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Monday, July 14, 2014 Vol. 1 No. 146

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Nigeria’s most authoritative newspaper in politics and business

Govs ditch commercial airliners for chartered jets

lSecurity, poor airlines schedule, others adduced for new lifestyle Wole Shadare

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any state governors now prefer travelling by chartered flights instead of making their

trips on commercial airliners, investigations by New Telegraph have shown.

It was gathered that they preferred this method of travelling, which has

been described as convenient and time saving, because of security and poor airlines’ schedules.

Investigations showed that except for a few of the

36 state governors, majority preferred this method of travelling not minding the cost to taxpayers.

Sources in the aviation industry told New Tele-

graph that the amount of money spent on aircraft charter by the governors runs into several billions of naira annually.

The minimum amount

charged by charter airline operators for a round trip to Abuja from Lagos, which is just two hours for instance, costs between $16, 000 and $18, 000.

This could be higher CONTINUED ON PAGE 2

We bombed Lagos, says Boko Haram in new video

lPolice: We’re studying claim lMalala in Nigeria, seeks freedom for Chibok girls lAPC calls for international inquiry to unravel terror sponsors Louis Achi, Amadi Nnamdi and Juliana Francis

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oko Haram leader, Abubakar Shekau, in a new video released at the weekend claimed responsibility for the June 25 blasts near Folawiyo Energy fuel depot in Apapa, Lagos.

He also said his terror group was behind another blast at a shopping mall in Abuja on the same day which killed 22 persons,

including the Managing Editor (North) of New Telegraph, Mr. Suleiman Bisalla.

The mystery blasts in Lagos killed five persons and the suicide bomber was said to be dressed in hijab, apparently to conceal the identity of the terrorist.

However, since the incident, there have been attempts by government and security agencies to cover CONTINUED ON PAGE 2

Soyinka: There are more killings now than under military

lAregbesola, Oshiomhole salute Nobel laureate at 80 Lateef Ibrahim, Adeolu Adeyemo and Cajetan Mmuta

N Argentina’s forward Lionel Messi (left) darts past Germany’s defender Mats Hummels, during the World Cup final in Brazil...yesterday

Ekiti poll: APC overrules Fayemi, goes to court }12

obel Laureate, Professor Wole Soyinka, who turned 80 yesterday, has said that Nigeria has witnessed more political assassinations and mysterious killings in the last 10 years than during the military regime.

Soyinka specifically described the development as a very strange phenomenon.

The literary icon, while

answering questions on a television personality interview programme, “Talk to Aljazeera”, monitored in Abuja, also dismissed nursing any fear of arrest because of his outspokenCONTINUED ON PAGE 1

Lagos

Storms

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Malala in Nigeria, seeks freedom for Chibok girls CONTINUED FROM PAGE 1

up the source of the explosions in Lagos.

The police had attributed the blasts to a gas cylinder and a fuel tanker.

The Lagos State government also said the explosion was from a gas canister, apparently to prevent public panic.

But a few weeks after the incident, Lagos State Governor, Mr. Babatunde Fashola (SAN) along with security chiefs met with chief executives of oil companies on the need for them to raise the level of security awareness among their staff.

New Telegraph gathered that since the explosions, several arrests had been made by the police, the Department of State Security (DSS) and army in Lagos.

A source said: “Security has been beefed up in Lagos State. The searchlight is now on foreigners and commercial bike riders. We know that Boko Haram uses them for their attacks. The police have also started raiding of black spots. Presently the Nigerian Immigration Service is deporting these foreigners’ en mass without questions.”

However, the Agence France Presse (AFP), which obtained the Shek-

TODAY’S WEATHER FORECAST ABUJA

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au’s video in which he linked Boko Haram to the Lagos explosions, had in a report last week, and said the incident had the imprimatur of a terrorist attack.

The report, quoting weapon experts and witnesses had alleged an attempt to cover up the source of the attack so as

not to create panic in Lagos, the economic artery of Nigeria.

If Shekau’s claim is true, it would be the first terrorist attack on Lagos and a sign that Boko Haram, whose activities have been largely confined to the North, has turned its attention to the South-

West.

But in a swift reaction to Shekau’s claim, the police said they would do a forensic analysis of the video to determine its authenticity before they could comment on it.

Shekau, in the video, said: “A bomb went off in Lagos. I ordered (the

bomber) who went and detonated it.”

The two blasts, which happened minutes apart, were almost certainly caused by bombs, three senior security sources and the manager of a major container company told Reuters. One was most CONTINUED ON PAGE 4

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

Managing Director, News Agency of Nigeria (NAN), Mr. Ima Niboro (left), presenting a birthday card and flowers from President Goodluck Jonathan to the Girls’ Education campaigner, Malala Yousafzai, at a dinner in her honour in Abuja…at the weekend

Govs ditch commercial airliners for chartered jets CONTINUED FROM PAGE 1

if the payee spends more than the three-hour grace period given to him by the operator.

After the three hours grace for which the aircraft remains on ground, the operator bills the charterer additional $500 per hour.

However, while some of the governors resorted to chartering jets for their trips, others acquired luxurious airplanes for use.

Among states with private jets is Rivers State, where the Governor, Chibuike Amaechi, in 2012 acquired a brand new Bombardier Global 5000 (N565RS) for use.

Last year Amaechi traded off the state’s current Embraer Legacy 600 claiming it was too expensive to maintain.

The oil-rich state reportedly owns an AW139 helicopter which it leased to Aero Contractors.

In 2011, the state government sold its Dash 8-Q200 aircraft to Cross River State for $6 million.

Cross River State then leased the plane to Aero Contractors to undertake commercial flights to and from Obudu airstrip in the state.

Taraba State Governor, Mr. Danbaba Suntai, bought a Cessna 208, 5NBMJ to beef up the fleet of

the state, which includes two other aircraft and a helicopter.

Suntai, a trained pilot, crashed the Cessna 208 two years ago, when he was flying it to Yola, Adamawa State.

Also, Akwa Ibom State Governor, Chief Godswill Akpabio, allegedly splashed $45 million to acquire a jet, with FAA registration number N224BH, which was manufactured in 2011.

The resort to charter jets by governors and other top public officeholders has made the business a lucrative one in Nigeria.

For example, due to the booming business for charter airline operators, the nation’s airports and private hangars are littered with planes which are used for charter operations.

Many of the planes, including the ones own by wealthy individuals bear foreign registration numbers such as ZS - PPH, ZS - SGV, ZS-B0V, ZS-PTP, ZSBOT, believed to belong to a former governor from the South, ZS-S0V, ZS-SAH, ZS-PCT and ZS-PKY. ZS is the call sign of South Africa. ZS-BOV and ZS-SOV are believed to be owned by the same person.

An openly-discussed topic in many parts of Africa is the number of

aircraft registered in that country but belonging to Nigerians and are used for charter operations.

The boom in aircraft charter operations made a former Minister of Aviation, Stella Oduah, to impose heavy taxes on charter operators. The policy died on arrival as the operators described her action as not ‘sincere’ but meant to generate revenue for ‘ulterior motive’.

They had in the heat of the controversy petitioned the Senate, which after studying their petitions directed the Ministry of Aviation to suspend the imposition of $4,000 for each landing and take-off done by a private plane in any aerodrome in the country.

One of the South-East governors told New Telegraph that he took to flying chartered jets after an aviation official told him that most of the commercial airlines are not safe.

The governor said there was the need to believe the source following the incessant plane crashes in Nigeria in a space of three years.

But a top official of the Nigeria Civil Aviation Authority (NCAA) faulted the governor’s claim, saying the aviation regulatory body conforms to the provisions of the In-

ternational Civil Aviation Organisation (ICAO).

A former Assistant Secretary General of Airline Operators of Nigeria (AON), who is highly experienced in airplane charter operations, Mohammed Tukur, said the security situation in the country had made this mode of airline business to boom.

Tukur added that apart from governors, wealthy and highly placed government officials have shunned commercial air travel and preferred to fly with chartered airplanes.

“I can tell you that in the past, you would see many state governors, top government officials flying commercial airliners, but these days, you see them at the hangars terminals of charter aircraft operators,” he stated.

Tukur attributed the situation to poor schedule of commercial airliners, adding that many of them do not have schedule integrity.

“Take for instance a governor who wants to go to Owerri, Imo State at 2pm or 4pm. He gets to the airport to catch his flight only to be told that the flight had been rescheduled. He accepts that only for the airline to announce outright cancellation of the flight,” he added.

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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Resource control: Confab delegates propose fresh amendments to controversial report

lDerivation remains 18 per cent l5% intervention fund extended to other zones Onwuka Nzeshi ABUJA

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n a bid to break the stalemate over the controversial report of the Consensus Committee on resource control and derivation principle, the committee yesterday proposed fresh amendments to the report of the Committee on Devolution of Power.

The 18- member Consensus Committee, comprising three delegates from each of the six geo-political zones met with other delegates representing various interests over the weekend where they agreed on the new amendments.

A document obtained

by New Telegraph showed that the new proposal retained some of the major ingredients of the old but disputed agreement while it made some slight adjustments in a bid to carry along all the divergent interest groups.

It provided, among other things, that the principle of derivation shall be constantly reflected in any approved formula as being not less than 18 per cent of

the revenue accruing to the Federation Account directly from any natural resources.

It also recommended that not less than 50 per cent of the total derivation fund accruable to a mineral bearing state shall be due and payable to the host communities within the state where the resources are derivable in accordance with the production quota contributed by such communities Besides the derivation formula, the new proposal stated that there shall be a Minerals Development Fund which shall not be less than five per cent of the revenue accruing to the Federation Account.

“The fund will be applied to minerals development in states. This is borne out of the need to urgently and practically diversify the economic base of the country, increase the Gross Domestic Product (GDP), generate employment and promote the general development of the country,” it stated.

This is an improvement on the earlier recommendation where the mineral

development fund was specifically tied to only solid minerals.

The new proposal also made provision for a National Intervention Fund which shall be five per cent of the annual revenue accruing to the account of the Federal Government for the stabilisation, rehabilitation and reconstruction of infrastructure in areas

affected by terrorism and insurgency, especially in the North-East and any other state that may be so affected.

This is a departure from the earlier proposal where the application of the five per cent was restricted to the North even without specifying that it would be applied to the reconstruction of infrastructure in

the aftermath of terrorism and insurgency in any part of the country.

New Telegraph learnt that the proposal will be presented for adoption at plenary today.

Proceedings at the National Conference were cut short twice last week following a stalemate in the discussions of the Consensus Committee re-

port, which was saddled with the responsibility of fashioning out consensus on resource control and derivation formula.

Last Thursday, the conference was forced to adjourn plenary amidst recriminations as to who and which group was responsible for the deadlock in the deliberations of the report.

L-R: Head, Debit Cards, Mr. Obinna Uma; Team Lead, Debit Cards, Mrs. Funmi Fagbulu and Divisional Head, e-Banking, UBA Plc, Dr. Adeyinka Adedeji, during the inauguration of U-Advance, a credit card for workers in Lagos...at the weekend.

APC calls for international inquiry to unravel terror sponsors CONTINUED FROM PAGE 2

likely the work of a female suicide bomber, they said.

Authorities said the blasts on Creek Road were an accident caused by a gas canister, but the security sources told Reuters that was a cover-up meant to avoid panic in Lagos.

“You said it was a fire incident. Well, if you hide it from people you can’t hide it from Allah,” Shekau said in the video, which according to AFP shows him next to at least 10 gunmen in front of two armoured personnel carriers and two pickup trucks.

Security sources said the incident might have been the work of a group or individual inspired by Boko Haram. Shekau has been known to claim attacks suspected to be the work of another Islamist group or a criminal gang.

Shekau, in the video, however, mixed up the name of Fashola, taunting Edo State Governor, Mr. Adams Oshiomhole, as if he were the Lagos State governor.

But reacting to Shekau’s claim, Force Public Relations Officer, Mr. Frank Mba, an Assistant Commissioner of Police (ACP), said an Information Technology test and forensic analysis

would be carried out to determine the authenticity of the video.

He, however, refused to comment on the allegation that the Lagos explosions were cause by bombs.

He said: “We’re studying the video. After we study the video, our approach will first be to conduct a thorough forensic analysis of the picture/video to authenticate the veracity of the video. It’s only after then, that we’ll then be able to know what to do. Anybody can produce a picture or video and post it. IT and forensic analysis will determine the truth. I’m not saying more than that!”

Meanwhile, Pakistani rights activist and girls’ education advocate, Malala Yousafzai, has arrived in Nigeria to join in the campaign for speedy rescue of over 200 schoolchildren kidnapped by Boko Haram from Chibok, Borno State in April.

Malala, a lucky survivor of a near-fatal Taliban shooting, told about 15 parents of the abducted school girls and key arrowheads of BringBackOurGirls campaigners in Abuja that she would speak up for the girls’ freedom.

“I can see those girls as my sisters ... and I’m going

to speak up for them until they are released. I am going to participate actively in the ‘BringBackOurGirls’ campaign to make sure that they return safely and they continue their education,” she said.

From Malala’s programme schedule obtained

by New Telegraph, she will be meeting with President Goodluck Jonathan today and is expected to put girlchild education in Nigeria and the Chibok girls’ abduction on the frontburner.

At the event, Malala who turned 17 yesterday, told the parents of the Chibok girls that she could feel their pains.

“We all don’t know what kind of conditions they will be in. It is a very sad moment. We pledge solidarity with you. We are with you in your campaign #BringBackOurGirls; bring back our daughters.

“Life is precious. You have been great parents for taking this step to speak up for your daughters and speak up for their right to education.

“Thanks for your courage. You are great parents.

Their lives are precious. I am going to take your message and deliver to the president tomorrow (today).

Hopefully, the government will listen to your voices,” she added.

Google Vice-President and co-founder of Malala Fund, Megan Smith, who also spoke at the event, told New Telegraph yesterday in that the biggest challenge to girls in many countries is education.

According to Smith, “Malala’s mission here has to do with girls’ education; her whole mission in the world.”

Clarifying there was no conflict of their core mission with BringBackOurGirls campaigners, she said: “The girls were stolen from school where they were trying to get education. She feels strongly about that. She really believes in education.

“I feel very strongly about this too and agree with her. Our girls and boys need education for the future of our world. Young people and old people need opportunity and education is the best way to lift the society.”

Also yesterday, one of the parents of the abducted Chibok schoolgirls Shettima A. Haruna, said that seven parents of the abductees had died.

Speaking through an interpreter at the #Bring-

BackOur Girls campaign group 75th sitting in Abuja, Shettima whose daughter, Margaret, was among the over 200 abducted girls, added that since the abduction, about three Chibok neighboring communities had witnessed various attacks that had forced many residents to relocate from the areas.

In another development, the All Progressives Congress (APC) has called for an international inquiry into the activities of Boko Haram in order to unravel its modus operandi and sponsors as well as any individual or group that may have links with the insurgents.

This, according to the party, will end, once and for all, the debate over who is behind the insurgency and also to facilitate efforts to tackle it.

APC in a statement in Lagos yesterday by its National Publicity Secretary, Alhaji Lai Mohammed, said the inquiry should include intelligence experts from the United States, United Kingdom, France and Canada, as well as representatives of the United Nations and Cameroun, Chad and Niger.

It also said that representatives of the Nigerian

military and other security agencies, especially the police and DSS, governments of the states worst hit by the Boko Haram insurgency, including Adamawa, Borno, Yobe, Kano, Bauchi and Jigawa, the Federal Capital Territory as other critical stakeholders should be represented on the panel.

APC said major political parties, including the Peoples Democratic Party (PDP) must be represented on the panel of inquiry, whose findings must be made public and those found to have any links with the insurgents be made to face the full wrath of the law. ‘’We hope the PDP-led Federal Government, which has led the incessant but baseless campaign to point accusing fingers at the opposition, especially our party the APC, will give its total support to the immediate constitution of this international panel of inquiry.

“We have no doubt that the international community will give its unalloyed support to this inquiry, in view of the trans-national nature of the insurgency and the threat posed by terrorism to global peace and security,’’ the party said.

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Monday, July 14, 2014

Nyako in last-minute moves to stop ouster lPanel submits report today Ibrahim Abdul Yola

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damawa State Governor, Alhaji Murtala Nyako, at the weekend launched a last-ditch effort to stave off his impeachment by members of the state House of Assembly.

Nyako, for the second time, in a week, moved to Abuja for a meeting with the lawmakers in a bid to

persuade them to back down from going ahead with the impeachment.

His lobby came just as the seven-man panel set up to investigate allegations of gross misconduct against him and his deputy, Mr. Bala James Ngilari, which rounded off its sitting on Saturday, is billed to submit its report today.

Nyako and Ngilari had on Friday failed to appear before the committee,

claiming it was illegally constituted.

Confirming the meeting with the lawmakers, one of Nyako’s Special Adviser on Government Affairs, Mr. P. P. Elisha, said the governor had gone back to Abuja to discuss with the lawmakers in his bid to ensure that peace reigns in the state.

He expressed concern that efforts to resolve the crisis were being trun-

cated by some Peoples Democratic Party (PDP) stakeholders hell bent on “removing Nyako through illegal ways.”

“In their desperation to ensure that the impeachment plot scales through, the PDP stakeholders issued a threat to sack any of its members that may retrace his step from the impeachment process despite the fact that the governor exonerated President Goodluck Jonathan who is the national leader

L–R: Chief Executive Officer, Sweet Sensation, Mrs. Kehinde Kamso; Chief Executive Officer, Slimmer You, Mrs. Carol Eyiteme; Chief Executive Officer, EbonyLife TV, Ms. Mo Abudu; Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe and Producer, Tinsel, Mrs. Tope OshinOgun, at the launch of ‘The W’ in Lagos…at the weekend

Aregbesola, Oshiomhole salute Nobel laureate at 80 CONTINUED FROM PAGE 1

ness.

According to him, with the state of the nation, the possibility of being assassinated is more real than incarceration.

When specifically asked, if he has fears about his outspokenness, Soyinka said: “Fear of arrest perhaps? Elimination seems to be the preferred.

“We’ve had more political assassinations, mysterious killings, in the last 10 years than during the period of the military. It is a strange phenomenon. I don’t think it’s likely anybody will want to imprison me.”

Asked to react to the feelings in some quarters that he is a trouble maker, he replied: “I don’t know whether I am a trouble maker. No. I wish like it is as simple as that.

“I grew up in certain circumstances politically, nationalism etc, etc. In this very Abeokuta where we are, my mother was involved in politics, my aunty, Mrs. Ransome Kuti, was the leader.

“I grew up among arguments, political arguments, history and hu-

manity and I found out that basically, I gravitated towards recognising the basic worth of human beings.

“As far as am concerned, don’t call me patriot, I don’t agitate on behalf of some entities called a nation, I agitate on behalf of humanity.”

Commenting on the issue of the Biafran war and the role he played, Soyinka said: “I was very much proBiafra in the sense that I recognize that the Igbos have been wronged. They have been brutalised in a way that justifies the feelings they were not part of the nation.

“Biafrans were not entirely innocent in this affair, they were not. But the whole issue of some venom poured on them as a people was sufficient to justify their decision not to be part of the nation. So, I was pro-Biafra in the sense that I felt they needed justice.”.

Soyinka also dismissed the fears that Boko Haram could lead to the disintegration of Nigeria.

“Ironically, Boko Haram might be one of the reasons why Nigeria will

stay together,” he added.

He made a case for the adoption of a method of governance where emphasis will be on massive decentralisation of governance rather than centralisation.

On why he thinks it took a long time for the international community to recognise the talent in him, he merely replied, “It takes a while for people to be educated about others.”

More congratulatory messages however came in for the Nobel laureate as he marked his 80th birthday.

Edo State Governor Adams Oshiomhole, in a tribute to the laureate, described him as a source of inspiration and pillar of support.

He said: “Over the years, whereas many to whom our nation has given so much often conduct themselves in a manner that undermines national unity, Soyinka, who has brought global glory to Nigeria, has done more to cement our nationhood without demanding much.

“You have not only written volumes seeking to cement our nationhood, but at some point even had to

endure 20-month solitary confinement to keep Nigeria one. As a global statesman today, your greatness lies not only in your extraordinary literary talent and creativity but also the tireless energy you always exert in the pursuit of your convictions.”

Speaking in a similar vein, Oshiomhole’s counterpart in Osun State, Mr. Rauf Aregbesola , described Soyinka as a pillar of national development.

The governor in a statement by the Director, Bureau of Communications and Strategy, Office of the Governor, Mr. Semiu Okanlawon, said Soyinka represented for the country and every black man a beacon of hope.

“He is a rare breed and a precious gift not only to Nigeria but also the Black continent and humanity as a whole.

“The Nobel laureate is a poet-prophet, prodigious playwright, freedom fighter, political activist and creative enigma.

“Soyinka has been fearless in his fight for a just society, democracy and return of military to the barracks.”

of PDP from the exercise.

“The whole impeachment move is being staged managed by the so-called Adamawa PDP stakeholders who are trying to draw President Goodluck Jonathan into a thing he knew nothing of.

“Not minding the antics of the so-called PDP stakeholders, Governor Nyako has moved to Abuja in order to continue consultations with the lawmakers as he was keen to see to the resolution of the impasse,” he added.

He explained that should Nyako be removed unconstitutionally, “the government will challenge the process of removal.”

Meanwhile, the sevenman investigative panel has said it will submit its report today.

The Secretary of the committee, Mr. Esthon Binanu, in a telephone interview yesterday, said: “If we complete our work today (yesterday), definitely we will submit our report tomorrow (today).’’

He assured all the parties that the panel would be fair to them, stressing that “it is criminal for anyone to try to speculate on the outcome of the panel’s sitting until the panel makes its verdict known.”

The warning by the secretary came against the backdrop of speculations that both the governor and his deputy might be indicted as the duo refused to appear before the panel.

It was, however, learnt

that the lawmakers might have dropped some of the allegations against the governor, including the one that he spent a huge amount of public funds on the visit to the state by All Progressives Congress (APC) leader, Major-General Muhammadu Buhari, due to lack of evidence to prove the allegations.

In the allegation, which appeared as number three on the lists of 20 allegations against Nyako, the legislators had claimed that N120 million was diverted “to sponsor the fictitious visit of Gen Muhammadu Buhari to Adamawa State to commiserate with victims of insurgency in Madagali and Michika Local Government Areas.”

Counsel to the assembly, Mr. Leonard Nzadon, announced the withdrawal of the allegation while summing up his presentation before the panel over the weekend.

He also said the allegation that Nyako fraudulently awarded a contract of over N8 billion through SNECOU Group of Companies Ltd, a company linked to one of the governor’s wife, to siphon public funds has been dropped.

Nzadon however argued that the governor would be guilty of breaching section 188 of the 1999 Constitution even if only one of the remaining allegations which were back by oral, written and video evidence was proved.

NNPC faults Senate on retention of fuel subsidy Johnchuks Onuanyim Abuja

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he Nigerian National Petroleum Corporation (NNPC) has expressed regrets over the decision of the Senate for the retention of fuel subsidy, stating that the economic environment is not conducive for efficient operation of domestic refineries.

It said at weekend stated that the clamour for the building of domestic refineries to reduce the country’s dependency on imported petroleum products would be difficult to achieve given the economic indices.

The Senate, while adopting the report of its Committee on Finance, headed by the Senator Ahmed Makarfi, which investigated the alleged nonremittance of $49.8 billion

from oil sale proceeds by the oil corporation, had last Thursday rejected the recommendation for the removal of fuel subsidy to ensure efficient management of public funds.

But Director of Transformation, NNPC, Dr. Timothy Okon, while presenting a paper on the Petroleum Industry Bill (PIB) at a workshop for journalists in Uyo, said: “You cannot have people invest money in a business and somebody else controls the price. It is illogical for you to ask an investor to come and invest and then buys the crude at international price and somebody else is fixing the prices of the products and you wait till you have money to pay the subsidy.

These are completely impractical. You have to create an environment for investment.”

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No group can shut Nigerian airspace – Controllers Wole Shadare

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he Nigerian Air Traffic Controllers’ Association (NATCA) said it has been overtime been embarrassed by what it described as “uncontrolled and careless” threats to shut the nation’s airspace being issued by different bodies within the aviation industry as means of settling industrial disputes.

This came as NATCA called on the Federal Government to make haste to restructure the aviation agencies, particularly, the Nigerian Airspace Management Agency (NAMA), to return them to the primary functions they were created to perform in a bid to ensure sustenance of air safety rather than in engaging in trivialities.

l Seek restructuring of aviation agencies The group further stated that these have many times portrayed to the public that Nigerian Air Traffic Controllers were preparing to go on strike, while the association and air traffic controllers had little or no knowledge of the issue of the disputes.

A statement made available to journalists, signed by President of NATCA, Victor Eyaru and General Secretary, Olawode Banji, said Air Navigation Provision (ANSP) in Nigeria and world over revolves around the air traffic controllers, making them the arrowheads of air navigation service provision which is primarily the provision of Air Traffic Services.

The duo reiterated that

air traffic controllers under the NAMA have over the years been working under difficult situations to ensure air safety.

They noted that despite the unfavourable working conditions that include but not limited to inadequate and delayed trainings, excessive workloads due to inadequate manpower, exposure to various health hazards, poor remunerations and inadequate working tools, Nigerian air traffic controllers have kept doing their best to continue to

ensure air safety.

“According to them, “Though the air traffic controllers have a lot of pending welfare and professional issues unattended for periods spanning up to four years which have expended the patience of the controllers worldwide, the association will not fold its arms while some people not given the authority to speak for the association do so without its permission and thereby tainting the image of the association and its members na-

tionwide”.

“We want to categorically say that no employee or group can shut down the nation’s airspace. Air traffic controllers and other aviation workers can only withdraw their services if industrial disputes warrant declaration of strike action”.

The group, however, urged the public that it has not yet declared any industrial disputes that could lead to its members withdrawing their services.

NATCA appealed to the Federal Government through NAMA, the Nigerian College of Avia-

tion Technology (NCAT), Zaria, to quickly address all the pending welfare and professional issues as they concern air traffic controllers employed by them.

They called for the urgent review of controllers’ allowances that have been pending since 2011 and beyond, stressing that it is a fact that controllers are among the least paid in the Nigerian aviation industry, despite the enormous responsibilities of ensuring air safety on their shoulders which they said is only comparable to that of pilots.

FG halts Warri BRT project Joe Obende Warri

Federal Government Tthehehasongoing ordered a halt to BRT proj-

ect in Warri, Delta State through the office of the Minister for Works for trespass on its property.

Delta State Government had begun construction work on a median BRT two-lane project on the about three-kilometre federal stretch of the Effurun/Sapele Road between Enerhen Junction and Effurun Roundabout which it said was to ease commuting in the twin cities.

The project, which from all indications, had become abandoned, had gulped several billions of naira.

Aside the trespass

allegation, the Federal Roads Safety Commission (FRSC) was said to have qualified the project as unsafe.

Unlike the Lagos BRT lanes which are mostly on the left and right service lanes, the Warri BRT lanes are right in the median of the federal road which is part of the Warri - Benin dual carriageway, which took the federal government over 20 years to execute, beginning from 1981 and gulped billions on naira.

The bus stops are right in the median of the federal highway necessitating commuters to cross roads each time they board or disembark from the BRT buses which is believed to be fraught with danger for road users.

PDP leader, 3,000 supporters join APC in Edo Cajetan Mmuta BENIN

the boast about Dtorsespite the number of defecit has so far received

to its fold, more than 3,000 members and leaders of the opposition Peoples Democratic Party (PDP) in Edo State weekend joined the ruling All Progressives Congress in the state.

Among the defectors was a leader of the Peoples Democratic Party (PDP) and former Chairman of the National Union of Petroleum and Natural Gas workers (NUPENG) in the state, Comrade Johnbull Asemota; the present Chairman, Comrade Osahon Osamuyi, 20 members of the PDP Executive in Uhumwonde Local Government Area and members of the NUPENG

union numbering over 3,000.

Asemota said he decided to join the APC to lend support to the governor in his quest to turn around the state through massive developmental strides in the state.

In his speech at a mass rally held in Benin, Governor Adams Oshiomhole said he was happy. “I am happy today that many people have continued to see the developmental projects of this administration especially Uhumwonde people by joining the All Progressive Congress (APC).

Oshiomhole said the PDP was finished in Uhumwonde Local Government Area and other parts of the state.

He acknowledged that “For too long, few people have held Edo State in bondage."

L-R: Bayelsa State Commissioner for Trade, Industry and Investment, Mr. Kemela Okara; Managing Director, Bayelsa Development and Investment Corporation (BDIC), Mr. Tam Alaigbe and Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Ernest Nwanpa, duing the state’s Investment and Economic Forum Pre-cocktail in Lagos…at the weekend

COEASU gives conditions for calling off strike Lateef Ibrahim Abuja

T

he Colleges of Education Academic Staff Union (COEASU) yesterday said that it would only end its on-going strike after a clear-cut commitment towards meeting the remaining part of its demands by the Federal Government.

The declaration by COEASU came 48 hours after the Academic Staff Union of Polytechnic (ASUP) called off its strike and ordered its members to resume work on Tuesday.

The Union made it clear that it was yet to

call off its seven months old strike.

The General Secretary of COEASU, Mr Nuhu Ogirima, who disclosed this in Abuja, insisted that the Union would end the strike only after a clear-cut commitment towards meeting the remaining part of their demands has been made by the Federal Government.

According to Ogirima, a senior lecturer in Federal College of Education, Okene, Kogi State; “We (COEASU) are yet to call off our strike. We are waiting for some commitment from the Federal Government.

"We had a closed-door

meeting with the new Honourable Minister of Education, Mallam Ibrahim Shekarau last Thursday, separate from the one he had with ASUP. We discussed meaningfully at length.

His remarks were quite impressive. We could see that the new Minister is really determined to ensure that the issue is resolved.

"He made a very strong appeal to us to call off the strike. He promised to meet with us this coming Thursday after studying our demands to give us feedback and let us know the government’s position, assuring us that the

issue will be properly resolved.

"We are very much willing to end the strike.

But until we hear from the Minister on Thursday, the strike continues. We do want a situation where our people will be unnecessarily victimized.

"As we speak, we have not been paid salaries for four months now.

So, we want an unambiguous pronouncement from FG. "After the Thursday meeting with the new Minister, we will review our position and it will be communicated to the press through our President”, he said.

'Glo has Nigeria’s largest international postpaid roaming' Jonah Iboma

Thaselecommunications operator, Globacom, said that it has deep-

ened its roaming services offering with the addition of over 100 leading network partners across the world in the last one year.

According to the Head of Glo Gateway, Globacom’s international ser-

vices arm, Steve Stretch, subscribers to Glo who are on the postpaid platform can enjoy seamless roaming services in almost every part of the world as Glo has interconnectivity arrangements with over 430 partners in 176 countries.

With the development, Glo is now the network in Nigeria with the largest international post-

paid roaming footprint, according to the firm, adding that this has enhanced its reputation as one of the biggest voice and data carriers in Africa.

Stretch noted that Glo had similarly extended its prepaid roaming to more destinations as the service was now available in most major destinations where it is partner-

ing with over 80 leading networks. The countries include Unites States, United Kingdom, France, Germany, Canada, Saudi Arabia, Ireland, South Africa, Ghana, UAE, Italy, India and Israel. They also include Netherlands, Switzerland, Spain, Cote d’Ivoire, Benin Republic, Cameroon, Egypt, Gambia, Kenya, Russia, Turkey and Qatar.

7

Sanctity of Truth

Monday, July 14, 2014

Imo PDP must unite to sack Okorocha, says Ihedioha Steve Uzoechi

OWERRI

D

eputy Speaker of the Federal House of Representatives, Chief Emeka Ihedioha, has tasked the Imo State chapter of the People’s Democratic Party (PDP) on the need to embark a sustained aggressive grassroots mobilization ahead of the 2015 general elections.

The Deputy Speaker stated this during the state-wide Unity Rally of the party held at the Old County Council Field at Obike, Ngor Okpala LGA, yesterday. He charged them to ensure that they remain in the field to preach the ideals of PDP as the only political party that has the capacity to positively impact the lives of the people.

Said he, “We must remain consistent with our grassroots mobilization ahead of the 2015 general elections because we are poised to taking over the seat of government in Imo State. The process of reclaiming Imo State, I can assure you, is fully

on course and with what I am seeing here today, I am convinced that we are indeed ready.”

Ihedioha bemoaned the lack of state government presence in most rural communities and the very poor state of UmunnekeObike road and assured that if elected as governor come 2015 that he will hastily fix the road.

“I want to assure you that I will always be your partner in progress and my commitment to the development of Ngor Okpala will never waver. We must continue to support the party at all levels and avoid internal bickering and unnecessary rancour, so as to remain focused as we have a task of evacuating the unpopular APC-led government in Imo State”, the Deputy Speaker said.

In his address, the State Chairman of PDP, Chief Nnamdi Anyaehie, thanked the people for their support for the party and assured them and the aspirants of fair play and transparency as they prepare for the general elections.

Kalu: Boko Haram, our collective problem

F

ormer Governor of Abia State, Dr. Orji Kalu, has called on Nigerians in the Diaspora to join hands in finding lasting solutions to the insurgency facing the country.

Kalu made this remark on Friday while addressing a cross section of Nigerians drawn from the academia, business

and corporate world at the Ledbury restaurant, London.

He said; “Some people have personalized national challenges by blaming President Jonathan for Boko Haram without understanding that it is a collective challenge.

“President Jonathan is a parent, and no father or mother will be happy

to see their child or loved ones killed or kidnapped.

“The Boko Haram issue should be paramount to all Nigerians irrespective of age, religion, sex and political divides.

“Rather than apportion blame or condemn the Federal Government, we should support and complement the efforts of the Federal

Government in curbing insurgency.

“The Federal Government is not only concerned about the security of its citizens, but also committed to the general welfare of the people” Kalu warned stakeholders who have continued to heat the polity to desist in the interest of the nation.

‘We want a neutral chairman for Abia APC' Peter Osondu

ABA

s the crisis in the All A(APC), Progressives Congress Abia chapter

rages, a faction, the Abia APC Integrity Group, has appealed to leaders of the party in the South East to urgently consider a neutral and consensus state chairman for the state. They argued that the Chairman would not only be fair to party members and committed to building the party ahead of 2011 general elections in Abia State, but also be acceptable to all members.

The group said this had become imperative because the two state chairmen of the parallel factions sponsored by two governorship aspirants have already compromised the chairmanship position, stressing that with such in place, the protracted crisis rocking the party in the state would not come to an end.

In a resolution made available to newsmen after its meeting in Aba, Abia APC Integrity Group predicted that APC would be doomed in the state if necessary actions, including sourcing for a neutral state chairman acceptable to all the factions are not taken.

The group linked the crisis rocking the party to the imposition of state executive by the governorship aspirants in the persons of Dr. Nyerere Anyim, the former Interim National Vice

Chairman, South East and Chief Ikechi Emenike.

"It should be noted that while the APC Integrity Group, which consists of prominent members of the legacy parties that laid foundation for our great party has openly advocated for a neutral chairman that would carry everyone along and ultimately drive APC towards taking over governance in Abia, Dr. Nyerere Anyim and Chief Ikechi Emenike are yet to embrace the reality of sourcing for a neutral state chairman that would be acceptable to party members and finally end the crisis rocking our great party”.

“While Nyerere clutches on Hon. Donatus Nwankpa, his co- traveller in the 'Operation Kill Abia APC' Chief Emenike has Mr. Fabian Okoronkwo on his shoulders. This unfortunate development clearly proves that both factional state chairmen are already compromised and cannot be fair to other aspirants and party members except their masters. It is against this backdrop that we now canvass for a neutral state chairman that will carry everyone along and further drive our party to victory in Abia", the group reiterated.

The group further berated Nyerere for trading off the Deputy National Woman Leader, the only national position zoned to Abia to the detriment of the party in the state.

L-R: Dean, Faculty of Humanities, Bowen University, Iwo, Prof. Dan Izevbaye; doyen of African Literature/guest speaker, Prof. Abiola Irele and discussant, Mr. Jeffery Hawkins, during the sixth Wole Soyinka Centre Media Lecture Series in commemoration of Prof. Wole Soyinka’s 80th birthday anniversary, entitled: "Wole Soyinka and the Moral of Literature" in Lagos …yesterday.

PHOTO: GODWIN IREKHE

Ihenacho advises voters APC chieftain raises the on 2015 poll alarm over defections Steve Uzoechi

OWERRI

former Minister of Agressives Interior and All ProGrand Alliance

(APGA) governorship aspirant in Imo State, Capt.

Emmanuel Ihenacho, has said that the governance of the state in the next political dispensation is neither a task for all comers nor one for the highest bidder.

According to him, the state is seriously in need of a governor whose administration would anchor on honesty, transparency and accountability for the purposes of achieving genuine economic growth as well as restoring the people’s confidence in the governance of the state.

Ihenacho, who stated this in Owerri while addressing his supporters, also argued that governance all over the world has remained a serious business that is always approached with maturity and sincerity of purpose.

He said: "I have taken my time to study our present situation as with regards to the governance of our dear state. Regret-

tably, certain leadership ingredients such as honesty, transparency and accountability which ultimately should drive good governance are completely lacking in the system.

These basically account for the reason public confidence in governance has taken a plunge in our present circumstance.”

Continuing, he said; “The only solution to this problem lies on the electorate, who should dispassionately elect a mature and tested leader as governor in 2015; a governor that will exhibit accountability, honesty and transparency in governance.

Having assessed other aspirants, I can boldly say that I am easily the most experienced of the lot, endowed with the capacity and competence needed to salvage and reposition our dear state.”

While condemning the over-dependency of Nigerian states on federal allocations, the former minister disclosed his vision for vast exploration of local contents and areas of comparative advantage towards making Imo the most viable state in the country.

Yekeen Nurudeen

Abuja

of All ProgresAinchieftain sives Congress (APC) Oyo State, Adebayo

Shittu has described the recent defection of two serving Senators from the party to Accord Party and Peoples Democratic Party (PDP) as a very bad omen for the party in the state ahead of next year general elections.

Shittu, who was reacting to the defection of Senators Femi Lanlehin and Ayo Adeseun from APC to the opposition, lamented that the trend if not quickly addressed, by the national leadership of the party, would spell doom for the party in 2015.

He stated this in an interview with New Telegraph in Abuja at the weekend.

According to him, APC in Oyo State, under the leadership of Governor Abiola Ajimobi is fast losing ground among its strong members noting that the leadership style of the Governor is responsible for the exodus of party members.

He stressed that the self-serving and selfish

approach of Ajimobi to issues within the party would backfire adding that what happened in 2003 when the ruling Alliance for Democracy (AD) lost to the Peoples Democratic Party) PDP in the state would repeat itself.

The former governorship candidate of the defunct Congress for Progressive Change (CPC) disclosed that both the party chieftains and members were disenchanted with the Governor who according to him has excluded original members of the party from the scheme of things in Oyo state.

He cautioned that Ajimobi's candidacy for APC in the next year election would amount to a political suicide for the party, warning that the party must present a candidate that is acceptable to Oyo State citizens if it must retain the state in 2015.

His words: "Ajimobi's candidacy will amount to political suicide for APC. Those who came from PDP to the party have left out of annoyance. Their concerns and mistrust is not about the party but the Governor.

8

NEWS

Sanctity of Truth

Monday, July 14, 2014

Amosun sues for unity in Ramadan State Governor, SenOhasgun ator Ibikunle Amosun called on Nigerians to use the occasion of this Ramadan to encourage the unity of the country and good governance at all levels.

Amosun who made this call at the special Ifar (breaking of fast) held at Arcade Ground, Oke-Mosan, Abeokuta described the fasting period as a time to extend hands of fellowship to all and sundry irrespective of religion or tribe.

He noted that there is no household in Yorubaland where you won't find both

Christians and Muslims.

He also ascribed the problems facing the nation and various states to bad governance, saying things were not like that in the days of ‘our fathers.’

He said: "We have to make ourselves one. This month of Ramadan gives an opportunity to extend hands of fellowship to all and sundry irrespective of religion or tribe.

For instance, there is no household in Yorubaland where you won't find both Christians and Muslims.

Why then do we have to encourage disharmony and things that separate us?

Crisis brews between PHS, FG providers Cajetan Mmuta

BENIN

L-R: Former Anambra State Governor, Peter Obi; Governor Willie Obiano and Chairman, Chisco Group, Chief Chidi Anyaegbu, during the traditional wedding of Chief Anyaegbu's son in Amichi, Nnewi, Anambra State...at the weekend

Ex-Oyo SSG, Raimi, dies at 81 Sola Adeyemo

Ibadan

ormer Secretary to the F(SSG) Oyo State Government in the administration

of Late Governor Kolapo Ishola, and also a staunch member of the People’s Democratic Party (PDP), Dr. Nasiru Dejo Raimi, is dead.

The one-time Chairman of the Governing Council and Pro-Chancellor of the Federal University of Technology, Akure (FUTA), was aged 81.

Raimi was said to be hale and hearty on Saturday until early Sunday morning

when he was said to have complained of uneasiness in the midnight, leading to his being rushed to a nearby private hospital where he eventually died.

The deceased was a Russian University- trained medical personnel, and he rose to become the Chief Medical Officer in the old Oyo State before he ventured into politics in the fourth Republic when he joined the defunct Social Democratic Party (SDP).

The residence of the late physician, 'Denton Villa' at Agodi GRA, Ibadan, became a 'Mecca' of sort yesterday, with people trooping

Katsina empowers women Ahmed Sani Mohammed Katsina

K

atsina state government has distributed grinding and groundnut extracting machines to women under its employment programme.

At the occasion held over the weekend, Governor Ibrahim Shema said the items were provided free of charge to empower women to become selfreliant.

Shema explained that

his administration within the last seven years trained hundreds of women in different crafts and provided them with soft loan.

He said government resolved to distribute groundnut extracting machines to make the state a groundnut oil producing state in Northern Nigeria.

The Governor pledged that his administration will soon come up with more alleviation programmes for women by August this year.

Senator urges patience against insurgency Charles Onyekwere ABAKALIKI

he chairman senate comTsenator mittee on police affairs Paulinus Igwe

Nwagu has said the fight against insurgency will not be surmounted in a day.

Nwagu made this known while interacting with Ebonyi State correspondent chapel at his home town in Orizor community in Ezza

North local government area of Ebonyi. He called for collective efforts of all Nigerians to assist security agencies and federal government to fight Boko Haram.

“You cannot fight insurgency in one day and it is not possible. I can beat my chest and say that police has improved tremendously in their operation as far as this country in concerned.

in to commiserate with the deceased's immediate family members.

Among the early callers were the wife of former Governor Ladoja, Mutiat Olayinka. She wrote in the condolence register: "Daddy, it was a rude shock that you have gone. I thank God that I was able to see you and we talked at length on Friday at the Airport. May Allah grant you eternal rest and uphold the family you left behind".

Soji Adejumo, another member of the PDP and one of the governorship aspirants said in his message: "Papa, you lived a

very remarkable, ebullient and resilient life. You gave your best to humanity as your creator. In your medical profession, you were a colossus beyond compare.

"Politically, you were an enigma and remained very charismatic to the end. You built bridges and wielded political relationship. You have left a vacuum that will be difficult to fill", he added.

Former Chairman, Oyo State Council of Nigeria Union of Journalists (NUJ), Victor Oluwadamilare wrote: "Though, baba was ripe in age but his sudden demise was very shocking and unbelievable.

Alumni charge Obiano on moral values Tony Okafor

Awka

alumni of Christ the TshaheKing College (CKC), Onithave called on the state

governor, Chief Willie Obiano to use his reign to redress the moral and social values in the state which they noted have nose-dived over the years as a result of quest for materialism.

They made this call yesterday in Awka, the Anambra state capital, during the presentation of a biography

on Dr. Uchechukwu Ezeokafor (an alumnus of the college) tiled: Determined to Excel.

Speaking through the chairman of the occasion, Chief Joe Nwegwu (an old boy of CKC), the group decried what it observed as obvious moral decay among younger generation in the area occasioned. by primitive accumulation and get-rich-quit syndrome, describing such attributes as the bane of peace and harmony in society.

Bishops extol Obi's virtues Tony Okafor

Awka

T

he Catholic Bishop of Nnewi, Most Rev. Hilary Okeke has said Nigeria would be a better place if governors imbibe the spirit of the former Governor of Anambra State, Mr. Peter Obi. The bishop said this yesterday during the ordination of 12 new priests at St. Mary Catholic Church,

Ukpor.

The bishop who called on the new priests to imbibe the virtues of Christ in Christian witnessing, said Obi as the governor of Anambra State lived his life daily in a manner that was worthy of emulation. "He does not eat as if he will die tomorrow and does not build castles as if he will live forever and this is a lesson for all of us," the Bishop said.

nation’s health sector Tsishemay witness deeper crias a face-off is brewing

between medical personnel in the country’s primary health sector (PHS) and the federal government over proposal by the later to review the condition of service of health workers at the nation’s 774 local government areas.

The medical personnel are bitter with the federal government’s attempts to stagnate their

professional growth by pegging them at level 16 as against the 17 approved for their counterparts in the federal and 36 states of the country.

Members of the body under the aegis of Concerned Primary Health Care Physicians in a statement yesterday said: “The draft scheme is totally ignorant of the functions of primary health care coordinators, especially, in situations where they are appropriately available as medical officers of health.”

Church tasks INEC on credible polls Babatope Okeowo

Akure

he Akure Diocese of Tglican Church of Nigeria (AnCommunion) has

advised the Independent National Electoral Commission (INEC) to put in place measures that will promote free, fair and credible elections.

The Diocese in a Communiqué issued at the end of its second session of the 11th synod warned

delegates at the on-going National Conference to remain focus by dwelling on issues that would move the country forward and make Nigeria, country of the dream of founding fathers.

The Communiqué signed by Justice S.A Akintan, Prince Ademola Adegoroye and Bishop Simeon Borokini advised the delegates to eschew all persona, selfish and sectional agenda which would not add value to the nation.

First female Oyo CJ retires Sola Adeyemo

Ibadan

dignitaries inEOyominent cluding the governor of State, Abiola Ajimobi

have extolled the virtues of the retired Chief Judge of the state, Justice Badejoko Adeniji, who bowed out of the Bench on Friday.

While the governor described her as a very respectful, diligent and hardworking counsel, her next in rank, Justice Mukthar

Abimbola, described her as "a disciplinarian, firm but gentle, methodical and humanitarian, no-nonsense woman, who not only saw but fought the fight, kept the faith and conquered".

The governor and many others gave the commendation during the send forth programme organized for the first female Chief Judge of the 38-yearold state, held at the Ring Road High Court premises, Ibadan.

Okadigbo to reward 700 constituents Chukwu David

he Senator representing Anambra North Senatorial District, Mrs. Margery Chuba Okadigbo has said her intention to empower about 700 constituents with various materials is to make their lives more meaningful.

T

Senator Okadigbo, who spoke with journalists in Abuja at the weekend, explained that the proposed empowerment Programme, scheduled to take place on July 18, 2014 was designed to complement what the executive arm of government was doing in the areas of socio-infrastructure.

NEW TELEGRAPH

NEW TELEGRAPH

9

www.newtelegraphonline.com/metro www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

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

MONday,JULY 14, 2014

Uniform personnel, including officials of the Lagos State Transport Management Authority (LASTMA) and the police, have devised means of milking the impoverished commercial motorcyclists and tricycle riders, report CAMILLUS NNAJI AND JOHN EDU

T

0802 393 8212

LASTMA, police have turned us to ATMs, say commercial cyclists

ricycle operators have raised the alarm over activities of officials of the Lagos State Transport Management Authority (LASTMA) who Tricycles they claimed have turned them into Automatic Teller Machines (ATM), where they draw money at will.

According to some of the operators, who spoke with NT Metro at their PWD park on Agege Motor Road, the LASTMA officials often force them to part with N10,000 each over spurious allegations.

One of the operators, who gave his name as Bolaji, plies PWD-Ikeja GRA route.

He said: “They will intentionally lay ambush for you; they either charge you for manoeuvring or for illegal parking.

If you refuse to pay the amount they demand, they will immediately book you Okada riders and impound your Keke (tricycle).

“I don’t know whether that is what the When contacted on this issue, one government asks them to be doing. The of the park chairmen, Mr Stephen Adgovernment should look into the activieyemi, agreed that operators usually ties of these LASTMA officials.” have issues with LASTMA officials.

Another operator, who plies PWD-IkeBut the issues, according to him, are ja Under Bridge, but craved anonymity, settled with understanding. regretted that aside from their extortion, On the complaint about their own LASTMA officials have, on many occaextortions, Adeyemi denied such sions, caused fatal accidents on the road claims. while pursuing operators.

However, according to him, every He said: “Many of the operators trying directive on what they do comes from to run away from the LASTMA officials their state secretariat at Ojota. have been involved in accidents.

Also, the Head of Operations of “Before the LASTMA officials come LASTMA at the PWD, Mr E. Adegoke, to work, they must have already made denied the allegation of extortion. up their mind the amount they want to But Adegoke observed that tricycle go home with.” operators were aggressive whenever Aside the LASTMA officials, another they were booked for plying trunk ‘A’ operator, who identified himself as Moroads. hammed, said the park managers were He said: “The Lagos State Governalso extorting as much as N1,300 daily ment has ordered that Keke must not from the operators. be plying trunk ‘A’ roads like the Lagos“It is not only LASTMA, we are workAbeokuta Expressway. They can opering for these park managers, they colate on the streets in the municipal. lect what they call ‘duty ticket’ which “But you can see the one in front of is N1,300 every day. We have to pay this my office; that is an offence. When you before noon. We pay other levies also. book them according to the offence “For instance, I make N4,500 on a good they have committed, they come up day and pay the N1,300, buy fuel of about with one accusation or the other.”

N1,500, I will eat and then be expected to Adegoke added that government deliver N3,000 to the owner, then what had even ordered that they should not have I achieved for myself ?” he asked be issued with number plates again. rhetorically.

As if taking a cue from that, motor-

Impounded motorcycles

cyclists plying Risikat Majaro Street, off U-turn Road at Abule-Egba on the fringe of Lagos metropolis, accused policemen of harassing, intimidate and threatening their lives in order to extort money from them.

“Policemen threaten us at our park every day. They extort money from us and when we refuse to give them money, they threaten us,” one of the motorcyclists said.

The Secretary of the riders at the park, Mr Emannuel Shokunbi, said they were tired of the excesses of the policemen.

He said: “We don’t know why these uniform men have been disturbing our business. It is not as if we contravened any law and are operating on the expressway.

“At least, not less than five to six different police units come daily to trouble us. Sometimes they impound our motorcycles for no reason. They will tell us that they are taking the motorcycles to Alausa, Ikeja, but a few metres from our park; they will call the owners of the motorcles and start negotiation. They usually collect nothing less than N5,000 from each of the motorcycle owners.”

Shokunbi added that before the uniform policemen started impounding

their motorcycles, the rider’s union used to pay close to N20,000 on a weekly basis to different police units.

This, according to him, was to prevent the policemen from harassing the motorcyclists.

“They have ordered us to move 100 metres away from the point where we used to park to pick passengers. Moving that much, would mean, killing our business. It is not only bad for our business, but would be stressful for passengers.

I believe the idea is to frustrate us,” he added.

Another commercial motorcyclist, Olawunmi Kolawole, said that he had once been a victim of the police extortion.

He said: “I was arrested last month at a filling station where I was buying fuel.

They came in their van and asked me to pay N4,000 or my motorcycle would be impounded.

“I told them that I was not even on duty, but they refused to listen to me. They said that as long as I was on motorcycle, I must pay N4,000. What I want to know today is whether this law stops citizens from owing motorcycles for personal use.”

Narrating his own experience, Opeyemi Animashaun, said that he was arrested at their park on July 1 and asked to pay N5,000 or his motorcycle would be impounded.

Some of the riders at the park expressed anger over their continual exploitation, stressing that uniform personnel have become a thorn in their flesh.

One of them said that the Lagos State Police Command should call its men to order.

“We want the police and the Army to call their men to order. They have their duties spelt out to them. They should stop using every opportunity to extort money from people like us who are also struggling to make ends meet,” he said.

10 METRO Taiwo Jimoh

T

he death of at least five persons in Ikorodu on Friday was a reminiscence of the Ikeja Cantonment bomb explosion of January 27, 2002 when many people got drowned in OkeAfa in Lagos while running for safety.

On Friday, Pastor Hakeem Rasaki of New Generation Assembly Ministry and some others were returning home at Ajewole Street, Ajegunle in Kosefe Local Council Development Area of Lagos State when they heard sporadic gunshots and decided to run for safety.

But in the process, Rasaki and four others fell inside the Ogun River behind their house and got drowned.

But yesterday, the body of Rasaki was recovered and buried near the river.

It was gathered that the police went on raids after receiving a tip-off about some Indian hemp joints in the area.

“The raid was carried out after the Commissioner of Police, Mr Umar Manko, received a petition from members of the community that robbers were disturbing them in the area.

“The community members had also listed many of the Indian hemp smoking and selling joints in the area.

“Five of the suspects died after jumping into lagoon when they saw the police and started running. Nobody killed them,” a police source said.

But relatives of the late Rasaki said he was neither an Indian hemp smoker nor a seller.

Pastor Mathew Balogun, one of the relatives, told our correspondent that Rasaki was a commercial bus driver, plying Ikorodu-Ketu Road.

He said: “I was in my church this morning (yesterday) at Ishawo in Ikorodu when I received a call that my brother had drowned in Ogun River.

“Immediately I got the phone call, I

Monday, July 14, 2014

Ikorodu raid: Pastor’s body recovered from Ogun River contacted other members of the family and we all mobilised and met at our late brother’s house. We did not know what led to his death; it was when we got to this place that we were briefed about the incident.

“Even before he gave his life to Christ, I warned him to pack out the house where he lived. He promised to pack out of the house, but said he wanted to change the lives of some tenants in the house who did not know Christ.”

Balogun said the deceased had never for once sold Indian hemp nor engaged in any illicit business.

“He was running for his dear life when he fell inside the river,” he added.

It was gathered that policemen from Owode Division, Ikorodu stormed the area to carry out raids on some of the black spots.

Some of the residents of Unity Street, Dada Street and Ojomo Street faulted the police for invading their community and arresting innocent people.

One of the residents, Mrs Taiwo Fadairo, a pregnant woman, said her husband was arrested right inside their house. She said: “My husband, Abdualahi Fadairo, and I were inside our room when suddenly about 10 policemen broke our door and dragged my husband out, who was wearing ordinary playing pant.”

Another resident, Mrs Bimpe Amosu, was said to have been arrested in front of her shop for offence she knew nothing about.

Ogun River where the late Rasaki and others jumped into

Her daughter, Tayo Amosu, urged to the police to release her mother, saying she had nothing to do about Indian hemp.

The state Police Public Relations Officer (PPRO), Ngozi Braide, could not be reached yesterday for comments.

However, she had told our correspondent on Saturday that three persons were believed to have jumped into the lagoon, adding that nobody could be sure since no body had been recovered.

She said: “Police did not shoot or kill anybody. What happened was that policemen from Owode Police Station

My daughter was killed for ritual, pastor alleges lIt’s not true, say police Taiwo Jimoh

C

ontroversy has continued to trail the death of a housewife, Mrs Seun Akinade, in Ibadan, Oyo State.

The father of the deceased, Pastor Stephen Ogunowo, alleged his daughter’s death was not natural.

Ogunowo, who superintends over a Cherubim and Seraphim Church at Oke Orundun village in Odogbolu Local Government Area of Ogun State, claimed his daughter was killed for money ritual.

He, therefore, called on the Inspector General of Police, Muhammed Abubakar, and the Ogun State Commissioner of Police, Mr Ikemefuna Okoye, to arrest and to prosecute his late daughter’s husband, Afolabi Akinade.

Ogunowo, who spoke with our correspondent in Lagos, said Akinade married his daughter a year ago, adding that the couple met at the Tai Solarin College of Education, Omu-Ijebu, Ogun State.

The couple lived in Soka area of Ibadan.

Ogunowo said that Akinade had never

visited the village but was surprised when he surfaced at Oke Orundun recently to break the news of his daughter’s death.

He said: “I suspected my daughter’s husband has used my daughter for money ritual following my investigation.

“I was at the church on Monday when the information reached me through one of the leaders in our community who asked me to see him “Ordinarily, I wouldn’t have hearkened to such call, because I don’t leave service for anything, but when the call seemed to be very important, I had to go to the man’s

Late Seun and husband

house.

“On getting there, I met my son-in-law, Afolabi, and some people, who broke the news of my daughter’s death to me and I fainted immediately.

“After I was revived, I queried my daughter’s husband to know what happened to her. He told me she fell ill and died three days later.

“I almost believed the news until a friend of mine called me aside and asked me to request for the body of my daughter.

“When they eventually came with the body, the man who asked if my daughter’s corpse did not have marks did not come with them. That was when I became suspicious. What surprised me most was that she was naked and her thigh to her private part had been cut. Her breasts were also cut off and tied with twine.”

Ogunowo explained that those who came with Afolabi ran away, immediately they saw the situation of things.

He said the matter was later reported at Omu police post and was later transferred to Odogbolu police station.

But a community leader, High Chief Thephilous Onasanya, told our corre-

carried out a raid of black spots in that area. Some of the suspects jumped into the lagoon while trying to escape.

“This morning (Saturday), some men came to Owode Police Station, saying that two or three of their relatives jumped into the lagoon and died when police came to raid. They had attempted to set the station ablaze but we were able to contain them.

“The truth is that we don’t really know the number of persons that jumped into the lagoon or died because we have not recovered any corpse. There was no police shooting. It was purely raids of hideouts.”

spondent that the villagers should be careful with the way they handle the matter.

He said: “A mortuary attendant, who pleaded anonymity, told me that the process of embalmment requires dissecting some parts of the body through which chemical will penetrate into the body.

“Among the places which could be dissected are the navel, neck and other places deemed fit by professionals. He, however, said there is no need to cut and sew breasts in the process of embalmment, adding that such part of the body is not tampered for embalmment except for autopsy and other special findings on the body.”

Akinade neither picked his calls nor responded to messages sent to his mobile phone to get his own side of the story.

But when contacted, the Ogun State Police Public Relations Officer (PPRO), Muyiwa Adejobi, debunked Ogunowo’s claims.

He said: “The deceased, Seun, was married to Afolabi Akinade, without her father’s consent.

“When the lady died, the father insisted on seeing his daughter’s corpse, and upon seeing it, he raised the allegation of mutilation, but doctors intervened and told him it was for embalmment. The allegation was not true.”

METRO

Monday, July 14, 2014

11

21

Police arrest 16 suspected cult members during initiation

Okoye

Kunle Olayeni Abeokuta

A

bout 16 suspected cult members were arrested at the weekend when police detectives stormed their initiation at Itori in Ewekoro Local Government Area of Ogun State.

The suspects included eight

students of the Gateway ICT Polytechnic, Itori, while others were indigenes of the town.

Some of the items recovered from them at the initiation ground included guns, charms, cutlasses, broken bottles and axes.

The state Police Public Relations Officer (PPRO), Muyiwa Adejobi, confirmed the arrest of the suspects in a statement yesterday.

Adejobi said the suspects had, however, declined to mention the group or confraternity they belonged to “and this calls for further investigation”.

He added that the suspects would be charged to court immediately after investigation was concluded.

The PPRO gave the names

Gunmen abduct 98-year-old man, demand N7m ransom Juliana Francis

A

three-man gang of kidnappers has abducted a 98-year-old philanthropist, simply identified as Pa Uguoala.

The nonagenarian, according to a police source, was kidnapped about 12.30am on the fateful day at his Egbeyi Ofosi village in Abia State. The gunmen, it was learnt, took Uguoala to Amiyi village in Nsiala Ngwa South Local Government Area of the state.

The community leader was said to have recently received some valuables and cash from one of his sons based in the United States.

“Uguoala was asleep with his grandchildren when the kidnappers struck. A ransom of N7 million is being demanded by the kidnappers who stormed the village in two motorcycles,” the source said.

Meanwhile, the Assistant Inspectors-General of Police (AIGs)

in charge of Zone 5 (Benin Ccity) and Zone 9 (Umuahia) have ordered commissioners in within their jurisdiction to team up and fish out the kidnappers and other bandits in their areas.

Another source said an order, given earlier by the AIG Zone 5, Alhaji Hashimu Argungu, led to the killing of six kidnappers in Edo State two weeks ago.

According to the source, the state Commissioner of Police, Mr Folusho Adebanjo, had not only put his officers on their toes, but is always leading his men in operational patrols.

As the search for Pa Uguoala intensifies, the Squadron Commander of MOPOL 55, Mr Dan Kwano, Abia State, has embarked on night and weekend patrols.

The officer has assured worried members of Pa Uguoala’s family that policemen in the state would not rest until the man was rescued and reunited with his family.

FCT minister sacks 18 for forgery, age falsification Johnchuks Onuanyim Abuja

T

he Minister of Federal Capital Territory (FCT), Senator Bala Mohammed, has approved the compulsory retirement of 18 officials said to have allegedly falsified their ages and forged their certificates.

The age falsification and certificate forgery were discovered by the recent biometric exercise

carried out by the FCT Administration on staff data irregularities. The biometric exercise began in 2013.

The Chief Press Secretary to the minister, Mr Muhammad Sule, said in a statement that the report of the Implementation Committee submitted by the firm which handled the biometric exercise established and confirmed 18 cases of age falsification and certificate forgery.

of those arrested as Akintunde Paul, Seyi Meshinoye, Fowoshade Gbemisola, Dare Olabode, Oyetayo Bolaji, Akintunde Femi, Ajibola Abiola, Amosun Eniola and Shola Ogunniyi.

Others are Fashina Michael, Bello Oyedeji, Adeshola Amore, Ebi Victor, Ogunsola Ibrahim, Babatunde Allyson and Awobajo Babatunde.

Adejobi explained that the anti-crime detectives attached to Ewekoro Division nabbed

the suspected cult members on Saturday.

He said: “The detectives led by the Divisional Police Officer in charge of Ewekoro Division, acting on an intelligence gathering on the activities of cult groups in the area, bust their initiation arena in Itori and arrested 16 suspects including eight students of ICT Polytechnic, Itori while others are indigenes (non-students).

“The suspects have been

transferred to the Department of Criminal Investigation (CID), Eleweran, Abeokuta, for further interrogation as directed by the Commissioner of Police, Ikemefuna Okoye.

“The commissioner has therefore warned others who are cult members to desist from such destructive activities as the command will not spare anyone caught in the act or anyone seen or perceived or caught for sponsoring the groups in the state.”

‘Ondo expands free school bus shuttle programme’

O

ndo State Government has said that its Free School Bus Shuttle programme was being expanded to accommodate more areas.

Speaking on the programme, which marked its two years of operation on June 12, the Commissioner for Information, Kayode Akinmade, said the success recorded by the programme so far was responsible for its expansion.

This, according to him, is to enable the entire state to benefit from the initiative.

The programme is presently running in Akure, Idanre, IleOluji, Ondo,Owo, Ikare, AraromiObu and Okitipupa among others.

Akinmade said that the government was encouraged by the testimonies of direct beneficiaries of the programme and parents of the students who had praised the government for the initiative.

The commissioner added the programme was one of the ways

Mimiko

to ensure that the populace enjoy the dividends of democracy.

“There have been testimonies that the Governor Segun Mimikoled government has done tremendously well in this regard and will continue to do more,” he said.

Akinmade said the school free shuttle programme had come to stay, adding that the initiative had become so popular so much that some other states had come

to study it as a model to enable them to implement same in their respective states.

He said: “The programme is basically a social responsibility effort of government and one of the caring heart programmes of Governor Mimiko.

“The vision is to let the people feel the impact of meaningful transportation in Ondo State: good roads, easy access to linking communities. Government’s vision is that if you are moving from one place to the other, you don’t encounter delays on our roads.

“The vision of government is that if you don’t have facility to buy your own vehicle and you want to enjoy public transport, you should be very comfortable, and that is why government has given out buses, taxis to different unions like the NURTW, RTEAN, for them to bring succour to the people.”

Liaise with police, residents urge OPC John Edu

T

he residents of the Magodo, Phase 2, GRA, Shagisha, Ketu, Lagos, have implored members of the Oodua Peoples’ Congress (OPC) to always alert the police when there was a problem in the area.

The people made the plea after a mild-drama played out in front of the gate leading to the GRA estates.

An OPC member, identified as Rafiu, allegedly beat a bus driver to stupor, for daring to argue with him.

The residents said Rafiu ought to have invited the police to arrest the bus driver, identified as Ayo. Trouble started after Ayo and his partner, identified as Segun, attempted to drive into the GRA past 7pm, which flouted the security measures put in place in the area.

The rule states that immediately it is 7pm, any bus, loaded with goods, should not be allowed through the gate by the

security personnel.

One of the security guards had flatly refused both men entrance, leading to a quarrel. And before one knew what was happening, there were exchange of fisticuffs. Before the battle was over, both Ayo and Segun were sporting bruises.

Ayo, a pharmaceutical company driver, said: “They should not have beaten us like we were thieves.”

A witness, who refused to disclose his identity, said that the two men were driving a company’s van, loaded with goods about 7:30pm, when they were flagged down and told that they would not be allowed to drive in.

He said: “They were asked not to drive further into the area by one of the security guards. The only vehicles allowed after that hour are usually cars. But to the two men, the order was improper. They had tried to drive past, leading to argument between them and the security official.

“In an attempt to make them obey, the security official had

to call the attention of the OPC man on ground to intervene.

Attempt made by the OPC man to soothe frayed nerves failed, as both drivers said they must drive past.

“When the OPC member realised he was not making headway, he got angry and pounced on Ayo. By the time passers-by intervened and dragged Rafiu away from Ayo, the latter’s lip was bleeding.”

Apparently not satisfied with the way the fight ended, Rafiu had called for re-enforcement from other OPC members.

The beating not only seemed to calm both Ayo and Segun, but both also suddenly saw no reason in disobeying further the rule of the community.

Grudgingly accepting their faults after being rebuked by several people, Ayo had apologised for their conducts.

But the residents urged security guards and OPC members not to take laws in to their hands, since the police were there to handle such matters.

12 NEWS

Sanctity of Truth

Monday, July 14, 2014

Ekiti poll: APC overrules Fayemi, goes to court investigation The APC wants the court to find out what went wrong with Ekiti election Adesina Wahab Ado-Ekiti

D

espite that its candidate, Dr Kayode Fayemi, conceded defeat in the June 21

governorship election, the All Progressives Congress (APC) has gone to the Election Petition Tribunal to challenge the election of the Peoples Democratic Party (PDP), Mr Ayo Fayose.

In a repeat of what happened in 2003, the Interim State Chairman of the APC, Chief Jide Awe, on Saturday filed the election petition in Ado-Ekiti on behalf of the party.

In 2003, the same Fayose defeated the then in-

Lawyer alleges threat to her life Joseph Onyekwere Director in Aof former the Federal Ministry Justice, Mrs. Eunice

Oddiri, has raised the alarm over the security and safety of her life and that of members of her family following newspaper reports that the police will arraign her in a Warri Magistrate’s Court over trumped up charges that she knows nothing about.

Addressing selected journalists with her lawyer, Nelson Ogbuanya, on Friday in Lagos, the lawyer expressed worry that while the investigations of the Special Fraud Unit (SFU) of the police into an allegation raised against her by her eldest brother, Yoma Ghandi Esiso, is still on, the complainant had allegedly gone to the press with fabricated stories, which includes a plot to arraign her.

Some of the national dailies (New Telegraph not included) had report-

ed that Oddiri and two others were detained and released on bail by the police over a directorship registration and forgery scandal involving a multibillion naira company Gateway Estate Limited - belonging to their late father, Chief E. A. Esiso, adding that she might be arraigned in Warri magistrate’s court this week.

Ogbuanya said the allegation is false; and was fabricated with the intent to malign his client. “For the records, our clients specifically deny being involved in any such fraud or scandal,” he stated.

According to him, Gateway Estate Limited and Oil Field Transport Services Limited were established by the late Chief Esiso and his surviving wife, Mrs. Iketiti Esiso, who were both the founding and first directors of the companies incorporated in September 18, 1968 and June 16, 1967 respectively.

Imoke, Ndoma-Egba condole with NUJ over journalist’s death Clement James Calabar

he death of the Cross Tdent River State corresponof ThisDay newspa-

per, Mr. Jude Okwe, last week has continued to attract condolence messages from, and visits by prominent members of the society, especially in the state.

Governor Liyel Imoke has described the late Okwe as a hardworking and intelligent journalist, who contributed immensely to the development of the journalism profession, not only in the state, but also in the country.

His message was delivered by the Chief Press Secretary, Mr. Christian Ita, who was at the mortuary to see things for himself.

Imoke said the late Okwe was an embodiment of honesty, who did not allow himself to be used by individuals and groups to achieve selfish aims, but stood by the truth at all

times.

He recalled that the state government had last year assisted the late journalist to travel to India for medical treatment, but regretted that the situation took a turn for the worse, which eventually led to his death.

Similarly, the Senate Leader, Senator Victor Ndoma-Egba, at the weekend, flew into Calabar to be briefed by the state council on the death of the journalist.

In his tribute, NdomaEgba wrote; “You lived for values and stood on principles. You will live forever in our hearts, great, courageous and principled friend. Rest in peace.”

After signing the condolence register at the secretariat of the council, Ndoma-Egba, accompanied by members of the union, headed straight to the home of the late journalist and condoled with his family.

cumbent, Otunba Niyi Adebayo of the then Alliance for Democracy, which is now part of the APC, and the party still went to court despite the acceptance of defeat by Adebayo.

Awe said since the law allows the tribunal to also operate during weekends, he submitted the petition on Saturday.

According to him, the petition is seeking the assistance of the tribunal to "unravel the hidden facts

23.1%

surrounding the election," saying the poll was more of "a mechanical exercise than conventional casting of votes."

He said the party did not want to take laws into its hands nor resort to self-help; hence its decision to toe constitutional and peaceful line of seeking redress in court.

"The results of the election was embarrassing to us as a party and we hold the view that there is no smoke without fire."

The percentage prevalence of diabetes (20-79 years) in Kuwait in 2013.

Source: Idp.com

He clarified that the petition filed by the party was not at variance with the earlier position of Fayemi who accepted defeat and congratulated Mr Ayo Fayose of PDP, who was declared winner by the Independent National Electoral Commission, INEC. "The governor does not own the party, it is the party that owns the governor, and so the party can decide for him.

"You will observe that

50%

The percentage of global population that live in cities worldwide.

Source: Unesco.org

there is no name of Dr Kayode Fayemi on the ballot papers, what was contained on it was name of the party and its logo, so the issue is beyond the governor," he declared.

Awe continued saying, "Let it be known to you that our candidate, Dr Fayemi only conceded victory to guarantee continued peace that was prevalent in the state at the time as well as allow the siege laid on the state by the military to stop.

16,245

The number of pending asylum seekers of Netherlands at the beginning of 2010.

Source: Blatantworld.com

L-R: APC Leader, Uhumwode Local Government Area, Mr Charles Idahosa; APC Chairman, Edo State, Mr Anselm Ojezua; Governor Adams Oshiomhole; PDP defector, Comrade Johnbull Asemota; his wife, Mrs Asemota and Edo State APC Woman Leader, Dr. Victoria Amadasun, at the decamping of Comrade Asemota, a leader of the PDP to the APC in Benin City…at the weekend

Senate Leader kicks against retention of subsidy Clement James Calabar

A

gainst the backdrop of the decision by the Senate to retain subsidy in the petroleum sector, the Senate Leader, Senator Victor NdomaEgba, has kicked against the decision, saying the policy breeds corruption.

Ndoma-Egba, while fielding questions from journalists in Calabar, at the weekend, said the decision did not reflect the wishes of majority of senators as voice vote can be deceptive.

“There are two ways we arrive at a decision in the Senate. One is by hav-

ing a two-third majority vote in line with what is stipulated in the constitution while the other is by voice vote. Now, a few people could decide to shout louder than the rest and the presiding officer could give it to them,” he said.

According to him, as at the last count, about N2.3 trillion was said to have been spent on subsidy alone, an amount he believes goes into the pockets of persons while majority of Nigerians suffer.

“I personally believe that retaining subsidy in that sector is wasteful as it breeds corruption in

the society. A huge part of our budget is being used for something that does not have a direct impact on the people and only a handful of people benefit from such subsidy,” he claimed.

He, however, said that his views were personal as the Senate as an institution has taken a position on the matter and his views would not count.

On the controversy surrounding the demarcation of the boundary between Nigeria and Cameroun from the Cross River axis, the Senate Leader said he has tasked the Federal Government surveyors in the United

Nations’ team to listen to the locals.

“They have been looking for Pillar 113A without any trace; and I have interfaced with the Federal Government team on the matter. My position is that since the communities on both side know their traditional boundaries, and they have lived together for years without any problem, then the team should align with them,” he said.

He confirmed that going by what the team is insisting on, many of the farmlands of some communities in the area would be ceded to Cameroun.

Ekiti denies recruitment of workers Adesina Wahab Ado-Ekiti

kiti State government at Ebarking the weekend denied emon any illegal re-

cruitment of workers into its workforce with a view to crippling the incoming administration.

Chairman of the Civil Service Commission, Alhaji Afolabi Ogunlayi, who said this during a par-

ley with newsmen in Ado Ekiti, also denied the engagement of 6, 000 workers since the conduct of the June 21 governorship election.

He was reacting to an allegation raised by the Publicity Secretary of the Ekiti State chapter of the Peoples Democratic Party (PDP), Pastor Kola Oluwawole, that the outgoing administration had given

appointment to thousands of people since the conduct of the election and that it was done to create problems for the incoming PDP government.

Ogunlayi said: “I want to say that the Civil Service Commission under my leadership is not aware of this and is not a party to any such plan.

The commission has not requested for, nor ob-

tained any approval for the appointment of 600; 3,000 or 6,000 applicants as being peddled.

“However, why we are not unmindful of the fact that the present administration is in transit, the commission still has the powers to carry out its mandate in the areas of appointment, promotion, discipline and transfer of service.”

13

POLITICS MONDAY, JULY 14, 2014

NEW TELEGRAPH

newtelegraphonline.com/politics

AYODELE OJO

DEPUTY EDITOR, POLITICS

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

We came to this conference to defend and protect our interests not to participate in the re-engineering of Nigerian state. The majority has been turned into minority. The North has 62 per cent of the population of this country. Yet out of 492 delegates we are less than 180

-Junaid Mohammed

2015: 500 POLITICIANS TO WATCH

Osun: Guber poll to shape 2015 Adeolu Adeyemo OSOGBO

N

o doubt, Osun State is in focus as the August 9 governorship election in the state approaches. Already, political parties and politicians in the state have started demonstrating their individual wizardry on how to outwit and outsmart one another. The election would determine whether the incumbent, Rauf Aregbesola would continue at the helm of affairs of the state or not. Also, the strong footing of the Peoples Democratic Party (PDP) to steer the leadership train of the state has continued to vibrate.

The All Progressives Congress (APC) is of the opinion that the people of Osun State have never experienced such purposeful governance as they are now enjoying, while the PDP is of the opinion that the present government is full of financial recklessness and politically disconnected from the people.

From all indications, the gladiators in the state have begun strategizing. The war of words is on, the campaign trains are already strolling through all the nooks and crannies of the state and the battle line drawn for who occupies the exalted seat of Osun governor for the next four years. For a state that parades a retinue of political strategists and gladiators, a close shot on the personalities that would make a difference in the election and the 2015 general election would be apt.

Rauf Aregbesola: Aregbesola became the governor of Osun State on November 27, 2010 after a court judgement sacked the PDP government.

Before becoming the governor, he had served as the Lagos State Commissioner for Works in the Bola Tinubu administration. From all indications, the Ilesha-born politician wields the power of incumbency and as the APC flag bearer; he is expected to consolidate on his achievements in office.

Known to be a grassroots mobiliser, his affinity with Tinubu has been so helpful in his political career and one of the things that his campaign will never lack is shortage of funds and human resources.

In 2011, it was only Osun State under Aregbesola that gave APC presidential candidate, Mallam Nuhu Ribadu victory out of the whole South West states. His strength and relevance ensured that the PDP did not have any representative in the National Assembly and the State House of Assembly in the 2011 elections.

If Aregbesola gets re-elected, the chances of APC in Osun would soar as this

will soften the ground for further elections in 2015. He is going to be in control for another four years and this means the opposition will be silenced.

A victory for him would ensure solid political machinery that would be difficult for the opposition to dismantle in 2015.

His kinsmen in Ilesha have stoutly showed their support for him and it is expected that they influence other districts in the state especially with the fact that the Ijeshas have one of the largest voting zones which may eventual determine the direction of the election.

He has a formidable political structure and the volume of grassroots supporters advancing his course is massive. His vision for qualitative education, health, agriculture and roads will be better intensified if re-elected.

For the governor, continuity is important and he would work assiduously to retain his seat to ensure that all his projects are not rubbished.

Though he is sitting on the edge owing to the loss of his party in similar election in Ekiti, but analysts aver that Aregbesola is a different stock from the defeated Kayode Fayemi as there is no doubting his connectivity with the people of the state. Already, some of his projects have given the state a facelift and it is expected that his performance will land victory on his lap.

Senator Iyiola Omisore An engineer, Omisore emerged as PDP candidate amidst protests from other aspirants. He served as deputy governor of the state from 1999-2002 on the platform of the Alliance for Democracy (AD). He also represented the Osun East Senatorial District from 2003-2011 on the platform of the PDP. For many, the coming governorship election would either make or mar Omisore’s political career. So, whatever becomes of his influence in 2015 would be a direct, compressed outcome of the August 9 election. If he wins, the ground would be softened for the PDP in Osun State and it will also make him an active participant in the yet-to-be announced second term bid of President Jonathan, and on the contrary, if he loses out to Aregbesola, the possible wrangling in the party may pitch him against the already agitated aspirants who may in turn mobilise against him and likely labelled him a ‘surplus to requirement.

A PDP victory in the governorship election would bring together all disgruntled elements and the Osun PDP into one unit for 2015. Omisore is very strong in some part of the state but for other places, it’s just minimal.

The age-long allegation of his involvement in the murder of late Chief Bola Ige may be his albatross, even though the court has vindicated him. Beside his intiCONTINUED ON PAGE 14

14 POLITICS

Sanctity of Truth

Monday, July 14, 2014

2015: 500 POLITICIANS TO WATCH

Aregbesola, Omisore, Adeleke, CO N T I N U E D F R O M PA G E 1 3

macy with the present Minister for Police Affairs, Jelili Adesiyan, his stint at the Senate and presidency has made him the favoured candidate, coupled with his closeness with Senate President, David Mark and the Vice-President, Architect Namadi Sambo. His campaign train with all these bigwigs present will go a long way in convincing the electorate that it is better for the party at the federal to control the state, instead of being ruled by the opposition. Also, his structure and followership are his greatest source of influence and power. Omisore’s direct access to the Villa; his antecedents at the Senate; his romance with the Senate leadership are bases of his influence and power.

Senator Yinka Omilani Senator Omilani was educated at Baptist Day School, Ode-Omu and later attended the city of London Polytechnic, Moorgate. He was born 73years ago and has over 42years experience with all classes of insurance, particularly energy insurance. In 1991, he was elected senator of the Federal Republic of Nigeria.

At 73, the wealth of experience of the former National Deputy Chairman of the PDP in the South West is of utmost importance to the PDP. He was one of those who fought for the creation of Osun State in 1991. In his Ode- Omu home, his grassroots popularity is unquestionable and this should enable his party penetrate and sell its manifestoes to his people.

As an elder of the party, he is always suing for peace in the party and takes delight at reconciliatory meetings. One of such mooted by him recently is the reconciliation of three gubernatorial aspirants at his Ode-Omu country home.

He has been an old politician of great reckoning and when he speaks people conclude a sage has spoken. He possesses wits and political wisdom that can always make any political class stay in track. His intellect is so sharp that he gives relevant political pieces of advice that can influence any PDP related decision in Osun State. In his senatorial zone, Senator Omilani remains a mobilizing force and to this end, his party may have the upper hand going by his popularity among the people in that area.

Senator Bayo Ayoade Salami He hails from Osogbo and represented Osun Central Senatorial District between 1999 and 2003. While in the upper chamber, he was in several committees including, Public Accounts, Labour, Power and Steel and Water Resources and his influence in the APC has not waned despite being out of public office.

He is a popular politician with a lot of grassroots mobilization drive. He is one of the stalwarts of his party in Osun central and is expected to mobilise the district for the party both for the forthcoming gubernatorial election and the 2015 general election.

Chief Bisi Akande Akande is a former governor of the state on the platform of AD and was the Chairman of the defunct Action Congress of Nigeria (ACN).

As a former governor his dream is to make sure that what happened to him when he was sent packing by Oyinlola in 2003 does not repeat itself. He is working hard to see that his party remains in of power. As a former chief executive in the state, his projection and actualization of the new secretariat building at Abere

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remains a legacy people always refer to as a monumental achievement. This had never happened in the state of Osun until his time. In his base, he remains one of the most recognized grassroot politicians. When it comes to being prudent, Chief Akande stands out. When he was the governor, a lot of money was saved for Osun as the usual flamboyance and recklessness politicians are known for is not his stock in trade. He is expected to mobilise for the campaign train of Aregbesola. No doubt, his people who recently conferred him with a chieftaincy title will throw their weight behind him.

Though, he is not contesting for any post, Chief Akande’s role as a godfather remains relevant as his blessings are needed for APC candidates going by his experience as a political stalwart. For somebody who became deputy governor to Chief Bola Ige at the age of 40, he has acquired a lot of experience when it comes to political manipulations and antics. It is a good point for Ogbeni to have such a person behind him and this

will make his hopes brighter in 2015.

Undoubtedly, all what he wants as the APC National Chairman is to see his party’s continuity in the governance of Osun State, which is hoped to be seen as one of the most economically viable states in the South West and all his concerns are that ,Osun should not be returned to political rogues who will rubbish APC’s legacies and sell the state into political slavery and servitude, more so when APC believes in regionalization of the South West states and if any of the states slip off APC’s hands, then the ideology would crack.

As a former governor and strong chieftain of APC, the political strengths of Chief Bisi Akande cannot be quantified. His wealth of experience is massive and for somebody who controls six governors (Oyo, Ogun, Ekiti, Osun, Edo and Imo) coupled with the fact that they have the largest number of lawmakers at the National Assembly; it will be an understatement to say that he is not politically strong.

Prince Olagunsoye Oyinlola, A former civilian governor of the state,Oyinlola occupied various positions during the military administration of General Ibrahim Babangida as either a staff officer or commander of an armoured unit. He was military administrator of Lagos State from December 1993 till August 1996, during the subsequent administration of late General Sani Abacha.

On return of democracy in the country, Oyinlola partook actively, and was elected governor of Osun State in 2003 under the platform of the People’s Democratic Party (PDP). He was re-elected in April 2007. His victory was however challenged by incumbent Governor Rauf Aregbesola who was the then Action Congress (AC) governorship candidate, at the Elections Petition Tribunal.

The tribunal rejected Aregbesola petition, but he appealed the decision, leading to a fresh hearing in June 2009.

On November 26, 2010 the Court of Ap-

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peal in Ibadan presided over by Justice Clara Ogunbiyi ruled that Oyinlola had not won the 2007 election and ordered that Aregbesola, the winner should be sworn in as governor.

Oyinlola was later elected as PDP National Secretary but again, the court removed him from office. When he appealed, he was reinstated by the court but the party’s leadership refused to honour the pronouncement of the court.

Oyinlola’s role in the coming governorship election in the state, and the 2015 general election is still unclear, as many argue over his allegiance to any particular political party, given his long-drawn conflict with the PDP, and the moves by other political parties to get him into their fold. It is also noted that his contributions to the success of PDP candidate for the governorship poll, Iyiola Omisore is uncertain if the acrimony between the duo is not resolved by the leadership of the party in good time.

Watchers lament that Oyinlola, a former governor of the state, is not in good terms with Omisore, a former deputy governor of the state due to many factors ranging from his replacement as the national secretary of the party with professor Wale Oladipo, a die-hard as-

sociate of Omisore.

It is also rumoured that if quick action is not taken, Oyinlola could cross carpet to another political party or work in its favour in the 2014 and 2015 general election in the state. Already many political parties have been romancing Oyinlola taking advantage of the feud between him and Omisore.

Chief Ebenezer Babatope A very strong apostle of the late sage, Chief Obafemi Awolowo, Chief Babatope was once the Minister of Transport and Aviation in one of the most challenging periods of his life. A man who always keeps his heads in times of crisis, he has been in politics for so long and knows his onions, as far as politics is concerned.

Chief Babatope is from Ilesha and his roles in the election which brought in Prince Oyinlola cannot be easily forgotten. Right from the Action Group days, his political philosophy has been firmly rooted and as a member of the PDP Board of Trustees (BOT), he will do all it takes to keep his zone from letting his zone slip into the hands of the opposition; more so, considering the fact that the incumbent governor is from the same town.

He is known in his base as an openminded politician, whose home is Meccalike. His accessibility to his followers also counts as this makes him influential and he knows where the shoes pinch them.

So in the coming governorship and general election, Chief Babatope is a big fish that can turn things around. One should not easily forget the fact that the APC doctrine and philosophy are Awo-based and he understands this more as a fanatical and unrepentant Awoist.

At the grassroot level, Chief Babatope is much loved by his people such that when he comes around, they rub minds and he is a problem solver. At the federal level, his experience as a minister and his BOT membership is a strong influence which he can conveniently make use of to turn things around. Besides, he is so benevolent to his people and operates an open-door policy. His gates are always open such that even politicians from other parties visit him at any point in time.

Despite the fact that Chief Babatope is not contesting for any post, he remains a very relevant political stakeholder not only in Osun but in the country as a whole. It is an established fact that whosoever wants to vie for any political post

in Osun must definitely pay homage to this political guru from Ilesha because of his vast political versatility and dexterity. Bringing a personality like Chief Babatope out of his shell to campaign for any candidate is a plus to such a person as his appearance would go a long way in steering up the emotions of the electorates and eventually convincing them. Though he is not a money-bag, his political wizardry and pragmatism are enough to put a candidate through as he is a political institution and a walking encyclopaedia, when it comes to Osun politics and politicking.

No doubt, Babatope’s plan is to see Osun ruled by PDP again. He is of the opinion that many of them in the PDP today are the true followers of Awoism while some claiming to be such from other political parties are only gatecrashers. He is of the opinion that PDP was robbed at the courts and his dream is to see that come 2015, APC is uprooted in Osun State.

Chief Adekunbi Fadahunsi That the PDP is still a force to reckon with in Ijesha land from which incumCONTINUED ON PAGE 16

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bent Governor Aregbesola hails, is not without the involvement of Chief Fadahunsi whose social engineering and philanthropic dynamics have captivated the people of Ijesha, leaving them no other option than to bask under the towering height of the Ijesha-born retired chief custom officer.

Following the virtual collapse of the opposition party at the change of governorship guard in 2010, Chief Fadahunsi who has been drafted into the Ife, Ijesha Senatorial race reportedly mobilized the remnants of the PDP loyalists spread across the local governments in the district, sponsoring political meetings and putting life into party secretariats which had fallen on hard times.

Chief Fadahunsi, a political scientist with masters in Public Administration, made his debut into politics with intent to correct the cheeky assault on politics as a dirty game, arguing that he was out to assign value to his experience as a Public Administrator with 33years of impeccable service in the customs.

“I do not agree that politics is a dirty game.... Politics in the public service; particularly, customs is even more rugged than the conventional Nigerian politics... Rising to the top in such an environment is not a kid play and it comes

with its own politics and high level intrigues”, he was once quoted as saying.

As a bridge builder, Fadahunsi has been forming a synergy with progressive minded PDP stalwarts who are now involved in the reconciliation mission in the party. And it is hoped the party would gain more grounds if his efforts achieve positive results.

He is a former deputy national chairman, PDP South, a BOT member and chairman of the Elders Forum of the PDP in Osun State. His influence in the party, and state would stem from his ability prevail on aggrieved members of the party to reconcile with one another and work for the progress of the party in the coming elections in the state.

Chief Shuaib Afolabi Oyedokun Chief Oyedokun has today become an icon and meeting point in Nigerian politics, especially as a political strategist and reconciler par excellence. One time Secretary to the old Oyo State Government (SSG) in the Second Republic, he became one of the rallying points for dislodging the defunct Unity Party of Nigeria (UPN) from government and opened the way for his party, the National Party of Nigeria (NPN).

On several occasion, he has been credited with resolving crises that threatened to tear his party members apart, calm raging nerves and restore normalcy.

Alhaji Oyedokun had equally embarked on worthwhile trips around the country on peace and reconciliation mission and at different times when supremacy tussle among traditional rulers in Yoruba land almost tore the South western states into shreds.

Akogun Lere Oyewumi He gained came into prominence in the state’s politics when he was elected member, House of Representatives representing Irewole/Isokan Federal Constituency during the Babangida regime under the platform of the Social Democratic Party (SDP). During the Oyinlola administration, He was appointed Caretaker Chairman, Irewole Local Government Council and later re-elected the executive Chairman of the same council twice 2004 and 2010. An active member and chieftain in PDP, he currently represents Osun State in the National Population Commission (NPC).

He is known to be Omisore’s ally who presence is expected to impact a tremendous influence on the political fortune of his party in the state. He is a grassroot politician having been two time chairman in his constituency, and is said to be in firm control of Ikire and it’s environ.

Hon. Adejare Bello Bello is a native of Ede in Ede North Local Government Area of the state which is in Osun West Senatorial District. A legal practitioner, he is former minority leader of the Osun State House of Assembly on the platform of the All Peoples Party (APP) representing Ede North Local Government from 1999-2003.

He is also the longest serving Speaker of the state’s House of Assembly for eight years uninterrupted; 2003-2011, and an active member of PDP in Osun State.

Watchers have observed that Adejare might be nursing an ambition of deputy to Omisore. If the reconciliation going on within the party favours him, he may have a chance, as his period as Speaker for 12 years may have gained him some influence among the people.

His strength lies in the way he has become a mobilizing force, not only in his home town but in some other in all the local governments in Osun due to his ability to coordinate and control other honourable members representing their individual local government, when he was Speaker of the House.

Senator Isiaka Adetunji Adeleke Senator Isiaka Adetunji Adeleke is a native of Ede who once contested

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and won the guber poll under the SDP of Babangida’s two party system. He is reputed to have been the youngest governor to rule the state.

He is currently the chairman, Senate Committee on Independent National Electoral Commission (INEC). He once voiced his intention to contested for PDP guber ticket at the party’s primary but withdrew from the race a day to the event.

He has said repeatedly that he is for Jonathan’s second term ambition. Political analysts have observed that the political feud between him and the PDP gubernatorial flag bearer stems from Adeleke’s complaint of maltreatment before the primary, irregularity during the primary coupled with allegations from Omisore’s camp that Adeleke is romancing the opposition All Progressives Congress (APC), and that these will not make him (Adeleke) to be well disposed to Omisore’s governorship project.

Adeleke is a known political figure not only in Osun but throughout the country hence, he holds a lot of influence. He also has a large number of supporters throughout Osun which cut across all political parties which has been attributed to the positions he has held, his kindness both financially and morally for his supporters.

Since Adeleke became the first executive governor of the state, he has been playing the role of a godfather in Osun politics. He is a deciding factor in who attains any political post in whichever party he belongs, assists candidates by financing their ambitions and holds series of meetings in his country home at Ede for realization of this ambition.

As at now, many people in the state are

of the view that Adeleke is only working for Jonathan’s second term ambition, but cannot say what will come out of the reconciliation efforts of the PDP, in the state, which will determine Adeleke intention or position concerning the governorship poll in the state.

Politically, Adeleke is a power broker and an astute politician. He is a force to reckon with as he is in firm grip of his constituency. He also commands widespread support across the state.

phosed to ACN and later APC in Osun, he has an amount of influence on some of its members and can convince them to cross carpet into his own party PDP.

Alhaji Jelili Wale Adesiyan He is a grassroots mobiliser and follower of late Chief Bola Ige who strongly believed in the political theory and philosophy of the late sage; Chief Obafemi Awolowo. He has been in politics since 1978 seeing the formation of the disbanded UPN. A former Director General, Ministry of Commerce and Industry during the administration of Sen. Adeleke, he was a suspect in the murder case of Chief Ige along with Omisore in 2001 who was later discharged and acquitted.

He subsequently became the Commissioner of Education under the administration of Prince Oyinlola from 2007 to June 2010. Through his nomination and appointment as the Minister of Police Affairs in February 2014, he became President Jonathan’s political ally.

As a minister his roles will be of great importance to the PDP fold from the gubernatorial election of August 9, 2014 to the general election in 2015.

Jallo, as he is popularly called holds a lot of influence not only in PDP but in other opposition parties, most especially the APC. As a former secretary of NADECO in Texas, USA, former Assistant Secretary of AD that metamor-

Elder Peter Babalola He hails from Ikire in Irewole Local Government Area and could be regarded to as one of the political “Iroko” politicians in the state. Very popular in the state for his distinctive way of politicizing and politicking. A renown business mogul, who always commits himself and resources to any political party he belongs. He is armed with committed political followers who work round the clock to see that his political dreams and goals.

While in PDP, he was known among all other politicians as “PETER POWER”, a slogan adorning all his political campaign vehicles which are quite visible in all the nook and cranny of the state while all his supporters could be seen in the remotest parts of the state.

He was one of the most popular among the 22 PDP gubernatorial aspirants in the state in 2002. He was also a Commissioner for Agriculture in the state under the regime of Colonel Obi. A politician is respected for his political crowd pulling strategies that still marvels many active politicians in the state till date, he was former Chief of Staff to Governor Oyinlola. He defected from PDP to APC and left with many committed party members in November 2010. He is presently the Chairman, Local Government Service Commission.

As a former Commissioner, Chief of Staff and a seasoned politician of note who understands the chemistry, syntax, and lexis and structure of the state poli-

tics, he would give PDP a lot of problem in his Senatorial District. He would also want to prove his political capability and popularity to Aregbesola that truly, he could be depended upon when it comes to politicking in Osun West Senatorial District where he hails from. He would work well to see that Aregbesola reemerges victorious in the next August election.

Babalola has a very good pedigree in the field of politics that could work in his favour to win more political disciplines for his party before the 2015 general elections. His antecedents and achievements since he found himself in politics will also speak in his favour in the eyes of the electorate. Apart from this, He is nursing an ambition of becoming a senator to represent Osun West Senatorial District come 2015, and would want to deliver the district for the APC so as to enhance his own chances during the electioneering selection of the party for who flies the party’s flag in 2015.

Senator Omoworare Babajide Babajide is the Senator representing Osun East Constituency; he assumed office in May 2011, under the APC platform. His familiarity to the terrain of Ile-Ife and his constant romance with “who-is-who” in the town gives him the opportunity to know the political happenings in the place. Also, he has his own political structure which he can use to confront the PDP in the 2015 general elections. Omoworare could also make use of his influence in Ile-Ife for re-election of Governor Aregbesola in the state. He is a grassroot politician with native intelligence.

Hon. Patricia Olubunmi Etteh She is a native of Ikire in Irewole Local Government Area of Osun State, and trained as a hairdresser and beauty therapist. She became popular when she signified interest to contest for House of Representative seat of Irewole/Isokan / Ayedaade Federal Constituency which she won in 1999 under the platform of Alliance for Democracy (AD). In 2003, she switched to the PDP and automatically became a full fledged member of the party. She re-contested again and won in the 2003, and was appointed minority Chief Whip during her first stint in the House.

She again won in 2007. This time around, she was elected Speaker hence becoming the first and only woman to have become the speaker in the House of Representative.

As a PDP woman leader she has to play a dominant role most especially in mobilizing the women folk for the gubernatorial poll of 2014 in Osun and 2015 general election. She is also going to be deeply involved in the campaign committee of the PDP in order to carry along other female politicians for proper enlightenment and education.

Hon. Etteh wields some influence as she was among those that fought for 35 per cent affirmative positions to be allotted to the women folk during the Olusegun Obasanjo administration, being an Obasanjo loyalist.

Titilayo Laoye-Tomori Otunba Laoye-Tomori is the deputy governor of the state, and Commissioner for Education. An intelligentsia of note with oratorical skill, Laoye-Tomori held several leadership positions in the private sector before venturing into politics.

She was one-time Assistant Registrar of University of Lagos, and it was her vast experience in Education Management that she has brought to bear in Osun State’s education sector, which she oversees. The deputy governor has enjoyed a good working relationship with Governor Aregbesola in the past three and CONTINUED ON PAGE 18

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half years they have steered the ship of Osun State. The way both have run the affairs of the state explains her choice as running mate to the governor for a second time, and she is expected to mobilize women in the state for the APC in the forthcoming governorship election, and in the 2015 elections, her stance will not differ from that of the governor and the APC should the party win the governorship the August governorship poll.

Elder Adelowo Adebiyi Adebiyi is the chairman of the APC in Osun State. He is a politician of note, and one who understands the ABC of politics. He served as Assistant Secretary of AD, Elders’ Forum between 2003 and 2006; chairman, Atakumosa West Local Government Area; and a Senatorial Leader, Ife/Ijesa Senatorial District of the Action Congress (2007-2010) and later acting chairman of the ACN in 2011. Elder Adebiyi had always been on the side of progressives. His father, Prince Michael Adebiyi from the Bilagbaye Ruling House of Ijesaland was the first chairman of Atakumosa West Local Government Area (1980-1983) under the defunct Unity Party of Nigeria (UPN).

AS the chairman of the ruling party in the state, he would not want to be ousted by the opposition party. Against this backdrop, he will work round the clock to ensure that his party wins the forthcoming governorship poll in the state, and the in 2015.

Alhaji Moshood Adeoti The Iwo-born Adeoti has come a long way in politics before he was appointed Secretary to the State Government (SSG) in 2011. He was a former chairman of the Alliance for Democracy (AD) in the state, and later the state chairman of Action Congress of Nigeria (ACN). Alhaji Adeoti is a master strategist when it comes to Osun politics, little wonder he has overtime become political father to many politicians in the state. He is no doubt a pillar of the APC in the state and is expected to deplore his vast political experience to the advantage of his party in the 2015 general election in the state.

Alhaji Adegboyega Oyetola Chief of Staff to Gvernor Aregbesola, Oyetola was a successful Insurance magnate before his appointment. Born in Iragbiji of Boripe Local Government Area of the state, he attended University of Lagos where he bagged a Bachelors and Master Degree in Business Administration with specialization in Finance.

It is rumored that he is a first cousin to the former Lagos State governor and National Leader of the APC, Tinubu.

Though his position as the governor’s Chief of Staff and closeness to APC leaders places him at a vantage position, many believe that he is still learning the politics of the state, and is unlikely to wield enough influence come 2015.

Barr. Samuel Afolabi Ordinarily, some people outside Osun State will not rank the 1982 Obafemi Awolowo University (OAU), Ile-Ife Law graduate as one of those to watch in Osun politics, given his position as the Attorney General and Commissioner for Justice. But if Afolabi’s political background is anything to go by, he is sure one those to determine how votes would swing in the state come 2015. He was the first Speaker, Osun State House of Assembly (1991-1993). Afolabi, who started his political career about three decade ago, is known as a strategist and motivator. He understands Osun politics, and knows what to do strengthen the chances of APC in 2015 general elections.

Alhaji Ganiyu Olaoluwa Olaoluwa, a former Special Adviser

Will Osun replicate 2011 feat? as she is stands tall among politicians in the state, especially her home town, Ilesha, where Governor Aregbesola also hails from.

Farounbi

Etteh

to former Governor Oyinlola, is the chairman of the PDP in Osun State. He stands the chance of mobilizing support for his party in Osogbo, the state capital, as he has impacted on many in the area.

However, he is definitely going to meet a very stiff opposition in the likes of Fatai Diekola and Bashir Ajibola who are also from the area. This may cause a split of votes between the APC and the PDP, but Olaoluwa’s closeness to the people at the grassroots may give him and edge. He was said to have performed creditably, as chairman of Olorunda Local Government Area of the state. And as the state chairman of the PDP, he has been working to see the enthronement of PDP in the state come 2015. Part of the measures he has adopted is the reconciliation of aggrieved members of the party for them to work as a team.

mer Governor Oyinlola and the incumbent governor, Aregbesola, who at his retirement, described him as “erudite, honest and blunt officer.” Akinwusi is contesting the governorship poll under the platform of Social Democratic Party (SDP). His success or otherwise at the poll will determine the role he will play in the politics of the state in 2015.

Senator Felix Ogunwale Senator Ogunwale is among the foremost financiers of the PDP in Osun State. He contributed a lot to the development and advancement of the party in the state. Ogunwale, the Asiwaju of Iragbiji maintains his pedigree as a political tactician. He is known to be well disposed to all the governorship aspirants under the banner of the PDP in Osun State. He was once publicly referred to as the best senator from Osun between 2003 and 2007 by former Governor Oyinlola. He was a governorship aspirant under the platform of PDP, but later joined the ACN. He returned to the PDP when he could not break into ranks of the ACN. He has a formidable political structure in the state, and is among those who dictate the political pace of his senatorial district. Ogunwale’s coming back to PDP is a plus for the party, as he is a pragmatic politician, who goes from door to door to canvass for votes. He also has what it takes to sponsor candidates for elections in the state. His strength and influence will benefit the PDP in the state come 2015.

Segun Akinwusi Akinwusi was a principal actor in the smooth take-off of the state at its creation in 1991. He served as the Acting Permanent Secretary/Clerk of the Osun State House of Assembly between 2001 and 2003 and was appointed Sole Administrator, Osun State Water Corporation and was confirmed as a Permanent Secretary in May, 2003. He was appointed as the Head of Service in 2003 and served till 2012 when he retired. He had the privileged of working with for-

Oluwole Oke Oke represented Obokun/Oriade Federal Constituency of the state in the House of Representatives between 2003 and 2011 on the platform of the PDP. While in the National Assembly, he was Chairman, House Committee on Defence. Though, he was not picked as the party flag bearer in the forthcoming governorship poll in the state, he has inexplicable influence on his people in Ijesha-land to make his party return to power in the state. As a young politician, he has the backing of many youths in the state. He is back to his business after the PDP governorship primaries, which Omisore won, but if genuine reconciliation takes place within the party, his personality, achievements and popularity would work in favour of the PDP in the state especially in Ijesha land where he hails from both in the governorship poll and 2015 elections.

Senator Abdulrasheed Olasunkanmi Senator Akinlabi was in the Senate between 2003 and 2007 on the platform of the PDP. While in the Senate, he was Vice Chairman, Senate Committee on Education. He later served as Minister of Youth Development in late President Umaru Yar’Adua government. He is a plus for the PDP, as he is known for grassroots mobilisation. He mixes easily with all and sundry and is capability of seeing the PDP come back to power in the state cannot be under estimated. Though, still bickering about the outcome of the party’s governorship primary election, he is in a vantage position ensure victory for the PDP in his senatorial district in 2015.

Erelu Olusola Obada A lawyer, management consultant and grassroots politician, Erelu Obada was Prince Oyinlola’s deputy governor when he steered the ship of Osun State as governor under the platform of the PDP. She was until recently Minister of State for Defence. Obada is in control of her political followers. She is accessible and accommodating and this works in her favour. Obada is in a position to help the PDP secure victory in Osun in 2015,

Fatai Akinbade He is regarded as a man of many faces. The former Secretary to the State Government (SSG) wields so much influence. He’s a grassroots politician and always makes effect in any party he finds himself having mastered the art of politics for many decades.

In 1994, he was appointed the Osun State Commissioner for Works, Transport, Land and Physical Planning by Navy Captain Anthony Udofia and he stood out. This is probably why when Colonel Anthony Uzoma Obi took over from Udofia in 1996, Fatai was the only Commissioner retained. Similarly, by the time Obi left office in 1998, which saw the emergence of Colonel Theophilus Oladapo Bamgboye, the Ogbaagbaa born Prince was still retained. So, successfully, Akinbade served three military administrations in the state, spanning a period of four years as a Commissioner.

In 2000, he became the chairman of the PDP in the state and he employed his political wizardry to dislodge the government of Bisi Akande and brought PDP to power on May 29, 2003. Afterwards, he became the Secretary to Osun State Government.

In the run-up to the 2014 gubernatorial ticket of the PDP, Akinbade with his supporters ditched the party that gave him prominence and influence for the Labour Party, which party he would flying as governorship candidate. Though he has a retinue of supporters across the state, it is only left to be seen whether they would rally around him in a relatively unknown LP. Professor Sola Adeyeye He hails from Ora in Ifedayo Local Government of the state and represents Osun Central Senatorial District in the Senate. He is the Director-General of Rauf Aregbesola campaign organisation. Adeyeye is a Biologist and politician who is former Chairman, Ifedayo Local Government. He is former member, House of Representative, Boluwaduro/Ifedayo/Ila Federal Constituency.

He is highly respected in his Senatorial District and his influence in the field would greatly help the APC in the state.

His influence for his political party is inexplicable, enormous and profitable as he has the ability and capability to prevail on the people o his senatorial district and convince them to some extent, to give their support to his.

Dr. Yemi Farounbi Nigerian Ambassador to Philippine is one of the life wires of PDP in Osun State. His popularity and credibility in politics cuts across the length and breadth of the state. Farounbi is a resolute and workaholic politician that is armed with the late sage’s, Chief Obafemi Awolowo’s political doctrines. Despite the fact that he is in his late 70s, the political philosopher, Ace Broadcaster; veteran Journalist, poet and author associates with young bread politicians and teaches them how they could be productive in the political circle.

The contribution of Farounbi to the development of politics in one way or the other would add value to the emergence of PDP in power come 2015 in the state.

His political wherewithal and long term sojourn in the field of politics stands as plus for him to win more followers into the fold of the PDP in the state.

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Three things cannot be long hidden: the sun, the moon and the truth – Buddha

MONday, JULY 14, 2014

Enforcing the Pension Reform Act 2014

n spite of all odds, the longawaited Pension Reform (Amendment) Act 2014 is finally a reality. However, the Act should be religiously implemented so that it can help considerably, in sanitizing the corruption-ridden pension industry.

The restructuring of the system of administration of pensions under the Defined Benefits Scheme (PTAD), (Sections 42-49 of the Bill) is a step in the right direction. The restructuring will eliminate the various vices that bedevilled the old Pension Reform Act and ensure proper computerization of operations such that vital information concerning pensioners and deceased pensioners can easily be obtained thereby eradicating incidences of ghost pensioners.

If the actual number of pensioners is known, cases of billions of naira the various tiers of government lose to non-existing pensioners will be averted while monies saved will be used to develop other critical sectors of the economy.

Having placed the Pension Transition Arrangement Directorates (PTADS) in a better position, we hope they will justify the confidence reposed in them by providing pensioners with efficient and satisfactory services. Those charged with oversight functions should ensure there is zero tolerance for corruption by insisting that pension funds are paid directly into pensioners’ bank accounts since corrupt pension fund managers can collude with

bank officials to divert such funds into private accounts.

The upward review of minimum rate of pension contribution is a welcome development. Unlike the Pension Reform Act (Amendment) Bill 2013 that proposed an upward review of a minimum rate of 20 percent by the monthly emolument (20 percent of the employer and 8 percent by the employee), the approved minimum of 18 percent (10 percent by employer and 8 percent by the employee) is more realistic and more beneficial, especially to the pensioners.

The fact that employers and employees can mutually voluntarily agree to exceed their minimum ceilings is a good development. Due to the significant upward review, it is hoped that the substantial increase in workers’ retirement or cessation benefits will enable them face future challenges without regret.

We observe that many employers deduct pension funds and income tax from employees’ salaries but fail to remit such deductions to the appropriate quarters. Under the new scheme, employers must ensure that all deductions are fully remitted.

Erring employers should be penalized to serve as a deterrent to others.

We agree that the number of mandatory years of experience for the Director-General of PENCOM be reduced from 20 to 15 years. According to Section 2 (d): The DirectorGeneral shall possess relevant and adequate qualification in pension

matters with 15 years cognate experience. Office of the DG of PENCOM requires a person of proven integrity. It is also important that such a person must have requisite qualification in pension matters to be able to perform creditably. It is expected that 15 years of experience in pension matters should be enough for any serious person willing to serve as DG of PENCOM. To avoid the shameful scandals that rocked some government institutions sometime ago, there is the need for those to be recruited as heads of such organizations to undergo medical tests to determine their mental status.

The adoption of the Contributory Pension Scheme (CPS) by state and local governments as contained in Subsection (2 & 3 of the Bill) is laudable. It is hoped that it will also be successful in the state and local governments following its successful implementation by the federal government and the private sector.

Unlike the failed Defined Pension Scheme (DPS), the Contributory Pension Scheme (CPS), if well implemented, will provide pensioners in states and local governments a new lease of life by ensuring safety of their pension funds.

Now that the new pension law is ready, those states that have passed their Pension Reform Acts should start enforcing same while those that are yet to do so should act without delay to ensure uniform implementation of the law across the country.

As for offences and stiffer penalties stipulated in Sections 99-101, the Act states new offences and stiffer penalties against violation of the pension law. Nigeria has never been short of good laws or policies. What is lacking is the political will on the part of public officials to strictly enforce such laws. The pension law should be for both the rich and the poor. Whoever violates it, no matter how highly placed, should be made to face the wrath of the law to serve as a deterrent to others.

The Judiciary should review its justice system by doing away with archaic laws in its statutes so that the court can truly serve as the last hope of the common man. It is not enough to prescribe stiffer penalties for pension offences. Pension fund institutions should wage war against pension offences without fear or favour. Those found guilty of mismanagement of pension funds and assets should be dealt with decisively.

Members of the Governing Board of PENCOM should not be persons with questionable character. They must be exemplary in their conduct. Appointment of Pension Fund Administrators or Pension Fund Custodians must be transparent to ensure that honest people are in custody of pensioners’ funds. When embezzlers of pension funds are penalised appropriately, it will drastically reduce the cases of pension fund theft.

GABRIEL AKINADEWO Managing Director/Editor-in-Chief FELIX OGUEJIOFOR ABUGU Deputy Managing Director/DEIC SULEIMAN BISALLA Managing Editor, North YEMI AJAYI Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday 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 PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

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Sanctity of Truth

Monday, July 14, 2014

OPINION APC and the imminence of defeat in Osun (2) Biola Adekola Continued from last Friday

T

he APC-led government in Osun State is like a dog that eats its vomit because what it condemns during the day, it practises at night.

In several interviews between 2010 and 2013, Aregbesola called former Governor Olagunsoye Oyinlola and his administration unprintable names.

At different times, Oyinlola’s administration was described as “visionless”, “technically insolvent”, “shallow and without mission” by Aregbesola, yet the governor and his bosses ran to Okuku to seek political succour and wisdom from the same “visionless” Oyinlola after their party’s woeful loss at the June 21 elections in Ekiti. Such hypocritical and opportunistic janus-faced behaviour has become characteristic of the APC and its leaders.

They complained about election-rigging and government provided security to guarantee free and fair elections, yet they still complained that the security provided in Ekiti, which was seen by all to have been the antidote to rigging and election violence, should not be provided in Osun for the August 9 elections.

When all the political parties in Osun protested against the continued supervision of Osun elections by the former Resident Electoral Commissioner, Ambassador Akeju because his impartiality was questionable on account of his personal relationship and friendship with the leaders of the APC, INEC correctly excused him and had him replaced. Curiously, Osun APC has since been crying louder than the bereaved, issuing statements decrying Akeju’s ouster probably because of its sinister

intention to use Akeju to perpetrate fraud at the August 9 elections.

The APC hack writers rained abuses on Ekiti State Governor-elect, Ayo Fayose, saying that he bought Ekiti peoples’ votes with rice. Recent revelations from their own camp showed clearly that Fayemi and his wife equally gave rice, recharge cards, cash, vehicles, sowing machines, etc to people in Ekiti even up until the eve of the elections.

In Osun State today, Ogbeni and his cronies have also started distributing rice and money to people as if that will stop their ultimate rejection by an overwhelming majority of Osun State voters for whom life has been made more difficult by four years of imposed selfish, misguided and misdirected anti-people policies of Ogbeni.

Recently, the Osun State Commissioner for Finance was arrested in Delta State with some heavily armed, illegal police escorts who accompanied him on a mission that is yet shrouded in secrecy. When the news broke out, the Commissioner, Dr. Wale Bolorunduro, promptly denied the report as is customary with the APC and Osun State government officials. He claimed he was with his wife in Lagos and never visited Delta State on the day in question.

One week later, he admitted that he was arrested in Delta State without the decency to apologise for his earlier denial.

Such is the calibre of persons currently occupying positions of responsibility in Osun.

One of the most intriguing paradoxes of the administration in Osun is its penchant for embarking on mega projects that may not likely be completed several years to come, even though it claims to be populist.

It is curious that Aregbe’s government cannot see the

wisdom in embarking on cost-effective pro-people projects that can be accomplished within the four-year tenure of the administration. What is even more baffling is the usual noticeable discrepancy between the gargantuan amount spent and the questionable end-product of such investment. For example, it recently announced that it invested N2.3 billion in the construction of the Aiyegbaju market in Osogbo.

Earlier, it announced that it pumped N3.6 billion annually into its school feeding programme; N8 billion into the ill-fated “Opon – aimo” project; N27 billion into hospitals renovation project (which is yet to be accomplished); acquired a helicopter (in a relatively crime-free state) for area surveillance and “quick emergency response” at a cost yet to be disclosed; spent N10 billion on rehabilitation of intracity roads many of which are either 0.16km (Fagbewesa – Odi Olowo junction, Ebenezer Hotel road) or 0.85km Balogun Biro/Oke Baale road in Osogbo).

In addition, a whopping sum of N4.5 billion was spent on the Eastern bye-pass road in Osogbo named after Oba Adesoji Aderemi while a humongous N20 billion has been sunk into the 45km Osogbo/Ila Odo road.

Clearly, Osun people can see the wide discrepancy between close to N100 billion already spent on road construction and the reality of inter and intra-city impassable roads that they have to contend with on a daily basis.

Our final word for Ogbeni Aregbesola is that the clouds of his defeat in Osun are gathered and neither his propaganda machine nor his “state boys” or his recent pretentious populist gestures can stop the rain of his imminent defeat at the polls on August 9, 2014.

•Adekola, a political analysts, lives in Lagos.

Murtala Nyako and the verdict of history Chuks Iloegbunam

E

ven though the process for the impeachment of the Adamawa State Governor is yet to gather steam, I have entitled this piece Murtala Nyako and the verdict of history. This is because, Governor Murtala’s political career will be forever seen through the prism of the outcome of the impeachment process, whatever the verdict ultimately turns out to be. If he is cleared of the serious impeachable offences leveled against him, Governor Nyako would be seen as a political survivalist who galloped across all huddles and roadblocks erected to truncate his electoral mandate. That would set him on a pedestal of perception higher than the ones on which previously impeached elected governors currently find themselves.

If, on the other hand, Nyako’s culpability is confirmed by the seven-man panel appointed to investigate the charges against him, and he is consequently forced from office by the Adamawa State House of Assembly, one sad conclusion would inevitably be drawn: Here was a man who had everything going for him, but who, nonetheless, abandoned the tarred road to a lasting legacy for the ruinous, potholed path to political perfidy and perdition. Yet, even this conclusion would be tied to the general understanding

that the process that led to the impeachment had been transparent and entirely free from the machinations of partisan politicians.

There are lessons from history to guide everyone. During the Second Republic, Alhaji Abdulkadir Balarabe Musa, the first elected Governor of old Kaduna State, was impeached unjustly and undeservedly. He was elected on the platform of Malam Aminu Kano’s People’s Redemption Party (PRP), in a state whose legislature was overwhelmingly peopled by elements of the opposing National Party of Nigeria (NPN). The NPN cooked up its charges, rushed them through the State Assembly and impeached Balarabe. He lost his office. Those who impeached him also lost their legislative seats and offices when the military moved in and sacked the Second Republic on the last day of 1983. But, whereas Balarabe retains his integrity to this day, those who contrived his unjust removal from the governorship of Kaduna State today represent less than a footnote in the annals of national history. Because of his eventual vindication by the court of public opinion, Balarabe still speaks on national questions and his pronouncements are invariably listened to with due carefulness.

What the example of old Kaduna should teach the Adamawa State House of Assembly is the need to act within the bounds of the law, the imperative to follow every due process.

It is only when the law is respected and due process is followed that outcomes such as

impeachments attain public and historical validation.

There is another angle to closely examine – the angle of Murtala Nyako, the man currently sitting on cinders. The charges against Nyako, whatever their number, pertain to a single issue, namely, that Adamawa State’s resources have been systematically plundered under his watch. Is there any truth in this allegation? If the answer is yes, it can only mean one thing, to wit, that Nyako, or any other state governor for that matter in a similar boat, should not remain in an elective office indexed on public trust.

It is often said that the cynosure of all eyes should not dab their face in charcoal.

Nyako’s antecedents point to someone whose presence in a gubernatorial seat should spell integrity, probity and excellent governance.

Nyako (72 next month) enlisted in the Nigeria Navy in 1963, shortly after his secondary school education. By the time he retired from military service, he had been Chief of Naval Staff, military Governor of Niger State and had attained the rank of Rear Admiral. In addition he had been awarded the second highest national honour – the GCON. Elected Adamawa State Governor in 2007, the mandate suffered nullification at the Electoral Tribunal, following which a fresh vote was called and which Nyako won by a landslide.

He was sworn-in in 2008, meaning that he has two years to complete his second and final constitutional gubernatorial term of office.

This is not the sort of background that should lead to impeachment. But politicians, especially politicians in Nigeria, do have their peculiar ways.

The question, therefore, is this: Nyako had previously been threatened with impeachment but was let off the hook by former President Umaru Yar’Adua. This supposes that care and caution should have been his watchwords in both Adamawa and national politics. But he doesn’t seem to have taken any counsel in the general direction of political precaution. He recently embarrassed himself and his new political party, the All Progressives Congress (APC), when he wrote an incendiary letter to the Governors of all Northern States, charging that President Jonathan’s administration was waging a genocidal war against the North.

Governor Murtala Nyako had hardly come off the storm elicited by his ill-timed and infamous letter when the spectre of impeachment was thrown around him. Reports claim that the man intends to appeal to President Jonathan for reprieve. Or that ex-President Olusegun Obasanjo plans to intervene to scuttle the impeachment process.

Or that traditional rulers will use the collective power of their thrones to halt and reverse it. All these amount to chasing shadows. The only thing worthy of saving Governor Nyako is his ultimately confirmed innocence. That will be a lasting lesson to all wielders of temporary political power.

INVESTIGATION Monday, JULY 14, 2014

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

ISIOMA MADIKE Editor, INVESTIGATION

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

ATM rip-off

Nigeria’s latest robbery technique The Automated Teller Machine (ATM) was introduced into the Nigerian system to ease problems of cash withdrawal from banks across the country. But, this innovation is fast becoming a nemesis for the banking public. This is because of the numerous complaints, which range from controversial deductions to undue exposure of customers’ accounts that have trailed the system in recent times, reports ISIOMA MADIKE

O

gor Chimanugor, a housewife and Lagos-based businesswoman, banks with United Bank for Africa (UBA). She had a bitter experience recently when she attempted to withdraw N20, 000 from a bank’s Automated Teller Machine (ATM) other than that of UBA, where she has an account. The system informed her, “not available.” Thereafter, “I got the shock of my life five minutes after when I received a text message from UBA alerting me that the sum of N20, 000 had been debited in my account. I was angry and confused. I didn’t know what

Customers at ATM points in Ajah, Lagos

to do. It took me about a week later to sort things out with the bank and got the wrong transaction reversed,” she said.

Just like Chimanugor, Modupe Hunde, a student of Lagos State Polytechnic (LASPOTEC) had her own tale of the ATM rip-off. Hunde recalls when her card got stuck in an ATM device sometime last year. It was then that she realised how difficult the process of reclaiming a stuck card could be. It requires the owner of the card to go to the headquarters of the bank concerned in order to get his or her card back. It is even worse if such ATM

card got stuck in a machine belonging to a bank other than the issuer. That means the owner has two banks headquarters to deal with. Such is the enormous impediment to the innovation and banking revolution that ATM is supposed to bring.

Kabiru Aliu, who works with Nigeria Immigration Service and banks with Union Bank, Oba Akran branch, Ikeja also witnessed what he called an ATM drama at a bank around Ikeja two weeks ago. He had accompanied his elder sister, who came to visit him in Lagos from Zaria in Kaduna State to withdraw mon-

ey from the ATM. After moving from one machine to another along Adeniyi Jones Avenue in Ikeja without success, he decided to try a branch of his own bank so that he could rescue his sister with his own card.

According to him, “when we got there, we met a woman with two ATM cards, who said she had been moving about in Ikeja for more than four hours trying to withdraw from the ATM. The woman said the system kept complaining about one thing or the other. “Sweating profusely, this woman announced to all who cared to listen that she had no money to pay her way home, let alone surviving the weekend. Out of pity, I gave her N500 after I succeeded in withdrawing cash with my own card.”

What Chimanugor, Hunde, and Aliu experienced while trying to use ATM CO NTINUED O N PAGE 22

PHOTO: SULEIMAN HUSAINI

22 INVESTIGATION

Sanctity of Truth

Monday, July 14, 2014

‘Location of ATMs expose users to public view'

CBN Governor, Godwin Emefiele

EFCC Chairman, Ibrahim Lamorde

Ovia

IGP, Ibrahim Abubakar

hackers penetrated into the bank, and since then, they have continued to dupe customers."

Another user inserting his ATM card CONTINUED FR O M PAGE 21

for withdrawals cannot be described as isolated happenings. It is common nowadays to see group of people migrating from one ATM to another, mostly at weekends, trying to withdraw money. A good number of bank customers narrated to this reporter how they lost various amounts of money from virtually all the banks that offer ATM services.

Complaints of unauthorised withdrawals rampant Incidentally, these awkward happenings are not limited to non-bankers alone.

A lady banker with one of the new generation banks was reported to be among those lodging complaints of unauthorised withdrawal on her accounts. She said: “I deliberately opened an account with another bank. But, I have suffered illegal withdrawal of my money in the past six months. The first was in January.

I discovered that N20, 000 was recorded against my account. I protested, and the bank asked me to call for my statement of account, which still showed I made such a withdrawal because I hardly keep the

printout of my ATM transaction.

“I was not able to establish that I never made such a withdrawal.” The lady was also said to have complained about a second occurrence of the incident, prompting her to opt for closure of the account.

A manager of a Lagos-based business outfit, Taiwo Adeyinka, was reported to have pursued a case of unauthorised deduction of N40, 000 from his current account in a similar circumstance as that of the lady banker. Other customers have variously demanded over N500 million from various banks at different times as refund from controversial deductions from ATM accounts also. At the customer care desks of most banks this week, a good number of customers were seen lodging complaints about alleged short-change by the teller machines.

Michael Nmakwe, a safe-employed graduate in Gboko, Benue State, says he has not made use of his card since February last year. This is not because he does not want to do so, but because of difficulties he encounters whenever he tries to use it. The first he attempted to use it, the machine was “temporary out of service. The second time, I was told my

Personal Identification Number (PIN) was expired, and at my third attempt, my card got stuck insider the machine.

For weeks, I tried to retrieve it to draw cash without success. I forgot about it,” Nmakwe said.

In Abuja, customers of one of Nigeria's top banks in the country have also been reported to have lost over N60 million in a new ATM fraud. Most of the affected customers, who pleaded anonymity, were said to have receive withdrawal alerts on their mobile phones without conducting any transactions. The scam, according to them, is extraordinary and the bank's management at the moment cannot trace the hackers, who penetrated the network. They have only taken some measures to reduce the scale of the scam.

It is even said that the amount of money lost by the affected customers could be more than N60 million, "if a detailed survey is carried out."

The report stated that some customers who subscribed to the alert system hardly knew about the scam until they request for their account balance. According to the sources, the scam is not new; “around December last year, the

Pay points not properly secured A victim, who lost N200, 000 in the scam, said he was in his office one evening when he received an alert from the bank that N200, 000 had been withdrawn from his account. “As soon as I received the message, I went to my bank's branch to enquire but the manager told me to write a complaint letter, which will be forwarded to their e-business department but since then I have been following up and there has been no response from the bank yet."

The victim, who works with the Nigerian National Petroleum Corporation (NNPC), said the bank was able to change his ATM card with another number. But, his was not an isolated case, as many of his colleagues were victims also. “Two of my co-workers lost N400, 000 and N140, 000 respectively in their accounts, the victim further said." He said he has stopped using the affected account and suspended using ATM cards for now. The affected bank, according to investigations, has now reduced the limit of withdrawal from the ATM from N100, 000 to N20, 000 as part of measures to reduce the scope of the scam.

Besides, the menace of miscreants, popularly known as “Area Boys” in Lagos, for instance, could, in the opinion of many, also pose physical risks on ATM transactions. The locations of the ATMs, they say, often expose users to public view, where a criminal can lurk in a corner and easily get such information as the volume of transaction. Users of ATM have actually complained of high rate of insecurity at pay points in recent times.

A retired banker, John Imade, who resides in Ketu area of Lagos, said he had discontinued the use of his ATM card.

His reason is simple: “The machines rarely work, especially on weekends, public holiday periods, and whenever it rains. “It is not also safe for customers in the evening when it performs better. I don’t use my ATM card anymore because most of the pay points are not properly secured and I have had an encounter with robbers at one of the ATM points in Ketu,” Imade told this reporter.

CO NTINUED O N PAGE 23

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23

Some ATMs dispense fake naira notes –Users CONTINUED FR O M PAGE 22

Another ATM user, Filipa Okolie, also said she was attacked at a cash point in Asaba, the Delta State capital around 5.30 p.m. in the presence of a policeman detailed to provide security for the area.

People manipulate ATM PINs Seun Ajayi, a 200 level student of Mass Communication at Bowen University, Iwo, Osun State also complained of the possibility of people being able to manipulate the PIN of ATM, particularly those on a queue, who most times pretend to be waiting for their turn. “It actually happened to a friend in my school where her money was diverted but recovered weeks later by the bank. We did not know what they did to get the money back and nobody explained how it happened to us. We are afraid that such could happen again.

So, the banks should work to tighten that end too,” she pleaded.

Yet, there is the issue of cost that customers have to contend with. ATM services are not totally free as many would want to believe. The banks, for instance, charge N100 monthly as service charge for transactions done on teller machines.

Besides, if a customer indicates that he wants a Short Message Service (SMS) sent to him or her each time there is a transaction on the account, the bank would also charge for the number of messages sent during the billing period.

Apart from all these, customers have had to also contend with the issue of fake naira notes dispensed by some ATMs in some parts of the country. This act prompted the House of Representatives on July 3, 2013, to direct its Committee on Banking and Currency to investigate the allegation. Yusuf Ayo Tajudeen, who moved the motion under matters of urgent national importance said: “Despite the positive features of this payment platform, there has been growing incidence of fake naira notes dispensed by the ATMs. Many law-abiding citizens have been victims of this unfortunate, unprofessional and immoral practice, which has led to the loss of legitimate funds by Nigerians.”

He, thereafter, warned that the trend had the potential of eroding public confidence in banks, impede smooth banking transactions, throw-up ethical questions and slow down investment, which would in turn affect the economy. “Dispensing fake naira notes by ATMs may grossly affect the operation, viability and success rate of the recently introduced Cashless Policy by the Central Bank of Nigeria (CBN),” he further said.

When contacted, most of the ATM service providers in the country, including Interswitch, NCR, and Money Online declined comment on the problems of ATM. But, an official of the CBN, who did not want his name in print, said that the apex bank was particularly disturbed by complaints from banks over claims of unauthorised payments through the ATM. “The CBN had even expressed fear of the tendency of these fraudulent acts

Such closeness is dangerous when transaction is on PHOTO: SULEIMAN HUSAINI

being capable of wiping away the gains of electronic banking being promoted,” the source said.

Perhaps, this may be why the CBN, recently directed Deposit Money Banks to henceforth destroy ATM cards trapped in their machine terminals. The apex bank has also giving banks 24 hours to reverse debit entries arising from failed transaction attributable to system-related issues. The directives were contained in a 14-page ‘Guidelines for card issuance and usage in Nigeria’ released by the Banking and Payment System Department of the CBN in May. The guidelines read, “any trapped card in the ATM shall be rendered unusable (by perforation) by the acquirer and returned to the issuer on the next working day.

“All debit entries arising from failed transactions attributable to system-related issues must be auto-reversed. Where auto reversal is not feasible, manual reversal must be carried out within 24 hours. The security of the payment card shall be the responsibility of the issuer and the losses incurred on account of breach of security or failure of the security mechanism shall be borne by the issuer, except the issuer establishes security breach on the part of the card holder.”

Banks to deploy robust fraud monotoring tools Consequently, banks are to ensure ATM cards are issued from card schemes that have demonstrable fraud management systems. Specifically, the CBN guidelines said banks were to ensure they deploy “robust fraud monitoring tools that have the capacity to monitor customer transaction trends, real-time operations and option of blocking suspicious transactions.”

The guidelines further read, “Liability shift rules shall apply when Nigerian issued EMV cards are used fraudulently

A queue at an ATM point

on EMV compatible terminals where magnetic stripe fall back is enabled, or at non-EMV compatible terminals where the transactions is read as a fully magnetic stripe transaction. Card issuers are required to monitor their card production procedures to ensure that their EMV cards are properly produced. The issuer shall take full liability for any fraud from a fall back transaction that occurred as a result of improperly produced chip card.”

The central bank said the new guidelines were introduced to enable financial institutions and card processors to upgrade their card operations to ensure optimum security and customer friendliness, among others. “Card issuers are expected to continuously educate cardholders on the following, among other things: security tips for safeguarding cardholder information; costs and charges associ-

ated with owning and using a payment card; contact numbers to the card issuer’s 24/7 contact centre in order to report cardholder issues or problems; dispute resolution process across the bank’s products and channels,” the CBN said.

But, the days of nightmare being experienced by users of teller machines over its high susceptibility to fraud appears to be drawing close. Not too long ago, the Economic and Financial Crimes Commission (EFCC) burst a syndicate adept at cloning ATM cards. The transstate operations carried out by the Commission’s operatives, which saw them combed states in about three geo-political zones reportedly led to the discovery of the syndicate. The cloning enabled them to access users’ accounts without even knowing the identities of the victims.

CO NTINUED O N PAGE 24

24 INVESTIGATION

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‘Fraudulent bank officials duplicate customer's cards' CONTINUED FR O M PAGE 23

They specialised in cloning ATM cards using Magnetic Card Reader/Encoder Machine.

ATM card clonning syndicate abound The Commissioned said that “the trio, Chris Okeke, Nicholas Egboh and Kelechi Aro, were smoked out of their hideout following series of investigations, which started from Kano. They were arrested on the last floor of a two-storey building in Alaba Suru, a suburb of Lagos. Six laptop computers, the card reader machine, bank documents and several credit cards and ATM cards were recovered from the suspects. A banker arrested in the course of the sweeping operations, Ms. Cassandra Olaleye, who the gang co-opted, reportedly confessed to have helped the group used the cloned ATM cards to steal about N12 million from the account of a customer with her bank.

“According to investigation, all the fraudsters needed to have access to the account of any bank depositor are the victim’s ATM and PIN numbers. Once they have that information, they would use card reader machine to print the numbers on any ATM card. Once that is done, they can use the card to withdraw money from the victim’s account without even knowing the account holder’s name.

It is believed that members of this syndicate belong to the group of fraudsters that had been sending scam mails and text messages, urging unwary debit cardholders to upgrade their ATM cards by filling online forms, which require them to disclose their pin numbers. Those who fell prey to this scam lost millions of naira to the fraudsters.

“Interestingly, the report that triggered the arrest of members of this deadly syndicate originated from Kaduna. A resident of that city had lodged a complaint with the Commission’s office in Kano to the effect that some fraudsters had pulled out some money from his account in one of the banks in the city. Investigators were able to trace the fraudsters to Surulere, Lagos through the driver’s licence used by one of them to

ATM machines

withdraw money from the said account.

Consequently, Remilekun Ojolowo and Sherifat Aderomu, who had been admitted to administrative bail, were arrested.

Upon interrogation they claimed to belong to a network of syndicates that specialise in ATM fraud and led operatives to the den of the fraudsters where the startling recoveries were made.

This discovery followed a similar one in Port-Harcourt, Rivers State where EFCC operatives unveiled a set of bank officials, who duplicate customers’ ATM cards to defraud them of millions of naira. After a careful study of the bank statement, operatives discovered that money was drawn from an ATM ma-

chine located in the premises of an hotel in Port Harcourt almost on a daily basis.

They visited the ATM machine to see if it has a camera, but there was none. But, unknown to them the hotel had a CCTV surveillance camera.

The footages were rolled back and it was discovered that for almost two months, a particular red Toyota Corolla car brings a lady to the machine to make withdrawals. The number plate of the car was copied and a search for the vehicle began. After about two weeks of searching, the vehicle was discovered in a compound in Elekahia Housing Estate, in Rumuomasi area of the Garden City. It was discovered later that the ATM point

Chimanugor

Okolie

Nmakwe

Hunde

in the hotel premises was chosen because the culprits noticed it didn’t have a camera on it.

Innovation, welcome with enthusiasm Like a beautiful bride, who was received with all enthusiasm, the introduction of ATM into the nation’s financial landscape some years ago was seen as a big breakthrough in the sector. Aside from revolutionising electronic payment system, it marked the beginning of the crash of long queues in the banking halls. It also threw open the possibility of withdrawing during and outside working hours, without the physical presence of banks’ officials.

Over the years, the system has experienced many improvement, with the latest being the directive of the Central Bank that operators should stop charging N100 on money withdrawn from other ATM machines.

Zenith became the first bank in the country to launch the use of ATM in an impressive ceremony on Wednesday, March 2, 2006. The bank’s branded versions of the machines were positioned, according to the bank’s founder and former managing director, Jim Ovia, to enhance its quest in the use of electronic payment system.

ATM, which all the banks in Nigeria have come to embrace, was designed to drive a ‘near cashless society’ and ensure connectivity with global payments system. The machine allows customers to conduct most banking transactions without going into a banking hall. Customers were supposed to enjoy benefit of being able to do transactions on weekends and public holidays. In addition, the system was meant to enable customers’ cash up to N100, 000 a day as well as being able to check their account balances, print mini account statements and arrange cash transactions with relative convenience.

Though, the teller machines generally rely on authorisation of a financial transaction by the card issuer or the authorising institutions via the communication network, it has been fraught, in recent times, by sharp practices.

A customer waiting to pick up his money from this ATM point

BUSINESS Sanctity of Truth

Monday, July 14, 2014

Monday, JULY 14, 2014

What's news How I’ll run BOI, by Olaoluwa The Bank of Industry (BOI) has thrown its door open for free flow of ideas that could move the institution forward, its new CEO, Rasheed Olaoluwa, has said.

PARADOX

Aviation contributes N119bn to Nigeria’s GDP

NNPC mulls October deadline for bunkering operations, 14 years after outlawing the business

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Nigerians, Chinese displace Russians in London’s most expensive nightclub Wandering Nigerian moneybags and their Chinese counterparts are up in hand to supplant Russian oligarchs’ dominance of London’s most expensive nightclub, Mahiki. This is coming just as the owners of the highbrow rendezvous are planning to open a place in Lagos, Nigeria.

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M-commerce market to hit $800bn by 2016 –Ericsson Leading telecommunication firms, Ericsson, has estimated that the value of mobile commerce could reach $800billion within the next two years.

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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 WOLE SHADARE, Aviation Editor

Abdulwahab Isa, Finance Editor Chuks Onuanyin, Energy Nnamdi Amadi, Reporter JOHNSON ADEBAYO, Asst. Production Editor

www.newtelegraphonline.com/business

}p-42-43

ayodele aminu, Deputy Editor, business

ayodele.aminu@newtelegraphonline.com ayodeleaminu@yahoo.com

Adeola Yusuf

T

he Federal Government is targeting $20 billion from licensing and operations of crude oil bunkering in Nigeria over the next two years, New Telegraph learnt at the weekend.

This came as government declared plans to begin the legal bunkering business in October 2014, 14 years after it outlawed it.

Group Executive Director, Commercial and Investment, Nigerian National Petroleum Corporation (NNPC), Dr. Attahiru Yusuf, who said this, maintained that the corporation had already signed deals with contractors.

“We will start legal bunkering before the end of October,” he said on the sideline of a workshop for energy journalists in Uyo, Akwa Ibom State.

A report had earlier put the nation’s bi-annual loss to illegal bunkering and crude theft at $20 billion.

“Oil bunkering is an operation involving the fuelling of ships of all kinds on the high

INCREDIBLE How did FAAN come about its N62 billion debts and what happened to the missing N174 billion?

Wole Shadare

A

critical examination of the Internally Generally Revenue (IGR) of the Federal Airport Authority of Nigeria (FAAN) from 2011 at an annual growth rate of six per cent, shows that the agency could be generating over N150 billion revenue annually from its 22

DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor

NEW TELEGRAPH

FG targets $20bn revenue from oil bunkering

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The Nigerian aviation industry is said to have contributed N119billion to the country’s Gross Domestic Product (GDP) in 2013.

‘SMEs are economic25 BUSINESS | BRANDS & ADVERTISING bedrock of any economy’

L-R: Gideon Adekile, Head, Information Security & IT Risk Management, Keystone Bank; Mrs Yvonne Isichei, Executive Director, Operations & Technology, Keystone Bank; Wole Ogundare, Associate Partner Phillips Consulting Nigeria; Paul Ayim, Associate Partner Phillips Consulting Nigeria, during the presentation of the PCIDSS Certificate of Compliance to Keystone Bank on the successful completion of Phillips Consulting assessment.

seas, inland waterways and within the ports. However, this line of business has suffered serious misconception in Nigeria.

What comes to mind whenever oil bunkering is mentioned in Nigeria are thoughts of illegal oil bunkering, oil theft and pipeline vandalism,” Dr. Yusuf said.

Conveying President Goodluck Jonathan’s approval to stakeholders in Lagos recently, Director, Department of Petro-

leum Resources, Mr. George Osahon, similarly described bunkering as a downstream business involving the fuelling of ships of all kinds on the high seas, inland waterways and within the ports. Usually, the fuels supplied include Automotive Gas Oil or diesel, Low Pour Fuel Oil and recently, Liquefied Natural Gas. “Bunkering as a legitimate business line should not be con-

FAAN generates N150bn yearly, says expert

Alleges Aviation Ministry exploits BASA operational airports.

Chief Executive Officer, Centurion Aviation Consultancy, Group Captain John Ojikutu (rtd) disclosed this.

Specifically, he said these revenues include passenger airport service charges, which he put at an average of 10 million domestic passengers at N1,000 each and three million outbound international passengers at $50 each. Others

include aircraft landing and parking with average charges of between $400 on smaller aircraft and $3,000 on bigger ones from over 250 air traffic yearly.

Also included are cargo service charges of about N7 per kg on cargo; N2,000 on courier parcels from about 200 million kilograms cargo and mails; charges on fuel sales charges of 40 kobo CONTINUED ON PAGE 26

fused with illegal trade in stolen crude for which the same term has been freely used in the Nigerian lexicon,” he said.

Osahon said bunkering was introduced as a legitimate business activity with licences issued by the DPR in 1979, adding that not much record of bunkering activities were recorded in the country prior to that time.

However, owing to some abuse of the system, he said bunkering operations were limited to five major oil-marketing companies in 1984.

He said: “In 2000, bunkering operations were again put on hold by the government on account of the subsidy on petroleum products, which more or less, gave the operators windfall profits that did not trickle down to the government.”

But 14 years after, the Federal Government approved the resuscitation of bunkering activities in the country. Osahon said this development would generate revenue for the government and create employment opportunities that would buoy the economy.

CONTINUED ON PAGE 26

Rates Dashboard INFLATION RATE May 2014..................................8% April 2014...............................7.9% March 2014............................7.8%

LENDING RATE

EXCHANGE RATE

(Parellel As at July 11)

USD . . . . . . . . . . . . . . . . . . N166.50 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . . . . N288 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . N223.00 Maximum Lending Rate..25.83% • Foreign Reserves – $38.13bn as at 11/07/2014

EXCHANGE RATE

(Official As at June 11)

USD . . . . . . . . . . . . . . . . . . . N156.73 Pounds . . . . . . . . . . . . . . . . N261.45 Euro . . . . . . . . . . . . . . . . . . N212.90 Source: CBN

26 business | NEWS FORWARD LOOKING BOI to explore alternative sources of funding Siaka Momoh

T

he Bank of Industry (BOI) has thrown its door open for free flow of ideas that could move the institution forward, its new CEO, Rasheed Olaoluwa, has said.

The new BOI boss disclosed this while unfolding his agenda for BOI at his maiden media briefing in in Lagos last Friday.

He acknowledged that financing Nigeria’s development agenda is a huge task and that BOI does not have all the ideas.

Sanctity of Truth

Monday, July 14, 2014

How I’ll run BOI, by Olaoluwa

Opens door for flow of ideas Says bank granted N692bn loans “We believe there are many Nigerians out there with very creative ideas that BOI can explore. To this end, we have created a contact email address - ideas@boinigeria.com. We welcome submission, not more than one to two pages. We undertake to consider all the ideas and act on those considered feasible,” he said.

Olaoluwa noted that the transformation of the bank has become a national strategic im-

perative.

This, he said, is important, especially in view of the National Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP) launched recently by President Goodluck Jonathan.

He said that although the bank has become more active in recent past, there is still a long way to go when compared with similar development finance

institutions in the developing or emerging world.

He cited the granting of N692 billion loans to date, made possible by Central Bank of Nigeria (CBN) intervention funds and various funds from the Federal Ministry of Agriculture and Small and Medium Enterprise (SME) matching funds from 18 state governments, as part of BOI’s achievements.

The BOI boss added that the recent Gross Domestic Product (GDP) rebasing exercise, which now made Nigeria, the biggest economy in Africa, further underscores the need for the bank to continue to take the lead especially when compared with similar institutions in South Africa, Egypt, Brazil, Malaysia and Indonesia, among others.

He explained: “Although we are confident that our key shareholders – Ministry of Finance Incorporated (MOFI) - and the CBN will continue to support us with some equity injection, we take cognizance of the fact that there is a lot of demand on government re-

sources.”

BOI, he said, is therefore “exploring alternative sources of funding such as continuation of sector-specific intervention funds by the CBN, ministries of agriculture and solid minerals; managed funds from various state governments and HNIs/ foundations; long term loans at very low interest rate from multilateral/international development institutions; domestic and international bond issuance; and other sustainable annuity sources that may become statutorily imperative in the medium to long term.

Olaoluwa noted that for the bank to execute the foregoing funding programme successfully, “we must adopt global best practices in the management of BOI.” He said: “The management of BOI will be highly engaged in the pursuit of the following goals and objectives over the next four years: Good corporate governance; sharp focus on our core mandate; sound risk management and compliance; venture capital investments; partnerships and collaborations; customer service and responsiveness; and linkage between innovation and industry.”

FG targets $20bn revenue from oil bunkering C O N T I N U E D F R O M PA G E 2 5 Director General Industrial Training Fund (ITF) Dr. Mrs. Juliet Chukkas-Onaeko MFR (center) flanked by ITF Director Revenue, Inspectorate and Compliance, Mrs. Lola Gbadamosi (right) and Director Admin and Human Resource Mrs. Folusho Samuel (left), during the DG's press briefing in Lagos

UNDER-PERFORMING Nigeria’s aviation is a grossly under-performing with indebtedness of about N190 billion Wole Shadare

T

he Nigerian aviation industry is said to have contributed N119billion to the country’s Gross Domestic Product (GDP) in 2013.

While N59 billion directly came from airlines, airports, ground services, N34 billion came indirectly from supply chain; N26 billion from employees consumption and supply chain, while N78 billion was earned from catalytic benefits through tourism, representing 0.4 per cent, according to Oxford Economic.

Meanwhile, Spain contributed $78.8 billion (5.2 per cent); United Kingdom $115billion (5 per cent); UAE $9.6Billion (3.5 per cent); Canada $42.2 billion (2.8 per cent), Germany $86.9 billion (2.6 per cent).

President, Sabre, West Africa, a United States aviation soft ware provider, Mr. Gabriel Olowo in his analysis christened, “The Travail of Nigerian Airlines”, made available to New Telegraph, described the aviation sector in Nigeria as a grossly under-performing industry with indebtedness of about N190 billion.

He noted that the principal motive of Bilateral Air Services

Aviation contributes N119bn to Nigeria’s GDP Agreement (BASA) is reciprocity and economic balance of trade is a strong factor in national income.

He disclosed that Nigeria is currently a signatory to 78 BASA’S, utilising 21 with reciprocity to less than five destinations, stressing that trade agreement is influenced by demand and political factor.

Olowo lamented that the country had not been able to reciprocate traffic rights to most of the partnering countries, hinting that this has resulted to huge negative balance of trade against Nigeria.

Olowo, who was Executive Director with the defunct Bellview Airlines, lamented that enormous capital flight has eroded the nation’s wealth, put strong pressure on the naira and weakens its exchanges, aids unemployment and stunts Nigerian airlines’ growth.

“Should the foreign airlines strictly operate frequencies as stipulated on the BASA? The answer is negative because even then, Nigerian airlines have no capacity to reciprocate. By capacity, it means schedule, schedule integrity, good safety records, IOSA certification, and poor level of technology.

“Should the extra frequencies be removed through seasonal schedule changes? The answer

is negative due to demand and political factors. Should government continue to earn the socalled royalties on BASA’S? The answer is negative. One might be tempted looking at some previous earnings, which I will like to describe as pot of porridge in exchange for the birthright”.

He reiterated that data upon which payment is made are not and cannot be accurate, stressing that they are presently haphazardly presented.

“Assuming it is $100 paid as royalty per departing passenger from Lagos to Dubai business class for example, it is far cry from $2660 tariff earned by the operating airline on this passenger. Commercial agreement negotiation is airlines call and not that of government”.

Olowo called for immediate establishment of at least three scheduled flag carriers with capacity to reciprocate all BASA routes, saying the three must be given national carrier status, with capacity to participate in BASA negotiation and commercial agreements.

This he said, would give birth to quality service delivery and healthy collaboration and competition, with each of them building its aircraft fleet within three years to 50, starting with a minimum 30 and increased by 10 annually.

According to experts, the line between crude oil theft and oil bunkering has become very blurred in the country due to a misunderstanding of what oil bunkering operations entails.

This, they said, was largely connected to the proliferation of crude oil theft that is already denying the country huge revenues in trillions of dollars.

Executive Director, AnyiamOsigwe Group, the parent company of Nuel Energy Limited and

PSTI Oil & Gas, which is involved in bunkering operations, Mr. Michael Anyiam-Osigwe, said: “The bunkering business was suspended for quite some time because there is a misconception about it in Nigeria. When we talk about bunkering, people think it is an illegal activity and this is not correct because when you steal crude, that is not bunkering, it is crude oil theft. If you are doing illegal bunkering, it means you are engaged in bunkering operations without a licence.”

FAAN generates N150bn yearly, says expert C O N T I N U E D F R O M PA G E 2 5

per litre on about four million litres daily sales amounting to 1.5 trillion litres sales yearly.

Other sources of revenue, according to the aviation consultant, include car park and tollgates charges, land/office rents and charges from concessionaires and major tenants, including airlines and other private operators.

He said that given the 2011 statistic data and these sources of revenue, the recent media report that FAAN now wants to boost its revenue by 17 per cent through automation and increasing it up to N70 billion cannot be correct.

“Consequently, the automation regime as being conceived

by FAAN will not make any significant improvement in the IGR if it would remain below N100 billion.

“Secondly, there was a Central Bank of Nigeria (CBN) Aviation Intervention Fund through the Bank of Industry (BIO) of about N232 billion for airlines to pay debts they owed commercial banks and aviation services providers including FAAN. It would be interesting to know

how much of that fund has been paid by the beneficiary airlines to offset their debts with FAAN,” he insisted.

Ojikutu disclosed that for over eight years, some of the big domestic airline operators who were favoured by senior government officials in the ministry and political office holders are still substantially indebted to government’s service providers in the industry, including FAAN. The former Commandant, Murtala Muhammed Airport, Lagos, equally disclosed that the major source of foreign revenue earnings for government in aviation that is being exploited by the Ministry of Aviation was in the collection of royalty or commercial agreement fees from the imbalances arising from operating the Bilateral Air Service Agreement (BASA) between Nigeria and other countries.

Spokesman for FAAN, Yakubu Dati could not be reached as at press time to respond to some of these allegations - especially the agency's annual revenue generation. All messages sent to his mobile phone were not returned.

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MY CITY, MY WORLD (ODUMAKIN) Lagos is where the dullest people are quickly transformed... Lagos indeed is a city I have come to love.

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NEWS (FASHOLA) Lagos State governor renders account of 2,600 days in office, reels out achievements in the last 100 days

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Edited by: BIODUN DUROJAIYE

Why a plot of land costs over N250m in Banana Island, by experts (: 0802 301 5582 sms only

Lagos trains 2,935 co-operators in two years, revalidates 3,000 societies Muritala Ayinla agos State Government Lthan has said that no fewer 2,935 co-operators had

been trained in the last two years, even as it confirmed the revalidation of over 3000 Co-operative Societies in the State for easy identification and planning purposes.

The state Governor, Mr Babatunde Fashola, who made the disclosure, said the training of co-operators by the state Cooperative College at Oko-Oba, Agege was to further promote cooperative values.

According to him, government all over the world can never underestimate the contributions of the cooperators to good governance nor ignore the need to involve them in efforts at national development.

He said: “In reciprocating this kind gesture, this administration has continued to provide the enabling environment for profitable investment of cooperative funds. The Cooperative Arbitration Panel and other advisory units of government have also been providing succour and financial security to the movement in this regard” He said further “As you are all aware, this administration places high premium on capacity building, and one of the major reasons why government established the state Cooperative College at OkoOba Agege is to encourage the act of cooperation and increase the knowledge and skills of co-operative toward reducing fraud and conflict within cooperative societies in the state”.

The Governor, who was represented by the Commissioner for Physical Planning and Urban Development, Toyin Ayinde, disclosed that government had created comprehensive and up-todate database with the newly installed capacity building software (COOPRATA) and assigned COOPRATA Statistics Manager in all the 20 Cooperative Area Offices to network with the Headquarters at Alausa.

He said the essence of this software was to enhance record keeping, standardizaCONTINUED ON PAGE 28

Dayo Ayeyemi

I

f you say the price is out of this world, you may not be far from the truth. But for the affluent who can afford a piece of such a super-exclusive neighbourhood, paying N250,000 per square metre is not too much for the comfort, luxury and

security of living on Banana Island.

A typical resident of this Island with need a minimum of N250 million for a plot of land measuring 1000 square metres, at the rate of N250,000 per square metre, to build their the architectural master-pieces which adorn this exclusive en-

clave on the Lagos waterfront in Ikoyi.

Even at that, price of land on this exclusive Island, which has only one road leading to it, has continued to rise.

Speaking with New Telegraph in his office, Lagos-based real estate practitioner, Chief Kola Akomolede, said two fac-

CHANGING LANDSCAPE OF LAGOS

tors were responsible for high land value in Banana Island: namely perceived tight security of the estate and the law of demand and supply.

According to him, more demand for limited land resource CONTINUED ON PAGE 27

Fashola, Ikuforiji lead as Lagos marks tree planting campaign today Muritala Ayinla Lagos State Government Titshewill mark the 7th year of Tree Planting Campaign

FACT FILE Building: Intercontinental Hotel Launched: September 29, 2013 Location: Kofo Abayomi Street,

Victoria Island Owners: Milan Group Rating: Five-Star Height: 23 - Storey Number of rooms: 358

today as part of its effort to mitigate the impact of climate change and encourage planting of trees in the state.

This year’s celebration, with theme “Life is better with trees”, is aimed at further emphasizing the importance of trees to the survival of human life and its benefit to the environment as it purifies the air we breathe, reduces the effect of noise and flooding, as well as enhances the value of property. Without trees, human life would be unsustainable.

The State Governor, Mr. Babatunde Raji Fashola is expected to lead the planting session at Cardinal Olubunmi Okogie Road, Sangotedo, Eti-Osa East Local Council Development Area where he would flag-off the tree planting campaign.

The campaign, which will hold simultaneously in six other ceremonial sites, will have the Speaker of Lagos State House of Assembly, Rt. Hon Adeyemi Ikuforiji will lead the tree planting exercise at CONTINUED ON PAGE 28

IN NUMBERS N29.624b amount spent on LASU and LASUTH between 2009 and 2014

Terrorists won’t succeed in our parks, says Lagos NURTW boss Muritala Ayinla

A

s the world continues to wage war against terrorism, the Chairman of the Lagos Chapter of National Union of Road Transport

Workers, NURTW, Alhaji Tajudeen Agbede has said that members of the drivers union and the Lagos State Government are doing everything possible to beef up security in motor parks across the state.

The June 25, 2014 twin explosions which rocked Apapa and killed five persons had generated fear in certain quarters. The state government through the CONTINUED ON PAGE 28

53,861

staff strength of Lagos State as at 2012

11

average number of callouts received

by Fire Service in Lagos daily

28 NEWS /MEGA CITY

Monday, July 14, 2014

Inside Banana Island, the neighbourhood of the super-rich in Lagos Oluwatosin Omoniyi

A

visit to Banana Island will leave no one in doubt that that this artificial island off the foreshore of Ikoyi, Lagos is probably the most expensive residential environment in Nigeria.

With a serene and unique environment that differentiate it from other private estates in Lagos, Banana Island got its name from its shape.

Connected to Ikoyi by a dedicated road linked to the existing road network near Parkview Estate, this exclusive neighbourhood of the super-rich is considered to be on par with the Seventh Arrondissement in Paris, La Jolla in San Diego, and Tokyo’s Shibuya and Roppongi neighbourhoods.

According to Bola Gidado, an estate surveyor, it occupies a sand-filled area of approximately 1,630,000 square metres and is divided into 536 plots (of between 1000 and 4000 square metres in size) mainly arranged along culde-sacs, so designed to enhance the historically residential nature of Ikoyi.

Residents are provided with world class facilities including underground electrical systems (as against the overhead cabling common throughout Lagos), an underground water supply network, a central sewage system

and treatment plant, street lighting and satellite telecommunications networks.

He said the Island is a planned development with dedicated areas for residential, commercial and recreational activities. The developer said there is plan to develop a piazza and club-house.

It will also have a primary and secondary school, a fire and police stations, and a medical clinic.

She told New Telegraph that a flat for Let, goes for as high as $100,000 per annum, while flat for sale goes for $1million. “These prices vary. It depends on the type of structure on ground,” she said.

According to a developer within the estate, rent for a small duplex in the estate goes for N13 million per annum, an average duplex, N25million and a big duplex with boys quarter, helipad and a hanging swimming pool goes for N45million.

The security on this Island is very tight. It could be due to the nature of residents, mostly billionaires! Before a visitor could gain entrance into the estate, there must be clarification as to the destination, and a tag would be issued. One would think that since the estate is very serene and nobody seems to pay attention to another person, as such, one is free to do as one likes.

Impossible, as there are patrol CONTINUED ON PAGE 29

Fashola, Ikuforiji lead as Lagos marks tree planting campaign today CO N TI N U ED F RO M PAGE 27

Photos: Suleiman Husaini

Why a plot of land costs over N250m in Banana Island CO NTINUED F RO M PAG E 27

on Banana Island means higher price as a few number of people have continued to jostle for land in the area.

Akomolede said that in terms of security, only one road leads to Banana Island. This, according to him, makes it exclusive from other adjoining communities with many entrance roads that put security of residents in doubt.

Currently, he stated that lagoon is being sand filled to create more land for more people to build their dream houses in the area.

He listed oil workers, managing directors of banks, telecoms executives and politicians as major residents of the estate.

Justifying the high land value in Banana Island, another real estate practitioner based in Ikoyi, Mr Mutiu Balogun, said the estate is has stateof-the-art infrastructure, including a good roads network, drainage system, electricity, planned layout, among others.

According to him, all electric and

telecoms cables in the estate are laid underground, saying there is no overhead electrical cable in the estate.

He pointed out that people are jostling to get land in Banana Island due to the lapses they discovered with Old Ikoyi area, adding that majority of residents of Banana Island relocated from Old Ikoyi, when there security could no longer be guaranteed due to influx of people.

According to him, most of the houses in Old Ikoyi have been converted to commercial, which has triggered more traffic congestion, noise pollution and degradation of the environment in the area, adding that people that could not cope have no option that to relocate to Banana Island.

He said: “The price of land in Banana Island goes up due to limited land available, while more people are still demanding to have their dream home there. Also the Old Ikoyi is too porous and unsecured as Banana Island. This estate has one entrance gate . There is serenity, it has the best infrastructure and it is well planned.”

Apple Junction, Amuwo Odofin LCDA and the Deputy Governor, Princess Adejoke Orelope-Adefulire at Gbadaga General Hospital, Kosofe Local Government Area.

The First Lady, Dame Emmanuella Abimbola Fashola will be at King’s College Annex Victoria Island, while the

Secretary to the State Government, Dr (Mrs) Oluranti Adebule will be at Beckley Road, Ojokoro. The Chief Judge of Lagos, Justice Ayotunde Phillips will hold forte at Ikeja High Court, Ikeja.

The tree planting exercise will also be holding in all 57 LGAs and LCDAs including military formations, institutions, industries, schools etc.

Lagos trains 2,935 co-operators in two years, revalidates 3,000 societies CO N TI N U ED F RO M PAGE 27

tion of posting of books and annual accounts of Societies while also ensuring effective monitoring and supervision of the Societies.

Urging other co-operators to patronize the college and make maximum use of its services, he said the participation of the society in the transportation programme especially the Bus Rapid Transit (BRT) Scheme is highly commendable.

Also speaking, the Commissioner for Agriculture and Cooperatives, Prince Gbolahan Lawal urged societies that are yet to be captured to register at Co-operative Area Offices nearest to them for the revalidation exercise.

He commended the Cooperative Arbitration Panel and other advisory units of government for providing succour and financial security as well as resolving disputes among cooperatives and co-operators in the State.

‘Terrorists won’t succeed in our parks’ CO N TI N U ED F RO M PAGE 27

state police command and Rapid Respond Squad had beefed up security in the city and around police formations.

But speaking in the same vein, the Chairman NURTW Lagos Chapter, Alhaji Tajudeen Agbede, said the drivers’ union would also beef us security in all Lagos motor parks to prevent terrorists and suicide bombers from penetrating the state.

He said the unions had earlier directed

all members and branch chairmen to beef up security in various parks.” In Apapa, Berger and other parks across the state, our people must remain security conscious and report any strange or suspicious development,” he added.

He said:”I also appeal to the commuters, passengers and others to co-operate with our drivers and security taskforce in the parks to search their luggages as part of the security measures.

NEWS / MEGA CITY 29

Monday, July 14, 2014

Muritala Ayinla

G

overnor Babatunde Fashola of Lagos State on Friday marked the 2,600 days in office with a call on residents to continue to cooperate with the state government to enable them enjoy the dividends of democracy.

Last Friday’s edition of the traditional 100 days account of his stewardship as the Governor of the state was the 26th in the series since inception of his administration. Fashola said he remained committed to the commemoration of 100 days in office because the forum had become a window through which feedback on the impact of government policies are collated for further processing in the quest to meet the demands of the people.

Addressing a big gathering of Lagos residents including former governors of the State, retired and serving public officials, party chieftains and traditional rulers as well as market traders and stakeholders in the transportation sector, at the LTV Blue Roof, Ikeja, Governor Fashola said he had been coming to report progress and not stagnation during the period.

Giving accounts of his administration’s achievement in the last 100 days in office in different sectors of the state’s economy, Fashola said no fewer than 1,400 people from seven local governments were engaged in Indoor Residual Spraying exercise in order to tackle malaria in the state.

He added that a total of 648,880 rooms were sprayed with insecticide during the 40-day exercise that took place in the seven Local Government and 14 LCDAs. Harping on his achievement in the housing sector, Governor Fashola said the his administration provided 1000 homes for new homeowners in the series of Lagos Home Ownership Scheme , saying many winners of the monthly draw are now enjoying the impact of the housing scheme initiatives, even as many Lagosians are directly or indirectly profitably engaged in the projects.

He added: “We have held the 2nd-5th LagosHOMS draws in which over 204 first homeowners emerged. It presented the scorecard for the 7th year anniversary of the BRF administration. We are providing 200 homes for our residents. A total of 2,481 artisans such as welders, plumbers, bricklayers, carpenters are working on the site where construction works are going on. 3527 labourers are working with the construction companies to deliver these projects.”

Fashola said his administration in the last 100 days also hosted the Lagos State Sports Festival “IBILE Games 2014,” in which a total of 2,053 medals was won, and the talents discovered CONTINUED FROM PAGE 28

vans roaming around the environment, speed boats patroling the ocean, while most of the houses (if not all), have Closed Circuit TV (CCTV) cameras.

New Telegraph observed that a large portion of the country is represented there. Nassarawa, Sokoto, Ondo, Ogun, Delta states all have streets named after them inside the estate.

For anyone to work on this Island, they must have a work permit renewable monthly with N500. The service charge cost residents N150,000 monthly, while a car sticker goes for N1000 per vehicle.

New Telegraph also

2,600 days in office: Fashola renders account of stewardship

~Fashola (middle), Senator Olorunnimbe Mamora (2nd right), Chief Kessington Adebutu (3rd right), wife of the first civilian Governor of Lagos State, Alhaja Abimbola Jakande (4th right), Senator representing Lagos Central Senatorial District, Senator Oluremi Tinubu (4th left), Chairman, All Progressives Congress (APC) Lagos State, Chief Oladele Ajomale (3rd left), Senator representing Lagos West Senatorial District, Senator Ganiyu Solomon (2nd left), first Military Governor of Lagos State, Rtd BrigadierGeneral Mobolaji Johnson (left) and former Commissioner for Health, Dr Leke Pitan (right) during the event.

went on to represent Lagos State at the maiden edition of the Development Agenda for Western Nigeria [DAWN] Games.

“We hosted the maiden edition of the South West Secondary Schools Games tagged the “DAWN Games 2014.” This was purely a competition among secondary school students representing Lagos, Ogun, Oyo, Osun, Ondo and Ekiti States.

We have also organized and hosted the Lagos Badminton Classics which took place between 4th and 7th June 2014 at the Mobolaji Johnson Sports Centre, Rowe Park, Yaba”.

On urban and physical development, Governor Fashola said his administration had also embarked on relocation of Oko Baba Sawmill to Agbowa during the period under review , saying the new timber village project had progressed with the casting of 200 and 450 sheet piles for shoreline protection at both the western and central zones respectively.

He added: “Also on-going is the construction of 100 units of Saw millers’ sales office with 50 units at roof level and 50 units already roofed. Construc-

observed that most of the houses are not only tastefully built, they are tagged “To let.” They are also built, either on the lagoon or just by its edge.

A worker with a construction company inside the estate said, “Banana Island is a place that you come to relax and enjoy the fruit of your sweat after you have made the money. It is not place for the poor,” he said.

New Telegraph saw some fine structures like Ocean Parade Towers, a sequence of 14 luxury tower blocks overlooking the lagoon, strategically situated at an end close to the main entrance of the island and is adjacent to Etisalat, the headquarter

Cross section of invited guests, artisans, market men and women, captains of industry, traditional rulers, dignitaries and other stakeholders during the event.

tion of additional 20 units of Band saw sheds [two clusters] at the roof carcass is also in progress.

“We have also embarked on redevelopment of Adeniji Adele Estate Phase One Extension. The Adeniji Adele, Lagos Island was fast tracked with the signing of an agreement with the affected 30 flat owners, resettlement/relocation allowances paid, and keys to LASURA’s Transit accommodations at Amuwo and Iba were handed over to them. Demolition of the five blocks has been completed, while sub-soil test is in progress.”

In the area of infrastructure development, the Governor said in the last 100 days, the state has also witnessed an increased demonstration of a commitment to ensure the completion of most on-going projects in the road and public building sectors. This, according to him, has manifested in the completion and handing over of roads and the award of

Inside Banana Island of a telecommunication office.

This is typical of many of the developments on the island. It also possesses facilities like private health club with tennis courts, squash courts and a swimming pool surrounded by extensive gardens.

Notable residents of Banana Island include Dr. Mike Adenuga, billionaire owner of Globacom and Conoil; Iyabo Obasanjo, daughter of former President Olusegun Obasanjo; Saayu Dantata, oil magnate; Pastor Enoch Adejare Adeboye, General Over-

seer of the Redeemed Christian Church of God; and Mr. Kola Abiola, son of late billionaire businessman, publisher and politician, Chief M.K.O Abiola. Some leading Nigerian companies, including Etisalat Nigeria, Airtel Nigeria and Ford Foundation Nigeria, have their corporate headquarters on the Island.

Banana Island, according to a source in the Ministry of Environment, Alausa, Ikeja, is a man-made island in Lagos State, Nigeria that is slightly curved in shape like a banana. She

the next phases of some roads such that when completed will be of great comfort for road users and the public at large.

“The following roads have been completed within this period: Oba Animasahun Road, Epe; Yaya Abatan Road, Ogba; Ogundele Avenue, Oke Ira; Ashafa, Alh. Idowu Gbidinuola; Dele Onabule and Ramat Longe Streets [Kosofe]; Unilag Estate Road; Brickfield Street; Ademuyiwa Street [Part]; Abule Nla Street [Part]; Olokodana Street; Aloba Street, and Surulere Industrial Road, Ikeja.

“Out of the projects awarded in Y2013, over 70% or 16 have attained over 65% progress stage, while we have also successfully concluded the award of contracts for some other roads which are: Meiran Road Phase II, Idimu- Egbe Phase II, Isiba Oluwo Phase II; Awolowo Road Phase III; Maidan Agiliti Road Phase II B, and Ago Palace Road phase IV,” Governor Fashola added.

said that the island was constructed by the Lebanese-Nigerian outfit, the Chagoury Group, in partnership with the Federal Ministry of Works and Housing.

The source narrated a story that the original Banana Island construction project, entitled Lagoon City, was the brainchild of a Late Chief Adebayo Adeleke, a University of London-trained Civil Engineer (MICE), and CEO of City Property Development Ltd. She said Chief Adeleke wanted to create a development that would “Make Nigeria Proud”, and engaged Minoru Yamasaki, the architect of Manhattan’s Twin Towers, to design

replica twin towers as the flagship iconic buildings on the main island.

Unfortunately for the Chief, as soon as he had reclaimed the land and the essence of the idea was unveiled, he was allegedly cheated. She said the project was ‘acquired’ again with no consideration being paid to him or his company.

“From what my dad told me, the ‘acquisition’ is currently being challenged in various courts, and there are Caveat Emptor warnings in place to warn prospective buyers that their investment could be at risk in future. There is also litigation pending in the UK and European courts,” she said.

30 THE MEGACITY

Monday, July 14, 2014

UPCOMING EVENTS

Social Media Training (Advanced) July 19, 2014

Organiser: Springtech Company

Aitec Banking and Mobile Money West Africa, Lagos 2014

Meadow Hall Summer School 2014- Multiple Intelligences

Organiser: AITEC Africa Venue: Eko Hotel, Victoria Island, Lagos

Organiser: Meadow Hall Venue: Meadow Hall, Meadow Hall Way, Alma Beach Estate, Lagos

Venue:

LCCI Conference and Exhibition Center, 10 Bola Ahmed Tinubu Way (Behind MKO Abiola Gardens), Ikeja.

July 15 - July 16, 2014

YOUTH CULTURE,

July 14, 2014 - July 31, 2014

GEMSTONE Speakers Corner Reloaded July 19, 2014 Organiser: GEMSTONE Nation Builders Foundation Venue: The Civic Center, Ozumba Mbadiwe Ave, Lagos

My City, My World

Lagos is where the dullest people are quickly transformed - Okei-Odumakin

photos as posted on Instagram (#Ikoyi/Lekki)

Joe Odumakin

Mojeed Alabi ince around 1992 when I moved to Lagos, I have Swonderful never for one day dreamt of living outside this city, not even when it was not as orderly raniola by @paris5thave

Cycology57 by @mister_teejay

MBGN photo by @penrie

DORODIVA by @hrh_nelliediva

TBT 2013 by @just4tamara

Throwbackselfie by @sandiallo

as this.

This is a city where the dullest of human beings are quickly transformed. If you can survive in Lagos, there is nowhere in the world you cannot live again.

I think with my little experience and having travelled to different countries of the world, there are certain features of Lagos that get you glued to the city. Do we talk about the hustling and bustling, the night life, the people’s quest for freedom and the possibility of being swindled at every corner if you are not sharp?

I think personally I commend the present administration in the state for reclaiming the city’s lost glories. Today, order is being restored as we see Lagosians queuing up at bus stops without being instructed, the traffic situation has also improved a bit and the introduction of the Traffic Radio is an initiative that is commendable and must be sustained.

All these are only available in Lagos. But that does not mean that we do not have more work to do. In fact, it is the beginning of the transformation works because our people living in slums must be protected and given good life like their counterparts on the Island. Lagos in deed is a city I have come to love and living outside the city may be unthinkable to me.

Lagos is a city that teaches wisdom – Chief Adaranijo SMOKE WAVES by @jaye_peruzzi

FLASHBACK,

Broad Street, undated

UNTITLED by @toni_iyk the city as it was

ekuedewor by @tolusweetheart

Oluwatosin Omoniyi hafar Adisa Adaranijo, a political party leader and property owner, was born at Orile-Agege in Lagos. Chief Adaranijo, as he is fondly called, cannot imagine living outside Lagos. “My dear, I did not buy land here. I chose this Adaranijo vast land that I built my estate on. Lagos is my home, land of my ancestors,” he said.

Born over 60 years ago, Chief Adaranijo owns landed properties from Agege through Abule-Egba to Barracks. “You can see that I am a proper Lagosian.”

He described Lagos as a city filled with wisdom and experience, using a Yoruba saying “Eko akomo logbon,” (meaning, “Lagos, a place that teaches wisdom”) to drive home the point.

Travelling outside of Lagos is not an activity Chief Adaranijo enjoys, as he loves to see people around him, and loves the bubble, noise and life style that characterise Agege and Lagos State as a whole.

To get more of this life style and bubble, Chief Adaranijo frequents Isale Eko area of Lagos Island, where he goes to eat fresh fish, prawn and crab.

The uniqueness of Lagos, for him, centres on the lifestyle which he described as abundance, craze and weird. He said it is certain that whether one works or not, one will surely find a way to feed, clothe and shelter, even have pocket money.

According to him, part of the attraction for IsaleEko , the heartland of Lagos, is the special delicacy (crab watery stew taken with Eba) and partying. There also, it is not uncommon to come across houses that are covered with planks where gutter flows through and life goes on. “In fact, they are happier,” he said. He further said that an individual living in such environment could be owner of three cars and careless, might even find it difficult to live out of that environment.

That is part of what makes Lagos thick, he said.

S

BUSINESS | NEWS

Sanctity of Truth

Monday, July 14, 2014

31

Nigerians, Chinese displace Russians in London’s most expensive nightclub SPENDTHRIFT Extravagant lifestyle remains the lot of most Nigerian rich as they move around the world in search of expensive arenas Sunday Ojeme with Agency reports

W

andering Nigerian moneybags and their Chinese counterparts are up in hand to supplant Russian oligarchs’ dominance of London’s most expensive nightclub, Mahiki. This is coming just as the owners of the highbrow rendezvous are planning to open a place in Lagos, Nigeria.

Mahiki, a Polynesian-themed nightclub in upmarket Mayfair where a bottle of Cristal Champagne goes for $719 (N112,164) is now seeing less of Russian cus-

Discotheque to open in Lagos Bottle of champagne costs N112, 164

tomers who are being supplanted by revellers from countries including China and Nigeria.

“We’re seeing a lot less Russian surnames on the booking sheet,” said Michael Evans, the creative director of the club, where the likes of Rihanna and Prince Harry have been spotted after dark. “It’s very easy to see what’s going on in the world from the markets we attract.”

Reflecting on the huge financial resources in African most populous country, the report pointed out that April saw the London initial public offering of Nigerian oil producer, Seplat Petroleum Development Co. (SEPL), making it the country’s first company to be listed in both Britain and at home. Another business from the region, the African unit of Portuguese

construction group, Mota-Engil SGPS SA, is planning an eventual London IPO. And society Bible Tatler magazine, late last year, ran a 4,000-word feature on Nigerians’ adventures with Bentleys and Mayfair real estate. Mahiki, for its part, is planning a club in Lagos.

Mahiki is located at the corner of Dover Street and Piccadilly in the Mayfair area of London. The interior, designed and fitted by CheekyTiki Ltd, has a Polynesian-inspired theme. Its decor is intended to look like a tropical island paradise, where you get your drinks served in bespoke Tiki mugs. The club typically plays older music and has a retro feel.

With violence continuing in Ukraine and President Vladimir Putin pushing to reduce

L-R: Head, Relationship Management, Stanbic IBTC Pension Managers Limited, Mrs Anita Dele-Dickson; Principal Partner, StarBright Consulting Limited, Mr Emmanuel Olu-Ayeni; Medical Director, Tabita Medical Centre, Abuja, Dr Chito Nwana and Chief Executive Officer, Stanbic IBTC Pension Managers Limited, Dr. Demola Sogunle, at a pre-retirement seminar organised by Stanbic IBTC Pension Managers Limited in Port Harcourt.

Why CBN hasn't released capitalised PMBs’ list RESPITE CBN may release list of banks licensed for mortgage finance in two weeks Dayo Ayeyemi

R

easons why the Central Bank of Nigeria (CBN) is holding on to names of recapitalised Primary Mortgage Banks have been revealed.

President of Mortgage Banks Association of Nigeria (MBAN), Mr Femi Johnson, said that the delay was because of four banks that seemed to "be on the fence."

According to him, these banks

have the wherewithal to meet the N5 billion capitalisation requirement, but were having so much property in their books. In order to concentrate on the business of mortgage finance, Johnson explained that CBN asked the banks to leave the business of property construction and focus on mortgage finance.

Johnson told New Telegraph that the CBN has given mortgage banks end of June deadline to offload these properties.

He said: “There are four mortgage banks that are on the fence. Central Bank, in its wisdom, said they qualified but are having a lot of properties in their books. CBN asked them to leave construction/property and focus on mortgage creation.

“And because of the significance of properties these banks

have in their books, they are being waited for to offload these properties by giving them up till July. By the end of June, the CBN would have drawn the list of members that qualify. A lot of them I know, but we will wait for CBN official release of the names.”

Johnson, however, disclosed that CBN said that 36 mortgage banks qualified and that the list would be ready in the next two weeks.

“CBN will publish the list.

Every mortgage bank that crossed the hurdle are aware and those that did not crossed the hurdle is aware also. Nigerian Mortgage Refinancing Company (NMRC) is also aware. Each bank has a letter from CBN showing its level,” he said.

reliance on the West, wealthy Russians are buying fewer highend goods from furs to Ferraris, and doing less business with the city’s law firms and investment banks. That leaves London, uniquely connected to faraway, fast-growing economies, looking for new patrons, with China and sub-Saharan African countries pitched as possible successors.

Takeovers involving Russian companies, often handled by the London offices of global banks, tumbled 39 per cent in the first half of 2014 to $16.6 billion, Bloomberg data show. Russian firms are having tougher time raising money too. HSBC Holdings Plc (HSBA) and Lloyds Banking Group Plc (LLOY) last month pulled out of a loan to back a $1.5 billion oil-supply deal for state energy group OAO Rosneft due to concerns about Ukraine, according to a person with knowledge of the matter.

How to increase Nigeria’s non-oil exports, by expert

Siaka Momoh

N

igeria’s non-oil exports will be boosted if the Federal Government reverses the suspension placed on the Export Expansion Grant (EEG), chairman, Manufacturers Association of Nigeria Export Group (MANEG), Tunde Oyelola, has said.

EEG is the instrument established by the Federal Government to assist non-oil exporters to be competitive in the export market.

Oyelola spoke on the backdrop of data from the Nigerian Export Promotion Council (NEPC), which showed that the country’s non-oil exports are on the rise as official commodities exported by end of 2013 rose to 117, from 106 reported by yearend 2012. Since 2005, the EEG scheme has been suspended eight times.

The situation, according to Oyelola, has created uncertainty among non-oil exporters. He said that non-acceptance of Negotiable Deposit Credit Certificates (NDCCs), an instrument used in the EEG scheme, prompts exporters to incur cost for duties

which NDCC is meant to cover.

It was learnt that the Federal Government plans to scrap the EEG. Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi OkonjoIweala, announced the possibility of resting the incentive.

The minister alleged severe inefficiency in the management of EEG in the on-going review of the scheme and said unless government “is able to device methods that will enable the grant return economic value commensurate to the huge amounts being injected into the scheme, it may likely be scrapped.”

She said that while over N200 billion worth of NDCC had been honoured by the Federal Government in the past, it still had about N82 billion as outstanding.

But the Cocoa Processors Association of Nigeria has been in the fore-front of attack on government over alleged nontransparency in the execution of EEG, arguing that its scrapping would kill the cocoa processing industry in the country.

Airtel unveils affordable roaming

A

irtel Nigeria has introduced a unique roaming package that will empower telecoms consumers to connect with business associates, friends and family members at discounted rates.

Dubbed Airtel Roam and Home, the specialised bundle plan, according to a statement from Airtel, is designed to provide easy, convenient and affordable services to travellers who roam, offering free incoming calls and discounted roaming tariff by up to 90 per cent.

Airtel said : “The new package is consistent with its vision to be the most loved brand in the daily lives of Nigerians, empowering telecoms consumers to roam at a discounted rate on 28 selected networks in 26 countries.”

To enjoy the service, customers, according to the statement, are expected to dial *789#. The bundle is a renewable monthly plan and available in 26 countries including top international desti-

nations such as UK, US, Canada, India, China, Dubai, South Africa and Israel, among many others.

Speaking on the product, chief commercial officer, Airtel Nigeria, Mr. Maurice Newa, stated that through the package, Airtel Nigeria was poised to create unique and exciting experience for its customers who travel for business, trade, holiday, leisure, pilgrimage, festivities or other important activities.

He noted that roaming services are often very expensive and complex to activate hence the importance of providing convenience and ease to our esteemed customers.

“The bundled plan simplifies the roaming process and addresses high rates with reductions of up to 90 per cent in 26 countries. As a bundle for both pre and postpaid customers, there is no need for activation – customers can simply subscribe by dialling *789#,” the statement explained.

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BUSINESS | NEWS

THE UNLETTERED Africa is a leading market for mobile money and millions of people are without access to banking services

Jonah Iboma

L

eading telecommunication firms, Ericsson, has estimated that the value of mobile commerce could reach $800billion within the next two years.

According to details released by the firm, following the completion of a mobile money conference held in Johannesburg, South Africa, it noted that there is room growth in mobile commerce in Africa, if regulators introduce some innovations.

Rajiv Bhatia, Ericsson head of mobile commerce sales in Europe Middle East and Africa, stated that airtime could be used as an incentive to drive the uptake and usage of mobile money services in countries where its growth has been sluggish.

He further explained that operators and financial institutions could replicate the loyalty programme of credit card providers, through the use of airtime to encourage consumers to use mobile money.

According to the World Bank, almost half the world’s adult population – some 2.5 billion people – are unbanked, the majority in emerging markets.

Ericsson said that for countries where financial inclusion

M-commerce market to hit $800bn by 2016 –Ericsson is low, mobile money solutions such as e-money accounts and e-mobile wallets offer a fast way to improve financial inclusion and close the gap.

“We estimate that by 2016, the m-commerce market is expected to reach $800bn worldwide. Countries such as Kenya, Uganda and Tanzania are already feeling the impact of greater financial inclusion.

Today, around nine million Ugandans use mobile banking to exchange, save and spend money, instead of handling cash, reducing both the risk of theft and the need to travel,” Bhatia added.

Ericsson believes that an enabling environment needs to be put in place for m-commerce to thrive. This includes implementing a requisite regulatory framework, driving consumer education and augmenting the local ecosystem capacity.

“There is an untapped opportunity to drive activity and loyalty in mobile money using mobile prepaid airtime. Airtime can be used to incentivize usage in several ways such as encouraging people to have a minimum amount of money in their wallets and rewarding them with better data and airtime bundles for usage of their mobile money wallets,” said Bhatia.

50% Nigerians have no access to potable water –Report Siaka Momoh

A

bout 50 per cent of Nigeria’s population are at risk of water-related diseases.

A recent Euromonitor International report estimated that this per cent of the population buy water daily.

Given the low access to safe drinking water and the hot weather in Nigeria, sales of bottled water remained strong in the country. According to the report, the percentage of households with water supply rose significantly to 30 per cent in 2013, from 19.7 per cent in 2008.

“The problem is exacerbated by the pace of growth of urban areas; Lagos, for example, has grown from 8.55 million people in 2008 to 9.92 million in 2013.

Local authorities struggle to provide services to households, with even the basic services being considered in need of repair.

This means that in many households where there is water supply, consumers believe that the quality of the tap water is not good enough for consumption.

“On the other hand, in places where there is a functioning public water system, the distribution channels tend not to be trusted to deliver safe drinking water and, in the case of privately-owned boreholes, the purification systems can often be ineffective. Furthermore, the hot weather and limited electricity supply has contributed

Sanctity of Truth

Monday, July 14, 2014

to the growth of bottled water, as many consumers buy chilled water from both off-trade and ontrade outlets. Nevertheless, given the limited incomes of the majority of consumers, the bottled water category is largely populated by small manufacturers who produce pouches of water, popularly called sachet water or pure water.”

The report explained that the bottled water category in Nigeria is extremely fragmented, due to the numerous brands of pouch/ sachet water and low-cost PET bottles. “The leading branded operator in 2013 was Coca-Cola Nigeria Ltd, with a share of just 1 per cent in off-trade volume terms (2 per cent in off-trade value). Excluding pouch/sachet water, the company would have an off-trade volume share of at least 15 per cent,” the report added.

The study said that it is expected that total volume sales of bottled water will rise at a CAGR of 12 per cent over the forecast period. This, according to the report, will be slightly slower than the 13 per cent total volume CAGR of the review period, as bottled water has reached a degree of saturation and, despite a growing population, it is anticipated that the Nigerian government will, at least, partially improve the provision of safe drinking water in some areas of the country, as well as improve the provision of electricity.

He stated that Africa is a leading market for mobile money and that millions of people without access to banking services were signing up to use mobile money services.

Operators and financial institutions are battling to trigger activity in dormant wallets. In this context, Bhatia explained that the slow growth of mobile money in

South Africa was a result of the expansive Automated Teller Machine (ATM) and bank infrastructure available, and how this network had done much to address the needs of the population to access and remit cash.

“Yet there are millions more, who are still unbanked.

There are fantastic opportunities to grow this business

especially among the migrant population, which still uses informal means to remit cash.

Banks should forge closer ties with operators, who have an expansive distribution network to encourage adoption and drive usage,” said Bhatia.

He emphasised that transparency, education and trust were key to growing the mobile money ecosystem in Africa.

Managing Director/Chief Executive Officer, Enterprise Bank Limited, Mallam Ahmed Kuru (right); President, BBA Market Traders Association, Trade Fair Complex, Mr. Leonard Ogbonnia; the bank’s Executive Director, Mrs. Nneka Onyeali-Ikpe and the Regional Head, Apapa, Mr. Emeka Anagor, when the 2-day “Enterprise Consumer Fair” kicked off at the Trade Fair Complex in Lagos…weekend

Branson lauds young Nigerians' entrepreneurial zeal Sunday Ojeme

F

ounder and Chairman, Virgin Group, Sir Richard Branson, has thrown his weight behind the zeal of young Nigerians to embrace entreneurship.

The Virgin boss made this known during the Enterprise Challenge programme, said innovation had been an important part of Virgin's heritage.

The Enterprise Challenge programme, according to a statement made available to New Telegrapgh, is an event dedicated to supporting young Nigerian entrepreneurs and fostering new ideas.

Two of Nigeria’s brightest young entrepreneurs, Eseoghene Ise Odiete and Nasir Abdulqadir Yammama, have had a business master class from Branson after winning a competition by British Council and Virgin Atlantic in partnership with Zenith Bank.

They won the Enterprise Challenge – an online competition for Nigerians entrepreneurs aged 18-35 either living in Nigeria or studying in the United Kingdom.

The statement said the apprentice-style competition

took place over three rounds, during which candidates wrote an essay on their entrepreneurial journeys, created a video pitch for their businesses or business plans, and had their ideas scrutinised by a panel of experts in Nigeria and the UK. Branson said, "I was pleased to see so many young Nigerians keen to embrace new ideas through the competition. Many congratulations to Ese and Nasir who had fantastic business plans and I am sure will have very bright futures."

The mentoring session between the two winners of the enterprise challenge competition and Branson took place on July 1, 2014 in London.

The session was designed so that the winners could ask about and learn from the magnate’s life and business experiences. At the end of the meeting, it turned out to be more than a mentoring session; it was a master class, which everyone benefitted from.

Odiete runs Hesey Designs – an online store selling African-inspired accessories, which also helps to empower

and mentor other young African women.

She said, “It was an awesome experience meeting and learning from Richard Branson; one that will change my life and business and take it to a whole new level. I am grateful for the opportunity.”

Yammama, a Postgraduate student at Middlesex University in London, won with a business plan for a mobile phone app called Verdant to help crop farmers.

Over 1000 young Nigerian entrepreneurs entered the competition – which was organised by British Council in partnership with Virgin Atlantic and with financial support from Zenith Bank in order to help talented young Nigerians develop their entrepreneurial skills.

In addition to their meeting with Richard Branson, the winners each received a £5000 grant, courtesy Zenith Bank to help them develop their businesses, a fully-funded scholarship to attend a 5-day entrepreneurship foundation course at the Branson Centre for Entrepreneurship in South Africa, and two return tickets to the UK.

BUSINESS | FINANCE 33

Sanctity of Truth

Monday, July 14, 2014

2014 Half Year Review

Banking remains upbeat

CBN Governor, Emefiele

Godson Ikoro

T

he Nigerian banking sector remained upbeat in the second quarter. Since President Goodluck Jonathan assented to the budget, things have gathered steam. Big-ticket transactions, which were hanging in the first quarter, were rolled out even as some have started delivering expected results.

Loan growth Although a clearer picture of banks’ performance will emerge during the third week of the third quarter, financial analysts have predicted that loan growth will range between 15 and 20 per cent for most banks during the period.

Despite concerns for a slowdown in the half-year loan growth, analysts believe that lending opportunities are generally greater than they have been in the past such that banks will be able to meet their guidance.

According to FBN Capital research findings, quarter 1, 2014 results of banks, showed average return on average earnings (ROAE) of 17.7 per cent compared with full year of 2013 ROAE of 18.5 per cent.

Despite the record of slight improvements over quarter one, market reactions remained slightly positive, given that expectation of full year ROAE is flattish year on year.

New CBN governor The Central Bank of Nigeria’s (CBN’s) role became more effective with the assumption of office of the CBN Governor, Mr. Godwin Emefiele, and decisions which had vacillated before his arrival, have been taken and gradually being implemented. Prior to his arrival, the former Acting Governor, Mrs. Sarah Alade held the forte very well and resisted all the plodding of stakeholders to devalue the currency. She was lauded for performing creditably well by weathering the financial storm and turbulence of the second quarter.

Naira loses value During this period, the naira lost 0.35 per cent at the parallel market, but gained 0.01 per cent and 0.89 per cent at the official and interbank markets respectively as the external reserves hemorrhage slowed considerably.

However, Emefiele has come with a winnowing fork to gather all the rut in

GMD, First Bank, Bisi Onasanya

the system. He faced the Deposit money Banks and forced them to cough out all the excess charges of they willfully charged the customers, in defiance of the agreement of Bankers’ Committee, to charge N2 per mille.

Hammer on BDCs He turned his attention to the flagrant disobedience of the Bureau de change Operators (BDCs) to the guidelines of the Bureau de Change Act. The Governor also kept fate with his roll out of cashless policy nationwide. Although it was the first day of the third quarter, the plans to roll out and preparations were planned in the second quarter.

Predator borrowers Within the brief period, Emefiele has told the deposit money banks, to desist from giving loans to the chronic debtors who move from bank to bank to borrow without the intention of paying back. He said that any debtor, who owes in excess of N500million, should be disqualified from any request for credit.

At the external sector, CBN reduced its intervention at both Retail Dutch Auction System (RDAS) and special intervention. The total forex sold has been declining from April to the end of second quarter. For instance, forex sold in May was $2.35 billion, 10.31 per cent lower than US$2.62 sold in April. The increased exchange rate volatility was witnessed, as the naira was flat at the official and parallel markets in May, leading to 1.33 per cent depreciation at the interbank market.

Money supply increased to N15.97 trillion, (1.72 per cent) higher than March figure. Nigeria's foreign exchange reserves rose marginally to $37.26 billion on June 26, up 0.18 per cent month-onmonth, from $37.19 billion in May, Central Bank data showed.

Declining reserves But the reserves were down 22.74 per cent year-on-year, the data showed. Foreign reserves stood at $38.13 billion on July 10, 2013.

According to FDC monthly report, the currency pressure was expected to resurface in the forex markets due to declining external reserve in 2014.

The MPC, and monetary stance remained the same, whiel the liquidity management was tamed with the increment of cash reserve ratio and the like

MD/CEO Sterling Bank, Yemi Adeola

of public sector.

Analyst had sequentially expected some banks to show significant quota on quota growth in earnings, particularly Skye bank and Fidelity Bank.

However, these growth rates are flattered by weak first quarter results. For the rest, analyst forecast flattish to single digit growth.

Aside revenue growth, they believe that the easing of OPEX in Q2 for certain banks (e.g. United Bank for Africa) will also help Q2 earnings growth.

Quarter one operating expenses (OPEX ) was unusually high as we saw this year end of 2013 (over and above year-end effects ) such as the Asset Management Corporation of Nigeria (AMCON) Levy, Nigeria Deposit Insurance Corporation (NDIC) Premium because of the over accruing loan growth, is likely to be in the range of 15.30 per cent for most banks.

Despite the concerns of slow down in the half year for loan growth, analysts say, lending opportunities are generally greater than they have been in the past, such that banks will be able to meet their quarter four 2013 forecasts. The loan growth during the period was in the range of 15 – 20 per cent for most of the banks.

Despite concerns of a slowdown in second half, lending opportunities are generally greater than they would have been in the past such that banks will be able to meet their guidance.

The recent change of guard at the Central Bank is unlikely to lead to worsening regulatory environment, especial-

Banks are still feeling charges put into motion by the previous governor.

As such, offsetting this positive outlook for risk assets growth is continuing to impact on these regulation, which will most likely be visible till at least 2016

ly given the tamed and mature style of CBN Governor Emefiele.

However, the banks are still feeling charges put into motion by the previous governor. As such, offsetting this positive outlook for risk assets growth is continuing to impact on these regulations, which will most likely be visible till at least 2016.

“Our preference going into the Q2 reporting season are those banks which have visible earnings momentum such as Access (outperform rated) and Stanbic (neutral rated), and UBA, (outperform rated) on valuation grounds and the potential for putting its excess liquidity to work” said FBN Capital.

Banks like Diamond (rated outperform), expect its Q2 results to be healthy.

FBN Capital advised investors to wait until rights issue is concluded towards the end of quarter third quarter and fourth quarter before investing. “In the second quarter reporting season, the earnings growth of most of these banks showed some recovery. We expect the relatively high expenses incurred everrecent quarters to begin to reflect on sales,” FBN Capital said.

However, inflationary cost increases (raw material and OPEX and the 1.4 per cent depreciation of the naira year to date likely to prove a drag, the experts said.

Short-term fears of a potential naira weakness have been eased by reassurance of the new Central Bank Governor.

DMO The Debt Management Office (DMO) also remained upbeat. Going by its provisional issuance calendar for quarter four 2014, and poised to raise between N255billion (US$1.57billion) and N315billion (US$1.94billion) from the sale of FGN bonds over the three monthly auctions.

It stressed the provisional nature of its calendars: that for quarter two originally proposed the issuance of a new 20-year instrument, subsequently withdrawn.

The target for the third quarter is seasonally high, which can be explained in terms of the revisions to Q2’s calendar and of caution ahead of the elections due in February 2015.

In quarter one, it raised N265billion and in quarter two N200bilion, while total monthly bid averaged N195billion in first half of 2014.

34

business | STOCK WATCH

OUTLOOK Geographical expansion strategies spur market sentiments Chris Ugwu

B

enefits of insurance to the growth and development of any country cannot be overemphasised as this subsector of the financial services sector has remained the bedrock of economies across the globe and Nigeria is no exception. Today, there are even more compelling reasons why the nation’s citizenry and governments should take insurance more seriously.

The truth is that citizens of this country are under daily threat from not only risks emanating from natural disasters such as floods and rainstorms, but also that of man-made security risks such as current threat of Boko Haram, kidnapping and other heinous crimes, which are taking their toll on the innocent citizens almost on daily bases.

However, despite significant contributions of the sector to the nation’s economy, shares of insurance companies admitted on the official list of the Nigeria Stock Exchange (NSE), unlike other sub-sectors of the economy, rather than appreciating in value, have remained relatively stagnant even as a larger percentage of the companies have remained at the nominal prices of 50 kobo at which they were quoted on the market.

Since the near collapse of the financial market in 2008, owing to a global meltdown, a series of strategies including tighter regulatory frameworks and reforms in diverse sectors have heralded a period of unprecedented growth and stability in the country’s equity markets.

Negative perception Hence, negative perception has trailed the sub-sector, which was compounded by inability of about 85 per cent of the companies in the industry to pay dividend to shareholders for many years.

Consequently, the National Insurance Commission (NAICOM) has criticised shareholders of insurance companies in the country, saying most of them have failed to effectively oversee the activities of the board and management of the respective companies.

The regulator said the abdication of this responsibility by shareholders to a great extent, created rooms for board and management excesses, while their companies continued to post-minimal profits or losses as well as erosion of investment and shareholders’ value.

However, one of the insurance companies that have weathered the storm and remained the toast of investors as regards return on investment is Continental Reinsurance Plc. Market sentiments for the shares of company have gained both the investors and shareholders loyalty as technical indicators have continued to reveal strong bargain tendency towards the stock.

Sanctity of Truth

Monday, July 14, 2014

Continental Re: Investors bank on good fundamentals Share price movement of Continental Reinsurance 2013 Aug 31

N1.22

Sept 30

N1.20

Oct 31

N1.06

Nov 30

N1.15

Dec 31

N1.23 2014

Oyetunji

The company has maintained stability as bargain hunters jostle to take positions and bet on the back of impressive results.

Stockbrokers attributed investors’ sustained confidence in the stock in spite of recent lull in the insurance sub-sector market due to negative perception that has overshadowed the industry.

The company, which has consistently delivered impressive results, proposed 11 kobo final dividend for the 2013 financial year-end.

The share price, which closed at N1.22 per share in August 31, 2013, has maintained number two in the sub-sector.

When the closing bell rang last Friday, the company’s share price stood at N1.14, a decline of 8 kobo or 7 per cent year to date.

Profile Continental Reinsurance Plc was incorporated in 1985 starting business as a private reinsurance company in Nigeria. From January 1987, it began operating as a general reinsurer and then became a composite reinsurer in January 1990, offering both treaty and facultative Life and NonLife reinsurance, with a welldiversified business mix and customer base.

As part of the overall company goal to become a recognised leading reinsurance company in Africa, the company converted to a public limited liability company in 2000.

It recapitalised to N10 billion in 2007, with widespread ownership including international investors, and on May 30, 2007, Continental Reinsurance was

listed on the Nigerian Stock Exchange (NSE).

The company operates in more than 46 African countries and has expanded its regional footprint with offices in Cameroun, Kenya, Cote d’Ivoire and Tunisia.

Financials Continental Reinsurance Plc has reported an increase of 28 per cent in Gross Premium Income to N15.86 billion in 2013, compared with N12.40 billion recorded in 2012.

The non-Life and Life businesses grew by 32 per cent and 11 per cent respectively. Total comprehensive income grew by 19 per cent from N1.75 billion in 2012 to N2.09 billion in 2013.

Profit before tax stood at N2.23 billion higher than previous year’s N2.13 billion by 5 per cent.

The company posted profit after tax of N1.75 billion during year under review, which is marginally higher than the previous year’s N1.73 billion by 1 per cent.

Total comprehensive income grew by 19 per cent from N 1.75 billion to N2.09 billion.

Total assets increased by 9 per cent from N24.05 billion to N26.13 billion, while shareholders’ funds increased by 8

In the last quarter of 2013, the company got regulatory approval for the Tunis office to cover North Africa

per cent from N13.24 billion in 2012 to N14.29 billion in 2013.

Return on Equity at 13 per cent was marginally lower than the 14 per cent in 2012.

Profit drivers Commenting on the company’s financial year-end results, Dr Femi Oyetunji, Managing Director of Continental Re Plc, said: “It is to the great credit of our management team and to the entirety of our staff that the company continues to grow its market share in key markets while adhering to prudent underwriting practices. The substantial growth in our nonLife and Life business is also a result of the company’s five-year growth strategy assisted by the economic growth in many African countries.”

Oyetunji noted that the company’s success continued to deliver for its shareholders, adding that the company has recommended a cash dividend of 11 kobo per share for the 2013 financial year, a 10 per cent increase from the previous financial year.

“In addition to the two regional offices in Lagos, Nigeria and Douala, Cameroun and the Nairobi, Kenya subsidiary, Continental Re also operated from the Abidjan, Côte d’Ivoire office in 2013 to cover Francophone West Africa (previously covered by the Douala office).

In the last quarter of 2013, the company got regulatory approval for the Tunis office to cover North Africa. The office, which has since started operations fully, will be reported in 2014. Continental Re also obtained a license to operate in Gaborone, Botswana and will commence operations in this market in 2014.

Jan 31

N1.12

Feb 28

N1.14

Mar 31

95 kobo

Apr 30

96 kobo

May 30

N1.05

June 27

N1.06

July 11

N1.14

“The success of Continental Re’s geographical expansion strategy, as confirmed by our performance in 2013, has helped to further deepen penetration in our markets as well as spreading risks,” Oyetunji said.

Forecast Oyetunji noted that the company is determined to drive sustained growth and profitability and is optimistic of even better performance in 2014.

“We are ready to meet the challenges ahead and to take advantage of new and existing opportunities. I am confident that the Group is positioned to continue to deliver strong profit and dividend growth for many years to come,” he said.

Analysts’ view According to analysts at Meristem Securities Limited, though insurance sector has lost 7.9 per cent year to date compared with the 38 per cent gain in the same period in 2013, they expect investors’ patronage for the stocks to improve given NAICOM’s enforcement of IFRS standards, companies’ innovative reforms to attain profitability and leverage on micro-insurance to improve awareness.

Market watchers also believed that the recent interactive session between NAICOM and shareholders of quoted insurance companies would spur investors’ interest as the regulator have promised a better regulatory environment and also advised shareholders to have a change of heart and live up to their responsibilities by taking keen interest in insurance stocks and what happens in the companies

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, July 14, 2014

35

Nigerian stocks fall on profit taking

Trading floor

DEPRECIATION Market speculators cull profits from previous gains

Chris Ugwu

T

he Nigerian stock market lowered its momentum from the previous weeks.

After recording two weeks significant growth, the market tempo retreated last week in spite of two days the bulls held sway ON the local bourse.

This was due to profit taking by investors in the wake of the cautious optimism that had prevailed in the market in the last three weeks.

Cumulatively, at the close of trading last weekend, the NSE All-Share Index and Market Capitalisation depreciated by 0.46 per cent to close lower on Friday at 42,832.82 and N14.143 trillion respectively.

Similarly, three of NSE sector indices depreciated during the week with the exception of five, which appreciated.

Sell pressure Specifically, trading activities on the floor of the Exchange had last Monday opened the week on a negative note as the listed equities lost points and returned to the red territory following sell pressure on blue chip companies.

The twin market performance measures, the NSE ASI and market capitalisation, dropped by 0.63 per cent as the market tempo lowered.

At the close of trading, 23 stocks appreciated, while 30 others constituted the losers’ table.

The twin market indicators, the All-Share Index dropped by 273.79 basis points or 0.64 per cent from 43,031.81, the previous Friday to close at 42,758.02, while the market capitalisation fell by N90 billion or 0.64 per cent from N14.208 trillion to N14.118 trillion.

Further analysis of the day’s trading showed that Nestle Nigeria Plc topped the day’s gainers’ table with N10.00 to close at N1, 100, while Guinness Nigeria

Plc followed with N1.77 to close at N196.00 per share.

On the flip side, Seplat led losers with a drop of N18.00 to close at N702.00, while Dangote Cement shed N5.00 to close at N245.00.

On the activity chart, other financial services sub-sector dominated in volume terms with 125.9 million shares worth N1.5 billion in 755 deals. The sub-sector was enhanced by the activities in the shares of FBNH Plc and Afriprudent Plc. The banking sub-sector boosted by the activities on the shares of Fidelity Bank and UBA Plc followed with 117.3 million units, worth N715.3 million in 1274 deals.

In all, investors exchanged a total of 460.2 million shares, worth N4.3 billion in 5,215 deals.

Positive sentiments Last Tuesday, positive sentiment returned to the floor of Exchange as the NSE All Share Index and market capitalisation inched up by 0.24 per cent each.

At the close of trading, 27 stocks appreciated, while 32 others constituted the losers’ table.

The twin market performance indices, the All-Share Index rose by 103.76 basis points or 0.24 per cent from 42,758.02 the previous day to close at 42,861.78, while the market capitalisation firmed up by N34 billion or 0.24 per cent from N14.118 trillion to N14.152 trillion.

The NSE Insurance Index and the NSE Industrial Index rose by 75 bps and 45 bps respectively, while the NSE Consumer Goods Index increased by a marginal 2 bps.

However, the NSE Oil/Gas Index and the NSE Banking Index dipped 14 bps and 1 bps respectively.

On the activity chart, Banking sub-sector dominated in volume terms with 202.2 million shares worth N1.4 billion in 1,352 deals. The sub sector was enhanced by the activities in the shares of Skye Bank Plc and Fidelity Bank Plc. The insurance sub-sector boosted by the activities on the shares of Wapic Insurance Plc followed with 131.7 million units, worth N116.4 million in

296 deals.

In all, investors exchanged a total of 523.3 million shares worth N5.1 billion in 5,363 deals.

Consumer goods company, Nestle Nigeria firmed up by N11.20 to close at N1, 111.20 per share to lead the gainers’ chart, trailling, producer of building inputs, Dangote Cement, which rose by N2.02 to close at N247.02 per share. Also, financial services providers, Stanbic IBTC Holdings and Guaranty Trust Bank, gained N0.27 and N0.13 to close at N27.00 and N29.57 respectively.

Bull’s dominance The bulls dominated Wednesday’s trading following investment position taken by bargain hunters on blue chip companies.

The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.4 per cent as market sentiments extended gaining streak following investors’ high optimism.

Specifically, the All-Share Index gained 117.64 basis points or 0.4 per cent to close at 43,039.42 as against 42,861.78 recorded the previous day, while the market capitalisation of equities appreciated by N59 billion or 0.4 per cent to close at N14.211 trillion in contrast to N14.152 trillion as market sentiment remained green.

Meanwhile, a turnover of

Five most capitalised stocks@ July 11, 2014 Dangote

N4.1tn

Cement Plc Nigerian

N1.3tn

Breweries Plc Guaranty

N882bn

Trust Bank Plc Nestle Nig Plc N879.8bn Zenith Bank Plc

N785.2bn

209.7 million shares worth N2.3 billion in 5,153 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 80.2 million shares worth N802.1 million exchanged by investors in 1,597 deals.

Volume in the banking subsector was largely driven by activity in the shares of Diamond Bank Plc and Sterling Bank Plc. Also, insurance sub sector of the financial services sector, boosted by activity in the shares of Wapic Insurance Plc, followed with a turnover of 28.6 million shares valued at N24.5 billion in 302 deals.

The number of gainers at the close of trading session was 29, while decliners closed at 18.

On the gainers’ chart, downstream petroleum products marketer, Forte Oil, appreciated by N11.90 to close at N210.00 per share. Also, brewers of alcoholic drinks, Nigerian Breweries and Guinness Nigeria, rose by N2.22 and N1.54 to close, respectively, at N175.22 and N197.53 per share.

Similarly, cement producers, Lafarge Cement WAPCO and Ashaka Cement, gained N1.88 and N0.60 to close at N112.07 and N29.60 respectively.

Negative track Last Thursday, trading activities on the floor of the Exchange closed in the red as the bears staged a comeback to cull gains recorded during the previous day.

The return of bearish sentiments was on the backdrop of the bargain hunters jostling to take profits - leading to price losses suffered by major blue chip companies.

Specifically, at closed of transactions, the banking subsector of the financial sector returned as the most active stock in volume terms with 147.3 million shares valued at N857.4 million in 1,577 deals.

The shares of Unity Bank and Access Bank Plc activated the subsector.

Other financial services sub-sector enhanced by the shares of FBNH Plc followed

with a turnover of 41.3 million units valued at N383.6 million in 736 deals.

On the whole, investors exchanged a total of 310 million shares valued at N3.6 billion in 5,568 transactions.

Further analysis showed that at the close of trading session, the NSE All-Share Index was down by 35.04 basis points or 0.08 per cent to close at 43,004.38 as against 43,039.42 recorded the previous day, while market the capitalisation depreciated by N12 billion or 0.08 per cent to close at N14.199 trillion in contrast to N14.211 posted the previous day.

The number of gainers at the close of trading session closed at 28 while decliners closed higher at 20.

Forte Oil Plc led on the gainers’ table with N10.50 to close at N220.50 per share while Guinness Nigeria Plc followed with a gain of N2.47 to close at N200.00 per share. Ashaka Cement added N1.40 to close at N31.00 per share.

Bears’ dominance Bearish sentiments dominated market activities to close the week last Friday on the downward trend.

The twin market performance measures, the NSE ASI and market capitalisation, dropped by 0.4 per cent as the market sentiment turned red.

At the close of trading, 24 stocks appreciated, while 31 others constituted the losers’ table.

The twin market indicators, the All-Share Index dropped by 171.56 basis points or 0.4 per cent, from 43,004.38 to close at 42,832.82, while the market capitalisation fell by N56 billion or 0.4 per cent, from N14.199 trillion to N14.143 trillion.

Further analysis of the day’s trading showed that Forte Oil Nigeria Plc topped the day’s gainers’ table with N13.56 to close at N234.06, while Guinness Nigeria Plc followed with N5.00 to close at N205.00 per share.

On the flip side, Dangote Cement led the losers with a drop of N4.00 to close at N241.00, while Nestle shed N1.20 to close at N1,110.00.

36

FINANCIALS The delay in the submission of financial performance by insurance companies persists

Insurance

Sanctity of Truth

Monday, July 14, 2014

NAICOM approves more underwriters’ 2013 accounts Faults late Q1 2014 financial returns

Vice-Chairman, IGI, Mr Remi Olowude

Commissioner for Insurance, Mr Fola Daniel

MD.CEO GNI, Mrs. Cecilia Osipitan

MD, CHI, Eddie Efekoha

Chairman, NIA, Godwin Wiggle

MD, Niger Insurance, Mr Kola Adedeji

MD, Staco, Sakiru Oyefeso

NAICOM writes chairman The commission, he further said, had written letters to the chairmen of the companies that were yet to submit their accounts and have asked them to dig into the competency of the management of their companies.

He said: the commission had no apologies for not approving the result of the insurance firms that have submitted, insisting that NAICOM was not ready to bend the rules.

He said, “The commission will not compromise but will ensure that the companies abide by the rules and regulations. We have no apologies or excuses for not approving accounts that are not correct. We will rather delay clearance of accounts than allow such accounts to be passed.

“The biggest problem that we have had in the past is accounts coming from the industry that are not trusted by investors. That is why they do forensics on accounts that have been passed by regulators. This is not a good thing for the companies, the industry and the nation.”

As far back as 2011 the regulator directed the underwriters to commence the process of converting fully to IFRS by 2012 in a bid to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged.

Besides the snag with the commission, underwriters who are yet to straighten their accounts are also contending with the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange as they are made to pay huge fines to SEC. “We are not making excuses neither are we apologising to those companies whose accounts are still pending. They refused to do the right thing. The NSE and SEC are aware of what we are doing and they are supporting us,” the Commissioner for Insurance,” Daniel said.

Meanwhile, the commission has released a list of underwriting firms that are yet to submit their 2014 first quarter financial returns for scrutiny.

Non-Compliant firms According to the list released by NAICOM last Wednesday, Aiico Insurance Plc, Industrial & General Insurance (IGI), Standard Alliance Insurance Plc, Lasaco Life Assurance, Law Union & Rock Insurance, NICON Insurance, Unic Insurance, Investment & Allied Insurance, Spring Life Assurance Ltd and Alliance & General Life Insurance are yet to make available their first quarter returns to the regulator.

MD, Mansard, Yetunde Ilori

Sunday Ojeme

T

he National Insurance Commission (NAICOM) has approved the 2013 financial year accounts of more underwriting firms bringing the total to 19 out of the 30 accounts so far forwarded.

The approval followed the companies’ ability to meet with the regulator’s directive on the application of the International Financial Reporting Standard (IFRS).

Approved firms A notice posted on NAICOM’s website titled: ‘Submission status of 2013 financial statements of insurance companies’ as at Wednesday July 9, 2014, listed the approved accounts as those of Mansard Insurance, Custodian General Insurance Plc, Custodian Life Assurance Limited, Cornerstone Insurance Plc, Zenith Life Insurance Limited, NSIA Insurance Limited and FBN Life Assurance Limited, Wapic Insurances Plc, Wapic Life Assurances and Regency Alliance Insurance.

Others are Law Union and Rock Insurance Plc, AIICO Insurance Plc, UBA Metropolian Life Insurance, Oasis Insurance, Leadway Assurance, Zenith Insurance Company Limited, Continental Reinsurance, Niger Insurance Plc and Sovereign Trust Insurance Plc. Companies being reviewed The accounts being reviewed are those of Lasaco Assurance Plc, Linkage Assurance Plc, Lasaco Life Assurance and Royal Exchange Prudential Life.

Commissioner for Insurance, Mr. Fola Daniel, has been taking to the operators over their inability to adapt to the financial standard, saying that their action was sending a wrong signal to the world about the health of the industry.

IFRS More than two years after, some of the companies are still having issues with the conversion from the Nigerian Generally Accepted Accounting Principles (NGAAP).

Besides the snag with the commission, underwriters who are yet to straighten their accounts are also contending with the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange as they are made to pay huge fines to SEC

Compliant firms Those who have forwarded theirs include Mutual Benefits Insurance Life and General Insurance, Goldlink Insurance Plc, Sovereign Trust Insurance Plc, Cornerstone Insurance Plc, Custodian General and Life Insurance, Mansard Insurance, Consolidated Hallmark Insurance, Sterling Assurance Plc, Lasaco General Insurance and Linkage Insurance.

Others are FBN Life Assurance, Old Mutual Nigeria Insurance Company, Old Mutual Nigeria Life Assurance ,Equity Assurance , Fin Insurance Company, Guinea Insurance, Leadway Assurance Company, NEM Insurance, International energy Insurance, KBL Insurance, Niger Insurance Plc, Nigeria Reinsurance Corporation and Nigerian Agricultural Insurance Corporation.

The list also has NSIA Insurance, Oasis Insurance, Prestige Assurance Plc, Regency Alliance Insurance Plc, Royal Exchange Prudential Life, Standard Alliance Life, UBA Metropolitan Life Insurance, Union Assurance Co. Limited and a host of others.

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, July 14, 2014

BROKERS-MARKET Insurance brokers have continued to be responsible for a significant chunk of Nigeria's insurances

Sunday Ojeme

T

he asset base of one of Nigeria’s underwriting firms, Staco Insurance Plc, is in excess of N8 billion just as it has consolidated its claims obligation to policyholders to the tune of N2.7 billion from 2013 till date.

Disclosing this in a statement, the Managing Director of the company, Mr. Sakiru Oyefeso, noted that the modest achievement recorded by the company since its establishment had been possible through foresighted leadership and excellent team spirit by the staff

Staco’s asset exceeds N8bn, pays over N2.7bn claims of the company.

He said, “Our vision is to be a world class provider of Insurance and other financial services and we pursue this vision vigorously.

“The company’s strength lies in its passion for high standards and prompt claims settlement.

Staco for instance, paid claims amounting to N1.87 billion last year; while as at today we have paid about N900 million in claims. This and the notable quality services delivery by the company every time has enabled it to win numerous awards amongst others. Out of which, is the prestigious Insurance Company of the Year Award conferred on the company in 2009

by Thisday Newspaper.”

Reflecting on the entire industry and the role insurance brokers could play to enhance underlying benefits, he advised that efforts of the regulator in deepening insurance penetration by introducing the six compulsory insurances and anchoring sustained campaigns should be supported by other key stakeholders like underwriters, Brokers and Loss Adjusters.

His words, “We must all reckon with the fact that the Insurance industry has remained underdeveloped because we have over the years placed more emphasis on large government and corporate accounts, leaving the grassroots unattended to. This

is not the case in advanced countries where insurance is the way of life and the last hope of all citizens.

“Secondly, Staco places high premium on relationship with Insurance Brokers as they constitute critical stakeholders with whom any progressive Underwriter must have a relationship. As you are aware, Insurance Brokers have continued to be responsible for a significant chunk of the nation’s insurances, hence we could safely refer to the market as a BrokersMarket.”

“Insurers and reinsurers are taking a greater interest in their client’s underlying risk, and are keener to understand the client’s

attitude to risk management, international regulation and best practice. This is where Brokers can assist. As the market evolves, the role of Insurance Brokers in the success of the Insurance market in the country will be pivotal.

“Insurance Brokers will provide a vital link between the client and the market, not just helping to place business, but also educating and working alongside risk managers and other insurance buyers helping them to understand the breadth of insurance protection available and advising them on the latest development in risk management and best practice corporate governance.”

Insurers to provide clearer renewal quotes

I

nsurance companies could be forced to provide clearer information on renewal quotes, after coming under pressure from consumer groups, according to the British Broadcasting Corporation (BBC).

When consumers are informed of a new premium, they are not usually reminded what they paid previously.

As a result, some customers may not even be aware that the cost of their insurance policy is going up.

Now the City regulator is drawing up new rules to ensure renewal quotes include previous premiums as well.

That would enable policyholders to see whether, and by how much, their bill had risen.

The Financial Conduct Authority's (FCA) decision follows pressure from consumer groups, including Which?

The Association of British Insurers (ABI) has proposed the change itself, and has written to the FCA suggesting it.

However it wants any new rules applied only to home and motor policies, which represent most of the market.

It wants policies taken out on domestic pets, foreign travel or for commercial purposes to be excluded, initially at least.

Another idea being studied is to make insurance companies come clean about introductory discounts on premiums.

At long last, the insurance industry is waking up to the fact that it has made the process of renewing policies at a competitive price as difficult as al-Mart will soon start offerW ing auto insurance along with vegetables and garden supplies.

The nation's largest retailer said Wednesday it is partnering with AutoInsurance.com to provide customers with "a one stop shop" for their auto insurance needs.

Cable Network News report says Wal-Mart will not sell insurance, but its customers can click through a link on walmart.

possible” Natasha Glasgow Head of Insurance, MoneySuperMarket In many cases, customers are charged less in the first year of a policy, as an incentive to switch.

But insurance companies could be forced to tell consumers what the premium is likely to rise to when that discount expires.

The Association of British Insurers (ABI) is supportive of the idea.

"Insurers want to make renewing your insurance policy easier and clearer to understand by reminding you of last year's premium and flagging up introductory discounts," said Huw Evans, the ABI's deputy director general.

An ABI spokeswoman said the idea should also promote further competition in the industry, as it should encourage more consumers to switch insurance companies.

The move was welcomed by Which? and other consumer groups.

"At long last, the insurance industry is waking up to the fact that it has made the process of renewing policies at a competitive price as difficult as possible, with many customers paying way over the odds," said Natasha Glasgow, head of insurance at MoneySuperMarket.

The FCA is thought to be considering similar rules to force banks and building societies to be more transparent when telling consumers about changes in borrowing and savings rates.

L-R: 2004 Miss Insurance, Miss. Funmi Ogunsola, President, Nigerian Council of Registered Insurance Brokers, Mr. Ayodapo Shoderu; and MD/CEO Staco Insurance Mr. Sakiru Oyefeso at NCRIB's Members Evening in Lagos

CIIN parleys Muslims at Ramadhan he Chartered Insurance Tweek Institute of Nigeria last brought together some

members of the Muslim community as part of activities to remind those in the faith of the need to make insurance part of their daily living.

The 2014 Ramadhan Tafsir organised by the Institute in Lagos provided an opportunity for eminent scholars to restate the importance of peace and virtuous living as enunciated

by Prophet Mohammed.

The insurance operators were also enjoined to propagate good virtues as enshrined in the holy books to enable them contribute positively to the development of the economy.

The Associate Professor, Department of Religious and Peace Studies, Lagos State University Dr Lateef Adetona, while delivering a lecture on the topic, ‘Towards Rebuilding a Serene Society: An ideal Muslim Home to the Rescue,’ called on the underwriters especially Muslims to esteem the teaching and examples of Prophet Mohammad, adding that adherence to such teachings will help create a serene economy void of problems.

Also, the National Missioner, Ansar-Ud-Deen Society of Nigeria, Sheikh Abdur-Rahmad Ahmad, while speaking on the topic, ‘In the Spider’s Web,’ called on Muslims to avoid copying the attitude and

Wal-Mart to offer auto insurance com, or go to autoinsurance. com directly to get competing quotes from several car insurance providers such as Progressive (PGR), Esurance and Safeco to choose the policy and price that best fit their needs.

Wal-Mart will also promote the service via displays in its stores.

The service is already avail-

able in eight states -- Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, Pennsylvania, Tennessee and Texas. WalMart (WMT) plans a nationwide rollout in the coming months.

Wal-Mart said the service will save customers money. The company cited a pilot program survey it conducted last year in

Pennsylvania, where customers who purchased policies from autoinsurance.com on average said they saved $1,168 a year.

"We are always looking for ways to reduce complexity, increase transparency, and give everyday low prices to Wal-Mart shoppers," said Daniel Eckert, Wal-Mart's senior vice-presi-

lifestyles of other people, but adhere to the teachings of Islam.

He noted that technology had roped people into a web, and cautioned that the ills associated with it should be avoided to have a better living.

The Chairman of the event, Professor M.A. Bidmos of the Department of Art and Social Sciences Education, University of Lagos, lauded the efforts of the CIIN in putting together the event to share and enhance knowledge of Insurance Muslims Practitioners.

The President, CIIN Bola Temowo, promised to sustain the event as it was helping in shaping the lifestyle of practitioners. dent of services.

Eckert also stressed the simplicity of the site, which is able to retrieve information from a customer's current policy and automatically fill in most of the necessary coverage information.

Wal-Mart said the service originated from talks with Tranzutary Insurance Solutions, a New Jersey-based insurance broker, that runs the site.

38 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, July 14, 2014

FMDQ Daily Quotations List

11-Jul-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

NA

NA

Description 9.25 28-SEP-2014 4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

100.00 535.00 500.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 165.17 75.00 150.00 200.00 591.57

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

0.22 0.78 2.10 2.80 3.04 3.14 3.89 4.97 5.29 7.55 9.67 14.38 14.86 15.36 16.03

10.71 10.82 11.47 11.44 11.39 11.39 11.41 11.52 11.50 11.99 12.21 12.19 12.19 12.19 12.24

10.02 10.11 11.39 11.38 11.26 11.27 11.31 11.44 11.41 11.93 12.16 12.15 12.14 12.14 12.19

99.63 94.99 102.85 108.50 96.13 94.72 97.79 116.60 82.51 121.46 111.05 118.84 102.02 74.62 84.40

99.78 95.49 103.00 108.65 96.43 95.02 98.09 116.90 82.81 121.76 111.35 119.14 102.32 74.92 84.70

TOTAL OUTSTANDING VALUE Rating/Agency

4,375.01 Issuer

Agency Bonds AMCON FMBN

NA

***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

Issue Date

Coupon (%)

Issue 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 6.00 112.22 116.70 66.49

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

0.31 0.87 1.48 2.41 2.78 2.99

1.00 2.63 2.27 2.00 1.00 1.00

11.73 13.43 13.30 13.35 12.37 12.38

96.55 89.32 105.16 99.09 97.59 95.13

05-Aug-14 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

0.07 0.26 1.14 0.74 1.26 1.27 2.77 1.82 3.47 2.45 4.23 2.64 2.64 3.03 3.10 5.37 3.16 3.77 6.38 6.47 3.95 3.99

1.56 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

12.06 13.98 15.28 14.06 15.37 14.39 16.96 12.22 13.19 13.15 12.42 12.37 16.15 12.39 12.39 12.52 14.13 12.41 12.71 13.67 12.85 13.37

100.08 99.89 97.15 99.82 98.59 101.34 85.04 102.45 102.19 101.93 105.02 104.71 95.76 105.13 107.90 107.54 101.54 106.71 103.35 105.59 104.81 104.73

07-Oct-14 18-Dec-14 31-Dec-14 17-Aug-15 09-Dec-15 06-Jan-16 29-Sep-16 25-Oct-16 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 22-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 14-Nov-20

0.24 0.44 0.47 0.62 0.93 1.01 2.22 2.29 3.22 2.04 2.00 2.16 2.16 4.20 2.27 2.35 3.47 6.35

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 1.00 1.88 3.48 5.20 5.06 1.35 2.29 6.11 2.16 2.76

11.67 16.06 19.59 15.75 11.78 13.39 12.34 12.69 12.39 13.21 14.81 16.54 16.40 12.77 13.63 17.46 13.56 14.46

99.88 98.90 98.84 96.27 100.49 100.61 101.20 102.97 101.53 109.29 102.35 102.92 101.91 103.84 104.31 99.33 106.58 103.14

11-Feb-18

3.59

1.00

12.40

93.75

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

1,304.32

Sub-National Bonds A/Agusto 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

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

14.00 KWARA 5-AUG-2014 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

05-Aug-09 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 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

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00 5.00

TOTAL OUTSTANDING VALUE

572.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb-/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto A/GCR 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

LAFARGE WAPCO GTB µ NGC *UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA NAHCO

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11 18-Dec-09 01-Apr-10 17-Aug-10 09-Dec-10 06-Jan-11 29-Sep-11 25-Oct-13 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 22-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 14-Nov-13

11.50 13.50 17.00 10.00 12.00 14.00 13.00 14.25 13.00 18.00 16.00 18.00 16.00 14.00 15.75 17.00 16.00 15.25

11.80 13.17 2.00 15.00 37.50 1.50 15.00 5.53 20.00 0.94 8.01 3.63 1.00 35.00 3.00 0.54 4.50 2.05

TOTAL OUTSTANDING VALUE

180.17

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.84

4.69

110.60

111.47

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.07

3.87

103.85

104.59

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.23

5.11

108.15

108.99

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

Corporate Eurobonds AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.74

3.04

111.52

112.64

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.94

4.22

104.45

105.74

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.07

5.82

99.71

100.66

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

8.63

8.22

94.39

95.67

AFREN PLC

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

4.84

4.24

113.56

114.67

ZENITH BANK PLC FIRST BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.34

6.11

99.64

100.56

B/S&P; B-/Fitch

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.03

6.61

104.25

105.75

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

5.58

5.28

104.04

105.20

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

ACCESS BANK PLC FIDELITY BANK PLC

TOTAL OUTSTANDING VALUE

3,460.00

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

FIXINGS Maturity 24-Jul-14 31-Jul-14 7-Aug-14 14-Aug-14 21-Aug-14 28-Aug-14 4-Sep-14

Bid Discount (%) 10.05 10.45 10.20 10.35 10.40 10.40 10.40

Offer Discount (%) 9.80 10.20 9.95 10.10 10.15 10.15 10.15

Bid Yield (%) 10.09 10.51 10.28 10.45 10.52 10.54 10.57

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.6167 12.3112 13.1945 14.2573

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.42

Tenor

Bid ($/N)

Offer ($/N)

10.63

Spot 7D 14D 1M 2M

162.30 162.63 162.88 163.48 164.65

162.40 162.89 163.22 164.13 165.84

O/N Tenor Call

REPO

Rate (%) 10.33

15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

15.00 12.49 8.50 10.00

75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

14.38 14.86 15.36 16.03

12.19 12.19 12.19 12.24

12.15 12.14 12.14 12.19

118.84 102.02 74.62 84.40

119.14 102.32 74.92 84.70

4,375.01 Issuer

Agency Bonds AMCON FMBN

Sanctity of Truth

NA Monday, July 14, 2014

***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

Issue Date

Coupon (%)

Issue 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 6.00 112.22 116.70 66.49

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

0.31 0.87 1.48 2.41 2.78 2.99

1.00 2.63 2.27 2.00 1.00 1.00

11.73 13.43 13.30 13.35 12.37 12.38

96.55 89.32 105.16 99.09 97.59 95.13

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00 5.00

05-Aug-14 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

0.07 0.26 1.14 0.74 1.26 1.27 2.77 1.82 3.47 2.45 4.23 2.64 2.64 3.03 3.10 5.37 3.16 3.77 6.38 6.47 3.95 3.99

1.56 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

12.06 13.98 15.28 14.06 15.37 14.39 16.96 12.22 13.19 13.15 12.42 12.37 16.15 12.39 12.39 12.52 14.13 12.41 12.71 13.67 12.85 13.37

100.08 99.89 97.15 99.82 98.59 101.34 85.04 102.45 102.19 101.93 105.02 104.71 95.76 105.13 107.90 107.54 101.54 106.71 103.35 105.59 104.81 104.73

11.80 13.17 2.00 15.00 37.50 1.50 15.00 5.53 20.00 0.94 8.01 3.63 1.00 35.00 3.00 0.54 4.50 2.05

07-Oct-14

0.24

BUSINESS |FINANCIAL MARKET NEWS 39

FBN Capital donates Bloomberg terminals to LBS TOTAL OUTSTANDING VALUE

1,304.32

Sub-National Bonds

A/Agusto 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

SYNERGY

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

FBN Capital Partners LBS on education

Stories by Chris Ugwu

F

BN Capital Limited has formed partnership with the Lagos Business School (LBS) with the commissioning of the LBS Bloomberg Room, which houses Bloomberg terminals, TOTAL OUTSTANDING VALUEto help students in finance related Corporate Bonds disciplines gain exposure to A+/Agusto; AA/GCR LAFARGE WAPCO the real-time market data tool.

Aa/Agusto GTB µ The initiative was Nil NGC on the back of continued Bbb-/Agusto *UPDC efforts A-/Agusto towards impacting *FLOURMILLS geared the

14.00 KWARA 5-AUG-2014 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

society through sustainable initiatives in the field of education.

Speaking on the development, the Managing Director and Chief Executive Officer of FBN Capital, Mr. Kayode Akinkugbe, said that the Bloomberg terminal was one of the industry's most widely used sources for real-time financial data.

He noted that the investment bank believed that the resource would be very helpful to students in finance-related courses by facilitating access to information.

“The donation of the terminals is in keeping with our focus on facilitating sustainable 11.50 LAFARGE WAPCO 7-OCT 2014 initiatives that use education 13.50 GUARANTY TRUST 18-DEC-2014 and as a catalyst for 17.00technology NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 growth,” he said.

12.00 FLOURMILLS 9-DEC-2015 Akinkugbe explained that 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

05-Aug-09 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 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

education was a core focus of FBN Capital’s CSR strategy and as such, the initiative was in line with our sustainability goals.

The Dean of Students, Dr.Enase Okonedo, said the donation of the terminal has been a welcome development at the Lagos Business School.

She stated, “Indeed the Bloomberg terminals have been most helpful not just to students, but to faculty and research staff too. Getting up-to-date and reliable financial information for course assignments and research papers would have been more07-Oct-11 tedious without them. We 11.50 are happy with the progress 18-Dec-09 13.50 that 01-Apr-10 the Bloomberg17.00 terminals 10.00 and are have17-Aug-10 allowed us make, 09-Dec-10 12.00 thankful to our sponsors, FBN

Capital”.

FBN Capital has been active in its support for LBS and has partnered with the institution on a number of initiatives, including faculty support initiatives where FBN Capital provides resources towards the development and delivery of finance courses, and other relevant industry programmes.

The company also sponsors the FBN Capital Internship scheme, which offers aspiring finance graduates from LBS a unique opportunity to experience the real world of investment banking and asset management through a three month internship programme, which gives student hands on experience and practical knowledge.

Niger Insurance proposes 3.5kobo dividend Insurance Plc, one of Ngroups the composite insurance in the country, has

iger 572.90

proposed dividend pay-out 18-Dec-14 0.44 of 3.5 kobo per31-Dec-14 share to its share0.47 17-Aug-15 0.62 holders during the financial 0.93 year ended 09-Dec-15 December 31,2013.

06-Jan-11 14.00 1.01 This was06-Jan-16 contained on the 29-Sep-11 13.00 29-Sep-16 2.22 insurance firm’s audited finan25-Oct-13 14.25 25-Oct-16 2.29 cial results 30-Sep-17 for the year ended 30-Sep-10 13.00 3.22 December 31, 2013, presented 30-Nov-12 18.00 30-Nov-17 2.04 to 09-Apr-11 16.00 09-Apr-18 2.00 the Nigerian Stock Exchange 09-Sep-11 18.00 09-Sep-18 2.16 portends.

(NSE).

16.00 09-Sep-18 2.16 He09-Sep-11 assured Unilever’s shareThe company recorded 19.2 per 22-Sep-11 14.00 22-Sep-18 4.20 holders that the company’s cent decline in its net earnings 18-Oct-13 15.75 18-Oct-18 2.27 plan17-Feb-12 for growth would during the financial year ended 17.00 lead to 17-Feb-19 2.35 01-Apr-14 01-Apr-19 3.47 December 31, 2013 to N627.425 greater returns. 16.00 14-Nov-13 15.25 single6.35 re“As we maintain million from14-Nov-20 N776.293 million minded focus on our consum- 180.17 ported in its 2012 year end. ers and customers, strengthenHowever, pre-tax profit went ing our core categories, up slightly 11-Feb-18 by 1.8 per cent 11-Feb-13 10.20 driving 12.00 3.59 to cost and complexity reduction 12.00 N716.108 million in 2013 end with vigour, building people ca- from N703.499 million in the pability and a fit organisation, same period of 2012.

Issue Date Coupon (%) Issue Value ($'mm) Maturity Date Bid Yield (%) and leveraging our Unilever Gross premium also inSustainable Living Plan for creased slightly 1.1 per cent to growth, we are confident that 500.00 N10.443 billion in the 2013-audit07-Oct-11 6.75 28-Jan-21 4.84 all these deliberate thrusts can ed year-end from N10.330 billion 5.13 12-Jul-18 4.07 of only18-Dec-09 translate into evident val- 500.00 in the corresponding period ue addition in the longer term 500.00 2012.

01-Apr-10 6.38 12-Jul-23 5.23 The company had said refor all stakeholders.”

Achebe explained that al- 1,500.00 cently that it raked in N10.33 though the company’s results billion premium income for the for the 2013 financial11.50 year were 450.00 year ended December 31, 2012.

01-Feb-11 01-Feb-16 3.74 reflective of short-term effects 500.00This figure according to the 19-May-11 7.50 19-May-16 4.94 of deliberate investment strat- 400.00 company, translates to a 32 per 08-Nov-13 6.00 08-Nov-18 6.07 egy to achieve a more cent improvement on its7.03 2011 25-Jul-12 7.25 sustain- 350.00 25-Jul-17 able 09-May-13 future, the fundamentals gross premium written, which 6.88 300.00 02-May-18 8.63 08-Apr-12strong.

10.25 300.00 08-Apr-19 remained peaked at N7.81 billion. 4.84

The Chairman of the company, Alhaji Bala Zakariya’u, who disclosed these, noted that 1.00 11.67 99.88 profit before tax made by 5.21 16.06 98.90 the risks company 8.71 underwriting 19.59 98.84 4.88 N703.4915.75 96.27 rewas million while 1.00 100.49 tained profit11.78 to reserves closed 13.39 100.61 at2.63 N776.29 million.

1.00 12.34 101.20 He said the company102.97 in 2012 1.34 12.69 recorded a 27 per cent increase 1.00 12.39 101.53 in1.88 investment, which rose N1.18 13.21 109.29 3.48 102.35 billion in 201114.81 to N1.51 billion in 5.20 16.54 102.92 2012.

5.06 16.40 101.91 He added that other incomes 1.35 12.77 103.84 raked in by the firm in the year 2.29 13.63 104.31 under review grew by 620 per 6.11 17.46 99.33 2.16 cumulatively 13.56 cent from106.58 N71.95 2.76 14.46 million in 2011 to N518.09103.14 million in the previous year.

Niger Insurance’s total assets, according to the 1.00 12.40chairman, 93.75grew by 12 per cent from N19.96 billion in 2011 to N22.29 billion in 2012.

Zakariya’u also said that Offer Yield (%) Bid Price Offer Pricethe company sustained its tradition & Yields of Prices giving out dividends to its shareholders every other 4.69 110.60 111.47year and as such, shareholders in the 3.87 103.85 104.59 company were rewarded with 3 kobo dividend for every 50 kobo 108.15 5.11 108.99 share held in the firm.

The chairman also said the firm was looking ahead and as such, had commenced discus3.04 111.52 112.64 sions with a104.45 potential105.74 foreign 4.22 partner who 99.71 is expected100.66 to bring 5.82 in6.41 additional capital, expertise 100.59 102.30 and to 8.22 advanced 94.39 technology 95.67 drive 4.24 its growth 113.56 programme.

114.67

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

*CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA NAHCO

B+/Fitch; BB-/S&P

ZENITH BANK PLC FIRST BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.34

6.11

99.64

100.56

B/S&P; B-/Fitch

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.03

6.61

104.25

105.75

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

360.00

09-Dec-20

5.58

5.28

104.04

105.20

Unilever Nigeria: Analysts forecast profit drop

F

inancial analysts have predicted decline on the profits of Unilever Nigeria Plc for the 2014-second quarter.

Analysts at FBN Capital in an equity research carried out TOTAL OUTSTANDING VALUE and obtained

by New Telegraph, said the company’s profits is Supranational Bond likely to decline yet IFC again in Q2 AAA/S&P 2014, following a disappointing TOTAL OUTSTANDING VALUE start for the year.

“While we anticipateIssuer flatRating/Agency tish top-line growth during FGNperiod, Eurobondsunlike Nestle, we the do not expect marketing costs BB-/Fitch; B+/S&P for Unilever to taper just yet BB-/Fitch; FGN as market activations around BB-/S&P Close-Up BB-/Fitch; brand extensions and BB-/S&P other key product lines are still OUTSTANDING VALUE inTOTAL full flow.

As such, we expect PBT and PAT to decline by 16% Corporate Eurobonds y/y and 24% y/y respectively ,” B-/S&P; B/Fitch AFREN PLC I they said.

GTBANK PLC I B+/S&P; TheB+/Fitch company had reported GTBANK PLC 18.4 per cent drop in profit beB+/S&P ACCESS BANK PLC fore during the financial B/S&P;tax B/Fitch FIDELITY BANK PLC year B/Fitchended 2013, from AFREN N8.185 PLC

billion posted in 2012 to N6.911 billion in 2013.

The profit after tax also stood at N4.806 billion in 2013 as against N5.597 billion recorded in 2012, representing a drop of 16.45 per cent, while revenue grew by 7.43 per cent to N60.004 billion N55.547 billion re10.20 IFCfrom 11-FEB-2018 ported in 2012.

Chairman, Unilever Nigeria Plc, Chief Nnaemeka Description Achebe, had said that the company would focus on long-term profitability.

6.75 JAN 28, 2021 Achebe, who is also the 5.13 JUL 12, 2018 at the Obi of Onitsha, said company’s 89th Annual Gen6.38 JUL 12, 2023 eral Meeting (AGM) in Lagos recently, that as the company continues its sustainability journey, it 11.50 is evident that it FEB 01, 2016 would have 7.50 to MAY sacrifice short19, 2016 term profitability to build a 6.00 NOV 08, 2018 more enduring business and 7.25 JUL 25, 2017 fully harness the09,opportuni6.88 MAY 2018 APR 08, 2019market ties that the10.25 Nigerian

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

09-Dec-13

6.63

3,460.00

11-Jul-14

The FMDQ Daily Quotations List (DQL) comprises market and **Treasury Bills

model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject FIXINGS Money Market Foreign Exchange (Spot & Forwards) to the FMDQ of Use and Disclaimer Statement.

DTM OTC PLC Terms Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%)

13 24-Jul-14 10.05 20 31-Jul-14 10.45 27 7-Aug-14 10.20 FGN Bonds 34 14-Aug-14 10.35 41 21-Aug-14 10.40 48 28-Aug-14 10.40 Issuer Description Rating/Agency 55 4-Sep-14 10.40 62 11-Sep-14 10.70 9.25 28-SEP-2014 69 18-Sep-14 10.70 4.00 23-APR-2015 76 25-Sep-14 10.70 13.05 16-AUG-2016 83 2-Oct-14 10.65 15.10 27-APR-2017 90 9-Oct-14 10.35 9.85 27-JUL-2017 97 16-Oct-14 10.70 104 23-Oct-14 10.65 9.35 31-AUG-2017 111 30-Oct-14 10.70 10.70 30-MAY-2018 118 6-Nov-14 10.65 NA NA 16.00 29-JUN-2019 125 13-Nov-14 10.80 7.00 23-OCT-2019 132 20-Nov-14 10.60 16.39 27-JAN-2022 146 4-Dec-14 10.50 14.20 14-MAR-2024 181 8-Jan-15 10.35 15.00 28-NOV-2028 195 22-Jan-15 10.45 209 5-Feb-15 10.40 12.49 22-MAY-2029 223 19-Feb-15 10.35 8.50 20-NOV-2029 237 5-Mar-15 10.40 10.00 23-JUL-2030 272 9-Apr-15 10.30 TOTAL OUTSTANDING VALUE23-Apr-15 286 10.10 300 7-May-15 9.95 *from the Amortising # bonds, the average is Risk Premium is a life combination of credit risk and liquidity risk premiums Rating/Agency Issuer **Exclusive of non-trading t.bills

Agency Bonds AMCON FMBN

NA

***LCRM Modified Duration Buckets

TOTAL OUTSTANDING VALUE Sub-National Bonds A/Agusto 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

9.80 10.20 9.95 10.10 10.15 10.15Date Issue 10.15 10.45 28-Sep-07 10.45 23-Apr-10 10.45 16-Aug-13 10.40 27-Apr-12 10.10 27-Jul-07 10.45 10.40 31-Aug-07 10.45 30-May-08 10.40 29-Jun-12 10.55 23-Oct-09 10.35 27-Jan-12 10.25 14-Mar-14 10.10 28-Nov-08 10.20 10.15 22-May-09 10.10 20-Nov-09 10.15 23-Jul-10 10.05 9.85 9.70

Description

1,005.82 1,138.38 682.70 14.00 KWARA 5-AUG-2014 14.00 NIGER 2,826.90 15-OCT-2014

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

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

Bonds Tenor

953.07 951.30 756.74 2,661.11

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 Weighting by 06-Jul-12 Outstanding Vol

NIBOR

O/N 1M 3M Outstanding Value 6M

(N'bn)

Rate (%) 10.6167 12.3112 13.1945 14.2573Date Maturity

100.00 28-Sep-14 535.00 NITTY 23-Apr-15 500.27 16-Aug-16 Tenor Rate (%) 452.80 27-Apr-17 1M 10.3591 20.00 27-Jul-17 2M 10.4900 3M 10.5158 100.00 31-Aug-17 6M 10.9114 300.00 30-May-18 9M 11.1561 351.30 29-Jun-19 12M 11.1646 233.90 23-Oct-19 600.00 27-Jan-22 165.17 14-Mar-24 NIFEX 75.00 28-Nov-28 Current Price ($/N) 150.00 22-May-29 BID($/N) 200.00 162.4275 20-Nov-29 OFFER ($/N) 162.5275 591.57 23-Jul-30

4,375.01

Issue Date

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 II 20-APR-2017 PorfolioLCRM Market Total Outstanding 0.00/16.50 LCRM III 06-JUL-2017Volume(Bn) Value(Bn)

<3 3<5 KWARA >5 NIGER Market

10.09 10.51 10.28 10.45 10.52 10.54 (%) Coupon 10.57 10.90 9.25 10.92 4.00 10.94 13.05 10.91 15.10 10.62 9.85 11.01 10.98 9.35 11.06 10.70 11.03 16.00 11.21 7.00 11.02 16.39 10.96 14.20 10.91 15.00 11.07 11.06 12.49 11.05 8.50 11.15 10.00 11.16 10.97 10.84

35.58 40.27 14.0024.15 100.00 14.00

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

12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00

1,304.32

Spot 7D 14D Offer Yield 1M (%) 2M 3M 10.02 6M 10.11 1Y

2.10 11.47 11.39 2.80 11.44 11.38 3.04 11.39 11.26 :Benchmarks 3.14 11.39 11.27 * :Amortising 3.89 Bond 11.41 11.31 µ :Convertible 4.97 Bond 11.52 11.44 AMCON: Asset Management Corporation of Nigeria 5.29 11.50 11.41 FGN: Federal Government of Nigeria 7.55 Mortgage Bank 11.99 11.93 FMBN: Federal of Nigeria 9.67 12.21 12.16 IFC: International Finance Corporation 14.38 12.19 12.15 LCRM: Local Contractors Receivables Management NAHCO: Nigerian 14.86 Aviation Handling 12.19 Company 12.14 O/N: Overnight 15.36 12.19 12.14 UPDC: UAC Property Development Company 16.03 12.24 12.19 WAPCO:West Africa Portland Cement Company

978.35

35.81 35.75 28.44 05-Aug-09 100.00 15-Oct-09

10.33 12.69 10.71 13.18 10.82 13.92

Tenor

NOTE:

0.00

6.00 112.22 116.70 Bucket Weighting 66.49

10.63

Call 1M 0.22 3M 0.78 6M

Issue Value (N'bn)

17.25 0.00/16.00 0.00/16.50 Weighting

by Mkt 0.00/16.50 Value

10.42

O/N

REPO Tenor Rate (%) (%) TTM (Yrs) Bid Yield

Coupon (%)

0.00 BOND INDEX 24.56 FMDQ FGN

OBB

Maturity Date

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

Avg. Life/TTM (Yrs)

0.31 0.87 1.48 2.41 2.78 Implied Yield 2.99

0.36 0.36 17.00 0.28 6.00 1.00

17.70 36.36 45.94 05-Aug-14 100.00 15-Oct-14

11.45 11.84 12.24 0.07 11.95 0.26

8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00

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

1.14 0.74 1.26 1.27 2.77 1.82 3.47 2.45 4.23 2.64 2.64

# Risk Premium (%)

1.00 2.63 2.27 2.00 1.00 Implied 1.00 Portfolio Price

116.9254 132.8903 98.9216 1.56 117.5129 3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 4.78

Bid ($/N) 162.30 162.63 162.88 163.48 Bid Price 164.65 165.96 99.63 169.59 94.99 177.41

Offer ($/N)

Price 162.40

162.89 163.22 164.13 Offer Price 165.84 167.61 99.78 173.21 95.49 184.43

102.85 103.00 108.50 108.65 96.13 96.43 NA :Not94.72 Applicable 95.02 # :Floating 97.79Rate Bond 98.09 ***: Deferred 116.60coupon bonds 116.90 82.51 82.81 †: Bond rating expired 121.46 121.76 111.05 111.35 118.84 119.14 NGC: Nigeria-German Company 102.02 102.32 UBA: United Bank for Africa 74.62 74.92 84.40 84.70

Valuation Yield (%) 11.73 13.43 13.30 13.35 12.37 INDEX 12.38

1,110.55 1,125.26 1,154.00 12.06 1,116.25 13.98 15.28 14.06 15.37 14.39 16.96 12.22 13.19 13.15 12.42 12.37 16.15

Indicative Price 96.55 89.32 105.16 99.09 97.59 YTD Return 95.13 (%)

11.0553 12.5265 15.4000 100.08 11.6247 99.89 97.15 99.82 98.59 101.34 85.04 102.45 102.19 101.93 105.02 104.71 95.76

40 business | CAPITAL MARKET

Sanctity of Truth

Daily Summary as of 11/07/2014

Monday, July 14, 2014

Daily Summary as of 11/07/2014 Printed 11/07/2014 14:46:02.002

Printed 11/07/2014 14:46:02.002

The Nigerian Stock Market Exchange as at July 11, 2014 Daily Summary (Equities)

Daily Summary (Bonds)

Activity Summary on Board DEBT

Activity Summary on Board EQTY

Federal

Bond Name 16.39% FGN JAN 2022 Federal Totals

Symbol FG9B2022S1

DEBT Board Totals

No. of Deals 1 1

Current Price 121.05

1

Bond Activity Totals

1

Quantity Traded 10,500 10500

HEALTHCARE Medical Supplies MORISON INDUSTRIES PLC. Medical Supplies Totals

Value Traded 13,513,655.93 13,513,655.93

10,500

13,513,655.93

10500

13,513,655.93

Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals

Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties Daily Summary as of 11/07/2014 LIVESTOCK FEEDS PLC. Printed 11/07/2014 14:46:02.002 Livestock/Animal Specialties Totals

Symbol OKOMUOIL PRESCO

No. of Deals 16 5 21

Current Price 33.00 38.06

Quantity Traded 154,644 14,300 168,944

Value Traded 5,091,249.80 544,639.00 5,635,888.80

Symbol LIVESTOCK

No. of Deals 24 24

Current Price 3.05

Quantity Traded 1,224,050 1,224,050

Value Traded 3,748,768.62 3,748,768.62

1,392,994

9,384,657.42

Quantity Traded 152,542

Value Traded 208,533.38

AGRICULTURE Totals CONGLOMERATES Diversified Industries LEVENTIS PLC. ActivityA.G. Summary onNIGERIA Board EQTY

45

Daily Summary (Equities) Symbol AGLEVENT

CONGLOMERATES Published

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

No. of Deals 8

Symbol CHELLARAM JOHNHOLT TRANSCORP UACN

No. of Deals 1 3 497 40 549

CONGLOMERATES Totals

Current Price 3.95 1.15 5.80 61.59

549

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development Daily Summary as of 11/07/2014 UACN PROPERTY DEVELOPMENT CO. LIMITED Printed 11/07/2014 14:46:02.002 Real Estate Development Totals

Page Quantity Traded 3,000 8,000 39,775,374 261,295 40,200,211 40,200,211

248,499,803.33

No. of Deals 36 36

Current Price 1.37

Quantity Traded 1,943,689 1,943,689

Value Traded 2,614,104.40 2,614,104.40

Symbol JBERGER

No. of Deals 14 14

Current Price 68.05

Quantity Traded 45,822 45,822

Value Traded 3,135,996.24 3,135,996.24

Symbol UAC-PROP

No. of Deals 29 29

Current Price 17.44

Quantity Traded 634,608 634,608

Value Traded 11,012,621.40 11,012,621.40

2,624,119

16,762,722.04

79

Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals IT Services

Activity SummaryWAREHOUSE on Board EQTY COMPUTER GROUP PLC ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals

1 of 15 Value Traded 11,280.00 8,800.00 232,253,021.62 16,018,168.33 248,499,803.33

Symbol COSTAIN

CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts

Current Price 1.39

HEALTHCARE Totals Daily Summary as of 11/07/2014 Printed 11/07/2014 14:46:02.002 ICT

Symbol DUNLOP

No. of Deals 1

Current Price 0.50

Quantity Traded 13,500 Page

Published

by The Nigerian Stock Exchange © CONSUMER GOODS

of

15

No. of Deals 1

Current Price

Quantity Traded 13,500

Value Traded 6,750.00

Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. PREMIER BREWERIES PLC Beverages--Brewers/Distillers Totals

Symbol CHAMPION GUINNESS INTBREW JOSBREW NB PREMBREW

No. of Deals 1 38 19 1 98 1 158

Current Price 10.17 205.00 29.50 2.58 174.43 0.77

Quantity Traded 10,000 99,824 264,546 3,980 1,151,750 500 1,530,600

Value Traded 96,700.00 20,076,376.65 7,780,635.74 9,790.80 200,959,255.76 400.00 228,923,158.95

Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

Symbol 7UP

No. of Deals 31 31

Current Price 102.53

Quantity Traded 109,201 109,201

Value Traded 11,551,276.28 11,551,276.28

No. of Deals 33 54 31 63 (Equities) 25 2 208

Current Price 8.09 9.10 78.00 4.27 11.40 0.50

Quantity Traded 164,441 1,539,573 48,866 4,446,467 398,005 22,000 6,619,352

Value Traded 1,328,384.73 14,097,317.62 3,708,097.75 18,817,008.46 4,543,382.98 11,000.00 42,505,191.54

Symbol CADBURY NESTLE

No. of Deals 39 42 81

Current Price 74.25 1,110.00

Quantity Traded Page 160,537

Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Household Durables Totals

Symbol VITAFOAM VONO

No. of Deals 60 1 61

Current Price 4.38 1.44

Quantity Traded 1,110,767 100 1,110,867

Value Traded 4,823,458.73 137.00 4,823,595.73

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Symbol PZ UNILEVER

No. of Deals 52 29 81

Current Price 36.75 51.50

Quantity Traded 291,996 76,606 368,602

Value Traded 10,670,533.86 3,920,600.98 14,591,134.84

10,380,080

833,428,752.04

Current Price 9.80 6.24 17.22 2.00 29.97 3.27 2.31

Quantity Traded 9,058,005 3,557,388 60,006 6,125,899 8,704,921 4,437,488 6,483,388

Value Traded 88,520,861.33 22,225,975.84 1,021,267.95 12,263,607.65 260,839,737.30 14,470,658.97 14,968,372.10

No. of Deals 186 45

Current Price 7.85 9.65

Page Quantity Traded

No. of Deals 73 30 204 1,476

Current Price 0.50 0.98 25.01

Quantity Traded 44,430,665 1,280,440 5,765,187 98,947,450

Value Traded 22,215,332.50 1,222,364.99 144,919,597.01 654,581,533.51

No. of Deals 28 33 1 1 4 2 39 5 9 21 48 2 2 3 2 (Equities) 48 248

Current Price 0.82 1.14 0.50 0.50 0.50 0.50 0.50 2.52 0.54 0.81 0.54 0.53 0.50 0.50 0.50 0.86

Quantity Traded 2,300,176 2,313,705 500 500 20,000 17,000 21,519,883 2,138,000 728,461 4,634,750 8,773,700 30,000 100,000 900 55,000 3,302,043 Page 45,934,618

Value Traded 1,838,671.06 2,658,208.75 250.00 250.00 10,000.00 8,500.00 10,759,941.50 5,503,464.00 380,919.72 3,748,693.50 4,423,212.48 15,500.00 50,000.00 450.00 27,500.00 5 2,839,856.06 of 15 32,265,417.07

No. of Deals 8 8

Current Price 0.98

Quantity Traded Page 261,617 261,617

Traded15 6Value of 255,738.32 255,738.32

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR Daily Summary NASCON UTC

CONSUMER GOODS Food Products--Diversified Published by The NigerianNIGERIA Stock Exchange © CADBURY PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

CONSUMER GOODS Totals

Daily Summary as of 11/07/2014 FINANCIAL SERVICES Printed 11/07/2014 Banking14:46:02.002

ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED Daily Summary as of 11/07/2014 FIDELITY BANK PLC Printed 11/07/2014 14:46:02.002 GUARANTY TRUST BANK PLC. SKYE BANK PLC Activity Summary on Board EQTY STERLING BANK PLC.

621 Symbol ACCESS DIAMONDBNK ETI Daily Summary FIDELITYBK GUARANTY SKYEBANK STERLNBANK

FINANCIAL SERVICES

Published by The Nigerian Stock Exchange © Banking

UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC.

Activity Summary on Board EQTY

FINANCIAL SERVICES Banking UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC EQUITY ASSURANCE PLC. GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE Daily Summary as of 11/07/2014 CO (NIG) PLC. NIGER INSURANCE CO. PLC. Printed 11/07/2014 14:46:02.002 PRESTIGE ASSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC STANDARD TRUST ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC © Published by The Nigerian Stock Exchange Insurance Carriers, Brokers and Services Totals

Daily Summary (Equities) Symbol UBA UBN

Symbol UNITYBNK WEMABANK ZENITHBANK Symbol AIICO CONTINSURE EQUITYASUR GUINEAINS INTENEGINS LASACO LAWUNION MANSARD MBENEFIT NEM NIGERINS PRESTIGE SOVRENINS STACO UNIVINSURE Daily Summary WAPIC

Activity Summary on Board EQTY

FINANCIAL SERVICES Micro-Finance BanksExchange © Published by The Nigerian Stock NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

No. of Deals 138 59 27 (Equities) 100 257 116 241

Symbol NPFMCRFBK

467,421 627,958

8,492,593 551,470

Current Price 1.61 0.50

Quantity Traded 45,400 5,000 50,400

Value Traded 73,172.00 2,500.00 75,672.00

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Symbol AFRIPRUD CUSTODYINS DEAPCAP FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 94 34 1 384 71 7 15 79 685

Current Price 3.39 3.71 0.91 16.23 4.15 0.54 27.05 2.17

Quantity Traded 5,247,143 4,519,582 20 71,757,576 6,303,787 134,553 62,711 4,452,765 92,478,137

Value Traded 17,515,939.09 17,009,499.72 17.40 1,160,693,484.74 25,876,958.60 72,398.62 1,710,771.83 9,820,779.55 1,232,699,849.55

237,672,222

1,919,878,210.45

Quantity Traded 200 200

Value Traded 100.00 100.00

FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC Healthcare Providers Totals Published by The Nigerian Stock Exchange ©

2,425 Symbol UNIONDAC

No. of Deals 1 1

Current Price 0.50

Page

7

of

No. of Deals 8 14 14 16 16 2 70

Current Price 2.31 3.00 69.00 1.77 1.21 1.50

Quantity Traded 250,572 570,800 542,126 146,340 599,295 48,222 2,157,355

Value Traded 580,021.32 1,703,192.89 37,383,734.45 253,297.65 728,029.20 75,708.54 40,723,984.05

2,157,655

40,724,266.05

72 Symbol COURTVILLE

No. of Deals 6 6

Current Price 0.56

Quantity Traded 178,000 178,000

Value Traded 100,680.00 100,680.00

Symbol CWG

No. of Deals 1

Current Price 5.00

Quantity Traded 200

Value Traded 950.00

Symbol TRIPPLEG

No. of Deals 1 2

Current Price 1.97

Quantity Traded 25,449 25,649

Value Traded 47,844.12 48,794.12

Symbol MTI

No. of Deals 2

Current Price 0.50

Page Quantity Traded 5,000,000

Daily Summary (Equities)

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM DNMEYER PORTPAINT WAPCO

8Value Traded of 15 2,500,000.00

2

5,000,000

10

5,203,649

2,500,000.00 2,649,474.12 Value Traded 40,901,255.36 312,366.61 11,698,485.30 4,135,123.55 176,460,436.69 11,088.00 2,329,979.70 40,802,121.03 276,650,856.24

Symbol AUSTINLAZ CUTIX

No. of Deals 1 10

Current Price 2.00 1.80

Quantity Traded 100 238,000

Value Traded 190.00 437,695.10

Symbol

No. of Deals 11

Current Price

Quantity Traded Page 238,100

9Value Traded of 15

Packaging/Containers AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. Packaging/Containers Totals

Symbol AVONCROWN BETAGLAS

No. of Deals 1 5 6

Current Price 1.69 16.30

Quantity Traded 900 19,878 20,778

Value Traded 1,521.00 327,334.80 328,855.80

Tools and Machinery NIGERIAN ROPES PLC Tools and Machinery Totals

Symbol NIGROPES

No. of Deals 1 1

Current Price 7.46

Quantity Traded 500 500

Value Traded 3,545.00 3,545.00

3,780,687

277,421,142.14

Daily Summary (Equities)

250

437,885.10

Symbol BOCGAS

No. of Deals 2 2

Current Price 5.76

Quantity Traded 12,000 12,000

Value Traded 67,200.00 67,200.00

Symbol

No. of Deals 1 1

Current Price 0.79

Quantity Traded 1,000 1,000

Value Traded 760.00 760.00

13,000

67,960.00

Symbol JAPAULOIL

No. of Deals 64 64

Current Price 0.57

Quantity Traded 5,912,533 5,912,533

Value Traded 3,325,669.21 3,325,669.21

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

Symbol OANDO

No. of Deals 543 543

Current Price 27.99

Quantity Traded 10,127,457 10,127,457

Value Traded 283,702,390.61 283,702,390.61

Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 54 28 204 24 37 14 361

Current Price 65.60 4.45 234.06 135.00 63.18 171.05

Quantity Traded 216,114 169,890 679,664 41,851 55,379 23,352 1,186,250

Value Traded 14,184,540.27 754,985.56 161,007,266.19 5,652,750.67 3,331,252.29 4,046,517.10 188,977,312.08

Symbol SEPLAT

No. of Deals 12 12

Current Price 702.00

Quantity Traded 16,593 16,593

Value Traded 11,294,613.50 11,294,613.50

Paper/Forest Products THOMAS WYATT NIG. PLC. Paper/Forest Products Totals

THOMASWY Daily Summary (Equities)

Activity Summary on Board NATURAL RESOURCES TotalsEQTY OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

Published by The Nigerian Stock Exchange ©

Daily Summary as of 11/07/2014 Exploration and Production Printed 11/07/2014 14:46:02.002 SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

Exploration and Production Totals

OIL AND GAS Totals

3

Page

of

17,242,833

487,299,985.40

No. of Deals 1

Current Price 3.15

Quantity Traded 110

Value Traded 330.00

Symbol

No. of Deals 1

Current Price

Quantity Traded Page 110

Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Symbol RTBRISCOE

No. of Deals 24 24

Current Price 1.14

Quantity Traded 295,605 295,605

Value Traded 341,779.69 341,779.69

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

Symbol REDSTAREX TRANSEXPR

No. of Deals 42 1 43

Current Price 4.85 1.97

Quantity Traded 1,127,693 4,000 1,131,693

Value Traded 5,495,165.66 8,240.00 5,503,405.66

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Symbol CILEASING

No. of Deals 3 3

Current Price 0.50

Quantity Traded 82,000 82,000

Value Traded 41,000.00 41,000.00

Hospitality

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 500 500

Value Traded 250.00 250.00

Symbol IKEJAHOTEL

No. of Deals 4 4

Current Price 0.76

Quantity Traded 599,138 599,138

Value Traded 475,564.88 475,564.88

Symbol DAARCOMM

No. of Deals 2

Current Price 0.50

Quantity Traded 4,500

Value Traded 2,250.00

Symbol

No. of Deals 2

Current Price

Quantity Traded Page 4,500

Symbol ACADEMY LEARNAFRCA UPL

No. of Deals 1 8 19 28

Current Price 1.71 1.66 4.23

Quantity Traded 1,142 843,759 285,754 1,130,655

Value Traded 1,861.46 1,414,714.54 1,233,354.75 2,649,930.75

Symbol ABCTRANS

No. of Deals 15 15

Current Price 0.90

Quantity Traded 2,921,900 2,921,900

Value Traded 2,628,532.00 2,628,532.00

Symbol

No. of Deals 9 39 48

Current Price 2.23 4.99

Quantity Traded 178,750 1,033,189 1,211,939

Value Traded 398,612.50 5,151,050.21 5,549,662.71

Symbol

No. of Deals

Current Price

Quantity Traded

Value Traded

Symbol CAVERTON

No. of Deals 17 17

Current Price 6.47

Quantity Traded 319,283 319,283

Value Traded 2,068,726.79 2,068,726.79

SERVICES Apparel Retailers Published by The Nigerian Stock Exchange © Apparel Retailers Totals

TANTALIZERS PLC Daily Summary as of 11/07/2014 Hospitality Totals Printed 11/07/2014 14:46:02.002 Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals Media/Entertainment

Activity Summary on Board EQTY DAAR COMMUNICATIONS PLC SERVICES Media/Entertainment Published by The Nigerian Stock Exchange © Media/Entertainment Totals Printing/Publishing ACADEMY PRESS PLC. LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Daily Summary as of 11/07/2014 Road Transportation Printed 11/07/2014 14:46:02.002

ASSOCIATED BUS COMPANY PLC Road Transportation Totals

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

Activity Summary on Board EQTY Support and Logistics

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

Daily Summary (Equities)

Daily Summary (Equities)

AIRSERVICE Daily Summary (Equities) NAHCO

SERVICES Totals

Daily Summary (Equities)

15

Value Traded 11 of 15 330.00

Value Traded 12 of 15 2,250.00

186

7,697,323

5,220

328,364,773

3,855,378,405.47

Quantity Traded 56,500 56,500

Value Traded 75,710.00 75,710.00

Page

Published by The Nigerian Stock Exchange ©

EQTY Board Totals

980

10

Symbol LENNARDS

SERVICES Apparel Retailers Activity Summary on Board EQTY LENNARDS (NIG) PLC.

66,592,047.37 5,321,710.50

No. of Deals 6 2 8

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

Quantity Traded 1,268,771 36,241 296,633 361,176 733,245 8,400 452,940 363,903 3,521,309

NATURAL RESOURCES Chemicals Daily Summary as of 11/07/2014 B.O.C.14:46:02.002 GASES PLC. Printed 11/07/2014 Chemicals Totals

4Value Traded of 15

Symbol INFINITY RESORTSAL

Value Traded 182.00 182.00

INDUSTRIAL GOODS Totals

Value Traded 311,631,480.86 of 15 519,396,163.84 531,027,644.70

Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC Mortgage Carriers, Brokers and Services Totals

Quantity Traded 100 100

Current Price 32.55 9.00 39.00 11.40 241.00 1.26 5.13 112.03

Electronic and Electrical Products Totals

Symbol

Current Price 1.91

No. of Deals 51 9 29 34 45 4 17 43 232

INDUSTRIAL GOODS

Automobiles/Auto Parts Automobiles/Auto Parts Totals

Food as Products Daily Summary of 11/07/2014 DANGOTE FLOUR MILLS PLC Printed 11/07/2014 14:46:02.002 DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC U T C NIG. PLC. FoodSummary Products Totals Activity on Board EQTY

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC Daily Summary as of 11/07/2014 DANGOTE CEMENT PLC Printed 11/07/2014 14:46:02.002 DN MEYER PLC. PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

Electronic andStock Electrical Products Published by The Nigerian Exchange ©

Value Traded 6,750.00 2

No. of Deals 1 1

ICT Totals

Electronic and Electrical Products AUSTIN LAZ &on COMPANY PLC Activity Summary Board EQTY CUTIX PLC.

Daily Summary (Equities)

DNSummary TYRE & RUBBER PLCEQTY Activity on Board

Services© Published byTelecommunications The Nigerian Stock Exchange MASS TELECOMMUNICATION INNOVATIONS NIGERIA PLC Telecommunications Services Totals

Symbol MORISON

19,261,432.48 13

of

15

Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

No. of Deals 2 2

Current Price 1.34

Daily Summary as ofGOODS 11/07/2014 CONSUMER Totals Printed 11/07/2014 14:46:02.002

2

56,500

75,710.00

ASeM Board Totals

2

56,500

75,710.00

5,222

328,421,273

3,855,454,115.47

Equity Activity Totals

Exchange Traded Fund

Name VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals

Published byBoard The Nigerian ETF TotalsStock Exchange ©

ETP Activity Totals 15

Symbol MCNICHOLS

Daily Summary (ETP) Symbol VETGRIF30

No. of Deals 5 5

Current Price 19.49

Quantity Traded 125,000 125,000

5

Page 125,000

5

125,000

Value Traded 2,435,350.00 2,435,350.00

14 of 15 2,435,350.00

2,435,350.00

business | MONEYLINE 41

Sanctity of Truth

Monday, July 14, 2014

Sterling Bank begins ATM activation nationwide

ENRICHING LIVES The initiative would encourage card users to transact with their cards Godson Ikoro

S

terling Bank Plc has commenced a four-week nationwide Automated Teller Machine (ATM) activation at selected (Sterling Bank) ATM locations.

This laudable initiative, according to a statement from the bank, is geared towards deepening the use of ATM as alternative channel for banking transactions in Nigeria.

The locations for the fourweek programme are Lagos (Adeola Odeku, Demurin, Surulere and Ikorodu), which is currently running, South-West (Ilorin and Ibadan), North (Abuja and Kano/Kaduna), East (Onitsha) and South-South (Port Harcourt).

In addition to using the platform to encourage the use of ATMs in Nigeria in line with the cashless economy policy of the Central Bank of Nigeria (CBN), Sterling Bank will offer what it term Sterling Exclusive offerings to the customers who use the ATM points within this period. Some of the gift items and services on offer, according to the statement, include make-overs, photography sessions, saloon services, spa /relaxation services, fashion incentives, exotic car rides, drinks and one on one engagement with celebrities.

The ATM activation, accord-

ing to the Bank’s Group Head, Strategy & Communications Mr. Shina Atilola, will further communicate in practical terms, the One-Customer proposition, which will help strengthen the Bank’s bond with existing customers and also develop an emotional connection with non-customers.

He said: “As a responsible financial institution, Sterling Bank is committed to projects that would enrich the lives of

its customers and at the same time support the laudable initiatives and policies of the CBN, particularly the cashless policy.

This initiative will encourage card users to actually transact with their cards while those yet to obtain theirs will have no reason not to obtain theirs”.

As the promoter of this initiative, Atilola said that the ATM activation would further deepen brand awareness and street visibility, adding that the

N

Interbank rates climb on forex, treasury bill purchases

igerian interbank lending rates climbed slightly to an average of 10.50 per cent last week compared with 10.25 per cent penultimate week as liquidity gradually decreased on funding for treasury bills and foreign exchange purchases.

Traders, according to Reuters, said system glitches at the Central Bank of Nigeria (CBN), which disabled access to banks' credit balances, also impacted transactions on the interbank market in the last two days.

"We have been trading blindly because of issues with (the) system whereby we could not access our credit balance with the central bank," one dealer said.

The cash balance held by banks at the CBN was N454 billion ($2.8 billion) last Friday, but banks expected the posi-

tion to have dropped because of payments for treasury bills and foreign exchange transactions.

The open buy-back (OBB) rate climbed 25 basis points to 10.50 per cent, 1.50 percentage points below the central bank's benchmark interest rate of 12 per cent.

The overnight placement rate similarly rose to 10.50 per cent from 10.25 per cent last week.

Traders said rates could climb further next week as a state-owned energy company Nigeria National Petroleum

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

N14,737,618.7m N16,509,472.5m 8 0.0000 12 10.899 7.96 17.01 US$109.9 US$42,604,781,796.6

Description

TTM

4.00% 23-Apr-2015 13.05% 16-Aug-2016 15.10% 27-Apr-2017 16.00% 29-Jun-2019 16.39% 27-Jan-2022 10.00% 23-Jul-2030

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

Dec, 2013 Dec, 2013 Dec, 2013 2/5/2014 1/20/2014 11/6/2013 Dec, 2013 Dec, 2013 1/20/2014 2/5/2014 Source:CBN

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

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

Bid 12.10 12.10 12.05

FX

Bid Spot ($/N) 163.28 THE FIXINGS –NIBOR,NITTY and NIFEX of February 6,2014

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

ATM activation will convert the Bank’s share of awareness to actual affinity with customers.

While speaking on the modalities for the activation, Atilola explained that customers who carry out transactions on Sterling Bank’s ATMs will be prompted to experience the One-Customer treatment based on their choice from the list of gifts and activities on offer. With this initiative, he said that the Bank would create a conducive

Corporation (NNPC) prepares to recall a portion of its deposits with lenders to its account with the central bank.

NNPC, which accounts for the bulk of foreign exchange traded on the interbank mar-

environment to interact directly with users of these channels. At the end of the experience, these individuals, according to him, will have a better understanding of the “One-Customer” proposition.

He expressed optimism that customers involved in the activation will become advocates of Sterling Bank who will generate positive ‘word-of-mouth’ about the bank, hence becoming brand ambassadors.

ket, sold about $200 million to some lenders last week with the naira proceeds from the forex sales expected to be withdrawn from the banking system to its accounts with the apex bank.

Union Bank cards now accepted on PayPal

U

nion Bank of Nigeria Plc’s card offerings, Visa and MasterCard are now accepted on the PayPal platform, a statement from the lender has said.

PayPal is an international e-commerce platform that facilitates online payments and money transfers to over 190 countries. It is one of the fastest and safest ways of paying and getting paid online.

The platform, also allows users send money and make payments without sharing financial information, now includes the flexibility to pay using Union Bank Visa and MasterCard.

Mr. Fatai Baruwa, Head of eBusiness, Union Bank said: “We are glad that PayPal has extended its services to Nigeria. With the push towards a more cashless society in Nigeria, and the growth and increased awareness of online shopping on local

and international sites, Union Bank customers now have another safe and secure payment option to enable them conclude their online transactions.”

The Union Bank MasterCard according to the statement, is accepted worldwide and can be used to pay for goods and services at 32.7million merchant locations worldwide. The Union Bank Visa Card, issued in both Naira and US Dollars is also accepted worldwide.

Union Bank said it has been upgrading its use of technology across all banking platforms.

“The bank earlier announced that it will be rolling out its Bank of the Future branches, which will rely on technology and innovation to simplify the banking experience for customers. The bank is also doubling its ATM footprint and enhancing its mobile banking platforms,” the statement added.

Insurance firms' liquidation: NDIC clarifies position he Nigeria Deposit Insur- were sequel to the public hearTneither ance Corporation (NDIC) is ing held last by the House of seeking powers to liq- Representatives Committee on uidate insurance companies nor terminate any insurance firms’ licence, the Corporation has said.

In a statement, the NDIC said that the misrepresentations were published in some national dailies (not New Telegraph) last Wednesday with the captions: "CBN rejects moves to empower NDIC to liquidate Insurance Companies", " CBN faults proposed NDIC powers to liquidate insurance companies’’ and "CBN challenges NDIC over insurance companies liquidation’’ among others. The erroneous publications

Banking and Currency.

But the NDIC said: “As a deposit insurer and liquidator of insured deposit taking financial institutions, the liquidation of insurance companies does not fall under the purview of the Corporation.

"The Corporation wishes to make it categorically clear that its proposed amendments bill which is before the National Assembly does not seek for powers to liquidate insurance companies or terminate the insurance firm’s licenses as erroneously published in the national dailies."

42 business |INTERVIEW

Sanctity of Truth

Monday, July 14, 2014

‘SMEs are economic Mr Ik Mbagwu is the Executive Director of Fidelity Bank Plc responsible for Lagos and South West Commercial and Consumer Bank, Corporate Treasury, Managed SMEs and Retail Banking. He parades a deep-rooted and versatile experience from audit, taxation, accounting, consulting and information technology. A development economist and certified trainer, Mbagwu's passion for the development of SMEs is palpable. He spoke to Godson Ikoro on various exploits of Fidelity Bank and the economy. Excerpts How would you assess the performance of the economy in the last two years and how did Fidelity Bank fare in them?

The economy has done fairly well if we bear in mind the kind of challenges that had been faced by banks in the environment. Clearly, the Nigerian economy is one that is based on oil export. A lot of activities are centred on the oil industry, either upstream or downstream and the services area.

If you take growth, for instance, our growth has been around six or seven per cent over the last two years. That is not a bad result, if you consider that the strongest economies in the world like China, India, and Brazil, among others, are in that same range. Many of them had dropped from the 10-12 per cent, to somewhere around seven to eight per cent. So, on that basis, the Nigeria economy has fared reasonably well. Perhaps, it has not fared well in certain areas like employment and power generation; those are the areas that need improvement.

The economy has fared reasonably well. Power is something that had been on the reform block for some time, so we have to fast-track its conclusion because a lot of things depend on power.

So, how did Fidelity Bank fare?

Mbagwu

Mbagwu

I will say 2012 was a very good year. But 2013 was not so good. Year 2013 was affected particularly by the increase in the cash reserve ratio, AMCON’s drawback, and the uncertainty in the economy itself. After the cash reserve ratio and public sector funds ratio were increased in August last year, it became very challenging.

Despite that, Fidelity Bank did reasonably well.

We are already in the second quarter, how did the bank fare during the period?

The second quarter will end at the end of this month. The first quarter has come and gone, but you know those issues of budget and how it will affect the economy preoccupied people’s mind. That is what usually happens in Nigeria. The first quarter of every year is taken up by budget process and approval. And a lot of people pay attention to it before they make big capital outlays or begin capitalintensive projects.

But as you enter into the second quarter, you begin to see changes; you begin to get the momentum. A lot of things planned for 2013 will begin to pick up steam, now. Our retail strategy, our SME programmes and quite a number of such initiatives, are just

business |INTERVIEW 43

Sanctity of Truth

Monday, July 14, 2014

bedrock of any economy’ BIODATA Previous Positions: ED, Fidelity Bank Plc, responsible for Lagos and South West Commercial and Consumer Bank, Corporate Treasury, Managed SMEs and Retail Banking Qualification: Certified Trainer, Certified Trainer (IFC), Corporate Governance, Board Leadership Training; Advanced Management Program (AMP), Lagos Business School, Pan African University; MA, (Hons) in Development Economics, Reading University, Berkshire, England; B.A (Honours) Geography Economics, Middlesex University, London, England Work Experience: ED, Shared services

ED/ Group Financial Adviser, JKPEEZ GROUP (OIL & GAS),

ED, Operations and Technology, Citizens International Bank Limited,

GM, Oversight and Administration, Fidelity Bank

AGM, Bank’s Corporate Banking Division, Fidelity Bank

Senior Manager, Corporate Finance, Nigerian American Merchant Bank Limited,

Senior Tax Manager, Arthur Andersen & Co. Years of Experience: 30

beginning to pick up steam. I think 2014 will certainly be better than 2013.

How much better? We wait and see.

What would you call the unique selling points of Fidelity Bank and why should a customer switch his loyalty to you?

I think, to answer this question, you can look at it from two levels. One is intangible, the other one is tangible and, of course, a lot of customers like to deal in tangibles.

The intangible is that the bank as an institution has a culture and that culture is one of high ethical standards. I think we encapsulated it when we say we are Fidelity, we keep our word.

Everybody has heard that and we try as much as possible to do that. On the other, we also have a very stable management. In this bank, we have had three Managing Directors before the current one from 1988-2014, three MD/CEO’s, that has brought stability.

It has also created a value. We have been very consistent. We are not the

If you take growth, for instance, our growth has been around six or seven per cent over the last two years. That is not a bad result, if you consider that the strongest economies in the world like China, India, and Brazil, among others, are in that same range.

Many of them had dropped from the 10-12 per cent, to somewhere around seven to eight per cent

Mbagwu

basis of SMEs. About 70 per cent of people in Nigeria are actually engaged in SMEs – they are either employed by SMEs, or they are engaged in activities which can be classified as SME. Also, we have over a million SMEs. The Federal Ministry of Commerce, Investment and Industry would tell you that the preponderance of businesses in Nigeria are SMEs. So, it is only logical to focus on SMEs.

Mbagwu

largest bank, but we are one of the strongest, stable and one of the most liquid. We have always, had our liquidity ratios well above the regulatory minimum. We have always had our capital adequacy well above the regulatory minimum. After the recent stress test, our capital adequacy was found to be one of the highest in the industry. So, in terms of tangibles, those are the things the customer wants to see.

The other side of thing tangibles is the service you rendered. We are rated the top six or so in the industry. In terms of tangibles, that is really one way of measuring why people should come to

Fidelity Bank that is a very good measure why people should come to us.

The KPMG report rated you fifth in SME, sixth in retail banking and seventh in corporate and commercial banking?

Yes, because of the work we did recently on SME. It is part of our strategy to focus on SME, and the real sector.

Why SMEs? That, of course, is a question that we can easily answer. SMEs as you know are the economic bedrock of any economy. Every economy in the world that had ever grown grew on the

Fidelity Bank cannot outperform its rivals if it does business the same way they do, how do you re-conceive your own profit drivers to boost your numbers?

Let me say something about banking. Ultimately, banking is a service industry that is one. Two, as banks, we are all selling the same thing. We are selling loans and advances, we are selling trade services. You can call them any name, but they are all the same thing.

The real deal or real differentiating factor is the quality of the service that you offer. But if, like you said, we reduce price and everybody does that, it is price competition. Price competition kills everybody, nobody wins, but if you compete on service, everybody wins. Our own competition is based on a differentiated product and I will explain what I mean by that for different sectors.

How are we competing in SMEs? We are competing not just by reducing interest rate or offering them more money. What we have said to our SME customers is that we are going to support you totally to grow. We are going to look at the way you do business, we are going to support you to improve your financial performance, support you by even teaching you how to manage your finances.

44 business |GLOBAL NEWS

Sanctity of Truth

Monday, July 14, 2014

Portuguese bank reveals exposure

B

anco Espirito Santo SA sought to reassure investors by revealing its exposure to related companies after a missed payment on short-term debt by a member of the Portuguese group roiled global markets.

The nation’s second-biggest bank by market value said it had 1.18 billion euros ($1.6 billion) of loans, securities and other items linked to Grupo Espirito Santo as of June 30, according to a filing. The lender also said that it has a buffer of 2.1 billion euros above the regulatory minimum following a capital increase in June.

The bank provided the update after a parent company,

Espirito Santo International missed payments on commercial paper. While the nation’s central bank sought to reassure markets that the lender’s solvency is “solid,” the lack of transparency in the corporate structure jolted investors. European stocks and Portuguese bonds rebounded today after a selloff yesterday.

“Banco Espirito Santo’s executive committee believes that the potential losses resulting from the exposure to Grupo Espirito Santo do not compromise the compliance with the regulatory capital requirements,” the Lisbon-based bank said. “Banco Espirito Santo is committed not to increase its total exposure to

Espirito Santo Group.”

The bank’s bonds pared losses, with its 7.125 per cent subordinated notes climbing 1.63 cents on the euro to 87.52 cents, to yield 8.85 per cent. The securities dropped to a record low of 85.89 cents yesterday from 96.06 cents last week.

The stock fell 1.96 per cent to 49.9 euro cents at 2:30 p.m. in Lisbon. The shares resumed trading at 11:30 a.m. after being suspended on Thursday following a 17 per cent decline. Portugal’s regulator banned short selling of Banco Espirito Santo shares until the end of Friday.

“It’s good that we have a little bit more clarity in terms of BES exposure to the group,” said

Steve Hussey, a London-based financial institutions analyst at AllianceBernstein Ltd., which manages about $445 billion, including bonds of Banco Espirito Santo. “The main thing is to get greater clarity of the financial position at the group level and plans for restructuring and potential recovery values.”

Portugal’s Espirito Santo family has controlled the bank for most of the lender’s 94-year history. It began loosening its grip on management last month when it raised 1.04 billion euros in a rights offering to shore up capital.

Chief Executive Officer Ricardo Salgado, the 70-year-old great-grandson of the bank’s founder, is being replaced. Vitor

Bento, chairman of paymentprocessing company SIBS SA, is being proposed for the role, after Chief Financial Officer Amilcar Morais Pires’s name was withdrawn. Shareholders will vote on the management change on July 31.

Choosing a CEO from outside the family is a milestone for the bank. The Espirito Santo family lost control of their bank only when it was seized by a revolutionary government in 1975, regaining it 16 years later.

The financial crisis took its toll on Banco Espirito Santo, which hasn’t paid shareholder dividends for three years and posted a 517.6 million-euro loss last year.

Yen rises versus most majors on European Bank stress

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Portugal's central bank sought to steady investors' nerves by stating that Banco Espirito Santo does not need extra funds

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ussia agreed to write off 90 per cent, or almost $32 billion, of Cuba’s Soviet-era debt as President Vladimir Putin arrived on the Caribbean island for meetings with President Raul Castro and his brother Fidel.

The agreement was signed into law by Putin hours before he landed in Cuba, 90 miles (145 kilometers) from Florida. The accord was passed by the lower house of parliament on July 4 and approved by the upper chamber two days ago. In 2010, Cuba and North Korea together accounted for more than half of all foreign assets claimed by the Russian government.

With Russia mired in a standoff over Ukraine, Putin is kicking off a six-day tour of Latin America by offering joint ventures and throwing a lifeline to former Cold War ally Cuba, where economic growth has ground to a halt. In March, Cuba became one of 11 countries in the 193-member United Nations General Assembly to reject a USbacked resolution declaring invalid Crimea’s referendum to secede from Ukraine.

“Cuba is one of Russia’s leading partners in the region” with which “we closely coordinate our foreign policy,” Putin said in an interview with Itar-Tass and Prensa Latina yesterday.

While “our bilateral trade has slowed somewhat in the 1990s,” Russia is “ready to make up this lost ground.”

Russia has been accused

by Ukraine of stoking a threemonth rebellion by pro-Moscow

Russia writes off Cuba debt as Putin meets Castros rebels in the east of the country after its annexation of Crimea in March. Fellow ex-Soviet republics Ukraine, Moldova and Georgia signed association agreements with the European Union last month, choosing closer ties with the 28-nation bloc in the face of possible economic measures from Russia.

Putin, who will also visit Argentina and Brazil in the coming days, plans to meet Cuba’s Castro brothers today in Havana. His trip is the second by a high-profile Russian official after Prime Minister Dmitry Medvedev was in Cuba last year.

Having outlasted 10 US presidents so far, the Castros are approaching their 90s. Raul Castro, 83, has vowed to step down after his term ends in 2018, while 87-year-old Fidel Castro is seldom seen in public anymore.

Raul Castro has worked to diversify Cuba’s economy as its ally and benefactor Venezuela struggles with a faltering economy and anti-government protests. Cuba received about 90,000 barrels a day of subsidised oil from Venezuela in 2013, according to state-owned oil company Petroleos de Venezuela SA. Under the terms of its agreement with Russia, Cuba will pay back the $3.5 billion remainder

of its debt during a 10-year period, transferring money to a special account opened by Russian state development lender Vnesheconombank, known as VEB, at the National Bank of Cuba. VEB plans to use the funds for projects in Cuba.

Two years ago, Russia struck a similar agreement with North Korea, writing off 90 per cent of its $11 billion debt that dated back to the Soviet period. The remaining 10 per cent will be settled via joint projects in health care, education and energy, according to the Russian Finance Ministry.

During Putin’s visit, state oil producers OAO Rosneft (ROSN) and OAO Zarubezhneft plan to sign an agreement with Cuban company Cupet SA to carry out joint operations in Cuba’s offshore areas. Russian companies are also interested in work at the Mariel special economic zone near Havana, according to Putin.

Russia is the latest suitor drawn to Cuba. Brazilian construction company Odebrecht SA is upgrading the port at Mariel, China’s Xinjiang Goldwind Science & Technology Co. (2208) is building 34 wind turbines for the government and the European Union is in talks over a political accord with the Castro government.

he yen rose against most of its 31 major peers as concern stress in Portugal’s banking sector may spread through the euro area prompted demand for safer assets.

The dollar was poised for its biggest weekly loss versus the Japanese currency since April after minutes of the Federal Reserve’s June meeting failed to provide additional insight on the pace of rate increases. The Canadian dollar slumped after employment unexpectedly fell last month. South Korea’s won slid for a sixth day amid speculation the central bank will cut interest rates.

“Portugal is the latest thing to worry about, but it’s not big enough to really shake the market too bad,” Chris Gaffney, senior market strategist at EverBank Wealth Management in St. Louis, said in a phone interview. “Investors will look to the yen as safe haven.”

The yen was little changed at 101.34 against the dollar at 1:54 p.m. in New York, having gained 0.7 per cent this week, the most since the period ended April 11. The Japanese currency was steady at 137.86 per euro after appreciating to 137.50 on Thursday, the strongest since February 6. The dollar traded at 1.3606 per euro.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, rose 0.1 per cent to 1,007.01, wiping out a weekly decline.

The Canadian dollar fell 0.8 per cent to C$1.0731 per US dollar after official data showed employment fell by 9,400 and the jobless rate rose to 7.1 per cent from 7.0 per cent. Twenty economists surveyed by Bloomberg News projected a 20,000 job increase and no change in the unemployment rate, according to the median forecasts.

BMWs made in America surge as biggest auto export

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n South Carolina’s Blue Ridge foothills, the Hans & Franz Biergarten serves Wiener Schnitzel, German spaetzle and a concoction of sauerkraut, cream cheese, bacon and corned beef rolled in bread crumbs and fried.

The Bavarian-themed eatery in Greenville, like the annual Oktoberfest in nearby Greer, are testament to the mark made by Bayerische Motoren Werke AG (BMW) in the area since the manufacturer started auto assembly there 20 years ago on Friday.

The impact has gone both ways. The factory in Spartanburg, a 10-minute drive from Hans & Franz, is integral to BMW’s efforts to protect profit margins and keep ahead of German luxury-car rivals Audi and Mercedes-Benz. The only auto plant in the rural state also serves as a model for the industry.

“The plant overcame qualms to show the world that good cars could be made at a reasonable cost in the

US,” said Erik Gordon, a professor at the University of Michigan’s Ross School of Business. “That led to a renaissance of carmaking, first in the southern states and then in Detroit itself.”

Pushed by spiraling energy costs and tightening labor rules in Germany, Munichbased BMW will have poured $7.3 billion into the site once the latest expansion is completed in two years. That investment, more than seven times the amount Volkswagen AG spent on a new plant in Tennessee, will mean more BMWs are made in South Carolina than anywhere else.

The factory, which will employ 8,800 people by 2016, is already the biggest exporter of US-made cars to markets outside North America, beating any facility run by General Motors Co. (GM), Ford Motor Co. (F) or Fiat SpA (F)’s Chrysler as well as the entire state of Michigan, the historic home of the American auto industry.

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action

Rep wants his colleagues to clean up the books of ancient laws Biodun Oyeleye Ilorin

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ederal House of Representatives Committee Chairman on Justice, Dr. Ahmad Alli, has charged his colleagues to rise to the challenge of repealing laws and provisions in the nation's legal books that are out of tune with the reality of contemporary era.

Alli, who was reacting to the record passage within two days of 10 bills which he sponsored, said many laws are obsolete but are still being respected by the courts since they have not been repealed.

The lawmaker who represents Ilorin East/ South in the lower chamber expressed delight for setting a national record at the National Assembly.

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Rep tasks members on repeal of obsolete laws He is the first individual to sponsor ten bills within two days.

The 10 bills were passed into laws between Tuesday June 8-9,2014 include Maintenance Orders Act (meant for registration of regional courts), the Loan Act, the Bill that will reflect the change in the name of the National Hospital Abuja as it is known today from its old name - National Hospital for women and children.

Others are Military-era laws that have become moribund like the Family Economic Advancement Programme Act, the Family Support Trust Fund Act, and the People’s Bank of Nigeria Act. Speaking with journalists in Ilorin, Kwara state, over the weekend Alli explained that the bills will be sent to the Senate for

The number of fixed-telephone subscriptions of Argentina in 2010.

Source: Itu.int

concurrence.

He said: "This is the first time in the history of the House of Representatives that ten bills sponsored by an individual would be passed into law within one week.

"Given the rigour that goes into bill passage, it is unusual that the House or Senate would pass ten bills in a week. And indeed it is unheard of before now in our legislative history as a nation that the National Assembly would pass those number of bills sponsored by an individual in one week.

If legislators continue to work hard in this fashion, our body of laws will become lively and reflective of the reality of our time.

"The foundation for this ground breaking exercise was laid in May 2013 when I brought to

2,297

The number of people in refugee-like situation in Bhutan at the beginning of 2010.

Source: Blatantworld.com

the notice of the House the continued existence of anachronistic laws in our statute books.

"Then, I particularly drew attention of my colleagues to the fact that the Supreme Court of Nigeria (Afrotec V. MIA) still held that the Sale of Goods Act of England 1893 was still applicable in Nigeria as late as year 2000.

"This is so, despite the fact that the 1893 Act has been repealed and re-enacted several times by the British Parliament. Having sought for the repeal and remodeling of the colonial-era Sale of Goods Act, I was urged by the Rt. Honourable Speaker, Hon. Aminu Tambuwal to work tirelessly and see that all such embarrassing statutes are expunged from our law books".

22%

The percentage of male population above 60 years old in Bulgaria in 2012.

Source: Un.org

Nigeria’s new Ambassador-at-Large, Alhaji Bamanga Tukur (middle) and members of the Strategic Team during their visit to Tukur in Abuja … at the weekend

Osun directs students to resume classes Adeolu Adeyemo Osogbo

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uthorities of the Osun State Polytechnic, Iree, have directed all students of the institution to resume classes today (Monday).

The Rector of the institution, Dr. Olusola Agboola, who made the announcement through the Media Relations Officer of the institution, Mr. Tope Abiola, stated that the students are urged to commence their registration upon payment of their tuition and other fees.

The release added

that all those running different programmes, full- time and part-time students are expected to be on the institution’s campus on Monday for completion of the registration they had started before the break.

The statement stressed that the First Semester Examinations for the 2013|2014 shall commence soon.

It, however, charged the students to pay all necessary fees within a week of resumption, threatening to sanction any student who refuses to comply with the directive.

However, the institution gave the directive following the suspension of the four months old strike embarked upon by the members of the nonteaching Staff of higher institutions in the state.

The suspension was announced by the Chairman of the Joint Negotiating Committee (JNC) for the Union, Comrade Olusoji Fasipe shortly after signing the agreement papers with which the state government met their demands at the Exco Chambers of the Governor's office.

While expressing optimism that the state

government will fulfill its promise to the union without further delay, Comrade Fasipe then directed all members of the union to resume at their respective duty posts today.

Speaking on behalf of the state government at the agreement signing, the Head of Service, Mr. Olayinka Owoeye expressed appreciation to the union leaders for their understanding and patriotism in resolving the industrial action amicably while assuring them of government's sincerity in the signing of the agreement.

PDP gets consensus candidate for Niger senatorial seat Dan Atori MINNA

ollowing the death of FKuta Senator Dahiru Awaisu (PDP-Niger East),

the Niger State chapter of the People’s Democratic Party (PDP) has announced the name of the former Deputy Governor of the state, Dr. Shem Nuhu Zagbayi as the consensus flag bearer of the party in the upcoming bye-election.

The Vice Chairman of the state PDP, Barrister Tanko Beji made the announcement yesterday shortly after the stakeholders meeting of PDP members from Niger East Senatorial district in Minna.

"Yesterday's meeting which produced Dr. Zagbayi as the consensus candidate was one among the fifth similar meetings held with a view at arriving at the decision for who should emerge as the consensus candidate for the party.

"We also looked at the laws, after looking at the laws we felt as a party we should come up with a position about the bye-election that will be conducted. We believed that the party should be ready for the election and wait for any announcement from Independent National Electoral Commission (INEC) not INEC to wait for us.

Aliyu condemns medical tourism Dan Atori MINNA

n a bid to curb the inIrians cessant traffic of Nigeon medical tourism

in foreign countries, the Niger State Government has entered into partnership with a private hospital in Abuja for referral treatments.

According to a press statement signed by the Chief Press Secretary to the Niger State Governor Mr. Israel Ebije, an advanced deposit of N15m has already been made to the Abuja based hospital to treat patients on referral.

The governor said the state entered into the partnership with Primus Hospital based in Abuja for referral treatments.

He further intimated that the amount deposited by the government will be periodically replenished.

“Niger state govern-

ment is interested in curbing the shameful traffic of Nigerians on medical tourism in foreign countries by directing attention to home based hospitals for referrals instead.

"The move will encourage Nigerians to rely on hospitals located within the country which will also encourage hospitals in the country to attain the status of those abroad. Though Primus is owned by Indians, it’s a positive step towards encouraging home based hospitals grow.

“Already the partnership between Niger state government and Primus hospital is yielding results as over 400 referral cases are presently looked into. Also successful knee, spine surgeries, dialysis have been carried out since the commencement of the partnership last month”, Ebije said.

Borno files N2bn libel suit he Borno State Govern- establishments or its ofTbillion ment has filed a two ficials pending the hearnaira libel suit ing and final determinaagainst its former Commissioner for Information, Mr. Inuwa Bwala and his Newspaper, National Trail.

The government said the Newspaper published reports that has grossly defamed the reputation of the Government, its officials in addition to attempts to unjustly incite the public against the Government to attract breach of public peace.

The Government is also seeking a court injunction restraining both Bwala and National trail either by themselves, agents, servants, privies or anybody acting on their behalf from further publishing any malicious publication against the Borno State Government, any of its

tion of the suit before the court.

Earlier, the government through its legal team had written to Mr. Bwala and his newspaper, demanding an apology to be published in the front page of subsequent edition of National Trail which must also be aired on the International network breakfast show of the African Independent Television (AIT).

AIT aired the libelous publication in its Newspaper’s headlines review of Monday, June 30, 2014 at about 8am.

They had also wanted the apology to appear in five other National Newspapers within seven days; failure of which the Government will file an action the claims.

46 NEWS denial

Erstwhile bosom friends in the Niger Delta become sworn enemies ahead of the 2015 general elections Dominic Adewole ASABA

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head of the 2015 general elections, Delta State Governor, Emmanuel Uduaghan, has disowned his Rivers State counterpart, Governor Rotimi Amaechi, for embarking on a conscripted political voyage.

Uduaghan, who early this year, during his New Year World Press Conference at the new Gover nment House, Asaba, vowed to “swim and sink” with the ruling Peoples Democratic Party (PDP), categorical-

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Sanctity of Truth

Uduaghan: I won't leave PDP ly disowned Governor Amaechi, maintaining that the governor is on his own.

According to Uduaghan, the PDP umbilical cord, which joined him and Amaechi, got shattered the moment the Rivers helmsman dumped the ruling party and declared for the All Progressives Congress (APC).

Speaking at his midyear briefing at the Government House, Asaba, at the weekend, Governor Uduaghan, who lamented how Governor Amaechi teamed up with APC leaders to truncate the transformational agenda of President Goodluck Jonathan, did not take Amaechi’s fra-

The percentage share of nuclear power of the world’s primary energy demand in 2005.

Source: Unesco.org

l Says, I have no business with APC ternity with APC flippantly.

He said: “Don’t ask me questions concerning Governor Amaechi.

We are not in the same political party. He is of the APC and I am in PDP. He is working for his party; I am working for my party. So, politically, I have no business with him. When 2015 comes, we shall know which party is more popular.”

He said the fact of how votes would be garnered for the ruling party’s presidential candidate and others has spoken for itself in the recent victory recorded by the party in Ekiti State.

According to him,

14%

The percentage of population under 15 years old in Bulgaria in 2012.

Source: Un.org

that the Governor-elect, Ayo Fayose, coasted to victory in such a keenly contested election and sent the incumbent, Dr. Kayode Fayemi packing, spoke volumes of what to expect in the forth-coming governorship elections in APCcontrolled states and the 2015 presidential election.

“PDP is still the number one party in Nigeria.

We are all witnesses to what happened in Ekiti State recently. Something like that will be replicated in Osun. We are taking them back one after the other. By the time we get to the Presidency, you will see

1.14m

The number of air travel passengers of Port Harcourt airport (domestic wing) in 2012.

Source: National Bureau of Statistics

that we are the leading party."

“Our lost sheep,” he continued; “Are all beginning to retrace their steps. In the forthcoming council polls in our state

Monday, July 14, 2014

here, I have not anointed anybody, because I am the governor of all the contestants. As much as possible, some aspirants are stepping down for the other in my party.”

Strike: NUJ urges FG to negotiate with doctors Sola Adeyemo Ibadan

yo State Council of the Onalists Nigeria Union of Jour(NUJ) has made a

passionate appeal to the Federal Government to immediately dialogue with the Nigerian Medical Association (NMA) and ensure that their demands are met so as stop putting the lives of the masses in danger.

The Oyo State council made the appeal at its monthly congress held at the Iyaganku Press Centre, Ibadan on Saturday, against the ongoing national strike embarked upon by medical practitioners.

The Congress also

made a passionate appeal to the Federal Government and all security agencies to expedite actions on the search for the missing Chibok girls, who have been held captive by their abductors for almost two and a half months.

It expressed great concern on the state of health of the girls in the wilderness and sympathized with their parents, while advocating adequate security to all in order to safeguard the lives and properties of the citizens.

The NUJ commended delegates at the on-going confab for the recommendation on the need to establish state police, but cautioned

Vote out politicians seeking second term in office, says cleric Babatope Okeowo Akure

f the Bishop of Church ICommunion), of Nigeria (Anglican Akoko

Diocese, Bishop Gabriel Akinbiyi, has his way, none of those seeking second term in office in the country will be given the mandate by the electorate.

Akinbiyi, who was delivering a sermon when the Publicity Secretary of Peoples Democratic ParL-R: Professor of Law, Bayero University, Kano, Auwalu Yadudu; Ogun State Governor, Ibikunle Amosun; co-lecturer, Imam Ismail Abdul-Lateef; ty (PDP) in Ondo State, Speaker, Ogun State House of Assembly, Suraj Ishola Adekumbi and Secretary-General, Supreme Council of Islamic Affairs, Prof. Isiaq Oloyede, during Chief Wale Ozogoro, was the special iftar (breaking of fast) in Abeokuta...yesterday. conferred with the title of ‘Youth Leader’ of the Appolonia Adeyemi Anglican Church in IsuaAkoko in Akoko South and Muritala Ayinla

F

ollowing the alarming increase in the number of cases and deaths occasioned by the outbreak of Ebola virus disease in some neighbouring West African countries, including Guinea, Liberia and Sierra Leone, the Lagos State Government has stressed the need for members of the public to observe and maintain high standard of personal and environmental hygiene at all times as part of the precautionary measures to prevent the outbreak of the disease in the state.

A statement issued yesterday by the Lagos State Ministry of Health and signed by its Public Relations Officer (PRO), Mr. Tunbosun Ogunbanwo, also listed those

Ebola: Lagos alerts public on preventive measures at the highest risk of the disease to include healthworkers and families or friends of an infected person, who could be infected in the course of feeding, holding and caring for them The statement quoted the Commissioner for Health in Lagos, Dr. Jide Idris as saying the measures to observe to reduce risk of Ebola include washing of hands often with soap and water, avoiding close contact with people who are sick and ensuring that objects used by the sick are de-contaminated and properly disposed are necessary in order

to reduce the risk of infection.

Similarly, the statement advised health workers to be at alert: wear personal protective equipment, observe universal basic precautions when attending to suspected or confirmed cases, and report same to their local government council area or the ministry of health immediately.

The commissioner for health noted that presently, there is no specific treatment for Ebola virus disease and stressed that infected persons will need to be admitted into the hospital for specialised care and treated in

isolation.

Hence, he said;“The Government of Lagos State in collaboration with Federal Ministry of Health is putting measures in place to prevent its entry and spread in the country. These measures include sensitisation of health workers, active search for cases of the disease and continuous sensitisation of the public.”

Ebola virus disease is caused by a virus which its natural reservoir of virus is not completely known, stressing that fruit bats have been considered to be the natural host of the virus.

East Local Government, said those seeking a second term in office are doing so with the intention to enrich themselves with public fund.

The Cleric, who said second term is no longer fashionable, especially in the Southwest geo-political zone, said Nigerians should learn from Ekiti State when the Governor, Dr Kayode Fayemi, was denied a second term in office by the people.

According to him, most of the people who got second term in office only use it to defraud the people, as there is no meaningful development that takes place in the second tenure.

NLC bemoans Aturu's death Yekeen Nurudeen Abuja

he Nigerian Labour Tscribed Congress (NLC) has dethe death of Lagos

based lawyer and human rights activist, Bamidele Aturu, as a tragic blow to the Labour Movement in the country.

Aturu, until his death, was the NLC official lawyer.

NLC President, Comrade Abdulwahid Omar, in a statement issued in Abuja yesterday, said the labour body received the death of Aturu with utter shock and disbelief saying "this particular death is painful and a tragic blow to not only

the labour movement, but the entire working class movement".

According to the statement, Aturu, until his death, was not only the labour body's official lawyer, but also a very resourceful ally of the entire labour movement.

"He was a consistent comrade who committed his entire adult life to the struggle for a better society" said the statement.

NLC added that late Aturu worked with it on several projects including representing it at the National Labour Advisory Council, NLAC; as well as researches on trade union and workers rights.

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Monday, July 14, 2014

47

SDP best option for Osun electorate, says Akinwusi

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he governorship candidate of Social Democratic Party (SDP), Mr. Olusegun Akinwusi, at the weekend, said his party is the best choice for the electorate in the August 9 election. He said his party has a better programme for even development and quick economic recovery of the state.

Akinwusi, who met with members of Osun Youth Agenda (OYA) in Osogbo, said both the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) have outlived their usefulness and that a new political platform with a better programme can move the state forward.

L-R: Osun State Acting Chairman, All Progressives Congress (APC), Mr. Adelowo Adebiyi; Governor Rauf Aregbesola; Commissioner for Justice and Attorney General, Mr. Wale Afolabi; Senator Bayo Salami and Commissioner for Local Government and Chieftaincy Affairs, Kolapo Alimi, during the endorsement of Aregbesola for second term by former Local Government Chairmen under the auspices of the Association of Local Governments of Nigeria (ALGON) between 1999 and 2002 in Osogbo…at the weekend

APC imports fake police uniforms to rig election – PDP lWe don’t need that to defeat Omisore, says APC

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sun State chapter of the Peoples Democratic Party (PDP) yesterday accused the All Progressives Congress (APC) in the state of importing fake police uniforms to rig the August 9, governorship election.

The PDP said the ruling APC has imported over 10, 000 fake police uniforms and other accessories to perpetrate electoral fraud in the election.

PDP Director of Publicity and Strategy, Prince Diran Odeyemi, who raised the alarm in a statement made available to newsmen in Osogbo, said information available to the party has

it that the “remaining cadets of OYES scheme have already been arranged and designated into units and will be kitted in police uniforms to aid the fraud being planned by APC.” The statement added that; “This is contrary to the Memorandum of Understanding (MoU) between INEC and NYSC that only youth corps members would be deployed for electoral duties, OYES members are being recruited to perfect the rigging the APC plan to perpetrate on August 9.

But in a swift reaction yesterday, APC Director

‘Stop playing politics with Osun debt profile' Stories by Adeolu Adeyemo OSOGBO

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sun State-based human rights group, Centre for Human Rights and Social Justice (CHRSJ), has appealed to the government to come out and tell the people the total figure of the local debts owed by the state.

The group, which gave the government a seven-day ultimatum to do so or face its wrath, argued that the citizens are curious to know the state of their account.

Chairman of the group, Comrade Adeniyi Alimi Sulaiman, in a statement made available to newsmen in Osogbo yesterday, said failure to act on the request would be consequential as the government may be dragged to

court.

He cautioned the government and the Debt Management Office (DMO), Abuja, to stop playing politics with the debt profile of the state.

“Governor Aregbesola should be able to come out and tell the whole world the actual figure of the local debt of the state at this critical period that the government alleged that the Federal Government was reducing the allocation of the state.”

Sulaiman described the position of the DMO as misleading, evil and anti-people which gave the government the audacity to boast around that it has the capacity to borrow more, which was tantamount mortgaging the future of the state and children yet unborn.”

of Publicity, Kunle Oyatomin said: “If they are truthful to themselves, let them tell you and take the security agencies to the spot where the socalled policemen are being trained.

“We don’t need fake policemen. We only need people to beat Omisore silly. We make bold to say that we have more than enough army of people committed and dedicated to go to the 3, 010 polling units in the state and thump print the broom symbol of APC. No force can stop Aregbesola. He is ordained to win again.

“These people are interested in making noise.

We said a fortnight ago that they have brought in bales of army uniforms.

They have no response till today. When we say this is what they are doing, we know and they can’t contradict it. But all this can’t take them anywhere.”

However, the PDP said: “All moves by the ruling party lately are pointers to its desperation to avert the ‘impending defeat,’ querying the seeming nonchalant posture of the security agencies to several security breaches that have strong links to Aregbesola’s administration in the recent past despite overwhelming evidences.”

APC, PDP trade accusations sun State chapter Osives of the All ProgresCongress (APC)

and that of the Peoples Democratic Party (PDP) at the weekend, accused each other of planning to arrest one another two weeks before the commencement of the governorship election.

The two political parties, which made the accusations at different fora, vowed to resist the move they described as undemocratic.

As the Speaker of the House of Assembly, Hon. Najeem Salaam, told newsmen in his country home, Ejigbo, that already names of the APC members to be picked and whisked away to an unknown place had been compiled by the

PDP, while the party’s Director of Publicity and Strategy, Prince Diran Odeyemi, raised the alarm in a statement that APC had recruited men that would appear in fake police uniform to arrest the PDP members to an undisclosed destination.

The two, who maintained that they would not allow such to happen in their different political camps, called on concerned authorities to address the situation before it is too late.

They argued that, those planning to be arrested were the chieftains and notable members of their parties, who could add value to their electoral successes before and during the conduct of the exercise.

“Without doubt, APC has failed and PDP left the Government House in a hurry in 2010. Governance is not where PDP left it in 2010, it has moved beyond that and only technocrats can fix the decay in our system. SDP has what it takes to lead Osun State to a better height,” he said.

According to him, “Voting for the continuation of APC will be disastrous and voting for PDP will be a continuation of the old order, which the people rejected few years ago. It will be a great relief for our people to support and vote for the SDP.”

AP condemns indecent languages at campaign grounds ccord Party governorAAugust ship candidate in the 9 election and

former Commissioner for Health in the administration of former Governor Bisi Akande, Hon. Niyi Owolade, at the weekend, condemned what he described as the indecent languages being used by politicians ahead of the August 9 election.

Owolade, who frowned at the styles of these politicians in a press conference, noted that no amount of character assassination could run him down before

the electorate. He, however, warned politicians to desist from such act, describing it as backward.

The party flag bearer, who particularly accused the APC government of running other politicians down without just any course, said many politicians who claim to be apostles of Awolowo are indeed fake.

The former commissioner argued that there is no first class Awoists in APC, but half-baked ones, adding that original Awoists are no more in the party.

‘Don’t trade your voters’ cards for material things’

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hairman of the Osun State Governor Rauf Aregbesola’s re-election campaign committee for Ila/Ifedayo/Boluwaduro federal constituency and the Commissioner for Information, Hon. Sunday Akere, at the weekend, urged the people not to give up their voter’s card for any material thing.

He also charged the electorate not to stay away from the polling booths on election day.

Akere, who made the assertion in the three wards of Ila-Oragun town while

addressing APC supporters in the wards, charged them to guide and protect their votes.

“I am charging the residents to begin a house-tohouse evangelism to tell the people not to give up their voters’ cards for any material thing.

“The card is your right to choose who leads you at regular intervals, but always remember that the state is more guaranteed to develop better with Governor Rauf Aregbesola at the helms of affairs for the next four years.

LP candidate promises better tourist centres Party governorLtaiabour ship hopeful, Alhaji FaAkinbade, at the week-

end, pledged to make the state a better tourism centre that is second to none if given the opportunity to steer the ship of the state.

Akinbade, who made the pledge, while addressing about 300 artists and artistes who paid him a solidarity visit in Osogbo, remarked that; “Tourism industry is a powerful tool for development and

for attracting local and international attention.

“So, if given the mandate come August 9, we shall develop to the fullest potential, our tourist centres to international standard, with a view to using the sector to stimulate economic activities at the local level.”

This, Akinbade noted, would help stimulate the growth of the state’s economy, especially localities where these relics are found.

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Monday, July 14, 2014

Reps pass bill on national cancer institute T

NSA lauded over stance on grazing reserves Buhari Bello Jos

CHECKMATE

Reps take steps to checkmate the menace posed by cancer by proposing an institute to deal with it Philip Nyam

Abuja

T

he House of Representatives has passed a bill seeking the establishment of a national cancer institute in Abuja.

Entitled: “A Bill for an Act to provide for the prevention, treatment and control of cancer in Nigeria and for connected purposes” was sponsored

by Hon. Bassey Dan-Abia, representing Esit-Eket, Onna, Eket Ibeno federal constituency, Akwa Ibom

State.

While leading debate on the bill, Hon. Dan-Abia said it was unfortunate that no concrete steps had been taken to contain the disease, which he said is on rampage in the country.

He lamented that the disease has decimated those he termed as “the mighty, the upright, the not so honest as well as the lowly in the society.”

Dan-Abia listed inadequate and poorly distributed clinical services, few centres with functional radiotherapy equipment and expensive radiologic services as some of the challenges bedeviling the country’s health sector.

He said it was unfor tunate that Nigerians are forced to seek medical services in India due to inefficient radiotherapy centres in

the nation’s hospitals in Ibadan and Lagos.

“The disease does not just appear out of nowhere, it has definite cause that can be corrected if the body has enough time and if actions are taken to change the body’s internal environment to one that creates health while at the same time attacking cancerous cells and tumour by exploiting their weaknesses.

“It occurs as a result of excessive amount of toxins and pollutants people are exposed to due to high stress lifestyles and zap in the immune system, poor quality junk foods that are genetically modified.

“An estimated 80, 000 cancer-related deaths occur in Nigeria every year and 10 Nigerians die every hour on account of this disease.

“The death rate of some common cancers in Nigeria is alarming; 30 Nigerian women die every day from breast cancer; a Nigerian woman dies every hour from cervical cancer; 8, 900 Nigerians die from liver cancer every year; prostate cancer kills 14 Nigerian men every day and every two hours a Nigerian dies from colorectal cancer.”

He noted that it is essential to establish the institute to provide the needed medical help towards curbing the menace of the disease.

The functions of the proposed institute according to draft bill includes advising the Minister of Health on matters relating to the treatment and care of persons with cancer and advising on the relative priorities to be given to the implementation of the advice given.

he National Security Adviser (NSA), Col. Sambo Dasuki (rtd.), has been lauded for his concern over the rampant cases of cattle rustling and thrift that has continued to threaten the peace of the country.

The commendation was made yesterday

by Air Commodore Ali Abarshi (rtd.) in a chat with newsmen in Jos, the Plateau State capital.

Abarshi said the recent conference, which was held by the NSA in Kaduna, at which the issue of cattle rustling and other related matters of Fulani herdsmen and famers were discussed, was a good thing, coming at the right time.

He said the issue of rampant cases of cattle rustling and thrift was

NEPC takes step to boost exportation of local rice in Plateau Musa Pam

Jos

Nigerian Export ProThashemotion Council (NEPC) taken steps to boost

the production and exportation of Acha, a local variety of rice, which is produced in large quantity in Plateau State.

NEPC Acting Zonal Controller, Mr. Samuel Oyeyipo, said this in Jos, during a demonstrative workshop on the processing of Acha for export, saying that the product has a potential for international market.

According to him, Acha is a crop that is very rich in nutritional value and is adjudged to be one of the best for body building, which is often recommended for diabetic

L-R: Chancellor, Diocese of Lagos West, Justice Babasola Ogunade; Bishop of Lagos West, Anglican Communion, Rt. Rev. James Odedeji and Revd.

Babatunde Adegoroye, during the collation of Archdeacons at Church of the Pentecost, Anglican Communion, Festac, Lagos…yesterday

Plateau PDP passes vote of no confidence on chairman Musa Pam

Jos

P

lateau State chapter of the Peoples Democratic Party (PDP) has passed a vote of no confidence on its suspended Chairman, Dr. Haruna Dabin, directing the Acting Chairman, Hon. Raymond Dabo, to continue in office.

It will be recalled that the SWC at a meeting chaired by the Deputy Governor, Mr. Ignatius Longjan, had suspended Dr. Haruna Dabin, on account of financial misappropriation and inability to call a meeting of the party over a long period of time.

In a communique

signed by seven members of the party and made available to New Telegraph by the drafting committee, members of the party said the report of the disciplinary committee set up to investigate activities of the suspended chairman was to be forwarded to the National Secretariat of the party for further action.

Among those who signed the communique are Hon. Emmanuel G o ’ a r, member representing Pankshin/ Kanke Kanam in the House of Representatives, Hon. Daniel Dem, Majority Leader of the Plateau State House of Assembly and Hon.

Theophilus Dakas Shan, Chairman Quan'pan Local Government Area.

Part of the communique reads: “The Chairman of the party, Dr. Haruna Dabin, was given a vote of no confidence. It was resolved that the Acting Chairman, Mr. Raymond Dabo, should continue to act as chairman of the party.

“It was also resolved that the committee report be forwarded to the National Secretariat for necessary action,” the communique said.

New Tele g raph gathered that Dabin has indicated interest in contesting the 2015 governorship election and a cross section of

the party executive has lost confidence in him as chairman of the party.

Meanwhile, the National Working Committee (NWC) of the PDP said it will not accept the suspension placed on the chairman.

National Secretary of the PDP, Prof. Wale Oladipo, in a letter to Dr. Haruna Dabin, and made available to newsmen in Jos, the party urged those who issued the suspension order to act within the party’s constitution.

The letter also faulted the suspension of Dabin as chairman; urging all the parties concerned to act within the provisions of the party’s constitution.

becoming worrisome and requires serious efforts to bring it to an end.

“I have been advising that it is only good for the authority to fashion out ways of regulating the movement of cattle from one place to another in the country.

“I think the Nigeria Police should have a special unit in the states, local governments and the districts that would be saddled with the responsibility of issuing documents relating to the movement of cattle from one place to another,” he said.

According to him, there should be a document, just as the government is collecting Jangali from the herdsmen; “… the same way such document should be used to achieve that.

patients.

Oyeyipo said one of the core functions of NEPC is to promote development and the diversification of Nigerian non-oil exports and assisting in the development relevant industries.

“In performing these functions, the council gives recognition to capacity building among producers of commodities that are adjudged to have potential for international market like Acha.

He said the research carried out on Acha recently confirmed that the product is widely cultivated in nine out of the 17 local government areas of Plateau State, which further attests to its strategic importance in the state and the country.

Burutu LGA: Group kicks against imposition of candidate Johnchuks Onuanyim

Abuja

pressure group in the AParty Peoples Democratic (PDP) in Delta State,

“Niger Delta Surveillance Initiative Network” has petitioned the National Chairman of the party, Alhaji Adamu Mua'zu, against the imposition of a chairmanship candidate in Burutu Local Government.

According to the petition, which was copied to Governor Emmanuel Uduaghan, Chief Edwin Clark, Justice F. F. Taibai, Delta State PDP Chairman and other stakeholders, the ‘imposition and imbalance in the chairmanship of the Burutu Local Government’ must be addressed as the

state prepares for council elections.

The group in a letter dated July 10, and signed by the Coordinator, Felix Maku, and Secretary, Prince Akuku, said equity and zoning have not been followed in the elections or nominations of Burutu Local Gover nment chairmen since the return to democratic governance in 1999.

The group said out of the eleven chairmen that the council has produced since 1999, ten were from Burutu North, alleging that Chief Clark, who is from the Burutu North, was planning to impose his son, Chief Ebikeme Clark, in the forthcoming council election.

AFRICA | NEWS

Sanctity of Truth

Monday, July 14, 2014

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South African metalworkers' union rejects pay offer

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outh Africa's metalworkers' union NUMSA rejected the latest pay offer from engineering and steel sector employers yesterday, saying black workers were still underpaid, and threatened to widen its two-week old strike.

Industrial action by 220,000 NUMSA members, which followed on the heels of a crippling five-month strike in the platinum sector, has already forced General Motors to close its assembly plant in the southern city of Port Elizabeth. Other companies affected are construction companies Murray & Rob-

erts and Aveng Ltd, which are working on the construction of two major power plants for state power utility Eskom. NUMSA is demanding a 12-15 percent annual wage increase for its members and on Sunday rejected employers' latest offer of a ten percent increase this year, 9.5 percent in 2015 and 9.0 percent the year after that.

Irvin Jim, general secretary of the National Union of Metalworkers of South Africa, said NUMSA would not accept anything less than a 10 percent annual rise over three years at the very least. "While we are

fully aware of the state of the industry in the metals and engineering sectors we are also very acutely aware of the miserable conditions of life of the majority of the black and African working class who survive on extremely low, colonial and very inferior racist-inspired wages," Jim told reporters. "We are making a very clear statement that the strike continues and we call on our members to

intensify the strike." That could mean calling 100,000 NUMSA members in other industries to join the strike as well. "Should the employers continue with their reckless shenanigans and unreasonable demands, we might be left with no option but to call for targeted solidarity in all our sectors," he said.

The Steel and Engineering Industries Federation of South Africa (SEIFSA), which repre-

sents employers in the sector, said it was disappointed with NUMSA's rejection of what it called its "very good final offer".

"We have now done everything that we could possibly have done to end the strike," chief executive Kaizer Nyatsumba said in a statement, adding that the SEIFSA leadership had exhausted its mandate. Jim said NUMSA was due to meet with employers again, Monday.

Northern Mali clashes kill 30 ahead of peace talks

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ore than 30 people were killed in desert clashes in northern Mali, the army and Tuareg rebels said, just days before the start of internationally-brokered peace talks.

Al Qaeda-linked Islamists took advantage of a Tuareg separatist uprising and occupied swathes of northern Mali in 2012 before being driven back last year by French troops. The fighters scattered across the Sahara's mountains and sand dunes but have carried out a string of attacks on U.N. troops and Malian forces.

An army source said yesterday that 37 people had been killed in clashes which began on Friday in the northern desert area between Gao and Kidal. The army blamed the violence on infighting between separatists. Peace talks between Mali government officials and Tuareg rebels are due to start in Algeria, Wednesday, the first meeting since clashes in the Tuareg stronghold town of Kidal in May in which some

50 Malian soldiers were killed.

The army source said those killed in the most recent clashes were from the main Tuareg separatist group MNLA and a group of northern Malian Arabs called MAA. However, MNLA spokesman Mohamed Ag Attaye said in a statement that 35 were killed from the Malian army and other "militias" and blamed government forces for starting the attack.

In past incidents, both sides have played down the casualties they sustained. France dispatched troops to Mali last year to halt the advance by Islamists. The former colonial power currently has 1,700 troops in Mali and said yesterday it was reorganising its forces in Mali and surrounding countries into a single regional body.

"It's a regional operation to ensure the security of the area and prevent jihadist groups from emerging again," French Defence Minister Jean-Yves Le Drian said on Europe 1 radio.

Egypt jails 101 Morsi backers

A

n Egyptian court yesterday sentenced 101 supporters of ousted Islamist president Mohamed Morsi to three years in jail for acts of violence in the Nile Delta city of Damietta, state media reported.

Egyptian courts have sparked international concern over a spate of mass trials of Morsi's supporters, with rights groups repeatedly accusing the authorities of using the judiciary as a tool of repression.

State news agency MENA said the 101 Morsi supporters were jailed for three years after they were found guilty over July 2013 clashes in which 18 people were

injured in Damietta, while 17 co-defendants, all minors, were acquitted.

Since Morsi's ouster in July last year, a government crackdown on his supporters has killed 1,400 people in street clashes, and over 15,000 Islamists and protesters have been jailed.

At least 200 people have also been sentenced to death in speedy mass trials, including Mohamed Badie, leader of Morsi's Muslim Brotherhood movement. Morsi himself is currently on trial in three separate cases, with a fourth yet to come to court.

Striking members of NUMSA(National Union of Metal Workers of South Africa) demonstrate for better wages in a central district of Johannesburg

Heavy fighting breaks out near Tripoli

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eavy fighting broke out between rival militias vying for control of Libya's main airport yesterday, killing at least seven people and forcing a halt of all flights in the worst fighting in the capital for six months.

Explosions and anti-aircraft gunfire were heard from early morning on the airport road and other parts of Tripoli until the situation seemed to calm down in the late afternoon. Residents said that militiamen from the northwestern region of Zintan who had controlled the airport came under fire, and local TV footage suggested that the attacking rebels were from the western city of Misrata.

The fighting is part of growing turmoil in the North African oil producer, where the government is unable to control battlehardened militias that helped to overthrow Muammar Gaddafi in 2011 but continue to defy state authority. Many Libyans are weary of militias whose members theoretically work for the government but who in reality appear to do as they please, fighting each other or seizing oilfields and ministries as they

press their own financial and political demands on authorities. Zintan forces, which have controlled the airport since Gaddafi's ousting, and Misratis had been put on the state payroll in an unsuccessful attempt by the government to secure their cooperation and try to bolster the rule of law. Seven people were killed and 36 wounded in the latest clashes, the Health Ministry said. Comments on pro-Misrata websites suggested that the force was freeing the airport from Zintani control to hand it over to authorities.

The central government denounced the attackers as illegal."The operation is led by civil leaders belonging to brigades and troops ... moving without orders and legal cover," the government of Prime Minister Abdulllah al-Thinni said in a statement. Social media websites said that several rockets had hit the airport perimeter. Photographs on Facebook showed thick smoke at what was said to be the parking lot in front of the terminal. Families were trapped inside the building, local websites said. The fighting was the worst in the capital

since more than 40 people were killed in clashes between militias and armed residents in November.

Tripoli has seen a spike in kidnappings but has been mostly spared the kind of violence that has rocked the eastern city of Benghazi, where clashes between Islamists and forces loyal to a renegade general occur almost daily. The violence comes as the country awaits the results of the June 25 parliamentary elections.

Officials and Libya's partners had hoped the vote would give a push to state building and ease political tensions.

The OPEC member is divided between rival militias from urban communities and tribes, as well as Islamist and more moderate forces. Oil production has fallen to a fraction of the 1.4 million barrels a day that Libya produced before July 2013 when a wave of protests erupted at oilfields and ports. The country's oil output is currently 470,000 bpd, a spokesman for state-run National Oil Corp said yesterday The loss of oil revenues has sparked a budget crisis as Libya depends on energy exports.

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NEWS

Sanctity of Truth

Monday, July 14, 2014

Time to face your failure in S/West – Fayose tells APC Adesina Wahab Ado-Ekiti Ekiti

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tate Governor-Elect, Mr Ayo Fayose, has prayed the All Progressives Congress (APC) to face the reality of its rejection by the people of the South-West geopolitical zone and stop looking for scapegoats to blame for its failure.

Fayose, who spoke through his Chief Press Secretary, Mr Idowu Adelusi, in a press release yesterday, in Ado-Ekiti, was reacting to a statement by the Oyo State chapter of the APC, warning Fayose to stay away from the state. The Oyo APC was reacting to the sensitisation rally held in Ibadan last Thursday by the Peoples Democratic Party (PDP) during which Fayose was among the

lead speakers. However, Adelusi, while reacting to the warning by the Oyo APC, wondered when the APC became the agency that was monitoring how Nigerians would move within the country and where they could go at any point in time.

"The Constitution of the Federal Republic of Nigeria guarantees freedom of association and movement among many freedoms enshrined in it. It is in exercise of the freedom that people came together to form the PDP and which people also freely joined. "So, that His Excellency Ayo Fayose and others are members of the PDP, I don't know how that has injured the APC. Also, it is in the exercise of the freedom of movement that PDP

members and leaders converged on the PDP secretariat in Ibadan, Oyo State to hold a sensitisation rally and necessary, legally-mandated security agencies performed their duties that led to the success of the event. "No doubt, the APC has become jittery not only in Oyo State, the South-West geo-political zone, but in the nation at large.

The people have seen their deceit and are determined to shove them aside and they have done that in Ekiti State. "The APC felt disappointed that PDP leaders in Oyo State, who they thought would never see eyeballto-eyeball, came together and are ready to work as a united front to chase them out of Agodi Government House next year. "The day of judgment and reckon-

ing for the APC is coming one by one. Soon, the APC will meet its waterloo in Osun State and in other parts of Nigeria come 2015 general elections. Let

them wake up to that reality and the reality that there is no way they can cage Fayose or any PDP leader," he stated. Adelusi also added that no amount

of name calling and campaign of calumny would deter Fayose from championing the cause of the down-trodden and that of the PDP.

PDP lawmakers head to Supreme Court; vow to sit today Cajetan Mmuta BENIN

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he nine lawmakers of the opposition Peoples Democratic Party (PDP) in the Edo State House of Assembly yesterday vowed to challenge the ruling of the Appeal Court in Benin which asked them to obey the suspension order slammed on them by the APC legislators in the state at the Supreme Court.

They also made good

their resolve to attend the house plenary today (Monday) at the Chief Anthony Enahoro legislative complex at the popular Kings Square Ring road in Benin City.

Speaker of faction of the house under the control of the PDP led by Chief Festus Ebea said at a press conference in Benin that, ”We have been following due process and we have regards for the rule of law. Their suspension has a time lapse and this has since lapsed

after 14 days because there was sitting on the 10th of June 2014, which was the following day”.

He said, “The Police all over world have the constitutional rights to protect lives and properties, so, I cannot speak for them”.

Ebea said, “the PDP lawmakers have filed an appeal before the Supreme Court and the stay of execution order of the lower court and until this is disposed of, one cannot obey such order”.

WORLD | NEWS

Thousands of Gaza civilians flee after Israeli warning

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housands fled their homes in a Gaza town yesterday after Israel warned them to leave ahead of threatened attacks on rocket-launching sites, on the sixth day of an offensive that Palestinian officials said has killed at least 160 people.

Militants in the Hamas-ruled Gaza Strip kept up rockets salvoes deep into the Jewish state and the worst bout of Israel-Palestinian bloodshed in two years showed no signs of abating, and Western foreign ministers meeting yesterday

said a ceasefire was an urgent priority.

Israeli forces dropped leaflets into the town of Beit Lahiya near Gaza's northern border with Israel.

They read: "Those who fail to comply with the instructions to leave immediately will endanger their lives and the lives of their families.

Beware."

The Israeli military told the residents of three of Beit Lahiya's 10 neighborhoods to get out of the town of 70,000 by midday on Sunday. U.N.

officials said some 4,000 people had fled south to eight schools run by the world body in Gaza City.

A senior Israeli military officer, in a telephone briefing with foreign reporters, said Israel would "strike with might" in the Beit Lahiya area from the late evening hours yesterday. He did not say if this would include an expansion of an air and naval offensive into a ground operation in the north of the narrow, densely populated Mediterranean enclave.

Russia threatens Ukraine after shell crosses border

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ussia threatened Ukraine yesterday with "irreversible consequences" after a man was killed by a shell fired across the border from Ukraine, an incident Moscow described in warlike terms as aggression that must be met with a response.

Although both sides have reported cross-border shootings in the past, it appears to be the first time Moscow has reported fatalities on its side of the border in the three-month conflict which has killed hundreds of people in Ukraine. Kiev called the accusation its forces had fired across the border "total

nonsense" and suggested the attack could have been the work of rebels trying to provoke Moscow to intervene on their behalf. The rebels denied they were responsible.

Inside Ukraine, combat has intensified dramatically since a rebel missile attack that killed dozens of government troops, Friday. Local officials said yesterday 18 people were killed in shooting incidents in the two main rebel-held cities.

Russia's Interfax news agency said fierce fighting had broken out on the outskirts of rebelcontrolled Luhansk, a city near the border with Russia, and the

Iraq parliament postpones decision on new leaders

I

Israeli Soldiers on a mobile artillery unit fire a shell towards Gaza at a position on the Israel-Gaza border

raq's deadlocked parliament failed yesterday to overcome the deep divisions hampering the formation of a new government, making no progress on choosing new leaders who could help hold the nation together and confront the Sunni militant blitz that has overrun much of the country.

The legislature is under pressure to quickly choose a new speaker of parliament, president and prime minister — the first steps toward a new government. The interna-

tional community has pressed lawmakers to put their differences aside, while the United Nations has warned of chaos if the political impasse drags on for too long.

But just 30 minutes into yesterday's parliament session, acting speaker Mahdi al-Hafidh announced he was breaking off the proceedings until Tuesday "due to the absence of any agreement on the names of the nominees for the three posts."

"There are still deep differences," he said.

NFF Crisis: Maigari-led board set to return

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he embattled board of the Nigeria Football Federation looks set to be reinstated as New Telegraph has gathered that Nigeria’s sports minister, Tamuno Danagogo will on Monday receive the report of the country’s delegation which recently went to Brazil to speak with FIFA over lifting the suspension clamped on the country by the football gov-

erning body.

The delegation returned to Nigeria on Sunday and is expected to submit the report of the meeting they had with FIFA’s emergency committee to Danagogo.

A High Court, sitting in Plateau state, which had earlier issued an order proclaiming illegal the Aminu Maigari-led NFF board, failed to sit on Friday as earlier

SPORT

scheduled owing to an industrial strike action embarked upon by State High Courts in the country.

But the court is expected to sit on Monday to hear the suit filed

by Mrs Ebiakpo Rumson-Baribote against the NFF. Mrs. Baribote, whose husband, Victor Rumson-Baribote, is currently serving a 15-year ban imposed by the embattled NFF

51

board, is expected to withdraw the suit, serving as a prelude to the reinstatement of the Maigariled board.

FIFA had, in the aftermath of the country’s suspension, stated that the suspension order would only be reversed upon the reinstatement of the sacked NFF board, adding that the country’s authorities have until July 15.

NEW TELEGRAPH

newtelegraphonline.com/sports

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

AUTHORITATIVE VOICE IN GLOBAL SPORT

Monday, July 14, 2014

A

Enyeama

Wenger: Bonus row ruined Eagles’ World Cup lKeeps tab on Enyeama

Wenger

rsenal manager, Arsene Wenger has revealed that the Super Eagles could have gone beyond the quarterfinal if not for administrative lapses caused by the bonus row which led to the team’s elimination from the World Cup. The Super Eagles were involved in a bonus row with the Nigeria Federation before they took on France in the second round, with the players refusing to train four days before the clash in Brasilia.

New Telegraph earlier reported that the players were awake till 2.30am on the day of the meeting with France, sharing money that had been flown in from Nigeria by the Federal Government the previous day.

“I don’t think it’s purely down to quality. I think it comes down to organisational problems before the World Cup and during the World Cup,’’ he said.

The Frenchman who is working as a pundit in Brazil added that, ‘’I think what hurt football fans both in Cameroun and Nigeria–two big footballing nations – was not that their countries did not reach the quarter-finals, it was the fact that both teams had no solidarity and they had problems that were exposed all over the world before the competition and that’s the main reason.

Wenger further stressed that, “‘Football is difficult enough when you are united, but if you are not united at that stage then you have no chance.’’

Meanwhile, latest reports emanating from Arsenal reveal that Wenger has penciled down Nigeria’s first choice goalkeeper, Vincent Enyeama.

It was scooped that Wenger spoke with Enyeama in Brazil and showed huge interest, but will only proceed with the deal if the player’s employers, Lille are amenable to Gunners’ request.

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SPORT

Sanctity of Truth

Monday, July 14, 2014

FIFA WORLD CUP Samba notes from Brazil No rest for van Gaal

lResumes Wednesday at Old Trafford

L

ouis van Gaal has confirmed he will start working with the Manchester United squad at Carrington on Wednesday.

Van Gaal returned to Europe with the rest of the Holland squad on Sunday, 24 hours after the 3-0 win over Brazil which sealed third place at the World Cup. “That is no problem for me, I don’t need a holiday. It’s great to have such an exciting challenge,” he said after the win in Brasilia. “To work daily with

Van Gaal

young people is something that I don’t need time off to rest for.

“I’m looking forward to it.

I’ve only met two people from the daily management at the club - the chief scout and the chief executive officer. And I’ve met two of the owners. It’s time that I got to know more people at the club.”

Van Gaal will spend two days at United’s training complex before heading to the United States, where his new side is scheduled to play at least four matches.

Beckham urges Dutch deserved better Gerrard to remain than third place – Robben England captain D

“That’s why the third rjen Robben has claimed place is so deserved. I’m so that the Netherlands de- proud of this team, compliserved more from their ments to them.”

World Cup campaign after clinching third place with a 3-0 victory over Brazil on Saturday night.

Despite attempting to remain positive when speaking after the triumph over the hosts, Robben admitted that he was still finding it difficult to recover from the disappointment of not reaching the final.

“It was a great end. You can get rid of a bit of the shock of not going to the final, but not completely,” the Bayern Munich winger told reporters. “The disappointment stays, we’ve been so close. We deserved more.

“I’m finished, I’ve given everything. We’ve come so Robben close.

A

Sports News: “I think it would be great if Steven continues because it was a disappointing tournament for the whole team and the captain kind of takes the real of brunt of things.

“But as a captain you feel a certain responsibility to lift the team. Stevie has done that for many years for Liverpool and for England. He has always been a real motivator, the way he plays and his passion that he shows on the pitch.

“I would love to see Stevie continue because I think these young players need someone to look up to and a mentor - someone that has been there and done it - and I think that Steve is a great captain. He has been for Liverpool and England.

“He doesn’t need my razil goalkeeper, Julio Cesar, has suggested that advice, but one thing that he had played his last match for the national I would say’s that if you can play for England as team.

The 34-year-old and his Brazilian teammates long as you can, then do saw their World Cup campaign finish on Saturday Beckham it.”

avid Beckham has urged Steven Gerrard to stay on as England captain, despite the team’s failure to win a game at the World Cup in Brazil.

Liverpool midfielder, Gerrard, will be 36 by the time the 2016 European Championship is played in France, but is just two appearances short of breaking Beckham’s outfield record of 115 caps for England.

Former England captain Beckham told Sky

Compiled by Adekunle Salami

Third Place means noting There was no noise at all for the Third Place match decided on Saturday in Brasilia. Brazilians go about the streets in their yellow jerseys on match days and there is so much excitement across the cities with fireworks and all. All these were missing on Saturday because the Brazilians were yet to recover from the 7-1 defeat suffered against Germany in the semifinals. In the match proper, Holland inflicted more woes on Brazilians with a3-0 win. But many of the fans believe the semifinal defeat which denied the country the trophy remains the major blow.

Addicts all over the place Drug trading and consumption are common crimes in Brazil. Many Brazilians are in the habit of taking hard drugs. I might not know the details on the kind of drugs they take, but it is evident even in the streets that they consume drugs indiscriminately in Brazil. Almost on a daily basis, one will encounter drug addicts who will either sit down helplessly on the street or lie down.

At the clubs, it is common to see an addict sitting somewhere nearby, talking to himself or managing to move on like a drunk. Interestingly, most of those who choose to lie down will have one or two policemen by their side protecting them. On Friday, I counted three addicts on the floor between the train station and my hotel which is about five minutes walk.

Truly homesick Even when it became so clear that we are close to the end of the competition and visitors will be on their way home, the desire to leave Brazil grew in me.

Nothing works again for me. My pace even at work reduced as I was emotionally tired after over five weeks of facing various logistics problems of the World Cup. Food no longer works for me. The same food I hitherto managed became unbearable for me to eat as I endure with 1-0-0 style. After breakfast at the hotel, it is difficult to eat again. If I manage, sometimes, I will almost throw up. In the last week, I made do with chips, fruits and bread.

Metro hawking In the metro here in Brazil, hawkers are all over the place. Some do hawk in the traffic as well, but that is in down town areas of the country. It is not a common thing, but common in trains. They talk and say all sorts of things in Portuguese, but the long and short is they hawk to make ends meet. They hawk sweets, chewing gum and some little things like water or soft drinks. It was learnt that hawking is illegal in high brow areas but allowed in some hidden parts of the country.

Winter is here Over a week ago, we were warned here that the winter was coming. We were also praying that the winter will set in after we might have left Brazil, but it met us. On Friday, I was misled by the weather as I went out casually without winter jacket. The rain started on the way and the weather changed completely. The rain dealt with me and the weather has been very cold since Friday. No doubt, the winter is here.

Julio Cesar hints at retirement B

Kuyt hails RVP leadership N

etherlands midfielder, Dirk Kuyt, has hailed the leadership of captain Robin van Persie during his side’s World Cup campaign.

The Oranje finished in third place in the competition after beating Brazil in their playoff match on Saturday, and the former

Liverpool man believes that the 30-year-old’s guidance helped blend the team together.

Kuyt told reporters: “I’ve played in five tournaments and the togetherness of the squad has never been as great as it has been at this World Cup. “It’s something I haven’t

experienced before and a lot of that is down to Robin.

I think we were a genuine team. He was injured for two months and fought so hard to come back – the way he led the team was fantastic.”

Van Persie scored four goals at the tournament for Louis van Gaal’s side.

with a 3-0 defeat to the Netherlands in the third-place playoff.

Without officially announcing his international retirement, the veteran shotstopper has hinted that he will not feature for the Selecao again.

“To play at the Copa America in 2015, at the age of 35, would be quite complicated. To go there without having the 2018 World Cup in mind would be selfish on my part,” he told FIFA.com.

“The time has come for other goalkeepers, and I think Brazil has seven or eight who are quite capable of pulling on the national jersey.”

Cesar, who has 87 caps to his name, was part of the Brazil squad that won the Copa America back in 2004

Defiant Scolari refuses to quit

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uiz Felipe Scolari has left a decision on his future as coach of Brazil to the country’s federation after the World Cup hosts’ campaign ended in more disappointment.

“It is up to the president to decide. We will hand in a final report and then leave it to him to analyse what needs to be done,” said Scolari after Brazil lost 3-0 to the Netherlands in the thirdplace play-off in Brasilia on Saturday.

“I’m not going to discuss [my future] with you. Winning or losing that is what we would have done.”

Sanctity of Truth

Monday, July 14, 2014

Anyaoku charges athletes to emulate Emmanuel Ifeajuna

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or mer Commonwealth secretary-general, Chief Emeka Anyaoku, has called on Nigerian athletes going to Glasgow, Scotland, to emulate Emmanuel Ifeajuna, who became the first black African to wins a gold medal at an international sporting event, victory in the high

Anyaoku

jump at the 1954 Empire and Commonwealth Games in Vancouver, Canada.

Ifeajuna was the pride not just of Nigeria, but of a whole continent.

According to Anyaoku, if athletes can put half of what Ifeajuna put into achieving what he achieved almost 60 years ago, then the sky will be the starting point.

Describing the late Ifeajuna, Nigeria’s only gold medalist, in Commonwealth or Olympic sport, until 1966, Anyaoku said: “He never had a coach – only his games master at grammar school – and there were no facilities at the university. I used to tease him that he was the most natural hero in sport. He did no special training. He was so gifted, he just did it all himself, jumping barefoot, or with one shoe.”

Of all the many hundreds of gold medalists at the Empire and

Late Ifeajuna

Commonwealth Games since 1930 none left such a mark on history, led such a remarkable life or suffered such a shocking death as Ifeajuna.

Ifeajuna, aged 20, was not a contender for the 1954 Commonwealth Games high jump in Vancouver, until he surprised everybody at the national championships in late April, less than two months before the team were due to depart. His jump of 6ft 5.5in, the best of the season, took him straight in alongside Nafiu Osagie, one of the 1952 Olympians, and he was selected.

Ifeajuna brushed the bar at cluded on the programme of sports 6ft 7in at the Games, he then for the 2022 Commonwealth Games, cleared 6ft 8in to set a Games to be held in either Durban in South and British Empire record, and to become the first man Africa, or Edmonton in Canada.

“I am thrilled that the 2014 Com- ever to jump 13.5in more than monwealth Taekwondo Champion- his own height. This first gold ships will be coming to Scotland for for black Africa was a worldthe first time later this year,” said class performance.

Louise Martin, vice chair of the Glasgow Commonwealth Games Organising Committee.

“2014 is a massive year for sport in Scotland and this is yet another international event to add to an already bursting calendar with, of course, the Commonwealth Games in Glasgow later this month.”

The biennial competition is held under the auspices of the World Taekwondo Federation and the Commonwealth Taekwondo Union.

The Championships are due to be Martin held on November 15 and 16.

he Commonwealth Taekwondo Championships will be held in Scotland for the first time with its capital city Edinburgh playing host to around 500 martial artists in November.

Meadowbank Stadium will be the stage for the Championships, first held in Australia in 2006.

It is hoped the event could bring more than £1 million ($1.7 million/€1.2 million) to the local economy, coming less than four months after Scotland hosts the Commonwealth Games in Glasgow.

The Championships will feature Kyorugi (fighting), Poomsae (a defined set of movements incorporating blocking, kicking and striking techniques) and, for the first time, Para-taekwondo.

Organisers hope the event will strengthen taekwondo’s bid to be in-

Petitions for axing Team Scotland parade uniform mount A lmost 25,000 people have signed an online petition calling for the “horrendous” uniforms for Scotland’s athletes at the Glasgow 2014 Opening Ceremony to be ditched.

The petition, started by Glasgow resident Richard Brown, calls the uniforms “an embarrassment to our athletes and to Scotland.”

“Please step in and prevent them being used while there’s still time for an emergency Plan B - before our poor, brave-faced athletes are subjected to parading around in them,” he wrote on the petition.

“Please also investigate who seThe disputed uniform

lected this travesty of a design.”

The Jilli Blackwood-designed outfits, which were revealed recently, feature a vibrant blue shirt and tartan kilt for the men and a wrap-around dress, tartan shawl and stone-coloured leather bag for the women.

Scotland’s athletes will walk into Celtic Park sporting the uniforms at the Opening Ceremony of the Commonwealth Games.

Blackwood, a graduate of the Glasgow School of Art, has defended the uniforms, saying “if everyone liked it, I wouldn’t be doing my job.”

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Omeruo calls for peace in Nigerian football Ajibade Olusesan

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Edinburgh to host 2014 C’wealth Taekwondo Championships

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Sanctity of Truth

Monday, July 14, 2014

uper Eagles defender, Kenneth Omeruo, has urged stakeholders in Nigerian football to end the crisis that has engulfed the system in the overall interest of the game.

Nigerian football was thrown into crisis once again after a Jos High Court sacked the board of the Nigeria Football Federation, a decision that was also ratified by the congress of the NFF. This development has been termed as government interference by the world football governing body, FIFA who has since suspended the country.

However, Omeruo said he was gutted by the unpleasant news and said all the warring factions must sheath their swords in order for peace to reign.

“I was surprised to see

the news,” Omeruo said.

“I just hope everything is resolved on time so that the other teams, like the women’s side, can go to the World Cup. Also we’ve got the qualifying matches for the (African) Nations Cup next month. I hope that things will be resolved.”

One of the issues that have consumed Aminu Maigari’s board is the appearance fee row at the World Cup. Omeruo insisted that although the matter was unfortunate the issue of allowances should have been sorted out before the start of a major tournament like the World Cup. “During the tournament, there were some things like still asking to be paid some wages. These are issues that should be dealt with on time. These problems should be taken care of before the tournament.”

FG halts release of N253m July allocation to NFF

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he Federal Government has stopped direct release of monthly allocation to the Nigeria Football Federation as a result of the revelation of an alleged monumental fraud and gross misappropriation of funds by the Aminu Maigari-led Executive Board.

The recent crisis in Brazil over World Cup bonus row compelled the Federal Government to beam searchlight into the finances of the NFF in the last four years.

There was a directive from the Presidency that the Minister of Sports, Tammy Danagogo, should henceforth monitor release of funds to the NFF to ensure judicious use.

Consequently, the sum of N253 million being monthly allocation for July was released to the National Sports Commission for onward release to the NFF on instalment basis as the Minister may deem fit.

“That so called Glass House stinks. With what we have discovered in that place, you don’t expect us to fold our arms while people

misuse gover nment funds in the name of the Federation autonomy.

“Can you imagine that Maigari requested for about N150 million to furnish the new NFF building, (Sunday Dankaro House) when indeed, the Sani Lulu-led board left $1million in the NFF account specifically for that purpose.

“How do you expect government to continue to condone such fraudulent act of irresponsibility? a top official in the Federal Ministry of Finance told our reporter on condition of anonymity.

The source however said direct allocation could be restored to the NFF only when government was convinced that those at the helm of affairs will be accountable and responsible.

The ousted NFF President, Aminu Maigari, is being asked to account for the funds released by the Federal Government for the World Cup, the money released by FIFA for the World Cup and the over one million dollars left in the NFF coffers by the Sani Lulu Abdullahi-led board.

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Transfer Updates

54 SPORT Eagles’ transfer Update

Gaza crisis stops Ejide ecurity situation In Israel PreS vents Ejide From Joining Hapoel Beer Sheva

The security situation in Israel has prevented Nigeria international Austin Ejide from returning to Hapoel Beer Sheva, ahead of their match up with NK Split of Croatia on Thursday in the Europa League, according to reports in Israel.

The former Gabros, Nnewi custodian was due to arrive Israel yesterday, Saturday to begin preparations for the second qualifying round fixture.

But management of the Camels has authorized the Super Eagle to join the team in Croatia few days leading up to the clash.

Hapoel Beer Sheva, who qualified to represent Israel in the Europa League after finishing runners-up in the League, were supposed to host the first leg tie before UEFA reversed the two games, with the Croatians welcoming the team first after the ruling.

Ambrose set for Champions League action

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fe Ambrose is in contention to start in Glasgow Celtic’s Champions League qualifier against KR Reykjavik of Iceland in three days time just over two weeks after Nigeria Crash out of the World Cup. Players who were at the World Cup are usually given an extended break but Celtic’s new coach Ronny Delia said the Nigerian who played all four games in Nigeria World cup campaign is in contention for a start.

“I would have no hesitation about throwing him in. He is a quality player and we need all the quality we have.”

Ambrose is set to meet new boss Ronny Deila tomorrow for the first time since the Norwegian took over the reins from Neil Lennon.

Sheyi Ojo signs pro contract with Liverpool iverpool youngster Sheyi Ojo L has signed his first professional contract at the club, according to Sky Sports News.

The former MK Dons junior is tipped for big things at Liverpool and turned 17 last month.

Along with Ojo, Reds U18 teammate Jordan Williams also signed a new contract.

Williams made a senior debut for Liverpool at the end of last season in the friendly win over Shamrock Rovers.

Ojo’s sensational move to Liverpool occurred back in 2011, when the young England U17 international was aged just 14. However even that didn’t prevent the Reds from spending an incredible £2m on the player.

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PSG to beat Man Utd to Di Maria

aris Saint-Germain have P emerged as strong favourites to land Real Madrid winger Angel

Di Maria.

The Argentine wide-man has an increasingly uncertain future at the Bernabeu after Real prioritised the Colombian playmaker James Rodriguez as their prime marquee target for this summer.

Although manager Carlo Ancelotti is reluctant to lose Di Maria, who was outstanding in Real’s Champions League winning campaign last season, President Florentino Perez has identified Rodriguez as a new ‘galactico’ with enormous potential for the club both on and off the pitch.

the World Cup. Robben told Dutch broadcaster NOS following Holland’s 3-0 win over Brazil that Van Gaal had offered him a place in the United squad next season.

“I have a special bond with him. He is the most important coach in my career,” Robben said. “(Moving to United) is not an option though. I will stay at Bayern Munich.”

Valencia reject latest Mathieu offer

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alencia have again turned down an offer from Barcelona for captain Jeremy Mathieu, reports in Spain say.

Mundo Deportivo claim there was a meeting between high-ups from both clubs at which Los Che sporting director turned down another bid for the Frenchman.

Valencia insist Mathieu won’t leave for less than the €20m stipulated in his release clause, whereas Barca hoped to have the signing completed in the coming week.

Markovic comfrims Liverpool deal

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rsenal have turned their attention to Norwich City goalkeeper, John Ruddy having sealed their first signing of the season, Alexis Sanchez.

The Canaries stopper narrowly missed out on a place in Roy Hodgson’s England squad this summer and a move to the Emirates Stadium would increase his chances of regaining his spot.

Arsene Wenger meanwhile is on the hunt for a ‘keeper, having seen Lukasz Fabianski join Swansea City and Emiliano Viviano return to Italy following a loan spell

Cambiasso turns down Serie A offers

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ormer Inter Milan star Esteban Cambiasso has turned down the chance to stay in Italy, with a move to England looking likely, as reported by Sky Sports.

The Argentinean international was at Inter for 10 years until he was released at the end of last season and is now looking for a new club.

Numerous offers have come through from Italy, with Cambiasso turning down the chance to join improving Sampdoria.

Klinsmann rejected job offers

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urgen Klinsmann remains focused on coaching the U.S. despite several offers to return to Europe.

The former Germany and Bayern Munich coach was linked with Galatasaray during the 2014 World Cup and told Bild there has also been interest from other parties.

He said: “There have been several enquiries from European clubs but I told them straight away that they don’t have to follow up on them.”

igerian midfielder William Oluremi John has terminated his contract with Azerbaijani top division team AZAL. His contract with the Pilots would have expired next summer assuming he did not shred the agreement.

From the word go, the former USA youth international had an agreement with AZAL that allowed him to move to a new team if a suitor came knocking on the door.

However, the identity of the interested club remains a mystery for now, but it is known that teams in Germany, Portugal, Sweden and the United States had been on his trail.

‘Higuain going nowhere’ apoli president Aurelio De LaurenN tiis has dismissed the chance of star man, Gonzalo Higuain leaving Naples this

obben has been linked with United ever R since it was announced that Louis van Gaal would be taking over at Old Trafford after

Arsenal in surprise bid for England goalie

John terminates AZAL contract

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Robben rejects Man Utd move

Valbuena talks up La Liga switch arseille star Mathieu Valbuena has added fuel to the speculation linking him with a summer move to Spanish La Liga.

The player’s representative earlier confirmed they were in talks with Sevilla and Valencia, and while other European sides are also showing interest, it appears La Liga will be his next destination.

“Spain is an attractive league that I love. We’ll see what happens. Anything is on,” the France international told Telefoot.

Sanctity of Truth

Monday, July 14, 2014

summer, as reported by Sky Sports.

De Laurentiis has praised all of his World Cup stars but believes Higuain was the main

man.

“I’d say that Higuain is not to be taken. He’s ours and we will keep him. Also because in his contract there is a release clause of €100m.”

Juve ready to sell Vidal

uventus are ready to sign Paulinho from Jclear Tottenham for £20million which will the way for Manchester United to

sign Arturo Vidal.

Paulinho has insisted he is happy at White Hart Lane, and is hoping for a fresh start under the leadership of new boss Mauricio Pochettino, but a move to Juve could still appeal.

The Italian champions will only sell Vidal to United once they have found a replacement and Brazilian star, Paulinho is the man they want to get on board.

Everton meet Besic valuation

Lsealed his £19.8million move azar Markovic has finally

to Liverpool, and signed off his Benfica career with a message to fans on Facebook.

The 20-year-old winger, who was in Merseyside Saturday finalising terms, has posted a note on his social profile clearly indicating he will not be returning to the Estadio da Luz next season.

Barcelona chase Vertonghen

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he Tottenham Hotspur future of defender Jan Vertonghen remains up in the air with Barcelona monitoring the 27-year-old’s situation.

The left-sided Belgium international is keen to play Champions League football and Metro is now reporting that the Spanish giants have registered their interest.

Vertonghen has two years left on his current deal, but his future at White Hart Lane has been uncertain for some time with his agent, Mustapha Nakhli, admitting that ‘several teams’ had enquired about the 27-year-old.

Ematched Swansea’s £4milverton are thought to have

lion offer for Muhamed Besic.

Besic attracted attention during this summer’s World Cup, where he featured in all three group games for Bosnia and Herzegovina, and Swansea lodged a bid for the 21-yearold early, in order to try and push through a transfer ahead of their rivals, with Everton and West Ham also considering whether to make a move for the player.

Waris gets two offers in France

hana striker Abdul Majeed Waris G has attracted interest from two French sides in the top-flight with

other offers from the top leagues of Europe, his agent has confirmed.

“We are aware of real interest from two Ligue 1 clubs, neither of which are Lens, but there is also interest outside of France,” the player’s agent, Phil Radley said “If a club can agree a transfer fee with Spartak then discussions in respect of he player can take place.”

Valencia in London for West Ham talks

Porto complete Adrian deal

cuador forward Enner Valencia has flown E into London ahead of talks with West Ham over a possible summer transfer, Goal

understands.

The Pachuca striker, who scored three goals at the World Cup before his country’s group stage elimination, has been targeted by Sam Allardyce as the Hammers boss continues to reshape his squad ahead of the 2014-15 season.

Goal understands talks with the Mexican club are already at an advanced stage and a source close to the deal has revealed that the Hammers are keen to learn of Valencia’s intentions “one way or another”, by Wednesday.

Premier League clubs chase QPR striker

eicester City are keen on Queens Park L Rangers striker Charlie Austin, according to The Sun. Sunderland have also been linked

with the QPR forward by the Daily Mail.

The QPR striker led the club to promotion last season with 20 goals and it is unlikely that Queens Park Rangers manager Harry Redknapp would sanction the sale of his star man. Despite this both Leicester City and Sunderland are said to be readying bids for the 25-year old.

Austin signed for The R’s from Burnley last summer for a fee believed to be around £4 million, and if reports are to be believed Nigel Pearson has identified Austin as an alternative to Brighton and Hove Albion forward Leonardo Ulloa.

C Porto have strengthened their atF tacking options for the forthcoming season with the signing of Atletico Madrid

striker Adrian.

The Portuguese club announced the signing on their official Twitter account though no details about the transfer fee or the length of contract signed by Adrian have been released.

With the club set to depart for a pre-season training camp in Holland, the media team released a tweet which read: “The team is now travelling for the Netherlands and there’s a new player on the squad: @adrian7oficial! Welcome!”

FIFA blocks Suarez unveiling

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uis Suarez won’t be allowed to to be unveiled as a new Barcelona player while he is banned for biting, says FIFA. The Uruguayan is banned from any football activity after being handed a four-month suspension for biting Italian defender Giorgio Chiellini.

There have been suggestions Barcelona could hold a similar event for Suarez in a non-football venue to get around the four-month ban imposed on the Uruguay striker for biting Italy’s Giorgio Chiellini, but FIFA has now confirmed to Press Association Sport that any such event will not be permitted while the ban remains in force.

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Sanctity of Truth

Monday, July 14, 2014

Nigeria Rugby team set for African Championship

Emmanuel Tobi

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he technical crew of Nigeria’s national rugby team has commenced preparations ahead of this year’s African Rugby Seven’s Championship.

The championship is slated for 27th – 28th September in Kenya, and will feature the top seven’s playing nations in Africa.

And in a bid to ensure the country’s national team, also known as the Black Stallions, enjoy a fruitful

outing while in the East African nation, the team’s technical crew, consisting of the Technical Director, Technical Adviser and the Head coach will embark on a rigorous nationwide scouting exercise in August to select players who will represent the country at the championship.

The Africa Cup is an annual rugby union tournament involving African nations, and organised by the Confederation of African Rugby (CAR).

Oba Onibeju of Ibeju Land, Oba (Dr.) Rafiu Olusegun Salami (right), with Airtel’s Regional Operations Director, Lagos, Femi Oshinlaja (left), during the presentation of trophy to Oyo Team at the ARS 4 Lagos Zonal Finals held at the National Stadium, Surulere, Lagos at the weekend.

Stationery Stores battle Future Stars in friendly match

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ormer League and Federation Cup champions, Stationery Stores FC of Lagos, will on Tuesday morning take on Future Stars Football Academy in their final tune-up game before the commencement of the second round of the Nigeria National League.

The match will take place at the Ikeja Military Cantonment playground, where the Future Stars Academy usually have their training sessions, with kick-off fixed for 8am.

According to Head Coach of the Flaming Flamingos, Fatai Amoo, the match has been put together in order to put the team in competitive mood ahead of their upcoming derby clash against Shooting Stars of Ibadan.

“Since the break we have been training and playing friendly matches so that the technical crew can correct the lapses noticed during the campaign,” said Amoo, a former Nigeria international and Super Eagles assistant coach.

The tournament was first held in 2000, and has since been contested on an annual basis.

Prior to being renamed the Africa Cup in 2006, the tournament was known as the CAR Top 9 and CAR Top 10, and was used to select the continent’s representatives to the World HSBC 7’s series and also to rate teams on the IRB rankings.

Meanwhile, after a long break, owing to the Black Stallions’ participation at the Africa Cup 1C, in Botswana, the Southwest League resumes on July 19 with four games scheduled for the National Stadium, Lagos.

Hawksters RFC will face Lagos RFC in day’s opening match, while Racing RFC will take on defending champions, Cowrie RFC. Other games will see Eco II RFC taking on Royal Stallions of Ilorin, while Gosar RFC will square up against Police Machines in the last match of the day.

FIFA suspension: Ejidike calls for cooperation P

resident of Karate Federation of Nigeria, Chief Donatus Agu-Ejidike, has urged President Goodluck Jonathan, Sports Minister Dr. Tamuno Danagogo, National Sports Commission and all stakeholders involved to speedup the process aimed at resolving the crisis rocking Nigerian Football so that the suspension placed on the Nigeria Football Federation by FIFA will be lifted.

Ejidike, noted that the suspension came when the country was amidst several football issues and reeling in pain for her pain-

ful exit from the FIFA World Cup. “The suspension by World football governing body (FIFA) is a big blow to a nation like Nigeria with huge football histories and uncountable talented and exceptional players,” begins Ejidike, who is also the Pillar of Sports in Nigeria.

“There is urgent need for relevant stakeholders to wade in as quickly as possible into this unfortunate incident, right from Mr. President, the Minister of sports and other concerned citizens to assist in ending this impasse.”

L-R: Mrs. Elizabeth Amkpa, General Manager, GOtv; Cross River State Governor, Liyle Imoke, presenting overall trophy to the Captain of Calabar Municipality, Local Government while Dr. Bruce Ijirigho, Sports Consultant to the State Government; Hon. Ntufam Donatus Etim, Chairman Calabar Municipality, Local Government and Mr. Patrick Ugbe, Commissioner for Youth Development and Sports, Cross River State assists during closing ceremony of the 5th Cross River State Athletics Championship sponsored by GOtv at U. J. Esuene Stadium, Calabar, Cross River State at the weekend.

ARS 4: White Chiefs, Princesses C’River state restates commitment emerge Enugu champions to sports infrastructure

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hite Chiefs Football Club of Enugu had emerged champions (Boys Category) of the South Eastern Zone of the Airtel Rising Stars Season 4 football championship concluded on Saturday at the University of Nigeria Nsukka, Enugu Campus.

In the female category, White Princesses FC also of Enugu piped Red Heroines 2-0 in a scintillating final to cart away a giant trophy and medals for their

effort.

The final which was attended by the high and mighty in Enugu sports saw the White Chiefs in a devastating mood as they silenced the Red Monarchs with two unreplied goals to win the title.

Players from both the winning and the losing teams were selected to form the teams that will represent the zone at the national finals.

Diden-Ajele sponsors Sapele stars players to Europe

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elta State based top politician and reknowned sports philanthropist, Hon. Micheal DidenEjele has restated his commitment to youth development by sponsoring some top players of Academy for Stars, Sapele to Europe for trials.

Hon. Diden Ejele who is a youth mobiliser fulfilled his earlier pledge to Academy for Stars by footing the bills of nine top stars of Academy for Stars and they jetted out of the Murtala Muhammed International Airport Lagos for Albania on a Turkish Airways flight.

“It has always been my desire to touch the lives of youths in Sapele, Delta State and Nigeria generally. It is not about the money, but it’s about producing

and inspiring youths that the country can be proud of tomorrow.

“I have done this to inspire other youths and it is my prayer that they get good clubs abroad for the betterment of their lives, families and the Nigerian society as a whole”, declared Diden Ejele Meanwhile, England-based president of Academy for Stars who is also a registered player Agent, Elvis Ewruje said, “Hon. Micheal Diden Ejele means well for Nigerian youths and only God can bless him for his enormous moral and financial support to Sapele, Delta and Nigerian youths. We are inspired and will

by God’s special grace, not let him and other sports loving philanthropists down in any way”.

Charles Ogundiya

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s part of efforts geared towards realising the collective vision of sports development, the Cross River state Government has promised to continue to invest in the provision of sports infrastructure.

The State Governor, Senator Liyel Imoke, said recently that it was imperative for government to continue with this effort to sustain its sports programmes.

Governor Imoke, while declaring open the 5th Cross River State Primary/Secondary Schools Athletics Championship, said infrastructure including human resources with the right coaching team must be placed at the disposal of the children to build them.

He stressed the need for local government council chairmen to provide the enabling environment to afford the children opportunities to be engaged in healthy competitions and thereby become disciplined and good citizens.

The Commissioner for Youth and Sports Development, Mr. Patrick Ugbe, said the competition which was in its 5th edition was designed to fulfill the objectives of the State Comprehensive Sports Development Programme which began in 2009.

Mr. Ugbe stated that the CSDP had positioned the state as a major force in sports and that so far Cross River State has dominated school sports festivals for the past three editions, winning first position.

Ekpolo omitted from Barca first team N igeria Barcelona B right full back, Elohor Godswill Ekpolo, was surprisingly omitted from the 12 youngsters from the B team, who were selected to participate in preseason with the first team starting on Monday.

22 players have been called up for Monday’s session, 10 from the first team and 12 from Barça B. 18-year-old Elohor, who captained

the Barcelona juvenile team to the UEFA Youth League title last season, was snubbed, while his fellow B team compatriots Patric, Bagnack, Diagne, Grimaldo, Samper, Halilovic, Munir, Sandro, Dani Nieto, Joan Roman, Dongou and Adama were called up.

Last season Elohor trained with the Barcelona first team sparingly before signing a new three-year deal with the team.

World Record

On Marble

Everything has beauty, but not everyone can see.

– Confucius

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, JULY 14, 2014

The record holder for the scariest animal in the world is the star-nosed mole (Condylura cristata), found in wet low areas of eastern Canada and the north-eastern United States.

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Of economic inclusion and financial integrity (2) Continued from last Monday

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e are all familiar with the factors behind the crisis—a financial sector that nearly collapsed because of excess. A sector that, like Icarus, in its hubris flew too close to the sun, and then fell back to earth—taking the global economy down with it.

We can trace the problems to the evolution of the financial sector before the crisis. Financial actors were allowed to take excessive risks, leading to a situation whereby the profits on the upside went to the industry—and the losses on the downside were picked up by the public.

Some of the greatest problems, still outstanding today, lay with the so-called too-big-to-fail firms. In the decade prior to the crisis, the balance sheets of the world’s largest banks increased by two to four-fold. With rising size came rising risk—in the form of lower capital, less stable funding, greater complexity, and more trading.

This kind of capitalism was more extractive than inclusive. The size and complexity of the megabanks meant that, in some ways, they could hold policymakers to ransom. The implicit subsidy they derived from being too-big-too-fail came from their ability to borrow more cheaply than smaller banks—magnifying risk and undercutting competition.

Completing the financial reform agenda Thankfully, the crisis has prompted a major course correction—with the understanding that the true role of the financial sector is to serve, not to rule, the economy. Its real job is to benefit people, especially by financing investment and thus helping with the creation of jobs and growth.

As Winston Churchill once remarked, “I would rather see finance less proud and industry more content”.

The good news is that the international community has made progress on the reform agenda. This is especially true for banking regulation under the auspices of the Basel Committee, where we are moving forward with stronger capital and liquidity requirements. This should make the system safer, sounder, and more service oriented.

The bad news is that progress is still too slow, and the finish line is still too far off. Some of this arises from the sheer complexity of the task at hand. Yet, we must acknowledge that it also stems from fierce industry pushback, and from the fatigue that is bound to set in at this point

Guest Columnist Christine Lagarde

in a long race.

A big gap is that the too-big-to-fail problem has not yet been solved. A recent study

by IMF staff shows that these banks are still major sources of systemic risk. Their implicit subsidy is still going strongly— amounting to about $70 billion in the US, and up to $300 billion in the Euro Area.

So clearly, ending too-big-to-fail must be a priority. That means tougher regulation and tighter supervision.

Here, I believe that the new capital surcharges for systemic banks can work.

We estimated that increasing the capital ratio on these banks by 2½ percent, beyond the Basel III standard, can reduce the systemic risk of a trillion dollar bank by a quarter. This is a big deal.

Yet the problem will not go away without steps to reduce the potential for contagion. First on the agenda should be an agreement on cross-border resolution of megabanks—providing a framework to unwind them in an orderly way in case of failure. This is a gaping hole in the financial architecture right now, and it calls for countries to put the global good of financial stability ahead of their parochial concerns.

And we should not give up just because it is hard. Let me quote John Fitzgerald Kennedy here, who famously said that “we choose to go to the moon not because it is easy, but because it is hard”.

We also need more vigor across the rest of the reform agenda—better rules for nonbanks, better monitoring of shadow banks, and better safety and transparency over derivatives, an area that is still today excessively obscure and complex. To reduce the scope for contagion, I would like to see much more progress on crossborder issues, for example, in the mutual recognition of rules for derivatives markets.

Again, this is complex, and we need to be mindful of the risks of fragmenting the global financial system and hampering the flow of credit to finance investment.

But complexity is not an excuse for complacency and delay.

Changing behavior and culture As well as regulation, we need stronger supervision. Rules are only as good as their implementation. This calls for

Lagarde

greater resources, and independence, for the supervisors who perform such a vital public duty, day in and day out.

Yet regulation and supervision by themselves are still not enough. Rules can certainly affect behavior—think of compensation practices, for example. But people who want to skirt the rules will always find creative ways of doing so.

So we also need to turn our attention to the culture of financial institutions, and to the individual behavior that lies beneath. Incentives must be aligned with expected behavior and be made transparent.

Here, the work of the FSB on Principles for Sound Compensation Practices, commissioned by the G20, is instrumental to realign incentives with actual performance. We must push on with implementation.

Why is this so important? Because the behavior of the financial sector has not changed fundamentally in a number of dimensions since the crisis. While some changes in behavior are taking place, these are not deep or broad enough. The industry still prizes short-term profit over long-term prudence, today’s bonus over tomorrow’s relationship.

Some prominent firms have even been mired in scandals that violate the most basic ethical norms—LIBOR and foreign exchange rigging, money laundering, il-

legal foreclosure.

To restore trust, we need a shift toward greater integrity and accountability. We need a stronger and systematic ethical dimension.

In grappling with this, it helps to go back to the ancient philosophers. They would have raised the most basic question—what is the social purpose of the financial sector? Or, as Aristotle would have asked: “what is its telos?”

He answered his own question: “Wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else”. Or as Oscar Wilde put it, “the true perfection of man lies, not in what man has, but in what man is”.

From this perspective, we can identify the true purpose of finance. Its goal is to put resources to productive use, to transform maturity, thereby contributing to the good of economic stability and full employment—and ultimately, to the wellbeing of people. In other words—to enrich society.

Getting back on the right path requires education and leadership that is sustained over many years. It requires alert watchdogs, including from civil society.

Most importantly of all, it requires investors and financial leaders taking values as seriously as valuation, culture as seriously as capital.

The good news is that we are seeing some positive signs. The Inclusive Capitalism Initiative is one such example—pursuing practical ways to make capitalism an engine of economic opportunity for all.

Concluded

OmoBaba

NO DISCRIMINATION IN ALLOCATION OF LAGOSHOMS SAYS FASHOLA

– That's if it's affordable to those that earns N18,000 monthly!

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