, has been pulled down! Believe me, I feel like my firmest friend has been murdered. And in such a situation the surest way to free the bereaved from the prison of grief is to bring the dead back to life. I am looking elsewhere now, having waited so long without seeing my friend rising. I am desperate to sate my thirst for friendship; I need more patriarchs to counsel and direct me. In the places I peep into, I am often harassed by clichés and journalese, and spat upon by zonkers. Not once, not twice, I got lost in Jargonland. In America lives a particularly possessed man, a man of spare frame but stupendous intellect, called Ikhide R. Ikheloa. In "What Dele Olojede Owes us Next," an article as touching as it was amusing, he had harped on why 234NEXT should be resurrected from the dead.

Open letter to General Ihejirika (Rtd) Nwachukwu Okafor

ear General,

When in September 2010, you were appointed to the enviable position of Nigerian Chief of Army Staff (COAS), a position you held till January 2004, the whole country heaved a sigh of relief. This was because before you, the last Igbo man to occupy that post in Nigeria was Major General Johnson Umunakwe Aguiyi- lronsi. With your appointment, most Nigerians argued that the Nigerian military establishment has finally come to terms with the assimilation of Military officers of Igbo extraction into the top echelon of the military brass. As Chief of Army Staff, you served meritoriously improving the welfare of men and women of the armed forces. Those who are close to you described you as an officer and a gentleman. They say you are a very generous person. In the fight against the terrorist group, Boko Haram, you exhibited professionalism and pursued the enemies of the state with all the forces that were at your disposal. The successes you recorded were obvious to Nigerians. Since you left, there has been a spike in the attack by the terrorists with a confused

response from the Army. Through your service you devoted yourself to Nigerians and became a national figure. When you were accused by some uninformed Northerners of genocide in the fight against terrorism, the whole nation rose up in your defence. Through dint of hard work and service you rose to the highest level of your career and received both national and international accolades. Before you, there were other distinguished officers who had occupied the enviable position of the Chief of Army staff—from Gen. Yakubu Gowon (January 1966- July 1966) to Lt. Gen. Bello Dambazau (August2008 - September 2010), your predecessor, who arguably served for longer period than most of your colleagues. Most the officers who had occupied the post of the Chief of Army staff in the past like your humbleself went on to serve the nation patriotically at the federal level, some even became Head of State. I was, therefore, shocked when I read recently in one of the national dailies that you are running for the governorship of Abia State. Fortunately, an official denial came from the chief Press Secretary to the Governor of Abia State, who described the report as a “delirious Speculation.” I was relieved. My

respite, however, was short-lived as reports of your ambition to run continued to surface in the newspapers. This time, instead of denial, I got an assertive confirmation from ThisDay of July11 this year, where you were quoted as saying you were only responding to calls by Abia people for you to join the race. My advice, dear General, is, stick to your original noble intention for the following reasons: a) Being a retired Chief of Army Staff of the Nigerian Army, you have achieved the highest success ever achieved by any Igbo man in recent times. That in itself makes you a national figure and precludes you from playing state and local politics. Throwing yourself into state politics will diminish the office of COAS. I have also shown above that all your predecessors and colleagues both locally and internationally remained relevant at the national level. Three of them became Heads of State internationally; General Collin Powell left the Army to become Secretary of Defence in the United States of America and was at a time touted as a replacement for President George Bush by the Republican Party. None of these men, who have occupied the exalted office of the Army chief, has ever descended to the level of state politics. Again, General, the Abia State Gover-

nor, Chief Theodore Orji has announced that the next governor of Abia State shall come from Ngwaland. The governor’s choice is for both equity and self-preservation. The Ngwa people have a total number of nine local government areas out of Abia’s 17. Yet, since the creation of the state, they have never produced a governor. It will, therefore, serve the interest of equity, justice and fairness if the next governor emerges from Ngwa land. I, therefore, implore you to heed my advice and ignore the calls from political jobbers who care only about their pockets. Listen to the inner voice and be guided. You have so much goodwill now, so do not throw it away for little influence. Don’t take any action that will make you lose your clout as a national figure. In any case, Ngwa people are united in the quest for Abia governorship come next. Therefore, they will vote en-mass for one of their own and since in Abia State they are in the majority, they will win. You know the implication of that for you. In view of the above compelling and convincing arguments, I will most humbly urge of you not to run for Abia State Governor. Best Regards, • Okafor, a lawyer wrote from Cary, North Carolina, nco442@yahoo.com, angelaviationnigeria@yahoo.com

INVESTIGATION MONDAY, AUGUST 11, 2014

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

ISIOMA MADIKE EDITOR, INVESTIGATION

isioma.madike@newtelegraphonline.com isiomamadike69@gmail.com

DISCOs: Dancing in the dark Ten months after private investors acquired the distribution firms unbundled from PHCN, electricity customers have continued to endure long spells of power outage or irregular supply in Nigeria. The new owners have maintained the argument that most of the factors responsible for the problems bedeviling the power sector are beyond their control. ISIOMA MADIKE, who just returned from a tour of some industries, tells of the debilitating effects of incessant power outage on consumers

mall and medium scale businesses and homes, who could not afford generators to run their affairs, were supposed to gain from the unbundled Power Holding Company of Nigeria (PHCN). It was expected that with the coming on board of the Distribution Companies (DISCOs) and Generation Companies (GENCOs), in November last year, the sector would experience stable power supply across the country. But, that is not to be. Instead, the power situation, according to consumers, has gone from bad to worse since the historic change of baton about 10 months ago. In some parts of the country, customers say electricity has finally gone comatose. This virtual total collapse in power generation and distribution has,

Lantern to the rescue

indeed, plunged the entire nation into almost darkness. There seems to be little hope, as it stands today, of improvement in the immediate future. The hope of the numerous small and medium scale enterprises, which had been shut down for years, of coming back to life, has, indeed evaporated with such optimism turning into despair. Those that are hard hit include artisans like welders, barbers, hairdressers, tailors and pepper grinders, who depend on electricity for their businesses. It was expected that the economy would grow with the return of these people to their normal businesses with greater capacity to create jobs and wealth. The reverse, incidentally, has been the case thus far. With this gloomy picture, most of

these artisans have been forced into other trades to earn a living and meet their families’ obligations. For instance, Mrs. Abike Balogun, a frozen food seller in Ikeja says she spends over N30, 000 weekly on diesel to operate her frozen food business. “It has never been this bad in the Centre of Excellence as far as electricity supply is concerned. In the last three months, power supply to this area has become erratic and this has affected social, business and commercial lives. Some artisans, who cannot afford generating sets, have taken to commercial tricycles as a way out. Go out and see how many women now engage in tricycle riding. It’s not supposed to be healthy for the womenfolk, but what can they do, “she asked.

She said the electricity supply in Ikeja and environ had degenerated since the privatisation of the power sector. “We were told before now that the new owners would ensure efficient power supply in the land. But, what we are witnessing today, especially since January this year, is a reversal of fortunes and this is not what the Nigerian economy needs; this pathetic situation can’t stimulate industrial growth,” Balogun added. The development has continued to force small businesses to close shop. Daniel Ogbonna, a cyber café operator at Ikorodu, an outskirt of the mega city, is operating skeletally at present. He said he had lost many customers due to poor CO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, August 11, 2014

‘Cost of running company gen sets enormous'

Nebo CONTINUED FR O M PAGE 21

power supply. For Adebayo Olawale, a barber at Oluwole Estate, Ogba, “the Federal Government should urgently look into the problem. We all know that efficient power will be a great improvement to industrial development of a nation. We want more efforts to be put in place. We will be happy if the new electricity distribution companies live up to people’s expectations,” he pleaded. Families feeling the heat At the home front, most families had, though, erroneously believed that they would be greatly relieved from the task of having to cook every day. A housewife, Mrs. Yetunde Ashiru, had hoped her household would experience a better home management in the area of feeding and house-keeping. She had noted that the “household will no longer be cooking every day. We expect light to be regular, so that our fridges and deep freezers will come up again. How wrong we were. “As a family, we have, presently, packed up our two fridges and deep freezers because we could not afford to run them on generators. We usually spend N200 each day to fuel the generator and that is to enable us sleep in the night and for the children to do their homework. The experience wasn’t too good because we had been spending more on feeding for the family since we cannot preserve the foods in the fridges and deep freezers.” Apart from Ashiru, most single young professionals, who had been forced to be eating outside, had also wished to get some relief, as they longed to equally begin to cook their foods and to store them in fridges and deep freezers for preserva-

tion. They had expressed delight at the prospect of a regular power supply and the fact that they could see power to resurrect their fridges. “For years, we have not used our fridges to preserve cooked food. We only use them for water and drinks because we can’t afford to always power them with generators. The cost of running on generators is too much,’’ some asserted. Aside the artisans, housewives and young professionals, other sectors of the industrial production and businesses have also been grounded due to massive load shedding, and the multiplier effect of the dismal power output on the economy, is enormous. Businesses are down and failing across the country while the citizenry continues to wreath in pain and suffer untold discomfort. At Sea Sandy Investments Ltd, manufacturers of ball point pen and exercise books, situated at Block 17A, Niyi Ogunbameru Street, Ajao Estate, also in Lagos, the story is no different. The company, which was originally into advertisement and Public Relations, went into merchandising and importation of ball pens from abroad, until the Federal Government put a stop to such items when it banned the importation of biros. According to the company’s Chairman/ Chief Executive Officer, Emeka Nnama, “the government's action spurred us into thinking as we set out from then on to contribute aggressively in reducing the unpleasant unemployment wahala in the country. “For this reason, we started the production of biros in 2006. So today, we make ball pens for schools and some corporate bodies that would need biros to

Amadi

Adeyanju

Bello

Nnama

promote their products, which eventually end up in schools as well because they go about giving free biros to primary, secondary and higher institutions across Nigeria. In addition to that we also make exercise books, which also are distributed free to some schools in the country,” he disclosed to this reporter. Yet, Nnama is not happy at the turn of events in his company. “Due to poor electricity supply in this area, we are consigned to doing less than 10 per cent of our production capacity when we are busy; and this has affected both our vision and mission of helping to reduce unemployment in the country. “We run generator almost 24/7 here; we are spending more than N600, 000 a month on that just to keep the company going and see little money to pay the workers because without that the workers would desert the company. No one would work for eternity without being paid. They have their families and other dependents to take of like every other normal being in the country,” Nnama further said.

one of the new generation banks with head office in Victoria Island also said the power situation has driven up his bank’s cost of doing business by over 350 per cent. He said that the cost of running the company’s generators non-stop daily dwarfs that of the total sundry costs put together. He further said there are other more painful costs to his business than just the cost of diesel and power plants maintenance. “Over the past few weeks, we have lost some teller machines and the rate of computer damage is alarming. As I speak with you now, so many of our computers have parked up; it’s been like that for some time now. What we are planning currently is to cut municipal power supply off completely and run only on our private generators,” he said. The Sea Sandy Investments’ case and others across the land best describe the debilitating effects of the power situation in Africa’s second largest economy in recent times. For upward of 10 months, Nigerians have continued to groan and grope, searching for comfort as private companies that purchased PHCN appear to be failing in their earlier promise to deliver the much sought-after energy to Nigerians. But, poor electricity supply is not the only headache for consumers. There have also been complaints about the high tariff, which has allegedly been increased by over 200 per cent. The latest increase, which sparked off a deluge of criticism among Nigerians, took the form of what has been described as

Industries, not fairing better However, his, is not an isolated case. A top management staff of Chemiron International Ltd., off WEMPCO Road at Ogba, Ikeja-Lagos, who pleaded anonymity, said, “it has never been quite like it has been in the last few weeks. I would say that we have spent more on private generation of power than we had in a long time. These days, we run our private generator for 24 hours daily and that is impacting negatively on our income. But, do we have a choice? In like manner, a general manager of

CO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, August 11, 2014

Raise in power prices add to customers' miseries CONTINUED FR O M PAGE 22

“fixed charge.” The Nigerian Electricity Regulatory Commission (NERC), made this new tariff mandatory for electricity consumers to pay between N750 and N800 for individuals monthly, up from the former N500 being charged, regardless of whether the consumer makes use of electricity for the period or not. However, companies pay much more than that. This raise in power prices add to the miseries and ultimately left the inflation-hit masses in complete lurch. But, while some accuse NERC of foisting on consumers, regular and unjustifiable tariff increases, others blame corrupt habits of some electricity officials, who preferred exploiting helpless customers by hiking their bills in the name of estimated billing system. This situation prompted the Association of Electricity Consumers of Nigeria (AECN) to frown upon the charges being imposed under the new Multi Year Tariff Order (MYTO2) introduced last year. The President of the association, Gani Makanjuola, had alleged that officials of the electricity companies were extorting consumers by the new tariff regime. According to him, electricity consumers are being charged outside the MYTO2, thereby forcing consumers to pay in excess of power consumed. “Many consumers do not have prepaid metres, which can accurately measure power they consumed. We want the NERC to instruct the distribution companies to massively roll out the new metres,’’ he said. New tariff regime, necessary to stabilise sector But, an official of the Ministry of Power also explained that the new tariff regime was necessary to stabilise the sector as well as attract private investments that are required to drive it in the medium to long term. The official noted that the new pricing regime would further enthrone efficiency and good governance in the Nigerian Electricity Supply Industry (NESI), eliminate waste and guarantee cost-reflective pricing. The introduction of a fixed service charge for electricity consumers had stirred up controversy across the nation. The reactions, however, may have prompted NERC Chairman, Dr Sam Amadi, to mandate the distribution companies to stop collecting fixed service charge from consumers if they fail to supply electricity for a period of 15 days in a month. This was to take effect from May 1, 2014. According to him, “upon due consultations of these complaints and considering the Commission’s role in the Nigerian electricity supply industry, as provided under Section 32D and F of the EPSR Act 2005, it is hereby ordered that effective May 1, 2014, where any customer of a distribution licensee has not received continues electricity supply for a period of 15 days in a month such

a customer shall not be required to pay the fixed charge.” But, instead of applause, a cross section of electricity consumers that spoke with this reporter described the statement as deceptive. They are, nonetheless, suggesting that it should be pegged on five days not 15 days as well as try to put mechanism in place to make it work. There are others, who have been appealing to the Federal Government to compel NERC to totally stop the fixed charges. The consumers said the increase was “ill timed” and has brought misery to both the common people and small scale industries. For instance, Nnama says at the moment, his company is finding it difficult to break even because “we are being subjected to pay for services not rendered. “That is in addition to what it costs us to power our generator for production by the Ikeja electricity distribution company because we are under them. Apart from not getting energy, we are subjected to pay the fixed charge every month irrespective of whether we get light from the distribution company or not. “So, after paying that and still buy diesel to work, you cannot break even. Because of this, we have continued to borrow from banks to make sure the business is on at all. You pay the workers and still borrow to pay the fixed electricity charge. At the end of the day, you have nothing to yourself,” he said. He did not stop there. He claims that there is no difference between what the smaller industries pay and that of the larger business concerns. “The difference of what they charge is inconsequential. They really do not consider that some of us are small scale, others medium and the large companies. “They arbitrarily charge everybody almost the same and that is our other worry. We felt there should have been some considerations for smaller establishments like ours. It’s almost uniform because the difference is less than N10, 000. So, how do you expect those of us that are small to survive? It’s extremely difficult in this circumstance. “As small as we are, the fixed charge given to us is over N240, 000 per month. That is before they begin to charge on anything they write on consumption. We are made to pay for what we do not consume. That is the crux of the matter,” Nnama said. Nnama is, however, advocating that the Federal Government should abolish the fixed charge totally. “They should only allow the consumers to pay for services rendered. If that is done, the DISCOs would now know that they would have to seriously invest in the business. That way, they would have to render services before they can earn a living. But, if they are encouraged to continue this way, they would never learn to invest in the sector because they would continue to see the fixed charge as cheap, unearned money. “They should consider total abolition of fixed charge to small scale industrial-

Eko Electricity Distribution Company, Marina-Lagos

Pool of generating sets behind Alade Market, Ikeja

ists just to encourage growth that could actually stimulate the economy and mop up unemployment in the land. But, if the fixed charge cannot be abolished, they should charge according to the amount of energy supplied. In addition, I would suggest a fixed charged of not more than five per cent of consumption,” he said. Also, the Chairman, Alaba Market Electronic Association of Nigeria, Dele Dawodu, alleged that the DISCOs were hoarding prepaid metres for their selfish motives of arbitrarily hiking electricity bills in an estimated billing system. He suggested strict punishment for any erring worker, threatening that the group would embark on a protest if the trend was not checked.

“We will not accept cheating and we will never pay estimated billings. God has put standard measurement on everything He created, even the market women use measurement to sell their goods, why did the DISCOs discontinue from accurate measurement for power,” he asked. In what looked like a direct reaction to this threat, the Minister of Power, Professor Chinedu Nebo, insisted on 100 per cent metering of customers saying the DISCOs would curb wastages by ensuring that all electricity consumers are adequately metered. Also, the Consumer Protection Council (CPC) said it CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, August 11, 2014

Cheap Chinese generating sets flood market

Giant transformer

Electricity sub-station CONTINUED FR O M PAGE 23

had engaged NERC on the protection of electricity consumers in the country, by insisting on more consideration for consumers on issues of redress and enforcement of regulations. CPC Director General, Mrs. Dupe Atoki, who said that consumers’ interests are adequately protected in accordance with the law, advocated a deeper protection of consumers in the energy sector while stressing that more critical look should be given to the interface between consumers and the distribution companies. Nigeria turned to a dumping ground for substandard gen sets Amadi has, however, blamed inflation saying that the prepaid five-year tariff plan on electricity ought to make the price remain stable. He explained that the price of electricity ought to remain constant until the next regulation, which he said would take place in 2017. “The last regulation and review of electricity price took place in 2012 and is expected to remain constant till 2017, when another and fresh regulation would take place. But, the reverse is the case now as the rise in inflation has forced electricity tariff to be high.” NERC had earlier in the year issued an Order on Credited Advance Payment for Metering Implementation (CAPMI), a response by the regulator to address the lingering issue of noninsurance of meters by the electricity companies. CAPMI was designed to allow for any interested and willing customer to advance money to their electricity distribution company and in return will be given electricity credit until the cost of the meter has been recovered by the customer. The order, among other things, stipulated that all distribution companies forward to NERC data of all customers, who paid for meters but had not been

Officials on duty

supplied. Not too long ago, a N2.9billion metering intervention fund was made available to the companies with a view to closing the unacceptable metering gap. Three years after, no appreciable progress was made by the companies. Aside this, the nuisance value of the importation of Generators is equally causing ripples among Nigerians. Recently, a comment by the Lagos House Committee Chairman on Public Accounts knocked the Federal Government on its tacit support of unrestrained importation of power generating sets (in the absence of an efficient public supply of electricity). The committee said the situation only restated the fact that the country is a dumpsite economy, a society of anything goes and where government officials revel in cluelessness. However, the disgraceful electricity situation appears to have turned Nige-

ria to a dumping ground for Chinese cheap and sub-standard generating sets. In spite of the tutored trade relations with China, analysts believe that the situation has only worsened the prevailing power situation. There are those, who believe that a cartel or what they refer to as the “generator mafias” are holding the government at the jugular in order to make it impossible for any meaningful progress in its quest to get out of the electricity quagmire. “The government is handicapped because of its alliance with the mafia, who are importing these substandard generators from China. Some top government officials are benefiting immensely from the dubious deal,” said a social critic, Mallam Ahmed Jaji. Chairman, Manufacturers Association of Nigeria (MAN), Abia State Branch, Dr. Frank Jacobs, has stated that well over 60 million Nigerians now own power generating sets for their elec-

tricity, while the same number of people spend a staggering N1.56 trillion ($13.35m ) to fuel them annually. He was of the view that, “similar level of expenditure on private power generation has characterised the affairs of industrial and commercial power consumers.” Adepoju Adegoke, chairman of the Association of Fast Food and Confectionary (AFFCON) in Rivers State, also said that “so far, there are a lot of improvements in sending out bills. However, in terms of power generation, it is not healthy. They are also very fast in demanding for payments, despite the poor service, which has actually increased the cost of diesel from 40 per cent to 70 per cent, which is not good for any business in the city.” The President, Lagos Chambers of Commerce and Industry (LCCI), Alhaji Remi Bello, lamented the plight of manufacturers in the state and the country in general as he described the power situation as epileptic. Yet, Head, Communication Strategy, Ikeja DISCO, Pekun Adeyanju, says his company requires about 1.2 megawatts of electricity but currently distributes a meagre 350 megawatts. “So, we do not have an option but to shed light. But, if we get more from the national greed, we will distribute more. We try to evenly distribute power to all customers and it will remain so until generation improves,” Adeyanju promised. He also informed that his company has embarked on revenue drive to recover the huge amount owed it. “We are persuading our customers to start paying up gradually so that disconnection strategy would become a thing of the past. “Vandalism is another issue that we are tackling at the moment. We are spending so much money to put back equipment that were vandalised. We have been soliciting the corporation and assistance of community leaders to help in this direction too,” he further said.

BUSINESS Sanctity of Truth

Monday, August 11, 2014

What's news Naira to hit N170 per dollar by year-end

As the nation gravitates towards the 2015 elections, the Central Bank of Nigeria (CBN) is expected to adjust its rate band due to speculative pressures, which would push the naira exchange rate against the dollar to NI70 in the next three months, analysts led by Bismark Rewane have forecast.

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Power: National grid supply dips to 3,150 MW Power supply from Nigeria's weak national grid dipped to 3, 150 Mega Watt (MW) last month (July).

}p-26

IMF, World Bank to FG: Update oil, tax admin The Federal Government needs to update its hydrocarbon and other natural resources, especially petroleum and tax administration in its quest for improved internal revenue mobilisation, the International Monetary Fund (IMF) and the World Bank have said.

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Ebola: Life insurance as bait for health workers The universal scare over the rampaging Ebola Virus Disease (EVD) is beginning to awaken government’s consciousness on the need to provide life insurance cover for health workers as a way of encouraging them not to abandon their professional calling.

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BUSINESS CREW AYODELE AMINU, Deputy Editor (Business) Simeon Ogoegbulem, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) SIAKA MOMOH, Asst. Editor (Industry/Agric) Godson ikoro , Asst. Editor (Money Market) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor

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ayodele aminu, Deputy Editor, business

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Oil: Nigeria may lose foreign investment to Mexico, says report INFRASTRUCTURE Mexico could draw investment away from African nations such as Nigeria and Angola Sunday Ojeme

he growing instability in Africa as well as the recent development in global oil prospecting and refining may continue to affect Nigeria negatively as another report confirms Mexico’s new status as capable of weakening investment interest in the country. According to a report by Bloomberg, Mexico’s vote on rules for the end of its 76-year state-oil monopoly couldn’t come at a better time for global energy companies from Exxon Mobil Corp to Royal Dutch Shell Plc. Confirming the development, Jorge Castilla, who leads Deloitte LLP’s energy sector practice in Mexico, said that Mexico could draw investment away from African nations such as Angola and Nigeria, where companies may see more challenges and instability than in North America. The report also revealed that

TRAVEL BANS Indian companies have issued travel bans to the Ebola-hit West African countries Jonah Iboma

he Federal Governemnt has taken to two of the most popular social networks, Facebook and Twitter, as part of media for informing the public about the danger of Ebola Virus Disease. This is aside the radio jingles that are now broadcast in all private and public radio stations natiowide. Also, a Nigerian publishing house, Big Cabal Media, has launched an educational web-

(L-R): Sen. Ibrahim Gobir; Sen. Atai Aidoko Ali; Sen. Barnabas Germade; Chairman, Senate Committee on Commercialisation and Privatisation, Olugbenga Obadara; MD, Benin Electricity Distribution Company (BEDC), Mrs Funke Osibodu; Vice-Chairman, Senate Committee on Commercialisation and Privatisation, Emmanuel Aguariavwodo; Executive Director, BEDC, Abu Ejoor and CTO, BEDC, Major Bshakar Pola, during the Senate's assessment of the distribution company's operations in Benin, Edo State capital.

with reserves holding $1.3 trillion of crude, Mexico offers a new opportunity for deeppocketed producers as well as pipeline and power companies to try and mimic an energy revolution that has spurred US oil output to a 26-year high and pushed Canadian production to records. New access to Mexico comes amid unrest in some African oil nations and sanctions

that threaten to strangle Russian output, places where some oil companies have invested heavily in production. Last month, United States largest carrier by market value, Delta Airlines, resolved to put an end to crude oil import from Nigeria, which it deployed in feeding its refinery near Philadelphia. The development stemmed from the recent boom

Minister of Information, Labaran Maku, said was "important because we are beginning to see some panic reports, particularly within the social media." Big Cabal Media said that the website has already gained 600,000 visitors since its launch, and has been seen on Facebook 850,000 times. "With the launch of Ebola Facts, we're tackling an age-old

experienced with the US shale oil magic Prior to the decision, Delta only last April, imported about 140,000 barrels of crude a day to feed the plant, mostly from Nigeria and Norway. The report indicated that the airline was trying to cash in on the biggest oil boom in the nation’s history by bringing more domestic crude to its refinery. The Atlanta-based airline signed a five-year agreement with Addison, Texas-based midstream company Bridger LLC to supply the Trainer, Pennsylvania, refinery with 65,000 barrels of crude a day, more than a third of the plant’s capacity. Delta is hoping that greater use of domestic crude will help it turn a profit at the refinery, which it bought from ConocoPhillips in 2012 in an attempt to control prices and supplies for its fleet. US crude production has risen 55 per cent since the start of 2010, making prices cheaper than in the rest of the world. “We definitely believe domestic crude will be competitive versus foreign alternatives,” Graeme Burnett, Delta’s senior vice president for fuel optimization, told Bloomberg

CONTINUED ON PAGE 26

Ebola: FG resorts to Facebook, Twitter Firms recall staff

site focusing on informing the public about Ebola prevention as the virus spreads across West Africa. The website, www.EbolaFacts.com, provides information on the symptoms of ebola, explains what the virus actually is, hopes to dispel false information and myths, as well as explains how the virus is transmitted, in a manner accessible to local communities. The move follows what

WOLE SHADARE, Aviation Editor DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor Abdulwahab Isa, Finance Editor Chuks Onuanyin, Energy Nnamdi Amadi, Reporter JOHNSON ADEBAYO, Asst. Production Editor

Rates Dashboard INFLATION RATE June 2014................................8.2% May 2014....................................8% April 2014.................................7.9%

LENDING RATE

EXCHANGE RATE

(Parellel As at Aug 08)

USD . . . . . . . . . . . . . . . . . . . N156.73 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . N262.78 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . N209.50 Maximum Lending Rate..25.83% • Foreign Reserves – $38.402bn as at 7/08/2014

EXCHANGE RATE

(Official As at Aug 08)

USD . . . . . . . . . . . . . . . . . . . N171.00 Pounds . . . . . . . . . . . . . . . . . . . N291 Euro . . . . . . . . . . . . . . . . . . . . . N226 Source: CBN

26 business | NEWS OVERVALUED Exchange rate will depreciate to N175 per dollar in six months and N195 per dollar in 12 months

Sanctity of Truth

Monday, August 11, 2014

Naira to hit N170 per dollar by year-end, says Rewane

Forecasts 10% inflation Godson Ikoro

s the nation gravitates towards the 2015 elections, the Central Bank of Nigeria (CBN) is expected to adjust its rate band due to speculative pressures, which would push the naira exchange rate against the dollar to NI70 in the next three months, analysts led by Bismark Rewane have forecast. Analysts and researchers at the Financial Derivatives Company (FDC) stated this in their August news bulletin released at the weekend. According to them, the naira though stable now, is overvalued but will weaken to N170 per dollar by the end of the year. Specifically, they argued that election spending and the rising cost of the insurgency would fuel the weakness of the naira. Furthermore, the weakening will be aggravated by the continuing oil leakages. The FDC said the adjustment would be further spurred by the rising inflation estimated at 10 per cent by the end of the year. Citing the Goldman Sachs prediction that the naira will

remain under pressure, with the official peg, which is unsustainable with naira over valued by 14 – 19 per cent, the analysts forecast that the exchange rate will hit the N170 per dollar mark in three months time, N175 per dollar in six months time and N195 per dollar in 12 months time. The risk to exchange rate stability will be fuelled by potential change in emerging market sentiments, low reserve accretion, and electoral cycle, they added. Meanwhile, the external reserves increased to $39.4 billion, showing a replenishment of 5.12 per cent since June 2014. FDC attributed this to positive forex traders’ sentiment during the month, which led to exchange rate convergence between the official and interbank market rates. The banking sector earnings were also flat and lower than Q1 because of the cumulative impact of the Cash Reserve Ratio (CRR). Consequently, average corporate earnings declined by 1.53 per cent in Q2’14, while the stock prices declined by 3.16 per cent year to date.

Ebola: FG resorts to Facebook, Twitter C O N T I N U E D F R O M PA G E 2 5

problem of containing a deadly virus with 21st century technology," said Dr. Seyi Taylor of Big Cabal Media. "Millions of Africans are now regular internet consumers and see it as a first point of call for medical information. Ebola Facts was designed to be easily accessible, on all tech platforms - mobile being the number one platform here on the continent - and, importantly, free," Taylor said. "We're hoping that people share this potentially life-saving information as part of the global effort to contain and kill this Ebola outbreak." Big Cabal Media said the website was designed and built in 24 hours in order to provide a quick response to the growing concern surrounding Ebola, and taps into the preference across West Africa to search for Ebola-related information online. "Technology is a great enabler, for commerce, for social interaction and we hope, with Ebola Facts, for healthcare. We're being contacted by government officials and medical professionals, who are very excited about the fact that young Africans are finding new and innovative ways of reaching out to as many people as possible to help save lives," Taylor said. Content from the Ebola Facts website has been developed into fliers, newspaper ads and digital billboards; while work

is also underway to translate the website into a number of regional languages including French, Swahili, Yoruba, Igbo, Hausa and Pidgin. Meanwhile, Indian companies such as Bharti Airtel and the Vedanta group have issued travel bans on the Ebola-hit West African countries and asked their Indian employees working in the region to return home. Twelve employees of the Vedanta group returned to India last week from Liberia before the West African country imposed an emergency, a senior Vedanta official said. People close to the situation said that Bharti has issued an advisory, restricting travel to the countries affected by Ebola. Vedanta group employs 97 people exploring iron ore mines in Liberia. "Our Indian staff came back just before the emergency in Liberia was declared. They will go back only once the emergency is lifted. The other local employees are following Liberian government's advisory on Ebola. They are following all precautions. We are in regular touch with them," a top company official said. Airtel Africa runs GSM services in 17 African countries including Sierra Leone, one of the countries worst affected by the virus. The World Health Organization on Friday declared Ebola as an international emergency and said that the possible consequences of further international spread are particularly serious.

Second runner-up in the 30 and above category, Nnamani Chinyere; Overall winner, Ifeabunike Nkiruka; Senior Brand Manager, Maltina, Wole Adedeji and first runner-up, Egublonupius Cornelius, during presentation of prizes at the Maltina Dance All Season Eight (MDA8) audition in Abuja.

CONDEMNATION Drop in electricity generation worsened despite high water level at Kainji hydro station Adeola Yusuf

ower supply from Nigeria's weak national grid dipped to 3, 150 Mega Watt (MW) last month (July). This came hours after the Federal Government stated that the new gas price of $3.30 per metric tonnes (pmt) would help to tackle the inefficient supply of gas for thermal power generation. Financial Derivatives Company (FDC) said in a report that the epileptic power supply has been militating against aspiration for economic growth. The company said in its monthly economic news and views presented at the Lagos Business School executive breakfast meeting, that the national grid was supplying 3, 400 MW earlier. "Power generation from the national grid declined to 3,150MW from 3,400MW despite increased water levels at the Kainji dam," Managing Director of the company, Bismarck Rewane said. Meanwhile, the public criticism of Federal Government's

Power: National grid supply dips to 3,150 MW power policy by the Lagos State governor, Mr Babatunde Fashola, has continued to generate controversy. Fashola had, last week, accused the Federal Government of deceit in the way it is handling the persistent drop in power supply across the country. The Federal Government, he said, was hiding reasons behind the erratic power supply from Nigerians. He also lamented that lack of regular electricity supply had kept the poverty level in the country at its present 33.1 per cent. While some Nigerians believed that the governor was right in his assessment of the Federal Government, others opined that his comment on power supply was premature. Olanrewaju Sodeinde, a Lagos resident, told New Telegraph that the power sector's privatisation is less than a year and a comment of that context from Governor Fashola was "uncalled for." He said: "The governor is part of government he should know that the federal government has started a process, which has a time frame. The

criticism should wait till when the government is not able to meet the target at the appropriate time." But a banker in Ayobo area of Lagos, Mr. Felix Opaleye said that Fashola’s statement was the true position of Nigerians, who are already lost in the way the post-privatisation journey in the power sector is being handled. Fashola's statement came few days after the Federal Government increased the price of gas from $1.50 to $3.30 per metric cubic feet. Fashola, who spoke at the 2014 edition of the Governor‘s Education Award in Ikeja, however, justified why the state budget allocation to education was 16 per cent. This is 10 per cent less than the United Nations Educational, Scientific and Cultural Organisation, UNESCO standard. He said: “If we do not succeed because those people (central government) are busy lying about electricity, the children in this country will not accept those lies. If they continue with those lies, the next generation of people will solve it.

Nigeria may lose foreign investment in oil to Mexico C O N T I N U E D F R O M PA G E 2 5

by phone July 18. “We want to push the levels of domestic crude as high as we can.” While there is drug violence in Mexico’s northern regions, “once you look at a global perspective, you’re comparing with places where turmoil could be bigger,” Castilla said. Opening the nation to outside oil companies was spurred by a slump in produc-

tion from Pemex. To reverse that decline, Mexico must strike deals with one or more of the largest oil companies, Fadel Gheit, a New York-based analyst for Oppenheimer & Co., said in a phone interview. “They desperately need capital, technology and management to exploit their Gulf of Mexico resources,” said Gheit. “That means a deeppocketed company. You’re not going to get a company with a capital budget of a couple

of hundred million dollars to move the needle at Pemex.” An injection of foreign investment could help double daily output to 5 million barrels a day, a figure that would rank Mexico the world’s fourthlargest producer. It would join a North American energy boom that has reignited investment in manufacturing and reduced trade deficits as the US seeks to become free of oil and natural gas imports and even begins to contemplate exports.

YOUTH CULTURE

MY CITY, MY WORLD (GEORGE) “Then, one could take a walk by the side of the Marina and see the ships coming in.”

Photo posted on Instagram by Nollywood celebrities and residents of the city.

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LIFE IN THIS CITY The fascinating story of a village boy who followed his Okada rider brother to Lagos.

The Mega City

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MONday, AUGUST 11, 2014

...for the love of Lagos

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Lagos to get world’s tallest residential ‘sprayed concrete’ towers Dayo Ayeyemi

with Agency reports

f the scheme goes as proposed, Lagos, the economic hub of Nigeria, will soon witness an 18- storey residential tower, having seven three-bedroom, 13 four-bedroom and two duplex pent-

house apartments. Known as Ramzi Towers, the high rise is located in the heart of Victoria Island, and the structure is designed to give 360 degree panoramic views from 5 Cowries Creek and the Lagoon beyond, to downtown Lagos and across the Gulf of Guinea to the At-

lantic Ocean. Its designers are SPARK Architects. The project, according to Venture Africa, is managed by WT Partnership UK and engineered by Battle McCarthy UK. It is being developed for Athena Capital Limited. Ramzi Towers will be built of sprayed concrete and will

be the tallest residential sprayed concrete tower in the world. The project’s architect, SPARK, in a statement, explained it as a “uniquely Nigerian solution which responds to local climatic, social, financial and cultural drivers”. “Ramzi Towers’ sprayed concrete curved shells provide struc-

CHANGING LANDSCAPE OF LAGOS

ture, water-proofing, air-tightness, fire protection and solar protection in a single solution, while being sculpted to minimise wind resistance and to provide a curvaceous Nigerian response to the global vernacular. This sprayed concrete CONTINUED ON PAGE 28

Why we are reviewing model city plans – Commissioner Muritala Ayinla he Lagos State Government has said that the Tmeant continued review of the model city plans was to give room for the growing population

of the state. Speaking with The MegaCity, the state Commissioner for Physical Planning and Urban Development, Mr Toyin Ayinde who made the disclosure, added that the periodic unveiling of the master plans of different areas in the state was a clear indication that the state is consciously growing in an orderly manner. He said: “When you are orderly, when things are neatly arranged, packaged, there is room for an increase, you can even make room for other additions. But where you have disorganisation, it is difficult to find space. That is the real essence. Planning really is about creating order, putting things in sequence and in place and in time”. On the fear that some of the master plans might not be implemented after the Babatunde Fashola-led administration winds up in May 2015, the Commissioner said plans are like laws which are bound to be enforced by any government. CONTINUED ON PAGE 29

FACT FILE Project: Ramzi Tower Type of Development: Luxury residential apartments Main Contractor: Deux Project Nig. Ltd. Location: 9b, Fabac Close, Off Ligali Ayorinde, Victoria Island Developer: Athena Capital Ltd. Chief Architect: Max Titchmarsh spark

Photo: Athena Capital

Muritala Ayinla

orried by the frequent mayhem in Amuwo-Odofin Local Government, the Lagos State House of Assembly has directed the state Commissioner of Police, Umar Manko, to immediately disband the Community Police Youth Vanguard allegedly set up by the Area ‘E’ Command under the watch of ACP, Dan Okoro. The lawmakers, who also de-

Lagos Assembly orders ban on vigilante group in Amuwo scribed the creation of the group as illegal, said the continuous operation of the group is tantamount to running of a parallel government to undermine local administration in the area. A gang of youths in the coun-

cil called “Community Policing Youth Vanguard” had been terrorising residents of Festac area in the council. They had also allegedly invaded the Council SecCONTINUED ON PAGE 29

Ebola virus outbreak, most severe in human history – Microbiologist A clinical microbiologist, Dr Philip Oshun, has said that the current Ebola virus outbreak was the most severe since it was first identified in humans in 1976. Oshun,who is of the Lagos University Teaching Hospital (LUTH) Idi-Araba, said this in an interview at the weekend. His assertion was in response to the World Health Organisation’s (WHO) declaration last Friday that the epidemic was an international health emergency. ``Ebola is caused by a virus called Ebola the Internally Generated Revenue virus named after a of Lagos State in year 2010 river in Congo Zaire, the Ebola River, and it’s been causing outthe Internally Generated Revenue breaks since 1976. of Lagos State in year 2011 ``However in this outbreak in West Africa in over six to eight months the number of cases is the percentage contribution of

IN NUMBERS N185.541b

N202,761b 25%

Lagos State to the National GDP

CONTINUED ON PAGE 29

28 NEWS /MEGA CITY

Travails of a Lagos Okada rider It started small, boomed and later blossomed to attract criminals and other misfits. Today, commercial motorcycle (Okada) which at a time seemed an inevitable transport means for many residents, has been confined to the hinterlands in a bid by government to transform Lagos to a befitting mega city. Here GBOYEGA ADEOYE reports the ordeal of an Okada rider.

Okada riders in Lagos. Inset: Cartoon illustration.

t was Christmas time and the festive mood was already in the air. In Itapaji, a village in Ikole Local Government Area of Ekiti State, every shriek of the brake by any commercial vehicle coming from neighbouring towns and villages doubled the heart beats in families expecting their loved ones coming for the annual Christians celebration. Even though there was palpable joy on the faces of residents of the village, those of the Ikusagba family members were not so radiant. Their valued child, Gabriel, a commercial motorcycle (Okada) rider in Lagos was yet to arrive despite the fact that he had promised in a letter to the parents that he would come a day earlier. The family had earlier wrote to Gabriel that he would take back to Lagos with him after the visit one of his junior ones, Paul, who had just wrote his West African School Certificate (WASC) examination and was awaiting his result. The belief was that Paul’s joining his brother in Lagos would guarantee him easy access to a white-collar job that should consequently boost the economic situation of the family. So it was double joy for the Ikusagba family when Gabriel finally alighted from a Peugeot 404 pick-up van sometime in the evening. The entire household surged towards the vehicle, each one trying to outdo the other in a bid to feel the warmth of their August visitor from Lagos. WalkCONTINUED FRO M PAG E 27

process was selected and advanced to minimise costs and build-time while providing limitless formal freedom to the design process. The architects and engineers have chosen the development of this simple on-site fabrication method against the backdrop of a local contracting tradition that is not explicitly ‘high-tech’. As such, the building process is appropriate and empowering, enabling the local contractor, Deux Project Ni-

ing daintily towards the house, Gabriel waved, smiling from ear to ear like a politician being ushered to the podium by his teeming party supporters. After about two weeks that seemed like a lifetime to Paul, the day came that the duo had to go back to the much talked about Lagos. Lagos, the way it was being painted to the villagers, was second to the Biblical paradise. They were usually impressed with the way the few ones who had been opportune to stay in Lagos carried themselves anytime they visited the village, coupled with their informed contributions on issues, particularly on matters bothering on politics and current affairs. But Paul started seeing the other side of things few minutes after they left the village. At Ikole, a neighbouring town where they were to board the bus coming to Lagos, Paul was surprised to see his brother whom he revered so much, begging for a reduction in the fare, a plea the arrogant driver turned down. Gabriel had, in the course of showing off in the village to create a false impression that all was well with him in the city, dug his hands too deep into his finances. By his calculation, he would get a bus back to base the same amount he paid while homebound, but the story changed at Ikole. The opportunist drivers, knowing that journey back to the city to resume work was a must for all who came to the

villages decided to jack up the fare by 10 percent to the chagrin of all returnees. In the face of the situation, the option left for Gabriel and Paul was to break their journey if they must make it to Lagos. They took the option but arrived Lagos late in the night. Gabriel lived in a slum at Iyalode Street in Agege. The street is the “home of noise” in Lagos as it is just about 50 meters away from the railway. Iyalode Street is also along the route for airplanes that have to land on the Murtala Mohammed Airport (MMA) runway, which is about a kilometer away from the street. This was not to mention the noise being generated by the recording studios, churches and the array of other worship centers in the area. That first night was a nightmare of sort. Paul could not sleep. His problem was multifarious. Aside the Babel of noise that ruled the air each time an aero plane flied past, the fact that no fewer than seven adults squeezed themselves in the 10 feet by 10 feet room. The very faulty, noisy ceiling fan in the room made the situation hellish. The tale of frustration continued the following morning. Paul was pressed and wanted to ease himself. Being a visitor just coming from that remote part of the country, it took a long time before he could tell his brother he wanted to answer the call of nature. He could not say this until he was alone with Gabriel whom he was only familiar with. But getting down the stairs to the only toilet serving the two buildings that housed no fewer than 50 people, he met about six co-tenants already on the queue. He became agitated and in no time he began to sweat profusely on his fore head. The people on the queue understood his plight. But this is Lagos where everybody minds his business and where nobody jokes with time. That morning, Paul had to rush to the railway line, defied all prying eyes and defecated right there in the full glare of passers-by. The experience of Paul is typical of what new comers to Lagos who join their relations in the popular “faceme- I- face- you” apartment go through. These are kind of buildings where high morale of new comers is dampened before they are made to accept the hard life of Lagos. These are abodes where competition is at play on daily basis. Neighbours are each other’s watchdog. They know when you are buoyant and when you are financially down. Gossip is the order of the day while unhealthy rivalry is commonplace. But you just have to pass through the experience to become a real man, to be able to face all the challenges that the “Centre of Excellence” may slam on you as you journey through it. Gabriel was quick to get a motorbike for Paul after few moves to secure a factory work hit the rock. Gabriel spent two Sundays that used to be his off day to

Monday, August 11, 2014

train Paul how to ride Okada. And as a young chap that experience in Lagos has thought bitter lessons, the speed of mastery of the art of Okada riding by Paul took all other peers by surprise. In no time, he had started bringing in money and contributing his own quota to the monthly rent and the occasional joint meal they have, mostly on weekends. But misfortune seemed to set in in one fell swoop. The landlord served Gabriel and his teeming roommates a quit notice, for “congesting the room they occupy (on the ground floor) with strange faces” . Other tenants had been grumbling when they were seven in the room, but their tolerance was stretched beyond limit with the addition of Paul which to them was an indication that many more friends may still join if the situation was left unchecked. Adding to the misfortune was the issue of Bilikisu, who was fiancée to Kayode, one of the roommates. Bilikisu was notorious and proud and this trait had been noticed by other tenants, particularly the women, whom she seldom greets and would not participate whenever there were issues the women consider are their responsibility to handle. The women met and decided to deal with Bilikisu. The emergence of Paul presented an avenue for them to work on their husbands to deal with the rude, proud and arrogant lady who had at a time called one of them “illiterate”. But Gabriel would not give in that easily. He had talked to “Baba Esho,” the oldest tenant in the house who was also the appointed “Chairman” of the tenants to talk to the landlord on his behalf. Baba Esho was a well-respected tenant in the house and his voice carried enormous weight as he had lived there for 30 years. It was said that Baba Esho was the first tenant and he was living in the house alone, tending the compound and settling all land related matters by the land owners (Omo Onile) for about a year before the house was finally completed and other tenants moved in. To many on the street, Baba Esho was considered the original owner of the house since the real landlord was not staying in the house. So, having taken Baba Esho out on a Saturday with a plate of pepper soup and few chilled bottles of beer on table, the issue of ejection was half-solved. And for Baba Esho to have given his promise that he would talk to the landlord on their behalf, the matter was as good as resolved. Just as Gabriel and his roommates were heaving a sigh of relief, a loud shout from Ile Epo bus stop, on Capitol road, a few meters from their abode, woke the boys up. “Fashola don send in boys make den dey seize okada, walahi, dem seize close to two thousand yesterday and carried them away. We need to protest this because no be so we talk am when den say make we vote for them.” These were the coherent words that CONTINUED ON PAGE 29

Lagos to get world’s tallest residential ‘sprayed concrete’ tower geria Limited, to deliver the highest inhabited sprayed-concrete structure in the world without needing to outsource the technical issues”, it read. Construction of the landmark scheme, which won planning approvals in June 2014 and is SPARK’s first significant project in Africa, will begin between the months of September and October 2014. According to a spokesman for the clients, Athena Capital

Limited, Lagos was chosen for the project given its leadership position (in Nigeria) in areas such as economy, population, wealth et cetera. He further disclosed that the planning for the project began 16 months ago with the singular goal of creating and delivering a project never before seen in Nigeria and indeed anywhere in the world. According to SPARK’s design, each home in Ramzi Tow-

ers is anchored by a centrally located kitchen that forms the hub of the spacious common area. The living, dining, bar, library and loggia areas are all interconnected around a central pre-fabricated kitchen hub. Dedicated lifts serve two apartments per floor on the lower levels. The uppermost floors will enjoy private lift access to spacious four bed apartments. These units contain additional reception or “morning” rooms

that have been oriented to benefit from the morning sun. The top two floors are reserved for exclusive, exquisitely constructed duplex four bedroom penthouses with private roof terraces. The project team is also undertaking the establishment of a shadow program, where UK skills and knowledge are to be shared and transferred to local young Nigerian consultants, SPARK disclosed.

NEWS / MEGA CITY 29

Monday, August 11, 2014

Lagos Assembly orders ban on vigilante group in Amuwo CONTINUED FROM PAGE 27

retariat, attacking and injuring officials of the Local Council. But taking a position on the frequent mayhem in the council, the state House of Assembly said the police command in the area breached legal provisions establishing community policing in Lagos with the use of Lagos State seal without authorization. The House of Assembly Fact-finding Committee headed by the Chief Whip, Rasaq Balagun also recommended that the governor should broker peace between the council chairman and the Area E Commander, ACP, Dan Okoro for peace to return to the council area. The council Chairman, Comrade Ayodele Adewale had in a petition to the Lagos Assembly in May, 2014 alleged nefarious activities in Festac against the CPYV, urging the House to investigate their activities. Meanwhile, Balogun said the House Committee had done all necessary to prevent the group from unleashing terror in the community and becoming political opponents to undermine security in the state. The House of Assembly fact-finding committee also called on the Commissioner of Police to reinstate the Police orderly withdrawn from the council chairman about three months ago.

whispering palms badagry

Whispering Palms: A resort by the seaside Jeremiah Madaki

un seekers, honeymooners, and those who want to enjoy some serenity from the usual hustling and bustling of Lagos, need not travel out of the State. There are quite a few places they can go, and one of such is the Whispering Palms in Badagry. It takes just about one hour and two minute

gave Gabriel the summary of what lied in wait for him in the remaining few days of the year. He had mapped out his plan to begin a separate daily contribution (Ajo) for the year’s trip to the village and had planned to, this time, buy the Christmas and New Year dress for his parents and junior ones, now that he had Paul giving support in the fledging business of Okada riding. These “lofty” plans, however, evaporated with the reality that Okada riding business could no longer be lucrative the way it used to be in Lagos. A once showy Lagos

The road within the resort looks fascinating as it is lined with the back of palm kernel. Any visitor to Whispering Palms would immediately notice a great number of art works strategically distributed around the resort. The entire environment is serene and stunning, a contrast to the high-activity and character of the metropolis. People who patronise

Palms beach resort, said that the beautiful resort has many useful recreational facilities and relaxation spots ranging from football field, mini museum containing historical items like slave chains and images of important locations like the site where Christianity was first preached in Nigeria, exercise area and aerobics ground, mini zoo, lawn tennis court, basketball court, volleyball court, table-tennis tables, mini golf course, and swimming pool. Isa Mali, general manager of the resort, said he has been there for 10 years. According to him, his major issue in running the centre is the epileptic power supply. “When one is running a business like this, especially in this country, the major challenge has always been electricity. “We buy diesel, and diesel now is N145 per litre, sometimes we buy 1000 litres on daily basis. You can imagine the expenses on power only. Also the maintenance of the generator is there to be considered.” Talking about routes leading to the resort “the road leading to this place from Aradagun axis is very bad that our visitors from Lagos Island, Ikeja, Ikoyi and other parts of Lagos find it stressful coming down here,” he said. He, however, expressed appreciation to Governor Babatunde Fashola who, he said, recently awarded contract for the rehabilitation of the road, adding that work has started already.

Ebola virus outbreak, most severe in human history CONTINUED FROM PAGE 27

more than half of what we have seen in 36 years. “The total number of cases from 1976 to 2012 when the last epidemic

Okada rider’s travail CONTINUED FROM PAGE 28

from the metropolis, and one would be in the embrace of this conference resort centre occupying twelve acres of land in a rural area of Iworo, Badagry Local Government Area. This resort centre lies on the Lagoon and symbolises the beauty of the area: the cool breeze from the Atlantic Ocean, silica sand, palm trees and chirping birds.

Whispering Palms range from corporate bodies who go there for retreats, to individuals, and honeymooners from across the world. Musical artistes also go there to shoot their videos. In this day and age of terror when security is a concern for everybody, the arrangement in the resort is quite encouraging. Beautified with trees which provide shades, the beach side of the resort has a jetty for people who would want to take boat rides, which cost N1, 000 for three people. However, there are also pedal boats which go for N1,000 per head. Adjacent the resort is an eight-acre land dedicated to sporting activities and holiday makers. Whispering Palms has some historical carvings of great importance. There are carvings of the Makonde tribe of southern Tanzania depicting a family tree; depiction of traditional drummer from Abomey Benin Republic; depiction of traditional Swaziland dressed to protect herself against cold weather; and heroine of Ife contrived to be taken prisoner; and ancient Benin Sculpture representing news bearer disseminating information, among others. Adewale Adeleke, sales and reservation manager, Whispering

boy, Gabriel, had to start considering the option of returning to village with Paul to either learn a trade or go back to school to retake the West Africa School Certificate which they had once attempted but failed. Here are young school leavers who, as a result of poverty became saddled with the responsibility of being bread winners of their families and with no hope of a fruitful future. With the ban on the only ‘business’ they know, and no skill to fall back upon, maybe, they will have to engage themselves in menial jobs to retain their status. Or they take the other but dangerous option: crime.

occurred was close to 2,400 and in six to eight months we’ve had 1,600 or more; so, that is why the world is panicking. “This is why WHO is raising the level, calling it an international emergency, because it has crossed borders, it has entered an urban area and when it enters an urban area, it’s difficult to control.

“Because people are mobile, they move up and down; you can see how Sawyer came into the country and became the first case of Ebola in the country. “In the other outbreaks, it’s been mainly limited to villages; it’s easier to contain a disease or epidemic within a village than in an urban centre. Oshun further said

that although the virus was highly contagious and deadly, the right precautionary measures would be to stop its spread. He said there was the need for all hospitals to return to and enforce the universal standard precautionary measures taught in medical schools. “We need to start mobilising health workers

because as at yet most of the people who have died out of this outbreak are healthcare workers; so the healthcare workers are afraid. “So we need to allay their fears by providing them with good equipment to work with, to protect themselves and also to teach them how to use these things.

Why we are reviewing model city plans CONTINUED FROM PAGE 27

He said: “Plans are laws. As we undertake these plans, after the stakeholders’ fora, we go to the state Executive Council for approval. Once the council approves, it becomes a document that has to be implemented. The next phase now which is part of the things I will ensure before leaving this office is to ensure that all of those approved plans are gazetted; this makes them law. So, for you to do anything dif-

ferent you must first come back and apply for that change; the amendment of the plan. So, no individual can just change anything because if he does, you can take the document to the court as an exhibit to sue that person.” Ayinde further said the state government would not compromise standard in implementation of the master plans in the name of politics, adding that the right thing would always be done regardless of political specu-

lations and policy misinterpretation. “There may incidence of knocking down buildings where we have development… because even in some developed countries, structures that had been approved may now need to be restructured or removed because of the changing dynamics of the city. The city too expands just like human being’s size and needs increase. So, roads that were two lanes might necessarily have to become four

lanes, therefore some buildings have to give way. It happens all over the world,” Ayinde said. He added that plans were on-going to site additional 1,000 Close Circuit Television (CCTV) cameras in some strategic places in the state in addition to the ones installed by the Federal Government in conjunction with the Lagos State Government, adding that his ministry was working on the dark spots across the Local Government and Local Council Development Areas.

30 THE MEGACITY

Monday, August 11, 2014

UPCOMING EVENTS

From Eko with Love Series - Art Exhibition Organiser: Artwyn

Date: Saturday, August 16, 2014 -

Saturday, August 23, 2014 Venue: Nike Art Gallery, Elegushi Road, Ikate (3rd) roundabout, Lekki, Lagos

Glory Night 2014 - A Business/Career Transforming Experience Organiser: The African Eco-

nomic Mandate Project - AEMP Date: Friday, 15 August 2014 Saturday, 16 August 2014 Venue: Royal Event Center, Ikeja, Lagos.

YOUTH CULTURE,

#dumebi’ssister movie by @funkejenifaakindele

Get Empowered Nigeria 2014

Organiser: The Entrepreneurs Network Nigeria Date: Saturday, August 16, 2014 from 9:00 AM to 5:00 PM Venue: Main Auditorium UNILAG, Akoka, Yaba, Lagos

SAP Information Seminar - Lagos

Organiser: Tera Learning Solutions. Date: Saturday, August 16, 2014 from 11:30 AM to 2:30 PM Venue: 5, Alhaji Tokan Street, Alaka Estate, Surulere, Lagos

photos as posted on Instagram by residents of the city

#queenofselfies# by @iniedo

Babybame by @frndlypascalknwswatuwant

I decided not to smile today by @ olivia310712

We gained sisters by @zoey_blaq

Just one of those days #summer by @ chisomdk

untitled by @luckypenniel

@dominicwung thanks for the work out session by @danielle_raymond

Corper weeeeeee by @aladeoftokyo

Gmytcouture by @gmytcouture

Missed your company @superrwoman by @lekeleee

Just tryn to b nutty.... Good luck peeps by @blackskin010

ClosingEarly2day #miet4shoes by @ miet4shoes

say NO to negative minded people by @iamerinlakatabu

Them girls be admiring a parked car #lol by @ maxi_napple

My City, My World I love Lagos of old more – Bode George Oluwatosin Omoniyi Lagos I knew Tinghe when I was growup was the one

that I was very proud of. Then, one could take a walk by the side of the marina, and see the ships coming in. It was a very beautiful scenario. It was like living in Liverpool, Britain, when all the ships were coming into harbour in Apapa. The love garden was also there. Really, there was serenity. Lagos wasn’t bustling as it is now. There was super management. Part of the beauty, was the people used to known as Omo adugbo (a resident of my neighbourhood). It was a connotation of oneness as against ruffians, which the present day ‘area boys’ represent. We also had area fathers who provided communal security. If the elders found you where you ought not to be, they would hold you by your neck and take you home to your parents that they found you. You were like your neighbours keeper. They took care of the kids in the area, they took care of people all over. It was a good communal policing, but we lost it somehow. People started trooping in, trust was broken, everybody became selfish, armed robbery became rampant. At the local stadium, people used to play football game called ‘seven aside’ to keep young minds out of trouble. We had football league competitions. We had managers who were managing these small clubs. The most prominent game then was the ‘seven brides for seven brothers.’ We also had Oklahoma bombers, all kinds of games that kept the boys busy, away from drugs and criminal activities. But now, Lagos is bustling, the facilities are not there to cope with the population. Going to the Mainland in those days from the Island was exciting. Even Ebute-metta from Lagos Island was like travelling far away. I remember when they were building the Eko Brigde. At the time, the only bridge then was Carter bridge. When they now decided to bridge the Eko Bridge, those living at Oluwole and all the areas near UTC hooked up from there and created New Lagos, called Surulere. Life was fun even, regardless of one’s religion. During the Muslim festivals, all the kids were involved. All of us. Whenever it was Christmas time, all of us were also involved. It was fun and I think it was during the birthday of Prophet Mohammed, that they used to have what they called ‘Sukurubi’. We would move from family to family, begging for alms, after which we would share the money among ourselves. Sports was very popular and a more acceptable activity then… We had quite a few secondary schools then. We had St.Gregorys, St. Finbars, CMS Grammar School, Methodist Boys High School, Baptist Academy and Igbogbi College. That was all. After standard six, to get into secondary school then was very competitive. Your parents would send you for secondary school lessons, for you to be able to pass the common entrance. Life was meaningful. That is why people of my age today, we talk about it with pride. When Senator Ogunlewe was referring to that period over 60 years ago, when he was telling those people he came with, we used to play football together at that age, it was fun and we knew ourselves. Lagos was small but very accommodating, very warm. To bring back this kind of environment, we create more sporting competitions among the kids, create recreational facilities for them, engage them in sports, football, table tennis and athletics, so that after school they would have somewhere to go, not resort to watching Horror films and cartoons.

BUSINESS | NEWS

Sanctity of Truth

Monday, August 11, 2014

IMF, World Bank to FG: Update oil, tax admin IMPROVED REVENUE Extra attention needs to be paid to the complexities of hydrocarbon tax administration for improved revenue

government need s to pay extra attention to the complexities of hydrocarbon tax administration necessary for improved internal revenue mobilisation. According to the book, com-

plexities and perceived difficulties of extractive industries revenue administration mean they can get less attention than they deserve. It stressed that tax-related administrative re-

forms and technical assistance to date have focused more on general rather than extractive industries-specific administration - even where EI resources often provide the higher propor-

Godson Ikoro

he Federal Government needs to update its hydrocarbon and other natural resources, especially petroleum and tax administration in its quest for improved internal revenue mobilization, the International Monetary Fund (IMF) and the World Bank have said. In a joint handbook released by the Fund and the World Bank, a first of its kind, both global institutions focused much needed attention on the administration of revenues from natural resources. In the handbook titled “Administering Fiscal Regimes for Extractive Industries,” they noted that in Nigeria where 75 per cent of total government revenues are hydrocarbon related,

L-R: Mr Kunle Olaniyi, e-Business Group, Sterling Bank Plc; one of the winners of Sterling Bank ATM Activation programme, Mr Ken Obasi and Miss Teniola Adeola of the Strategy & Communications Group of the bank at the on-going nationwide ATM Activation programme organised by the lender.

Why Nigerian airlines must merge, by experts PARTNERSHIP To enhance profitability, Nigerian airlines must increase their fleet and have access to more funds Wole Shadare

or Nigerian carriers to get out of the woods, experts and aviation stakeholders have suggested that they merge or go into alliances that would help their operations. All over the world, mega carriers, who can go it alone are partnering and offering best choices to travellers. But in Nigeria, the reverse is the case; a situation that has made the life span of the carriers to be less than 10 years going by the demise of airlines such as Chanchangi, IRS, Air Nigeria, Savannah, Sosoliso, ADC and several other airlines. Aviation analyst, Olumide Ohunayo, said that besides high taxes and charges, one of the major reasons why Nigerian airlines are not doing well is because they operate small. He added that with an average of two aircraft per airline, these operators cannot access funds, lease reasonable number of aircraft and secure international support from air transport institutions. Ohunayo noted that the solution to this is merger or cooperation among the domestic carriers. There has been clamour by the government, industry experts and even at different aviation fora for Nigerian airlines to coalesce and form bigger but fewer airlines, so that they will

have economy of scale, have the resources to acquire more aircraft and also have the funds for daily operations. But airline operators always kick against these, citing reasons ranging from incompatibility, lack of transparency in financial dealings and different ideologies. But beyond Nigeria, airlines of international repute merge or partner and that was what gave rise to the biggest airlines in the world. Many of them also partner at different levels. A former Secretary General of Africa Airlines Association (AFRAA) and the CEO of African Aviation Services Limited, Nick Fadugba, recently told New Telegraph that running an airline is a very difficult job. He stressed that it is even more difficult in Nigeria where government policies seem to be in conflict with the aspiration of

Godson Ikoro

he World Bank Group and the African Union Commission (AUC) at the weekend signed an International Development Association (IDA) grant of US$25 million to support capacity development of the AUC and other African Union organs. The agreement was signed by Jim Yong Kim, the World Bank President and His Excellency. Dr. Nkosazana Dlamini Zuma,AUC Chairperson. A statement from World Bank said the funding for the Support for Capacity Development of the AUC and other African Union Organs Project . Specifically, the fund will strengthen the AUC’s capacity to facilitate economic development and transformation by

domestic carriers, as aviation agencies and government show open preference for foreign airlines. Fadugba noted that to run an airline successfully, the operator needs deep pocket, adding that without operating funds, an airline may not be able to operate safely, maintain the aircraft effectively and pay staff as at when due. He therefore suggested that domestic airlines should merge for successful operation, but if they find it difficult to merge, they should cooperate in certain way to benefit them technically and financially. “Running a successful airline is a very difficult job. You need deep pockets, a viable business plan, competent management and an enabling regulatory and economic environment to run a profitable airline

anywhere in the world. Speaking in the same vein, President, Sabre (West Africa) Limited, an America-based Global Distribution Service, Mr Gabriel Gbenga Olowo, said that many Nigerian airlines today are disadvantaged from the outset in terms of their aircraft fleet size, commercial viability and the operating environment. “Now compare this to Ethiopian Airlines, which currently operates 50 aircraft to 81 destinations across five continents with over 200 daily flights, with no real domestic competition. Government-owned Ethiopian Airlines has a turnover of over $2 billion and a net profit exceeding $200 million” He listed the gains of partnerships and cooperation by domestic airlines, saying that they would obviously become more profitable if they come together.

World Bank signs $25m grant for African Union improving institutional efficiency. Speaking on the agreement, Jim Yong Kim, World Bank Group’s President said, “Our partnership with AUC opens new doors for collective action by bringing global solutions for the benefit of Africa to promote economic transformation and development” The project focuses on internal staffing and management systems, supporting external partnerships and programs to strengthen regional economic development initiatives in regional trade, energy, infrastructure, gover-

nance and natural resource management benefiting African Union member states and their people. Also commenting on the agreement, Dr. Zuma, the Africa Union Commission Chairperson said, “this support is very important as it will help us enhance our corporate governance and management systems to improve the lives of African women, youth and citizens. But more than that, I appreciate the World Bank’s willingness to support the AU as an organization that represents 54 African member states”

tion of government revenue. Furthermore, the handbook focused on natural resource revenue administration, rather than fiscal regimes, adding that is much needed given the lack of research in the extractive industries. For example, in countries such as Nigeria where 75 per cent of total government revenues are hydrocarbon-related, extra attention to the complexities of hydrocarbon tax administration is necessary for improved internal revenue mobilisation, it agued. The institutions believed: “While ample research has been conducted on fiscal policies that best enable sustainable growth from its revenues, this is not the case for their administration. This gap is significant since a fiscal regime is only as effective as the administrative capacity of the public institutions charged with its collection. “This joint publication is one of the first of its kind to address the complex challenges of managing fiscal revenues from the extractive industries,” said Katherine Baer, Division Chief, and Revenue Administration Division at the IMF. The publication also focused on effectively administering revenues from natural resources providing policymakers and officials in developing and emerging market countries with practical guidelines to establish a robust institutional framework, organisation and procedures for administering natural resource revenue. Major highlights are the importance of transparency in the face of ever-increasing demands from both domestic and international constituencies for clarity and accountability in the administration of public revenues from natural resources. The handbook also made recommendations on how Nigeria and developing countries can strengthen their managerial and technical capacity to administer these revenues. Also commenting on the Handbook, Charles Feinstein, Director, Energy and Extractives Global Practice, said: “the Handbook offers suggestions on very practical challenges that developing countries face when trying to retain adequate staff and capacity to handle the complex nature of natural resource revenue administration. While government salaries rarely compete with those of the private sector, the handbook recommends that in resource-rich countries staff dedicated to revenue administration must have relatively competitive salaries in order to retain personnel. Improved administration of revenue is a key component of effective governance of the extractive industries.” Furthermore, to overcome resource obstacles, the handbook also recommended tactics such as training, performance management and recruitment practices that can help the government retain the professionals needed while organization of tax administration and interagency cooperation in governments is highlighted as a key component of success.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, August 11, 2014

Bank treasurers ‘trade blindly’

RATES TO RISE Rates are expected to rise this week on outflow for bonds and forex

Interbank rates ease

the dark about the volume of liquidity available in the market to trade with. "We presently trade blindly because we don't have information on the level of liquidity in the market and this will particularly impact on the direction of rates next week," one dealer said. The banking watchdog has

Stories by Godson Ikoro

ank treasurers have been put in the dark about their account balances with the Central Bank of Nigeria (CBN) in the past five weeks following the technical glitches in the regulator’s systems. This has put most dealers in

however, promised to put its systems in order “as soon as possible.” In a related development, Nigeria's interbank lending rates eased to an average of 10.37 per cent last Friday, from 11.12 per cent penultimate week, driven by retirement of matured Open Market Operation (OMO) bills of about N155 billion ($950 mil-

Oduoza to banks: Use US-Africa summit to grow capacity

inancial institutions in Africa should seize the opportunity provided by the President Obama led US-Africa Business Leaders Summit and the enthusiasm about Africa, to grow capacity, Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza, has said. The UBA boss, who made this call in Washington DC, said much of the challenges of financing growth and development on the continent lie in the hands of financial institutions, working in collaboration with international development finance institutions, investors, and private equity firms particularly from the US. In a statement, he said that the three-day summit will impact positively on helping to change the information asymmetries about Africa in the US

and the rest of the world. Beyond the negative press about the continent in the western media, he said there are a lot of positive developments in Africa, with stable democracies in most countries, improved business climates and abundant investment opportunities in agriculture, power, transportation, telecommunications, energy and other sectors. "As one of the largest banks on the continent, with operations in 19 African countries, we have made huge investments in these countries and have continued to grow our business as well as contributing to the finance and developmental needs of these countries," he stated. Describing the summit as the largest gathering of investors, financiers, businessmen and political leaders from Africa and

the US, he commended President Obama, US, Commerce Secretary, Penny Pritzker and Bloomberg for organising and making the conference a reality. "Though long overdue. It is better late than never," said Oduoza. Oduoza, who participated actively at the forum, also used the opportunity to have one-on-one business meetings with top US company executives seeking investment opportunities in Africa. Other top Nigerian companies and government institutions at the event were; Heirs Holdings, chaired by Mr. Tony Elumelu, Africa Finance Corporation (AFC), A-Post, Central Bank of Nigeria (CBN), Dangote Industries, Global Infrastructure Partners, Main One Cable Company and Nigerian Sovereign Investment Authority (NSIA).

As at 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

Bid 12.10 12.10 12.05

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

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

nterprise Bank Limited has expanded its sphere of operation with the opening of a new branch in Gusau, Zamfara State. The lender, which made this known in a statement, said that with this development, the public in Zamfara State and its environ will now enjoy seamless banking services via fully strengthened Automated Teller Machines (ATMs), Point of Sales (POS) terminals, mobile and internet banking services that are available at the new branch. Commenting on the new branch, which is close to the Central Bank of Nigeria (CBN) state office in the Zamfara State, Managing Director/Chief Executive Officer of the bank, Mallam Ahmed Kuru, said: “Enterprise Bank moved to the state to provide its unique banking and financial solutions to the growing business and financial activities in the area.” Kuru added that Enterprise Bank is also appreciative of the huge investment of the government in the state to create an enabling environment for investors to thrive; a development he said has continued to be attractive to businesses.

The Enterprise Bank boss called on the government and people of Zamfara State to lend their support to ensure that the bank’s coming will not only be highly rewarding and mutually beneficial, but attract other investments to the state. Kuru said opening the new branch was a project the management considered top priority because it has provided the bank another opportunity to demonstrate its readiness to partner with the people, government and organisations in Zamfara State and beyond, especially considering the strategic position of Zamfara in the area of commerce. He noted that Enterprise Bank over the years has successfully built relationships in different states, a trend the bank will continue to explore in Zamfara, adding that the bank will be willing to partner with the government in areas that will be mutually beneficial to the government, the people of Zamfara State and Enterprise Bank. This he stated, is because the bank is seriously committed to its vision, which is to be the preferred bank for value creation.

Sterling Bank storms Yabatech with education products

Treasury Bills Maturity Date 08-May-14 07-Aug-14 22-Jan-15

The open buy-back (OBB) eased to 10.25 per cent, from 11 per cent penultimate week, 1.75 basis points below the central bank's benchmark interest rate of 12 per cent. Overnight placements also fell to 10.50 per cent against 11.25 per cent last week. The Federal Government plans to raise N100 billion worth in bonds with maturities ranging between 3 years and 20 years at an auction on Wednesday.

Enterprise Bank opens new branch in Zamfara

Economic Indicators M2* CPS* INF IBR MPR 91-day NTB DPR PLR Bonny Light Ext Res**

lion) by the Central Bank of Nigeria (CBN). Traders according to Reuters said the increased liquidity outweighed cash outflow from the system, helping to bring down cost of borrowing among banks. But traders said rates are seen inching up this week with expected cash outflows for bond and foreign exchange purchases and lack of access by banks to their credit balance at the apex bank.

Open-Buy-Back (OBB) Overnight (O/N)

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

ll is now set for Sterling Bank Plc to take its unique education product offerings to the Yaba College of Technology (YABATECH), Lagos, venue of the six-day Student Fair, tagged: ''BonMarcheFairstival” under its “One Education” initiative. Over 80,000 students and 25 educational institutions according to a statement from the bank, are expected at the forum this week, where they will be having first-hand information on how the bank could be of support to their various educational needs. The Trade Fair (BonMarcheFairstival) is regarded as the biggest and most vibrant student shopping experience in Nigeria, attracting exhibitors and visitors from across the country and organised across different regions in Nigeria with an estimated of over 3,000 visitors daily. The bank in a statement issued by its Head of Communications, Mr Ayo Ashaolu, said that the fair will provide the right platform for the lender to

directly engage students considered as valuable and influential market segment of the market. He said: “BonMarche Fairstival is an event that is targeted at the vibrant youth market. The Bank’s involvement in the Fair was based on the fact that it provides direct contact with our niche audience to communicate the Sterling brand and build positive brand association, offering unique experiences to students and management of various educational institutions in the country that will be attending the Fair.” Ashaolu explained that the involvement of Sterling Bank in education was borne out of the need for the private sector to support the government by investing in the education sector to ensure that children of school age get quality education without having to pay so much for it. He opined that government must increase funding to the education sector and ensure that public schools are better equipped to compete fairly with their private sector counterparts.

BUSINESS | ISSUE OF THE WEEK 33

Sanctity of Truth

Monday, August 11, 2014

US-Africa Summit: Beyond $33bn trade, investment initiatives The confab was one for the long haul. Obama spoke about his successor continuing with the project. This should be taken for granted in an environment where continuity is a tradition in governance, writes SIAKA MOMOH.

olana Olumhense had his doubts about the success of the meeting. In a piece he posted on Sahara Reporters on an online portal, he said that hopefully, the week’s summit would not be remembered as just another talk show about Africa... He had his reasons. Benefit of hindsight He explained that we only have to cast our glance back a little to remember that following the collapse of the United Nations New Agenda for the Development of Africa in the 1990s, the international community in 2002 put together the New Partnership for Africa’s Development (NEPAD). Twelve years later, he said, it is difficult to see how NEPAD has transformed the fortunes of Africa. He insisted that there was life before NEPAD, just as there has never been a shortage of multilateral initiatives aimed at attacking the problems of the African continent. He gave a long list of the initiatives: the United Nations System-wide Special Initiative on Africa; the Lome Convention (also known as the ACP-EU Partnership Agreement); the Cairo Plan of Action; the United States’ Partnership for Economic Growth and Opportunity in Africa Initiative; the Tokyo International Conference for African Development; the G8 Okinawa Declaration; the Africa Process and various other processes such as Skagen and Copenhagen and Cotonou. We must give it to Solana for his pessimism. His argument is very convincing. But I will not follow his line of thinking hook-line-and-sinker. This summit is different; it is unique. Analysts have described it as the first of its type with an American president – the largest collection of African heads of state meeting with a US president. Stronger US/Africa rapport Do I hear you say it was so because Barack Obama is of African origin – a Kenyan? No, that is not the case. The reason is that there is urgent need for the US to have a stronger presence in Nigeria, what with the China currently planting its feet strongly in Africa, “the next investment destination;” and the UK following on their heels. In the last couple of years, we have seen American companies coming in to discuss business, and some like General Electric, have commenced business fully in Nigeria and some other African countries. Goals scored Some goals were scored at the summit but like some analyst have argued; we need time to measure the success of the great summit. The summit was wrapped up last Wednesday night with pledges of $34 billion in US trade and investment initiatives – including new com-

President Goodluck Jonathan

mitments to the critical push to expand electricity access. The participants also reached agreements on security cooperation and fostering good governance. The summit managed to overcome the Ebola fixation of US news channels. Announcing a new security initiative, Obama said that the US will spend $110 million over the next five years to help six countries, including Ethiopia, Rwanda, and Ghana, build “rapid-response” peacekeeping forces to intervene in conflicts. One idea is to work closely with the African Union (AU) to help provide the expertise to move in early on simmering conflicts before they spiral out of control. Some summit participants said that another Obama initiative, the president’s Young African Leaders Fellowships programme – will have the biggest impact on US-Africa relations in the long run. This year, the first year of the programme, 500 young Africans spent six weeks in the US. Obama announced that next year the programme will double to bring 1,000 young African leaders to the US. New trade, investments In his post-summit remarks, Obama said: “First, we made important progress in expanding our trade. The $33 billion in new trade and investments that I announced yesterday will help spur African development and support tens of thousands of American jobs. With major new commitments to our Power Africa initiative, we’ve tripled our goal and now aim to bring electricity to 60 million African homes and businesses. And today, I reiterated that we’ll continue to work with Congress to achieve a seamless and long-term renewal of the African Growth and Opportunity Act. “We agreed that Africa’s growth depends, first and foremost, on continued reforms in Africa, by Africans. The leaders here pledged to step up efforts to pursue reforms that attract investment, reduce barriers that stifle trade - especially between African countries - and to pro-

Obama

mote regional integration. And as I announced yesterday, the United States will increase our support to help build Africa’s capacity to trade with itself and with the world.” Supporting young entrepreneurs He also spoke about supporting young entrepreneurs and women, drawing attention in particular to US Young African Leaders Initiative and its New Alliance for Food Security and Nutrition, which continues to grow, “aiming to lift 50 million Africans from poverty.” On health, with particular reference to HIV/AIDS and Ebola, he added: “In our fight against HIV/AIDS, we’ll work with 10 African countries to help them double the number of their children on lifesaving anti-retroviral drugs. And even as the United States is deploying some of our medical first responders to West Africa to help control the Ebola outbreak, we’re also working to strengthen public health systems, including joining with the African Union to pursue the creation of an African Centers for Disease Control.” The conference also addressed the issue of good governance - the importance of rule of law, open and accountable institutions, strong civil societies, and protection of human rights for all citizens and all communities. President Obama noted that nations that uphold these rights and principles, will ultimately be more prosperous and more economically successful. Leaders made the commitment to step up their collective efforts against the corruption that

Several leaders raised the idea of a new partnership to combat illicit finance, and there was widespread agreement

costs African economies tens of billions of dollars every year - money that ought to be invested in the people of Africa. Several leaders raised the idea of a new partnership to combat illicit finance, and there was widespread agreement. “So we decided to convene our experts and develop an action plan to promote the transparency that is essential to economic growth,” Obama said. Security cooperation The summit also considered deepening security cooperation to meet common threats, from terrorism to human trafficking. Said Obama: “We’re launching a new Security Governance Initiative to help our African countries continue to build strong, professional security forces to provide for their own security. And we’re starting with Kenya, Niger, Mali, Nigeria, Ghana and Tunisia. “During our discussions, our West African partners made it clear that they want to increase their capacity to respond to crises. So, the United States will launch a new effort to bolster the regions early warning and response network and increase their ability to share information about emerging crises. We also agreed to make significant new investments in African peacekeeping. The United States will provide additional equipment to African peacekeepers in Somalia and the Central African Republic. We will support the African Union’s efforts to strengthen its peacekeeping institutions. “And most importantly, we’re launching a new African peacekeeping rapid response partnership with the goal of quickly deploying African peacekeepers in support of UN or AU missions. And we’ll join with six countries that in recent years have demonstrated a track record as peacekeepers - Ghana, Senegal, Rwanda, Tanzania, Ethiopia and Uganda. And we’re going to invite countries beyond Africa to join us in supporting this effort, because the entire world has a stake in the success of peacekeeping in Africa.”

business | STOCK WATCH

PROSPECT Cost reduction drives earnings Chris Ugwu

he Nigerian financial services sector has continued to record mixed performance since the 2013 financial year. The commercial banking subsector experienced a difficult operating environment, which negatively reflected in the financial performances of virtually all lenders. This is because the operating environment was tough particularly with a number of far reaching regulatory changes such as the huge increase in Cash Reserve Ratio (CRR) on public funds from 12 per cent to 50 per cent, increased interest on savings accounts, removal of Automated Teller Machine (ATM) fees and reduction on commission on turnover on banking transactions. However, while some banks succumbed to the regulatory headwinds from Central Bank of Nigeria (CBN) tightening policy combined and induced costs, such as the Asset Management Corporation of Nigeria (AMCON) charge, which is taking a toll on the bottom-line performance, Stanbic IBTC Holdings Plc has continued to defend its market share. Consequently, market sentiment for the shares has remained upbeat as bargain hunters take positions on the back of good return on investment. Stockbrokers attributed investors’ sustained confidence in the stock to the group’s financial reports, which has seen consistent leap in profitability. The share price, which closed at N19.20 per share last September 30, 2013, has continued to record appreciable growth among its competitors. At the close of business last Friday, the company’s share price stood at N30.00, an increase of N10.8 or 36 per cent year to date. Corporate profile The Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC. The merger, by way of the first ever tender offer in Nigeria and a $525 million Foreign Direct Investment (FDI) in the Nigerian financial history, gave birth to a new entity now known as Stanbic IBTC Bank PLC, which became part of the Standard Bank Group. The bank through its wholly owned stock broking and asset management subsidiary, IBTC Asset Management Limited, has several mutual funds including the IBTC Nigerian Equity Fund, which is Nigeria’s largest mutual fund with a net asset value. It is the only bank that has a direct subsidiary that is a pension fund admnistrator; through IBTC Pension Managers Limited (IPML). Financials A cursory look through the numbers showed the group’s pretax profit rose to N15.89 billion during the half year ended June 2014, from N10.18 billion it reported during the comparable period of 2013. This represented an increase of 56 per cent.

Sanctity of Truth

Monday, August 11, 2014

Stanbic IBTC: Stable profits spur investors’ interest

“Considering the improved earnings run-rate in PBB yearto-date, we are therefore not surprised to see Stanbic’s RoAE now at 29 per cent versus the 21 per cent recorded in full year 2013. “Over the second half of the year, key for the bank will be to sustain CIR at current levels or better and keep asset quality in check”. Capital raising plan In a bid to deepen its capital base, the group last Thursday said it plans to raise up to N30 billion in Tier II capital. David-Borha confirmed the capital raising in an agency report but said the actual amount would depend on market conditions and regulatory guidelines. She did not provide a timeline. "We will continue to focus on growing our client base across target segments and key sectors and maintain rigour in credit process," David-Borha said. She said the bank was aiming for a 15 per cent loan growth for the second-half of 2014, targeting business customers, after it grew loans 18 per cent in the first-half. The lender said it had a mix of between 30-35 per cent of its loans in foreign currency and the balance in local currency.

Mrs. Sola David Borha

Share price movement of Stanbic IBTC Holdings Plc 2013 Sept 30

N19.20

Oct 31

N19.10

Nov 30

N19.50

Dec 31

N21.35 2014

Jan 31

N21.00

Feb 28

N20.50

Mar 31

N20.30

Apr

N23.00

May 30

N23.77

Jun 30

N26.00

Jul 31

N31.24

Aug 1

N30.00

In a filing with the Nigerian Stock Exchange (NSE), gross earnings rose 13 per cent to N61.47 billion during the six months ended June 30,2014, from N54.5 billion posted in 2013. Stanbic IBTC Bank, one of the commercial banks listed on the floor of the Exchange had

posted a 93 per cent growth in net earnings for the first quarter ended March 31, 2014. In a notice to Exchange, the company’s profit after tax grew from N3.573 billion in the corresponding period of 2013 to N6.897 billion in 2014. Its profit before tax (PBT) in its first quarter also climbed up to 89.3 per cent from N4.739 billion in the Q1 of 2013 to N8.969 billion in the review period of 2014. Gross earnings also climbed up to N30.221 billion from N26.586 billion; indicating a growth of 13.7 per cent. The group had posted its audited full year result for the 2013 financial year ended December 31, recording a 105 per cent boost in its profit for the year. It made a profit after tax (PBT) of N20.77 billion at the end of the 2013 financial year as against N10.15 billion, which it made in the 2012 financial year. The bank recorded gross

The results was a reflection of efforts made over the last two years in improving transactional service offering

earnings of N111.22 billion, a 21 per cent improvement when compared with N91.86 billion, which it pooled in 2012. Stanbic IBTC’s interest expense grew minimally by five per cent to N25.57 billion in 2013 compared with N24.26 billion in 2012, just as credit impairment charges dropped significantly by 61 per cent to N2.66 billion as against N6.89 billion in 2012. With staff cost rising to N23.85 billion from N19.95 billion, the financial institution’s trading revenue grew by 84 per cent to N14.89 billion from N8.09 billion. In the same vein, basic earnings per share grew by 272 per cent in the year under review. Profit drivers Commenting on the results, the Chief Executive Officer, Stanbic IBTC Holdings, Sola David-Borha, said the results was a reflection of efforts made over the last two years in improving transactional service offering. She expressed confident that the performance would be sustained in the second half of the year. The Vice-President, Banking Analyst, Sub- Saharan Africa, Renaissance Capital, Mr. Adesoji Solanke said: “The beat was driven by a combination of balance sheet growth, efficiency on the back of lower than expected costs, and the break-even of personal banking business (PBB) in the second quarter of 2014.

Analysts’ perception According to analysts at FBN Capital, management’s decision to raise its 2014E ROE guidance to 25 per cent (from 23 per cent) while keeping other metrics largely unchanged was not surprising. Nonetheless, H2 2014 is likely to be slightly softer vs H1 – the outlook for loan growth and margins is flattish. “It is possible to arrive at a sum-of-the parts derived fair value estimate as high as N32. However, we do not feel that this will be sufficient to upgrade our recommendation from neutral to outperform, given where the shares are trading (ytd they are up 37.2 per cent vs c.3 per cent for the ASI). Notwithstanding, in the very near term, we continue to view Stanbic as attractive: the strong earnings momentum (ROAE expansion of over 700bps in 2014, and a PEG ratio of 0.5x) is hard to ignore”, the analysts said. They noted that although non-interest income still constitutes a greater proportion of Stanbic’s revenue, they were pleased to see net interest income growth matching the former. “Sequentially, PAT was up 53.3 per cent q/q – again due to tax and other comprehensive income; provisions and opex helped too. As for the revenue drivers, non-interest income grew 8.3 per cent q/q while net interest income declined 4 per cent q/q. The underlying results were in line with our forecasts but PAT was ahead by 34 per cent because of positive surprises on the loan loss provisions, tax and other comprehensive income lines,” they noted.

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, August 11, 2014

Nigerian stocks firm up on investors’ optimism BULLISH Stock market closes the week on positive track

Chris Ugwu

espite that the fact the equities market skewed downwards for two trading days last week, the bulls maintained their grip on the market as bargain hunters jostled for shares on the back of blue chip companies. Analysts said the resurgent of the bulls to sustain market rally after a week loss was evidence that confidence is returning to market in spite of security challenges that has posed threat to investments in the country. They had forecast that the uncertainty surrounding the market following massive sell off that most blue chip companies witnessed the previous week will be over and stability would return following positive market optimism as more companies post half-year results. Negative start Trading activities on the floor of the Nigerian Stock Exchange (NSE) last Monday opened the week on a negative note as the listed equities lost points and remained in the red territory following sell pressure on blue chip companies. This was due to profit taking by market speculators in the wake of the cautious optimism that had prevailed in the market in recent times. The twin market performance measures - the NSE ASI and market capitalisation, dropped by 0.3 per cent as the market tempo lowered. At the close of trading in the day, 29 stocks recorded appreciated, while 26 others constituted the losers’ table. The twin market indicators, the All-Share Index dropped by 132.89 basis points or 0.3 per cent from 41,934.40 last Friday to close at 41,801.51, while the market capitalisation dropped by N44 billion or 0.3 per cent, from N13.846 trillion to N13.802 trillion. On the flip side, Dangote Cement led the losers with a drop of N3.65 to close at N226.35, while Guinness Nigeria Plc shed N2.70 to close at N191.30. On the activity chart, the banking sub-sector dominated in volume terms with 126.3 million shares worth N1.6 billion in 1,632 deals. The sub sector was enhanced by the activities in the shares of Access Bank and Diamond Bank Plc. Other financial services subsector boosted by the activities on the shares of FCMB Plc followed with 57.3 million units, worth N.6 million in 861 deals. In all, investors exchanged a total of 287.6 million shares, worth N4.9 billion in 5,480 deals. Bulls return Last Tuesday, the bulls bounced back to shore up investors’ interest as trading activities closed on the upward trend after the bears took center stage

NSE trading floor

at the opening of transactions the previous day. The return of bullish sentiments was on the back of price appreciations gained by major blue chip companies, Seplat Petroleum Development Company Plc and Guinness Nigeria Plc. Specifically, at close of business, the banking subsector of the financial sector remained the most active stock in volume terms with 116.8 million shares valued at N1.3 billion in 1,619 deals. The shares of Access Bank Plc and UBA Plc activated the subsector. Other financial institution services sub-sector enhanced by the shares of FBNH followed with a turnover of 33.75 million units valued at N315.5 million in 902 deals. On the whole, investors exchanged a total of 257 million shares valued at N3.6 Billion in 5,788 transactions. Further analysis showed that at the close of trading session, the NSE All-Share Index was up by 491.42 basis points or 1.16 per cent to close at 42,292.93 as against 41,802.53 recorded the previous day while the market capitalisation appreciated by N163 billion or 1.16 per cent to close at N13.965 trillion in contrast to N13.802 trillion recorded a day before. The number of gainers at the close of trading session closed at 35, while decliners closed higher at 13. Seplat Petroleum Development Company Plc led on the gainers’ table with N33.75 to close at N708.75 per share while Guinness Nigeria Plc followed with a gain of N9.56 to close at N200.86 per share. Mobil Nigeria Plc gained N8.07 to close at N169.62 per share. On the flip side, Northern Nigeria Flour Mills Plc led on the price losers’ table, dropping by 98 kobo to close at N18.77 per

Five most capitalized stocks@ Aug 8, 2014 Dangote

N3.9tn

Cement Plc Nigerian

N1.3tn

Breweries Plc Guaranty

N894.7bn

Trust Bank Plc Nestle

N879.8bn

Nigeria Plc Zenith Bank

N784.9bn

Plc share, while ETI Plc followed with a loss of 14 kobo to close at N16.80 per share. Dangote Sugar lost 10 kobo to close at N9.00 per share. The bulls maintained their grip on the market activities as bargain hunters jostled for shares on the back of blue chip companies. The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.11 per cent as market sentiments extended gaining streak following investors’ optimism. Consequently, the All-Share Index gained 46.91 basis points or 0.11 per cent to close at 42,339.84 as against 42,292.93 recorded last Monday, while the market capitalisation of equities appreciated by N15 billion or 0.11 per cent, as market sentiment remained green. Meanwhile, a turnover of 323.9 million shares worth N4.8 billion in 5,736 deals was record-

ed 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 176.3 million shares worth N2.1 billion exchanged by investors in 1,862 deals. Volume in the banking sub-sector was largely driven by activities in the shares of Access Bank Plc and Zeinith Bank Plc. Also, other financial services sub sector, boosted by activity in the shares of FBNH Plc, followed with a turnover of 36.07 million shares valued at N412.6 billion in 787 deals. On the gainers’ chart, refined petroleum products marketers, Mobil Oil Nigeria, rose by N4.13 to close at N173.75 per share, while industry competitor, Eterna Nigeria, rose by N0.32 to close at N4.17 per share. Also, financial services providers, Ecobank Transnational International, Guaranty Trust Bank and FBN Holdings, gained N0.72, N0.54 and N0.28 to close at N17.52, N29.99 and N15.25 respectively. Oil and gas stocks rise The bulls maintained market dominance last Thursday following investment position taken by bargain hunters on oil and gas companies. The key benchmark indices maintained positive trajectory to close in the green, taking supports majorly from large capitalized stock, which were particularly driven by three oil companies. Specifically, the All-Share Index gained 272.49 basis points or 0.63 per cent to close at 42,612.33 as against 42,339.84 recorded the previous day, while the market capitalization of equities appreciated by N90 billion or 0.63 per cent as market sentiment remained green. Meanwhile, a turnover of

201.3 million shares worth N3.01 billion in 4,637 deals were 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 the day (measured by turnover volume); with 119.5 million shares worth N1.8 billion exchanged by investors in 1,358 deals. Volume in the banking subsector was largely driven by activity in the shares of Zeinith Bank Plc and UBA Plc. Also, other financial services sub sector, boosted by activity in the shares of FCMB Plc, followed with a turnover of 19.3 million shares valued at N159.9 billion in 626 deals. The numbers of gainers at the close of trading were 34, while decliners closed at 18. Forte Oil Nigeria Plc led the gainers’ table with N7.50 to close at N238.50 per share, while Conoil Nigeria Plc followed with N6.38 to close at N68.70. Total Nigeria Plc added N4.01 to close at N176.02 per share. Speculators cull profits The Nigerian stock market last Friday lowered its momentum after recording a three-day significant growth. This was due to profit taking by investors in the wake of the cautious optimism that has prevailed in the market in the recent time. The twin market performance measures - the NSE ASI and market capitalisation, dropped by 0.03 per cent as the market tempo lowered. Specifically, the market indicators, the All-Share Index dropped by 13.87 basis points or 0.03 per cent from 42,612.33 the previous day to close at 42,598.46, while the market capitalisation dropped by N5 billion or 0.03 per cent from N14.070 trillion to N14.065 trillion.

Insurance

Sanctity of Truth

Monday, August 11, 2014

Ebola: Life insurance, risk allowance as baits for health workers SCARE The sudden outbreak of the deadly Ebola Virus Disease has broken down all political walls to unite everybody in fear

It has now become increasingly difficult to convince health workers to attend to these patients, but we have to and we are making effort to get people

Sunday Ojeme

HE universal scare over the rampaging Ebola Virus Disease (EVD) is beginning to awaken government’s consciousness on the need to provide life insurance cover for health workers as a way of encouraging them not to abandon their professional calling. Since the EVD became a reality in Nigeria with the coming of a Liberian, Mr. Patrick Sawyer and his sudden death just five days after arrival, the Ebola scare has united Nigerians in fear more than the just concluded FIFA World Cup tournament. The scare has broken down all political walls with the government in power and opposition leaders speaking in one voice on how the horror that had seen one Nigerian medical personnel dead can be contained within the shortest possible time. As part of the initial measures to rein in the virus, the Federal Government is putting in place a life insurance policy to encourage health workers that will agree to be involved in the treatment of Ebola infected patients. In the same vein, Ghanaian medical personnel are also calling on its government to provide life insurance and risk allowance for the country’s medical personnel even before it records the disease over there. Nigeria’s Minister of Health, Professor Onyebuchi Chukwu, while briefing representatives of foreign missions in the country on the measures being taken to contain the disease, said since the country was facing some challenges as regards the outbreak of the diseases, the new thrust was needed to encour-

irtel Nigeria, Cornerstone Insurance Plc and MicroEnsure have concluded plans to unveil a free insurance product that will offer customers life and hospitalisation insurance products. The product, which is tagged Airtel Insurance, comes with increasing benefits based on monthly airtime recharge and packaged to deliver affordable insurance services and encourage insurance culture among Nigerians. Speaking on the uniqueness of the product, the Chief Commercial Officer, Airtel Nigeria, Maurice Newa, said it became necessary since majority of Nigerians especially the middle and low income earners in Nigeria could not afford most available insurance policies due to income levels and complicated insurance processes. He said the Airtel Insurance plan on the other hand was designed to make affordable insurance available to everyone in a simple manner. According to him, “In line with our vision to enrich the lives of Nigerians and offer them quality services, Airtel Nigeria collaborated with two very reputable insurance organisa-

Commissioner for Insurance, Fola Daniel

MD, GNI PLC, Cecilia Osipitan

DG, NIA, Sunday Thomas

Chairman, NIA, Gus Wiggle

age the health workers. According to him, "We are facing some challenges because we need to encourage workers, especially when they hear that some doctors and nurses are dying. Even now in Nigeria, a nurse has died. "It has now become increasingly difficult to convince health workers to attend to these patients, but we have to and we are making effort to get people. We have also improved their

confidence level. "What we have decided is that all the people taking part, even if they did not have insurance before, they must have insurance. This one is not indemnity for now alone, it is life insurance to protect them and their families, so that in case anything happens to them, their families will not suffer double loss." He also said beginning from this week, all outbound passengers would

Airtel, Cornerstone unveil free insurance plan for customers tions to package this innovative product which guarantees our customers quality, affordable and accessible insurance services. This further corroborates Airtel’s commitment towards creating a robust platform that helps customers accomplish their professional and personal success and goals in life.” The product, which has been endorsed by the National Insurance Commission (NAICOM is open to all Nigerian residents between the ages of 18 and 65 years. On his part, the Regional Director for MicroEnsure Africa, Peter Gross, said, “MicroEnsure is proud to be leading the world as a mobile insurance provider, and this launch in Nigeria marks a milestone in free mobile insurance offerings. “This combination of insurance products, all offered for free, is unprecedented in the industry here, and

we take pride in introducing a cutting edge micro-insurance product here in Nigeria.” The Group Managing Director, Cornerstone Insurance Plc, Ganiyu Musa, expressed delight over the initiative, saying Cornerstone was delighted to be at the forefront of providing truly innovative products and channels combinations that addressed the Nigerian situation. He said, “That we are grossly under-insured as a nation is very well documented; we are glad to be able to provide a platform for millions of financially excluded Nigerians to enjoy the benefits and peace of mind of insurance – for free. As we say at Cornerstone, “The Future” is, indeed, “Assured.” All hospitalisations are covered, both for natural and accidental causes, with no medical exclusions, making it the most widely accessible

henceforth be screened before leaving the country. On the other hand, Ghanaian medical doctors are asking the government to provide insurance cover and risk allowance for medical staff in the face of dreadful Ebola virus alert in the country. The President of the Ghana Medical Association (GMA), Dr Opoku Edusei, said although government had put in place measures to avert the possible outbreak of the pandemic, much had not been done to protect health workers against the alert. He said, “GMA is not holding the country to ransom but we are asking for protection for our members in the face of the Ebola virus scare.” He added that there were not enough equipment especially protective covers for the health workers in case the unfortunate happened. This has become necessary following reported death of doctors on the frontline of the battle against the world’s worst ever outbreak. In the face of the Ebola threat, government has put in place various committees to monitor the situation in all the 10 regions as a way of preventing possible outbreak of the disease which had reportedly killed 932 people in Guinea, Liberia, Sierra Leone and Nigeria. All suspected cases reported in Ghana proved negative, however people have refrained from eating bush meat because of education campaign that bush meat might be carrying Ebola virus. and generous free insurance cover in the country. Airtel Insurance rewards loyal Airtel customers with a renewable monthly life and hospitalisation cover based on the amount of monthly airtime recharged. Customers can qualify for this insurance by recharging as little as N1,000 with Airtel each month, and as they increase their monthly recharge, they earn more insurance cover – with up to N 500,000 and N50,000 of life insurance and hospitalisation cover per month. Airtel Insurance becomes active on the first day of month following registration, and is based on the amount of airtime recharged the previous month, with a minimum monthly recharge of N 1,000 Customers also have a variety of packages to choose from. With a monthly recharge of N1,000 Airtel insurance gives the customer N10,000 hospitalisation and N100,000 life insurance while N5,000 recharge will earn customers as much as N25,000 hospitalisation and N250,000 life insurance. A N10,000 recharge will attract N50,000 hospitalisation and N500,000 life insurance.

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, August 11, 2014

LOSSES Recurring natural disasters have continued to result in produce losses leading to a concerted collaboration on food security

Sunday Ojeme

he Zonal Manager, Nigerian Agricultural Insurance Corporation (NAIC), North East Zone, Malam Ahmed Arabi, has advised farmers to embrace insurance culture to safeguard their investment against calamities caused by climate change. He said that agricultural insurance among Nigerian farmers had remained unpopular despite the threat of climatic change in the country, which sometimes resulted in heavy losses to farmers. The manager said the two major groups of farmers relating with NAIC were those who patronise the corporation voluntarily and those whose dealing had become mandatory because of the loans they took from banks. He said, “All loans that are

Weather: NAIC sensitises N'East farmers on insurance granted by banks or other lending agencies are automatically insured by NAIC if they are agricultural loans. In this case, farmers are being mandated to insure their investment. “As a result, most of our clients happen to be those from the mandatory category; only few clients that have tested us and believe that we could serve as rescue unit, come on their own." He said that periodic losses by farmers on account of natural disasters like flood and drought had often left some of them impoverished. According to him, most farmers, especially those in the northern part of the country, see losses from natural disasters like flood and disease as seasonal calamities that must occur as at when due. They also believe that such natural phenomenon cannot be prevented and therefore do not need preventive measures. "Consequently, some farmers lack the least capital to continue farming even at domestic scale

after such disasters," he said. He explained that if farmers, faced by such disasters, had insured their investment, the insurance cover would have cushioned the effect of their losses and enabled them remain in business. There is therefore the need to enlighten our farmers to see agricultural insurance as a serious safety net that would safeguard their investment against losses and ensure continuity," he stressed. Arabi lamented that all efforts to make farmers appreciate the advantages of agricultural insurance had failed to yield the desired result, attributing the situation to the gen-

eral apathy by Nigerian public towards insuring their property or investment. The situation has remained unchanged even with federal and state governments bearing part of farmers insurance cost through subsidised agricultural insurance scheme being provided by NAIC," he said. New Telegraph recalls that the insurer paid N80 million compensation to the Savannah Sugar Company, Numan, Adamawa, following natural disasters that affected its farmlands. Fire outbreak and floods had affected 458 hectares of cultivated farmland owned by the company. The company had over the

years consistently paid its premium to NAIC in view of the risk potential that characterised their operations. The farm which is situated along the Numan-Gombe road in the North-eastern part of the country is on 4,863 hectares. The breakdown of the claims showed that over N32.3 million was paid as insurance claims to the company in December 2013 for the fire outbreak which ravaged over 194 hectares. Another sum of N47.2 million was settled in the second tranche to the insured in respect of the floods which destroyed the vast sugar cane farmland covering about 265 hectares.

Consolidation looms in insurance –KPMG

ergers and acquisitions (M&A) activity in the insurance industry is expected to increase over the next year as firms look to enter new markets, according to a new survey. The 2014 Insurance Industry Outlook Survey by US audit, tax and advisory services firm KPMG said more insurers were already eyeing strategic acquisitions this year. In its survey of 95 US-based senior insurance executives, KPMG said 54 per cent of respondents indicated that they expected to be involved in a merger or acquisition as a buyer over the next year. KPMG said this was a “significant” increase compared to 34 per cent in its 2013 survey. Of the 54 per cent, 19 per cent said they were “very likely” to be involved in a merger or acquisition as a buyer, up from 10 per cent last year, while 35 per cent said “somewhat likely,” an increase from 24

per cent in 2013. The number of respondents who said they had no plans for M&A activity “dropped substantially” from 41 per cent in 2013 to 21 per cent in 2014. The national leader of KPMG’s insurance practice Laura Hay said M&A activity “is expected to ramp up in the next year as insurers leverage their strong capital positions to seek profitable growth, enter new markets and rationalise noncore operations”. Hay said: “Property and casualty (P&C) insurers are acquiring companies with enhanced technology platforms to gain a competitive edge and view M&A as a crucial means to increase their distribution capacity. Meanwhile, life insurers are expanding their traditional product portfolio to include annuity and investment management capabilities to address the needs of baby boomer retirees.”

CIIN insurance picnic holds this week

he annual Insurance Picnic organised by Chartered Insurance Institute of Nigeria (CIIN) is scheduled to hold this week Saturday in Lagos. A statement made available to New Telegraph said the Picnic was borne out of the firm belief that members should enjoy all round healthy development necessary for optimal performance in the workplace. It is based on this that the Governing Council of the institute provides an ample opportunity annually for members to socialize and relax themselves outside of the workplace environment The statement added that

this year’s Picnic would be flagged off by the CIIN President, Mr. Bola Temowo, with the support of the principal officers of the CIIN Council and leaders of arms of the industry. It will feature a variety of activities including a fun packed Children’s Section, Beach Soccer, Music, Horse and Donkey rides and a variety of carnival-like activities and games. Plans are also ongoing to bring in a top entertainment celebrity to add spice to the occasion. The star attraction of the event will be the CIIN President’s tour-round of all participating companies’ sheds.

L-R: Deputy Director (Inspection), National Insurance Commission (NAICOM), Faruna Monday; Chief Commercial Officer, Airtel Nigeria, Maurice Newa; Group Managing Director/Chief Executive Officer, Cornerstone Insurance Plc, Ganiu Musa; and Regional Expansion Manager, Africa, MicroEnsure, Kierieni Kirika; at the media launch of Airtel Insurance in Lagos.

Stanbic IBTC Pension Managers tasks workers on financial security

he Chief Executive Officer, Stanbic IBTC Pension Managers Limited, Dr Demola Sogunle, has highlighted the need for Nigerians to be more proactive and assume greater responsibility for their financial security in retirement. He said the risk of not achieving a financially secure retirement remained high among Nigerians, a situation that necessitates the deepening of awareness about retirement planning in the country. Stanbic IBTC Pension Managers Limited, a member of Stanbic IBTC Holdings recently took its public enlightenment campaign to Port Harcourt, the Rivers State capital, with the aim of assisting workers in the attainment of this goal and also increasing retirement planning coverage among Nigerians. Sogunle emphasised that since retirement from active working life is inevitable, planning for it should commence early in an individual’s working life because it typically takes many years to accumulate the necessary funds with which to live comfortably when the salary eventually ceases to arrive every month. He said, “This seminar,

besides celebrating those who will soon become retired clients of Stanbic IBTC Pension Managers, also provides an opportunity to address the concerns or anxieties you might have as retirement draws near.” He said the seeming lack of interest and complaints of administrative complexities among workers are issues adequately addressed under the Contributory Pension Scheme upgraded through the recently signed Pension Reform Act of 2014; stressing that engaging the expertise of a professional financial advisor will help in designing the appropriate retirement plan for each person and also the adjustment of such plans when the need arises. By embracing a retirement plan from the early days of employment, Sogunle said Nigerians would avoid the myriad of difficult decisions usually encountered when nearing retirement age. Employers too have a major role to play by helping their employees work on their retirement outlook by opening a retirement savings account, encouraging savings and helping to ease workers’ transition to retirement, he said.

Stanbic IBTC Pension Managers, stated Sogunle, is backed by the requisite expertise, experience and strong financial clout of the Standard Bank Group, ensuring efficiency in the management and safety of clients’ investments. “We believe that the support, experience and capabilities of the Standard Bank Group, to which Stanbic IBTC belongs, have been instrumental in enhancing our expertise, resource base and general service delivery, thus reinforcing our goal of providing excellent service to all our customers.” He said innovations introduced by the PFA to enable clients experience excellent and convenient service delivery included the Stanbic IBTC Pension Managers mobile office; the first 24-hour multilingual call centre manned by personnel who speak the three major Nigerian languages - Yoruba, Igbo and Hausa; and also Pidgin English; a footprint of over 200 branches of Stanbic IBTC Bank where RSA clients can access pension service; Stanbic IBTC Pension Managers’ regional offices; as well as selected branches of Zenith Bank PLC.

38 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, August 11, 2014

FMDQ Daily Quotations List

8-Aug-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.

Bonds

Price

FGN Bonds Issuer

Rating/Agency

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

100.00 535.00 515.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 220.15 75.00 150.00 200.00 591.57 35.00

TOTAL OUTSTANDING VALUE

4,479.99

TOTAL MARKET CAPITALISATION

4,565.49

Rating/Agency

Issuer

Agency Bonds AMCON FMBN

***LCRM

Description

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

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

0.14 0.71 2.02 2.72 2.97 3.06 3.81 4.89 5.21 7.47 9.60 14.31 14.79 15.29 15.96 19.94

10.51 10.88 11.15 11.13 11.10 11.10 11.19 11.38 11.39 12.04 12.20 12.14 12.14 12.13 12.18 12.12

9.45 10.10 11.07 11.07 11.03 10.98 11.09 11.30 11.30 11.98 12.15 12.10 12.09 12.08 12.13 12.08

99.78 95.42 103.35 109.05 96.91 95.53 98.47 116.95 83.10 121.05 111.10 119.17 102.37 74.97 84.80 100.20

99.93 95.92 103.50 109.20 97.06 95.83 98.77 117.25 83.40 121.35 111.40 119.47 102.67 75.27 85.10 100.50

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

0.23 0.79 1.40 2.34 2.70 2.91

1.00 2.63 2.27 2.00 1.00 1.00

11.59 13.50 13.20 13.07 12.09 12.09

97.42 90.16 105.25 100.63 99.16 96.71

15-Oct-14 31-Aug-15 30-Sep-15 30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 30-Sep-20 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21

0.19 1.06 0.67 1.19 1.19 2.70 1.74 3.40 2.37 4.16 2.57 2.57 2.95 3.02 5.29 3.08 3.70 6.30 6.40 3.88 3.91

3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 4.78 1.00 1.00 1.00 2.74 1.00 1.00 1.94 1.44 1.95

13.84 15.29 14.11 15.34 14.36 16.68 12.00 12.93 12.87 12.23 12.08 15.86 12.10 12.10 12.41 13.85 12.18 12.67 13.64 12.64 13.15

99.92 97.33 99.75 98.88 101.56 85.91 102.86 102.82 102.45 105.58 105.33 96.44 105.70 108.54 107.89 102.21 107.29 103.47 105.65 105.47 105.39

1,301.62

TOTAL MARKET CAPITALISATION

1,271.70

Sub-National Bonds A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A-/Agusto; BBB+/DataPro A/Agusto A-/GCR

NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS KOGI *EKITI *NASARAWA

15-Oct-09 31-Aug-10 30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 30-Sep-13 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14

14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75 13.50 15.00 14.50 15.00

6.00 8.50 6.08 6.27 7.37 57.00 29.92 25.00 37.25 9.00 14.96 11.13 27.00 17.28 80.00 28.37 11.40 87.00 5.00 4.78 4.79

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Corporate Bonds

484.10 493.85

A+/Agusto; AA/GCR

LAFARGE WAPCO

11.50 LAFARGE WAPCO 7-OCT 2014

Aa/Agusto

GTB µ NGC

17.00 NGC 31-DEC-2014

Nil

10.00 UPDC 17-AUG-2015

Bbb-/Agusto A-/Agusto

*UPDC

BB+/GCR

*CHELLARAMS

*FLOURMILLS

A+/Agusto; A-/GCR A-/Agusto

NAHCO

BBB-/GCR BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR AAA/DataPro†; A+/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro†; BB+/GCR BBB/GCR A+/Agusto; A-/GCR

12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016

FSDH

A/GCR

13.50 GUARANTY TRUST 18-DEC-2014

UBA

13.00 UBA 30-SEP-2017

*C & I LEASING *DANA#

18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

UBA

14.00 UBA II 22-SEP-2018

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

*DANA NAHCO

15.75 LA CASERA 18-OCT-2018 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11

11.50

11.80

07-Oct-14

0.16

1.00

11.53

99.92

18-Dec-09

13.50

13.17

18-Dec-14

0.36

5.21

15.95

99.06

01-Apr-10

17.00

2.00

31-Dec-14

0.40

8.71

19.50

98.96

17-Aug-10

10.00

5.29

17-Aug-15

0.54

4.88

15.78

96.13

09-Dec-10

12.00

13.62

09-Dec-15

0.86

1.00

11.86

100.60

06-Jan-11

14.00

0.60

06-Jan-16

0.93

2.63

13.48

100.81

29-Sep-11

13.00

15.00

29-Sep-16

2.14

1.00

12.07

101.68

25-Oct-13

14.25

5.53

25-Oct-16

2.21

1.34

12.41

103.42

30-Sep-10

13.00

20.00

30-Sep-17

3.15

1.00

12.11

102.22

30-Nov-12

18.00

0.73

30-Nov-17

1.96

1.88

12.93

109.72

09-Apr-11

16.00

7.20

09-Apr-18

1.92

3.48

14.52

102.78

09-Sep-11

18.00

3.27

09-Sep-18

2.09

5.20

16.26

103.29

09-Sep-11

16.00

0.90

09-Sep-18

2.09

5.06

16.12

101.81

22-Sep-11

14.00

35.00

22-Sep-18

4.12

1.35

12.58

104.43

18-Oct-13

15.75

2.70

18-Oct-18

2.19

2.29

13.36

104.79

17-Feb-12

17.00

0.45

17-Feb-19

2.27

6.11

17.18

99.72

01-Apr-14

16.00

4.50

01-Apr-19

3.40

2.16

13.30

107.16

14-Nov-13

15.25

2.05

14-Nov-20

6.27

2.76

14.42

103.27

11-Feb-18

3.51

1.00

12.16

94.54

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

143.81

TOTAL MARKET CAPITALISATION

146.88

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

12.00 11.34 Description

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.09

4.91

109.07

110.08

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.32

4.04

102.88

103.88

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

5.41

5.26

106.76

107.83

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,593.54

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.71

2.96

111.45

112.64

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.88

3.89

104.37

106.10

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.10

5.80

99.60

100.74

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.03

6.41

100.59

102.30

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.62

8.17

94.50

95.88

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

7.72

6.33

107.92

110.68

6.25 APR 22, 2019

B+/S&P

ACCESS BANK PLC

B/S&P; B/Fitch

FIDELITY BANK PLC

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

AFREN PLC

22-Apr-14

6.25

500.00

22-Apr-19

6.39

6.09

99.41

100.66

B/Fitch; B/S&P

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

8.95

8.69

99.22

100.21

B/S&P; B-/Fitch

DIAMOND BANK PLC FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.26

6.56

103.42

105.92

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.00

5.10

104.41

105.89

ZENITH BANK PLC

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

3,660.00 3,762.73

**Treasury Bills DTM 13 20 27 34 41 48 55 62

FIXINGS Maturity 21-Aug-14 28-Aug-14 4-Sep-14 11-Sep-14 18-Sep-14 25-Sep-14 2-Oct-14 9-Oct-14

Bid Discount (%) 10.25 10.35 10.15 10.40 10.50 10.55 10.65 10.40

Offer Discount (%) 10.00 10.10 9.90 10.15 10.25 10.30 10.40 10.15

Bid Yield (%) 10.29 10.41 10.23 10.50 10.63 10.70 10.82 10.59

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.8750 12.5942 13.4272 14.3380

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.54

Tenor

Bid ($/N)

Offer ($/N)

10.79

Spot 7D 14D 1M 2M 3M

162.70 163.03 163.28 163.88 165.03 166.37

162.80 163.29 163.63 164.54 166.22 168.02

O/N Tenor Call 1M

REPO

Rate (%) 10.58 12.62

(%)

Agency Bonds AMCON FMBN

***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

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

TOTAL OUTSTANDING VALUE

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

KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS KOGI *EKITI *NASARAWA

97.42 90.16 105.25 100.63 99.16 96.71

14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75 13.50 15.00 14.50 15.00

6.00 8.50 6.08 6.27 7.37 57.00 29.92 25.00 37.25 9.00 14.96 11.13 27.00 17.28 80.00 28.37 11.40 87.00 5.00 4.78 4.79

0.19 1.06 0.67 1.19 1.19 2.70 1.74 3.40 2.37 4.16 2.57 2.57 2.95 3.02 5.29 3.08 3.70 6.30 6.40 3.88 3.91

3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 4.78 1.00 1.00 1.00 2.74 1.00 1.00 1.94 1.44 1.95

13.84 15.29 14.11 15.34 14.36 16.68 12.00 12.93 12.87 12.23 12.08 15.86 12.10 12.10 12.41 13.85 12.18 12.67 13.64 12.64 13.15

99.92 97.33 99.75 98.88 101.56 85.91 102.86 102.82 102.45 105.58 105.33 96.44 105.70 108.54 107.89 102.21 107.29 103.47 105.65 105.47 105.39

FMDQ targets new revenue lines

FMDQ focuses on expanding business strategy

Stories by Chris Ugwu

n a bid to achieve its five-year strategic plan and deepen investment in the OTC financial market, FMDQ OTC Plc is anticipating new revenue lines as TOTAL OUTSTANDING VALUE itTOTAL concludes itsCAPITALISATION listing and quoMARKET tations processes. Corporate Bonds Managing Director, FMDQ, A+/Agusto; AA/GCR Mr. Bola Onadele,LAFARGE saidWAPCO this Aa/Agusto GTB while addressing shareholders NGC Nil at the company’s Annual GenBbb-/Agusto *UPDC A-/Agusto eral Meeting (AGM) in Lagos *FLOURMILLS BB+/GCR . *CHELLARAMS recently A+/Agusto; A-/GCR NAHCO He said the FMDQ OTC manA-/Agusto FSDH agement was excited by the opA/GCR UBA portunities ahead as makes BBB-/GCR *C & it I LEASING BBB+/DataPro†; BB+/GCR good progress towards *DANA deliverA-/DataPro†; BB-/GCR *TOWER ing 2018 strategic vision. AAA/DataPro†; A+/GCR *TOWER “Management is confident A/Agusto; A/GCR UBA that as these efforts advance, Bbb+/Agusto; BBB+/GCR *LA CASERA FMDQ willBB+/GCR increasingly be poBBB-/DataPro†; *CHELLARAMS sitioned as a growing, systemiBBB/GCR *DANA µ

# #

A+/Agusto; A-/GCR

11.59 13.50 13.20 13.07 12.09 12.09

BUSINESS |FINANCIAL MARKET NEWS 39

Sanctity of Truth

1.00 2.63 2.27 2.00 1.00 1.00

1,271.70

Sub-National Bonds Monday, August 11, 2014NIGER A-/GCR

INNOVATION

0.23 0.79 1.40 2.34 2.70 2.91

1,301.62

TOTAL MARKET CAPITALISATION

A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A-/Agusto; BBB+/DataPro A/Agusto A-/GCR

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 20-Apr-17 06-Jul-17

NAHCO

cally important SRO, market organizer and business. We anticipate new revenue lines as we conclude on our listings and quotations processes. “We have made great strides in our journey towards empowering the OTC financial markets to be innovative and credible, in support of the Nigerian economy. We will continue to forge ahead on our business strategy to organise, regulate, disseminate information and advocate in the Nigeria Finan11.50 LAFARGE WAPCO 7-OCT 2014 cial he said. 13.50market,” GUARANTY TRUST 18-DEC-2014 Onadele noted that despite 17.00 NGC 31-DEC-2014 10.00challenges UPDC 17-AUG-2015 the of the start-up 12.00 FLOURMILLS 9-DEC-2015 year, FMDQ recorded revenue CHELLARAMS 06-JAN-2016 of14.00 N155.65 million in 2013. 13.00 NAHCO 29-SEP-2016 He explained that transac14.25 FSDH 25-OCT-2016 tion income of N76.47 mil13.00 fee UBA 30-SEP-2017 lion in December 18.00charged C&I LEASING only 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 2013 accounted for 49 per cent TOWER 9-SEP-2018 interest inofMPR+7.00 the total revenue MPR+5.25 TOWER 9-SEP-2018 come, while sponsorship and in14.00 UBA II 22-SEP-2018 come accounted for the balance. 15.75 LA CASERA 18-OCT-2018 He noted that to complement MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 made on marthe advancement 15.25 NAHCO II 14-NOV-2020

ket transparency, focus will also be directed at ensuring market efficiency and liquidity by driving product innovation and institutionalising robust market architecture such as trade execution, trade repository, risk management, among others. “We will thrive on the reintroduction of defunct products, such as commercial papers, restructuring of the repo market, activation of securities lending and development of the loan sale market. We will also com07-Oct-11 11.50 mence feasibility studies on the 18-Dec-09 13.50 derivative market ahead 01-Apr-10 17.00 of our medium term goals.10.00 17-Aug-10 09-Dec-10 “Technology is 12.00 our major 06-Jan-11for all our14.00 enhancer initiatives. 29-Sep-11 We intend to employ13.00 technology 25-Oct-13 14.25 regulation and examination 30-Sep-10 13.00 franchises to position 30-Nov-12 in order 18.00 09-Apr-11 FMDQ as a world 16.00 class front 09-Sep-11 18.00 line regulator,” he said. 09-Sep-11 16.00 He noted that the network 22-Sep-11 14.00 effects of the markets will con18-Oct-13 15.75 tinue17-Feb-12 to be improved 17.00upon as the OTC its 01-Apr-14market activates 16.00

membership classes in pursuit of its mission to integrate the capital market. The immediate past chairman and former Managing Director of Access Bank Plc. Mr. Aigboje Aig-Imoukhuede, said FMDQ was well positioned to empower banks, pensions managers and other operation to play major roles in the economic development programmes of 484.10 493.85

Okumo reports 18% pretax profit growth

11.80

07-Oct-14

0.16

1.00

11.53

99.92

13.17

18-Dec-14

0.36

5.21

15.95

99.06

2.00

31-Dec-14

0.40

8.71

19.50

98.96

kumo Oil17-Aug-15 Nigeria Plc has 0.54 re13.62 corded 17.5 09-Dec-15 0.86 per cent growth 0.60 in pretax 06-Jan-16 0.93 profit for the sec15.00 29-Sep-16 2.14 ond quarter ended June 2014. 5.53 25-Oct-16 2.21 In filing 30-Sep-17 with the Nigerian 20.00 3.15 Stock Exchange (NSE), the1.96 com0.73 30-Nov-17 7.20 09-Apr-18 1.92 pany’s profits grew from N1.427 3.27 09-Sep-18 2.09 billion during the comparable 0.90 09-Sep-18 2.09 period of 2013 to N1.730 billion 35.00 22-Sep-18 4.12 in 2014, indicating a growth of 2.70 18-Oct-18 2.19 17.5 per cent. 0.45 17-Feb-19 2.27 inched up3.40 mar4.50 The revenue 01-Apr-19 14-Nov-13 15.25 2.05 ginally by 14-Nov-20 0.8 per cent, 6.27 from 143.81 N4.829 billion to N4.869 billion during the period under review, 146.88 while total asset increased by 6.5 mercial customer base, while per cent to N32.594 billion3.51 from 11-Feb-13 10.20 12.00 11-Feb-18 keeping our costs; distribution, N30.491 billion during the comadministrative, and finance low. 12.00 parable period. The result is an indication that 11.34Based on the results, anawe are operating efficiently and lysts at the FBN Capital have Outstanding Value Issue Date Coupon (%) Maturity Date Bid Yield (%) are focused on our vision of be- (N'bn) increased their 2014-15E earning the foremost energy solu- ings estimates by an average of tions provider,” he said. 12 per cent, and price target by 07-Oct-11 6.75 500.00 28-Jan-21 5.09 Also commenting, the Group 13 per cent to N39.4. Chief12-Jul-13 Executive Officer, Forte 500.00“Our revision is premised 5.13 12-Jul-18 4.32 on Oil Plc, Akin Akinfemiwa said: Okomu’s Q2 numbers coming 6.38 12-Jul-23 in much stronger than we5.41had “We 12-Jul-13 are very pleased with our 500.00 audited H1 results for 2014, 1,500.00 expected. Sales and PBT beat which exhibits consistent and 1,593.54 our estimates by 11 per cent and sustainable growth for both rev- 64 per cent respectively. enue and profits. This perforWe expect H2 output to be 01-Feb-11 11.50 01-Feb-16 3.71 . In mance is an affirmation of the 450.00 down vs H1 due to seasonality 19-May-11of our businesses 7.50 19-May-16 4.88and resilience and 500.00 addition, prices for palm oil 08-Nov-13 6.00 08-Nov-18 6.10 a true test of our business trans- 400.00 rubber continue to be subdued 25-Jul-12 7.25 25-Jul-17 formation strategy despite the 350.00 (ytd they are down -6 per7.03 cent 09-May-13 6.88 300.00 02-May-18 8.62 adverse impact of 10.25 petroleum 300.00 and -20 per 08-Apr-19 cent respectively). 08-Apr-12 7.72 “Historically22-Apr-19 , Okomu’s earnings product scarcity experienced 22-Apr-14 6.25 500.00 6.39 in the first quarter of have been volatile 21-May-14 8.75the year. 200.00 21-May-19 q/q; hence, 8.95 5.29

Oil Nigeria Plc has re- Forte Oil pretax profit rises 152% Finorte ported 152 per cent growth pre-tax profit for the half- per cent YTD share price apTOTAL OUTSTANDING VALUE

TOTAL MARKET CAPITALISATION Supranational Bond

10.20 IFC 11-FEB-2018

the Federal Government. “Nigeria urgently needs a virile debt capital market with world class listing and quotation standards to support the improved business environment and the entrepreneurial energy of private sector. There is no doubt that collaboration with all stakeholders will remain critical in the development of our market,” he said.

our are conservative. 4.88estimates 15.78 96.13 1.00forecast 11.86 We H2 PBT to100.60 decline 100.81 -642.63 per cent vs13.48 H1. We have rolled 1.00 12.07 101.68 over our valuation to 2015. 1.34 12.41 103.42 “Our new price target is 1.00 12.11 102.22 N39.40, which implies an upside 1.88 12.93 109.72 3.48 102.78from potential of 14.52 14.5 per cent 5.20 16.26 Okomu 103.29 current levels. shares 5.06 16.12 101.81 are trading on a 2014E P/E mul1.35 12.58 104.43 tiple of 16.8x for 2015 EPS104.79 growth 2.29 13.36 of6.11 15.6 per cent. 17.18 Compared 99.72 with our of consumer goods 2.16coverage13.30 107.16 2.76 103.27 names, which14.42 are trading on current P/E multiples in the 10-34x range, Okomu remains relatively attractive. “However,12.16 we do not envis1.00 94.54 age the shares outperforming the All Share Index (ASI) in the near to medium term. As such, we have retained our Neutral Offer Yield (%) Bid Price Offer Price rating. The Pricesanalysts & Yields said that they expect Okomu to reach a pro4.91 110.08 cessing rate 109.07 of 60te/hr next year and rate. 4.04double the 102.88current103.88 “As such, volumes are un106.76 5.26 107.83 likely to grow significantly in H2 2014. As for palm oil prices, we expect these to remain relatively stable till the end of the year. Rubber prices on the 2.96 other hand,111.45 have been112.64 on the 3.89 104.37 and we 106.10 downward trend expect 5.80 to remain 99.60 subdued. 100.74Conthem 6.41 100.59 sequently , we forecast102.30 modest 8.17 94.50 95.88 sales growth of 3% y/y and a 6.33 107.92 110.68 7% decline 99.41 in EPS in100.66 2014E,” 6.09 they 8.69 said. 99.22 100.21

AAA/S&P

IFC

B/S&P; B-/Fitch

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.26

6.56

103.42

105.92

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.00

5.10

104.41

105.89

year ended June 2014. TOTAL OUTSTANDING VALUE In a filing with the Nigerian TOTAL MARKET CAPITALISATION Stock Exchange (NSE), the company’s pre-tax profit increased Rating/Agency Issuer 152 per cent to N4.19 billion compared with N1.66 billion FGN Eurobonds recorded in H1 2013. BB-/Fitch; B+/S&P Revenue grew 33 per cent to BB-/Fitch; billion compared FGN N79.61 with BB-/S&P N59.96 billion recorded in the BB-/Fitch; same BB-/S&Pperiod in 2013 TOTAL VALUEthe peThe OUTSTANDING company during riod under review successfully TOTAL MARKET CAPITALISATION launched new repackaged lubriCorporate cants andEurobonds aggressive consumer B-/S&P; B/Fitch AFRENto PLC I engagement activities boost GTBANK PLC I market share and have continB+/S&P; B+/Fitch PLC ued expansion in theGTBANK company’s B+/S&P ACCESS BANK PLC retail network at strategic locaB/S&P; B/Fitch FIDELITY BANK PLC tions to improve market domiB/Fitch AFREN PLC nance. B+/Fitch; BB-/S&P ZENITH BANK PLC It said a 111.05 B/Fitch; B/S&P it achieved DIAMOND BANK PLC

preciation in H1 from N92.87 to N206.30 and also an inclusion into the Morgan Stanley Capital International (MSCI) Description Frontier Market Index, one of the world's leading equity index provider and6.75 inclusion into the JAN 28, 2021 Exchange’s league of ‘highly priced stock.’5.13 JUL 12, 2018 Group Chief Financial OffiJUL 12, 2023 cer, Forte Oil6.38 Plc, Mr.Julius Omodayo-Owotuga, speaking on the results, said achieving 152 per cent growth in profitability in the third year of transformaFEB 01, 2016 tion is a clear11.50 indication that the 7.50 MAY 19, 2016 milestones set in restructure NOV 08, 2018 programme6.00were being met 7.25 JUL 25, 2017 earlier than 6.88 envisaged. MAY 09, 2018 “Revenue10.25 increased by 33% APR 08, 2019 from a growing number of re6.25 APR 22, 2019 tail outlets and improved com8.75 May 21, 2019

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

8-Aug-14

3,660.00 3,762.73

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 FIXINGS Money Market Foreign Exchange (Spot & Forwards) Terms of Use and Disclaimer Statement.

**Treasury the FMDQBills OTC PLC

DTM Maturity Bid Discount (%) 13 21-Aug-14 10.25 20 28-Aug-14 10.35 27 4-Sep-14 10.15 FGN Bonds 34 11-Sep-14 10.40 41 18-Sep-14 10.50 Issuer Description Rating/Agency 48 25-Sep-14 10.55 55 2-Oct-14 10.65 9.25 28-SEP-2014 62 9-Oct-14 10.40 69 16-Oct-14 10.65 4.00 23-APR-2015 76 23-Oct-14 10.60 13.05 16-AUG-2016 83 30-Oct-14 10.40 15.10 27-APR-2017 90 6-Nov-14 10.20 9.85 27-JUL-2017 97 13-Nov-14 10.70 9.35 31-AUG-2017 104 20-Nov-14 10.20 10.70 30-MAY-2018 111 27-Nov-14 10.75 118 4-Dec-14 10.05 16.00 29-JUN-2019 NA NA 125 11-Dec-14 10.75 7.00 23-OCT-2019 153 8-Jan-15 10.15 16.39 27-JAN-2022 167 22-Jan-15 10.25 14.20 14-MAR-2024 181 5-Feb-15 10.35 15.00 28-NOV-2028 195 19-Feb-15 10.15 12.49 22-MAY-2029 209 5-Mar-15 10.35 8.50 20-NOV-2029 244 9-Apr-15 10.25 258 23-Apr-15 10.15 10.00 23-JUL-2030 272 7-May-15 12.1493 10.10 18-JUL-2034 *from the Amortising bonds, TOTAL OUTSTANDING VALUE # the average life is is acalculated Risk Premium combination of credit risk and liquidity risk premiums

Offer Discount (%) 10.00 10.10 9.90 10.15 10.25 Issue 10.30Date 10.40 28-Sep-07 10.15 10.40 23-Apr-10 10.35 16-Aug-13 10.15 27-Apr-12 9.95 27-Jul-07 10.45 31-Aug-07 9.95 30-May-08 10.50 9.80 29-Jun-12 10.50 23-Oct-09 9.90 27-Jan-12 10.00 14-Mar-14 10.10 28-Nov-08 9.90 22-May-09 10.10 20-Nov-09 10.00 9.90 23-Jul-10 9.85 18-Jul-14

Bid Yield (%) 10.29 10.41 10.23 10.50 10.63 Coupon 10.70 (%) 10.82 9.25 10.59 10.87 4.00 10.84 13.05 10.65 15.10 10.46 9.85 11.01 9.35 10.51 10.70 11.11 10.39 16.00 11.16 7.00 10.60 16.39 10.75 14.20 10.91 15.00 10.73 12.49 11.00 8.50 11.00 10.93 10.00 10.92 12.1493

O/N 1M 3M Outstanding 6M (N'bn)

Issuer

Agency Bonds AMCON Modified Duration Buckets NA

FMBN

<3 ***LCRM 3<5 >5

TOTAL OUTSTANDING VALUE Market

Tenor

Rate (%)

OBB

10.54

O/N

10.79

REPO TTM Bid Yield Tenor(Yrs) Rate (%) (%) Call 0.14 1M 3M 0.71 6M 2.02

10.58 10.51 12.62 13.34 10.88 13.83 11.15

Tenor Spot 7D 14D Yield Offer 1M (%) 2M 9.45 3M 6M 10.10 1Y 11.07

2.72 11.13 11.07 2.97 11.10 11.03 3.06 11.10 10.98 :Benchmarks 3.81 11.19 11.09 * :Amortising Bond µ :Convertible 4.89Bond 11.38 11.30 AMCON: Asset of Nigeria 5.21Management Corporation 11.39 11.30 FGN: Federal Government of Nigeria 7.47 12.04 11.98 FMBN: Federal Mortgage Bank of Nigeria 9.60 12.20 12.15 IFC: International Finance Corporation 14.31 12.14 Management 12.10 LCRM: Local Contractors Receivables 14.79 Aviation Handling 12.14 Company 12.09 NAHCO: Nigerian 15.29 12.13 12.08 O/N: Overnight UPDC: UAC15.96 Property Development 12.18Company 12.13 WAPCO:West Africa Portland Cement Company 19.94 12.12 12.08 NOTE:

Bid ($/N) 162.70 163.03 163.28 Bid Price 163.88 165.03 99.78 166.37 170.01 95.42 177.85 103.35

Offer ($/N)

Price 162.80 163.29 163.63

Offer 164.54Price 166.22 99.93 168.02 173.64 95.92 184.88 103.50

109.05 109.20 96.91 97.06 95.53 95.83 NA :Not Applicable 98.47 98.77 # :Floating Rate Bond ***: Deferred coupon bonds 116.95 117.25 83.10 83.40 †: Bond 121.05 rating expired 121.35 111.10 111.40 119.17 119.47 102.37 102.67 NGC: Nigeria-German Company 74.97Bank for Africa 75.27 UBA: United 84.80 85.10 100.20 100.50

4,479.99 4,565.49

Description

Issue Date

0.00Porfolio AMCONMarket 31-OCT-2014 (SR.5 TR.1) Total Outstanding 0.00 FMB 24-MAY-2015 Value(Bn) Volume(Bn) 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 1,026.31 968.07 0.00/16.50 LCRM II 20-APR-2017 1,137.15 951.30 0.00/16.50 LCRM III 06-JUL-2017 746.24 811.72

2,909.69

Value

Rate (%) 10.8750 12.5942 13.4272 Maturity 14.3380 Date

100.00 28-Sep-14 535.00 NITTY 23-Apr-15 515.27 16-Aug-16 Tenor Rate (%) 452.80 27-Apr-17 1M 10.4886 20.00 27-Jul-17 2M 10.5438 100.00 31-Aug-17 3M 10.5509 300.00 30-May-18 6M 10.8373 9M 10.9754 351.30 29-Jun-19 12M 11.2196 233.90 23-Oct-19 600.00 27-Jan-22 220.15 14-Mar-24 75.00 NIFEX 28-Nov-28 150.00 Current Price ($/N)22-May-29 20-Nov-29 BID($/N) 200.00 162.8500 OFFER ($/N) 162.9500 591.57 23-Jul-30 35.00 18-Jul-34

**Exclusive of non-trading t.bills TOTAL MARKET CAPITALISATION

Rating/Agency

NIBOR

BondsTenor

2,731.09

FMDQ FGN

28-Dec-11 Weighting by Outstanding Vol 24-May-10

03-Apr-12 09-Dec-11 35.45 20-Apr-12 34.83 06-Jul-12 29.72

100.00

Outstanding Value (N'bn) BOND INDEX

Coupon (%)

0.00 Weighting by Mkt Value 0.00

17.25 0.00/16.00 35.27 0.00/16.50 39.08 0.00/16.50 25.65

100.00

TOTAL MARKET CAPITALISATION

978.35 24.56 3.30 112.220.35 116.700.35 66.490.30

Bucket Weighting

1,301.62 1.00

Maturity Date

31-Oct-14 % Exposure_ Mod_Duration 24-May-15

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

03-Apr-17 09-Dec-16 16.52 20-Apr-17 35.63 06-Jul-17 47.85

0.23 0.79 1.40 2.34 11.14 2.70 11.84 2.91 12.19

1.00 Implied Portfolio Price 2.63 2.27 2.00 118.5333 1.00 134.0662 1.00 101.2441

11.59 13.50 13.20 13.07 1,125.82 12.09 1,135.22 12.09 1,181.09

100.00

11.89

118.8052

1,128.52

12.8522

13.84 15.29 14.11 15.34 14.36 16.68 12.00 12.93 12.87

99.92 97.33 99.75 98.88 101.56 85.91 102.86 102.82 102.45

Implied Yield

INDEX

97.42 YTD Return (%) 90.16

105.25 100.63 12.5824 99.16 13.5222 96.71 18.1094

1,271.70

Sub-National Bonds A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR

NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA

15-Oct-09 31-Aug-10 30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10 30-Sep-11

14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00

6.00 8.50 6.08 6.27 7.37 57.00 29.92 25.00 37.25

15-Oct-14 31-Aug-15 30-Sep-15 30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18

0.19 1.06 0.67 1.19 1.19 2.70 1.74 3.40 2.37

3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80

40 business | CAPITAL MARKET

Sanctity of Truth

Monday, August 11, 2014

Daily Summary as of 08/08/2014 Printed 08/08/2014 15:11:29.029

Daily Summary as of 08/08/2014

Printed 08/08/2014 15:11:29.029

The Nigerian Stock Market Exchange as at August 8, 2014 Daily Summary (Equities)

Daily Summary (Bonds)

Activity Summary on Board EQTY

Activity Summary on Board DEBT Federal

Bond Name 13.05% FGN AUG 2016 4.00% FGN APR 2015 15.10% FGN APR 2017 16.39% FGN JAN 2022 Federal Totals

Symbol FG102016S1 FG7B2015S2 FG9B2017S2 FG9B2022S1

No. of Deals 1 1 1 1 4

DEBT Board Totals

Current Price 107.55 95.41 110.00 124.50

Bond Activity Totals

Quantity Traded 2,000 25,000 700 500 28200

HEALTHCARE Pharmaceuticals GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. PHARMA-DEKO PLC. Pharmaceuticals Totals

Value Traded 2,278,614.02 24,156,353.69 800,900.67 626,061.54 27,861,929.92

28,200

27,861,929.92

28200

27,861,929.92

Daily Summary

Livestock/Animal Specialties

No. of Deals 17 31 16 64 (Equities)

Current Price 0.50 35.98 37.00

Quantity Traded 9,140 261,540 107,996 378,676

Value Traded 4,570.00 9,262,299.90 3,917,454.53 13,184,324.43

No. of Deals 39 39

Current Price 3.28

Quantity Traded 1,249,104 1,249,104

Value Traded 4,023,912.95 4,023,912.95

Symbol LIVESTOCK

ActivityLIVESTOCK Summary on Board EQTY FEEDS PLC.

Livestock/Animal Specialties Totals AGRICULTURE AGRICULTURE Totals

103

CONGLOMERATES Published by The Nigerian Stock Exchange © Diversified Industries A.G. LEVENTIS NIGERIA PLC. CHELLARAMS PLC. JOHN HOLT PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

Symbol AGLEVENT CHELLARAM JOHNHOLT TRANSCORP UACN

No. of Deals 6 1 7 204 32 250

CONGLOMERATES Totals

250

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Daily Summary as of 08/08/2014 Building Structure/Completion/Other Totals

Printed 08/08/2014 15:11:29.029

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED

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

Value Traded 919,814.00 919,814.00

Symbol JBERGER

No. of Deals 11 11

Current Price 65.00

Quantity Traded 27,437 27,437

Value Traded 1,821,705.55 1,821,705.55

No. of Deals 21 21

Current Price 17.00

Quantity Traded 324,368 324,368

Value Traded 5,441,379.54 5,441,379.54

No. of Deals 3 3

Current Price 9.95

Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. PREMIER BREWERIES PLC Daily Summary as of 08/08/2014 Beverages--Brewers/Distillers Totals Printed 08/08/2014 15:11:29.029

Symbol CHAMPION GUINNESS INTBREW JOSBREW NB PREMBREW

No. of Deals 4 18 24 1 85 1 133

Current Price 8.31 200.00 27.50 2.46 184.15 0.80

Quantity Traded 54,992 28,374 172,515 50,000 1,808,302 513,550 2,627,733

Value Traded 434,978.90 5,613,773.80 4,717,175.33 123,000.00 335,821,903.27 410,840.00 347,121,671.30

No. of Deals 8 8

Current Price 115.00

Quantity Traded 24,150 24,150

Value Traded 3,055,707.00 3,055,707.00

No. of Deals 77

Current Price 7.40

Quantity Traded 224,970

Value Traded 1,692,556.21

CONSUMER GOODS Published by The Nigerian Stock Exchange © Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. UNION DICON SALT PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC. Daily Summary as of 08/08/2014 VONO PRODUCTS PLC. Printed 08/08/2014 15:11:29.029 Household Durables Totals

Daily

REGENCY ALLIANCE INSURANCE COMPANY PLC SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC UNION HOMES SAVINGS AND LOANS PLC. Daily Summary as of 08/08/2014 Mortgage Carriers, Brokers and Services Totals Printed 08/08/2014 15:11:29.029 Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. Activity Summary on Board EQTY STANBIC IBTC HOLDINGS PLC

FINANCIAL SERVICES Published by The Nigerian Exchange © Other FinancialStock Institutions

UBA CAPITAL PLC Other Financial Institutions Totals

No. of Deals 71 74 35 69 5 1 332

Symbol CADBURY NESTLE

No. of Deals 5 41 46

Current Price 74.25 1,110.00

Quantity Traded 5,725 390,319 396,044

Symbol ENAMELWA VITAFOAM VONO

No. of Deals 1 14 1 16

Current Price 32.27 4.25 1.37

Quantity Traded 100 187,845 15,000 202,945

No. of Deals 35 34 69

Current Price 37.97 49.00

Quantity Traded 156,973 119,119 276,092

Symbol PZ Summary (Equities) UNILEVER

606

Symbol No. of Deals Current Price ACCESS 149 9.90 DIAMONDBNK 41 6.40 Daily Summary (Equities) ETI 148 18.33 FIDELITYBK 54 2.02 GUARANTY 210 30.40

Symbol SKYEBANK STERLNBANK UBA UBN UNITYBNK WEMABANK ZENITHBANK

No. of Deals 88 118 178 88 7 29 152 1,262 No. of Deals 22 25 3 18 17 27 18 1 3 6 15 (Equities) 34 3 5

9,480,537

Quantity Traded 20,610,779 1,358,484 5,746,153 4,669,271 11,491,149

Current Price 3.17 2.20 7.90 9.00 0.50 1.00 25.00

Value Traded Page 204,208,833.08 8,686,519.87 105,652,183.00 9,436,536.91 349,778,505.76

Quantity Traded 5,074,965 2,601,379 11,173,106 1,469,943 359,359 1,128,531 9,778,427 75,461,546

Current Price Quantity Traded 0.80 1,627,718 1.00 1,882,960 0.50 62,000 0.50 165,731 0.50 9,140 0.50 698,304 0.50 14,710 0.50 100 Page 5 of 16 0.50 220 2.50 23,600 0.54 1,319,465 0.80 10,579,013 0.50 52,100 0.50 27,973

Symbol REGALINS SOVRENINS STDINSURE UNITYKAP UNIVINSURE WAPIC

No. of Deals 17 1 1 1 19 55 291

Current Price 0.50 0.50 0.50 0.50 0.50 0.82

Page Quantity Traded 5,028 100 161,547,689 200 518,140 1,368,084 179,902,275

Symbol FORTISMFB NPFMCRFBK

No. of Deals 1 8 9

Current Price 6.00 1.00

Quantity Traded 10,000,000 584,766 10,584,766

Symbol INFINITY UNHOMES

No. of Deals 1 17 18

Current Price 1.52 0.50

Quantity Traded 500 4,570 5,070

No. of Deals 57 14 (Equities) 347 70 20 59

Current Price 3.21 3.94 15.42 4.25 0.57 30.00

Quantity Traded 313,164 369,250 8,812,914 27,045,923 1,050,953 3,807,836

No. of Deals 79 646

Current Price 2.16

Page Quantity Traded 1,926,013 43,326,053

Symbol AFRIPRUD CUSTODYINS Daily Summary FBNH FCMB ROYALEX STANBIC

Symbol UBCAP

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC

Page 3 of 16 Current Price Quantity Traded 8.98 1,588,435 79.35 187,271 4.14 952,850 10.43 2,835,920 21.68 159,011 14.11 100 5,948,557

Symbol DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UNIONDICON

Insurance Carriers, Brokers and Services Symbol AIICO INSURANCE PLC. AIICO CONTINENTAL REINSURANCE PLC CONTINSURE CORNERSTONE INSURANCE COMPANY PLC. CORNERST GUINEA INSURANCE PLC. GUINEAINS CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS Daily Summary as of 08/08/2014 INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS Printed 08/08/2014 15:11:29.029 LASACO ASSURANCE PLC. LASACO LAW UNION AND ROCK INS. PLC. LAWUNION Published by The Nigerian Stock Exchange © LINKAGE ASSURANCE PLC LINKASSURE MANSARD INSURANCE PLC MANSARD MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT Daily Summary N.E.M INSURANCE CO (NIG) PLC. NEM NIGER INSURANCE CO. PLC. NIGERINS Activity Summary on Board EQTY PRESTIGE ASSURANCE CO. PLC. PRESTIGE

FINANCIAL SERVICES

8,242,970.09 Value Traded 2,508.00 2,508.00

Symbol DANGFLOUR

1,165,705 Quantity Traded 5,016 5,016

Food Products

FINANCIAL SERVICES Banking SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals

Value Traded of 16 60,071.00 60,071.00

Current Price 0.50

Daily Summary (Equities)

2,226

IT Services COMPUTER WAREHOUSE GROUP PLC NCR (NIGERIA) PLC. TRIPPLE GEE AND COMPANY PLC. Activity Summary IT Services Totals on Board EQTY ICT Telecommunications Services MASS TELECOMMUNICATION INNOVATIONS NIGERIA Published by The PLC Nigerian Stock Exchange © Telecommunications Services Totals

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Daily Summary as of 08/08/2014 Building15:11:29.029 Materials Totals Printed 08/08/2014 Electronic and Electrical Products CUTIX PLC. NIGERIAN WIRE AND CABLE PLC. Electronic and Electrical Products Totals Packaging/Containers Activity Summary on Board EQTY

309,279,710

BETA GLASS CO PLC.

INDUSTRIAL GOODS Published byPackaging/Containers The Nigerian Stock Exchange © Packaging/Containers Totals Tools and Machinery NIGERIAN ROPES PLC Tools and Machinery Totals

NATURAL RESOURCES Mining Services MULTIVERSE PLC Mining Services Totals

OIL AND GAS Energy Equipment and Services JAPAUL & MARITIME SERVICES PLC Daily Summary as of OIL 08/08/2014 Energy Equipment and Services Totals Printed 08/08/2014 15:11:29.029 Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Value Traded Petroleum and Petroleum Products Distributors Activity Summary 14,287,541.69 CONOIL PLC on Board EQTY 14,895,317.54 OIL AND GAS 3,959,300.64 Published by The Nigerian Stock Exchange © Petroleum and Petroleum Products Distributors 30,619,808.80 ETERNA PLC. 3,444,722.04 FORTE OIL PLC. 1,341.00 MOBIL OIL NIG PLC. 68,900,587.92 MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Value Traded Petroleum and Petroleum Products Distributors Totals 403,841.50

433,051,003.74 Exploration and Production 433,454,845.24 SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals Value Traded

3,066.00 OIL AND GAS Totals 785,627.85 19,650.00 SERVICES 808,343.85 Apparel Retailers LENNARDS (NIG) PLC. Value Traded Daily Summary as of 08/08/2014 Apparel Retailers Totals 5,888,772.00 Printed 08/08/2014 15:11:29.029 5,871,510.46 Automobile/Auto Part Retailers 11,760,282.46 R T BRISCOE PLC. Automobile/Auto Part Retailers Totals 865,103,945.77 Courier/Freight/Delivery 16STAR EXPRESS PLC RED

Activity Summary on Board EQTY PLC. TRANS-NATIONWIDE EXPRESS

Employment Solutions Daily Summary as of 08/08/2014 C & I LEASING PLC. Value Traded Printed 08/08/2014 15:11:29.029 Employment Solutions Totals 15,924,009.87

5,758,585.35 Hotels/Lodging 88,035,342.44 IKEJA HOTEL PLC 13,133,781.48 TOURIST COMPANY OF NIGERIA PLC. 179,679.50 Hotels/Lodging Totals 1,132,765.11 Activity Summary on Board EQTY 244,395,390.48 Printing/Publishing 1,046,322,132.85 SERVICES

Printing/Publishing Value Traded ACADEMY PRESS PLC. 1,303,324.40 LEARN AFRICA PLC 1,862,798.80 UNIVERSITY PRESS PLC. 31,000.00 Printing/Publishing Totals 82,865.50 4,570.00 Road Transportation 349,290.34 ASSOCIATED BUS COMPANY PLC 7,355.00 Road Transportation Totals 50.00 Transport-Related Services 110.00 AIRLINE SERVICES AND LOGISTICS PLC 60,931.00 NIGERIAN AVIATION HANDLING COMPANY PLC 712,513.10 Daily Summary asNigerian of 08/08/2014 Transport-Related Services Totals Published by The Stock Exchange © 8,463,282.40

Printed 08/08/2014 15:11:29.029 26,050.00

Support and Logistics 14,266.28 CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals 6 of 16 Value Traded SERVICES Totals

2,514.00 50.00 Activity Summary EQTY Board Totalson Board ASeM 80,773,844.50

100.00 CONSUMER GOODS 259,070.00 Food Products 1,126,661.79 MCNICHOLS PLC 95,080,647.11 Food Products Totals

JULI PLC. Value Traded Food/Drug Retailers and Wholesalers Totals 760.00

No. of Deals 9 21

Current Price 2.15 3.00

Quantity Traded 74,488 1,444,640

Symbol OMATEK

No. of Deals 1 1

Current Price 0.50

Quantity Traded 100 100

Value Traded 50.00 50.00

Symbol CWG NCR TRIPPLEG

No. of Deals 2 1 2 5

Current Price 5.00 14.44 1.88

Quantity Traded 400 100 5,460 5,960

Value Traded 1,900.00 1,372.00 9,773.40 13,045.40

Daily Summary (Equities)

Symbol MTI

No. of Deals 1

Quantity Traded 100

Value Traded 50.00

Page

100

43,160

33,495.40

50.00

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM DNMEYER PORTPAINT WAPCO

No. of Deals 72 6 16 91 32 1 6 36 260

Current Price 34.00 8.60 39.00 15.02 230.00 1.10 5.37 119.94

Quantity Traded 1,557,197 40,673 20,474 1,514,719 1,167,463 40,890 72,650 109,667 4,523,733

Value Traded 53,035,645.52 345,829.16 815,497.37 22,767,116.96 268,518,033.50 42,934.50 399,237.50 13,208,887.46 359,133,181.97

Symbol CUTIX NIWICABLE

No. of Deals 10 1 11

Current Price 2.00 0.50

Quantity Traded 220,132 100 220,232

Value Traded 438,665.59 50.00 438,715.59

Symbol BETAGLAS

No. of Deals 7

Current Price 17.11

Quantity Traded 25,333

Value Traded 452,530.14

Symbol

No. of Deals 7

Current Price

Quantity Traded Page 25,333

Symbol NIGROPES

No. of Deals 1 1

Current Price 7.46

Quantity Traded 100 100

Value Traded 709.00 709.00

4,769,398

360,025,136.70

Symbol MULTIVERSE

No. of Deals 1 1

Current Price 0.50

Quantity Traded 100 100

Value Traded 50.00 50.00

100

50.00

Daily Summary (Equities)

279

Value Traded 10 of 16 452,530.14

Symbol JAPAULOIL

No. of Deals 42 42

Current Price 0.52

Quantity Traded 1,408,720 1,408,720

Value Traded 738,894.10 738,894.10

Symbol OANDO

No. of Deals 397 397

Current Price 27.30

Quantity Traded 4,924,248 4,924,248

Value Traded 134,001,564.80 134,001,564.80

Symbol CONOIL

No. of Deals 148

Current Price 75.73

Quantity Traded 2,577,516

Value Traded 195,177,286.68

Symbol ETERNA FO MOBIL MRS TOTAL

No. of Deals 55 138 22 23 20 406

Current Price 3.80 240.00 173.90 59.50 178.96

Page Quantity Traded 2,541,040 412,758 22,164 167,074 43,476 5,764,028

11 of 16 Value Traded 9,685,477.74 98,556,408.31 3,835,356.00 9,670,373.34 7,794,462.50 324,719,364.57

Symbol SEPLAT

No. of Deals 17 17

Current Price 690.00

Quantity Traded 306,355 306,355

Value Traded 214,297,777.37 214,297,777.37

12,403,351

673,757,600.84

Daily Summary (Equities)

862 Symbol LENNARDS

No. of Deals 1 1

Current Price 3.15

Quantity Traded 100 100

Value Traded 300.00 300.00

Symbol RTBRISCOE

No. of Deals 14 14

Current Price 0.95

Quantity Traded 209,933 209,933

Value Traded 200,096.35 200,096.35

Symbol REDSTAREX TRANSEXPR

No. of Deals 18 1

Current Price 4.28 1.87

Quantity Traded 2,572,000 3,000

Value Traded 11,291,921.28 5,400.00

Symbol

No. of Deals 19

Current Price

Page Quantity Traded 2,575,000

Symbol CILEASING

No. of Deals 24 24

Current Price 0.51

Quantity Traded 4,059,547 4,059,547

Value Traded 2,076,464.44 2,076,464.44

Symbol IKEJAHOTEL

No. of Deals 3 1 4

Current Price 0.74 3.88

Quantity Traded 599,750 50 599,800

Value Traded 423,825.00 184.50 424,009.50

Daily Summary (Equities)

DailyTOURIST Summary (Equities) Symbol

No. of Deals

Current Price

12 of 16 Value Traded

11,297,321.28

Quantity Traded

Value Traded

Symbol ACADEMY LEARNAFRCA UPL

No. of Deals 9 10 6 25

Current Price 1.79 1.60 4.48

Quantity Traded 16,500 224,498 20,800 261,798

Value Traded 29,195.00 353,279.75 93,300.00 475,774.75

Symbol ABCTRANS

No. of Deals 24 24

Current Price 0.85

Quantity Traded 955,140 955,140

Value Traded 808,106.52 808,106.52

Symbol AIRSERVICE NAHCO

No. of Deals 5 36 41

Current Price 2.12 5.01

Quantity Traded 111,000 246,274 357,274Page

Value Traded 236,920.00 1,237,385.97 13 of 1,474,305.97

Symbol CAVERTON

No. of Deals 20 20

Current Price 6.19

Quantity Traded 189,044 189,044

Value Traded 1,180,473.94 1,180,473.94

Daily Summary (Equities)

Symbol MCNICHOLS

172

9,207,636

17,936,852.75

4,646

360,019,517

3,725,586,122.50

Quantity Traded 100 100

Value Traded 134.00 134.00

No. of Deals 1 1

Current Price 1.41

Page

1 Symbol JULI

No. of Deals 1 1

Current Price 1.84

100

134.00

Quantity Traded 1,000 1,000

Value Traded 1,750.00 1,750.00

1,000

1,750.00

1,100

1,884.00

4,648

360,020,617

3,725,588,006.50

Daily Summary (ETP) Fund

Daily Summary Name as of 08/08/2014 7 of 16 Value Traded Printed 08/08/2014 15:11:29.029 NEWGOLD EXCHANGE TRADED FUND (ETF) 4,158,773.32 VETIVA GRIFFIN 30 ETF 371,457,517.30 Exchange Traded Fund Totals

1,573,438,294.80 Value Traded 162,303.04 ETP Activity Totals 4,357,024.40

Current Price 0.50

Symbol EVANSMED FIDSON

Value Traded 20,350.00 20,350.00

2,285.00 SERVICES Totals 3,045.00

ETF Board Totals

10,339,333.00

Quantity Traded 37,000 37,000

Value Traded CONSUMER GOODS Totals 60,000,000.00 574,952.54 SERVICES 60,574,952.54 Food/Drug Retailers and Wholesalers

ASeM Board Totals Value Traded 1,001,321.49 Equity Activity Totals 1,452,947.00 135,792,846.44 114,922,858.61 598,223.57 113,530,546.87 Exchange Traded

2,572,578 Current Price 0.57

NATURAL RESOURCES Totals

Value Traded 4,150,010.86 264,964.40 271,404.00 700.00 1,132,926.30 10,339,333.00

No. of Deals 4 4

INDUSTRIAL GOODS Totals

Quantity Traded 66,411 163,454 251,300 100 572,185 2,572,578

Symbol COURTVILLE

ICT Totals

No. of Deals 2 2

Symbol 7UP

PublishedBanking by The Nigerian Stock Exchange © ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC Activity Summary on Board EQTY GUARANTY TRUST BANK PLC.

Quantity Traded Page 6,350 6,350

Symbol DUNLOP

Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals DANGOTE FLOURon MILLS PLC EQTY Activity Summary Board

199,500,205.77

Quantity Traded 807,550 807,550

CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals

9,469,562 Current Price 1.15

Symbol UPDCREIT

1 of 16 Value Traded 141,383.80 1,242.00 18,962.64 37,175,343.68 162,163,273.65 199,500,205.77

No. of Deals 18 18

Symbol UAC-PROP

Computers and Peripherals

Daily Summary as of 08/08/2014PLC OMATEK VENTURES PrintedComputers 08/08/2014 15:11:29.029 and Peripherals Totals

17,208,237.38

Page Quantity Traded 100,150 300 17,558 6,693,406 2,658,148 9,469,562

Symbol COSTAIN

Daily Summary (Equities)

Activity on BoardTotals EQTY Real Summary Estate Development

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals Summary on Board EQTY Daily Activity Summary as of 08/08/2014 CONSUMER GOODS Totals Printed 08/08/2014 15:11:29.029 FINANCIAL SERVICES

1,627,780 Current Price 1.40 3.95 1.13 5.59 61.00

Current Price 65.01 1.62 1.08 7.36 1.98

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

Activity Summary on Board EQTY Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 16 16 13 1 7 83

HEALTHCARE Totals

Daily Summary (Equities)

AGRICULTURE Daily Summary as of 08/08/2014 Crop Production Printed 08/08/2014 15:11:29.029 FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals

Symbol GLAXOSMITH MAYBAKER NEIMETH NIG-GERMAN PHARMDEKO

Symbol NEWGOLD VETGRIF30

No. of Deals 1 1 2

Current Price 2,051.00 19.48

Quantity Traded 41 10 51

Value Traded 84,091.00 194.80 84,285.80

Daily Summary (ETP) 2 2

Page

51 51

84,285.80 84,285.80

Sanctity of Truth

Monday, August 11, 2014

42 business |INTERVIEW

Sanctity of Truth

Monday, August 11, 2014

Second Niger Bridge not white elephant Ejike Mgbemena, an engineer, was until recently the Director, North Central at the Federal Ministry of Works. He served at the ministry in various capacities over the past 30 years with his name associated with the successful completion of high profile bridges and road projects nationwide. In this interview with Sunday Ojeme, he bares his mind on issues bordering on Federal Government’s efforts at road rehabilitation and construction as well as his post-retirement goals What were the highpoints in your career? It’s a long story. Every service station I was posted to, all have their own high points in my career. I will start with Port Harcourt. Port Harcourt was a station that I had a special privilege to have constructed a road and bridge network from Bodon to Bonny Island. That was when? That was around 2007 and 2008. Because of the youth restiveness in the riverine area, that project became a sorry state. The project was just reactivated a few years ago by the present minister. And that is the way he has been going about all the projects all over the country. Where was your next call after Port Harcourt? From there I went to Maiduguri. Maiduguri was my best posting. I had two of my promotions in Maiduguri. I spent about three, four years there and left around 2002. Not the Maiduguri of today. When I was in Maiduguri, if you entered Maiduguri you would not like to leave. It was a beautiful, quiet and prosperous city. Where did you encounter your biggest challenge? One of my biggest challenges was in Lagos. You know the political situation between the (Federal) Government and the Lagos state government. I had to wade into so many crises, which by the grace of God I was able to manage. From right of way abuse, to the acquisition of the Tin Can frontage where we are building a trailer park now. So Lagos, prepared me for my journey to Abuja. As a highway engineer who is an administrator for project, every project has its own characteristics and its own problems. So, I can say that every station I worked I was sent there to go and solve problem and I performed creditably well by the grace of God. How would you assess the state of roads today compared with the past? The state of roads now in the country is far much better than it used to be. Now you can drive from Abuja to Anambra without seeing any pothole. Now the Abuja-Lokoja road is being taken care of. The level of work going on there will prove to the world that government is serious with giving Nigerians some of the best roads around. We have those we call partners there, not contractors and they are prepared not just to give the country the best but also to deliver on time. Benin-Ore road is no longer how it used to be and so many others across the geo-political zones. In fact, we have gone very far. If the tempo of investment on the roads now is sustained in the next four years I believe that the road network in the country will become something else.

Some people say that the Second Niger Bridge is a white elephant project. How true is this? It’s not a white elephant project. If you were there the day it was flagged off you would understand what I am saying. We have been told that funding had been made possible from Sovereign Wealth Fund. So is there any crisis with funding? I know the project will be delivered and delivered in time. There are people who say that this government is clueless in everything including roads. How would you score its efforts as regards road construction? Anybody who says this government is not doing well in road infrastructure is not saying the truth because this present government which I have been privileged to serve as a civil servant has a very wonderful programme for road development and if we have had this type of government in the last 15 years, by now Nigeria would have been coming close to the United States in terms of road infrastructure. How best do you think government can sustain this tempo? What we are now asking for is to have a road authority. I believe that between now and next year, there will be more responsiveness to the issue of road development. What some people don’t want to accept is the fact that this government has been more committed to road development than any other in the recent past. One thing is certain about road development, you can hardly politicise it. I know that the plan of this government is to ensure that all the road network in the country are turned around as soon as possible, but if there is any that is left undone now, it is not that government is not aware or that it is not willing to work on it. It takes time and process to get this thing done. If there is any reason to fault this government, which I don’t know of, it is obviously not on the issue of road rehabilitation. What were the most challenges you encountered in North Central? Nothing. As an engineer with so many years of experience, nothing I met in North Central that was new. I also worked with colleagues who have the same vision to deliver on any given assignment. That is why so many of them are around to celebrate with me and my family. The experience in North Central is more of rounding off all the challenges and the experience gained in all the places I worked before moving down to the North Central. So, whatever experience I had while on the job prepared me so well for the future. My movement too across all the major towns in the geo-political zones had also taught me a lot of things and exposed me to how best to relate with colleagues and fellow Nigerians.

Mgbemena

How much did your engagements take you away from your family? A lot! The years were very busy ones. From one station to another, moving around more like the roads spread across the country. The truth of the matter is that once you have

… if we have had this type of government in the last 15 years, by now Nigeria would have been coming close to the United States in terms of road infrastructure

chosen to take up any assignment you have no choice other than performing to ensure you deliver creditably. To do this means some sacrifice which also involves staying away from your immediate family even when they need you most. Today you can see the joy radiating all over them. They know I will now spend more time with them. That is why they are all happy to see me retired. So, when you are called to the service of your country and you are prepared to take up the assignment, the best you can do is to make your family understand your new role to your country. This will enable you play the role of a father and a husband and also deliver on your assignment. Growing up Born into a royal family in Anambra State, started primary school in his local government at St. Thomas Primary

business |INTERVIEW 43

Sanctity of Truth

Monday, August 11, 2014

project, says Works Ministry Director BIODATA Education:

St. Thomas and St. Matthew primary schools, Anambra State; Agulu Secondary School; Algonquin college of Arts and Science, Canada (1973); Careton University, Canada (1975); Work experience: Federal Ministry of Works, Lagos; Zonal Engineer, Gombe State; Zonal Director, Northwest and Northeast (FERMA); Federal Controller of Works, Controller of Works, Lagos State; Director, Federal Highways, South West; Director, Federal Highways, North Central and FCT. Years of experience: 33 years

What some people donâ&#x20AC;&#x2122;t want to accept is the fact that this government has been more committed to road development than any other in the recent past. One thing is certain about road development, you can hardly politicise it

Mgbemena

School, Neni in Aniocha Local Government of Anambra State. At a point, he left his parents and followed his uncle and ended up completing his primary school in Awka South Local Government Area. Thereafter, he was given a Federal Government scholarship to pursue secondary education. The civil war, however, did not allow him make use of the scholarship. He later began secondary school education at Agulu Grammar School in 1970. After WAEC in 1973, gained admission into a college in Canada where he studied Electronics. In 1975, he enrolled in a university also in Canada and also had the privilege of working as a local staff of Nigerian High Commission. After the mandatory youth service, he proceeded to the Federal Civil Service Commission and was subsequently posted to Federal Ministry of Works with headquarters then in Lagos in 1981 where he commenced his pupillage training. Thereafter he was transferred to Bauchi where he eventually became the Zonal Engineer in charge of the present Gombe State from 1982 to 1988. Post-retirement plans I will take one month to spend time with my family then I will go into politics, I will go into consultancy. Now I will be a better husband. I will no more complain that the minister is coming and I am running away from the house. Now my wife will manage me better. I will also serve God.

Mgbemena

44 business | global NEWS

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Monday, August 11, 2014

T-Mobile deal collapse could spark telecom price war

print Corporation’s newly appointed Chief Executive, Marcelo Claure, has so far had a Midas touch in the telecoms industry, turning Brightstar, a reseller of US handsets to Latin America, into a distributor valued at $2.2 billion when it was sold to Japan’s SoftBank. But his talents will now be put to the test like never before as he must complete the number three carrier’s network upgrade while trying to retain customers, who are defecting in droves. “We are talking about billions of dollars of capital spending in front of this company before the network is ready,” MoffettNathanson analyst Craig Moffett said, noting that Sprint likely has to cut prices to compete with the industry's top players. “Unfortunately, raising capital spending and cutting prices at same time is recipe for a very ugly financial situation.” According to Reuters, some analysts fear that Sprint's decision to give up its dream of merging with T-Mobile US Inc could lead to a wider price war as the top carriers slug it out in a nearly saturated market. “Without the ability to compete on scale, they are going to have to compete on price, so the two smaller competitors may become increasingly desperate to maintain market share and could become irrational in pricing, which could cause disruptions in pricing in the industry,” said Mark Stodden, analyst at Moody’s Investors Service. Sprint might follow the lead of T-Mobile, which added more subscribers than all of its competitors combined in the first

quarter through aggressive promotions and campaigns that addressed customer frustrations with the industry. “Sprint could take the same road and try to compete more aggressively on price, which could have the effect of restarting subscriber growth,” said Matthew Goodman, analyst at ITG Investment Research, who saw few short-term alternatives. Sprint, long the industry's technological weakling, has not been sitting on its laurels. It has invested $5 billion to upgrade

now have access to “superfast broadband speeds” as a result of a government-backed rollout of the technology. Sajid Javid added that the effort was “firmly on track” to offer high-speed internet to 95 per cent of UK homes and businesses by 2017. He said that fast speeds were “totally transforming the way we live and work.” But many have questioned the quality of access and speeds advertised. Superfast broadband is defined by the European Union as speeds of 24Mbps or above. The UK government's ambition is to provide 95per cent of the UK with those speeds or higher by 2017, with the rest having a minimum speed of 2Mbps. By contrast, Finland plans to have a baseline speed that is more than four times faster - 100Mbps - by next year, while South Korea wants to see citizens equipped with 1Gbps connections by 2017. The Federation of Small Businesses (FSB) has said that the UK’s broadband target is simply not ambitious enough when compared with other nations and wants the government to commit to delivering

is needed to make Sprint's network competitive with those of other top carriers. Spark is only available in 24 cities, and its goal is to reach 100 U.S. cities by 2016. The challenge will test the abilities of Claure, a Bolivianborn billionaire who got his start distributing cellular handsets from U.S. manufacturers in Latin America. Brightstar, which he founded in 1997, distributes phones to companies in the United States and elsewhere. SoftBank acquired the company in January.

“They still obviously need a lot of network expertise and they have that. But having someone in charge who is more marketing-oriented coincides with the chief executive of SoftBank’s outlook,” said Bill Menezes, an analyst at Gartner, referring to Japanese tycoon and Sprint Chairman Masayoshi Son. “Masa is known for innovating pricing and marketing in Japan. He needs people to make Sprint their first consideration,” said Menezes.

A gas flow station

1m UK properties on ‘superfast broadband’ he United Kingdom’s culTmore ture secretary has said that than a million properties

its much maligned network in a transformation likely to trickle down to customers by the end of next year. Sprint’s new network should allow the company to combine the vast and spectrum it obtained from a 2013 acquisition of Clearwire Corporation, with its other radio wave holdings. This has created a superior high speed offering known as Sprint Spark, which analysts say should be the best in the industry. Still, even more investment

a minimum of 10Mbps for all homes and businesses by 201819. John Allan, FSB's national chairman, told the BBC that “there is still a long way to go.” “Small businesses are increasingly reliant on digital services, but too many are without decent and affordable broadband that meets their needs. This restricts their ability to grow, innovate and compete in global markets. “Leaving 5 per cent of the UK without adequate broadband in 2017 is simply not good enough.” But the UK government says the current UK coverage of superfast broadband is the highest of the five biggest European economies. The government has also set aside millions to improve broadband access in rural areas. But BDUK, the group set up to spend the £530 million of government money for the rural internet initiative, has come in for criticism for delays in distributing funds to councils and for awarding every contract to BT. “Getting fibre to rural areas is hard, and often complex, work, but we are making great progress,” said Gavin Patterson, the chief executive of BT, adding that it was laying undersea cables to the Outer Hebrides, for example.

Toyota caught in China’s car company probe

hina’s anti-monopoly investigation into foreign car manufacturers has spread to Toyota. The Japanese company said that Chinese regulators were looking into its Lexus luxury brand. Audi, Chrysler and Mercedes-Benz are among carmakers and parts suppliers already under scrutiny for as-yet unspecified anticompetitive issues. A Toyota spokesman said the company was “co-operating fully with the queries from the authorities on Lexus.” Although regulators have not set out the basis of their concerns, there have been reports in China of customers

complaining about the high prices of imported vehicles and spare parts. The technology and pharmaceutical sectors have also faced investigations in what analysts have said looks like an attempt to force down prices. According to the British Broadcasting Corporation's (BBC) correspondent in Shanghai, John Sudworth, there is a feeling of vulnerability among foreign companies in China. “Multinational corporations, some observers suggest, make convenient political scapegoats for a government keen to show it is fighting for the consumer and tackling abuses of corpo-

rate power,” he said. The investigations are being led by China’s National Development and Reform Commission (NDRC), which earlier this week raided a Mercedes office in Shanghai. According to state news agency Xinhua, “inspectors are still collecting evidence and investigating whether Mercedes-Benz has used monopolistic tactics.” Last month, China’s State Administration for Industry and Commerce - the body responsible for enforcing business laws - said it was looking into “alleged monopoly actions” by US tech firm Microsoft.

Russia food embargo creates opening for Brazil

razilian meat exporters said on Thursday that Moscow’s ban on food imports from Europe and the United States provide a golden opportunity to sell more of their products to Russia. The sanctions announced by Prime Minister Dmitry Medvedev come just days after Moscow sealed import deals with two dozen Brazilian poultry companies and five pork producers. All told, there are nearly 40 Brazilian poultry producers and 12 pork manufacturers ex-

porting their goods to Russia, industry officials said. There are also more than two dozen beef production facilities which now have approval to export to Russia, according to the Brazilian meat exporters' association ABIEC. Russia is the second biggest consumer of Brazilian port and beef, with beef being Brazil’s biggest export to Russia. From January to June, these exports were worth $563 million out of $3 billion in total bilateral trade during that period, according to official figures.

The embargo on US and European products was launched in retaliation against US and European sanctions over Russia's alleged role in eastern Ukraine separatist violence. It “opens up an opportunity for Brazil to increase its exports to Russia” said Ricardo Santin, head of a Brazilian poultry producers’ association. Just last month, Russian President Vladimir Putin traveled to Brazil and several other countries in Latin America to increase trade and investment.

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Sanctity of Truth

Monday, August 11, 2014

2015: ‘I will consolidate on Uduaghan’s legacies’ Gabriel Choba UGHELLI

elta State governorDbriel ship aspirant, Mr. GaOyibode, has said

L-R: Head of Sales, Oando Marketing Plc; Mr. Femi Olabiyi; Lagos State Chairman, Nigerian Automobile Technicians Association, Mr. Jacob Fayeun; Chief Executive Officer, Auto Medics Nigeria Limited, Mr. Kunle Shonaike; Chief Operating Officer, Oando Marketing Plc; Mrs. Williams Olamiposi and Chairman, Lagos State chapter, Motormechs and Technicians Association of Nigeria, Alhaji Moruf Arowolo, during Oando Marketing training programe for auto mechanics in Lagos … yesterday

$US0.952bn The overall company’s profit of Thales, France in arms sales in 2008. Source: Blatantworld.com

The number of deaths due to an outbreak of Ebola in Congo DR in 2012. Source: Who.int

1:6

The projected ratio of deaths due to disease related to smoking by 2030. Source: Smokingstatistics.org

3,600 former militants ask Jonathan to pay Amnesty entitlements MISTAKE

Some disengaged militants think money meant for them is going the wrong way Gabriel Choba UGHELLI

ormer militants of Niger Delta Phases 1 and 2 Amnesty Programme have appealed to President Goodluck Jonathan to pay them their entitlements, saying that 3,600 have not been paid since they dropped their weapons. This was made known in a press statement signed by Dr. Bako Bosine, on behalf of the former

militants. The statement reads in part; “We are obedient ex-militant youths of the Niger Delta area, who yielded to the clarion call for peace and unity in our dear country and embraced the amnesty programme put in place by Alhaji Umaru Yar’Adua, the former President of the Federal Republic of Nigeria. We abided by his call and summarily dropped our guns and other warring weapons for the amnesty programme.” “In our previous letter to you, I bring to your notice that 3,600 ex-militants, who dropped their guns and other warring weapons for the amnesty programme for the Phases 1 and 2 extensions, have not been paid their money. "You may be thinking

that you have settled all the ex-militants in the Niger Delta. No, you only paid the money in the name of ex-militants to private and wrong pockets. For example, some of the ex-militants are receiving salaries up to N7 million respectively every month; they call themselves “Generals” you should not use this as a yardstick to punish us, who are the real ex-militants that are supposed to be the first class beneficiaries of the amnesty programme.” The statement continues; “Mr. president for the avoidance of doubt, I wish you go into the amnesty programme file to confirm what I am saying, if such huge amount is not being paid to private individuals, who listed even

their children unborn as ex-militants. “The mistake you made by paying such money into wrong hands, who claimed to be ex-militants whereas they were not, should not be used to punish us. It is pertinent that burning issues capable of truncating the fragile peace in the Niger Delta in addition to what Boko Haram is doing in the North, especially the 2015 election, of which I think you are contesting need your urgent attention. “The Niger Delta has been enjoying relative peace for some time now, but the nonpayment of the phase 1 and 2 extensions of the programme is capable of rekindling crisis in the convivial atmosphere of the Niger Delta," Bosine added.

Ilaje clamour for Ondo governorship seat Babatope Okeowo AKURE

orried by alleged marginalisation in the governorship of Ondo State, the four ethnic nationalities in Ilaje Local Government area have insisted that they would produce the next governor. At a meeting held in Igbokoda, at the weekend, the Olugbo of Ugbo, Oba Fredrick Obateru Akinruntan, the elites of the four ethnic nationalities under the auspices of the Ilaje League of Professionals (ILP) and political class irrespective

of party affiliations said it was time for them to produce the governor of the state. The riverine and oil producing communities include Ugbo, Mahin, Aheri and Etikan. At the first stakeholders’ conference titled; “Ilaje Nation's Unity and Development,” the people said being the only oil producing local government in the state; it was time for them to bring development to the communities. Among the discussants were the Chairman of ILP, Benson Obayelu, Chief Olusola Oke, Chief

Sola Ebiseeni, Oba Akintuntan, Dr. Olawumi Lawole and Lucky Aiyedatiwa. Akinruntan said all the monarchs in the kingdoms have no problem among themselves, saying the disunity in the kingdoms has to do with the political class. The Olugbo said the legacy he would like to leave behind is the abolition of dichotomy within the groups in the council area. He said: “I want all Ilajes to come together irrespective of where we come from and our political party affiliations.

When Governor Mimiko finishes in two years’ time, we must produce the governor. We have over 100 indigenes of Ilaje who can be governor.” Oke, who was the governorship candidate of the Peoples Democratic Party (PDP) in the last governorship election, alleged that the kingdoms were being marginalised in the schemes of things as they have never produced a governor, deputy, Secretary to the State Government and Commissioner for Works since the state was created many years ago.

that he will consolidate on the developmental strides of the incumbent governor, Dr. Emmanuel Uduaghan, if given the opportunity to occupy the number one seat in the state. He stated this at the weekend in a brief chat with journalists shortly after a consultation meeting with executive leaders of the Urhobo Progressive Union (UPU) meant to declare formally his aspiration to become the next governor of Delta State. Oyibode while observing that there has been a

tussle for power shift between Delta North and Delta Central, said he was the bridge of peace between the two groups, adding that he has been ordained to foster peace and development in the state. He added that his decision to run for the governorship seat was a direct call from God to serve his people and lead them to the promised land. Responding on behalf of the Urhobo Progress Union, Acting President General of the union, Chief Joe Omene, expressed satisfaction with the aspiration of Oyibode, praying that God should grant him all the necessary supports that will see his aspiration come to fulfillment.

NPC cautions journalists against political inducements Sola Adeyemo IBADAN

in the country Jtoournalists have been called upon shun material induce-

ments and dictates from politicians to enable them carry out in-depth profiling of all party candidates without bias even as the 2015 elections draw nearer. The advice was contained in a communique issued at the end of a twoday workshop organised by the Nigerian Press Council and signed by Nnamdi Njemanze and Lanre Idowu, Acting Executive Secretary, Nigeria Press Council and Trustee, DAME, respectively, held in Ibadan, the Oyo State capital, in conjunction with Diamond Awards for Media Excellence. The workshop, with the theme: “Towards Impactful Election Reporting for Journalists,” was attended by 30 journalists across print and broadcast organisations in the

country. The workshop resolved, among others, that the Nigerian media need to do more to interrogate the present crop of politicians and contain the tolerance of undemocratic practices and behaviour in them. “Media owners should discourage funding of journalists by campaign teams of politicians as it poses a serious threat to the integrity of news reportage. Also, that lack of sensitivity in the portrayal of scenes of violence by the media should be encouraged, because undue reportage of violent images can lead to voter apathy. Three papers were delivered at the workshop including: “Anatomy of an Election: Did the press goof on Ekiti governorship elections?” by Dr. Bisi Olawunmi, a lecturer at the Department of Mass Communications, Bowen University, Iwo, Osun State.

PDP primaries: Wada opts for consensus candidates Muhammad Bashir, LOKOJA head of the Peoples Aprimaries, Democratic Party (PDP) Governor Idris

Wada of Kogi State has urged stakeholders of the party to ensure that consensus candidates emerge with the aim of legitimising true and healthy internal democracy in the party. Wada, who made the call over the weekend at Idah Local Government during his continuation of local governments’ thank you tour, said stiff primary contest to fly party’s flag, rather heatsup the polity. He said it would be

healthier for the party if stakeholders come together and produce a consensus candidate that will be acceptable to party members. Wada, however, pointed out that in a situation where an agreement could not be reached for a consensus candidate, the party will then conduct a free and fair primary for all the contestants. The governor assured members of the party that there is no anointed aspirant or candidate from him as he was determined to see that whoever the party’s candidate is, must be elected through a process.

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Monday, August 11, 2014

Imo 2015: Nzeribe endorses Ihedioha for Imo governorship Steve Uzoechi

OWERRI

he gover norship TSpeaker, ambition of the Deputy House of

L-R: Minister of Works, Mr. Mike Onolememen; wife of the Ekiti State governor, Erelu Bisi Fayemi and literary icon, Odia Ofeimun, during the burial ceremony of Ofeimun's mother at the Ambrose Ali University Ekpoma, Edo State …at the weekend

The life expectancy (in years) at birth of women in Belarus in 2010-2015. Source: Un.org

1,153

The number of refugee and people in refugee-like situation in Syria assisted by UNHCR at the beginning of 2010. Source: Blatantworld.com

1:4

The estimated ratio of pregnancies that end in miscarriage. Source: Hopexchange.com

2015: We'll sack PDP in South East, says Chekwas Okorie Tony Okafor

Awka

ational Chairman of United Progressives Party (UPP), Chekwas Okorie yesterday said his party would sack the Peoples Democratic Party (PDP) in the South East geopolitical zone in next year's elections. He maintained that the PDP cannot win their constituencies in the 2015 general elections. Okorie spoke shortly after he inaugurated the newly elected Anambra State Executive Committee of the UPP at the State Secretariat in Awka on Saturday. The UPP boss stated that South-East PDP leaders have failed their people and there was nothing they

could do now to attract their votes. He also disclosed that UPP was targeting the presidency, being the only party out of the 26 registered political parties in the country that made it a policy that its presidential candidate must come from the South-East. Citing Greece as an example, Okorie noted that there were instances where a party may have not controlled the National Assembly and yet it won the presidency, adding that UPP, being a mass movement would capitalize on Igbo support to upset the ruling party in 2015. “UPP is targeting the presidency of this country. President Jonathan is doing okay but a UPP President for Nigeria will do better.

And let nobody think we are joking. There have been countries where a party with the popular manifesto, the popular candidate won the presidency without controlling the National Assembly. Greece is one of them. “As for the National Assembly, our target is to clear the South-East to start with. And then, make inroad in other places. We are not telling you that we will win the whole country” he said. Taking a critical look at the 2015 presidential race, Okorie pointed out that Nigerians have only two clear choices, either to go for change, or to maintain the status quo, which according to him, ‘is not attractive to anybody’, stressing that UPP represents the change. “APGA has adopted

Jonathan before he even says he is running. UPP has even taken the third position without firing a shot. Without even casting the first ballot, we have already prepared as the party to reckon with as far as 2015 is concerned. “By the time we gather the quantum of seats or votes, it is either we form that government or nobody can form that government without negotiating with us. By that I mean that what happened in the First Republic between NCNC and NPC in a coalition or Second Republic between NPP and NPN in an accord, will repeat itself in 2015. We will either be the senior partner or at least, a critical partner” Okorie said.

to prevail on the state government to live to its promises after several correspondences and meetings with representatives of government. New Telegraph learnt that staffs of the state owned Ambrose Alli University, (AAU) Ekpoma have been paid their arrears by the state government. Members of the coalition seriously frowned on the poor and inadequate funding, irregularity in payment of

as non-accreditation of some courses in the various institutions in the state. Members of the body in a signed letter dated 16th July, 2014 listed their demands to the state governor through the Commissioner for Special Duties and Establishment. They also copied the Commissioners for Education and Agriculture. The letter was signed by the President of the Union, Comrade Fred Omonuwa and Secretary,

met within 21 days, “the Union might be left with no option than to resume its' earlier suspended strike action.” Part of the letter reads: “For over two years now tertiary institutions have been trying to ensure that the 16 months salaries owed staffers of these institutions arising from the differentials in the implementations of the Salary structure of CONPCASS and CONTEDISS from July 2009 to October 2010 are paid."

Representatives, Chief Emeka Ihedioha yesterday received a boost when Chief Francis Arthur Nzeribe threw his weight behind him. Nzeribe who played host to the Deputy Speaker in his Haven of Peace Country home in Oguta, declared full support for the lawmaker. The maverick senator described Ihedioha as an honest man who is fit and experienced to lead Imo State as governor. His words: “Let me assure everybody here and the entire Imo State that we are in total support of Chief Emeka Ihedioha’s quest to govern the State and I will stop at nothing towards ensuring that he becomes the next governor of Imo State come 2015.”

Speaking further, Senator Nzeribe recounted how he has followed the activities of the Ihedioha in the House. “I had invited Ihedioha to my house in 2012 to urge him to consider vying for governorship position come 2015 so as to arrest the decay and misrule our state has suffered these years. This is a project I am convinced will better the lot of the state. Thereafter, I invited him again after some months to encourage him to consider the job and I am happy that he has not wavered on his quest to heed the collective yearning of well-meaning Imo people to step forward and govern the state.” Chief Nzeribe who repeatedly voiced his endorsement for Ihedioha described him as a considerate, humble and loyal party man who has remained committed to the development of the state and the country in general.

Kinsmen applaud Kalu Camillus Nnaji hief Dr. Orji Uzor Kalu, former Governor of Abia State has been described by his kinsmen simply as a role model and beacon of empowerment. Speaking to our correspondent weekend in Lagos during a football match organised as a build up to Igbere day celebration 2014, chairman, Igbere day Local Organising Committee (LOC), Chief Chinasa Uche extoled the qualities of the former Governor and described him as role model. “Chief Dr. Orji Uzor Kalu has contributed a lot to Nigeria and Abia State in general and particularly our Igbere people. He is popular for empowering his people, encouraging hard work and academic pursuit among our people”, he said.

Uche said the former Governor’s contribution in the field of self-development, capacity building, empowerment and leadership by example has inspired many people in the town. Also speaking during the football event, Comrade Godswill Okorie, Chairman, Igbere town union said Igbere people are inspired by Kalu to achieve more in the fields of politics, academics and business. Okorie used the occasion to explain the significance of Igbere day celebration as opportunity to reward the elderly, foster unity among the people and create opportunity for interactions. Okorie added that the 13 autonomous communities comprising the town are brought together home and abroad to celebrate their traditional heritage and cultural values.

Falana: Youths can chart Edo colleges battle Oshiomhole over 16 months salary arrears new path for Nigeria, Africa Cajetan Mmuta uman rights activist and Coalition to embark on monthly salaries, de- Comrade M. Imherion. “I have seen a lot of conH Lagos lawyer, Mr. Femi fidence in the teenagers They threatened that if the strike, it was learnt cay and dilapidation of followed failed attempts infrastructure as well their demands are not Falana (SAN), yesterday paraded today, and to that BENIN

embers of the Coalition of Unions of Edo State Owned Tertiary Institutions are set for indefinite strike action over failure of the state government to pay them 16 months salaries arrears. The amount owed the various institutions represents differential in the implementations of salary structure of CONPCASS and CONTEDISS from July 2009 to October 2010 respectively. The decision by the

insisted that young people can chart a new path for Nigeria and Africa. He said this during the grand finale of the Unveiling Africa’s Seven Days of Change, an online leadership campaign for children, at Oxbridge Tutorial College, Ikeja GRA, Lagos. Falana said it was significant to challenge young people that they can on their own decide the path they want the country and the continent to follow.

extent, one must commend the initiative. In the midst of decay in the society, young people are still trying to take their destinies in their own hands. The challenge for us parents is to see how we can encourage them to achieve their dreams. I think this is the beauty of it and a challenge to their colleagues too,” he said. According to the lawyer, it could be dangerous to allow kids to make some certain decisions without a proper discussion with parents.

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Sanctity of Truth

Monday, August 11, 2014

Gwoza attack: 10, 000 residents flee to Adamawa, Cameroun Ibrahim Abdul YOLA

o fewer than 10,000 residents of Gwoza in Borno State have fled to neighbouring Adamawa State and Cameroun while hundreds are stranded on hilltops as members of the Boko Haram sect continues their siege on the area. Those stranded, according to emergency and local officials, lack access to food and water. North East zonal coordinator of the National Emergency Management Agency (NEMA), Mr. Mo-

47,.6m

hammad Kanar, told our correspondent confirmed the development. “I can confirm to you that over 10,000 displaced Gwoza residents have fled to neighbouring Adamawa and the Republic of Cameroun. “As I am talking to you now, hundreds are on their way to Madagali in Adamawa State and some parts of Cameroun. We are now working assiduously in conjunction with the neighbouring state to assist the fleeing residents. “Some parts of Gwoza, especially behind the rocky mountain that bor-

The total population of Colombia in 2012. Source: Un.org

ders Cameruon had been taken over by Boko Haram, who sacked the residents and hoisted their flags,” Kanar told New Telegraph. Also confirming the development, chairman of Madagali Local Government Area in Adamawa State, Mr. James Abawu Watharda, said: “Gwoza residents have continued trooping to our area and for now over 7,000 have since arrived. The local council is making arrangement to come to their aid. “We are, therefore, calling on NEMA and other relevant authorities to assist, because the scope of

1,000km3

The estimated amount of the world’s aggregated groundwater abstraction per year as of 2010. Source: Unesco.org

their needs is beyond local government council,” Watharda appealed. Meanwhile, several soldiers were at the weekend killed during an encounter between men of the Nigerian Army 213 battalion, Operation Task Force Mike and 234 battalion, based in Mubi, Adamawa State, and Boko Haram militants in an attempt by the military to retake Gwoza township, Borno State from the terrorists. After four days of intense gun battle, Gwoza town is still firmly in the hands of insurgents which

N227.8m

The IGR realized from direct assessment sources of revenue in Oyo State in 2012. Source: National Bureau of Statistics

they took over last week. “The soldiers were reported to have been led into the battle by Lieutenant Bayedi Martins and Lt. Colonel Agu of the 234 Battalion, formerly Special Operations Battalion (SOB). But they were given the surprise of their lives when they ran into stiff resistance from the militants as they advanced on Gwoza from the Madagali,” said security source that pleaded anonymity at the weekend. “The soldiers retreated but the militants set off in hot pursuit, chased them and snatched one of

Kano women decry use of teenage girls as suicide bombers section of women Adaycross in Kano State yesterexpressed concern

over the use of teenage girls by Boko Haram to carry out suicide bomb attacks. Some of the women told the News Agency of Nigeria (NAN) in Kano that the new trend has created fear and panic among residents of the city. One of the women, Malama Jamila Sani, said following the recent bombings in the city, women, especially teenage girls, had become objects of suspicion among residents. “Since they have been using young women in carrying out bomb attacks, people are now scared of women, par-

Managing Director/Editor-in-Chief, National Pilot newspaper, Alhaji Billy Adedamola (right), National Coordinator, Oodua Peoples Congress (OPC), Otunba Gani Adams, after he was conferred with the distinguished personality award by the Kwara State Correspondents' Chapel of NUJ, in Ilorin…at the weekend

Sokoto Sultanate Council asks district heads to monitor newcomers

Yekeen Nurudeen ABUJA

he Sultanate Council of Sokoto has advised district heads to monitor newcomers into their communities in view of the prevailing security situation in the country. The advice was contained in a communiqué issued in Sokoto on Saturday at the end of a meet-

group under the ausAgressives pices of the All ProCongress, APC

Plateau APC backs Gombi, dumps Dabang

Call it operation know your neighbour or head count, It is all about safety

Integrity Group, consisting of youths and women in Plateau State has supported the National Secretariat of the APC over the annulment of the election of Latep Dabang as APC Chairman of Plateau State. The National Secretariat also upheld the election

of Hon. Amos Gombi as the authentic chairman of the party, following the claims by Dabang that he had resigned before the state congress of the party. In a press statement signed by the Chairman of the group, Hon. Godwin B. Audu; former Chair-

man Langtang South and Secretary, Alh. Adamu Jeje, and made available to New Telegraph in Jos yesterday, the expressed support to the leadership of the APC under Gombi, who controls the largest number of party loyalists in the state.

stressed the need for traditional rulers to continue to monitor the current campaign on polio eradication being waged by the three tiers of government. It also stressed the need for the traditional rulers to educate their subjects on the importance of the National Identity Card and the permanent voters’ cards, so that they could get them. The communiqué urged the district heads to be more proactive in the collection of Zakkat and endowment in their respective areas.

Parts of the statement reads: “We have analysed the so-called defence of Hon. Latep Dabang as contained in the documents submitted to the National Chairman on the June 4, 2014 and observed that Latep Dabang’s letter of resignation is incon-

ticularly young girls. “There was a time I went to the popular Kwari market to buy some clothes for my children before the Sallah. I had to be thoroughly checked by security agents before I was allowed to enter the market, which was not the case before now,” she said. Another woman, Hajiya Rabi Suleiman, who is a student of College of Legal Studies, said since the bombings, the school management has introduced measures to strengthen security. “Since the attack at the Kano State Polytechnic, female students are not allowed to enter the school without undergoing thorough checks,” she said.

INEC confirms Umaru for Senate by-election

ing between the Sultan of Sokoto, Alhaji Sa’ad Abubakar and the district heads. The communiqué was signed by the Secretary, Sultanate Council of Sokoto, Alhaji Attahiru Hussaini. The communiqué said the traditional rulers should henceforth send monthly reports about their communities to the Sultanate Council in Sokoto. The communiqué also directed “village and ward heads to monitor newcomers to their hamlets and villages and re-

SECURITY

port same to their district heads. “These reports must be sent in the first week of a new month, while a committee will be set up by the council to study and analyse the reports with a view to identifying defaulting district heads. “There is the need for the district heads to set up a committee at the district, village and hamlet levels. “This is with a view to taking more care of government development projects in their respective areas.” The communiqué

their tanks as well as the driver of the tank. They then called a soldier’s wife and informed her that her husband was in captivity,” said a top security brass in Yola, Adamawa State capital. “We are expecting the corpses of about five gallant soldiers that were killed during the encounter to arrive,” the source said. Sources in Madagali said that following the encounter, some 30 Hilux pick up vans were used to bring back to Mubi in Adamawa State several wounded and dead soldiers.

he Independent NaTmission tional Electoral Com(INEC) has con-

firmed the nomination of Mr. David Umaru, as the candidate of the All Progressives Congress (APC) for the August 30 by-election for Niger East senatorial district. The commission has issued a letter of acknowledgment of Umar’s nomination following the submission of INEC Form C and other relevant nomination documents in respect of the candidate by the national leadership of the APC.

sistent with the date of the last local government election as released by the Plateau State Independent Electoral Commission (PLASIEC). “For instance, he claimed to have resigned on November 21, 2013 to contest the local govern-

The acknowledgment letter, signed by one, Olawole Dawodu, a legal officer with INEC headquarters, was dated August 8, 2014. Umaru had contested for the Niger State governorship seat in 2007 and 2011 on the platform of the All Nigeria Peoples Party (ANPP) and Congress for Progressives Change (CPC), respectively. Party leaders in the state had in the buildup to the by-election, persuaded him to drop his governorship ambition and join the senate race after the death of Senator Dahiru Awaisu Kuta. ment election on February 25, 2014, when the election as at that time was slated for December 7, 2013 and was subsequently shifted to December 21, 2013 and later to January 30, 2014, before it was again shifted to February 25, 2014 and ask, if really Dabang resigned on November 21, 2013, how did he envisage this change in dates?

48 NEWS

Sanctity of Truth

Monday, August 11, 2014

MOSOP prompts FG into implementing UNEP report Emmanuel Masha PORT HARCORUT

he Federal Government, the Movement for the Survival of the Ogoni People (MOSOP) and Shell Petroleum Development Company (SPDC) have drawn out a plan on how to implement the United Nations Environment Programme (UNEP) Report. The meeting, held at

5.6m

the Peace and Freedom Centre in Bori, Khana Local Gover nment Area of Rivers State followed renewed agitation by MOSOP for the implementation of the report, which mainly calls for the clean-up of the Ogoni environment after decades of devastation caused by oil spill. Also in attendance were representatives of UNEP, the United Nations agency that car-

The total population of women in Cuba in 2012. Source: Un.org

ried out an environmental study in Ogoniland and released its finding in 2011. At the one day consultative meeting, the stakeholders appeared to have jettisoned their disag reement, and agreed on the need to clean-up Ogoniland. MOSOP has blamed the Hydrocarbon Pollution Restoration Project (HYPREP) to make meaningful input in

11%

The percentage of drought disaster of world’s water-related natural disaster between 1990 and 2001. Source: Unesco.org

ways to address the environmental devastation in Ogoniland since it was established by the President Jonathan administration in 2012, a year after UNEP released the report. According to Legborsi Pyagbara, MOSOP president, the stakeholders at the meeting agreed to establish a stakeholders’ steering committee to look into the UNEP report and

3.8

The average number of cautions (yellow cards) per match at South Africa 2010 World Cup. Source: Fifa.com

fashion out a way to implement it. Pyagbara, who disclosed this in a communiqué, also stressed the need for the Ogoni’s to be involved in every step taken by the committee. He also called on the Federal Government to establish the Ogoni Environmental Restoration Authority based on the recommendation of the UNEP Report. He said this was be-

CNPP blasts APC over call for REC's sack Dan Atori MINNA

he Conference for NiT(CNPP) geria Political Party yesterday lam-

basted the All Progressive Congress (APC) Party in the State over its call for the sack of the State Resident Electoral Commissioner, Dr. Emmanuel Onucheyo for an alleged financial inducement leveled against him. The state Chairman of CNPP, Alhaji Ibrahim Tanko, who stated this at a press briefing in Minna, said the APC against this backdrop, has no valid reason to call for the transfer of the state REC before the bye-election in Niger East senatorial zone. According to Tanko, APC has no enough reason to demand for the re-

L-R: National President, Ilorin Emirate Descendants Progressive Union (IEDPU), Alhaji Abdulhamid Adi; Vice-Chancellor, University of Ilorin, Prof. Abdulganiy Ambali; Grand Kadi, Kwara State Sharia Court of Appeal, Justice Saliu Mohammed and Kwara State Governor, Dr. Abdulfatah Ahmed, during IEDPU security summit in Ilorin...at the weekend

LASU: APC commends Fashola over fee reduction VOX POPULI

The voice of the people is the voice of GOd. Fashola knows better Wale Elegbede

he Lagos State chapter of the All Progressives Congress (APC) has commended the State government over its decision to cancel the new school fees regime for all categories of students at

the Lagos State University (LASU), saying the gesture epitomises the government’s character of always listening to the voice of the people and adjusting policies to accommodate their aspirations and welfare. In a statement signed by its chairman, Chief Henry Ajomale, the party said the courageous and timely master-stroke by Governor Babatunde Fashola pulled off the carpet of social turbulence laid on political landmines by the state chapter of the Peoples

Democratic Party (PDP). “The leadership of PDP were set to instigate a social upheaval at the Lagos State University (LASU) convocation, over school fees. It was conceived as the opening glee of their mischievous chain of programmes vide which they thought a social crises could envelope Lagos State for PDP’s myopic political objectives. “The return to the N25,000 per session fees epitomises the State Government’s trade mark of always listening to the

voice of the people and adjusting policies to accommodate their aspirations and welfare, whenever expedient, despite the daunting challenges of running a University with such paltry school fees”, the party said. While commending students of the Institution for their expression of decorum and maturity while their protests lasted, the party said it is committed to the ideals of governmental excellence, stressing that it will give the best social services to all its citizens.

scribers, Globacom has further lowered the barrier for Nigerian telecommunication subscribers to make calls at affordable rates with the introduction of Glo Jolof, a product that offers subscribers the lowest recharge option in the country at N25 with three minutes of call time

and three Short Messaging Services (SMS). Two of the three minutes are for calls within the Globacom network while the third is available for the subscriber to call any other network. All the three SMS are on net. Also introduced under the Glo Jolof package is the N50 recharge string, which gives the subscriber 6 minutes of

call time and 6 SMS, thus giving telecommunication subscribers more value for money. Out of the six minutes of call time, four are for calls within the network while two are for calls to other networks. The six SMS are for on net utilization. The tantalizing benefit is valid until midnight of the same day of recharge. Announcing the prod-

uct in a statement yesterday, Globacom's Head, Business Support, Mr. Yomi Ogunbamowo explained that the proudly Nigerian company designed “Glo Jolof ” in fulfillment of its brand promise to continue to give subscribers a delightful experience on the Globacom network at pocketfriendly rates. He said: “It is very

deployment of the INEC Commissioner. “The allegation lacks substance following its findings, which revealed that the fund in question was for the conduct of voter’s education and publicity, which has not even been released by the Niger state Government to the electoral umpire in the state", Tanko stated. He explained that considering the fact that the political parties are the target beneficiaries of the requested fund, the state government and the state INEC deserved commendation. "It is our belief that what the state Government and the REC deserve is commendation for agreeing to sponsor the voter’s education programme and the backing of the initiative respectively", he added.

Vatsa: How thugs attacked over party members Dan Atori MINNA

head of the Niger East Aslated Senatorial bye-election August ending, the

All Progressives Congress (APC) in Niger state has accused the Peoples Democratic Party (PDP) of sponsoring thugs and security agent to attack its members and party officials. Speaking to journalists at a press conference on Sunday, the APC state Publicity Secretary, Mr. Jonathan Vatsa alleged that thugs sponsored by the PDP had attacked the legal adviser to the party

Glo subscribers to enjoy N25, N50 recharge options

n continuation of its Imore commitment to make life abundant for its sub-

cause HYPREP has "glaringly failed." The MOSOP president also called on the Federal Government to "commence a series of confidence-building measures that will assure the Ogoni people that the government is sincere and committed to the implementation". He also called for the immediate commencement of the implementation.

easy to benefit from this offer. Subscribers willing to utilise the N25 or N50 recharge strings should dial given numbers and the value of N25 or N50 as appropriate will be deducted from the account balance of the subscriber. The subscriber can then use the N25 or N50 respectively to enjoy the special bundle of three minutes and six minutes for calls

on Saturday after an ambush in Paikoro area of the state. “After our party primaries on Thursday, our delegates from Rafi local government were stopped at Pandogeri by security agents and were asked to be shouting PDP while they were being beaten mercilessly by the thugs hired by PDP. We have just conducted primaries and not gone for the main bye-election and we are witnessing this type of development. This is the desperation of the ruling party to clinch the senatorial seat by hook or crook”, he said. as well as three SMS and six SMS. Ogunbamowo said as long as subscribers have sufficient balance of N25 or N50, they can dial the recharge string and enjoy the benefits, adding that the value a subscriber would get from the N25 recharge string is almost double the value the subscriber would have paid if he or she made the calls or sent SMS from his or her main account credit balance.

NEWS 49

Sanctity of Truth

Monday, August 11, 2014

HAULAGE Good news for business and travel as roads will be decongested soon

our major rail lines across Nigeria will be completed this year, Permanent Secretary, Federal Ministry of Transport, Mr. Nebolisa Emodi has said. New Telegraph gathered that the branch line from Kafanchan to Kaduna is

Four rail lines for completion this year, says FG expected to be completed by August 2014, while the target completion date for the Itakpe-Ajaokuta-Warri standard gauge rail line is before the end of this year. A document obtained by our correspondent, stated that Emodi, disclosed that the government had been able to complete many rail lines and would finish the rehabilitations and construction of many others before the end of 2014.

He said: “The Lagos-Kano, 1,124km line, is completed and functional, while work on the Eastern line from Port Harcourt to Maiduguri, 1,657km, is progressing steadily with the Port Harcourt-Jos station, including the branch line from Kafanchan to Kaduna expected to be completed by August 2014. “Completion of the construction and rehabilitation of the Itakpe-Aja-

okuta-Warri standard gauge rail line is 77 per cent completed with the entire track laid. It is expected to be completed by the end of 2014. “Also construction of Abuja (Idu)-Kaduna standard gauge rail line is 85 per cent completed, and is expected to be completed by the end of 2014.” Emordi had on Friday told a peer review team of permanent secretaries

from federal ministries that the FMT was able to rehabilitate the loop lines along the Western line, including the connection to key industrial locations within Apapa. He said other major achievements in the rail transport sector was the completion of 74 stations and branch lines between Lagos and Kano, the 300 meter link between Apapa port complex and the

national line, adding that the spur line to the Kaduna power plant complex had commenced and the project will be completed by the end of 2014. The permanent secretary said the construction of Lagos-Ibadan standard gauge had been awarded and will commence when the Federal Ministry of Finance finalises the funding for the project by the China Exim Bank.

LCCI flays planned privatisation of BoI, BoA lSeeks port operations, charges review Lagos Chamber of Ttryhe Commerce and Indushas criticised the

plan by the Federal Government to privatise the Bank of Industry and Bank of Agriculture, saying both organisations will be unable to achieve their goals if the plan is executed. This, according to LCCI, is because the organisations are development financial institutions and their objectives are usually in conflict with the goals of private enterprises, which revolve around profit maximisation. The LCCI arrived at the conclusion at its council meeting, which was held in Lagos on Wednesday. It stated on Sunday in the communiqué of the meeting that, "The development objectives of the DFIs will be compromised in the event of privatisation because development objectives are often at variance with profitability objectives. The primary objective of

a typical private enterprise is profit maximisation, while the worry of government should be development. This is the fundamental basis for government intervention in an economy." The global practice, the LCCI explained, was for DFIs to be government owned because of the peculiarities of their mandates, adding that the basic objective of development finance was to support the growth and development of the real sector and infrastructure in the economy which entails the provision of subsidised long term affordable finance to investors in these sectors. "A privatised entity would not be able to deliver this mandate because of the economics of the enterprise. Therefore, real sector financing would suffer in the event that the DFIs are privatised. Such an outcome would have consequences for the capacity of the real sector to grow and create the much needed jobs," it said.

Yero bags National Integration award Ibraheem Musa

Kaduna

Mukhtar RamaGhasovernor lan Yero of Kaduna State been conferred with

the Best Supportive Governor on the Campaign for National Integration and Purposeful Leadership in Nigeria award. In a statement issued by the Governor’s media aide yesterday, the award was conferred by the Nigeria Young Professionals Forum at its maiden International Summit in Abuja on Saturday. The theme of the summit which was ‘’Fostering

National Integration and Purposeful Leadership in Nigeria’’, was attended by President Goodluck Jonathan, Ministers and top government functionaries, the statement said. Speaking at the event, Yero urged young people in the country to assume greater responsibility for building a peaceful and prosperous nation saying “With all sense of modesty and due respect to our elders, I believe it is time for young people to take centre stage in the decision making process and I believe we can deliver the desired results.’’

Akwa Ibom State Governor, Godswill Akpabio, addressing Akwa Ibom indigenes at the Akwa Ibom Association Town Hall meeting in Scottsdale, Arizona, USA…at the weekend

Group condemns Enugu panel over ban on media

Fashola, Anya to grace TheNiche presentation

Wale Elegbede non-gover nmental group, Enugu Rescue Group, has called for a reversal of the decision by the seven-man investigating panel on the impeachment process of the deputy governor, Sunday Onyebuchi, to bar journalists from covering the proceedings of the trial for the benefit of the public. In a statement signed by ERG’s Publicity Secretary, Martin Okenwa, the group said it was pained that the impunity has persisted despite the protests by the lawyers of the Deputy Governor and the Nigerian public. “ERG considers the constant “mopping” of national dailies as gross violation of the letters and spirit of the Freedom of Information, FOI Act, and especially Section 39 (1)

Wale Elegbede agos State Governor, Babatunde Fashola and Professor Anya O. Anya are expected to lead other dignitaries to the formal presentation of Nigeria’s exclusive Sunday newspaper, TheNiche on Sunday. In a statement released by Acclaim Communications Limited, publishers of the Newspaper, the presentation would take place on Saturday, August 16, 2014 at Orchid Hall, Eko Hotel and Suites, Victoria Island, Lagos. The event will hold under the distinguished chairmanship of chartered biologist and former Vice President of the Nigerian Academy of Science, Professor Anya, while Fashola will be the Chief Host. Highlight of the occasion will be a keynote address titled “A New Nigeria is Possible” which will be delivered by Minister of Information, Labaran Maku. Distinguished guests already confirmed for the event include Speaker of the House of Representatives, Aminu Tambuwal; Secretary

of the 1999 Constitution, which upholds the right of citizens to “hold opinions and to receive and impart ideas and information without interference”. While noting that an impeachment investigative panel is not a secret cult and its businesses cannot and should not be run like one, it insists that Nigerians will consider the panel a kangaroo panel contrived to do the master’s bidding if it fails to stop behaving like one. “ERG demands, as a matter of emphasis and urgency, that the video coverage of the Panel’s hearing by the electronic media houses should henceforth be allowed to enable the public scrutinize and weigh the decisions of the panel against the testimonies and evidences provided at the hearing.”

$14bn Obama initiative: US, Nigeria begin collaboration on infrastructure financing igeriaandtheUnitedStates Nleverage have commenced plans to on US President Ba-

rack Obama’s $14bn investment pledge in Africa, for an effective financing structure for infrastructure in Nigeria. A statement from the

Industry, Trade and Investment Ministry, said its Minister, Olusegun Aganga, and the US Commerce Secretary, Penny Pritzker, agreed during a bilateral meeting at the just-concluded US-Africa Summit

that increased investment in the area of infrastructure would further improve the Nigerian business environment, noting that Obama’s focus on power was particularly encouraging. While the two countries

agreed to work on the financial structure for infrastructure within the next few weeks, Pritzer noted that US companies were eager to do business in Nigeria due to the ongoing reforms in critical sectors.

to the Government of the Federation, Senator Anyim Pius Anyim; Deputy Senate President, Ike Ekweremadu, and Deputy Speaker of the House of Representatives, Emeka Ihedioha. Others are Governors Rotimi Amaechi of Rivers State; Emmanuel Uduaghan (Delta), Godswill Akpabio (Akwa Ibom) and Theodore Orji (Abia). Also expected are business leaders, and celebrities from the Nigerian music and film industries. Speaking on the event, Managing Director/Editor-in-Chief of TheNiche on Sunday, Ikechukwu Amaechi, said “Though we have been in the market since April 20, 2014, this public presentation of our newspaper is a significant milestone in the life of this organisation. What we are doing is to formally sign a fidelity bond with Nigerians, having convinced ourselves in the last four months that we have succeeded in carving a niche for ourselves by creating a product that meets the highest standards."

WORLD | NEWS

Sanctity of Truth

Monday, August 11, 2014

Erdogan eyes presidential triumph in Turkey polls

rime Minister Recep Tayyip Erdogan was set to triumph in yesterday's presidential elections and extend his domination of Turkey despite warnings by opponents that the country is moving towards a one-man autocracy. Erdogan, 60, a devout Muslim who has served as premier since 2003, has promised to be a powerful president with a beefed-up mandate, in contrast to the ceremonial role fulfilled

by his recent predecessors. The polls are the first time NATO member and EU membership hopeful Turkey is directly electing its president, who was previously chosen by parliament. Initial reports from polling stations where AFP correspondents saw a thin turnout indicated participation could be significantly lower than the 89 percent seen in March's local elections. After nine hours of voting, polls closed on time at

1400 GMT. Some 53 million voters in the country of 76 million were registered to vote. Opinion polls predict that Erdogan will easily win more than 50 percent of votes to take Ankara's Cankaya presidential palace in the first round, with his main opposition rival, the cerebral Ekmeleddin Ihsanoglu, lagging far behind. "Our people will make an important decision for Turkish democracy," said Erdogan as he cast his vote in Istanbul alongside his

wife Emine and two daughters and two sons. Erdogan indicated that he planned to revamp the post to give the presidency greater executive powers, which could see Turkey shift towards a system more like that of France if his ruling Justice and Development Party (AKP) succeeds in changing the constitution. "This decision has significance in that an elected president, hand-in-hand with an elected government, will lead Turkey to 2023 in a deter-

mined fashion," he said. In 2023, Turkey will celebrate the 100th anniversary of the foundation of the modern state. If Erdogan serves two presidential terms, he will stay in office to 2024. Erdogan's opponents accuse him of undermining the secular legacy of Turkey's founding father Mustafa Kemal Ataturk, who established a strict separation between religion and politics when he forged the new state from the ashes of the Ottoman Empire.

Iran plane crash kills 39

Supporters try to touch Turkish Prime Minister Recep Tayyip Erdogan (R) during the presidential election yesterday

Aussie couple denies dumping surrogate-twin

n Australian couple denied they had abandoned their son with his Thai surrogate after learning he had Down syndrome, saying in an interview broadcast on Sunday that the woman demanded she be allowed to keep the boy. Baby Gammy's surrogate mother, Pattaramon Chanbua, a 21-year-old food vendor with two young children of her own, had accused the boy's biological parents, Wendy and David Farnell, of leaving her with the infant while taking his healthy twin sister, Pipah, back with them to Australia. "We did not abandon our son," an emotional David Farnell said in an interview with Australia's "60 Minutes." "(Pattaramon) said that if we tried to take our little boy, she's going to get the police and she's going to try and take our little girl and she's going to keep both of the babies," he said. Pattaramon denied that she'd

ever threatened to keep both children, but agreed that she hadn't wanted the Farnells to take Gammy home. "I did not allow Gammy to go back with them â&#x20AC;&#x201D; that's the truth," she told The Associated Press on Sunday, apparently backtracking from her earlier accusation that the couple had abandoned the baby boy. "It is because they would have taken Gammy back and put him in an institute."The case, which has focused global attention on the largely unregulated surrogacy industry in Thailand, became even murkier when it emerged that David Farnell had been convicted in the 1990s of multiple sex offenses against young girls. Farnell insisted Sunday that his daughter is not at risk of harm from him. The Farnells had been trying for eight years to conceive when they approached a Thai surrogacy agency for help. David Farnell, who has three children from a

previous relationship, said the problems began when they found out before the twins' birth in December that the boy would have Down syndrome. The couple was angry that the surrogacy agency had not conducted tests earlier that could have detected the condition, because by the time they found out, it was too late in the pregnancy to abort the fetus. Had they known earlier, they probably would have terminated the pregnancy, David Farnell said. "I don't think any parent wants a son with a disability," he said. "Parents want their children to be healthy and happy." They expected the surrogacy agency to give them a refund and find a solution. That's when the still-pregnant Pattaramon offered to keep Gammy, Farnell said. When the babies were born, however, the Farnells said they realized they wanted to keep both. But Pattaramon then insisted she be allowed to keep Gammy, and threatened to keep Pipah as well, David Farnell said.

t least 39 people were killed yesterday when an Iran-140 Sepahan Air passenger plane crashed after takeoff from Tehran's Mehrabad airport on a flight to Tabas in northeast Iran, state media reported. Initial reports said that all of the 48 passengers and crew had been killed, but state media later reported that some passengers had been injured and transferred to hospital. Islamic Republic News Agency (IRNA) said that eight or nine had survived and quoted a doctor as saying that one of the injured had regained consciousness. Iran's airlines have been plagued by crashes, which Iranian politicians blame on

international sanctions that block the airlines from replacing their aging fleets. About 14 crashes involving Iranian planes were reported in the decade to January 2011. President Hassan Rouhani ordered a halt to all flights of the Iran140 pending full investigation, IRNA said. The pilot detected technical issues four minutes after takeoff and tried to return to the airport, state television said, but the twin-engine turboprop crashed on a road at 9.18 am local time. One eyewitness said the plane crashed into a wall. State television said 37 people died instantly, two died on the way to hospital and nine others were undergoing medical treatment.

France bombs Islamists in Mali

rench forces have bombed Islamist militant positions in northern Mali. Four or five bombs were dropped in the Esssakane region, west of the city of Timbuktu yesterday morning; the UN has said al-Qaeda militants were active in the area. Last month Timbuktu airport came under rocket attack. France intervened in Mali in January last year to try to drive out al-Qaedalinked groups, which had

taken over the north of the country. Last month the French government said it was setting up a new military operation to stop the emergence of jihadist groups in the Sahel region of Africa. Both ethnic Tuareg separatists and al-Qaedalinked militants are operating in northern Mali. Tuareg rebels agreed a ceasefire with Mali's government in May, and the two have been holding peace talks in Algeria.

Central Africa Republic appoints Muslim as new prime minister

he president of the Central African Republic has named a Muslim as the country's new prime minister, an official said yesterday, as part of an effort to create a more inclusive government after more than a year of sectarian violence. Mahamat Kamoun, pre-

viously a special advisor to President Catherine SambaPanza, a Christian, will lead a transitional government after being nominated by presidential decree. The appointment was announced on state-owned radio by a spokesman for the presidency.

Quadri guns for World Cup glory AjibadeOlusesan

A Quadri

fricanchampion,ArunaQuadri, has said that he can shock the world when 2014 Table Tennis World Cup takes centre stage in Belgium in October. The Nigerian is the only African that will play in the men’s event of the competition after emerging champion at the last

Africa 16 tournament held in Lagos earlier in the year. Although he is ranked outside top 100 in the world, the player said that he could soar above his more illustrious opponents at the end of the competition. “My dream is to do well at the World Cup. I am the only man representing Africa in the competition and I know that the whole of the continent will be expecting

SPORT

much from me and I promise not to disappoint. After this Commonwealth Games, I plan to participate in two major International Table Tennis Federation tours which will help me to prepare very well for the World Cup,” he said. Meanwhile, Quadri is Nigeria’s highest mover in the latest ITTF ranking after he jumped from 126 position he was last month to 108 in the world.

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

AUTHORITATIVE VOICE IN GLOBAL SPORT

Monday, august 11, 2014

Team Nigeria captain to the Glasgow Commonwealth Games, Segun Toriola, also moved up in the latest ranking. The veteran player moved five places from 153 to 148. Ojo Onaolapo who stole the show as Nigeria won bronze medal in table tennis team event in Glasgow could only manage two places upward as he moved from 358 to 356 in the world.

Did you know? That 32 goals were scored by substitutes in this World Cup more than in any previous edition

Uche happy with pre-season form

lReady for Eagles return Ifeanyi Ibeh

illarreal striker, Ikechukwu Uche, has expressed happiness at his pre-season form and is hoping he can carry it into the Spanish La Liga season which gets underway on August 24. The Nigeria international was on target for the Spanish club on Saturday in their 3-0 bashing of English Premier League side, Swansea City, in a pre-season friendly played at the Liberty Stadium. Uche opened scoring for his side as early as the third minute, side footing the ball into the net to inspire Villarreal to their third victory in the buildup games.. It also continued an impressive run of form for Uche who has impressed all through preseason and recently found the back of the net for the Yellow Submarines in their 2-0 win over Reus Deportui. And he is hoping he and his teammates can carry their impressive pre-season form into the season. “I am happy that I am scoring and that we are winning but these are only friendly matches,” he said. “I will be happier

if we continue this way when the season starts. In the encounter against Reus Deportiu about a fortnight ago, Uche opened scoring for his side in the second minute of play. And having also scored early on in the game against Swansea, the former Getafe forward appears to be developing a knack for grabbing early goals. “I don’t think it is a new thing. If an opportunity comes my way I have to make the best of it, and that is what has been happening,” added Uche. In just under a month, the Super Eagles will commence their quest for a place at next January’s Africa Cup of Nations with a game against Rwanda. And Uche, who hasn’t played for the Super Eagles since February 2013, at the last AFCON tournament in South Africa, and who subsequently missed the 2014 World Cup in Brazil, insists he is ready to don once again Nigeria’s green and white if called upon. “At the time I recall saying I respected the decision to leave me out (of the World Cup). And like I said before, if I am needed I will make myself available. I am always ready to play for my Uche country,” Uche stressed.

52 SPORT

Sanctity of Truth

Monday, August 11, 2014

Bonus row: FIFA to the rescue of Nigeria, others

Mikel (right)

Vincent Eboigbe

epp Blatter has said that world football-governing body, FIFA, has to help Nigeria and other Afri-

can teams to stop them from being perennially plagued by rows over payment during the World Cup. The players of Nigeria, Cameroon and Ghana were all

Ideye in fitness race for West Brom opener

Ajibade Olusesan

uper Eagles striker, Brown Ideye, is in fitness race ahead of West Brom’s Premier League opener against Sunderland on Saturday. The club record-signing only arrived at the club last Friday after a lengthy wait for a visa, and the Nigeria international sat out Saturday’s 3-1 friendly loss to Porto. And West Brom manager, Alan Irvine, says he is hopeful Ideye will be fit enough to feature in the match. “We’re trying to gauge where he is in terms of his

fitness,” Irvine told the West Brom website on Sunday. “The situation at the moment is that he trained on Saturday and again on Sunday. We’ll talk on Monday regarding where we think he is. “If he’s ready to play some part against Sunderland, that would be great. I know he trained extremely well yesterday(Saturday) and we need to see what the effect of that is. “He didn’t do a lot of preseason with Dynamo Kiev, so we’re relying a lot on his natural fitness and athleticism, rather than something that has been worked on.”

Blatter also suggested that five-time World Cup winners Brazil needed FIFA development programmes just like other countries, following their debacle at the World Cup where they lost involved in disputes with their 7-1 to Germany in the semi-finals. Blatter said federations during the course of that when former FIFA president Joao Havelange this year’s tournament in Brazil. introduced development programmes, he said “Players don’t trust their fed- that ‘there are some nations, they don’t need erations and that is why they development programmes, especially in Brazil.’ are fighting,”the FIFA president “Everybody needs development programmes. said. “They are professionals Brazil has never had a project from FIFA because they want to play for money. they were too big for that and I think that was a “This is something which is a mistake,” said Blatter. specific question now for Africa. How can we help them? It is by saying to these federations they must arrange at the beginning competition to foster unity, of the competition what will Camillus Nnaji the community wants to happen with the money.” use the competition to hunt gbere Community in for more talents who may Bende Local Govern- be eligible for selection to ment Area, Abia State the Super Eagles. has dedicated its IgThe competition which bere Day 2014 Football is part of the activities competition to hunting leading to the celebration for new Super Eagles of Igbere Day 2014 kicked players after produc- off on Saturday August 2, ing players such as at Abalti Barracks, Lagos Ikechukwu Uche, Kalu with Group B defeating Uche and Uche Kalu Group D 3-0. The second Speaking to New Tele- match took place penultigraph during the second mate Saturday with Group match of the competition C beating Group A with between Group C compris- 2-0. ing (Ibinukwe, Amaofufe The football event, and Umusi) and (Agbo, which is expected to run Eziama and Amukwu. for six weeks, will be conChairman Local Or- cluded with the final match ganising Committee of the to be played on Sunday competition, Chief Kolos September 7, at the same Ijeoma, said aside using the venue.

Igbere community hunts for more Super Eagles players

Glo League: Musa buries Pillars

Ideye

Record-breaking goal delights Dike W

ith some fans yet to take their seats in the Moncton Stadium, Nigeria’s Courtney Dike latched onto the ball just outside the Korea Republic six-yard box, saw a gap, set her sights and sent a low shot inside the far post – putting her team ahead after only 18 seconds of play. Eventually coming away with a hard-earned 2-1 win, the three points put the Super Falconets two clear at the top of Group C at the FIFA U-20 Women’s World Cup Canada 2014, with one game remaining. “Wow! Was it really the fastest goal in the competition’s history? That’s crazy!” said the young striker, after being given the news by FIFA.com. “It all hap-

Dike in action for Falconets

pened so fast, even for me to be honest,” she went on incredulously, a broad smile still lighting up her face. “The ball came to me in the box and, well, they always say it’s good to test the opposing keeper early in a match, so I had a shot and in it went!” she continued.

“It all happened so quickly, it hit a defender, I picked up the ball and scored, right? I honestly only remember seeing that I had space and went for a shot.” Indeed, her second U-20 Women’s World Cup appearance and first as a starter could barely have begun

better. “This gives me loads of confidence,” said the forward, who plays for Oklahoma State University in the USA. “Now I’m just hoping to keep playing and keep improving alongside the rest of the team. I’m very happy to be here and I hope we can go a long way.”

Chales Ogundiya Akure

ewman Musa was the hero as Sunshine Stars beat Kano Pillars 3-0 in one of Week 22 matches played at the Akure Township Stadium on Sunday. The youngster scored a brace while Prince Aggreh added another goal to inflict on the defending champions their fifth defeat of the season. In front of a fair crowd, which included the Director General of the National Sports Commission, Gbenga Elegbeleye, Musa opened his account with a cool finish in the 35th and he added another in the 65th minute after collecting a pass from Dele Olorundare. Sunshine spurned sev-

eral chances to increase the tally until Agrrey converted a 90th minute chance to complete the rout. Sunshine have now played 100 matches at the Akure Township Stadium without a defeat. Kano Pillars coach, Okey Emordi, said after the match that; “We are still top (of the league table). Now we’ll have to return and work hard once again.” NPFL RESULTS Abia Warriors 2 – 0 El Kanemi Akwa 0 – 0 Nasarawa Bayelsa 0 – 1 Gombe Rangers 1 – 1 Enyimba Giwa 1 – 1 Dolphin Heartland 1 – 0 Crown Lobi Stars 1 – 0 Sharks Sunshine Stars 3 – 0 Kano Pillars Taraba 2 – 0 Kaduna Warri 1 – 0 Nembe

Sanctity of Truth

Monday, August 11, 2014

Arsenal wallop City to win Community Shield

rsenal inflicted a 3-0 defeat on Barclays Premier League champions Manchester City to lift the Community Shield at Wembley. Back at the scene of their FA Cup triumph, the Gunners tore into a lacklustre City side - which saw Willy Caballero start in goal ahead of Joe Hart and were in control by halftime through well-worked goals from Santi Cazorla and Aaron Ramsey. Substitute Olivier Giroud cracked home a third goal from 25 yards on the hour as City were subdued, but both rival managers Manuel Pellegrini and Ar-

sene Wenger will know full well much sterner tests lie ahead before they hand out the honours again in nine months’ time. Arsenal were ahead after 21 minutes. Sanogo and Jack Wilshere worked some space at the edge of the City penalty area, before the England man was upended by Dedryck Boyata. The ball broke left to Cazorla, who sidestepped Gael Clichy before sliding a low shot back across Caballero and into the far corner. Arsenal doubled their lead after 42 minutes with a simple goal, yet one of the highest quality. Sanchez’s ball from the

Nasri ends France career

amir Nasri confirmed on Saturday he has quit international football, blaming France coach Didier Deschamps and the French media. Nasri claimed he does not have a chance of playing as long as Deschamps is coach and argued that when he represents France all he and his family get is grief. The 27-year-old has played 41 games for France, scoring five goals but was left out of Deschamps squad

right was held up at the edge of the City box by Sanogo. The France forward showed great strength to lay a pass back to Ramsey, who stepped past his marker before clipping the ball into the net and wheeling away in celebration - just as he had done at the other end in the FA Cup final some 12 weeks ago. Olivier Giroud all but confirmed the result when he curled in a delicious finish from 25 yards midway through the second half.

for the World Cup in Brazil. As recently as last week, Nasri had admitted he had made a decision about his international future but claimed he would reveal what that was “when the time is right”. “I’ve been thinking about it [international retirement] since the 2012 European Championship. This is just a confirmation of what I’ve been feeling,” Nasri said

SPORT | EURO FOOTBALL

Arsenal players celebrate with the Community Shield

‘Fabregas can’t replace Lampard’ J

ose Mourinho has warned against expecting Cesc Fabregas to replace Frank Lampard at Chelsea. The Blues manager in an inter-

on Saturday. “Let’s face it, as long as he [Deschamps] is going to be the manager I don’t think I have a shot after everything that happened. Fabregas “He said he didn’t pick me for the World Cup because I wasn’t happy on the bench but I don’t know one player who is happy on eal Madrid forward Cristiano Ronaldo the bench, especially when will reportedly start for Los Blancos you don’t understand the in Tuesday’s European Super Cup tie against Spanish rivals Sevilla in Wales. reason.” The Ballon d’Or winner has been struggling with tendinitis since the end of last season, with his minutes in preseason harmed by the persistent knee have respect. The team is our biggest rival problem. However, Ronaldo has trained sucand we mustn’t think: ‘This is training’. This cessfully over the last couple of days and is totally wrong. “Of course we want to win a title again. will start in next week’s showpiece event We have to be very focused to win on against the Europa League winners, ac-

view with BT Sport, reported by Mundo Deportivo, stated that instead of expecting Fabregas to replace Lampard, he sees the former Barcelona man as changing Chelsea’s style. “Cesc? He’ll never replace Lampard,” Mourinho told Rio Ferdinand, who conducted the interview on behalf of the broadcaster. “He is a player we needed to slightly alter the profile of our game. I want to go a step further in midfield. “Cesc is a fantastic player but we can never say he is replacing Lampard because Frank is Frank and one day they’ll build him a statue.” Lampard left Stamford Bridge this summer, signing for MLS side New York City FC but joining Manchester City on loan for six months. City are co-owners of the franchise.

Ronaldo to start in Super Cup

cording to AS. New signings Toni Kroos and James Rodriguez are also both expected to feature for Madrid.

German Super Cup: Bayern won’t toy with Dortmund – Schweinsteiger

ayern Munich midfielder Bastian Schweinsteiger insists the club is taking Wednesday’s DFL-Supercup seriously. The fixture - traditionally between the respective winners of the Bundesliga and DFB-Pokal - pits Bayern against Borussia Wednesday.’’ Dortmund for the third season in a row after Pep Guardiola’s men won both competitions last season. The sides have one win apiece from the past two years, and Schweinsteiger says Bayern are relishing the chance to add another piece of silverware to their trophy cabinet. “Of course you take it very seriously,” he said. “It’s a trophy that you can then present. Of course we want to win the game. “Last year we lost there, and so we really want to win the title. But it is difficult. “Dortmund play at home, but we will send a team on the pitch that can win the game.” Dante echoed those comments, adding: “It is important that we are ready in the head. “When we play against Dortmund we Schweinsteiger

Ronaldo(left)

Dutch FA experiments with video technology

he Dutch FA has revealed it has trialled a video technology system to positive effect and has the support of the English FA. The International Football Association Board will be presented with the proposal, which would allow managers to halt play and challenge one contentious decision against their side in each half. A video official within the stadium would then be able to advise the referee on a decision with the help of replayed footage. KNVB spokesman Koen Adriaanse

told the Sunday Mirror: “The proposal was tried out in 24 games last season, with video referees highlighting incidents in which they would have been able to assist match officials. “It was found to be a big opportunity to help referees and their assistants. There was a lot of interest in the experiment from the FAs of England, Germany and the United States – and we have their support to make an official proposal. “The next step will be to see how the system works at youth or Under-21 level and if it’s a success, then it could be introduced into senior football.”

Transfer Updates

54 SPORT

Vermaelen: Why I chose Barca over Man Utd N

ew Barcelona signing Thomas Vermaelen had no hesitation in moving to Camp Nou despite reported interest from Manchester United. The Belgium international centre-back completed his switch to the Liga giants from Arsenal on Sunday, with Barcelona confirming a €10million fee was paid with

up to €5million due depending on his own personal performances. “Coming to Barca is a dream come true,” he said at a press conference. “It wasn’t a difficult decision at all. “I’m very happy to be here, for a lot of players it’s a dream to play for this big club. It’s always a big challenge but I look

Atletico offer Soldado escape route

tletico Madrid want to sign Tottenham’s Ahowever Roberto Soldado on a year long loan deal, Spurs are stalling on the deal.

Soldado joined Spurs for a fee that could reach £26 million last summer, however Spurs have so far paid only half of that amount, with the rest due in performance related instalments. Even if Spurs were to sell the striker for a fee greatly below what they agreed to pay Valencia last year for his services, they could still end up recouping most of their losses. A loan to Atletico would not recoup those losses, nor would Soldado’s value be likely to increase over the period of the loan as in a year’s time he will be over 30.

Afellay seals loan switch to Olympiakos

utch winger Ibrahim Afellay has left Barcelona to join Greek champions D Olympiakos on a season-long loan.

forward to it. “I will be playing with the best players in the world, training with them every day and I hope to get better as a player. “You know when you come to a club like this they have worldclass defenders. There’s competition, I’m excited, it’s down to me to show I can play for this club.”

Eto’o linked with Ajax S

amuel Eto’o has been linked with clubs in England but could choose Ajax instead Eto’o flew into Amsterdam on Sunday and watched Ajax face Vitesse Arnhem. After the game he was expected to tell Ajax technical director Marc Overmars if he is ready to join the Dutch champions on a one-year contract. Eto’o has had offers from all over the world but though Ajax’s maximum wage packet is £35,000 a week – 10 times less than Eto’o got in his Anzhi days – the ex-Chelsea star has told Overmars he not purely motivated by money. At Ajax, he can enjoy an easier league, a great lifestyle and still be involved in the Champions League. Overmars said: “Samuel still has a big drive to win trophies. He

Eagles’ transfer Update Accrington sign Alabi on loan

ccrington Stanley have signed forward James Alabi from Premier League Stoke City on a month’s loan. The 19-year-old made his debut as a second-half substitute in the 1-0 home defeat by Southend on Saturday. “He is a strong centre forward who will be a good addition to our squad,” Accrington manager James Beattie told the club website. Alabi has had previous loan spells with Mansfield Town, Forest Green Rovers and Scunthorpe United.

Sanctity of Truth

Monday, August 11, 2014

Admanyurdu ponder move for Kalu Uche

ewly promoted Turkish Super Lig N side Mersin İdmanyurdu have been linked with former Super Eagles striker,

Kalu Uche. The club has encountered difficulties in the pursuit of Carlton Cole and Spartak Moscow’s Wellinton. But reports emerged that the club has turned its attention to Kalu Uche, who is currently on the books of El Jaish in the Qatar Stars League. The Super Eagles attacker might have severed ties with Kasimpasa in acrimonious circumstances before his move to the Gulf. But that has not damaged his reputation having netted 19 goals during the 2012 - 2013 season to finish as the second top scorer in the league.

The 28-year-old has made 35 appearances for the Barca first team since joining in 2010 but injuries have plagued his personal ambitions at the Nou Camp. Anterior crucial ligament damage meant he missed seven months of action between September 2011 and April 2012 and a muscle problem cut short his 2012-13 season, which he had started on loan at Schalke.

Juventus prepare offer for Manolas

ccording to reports, Juventus are ready to make an offer for OlymA piacos defender Konstantinos Manolas.

The Greek outfit has demanded €15 million for the talented 23-year-old, whilst the Bi- anconeri are also looking at Eder Alvarez Balanta who is in high demand. Tuttosport reports that Juventus are ready to offer Reto Ziegler and Marco Motta plus a cash offer of around €5 million to secure the services of the defender. Manolas was impressive at the World Cup in which Greece reached the round of 16 where they were eliminated by Costa Rica on penalties.

Kolo Toure agrees Trabzonspor deal

iverpool defender Kolo Toure is set to L leave the club after agreeing terms to sign for Turkish side Trabzonspor, according

to reports. Toure made 20 Premier League appearances for the Reds last season after arriving on a free transfer from Manchester City, but the 32-year-old is now on the verge of a move to the Turkish Super Lig outfit after a fee of £1.6m was agreed to secure his Anfield exit. Turkish Football claim the Ivory Coast international will finalise his switch this week, when he will meet Trabzonspor manager Vahid Halilhodzic.

Van Gaal talks up Di Maria

anchester United manager Louis van Gaal admitted the Premier League club lacks wingers of Angel di Maria’s calibre. Antonio Valencia, Ashley Young and Nani a r e the only recognised senior wingers at Van Gaal’s disposal leading into the 2014-15 campaign, and the trio are yet to fully convince in Manchester. “At this moment, we have five number nines and four number 10s – and we don’t have wingers to give us attacking width. “Or, I should say, we don’t have wingers of the highest level, like Ronaldo or Di Maria or somebody like that.

Monaco sign Stekelenburg onaco have signed Dutch goalkeeper M Maarten Stekelenburg on a one-year loan from English club Fulham.

A runner-up last season in the French league, Monaco announced the news on its website. Stekelenburg played in the 2010 World Cup final in which the Netherlands lost 1-0 to Spain. But he failed to make the squad for the 2014 tournament in Brazil. Monaco vice-president Vadim Vasilyev said “we’re happy to have a goalkeeper with such an international experience . Maarten will bring his skills and knowledge to our squad which has many young players.”

Sanctity of Truth

Monday, August 11, 2014

World Record

On Marble

Nothing is impossible, the word itself says, “I’m possible!”

– Audrey Hepburn

February 3, 2007 - The tallest male giraffe measured stood 19 ft 3 in (5.88 meters) tall. The tallest female giraffe measured stood 16 ft10 in (5.17m)

Sanctity of Truth

w w w. new tel eg rap ho nl i ne. co m

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONDAY, AUGUST 11, 2014

N150

Living in a changing world (2) Continued from last Tuesday limate change will only serve to amplify existing resource stresses. On current trajectories, half of the global population will be living in water scarce countries by the end of the century and 35 percent of Sub-Sahara’s cropland will become unsuitable for cultivation, with severe impacts on food security. The world’s farmers will need to produce 70 percent more food by 2050 to feed a population expected to pass nine billion people. And a rising middle class is also poised to trigger political changes in emerging economies. As these countries become more participatory and the middle class gets a stronger voice, the challenge is to maintain the focus on inclusive, pro poor and climate- smart growth. II. Second, Galloping Urbanisation We all know cities have been long been a magnet, but the numbers today are growing exponentially. Today’s urban population of about 3.6 billion people is projected to reach 5 billion by 2030. The world will then be two-thirds urban, with 90 percent of this growth in the cities of South Asia and Africa.The built up area used by cities will double from 2000 to 2030. At the same time, urban densities are decreasing which will see the cost of delivering infrastructure services rise and make housing costs higher and less affordable. The move to urbanization is of course not unique to the developing world. Virtually no country has moved up the ladder to high income status without urbanising. Urbanisation matters for people wanting a path out of poverty. For every ten people lifted out of poverty in the East Asia and Pacific region, two were helped simply because of the urbanization process. Even in Sub-Saharan Africa, half of the drop in poverty originated in urban areas and through the urbanization process. The Megacities But urbanisation today is much more about the growth of megacities - where the sheer number of residents can easily be larger than those of many countries. In 1970, the world only had two megacities – Tokyo and New York. In 2011, there were 23 – accounting for 9.9 per cent of the world urban population. Basically the number of people living in megacities had multiplied almost ten times. By 2025, the number of megacities is expected to increase to 37. Asia will have gained another nine, Latin America

Guest Columnist

Caroline Anstey

two, and Africa, Europe and Northern America one each. And it will be people living in megacities in the developing world who’ll feel those cities swell. Some estimate that in cities, one billion people will enter the global “consuming class” by 2025, with enough income to become significant consumers of goods and services – injecting around $20 trillion a year in extra spending into the world economy. The Urban Face of Poverty • But the growth of cities and megacities has also brought an urban face to poverty. There are now some one billion people living in urban slums in developing countries. And their numbers are projected to grow by nearly 500 million between now and 2020. Slums are growing the fastest in Sub-Saharan Africa, south-east and western Asia. • And its women and children who bear the brunt of improper sanitation and poor health care in slums. Lack of adequate sanitation can affect a teenage girl’s schooling. In Kenya’s urban slums girls in grade 4 to 8 who’ve reached puberty miss – on average – six learning weeks a year. III. Third, The Mobile Revolution Today, more people have access to a mobile phone than a toilet. With some six billion mobile phone subscriptions in use worldwide, three quarters of the world’s inhabitants now have access to a mobile. The developing world is now more mobile than the developed. Innovations that began in Africa – like dual SIM card mobile phones or using mobiles for remittance payments – are now spreading across the continent and beyond. ICT’s directly contribute around seven per cent of Africa’s GDP, which is higher than the global average. While that’s impressive, it’s also transforming the lives of ordinary Africans with mobile phones used for financial services in Kenya, agricultural market information services in Ghana, electronic filing of taxes in South Africa or sensor based irrigation systems in Egypt revolutionising traditional practices. New tools are helping Africans face challenges like climate change or HIV/AIDS and the wider use of ICT in government is

Anstey, World Bank MD

bringing more openness and transparency. We’ve already seen mobile money has transformed the Kenyan economy, where mobile-facilitated payments now equate to a fifth of the country’s gross domestic product. And with improvements in fibre optic connectivity and open platforms, Africa’s now being touted as being on the verge of becoming a major beneficiary of massive open online course – leapfrogging into digital education. Some 68,000 kilometres of submarine cable and over 615,000 kilometres of national backbone networks have been laid in the past few years. The internet bandwidth available to Africa’s one billion citizens grew 20-fold between 2008 and 2012. These electronic highways will provide the trading routes of the future. IV. Fourth: Women, the Next Emerging Market. Today women are the next emerging market. The financial power of women is expanding at a faster rate than at any other time in history, with much of this growth in emerging markets. Global consumer spending by women is projected at $28 trillion in 2014, up from $20 trillion in 2009. And the growth of women-owned businesses is one of the most profound changes in the business world today. But that potential is still grossly under-supported. On average only five to ten percent of women owned businesses in the developing world have access to commer-

cial bank loans. And women owned businesses account for only 3 percent of venture capital investments globally. And yet we know that under-investing in women not only limits economic and social development, it puts a brake on poverty reduction. Seeds and fertilizer in the hands of a woman can boost crops. Cash in the hands of a woman can increase twentyfold the chance of her child’s survival. And a business in the hands of a woman can thrive. In the USA today women owned firms are growing at twice the rate of all other firms, contributing nearly $3 trillion to the US economy and directly responsible for 23 million jobs. we also know that Today, worldwide fewer than half of women have jobs, compared to almost four-fifths of men and yet interviews with women in 93 communities across 20 countries show that women aspire to work for pay. So why is there this vast untapped economic and productive potential? Worldwide, education levels of women have increased. It is barriers like legislation, cultural restrictions, informal work, and limited access to finance which are holding women back. Our Report on Women Business and the Law surveyed 141 economies to look at those barriers to gender equality. In 102 out of those 141 economies, there is at least one legal difference that can hinder women’s economic opportunities. That’s a pretty large indictment, but it also means that there is potential for a big shift in this area. Concluded

OMOBABA

FASHOLA REVERSES LASU FEES TO N25,000 - News

– Hope it won't go up after 2015 Election?

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