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Monday, April 21, 2014 Vol. 1 No. 62

ter s a E y p Hap teemed

Sanctity of Truth

Facebook.com/newtelegraph twitter.com/newtelegraph1 Es to oureaders R Nigeria’s most authoritative newspaper in politics and business

2015: 500 politicians to watch Benue: Suswam, Mark, Akume, Gemade, Moro, Aondoakaa, Lawani in test of might Pages } 13-18

www.newtelegraphonline.com

N150

5,357 electricity workers may lose jobs, 27 managers resign Adeola Yusuf The new owners of the

electricity distribution companies have pencilled down about 5, 357 staff for

disengagement at the end of this month, when the six-month probation given

them by the Federal Government will expire, New C O N T I N U E D O N PA G E 5

Northern leaders differ on Nyako’s genocide claim

lAdamawa gov insists on allegation, accuses Jonathan of corruption lBoko Haram can’t divide Nigeria, says president Page } 4 Ibraheem Musa, Temitope Ogunbanke and Muhammad Kabir

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orthern leaders yesterday disagreed over allegations made by Governor Murtala Nyako that President Goodluck Jonathan is carrying out genocide against the North. Some of those who spoke with New Telegraph threw their weight behind the Adamawa State Governor while others described Nyako’s statement as reckless. The Northern Elders’ Forum (NEF) applauded Nyako’s position while the Northern Elders’ Council (NEC) condemned it.

Pope Francis (I) during Easter service at St. Peter’s Basilica, Rome... yesterday

Gunmen attack school, kill 5-yr-old, torch houses lBenue: Herdsman turns up in church with arms, chemical substance Cephas Iorhemen

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nother secondary school came under at-

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News . . . . . . . . . . . . . . 2 Metro. . . . . . . . . . . . . 11 Politics. . . . . . . . . . . . 13 Opinions . . . . . . . . . 20 Investigation . . . . . . 21 Business . . . . . . . . . . 25 Entrepreneur . . . . . . 41 Sport . . . . . . . . . . . . . 51

tack from suspected Boko Haram members yesterday in Bauchi. The gunmen attacked

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the staff quarters of Government Girls Secondary School (GGSS), Yana, torching several

buildings and killing a five-year-old girl in the process. The attack occurred

METRO Randy DPO: Police forced me to swear – Victim }12

about 24 hours after worshippers at the Saint Roberts Catholic Church C O N T I N U E D O N PA G E 2

NEWS Oko youths call for Igwe Ekwueme’s sack }48

Page }2

Nyako had written to the 18 northern state governors, accusing the Federal Government of carC O N T I N U E D O N PA G E 4

5 QUESTIONS FOR Governor Adams Oshiomhole of Edo State is there feud 1. Why between Benin and Abuja over the construction of DawsonUgbowo Road?

true that yours 2. Isis ait one-man administration?

it bother you that 3. Does your administration has no housing policy?

a unionist, is it proper 4. Asto owe workers of distressed Edo Line and Bendel Breweries 28 months salary arrears?

do you make of a 5. What possible Buhari-Tinubu ticket by your party, APC in 2015?

•Response to these questions should be sent to: info@newtelegraphonline.com

sPORTS Osaze, IK Uche know World Cup fate Tuesday

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Sanctity of Truth

Monday, April 21, 2014

Jonathan govt arrogant, confused –Nyako Ibrahim Abdul Yola

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he face-off between the Adamawa State Governor, Murtala Nyako and President Goodluck Jonathan took a turn for the worse yesterday with the former accusing the latter of being confused and arrogant in the way he responded to a memo earlier written to the Northern governors by the governor . The Presidency had on Saturday lashed out at Nyako, describing the letter he wrote as a betrayal of trust by a major beneficiary of the Nigerian nation. But in a swift reaction, Nyako, in a statement signed by the Director of Press and Public Affairs to the Governor, Mallam Ahmed Sajoh, said the Presidency was confused. “The response by the Presidency to Governor Nyako’s memo to Northern Governors has further proved that those running the Federal Government are arrogant and confused. They arrogate all

TODAY’S WEATHER FORECAST ABUJA

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31o C 24oC Thunder Storms

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21oC 10oC Very Cloudy

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42oC 24oC Partially Cloudy

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knowledge and wisdom to themselves alone. “We hold the statements we released as true and challenge those who claim to have a sense of history to cut off the use of jaundiced semantics and address the issues raised in this and several other documents before it. “By telling black lies about the attack on Governor Nyako which was

neither investigated nor ascertained, the Presidency is providing further proof that it knows more than it is willing to admit in the whole saga. Feeding the public with untruth is becoming a new culture in Abuja,” Nyako said. He noted that the statement on the supposed rescue of the abducted girls in Borno State was a further testimony that the govern-

ment was only looking for escape route following its failure to address the security challenges bedevilling the country. “It is a pity that responsible and supposedly educated people could manufacture statements and attribute them to others just to create an escape route from their glaring failures. None of the statements attributed

to Governor Nyako by the Presidency were ever made by him. They were all manufactured for lack of a sound counter-argument. “If indeed the Presidency is not complacent about the killings in the country, how come the President went dancing a day after several citizens were killed in Abuja? If C O N T I N U E D O N PA G E 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

Flooded Ikorodu-Expressway, Idi-Iroko in Lagos…yesterday.



PHOTO:GODWIN IREKHE

Gunmen attack school staff quarters, kill 5-yr-old CONTINUED FROM PAGE 1

in Gbem in Tsambe district of Vandeikya Local Government Area of Benue State were thrown into panic following the arrest of a Fulani herdsman suspected to be part of a seven-man team on a mission to wreak havoc on Good Friday. The police spokesperson in Bauchi State, DSP Haruna Mohammed, told the News Agency of Nigeria (NAN) that the gunmen who attacked the school also burnt a telecommunication mast in the town. A private car belonging to the principal of the school, he said, was also stolen. However, he assured the public that other students in the school were safe. “Unknown gunmen attacked the staff quarters of GGSS Yana, Shira Local Government Area of the state, around 2.30 a.m. on Sunday.

“They set the school bus ablaze and in the process, a five-year-old girl was killed in the fire while they destroyed the vault of a bank,’’ he said. According to Mohammed, a combined team of security forces are on the trail of the attackers. Meanwhile, in the Good Friday incident in Benue, Fulani herdsmen suspected to be about seven came in the early hours of the day and entered Gbem market near the church where thousands of worshippers had gathered to commence processions of ‘Stations of the Cross’ as part of activities to mark the Easter celebration. One of the insurgents, it was gathered, had on entering the village, approached a woman selling food in the market on the pretence of wishing to eat. The woman, who did not understand his language, the report said, requested the assistance of an inter-

preter who however discovered the stranger was a Fulani man and immediately raised an alarm. New Telegraph gathered that during interrogation, the suspect allegedly confessed that he and others were in the area on a ‘special mission to kill’ Christians whom he described as ‘vultures’. “The Fulani man said they were detailed to come and kill vultures, and when we inquired from him what he meant by vultures, he said vultures means the Tiv people,” an eyewitness said. Speaking to New Telegraph on the matter, the Catholic Priest in-charge of Saint Roberts Catholic Church, which is under Gboko Diocese, Rev. Fr. Gregory Ugah, confirmed the incident but said no member of the church was injured. “Actually, he came while we were arranging to begin the Stations of

the Cross. He was asked why he was here and he said he came to kill vultures. When a thorough search was conducted, four handsets, a powerful gun and a powdered substance, which we suspected was chemical weapon, were found on him.” Ugah said the Fulani man refused to disclose the whereabouts of possible collaborators despite pressure on him. He appealed to Governor Gabriel Suswam to facilitate the immediate deployment of soldiers and mobile policemen to the area to help protect the lives and property of the people since they now rely on local vigilante group most of whom are not young. However, when contacted, the Benue State Police Public Relations Officer, SP Daniel Ezeala, said the command had not received signals concerning any such incident.

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


The entire staff and management of FiBank Guinea, wish to felicitate with Dr. Orji Uzor Kalu on the occassion of his 54th birthday today. We also seize this opportunity to appreciate your Immense contributions to the growth and development of the Banking industry in our dear country.

Signed: Monsieur Diallo Ibrahim Managing Director, FIBANK GUINEA

Happy Birthday Sir

Monday, April 21, 2014 Sanctity of Truth

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Sanctity of Truth

Monday, April 21, 2014

Northern leaders differ on Nyako’s genocide claim CONTINUED FROM PAGE 1

rying out genocide against northern states. He had alleged that President Jonathan had no exit strategy to the problem of insurgency. Responding, the Presidency through Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, on Saturday in Abuja said Nyako’s letter “is an unmitigated leadership disaster.” “The content of Nyako’s letter exposed him as lacking a sense of history as well as incapable of rising above parochial sentiments. The letter was extremely divisive and intentionally meant to incite one section of the country against the other,” it said. But the spokesman of NEF, Prof. Ango Abdullahi, threw his weight behind Nyako. He told New Telegraph

that the suspicion of Federal Government’s involvement in insurgency has been on for some time now. “Governor Murtala Nyako of Adamawa State is not the first person to raise the suspicion of Federal Government’s complicity in the current insurgency that is ravaging the North but his recent letter to 18 northern governors has raised the pitch,” he said. He said that not only do the insurgents use firearms that are superior to those of the security forces, the bombs that they explode are equally sophisticated. The former Vice Chancellor of Ahmadu Bello University (ABU), Zaria, also said that the people who are at the hotbed of the insurgency have alleged that helicopters usually drop either weapons or

food in such places. “How can Mohammed Yusuf ’s Boko Haram get all these?” he asked. Abdullahi also pointed out that several non-Muslims have been arrested trying to bomb churches, but nothing has been heard after such arrests. “Are they saying that it was Muslims that sent those people?” he asked. He recalled that President Jonathan had some time ago confessed that there were Boko Haram elements even within his government and security forces. “All these combined make people who should know, to put the government on the spot and rightly so,” he added. Former Governor of Kaduna State and a social critic, Alhaji Balarabe Musa, also said that it was difficult to absolve govern-

ment of complicity or even involvement in the current insurgency. In an interview with New Telegraph, the former governor said that the insurgency has to do with the contest for power in 2015. “There is the general feeling that Nigerian is being destabilised by at least three forces with each of them based on the ambition for power,” he said. Balarabe mentioned the three forces to include the Federal Government, a gang of powerful thieves that have been exposed and imperialists. According to him, “The first force is the government with 2015 in mind. By destabilising the North, it will enable them to get away with rigging in 2015 because everyone will be concerned with peace and not election. “On the other hand, the

L-R: Minister of Special Duties, Alhaji Taminu Turaki; Minister of State for Niger Delta Affairs, Darius Ishaku; Minister of Youth Development, Mr. Boni Haruna; President Goodluck Jonathan; Senator Smart Adeyemi; FCT Minister, Bala Mohammed, and Chairman, Senate Committee on Power, Philip Aduda, during the Easter Day homage to the President at the Presidential Villa, Abuja… yesterday.  PHOTO:Timothy Ikuomenisan

Jonathan govt arrogant, confused –Nyako CONTINUED FROM PAGE 2

they claim that Nyako does not deserve to be governor, are they fit to be where they are? When we say the Boko Haram phenomenon is phantom we are talking based on several testimonies by the President,” the statement added. On the issue of creating divisions among Nigerians, Nyako said no one created more divisions than the Presidency that urges its backers to direct its people to implicate innocent northerners in bombings

they know nothing of. “This Presidency also encourages some of its spokespersons to speak ill of certain persons and religion without a reprimand. This is the most divisive leadership in the history of this country and it is also the most desperate to cling to power even at the cost of several lives of innocent citizens. Unfortunately, it is also the most inept, confused, greedy, corrupt and incompetent regime ever,” the statement added.

The governor said while the Presidency is fond of asking governors to account for allocations given, the president should declare what he got and account for it. “After all, we now have proof that certain projects which are not executed have been announced as completed such as the Hong to Mubi road in our state which the Minister of Information announced its execution at their Bauchi. “Someone should help

us ask the president under what Budget sub-head did he get the money he allegedly gave Governor Rabiu Kwankwaso to bribe delegates to vote for him which was allegedly diverted. We think rather than vent their venom in insulting people, presidential spokespersons and media managers should do better by re-focussing the man to be more open minded and competent in grappling with the myriad of challenges facing the nation,” Nyako said.

thieves who have stolen so much want to destabilise Nigeria so that they will not be harassed by antigraft agencies,” he said, adding that imperialist forces are also working on the self-fulfilling prophesy that Nigeria will disintegrate in 2015. The chairman, Conference of Nigerian Political Parties (CNPP) also noted that the contention in Nyako’s letter is a suspicion that is shared by many informed Nigerians from both North and South. Convener, Concerned Northern Politicians, Academics, Professionals and Business, Dr. Junaid Muhammed, though admitted that Nyako’s genocide claim is weighty, he nonetheless accused the Jonathan administration of culpability in the war against terror. His words: “Genocide is a weighty word and I wouldn’t want to take sides with the two gentlemen. But I know for sure that President Jonathan has been incompetent in the way he has been handling the war on terror. “As a government, he has a penchant for planting murderous warlords, opportunists and sectarian bigots who have a grouse with the North. That particularly applies to Ihejirika (former Chief of Army Staff), to Azazi (late National Security Adviser, NSA) and several other people who have direct and key responsibility for the prosecution of the war against the so-called terror. “On top of it, Jonathan’s body language, that of his spokespersons, and key members of the government, especially the Igbos, have been openly, recklessly culpable, and they have always seen it as a war between the South-South/ Igbos and the North. So, if that’s misconstrued as genocide, I think there is some justification. “The International Criminal Court (ICC) and the United Nations Human Rights Commission (UNHRC) have all declared the situation in the NorthEast as a war. So, whether Jonathan admits it or not, it’s ongoing and it’s a violation of the rules of war by either combatants, Boko

Haram and the government, which can constitute genocide. We are not there but we are on the road to being there.” However, former Military Governor of Kaduna State, Col. Abubakar Dangiwa Umar (rtd), condemned Nyako’s letter, describing it as reckless for a former military officer of his calibre. According to him, a nation in a state of war can’t afford to play politics with security issues. “In any case, as a retired General, where is his evidence?” Umar asked. He said that given the composition of the military rank and file and the officer corps, this cannot be possible without someone blowing the whistle. The retired military officer said that the insurgents are better equipped than the military because of the corruption of the former military leadership. Umar alleged that instead of buying sophisticated weapons with the huge budgetary allocation that was devoted to security, the military top brass bought inferior ones. “Given this situation, our soldiers can only confront the insurgents if they want to commit suicide,” he said. Chairman, Northern Elders’ Council (NEC), Alhaji Tanko Yakasai, decried the gutter language being used by those in government. He said: “I expected Nyako to have at least called the President and advised him whenever there is something that troubled him not to resort to an open attack which will not lead him anywhere. What both of them (Jonathan and Nyako) are doing doesn’t in any way speak good of their dignity,” he added. Yakasai added: “I am not happy by this unguarded statement by people who are leaders in their own rights. If a governor will be so rude to the President, what would be his attitude if a local government chairman is rude to him? “What Governor Nyako said is wrong. It is wrong to be rude to the President just like I will not support any local government to be rude to him as a governor.”


NEWS

Sanctity of Truth

Monday, April 21, 2014

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Boko Haram can’t divide Nigeria, says Jonathan Tasks govs on resource utilisation Anule Emmanuel

C

iting how Nigerians of different faiths and ethnic nationalities rally round one another in times of crisis, President Goodluck Jonathan yesterday reasserted his faith in the indivisibility of the country. “Boko Haram,” he declared, “cannot divide Nigeria.”

The president spoke while receiving a delegation of Abuja residents led by Senator Smart Adeyemi who paid him an Easter homage at the Presidential Villa. President Jonathan, who described Easter as the most important ceremony in Christian faith said despite the unfortunate insecurity problem in the country, Nigeria

will remain as one strong indivisible nation. “Yes, as a nation, we are having tribulations but surely, Nigeria has hope. Surely, we will overcome these tribulations. Even those who think that this country will divide, those who think the country will be divided into North, South, East and West, no way.” “ Boko Haram will not

disintegrate this country,” he declared. “Most of you are aware when the bomb blast happened in Nyanya. Nigerians from all religions, from all classes, participated in the evacuation of all the people who were affected, even before the security people arrived. People excitedly donated more blood than was even required.” According to the president, “People came from everywhere, irrespective

A cross section of the choir and orchestra performing at the 2014 Easter concert of the Apostolic Faith Church, at the church auditorium, Anthony, Lagos…yesterday.  PHOTO: TONY EGUAYE

45.3m

The total population of Spain (representing 0.66% of the world’s population) in 2010. Source: Blatantworld.com

3

The number of fixed (wired)-broadband subscriptions per 100 inhabitants of developing countries in 2008. Source: Itu.int

N138.4m

The IGR realized from road taxes of Kaduna State in 2011. Source: National Bureau of Statistics

of their religious beliefs and persuasion. That shows that there is no criminal group, within or outside this country that can break this country… Boko Haram will come and go. We have overcome various challenges, God willing, we will also overcome Boko Haram.” He commended Nigerians for their prayers and gave assurance that he would work with others to develop the country, especially in the area of employment. The president also charged state governments to use their resources to effectively develop their people, noting that they should not depend solely on the Federal Government. “It is on record that despite the current revenue formula, about 64 per cent of the population, mainly in the rural areas, is said to be living below the poverty line. “The current revenuesharing formula as recommended by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), indicates that while local governments receives 20.6 percent of the federally collectible revenue, states get 26.72 per cent while Federal Government gets 52.68 per cent. “Many of the states at the moment rush to Abuja

every month end to collect their allocations without much to show for it; a situation that has created a challenge in which fiscal federalism in Nigeria has become like a cancer with many states blaming Federal Government for their poverty,” the president declared. The states, Jonathan noted further, completely control their resources, so if all states and local governments can work in concert, most of the economic problems of the country would be solved. Minister of the Federal Capital Territory, Senator Bala Mohammed, who was also on the delegation, commended Nigerians for their response during the Nyanya bomb blast and assured that his administration would work hard to ensure that the FCT is safe for all Nigerians. Chairman, Senate Committee on FCT, Senator Adeyemi, in his remarks, noted that Easter represents one of the most important events in Christendom. Earlier at a church service organised to mark Easter Sunday, the Chaplain of the Aso Rock Villa Church, Venerable Obioma Onwuzurumba, urged the congregation to emulate Jesus Christ who laid down his life for mankind.

5,357 electricity workers may lose jobs, 27 managers resign CONTINUED FROM PAGE 1

Telegraph gathered exclusively at the weekend. Also, over 27 business managers have so far resigned their appointments with electricity companies taken over by new owners on November 1, 2013. Checks by New Telegraph showed that Ibadan Electricity Distribution Company led the pack of staff resignation. Four business manager have resigned there. Spokesperson for the firm, Tokunbo Peters, could not be reached on phone for comment. Yola and Jos Electricity Distribution Companies also received resignation letters tendered by eight management staff while the remaining eight dis-

tribution companies also lost 15 management staff to resignation. “Some of them were advised to resign after they had been shown their sack letters,” the source said, adding that about 5,357 staff in the senior and junior cadres have been pencilled down by the 11 distribution companies for sack. The Ibadan and Jos power firms are, according to the source, to sack 1,580 workers inherited from the defunct Power Holding Company of Nigeria (PHCN). These firms needed to downsize to overcome their financial challenges, it was gathered. The Jos DISCO is being managed by AURA Nigeria Limited, while the Ibadan

DISCO is being managed by Integrated Energy Distribution and Management Company, which also owns the Yola Electricity Distribution Company. It was learnt that the Jos DISCO was planning to sack 1,000 of its workers, while the Ibadan DISCO had pencilled down 580 names for disengagement. “The NUEE locked out the management and staff of the Jos DISCO for a whole day last week after the workers got to know that the new owners wanted to sack 1,000 workers at the end of April. The Nigeria Labour Congress (NLC) had planned to picket the company for one week but it was reopened the following day,” a source said. Earlier, the acting sec-

retary, NLC, Plateau State, Mr. Anthony John, who led the workers to picket the firm, said: “The NLC says no to unfair labour practices; we want light, not sacking of our members; we want foreign investors, not foreign exploiters; we demand the recall of all our sacked union officials. “What has been happening between November and now is evil. Workers have the right to protect their interests and to have a union. But between November last year and now, the company has insisted that there will be no union. Several of our union officials who fought for the rights of the workers have been sacked. In this place, graduates are paid N10,000; what a shame! All the jobs have been out-

sourced; the level of exploitation is too high; we can’t sit down and keep quiet.” According to a source, the Ibadan DISCO is also planning to sack 580 workers and would have been picketed last week over the issue but for the intervention of the State Security Service (SSS). “The Ibadan DISCO would have been shut down by workers last week but the union had a closed-door meeting with the management and the matter was resolved. But I can tell you that the company is planning to sack 580 workers,” the source explained. He said that the company, like other DISCOs, was finding it difficult to pay salaries. Assistant General Sec-

retary, NUEE, Western Zone, Mr. Johnson Fathi, who spoke with New Telegraph last Thursday, confirmed that the union wanted to picket the company on Wednesday over anti-labour practices, but that the exercise was shelved when the SSS intervened. He said the unions, comprising NLC, NUEE and the Trade Union Congress (TUC) and the management of the IBEDC recently met at the SSS office in Ibadan over anti-labour practices being allegedly perpetrated by the management. About 5,303 workers are currently on the payroll of the IBEDC. The new investors sacked 2,000 when they took over the DISCO last year.


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NEWS

Monday, April 21, 2014

photo news

Imo APC chairman resigns Steve Uzoechi OWERRI

T A cross section of Catholic faithful, during a Church Service in Abuja

he All Progressive Congress (APC), Imo State Chapter suffered a major setback at the weekend with the resignation of its interim chairman, Marshal Okafor-anyanwu. Okafor-Anyanwu, who announced his resignation to newsmen in Owerri said that he was compelled to quit as a result of undue and excessive government interference, usurpation of party authority, empty promises and outright starvation of funds for running the affairs of the party in the state.

The former chairman, who said he had injected over N60million of his personal fund to keep the party afloat noted: “Since September 13, 2013 when I became Imo APC chairman, no money has been released to the party by any of those who claim to be leaders of APC in the state - as government, appointees or elected members of the Imo State House of Assembly or National Assembly.” According to OkaforAnyanwu, based on the salary structure and allowance agreed between government and party right from the days of the All Progressives Grand

Alliance (APGA) to the present APC, about N250 million unpaid entitlements is accruable to the staff of the party while his own alone was N168 million as at December 2013. The state governor, Rochas Okorocha, he said, promised to settle the arrears but had failed to do so till date. Still bemoaning his woes, Okafor-Anyanwu said that it was after functioning for the first nine months as state chairman without receiving any money that it dawned on him that he had to be using the slim resources of his business to fund the activities of the party.

Gbemi Saraki urges prayer for Nigeria

C L-R: Registrar, Cathedral Church of Christ, Tinubu, Lagos, Olurotimi Williams; Legal Secretary, Folashade Adetiba; Bishop of Lagos and Archbishop of the Ecclesiastical Province of Lagos, Most Rev. Ephraim Adebola Ademowo; Deputy Governor of Lagos, Orelope Adefulire and Deputy Registrar, Olusegun Ajayi, during the Easter Sunday Service at the Church in Lagos….yesterday. PHOTO: TONY EGUAYE.

hristians in Nigeria have been urged to pray for the country as they joined other Christian faithful globally to celebrate Easter. A Peoples Democratic Party (PDP) chieftain, Senator Gbemisola Ruqayat Saraki, who stated this in an Easter message signed by her Special Assistant on Media, Mr. Sola Shittu, said the country needed

prayers of not only the Christian faithful, but Nigerians of all faiths. “Nigeria is going through a lot now and what is happening is not peculiar to any part of the country whether in Borno or Lagos. What is important is that we make up our minds to boldly face our challenges.” According to her, Nigeria is at the threshold

of greatness and, like a pregnant woman in labour, she is going through a lot of pains. “What this means to each and every one of us is that there is light at the end of this dark tunnel. The pains and agonies of labour may seem too much for us to bear, but it cannot be compared with the bundle of joy that will follow such pains.

Anglican bishop charges FG on security Tunde Oyesina Abuja

T L-R: Cathedral Senior Steward, Methodist Church Nigeria, Diocese of Lagos West, Abiona Babarinsa; Bishop, Diocese of Lagos West, RT. Revd Oluyemisi Ogunlere; Presbyter, Very Rev. Kolade Odu; Circuit Steward, Sir Tokunbo Macaulay and Treasurer, Michael Awe, during the Easter Thanksgiving Service at the Church’s premises, Mushin, Lagos…yesterday. PHOTO: SULEIMAN HUSAINI

he Anglican Bishop of the Diocese of Kubwa, Federal Capital Territory, Abuja, Rt. Rev. Duke Akamisoko, yesterday called on the Federal Government to take very serious the security of lives and properties of Nigerians. The clergyman, who stated this in his Easter message at the Cathedral Church of St. Bartholomew, Kubwa, Abuja

however, called on Christians to continually look unto Jesus whose death and resurrection has brought hope to all to mankind. Akamisoko stressed that the resurrection is the greatest event in the lives of Christians, urging them to move ahead in every aspect of their lives in the power of Jesus’ resurrection. According to him, "Resurrection has given us boldness and power as Christians to move

forward and it has made Christianity a unique religion. Without resurrection, there will be no boldness in the Christian faith." He further charged Christians to continue to pray for Nigeria, especially at this time that the nation is going through all forms of insecurity. He also urged public office holders to discharge their responsibilities with the fear of God so that every Nigerian would benefit from the dividends of democracy.

Ondo CAN asks youths to eschew violence Babatope Okeowo

Akure

T L-R: Bishop of Tinubu Methodist Church of the Trinity, Tinubu, Lagos, Rt. Rev. Omotayo Babalola; Prelate, Methodist Church Nigeria, His Eminence, Samuel Chukwuemeka and Proto Presbyster, Very Rev. Stephen Tunde Adegbite, during the Easter Sunday Service at the Church in Lagos….yesterday. PHTO: TONY EGUAYE.

he Chairman of the Ondo State chapter of the Christian Association of Nigeria, (CAN), Bishop Joshua Ketiku, has advised the youth in the country to eschew evil and violence as the nation prepares for an-

other round of elections. The cleric, who gave the advice in his Easter message, also urged Christians across the state to intensify prayers in the face of the security challenges facing Nigeria. Congratulating the state governor, Dr Olusegun Mimiko, the govern-

ment and people of the state for the Easter celebration, Ketiku said: “I urge Christians across the state and Nigeria to intensify our prayers on the current security challenges facing our nation and our brothers and sisters in the Northern part of this nation.”


NEWS

Sanctity of Truth

Monday, April 21, 2014

CHANGE Ebonyi governor takes Izzi people to task on the next governor Leo Sobechi

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or the first time, Ebonyi State Governor, Chief Martin Elechi, yesterday gave an insight into the profile of his successor, come 2015. He stressed that the individual must show great predilection to tolerate opposition. Elechi’s position comes on the heels of

1.25m

2015: My successor must welcome opposition, says Elechi plans by the Izzi clan to ensure that the next Ebonyi Governor hails from their area, given their “numerical advantage and reason of equitable distribution of political power” in the state. In his remarks at a special church service to commemorate this year’s Easter celebration at the Government House Chapel, Abakaliki; Elechi ex-

The total area (in sq. km) of Angola. Source: Worldfactsandfigures.com

plained that the political comportment of his successor is of concern to him, since according to him, the nature of political opposition activities in the state excites worry. Drawing analogy the Second World War and holocaust, Elechi pointed out that the Israelites did not redirect their steps as a nation today to avenge the ugly incident they found

33.6%

The percentage of households with internet access at home worldwide in 2011. Source: Itu.int

themselves 65 years ago but rather allowed the experience to propel them to seek for a better tomorrow. His words: “This reminds me of someone who approached me sometime last year for reason of making a particular person to be my successor in 2015, and I said to him, well, it is for the electorates to choose but if you ask

$276.7bn

The nominal GDP of South Africa (IMF) in 2009. Source: Blatantworld.com

me, I will not support that person. “Reason is that the person referred to cannot tolerate opposition; we do not have a tolerant opposition. Here, they oppose wrongly; they don’t make constructive oppositional statements. They are all out to condemn and to destroy, but in spite of that we must tolerate the opposition”.

Cajetan Mmuta

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L-R: Mrs. Chiedu Nwokolo of Afribaby; Executive Director, Afribaby Initiative, Mrs. Olayinka Odiboh; Lagos State Governor, Babatunde Fashola and President/Founder, Afribaby Initiative, Dr. Oscar Odiboh, at the Easter baby/mothercare expo held in Lagos at the weekend

New Lagos group faults APC leadership

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s the race to who succeeds Lagos State Governor, Babatunde Fashola, gathers steam, a group, the Visioners for New Lagos has warned party leaders in the state against imposing former Accountant-General of the state, Mr. Akinwunmi Ambode, as the next governor of the state. The group said that such attempt would be vehemently resisted. In a statement issued yesterday by its coordinator, Bambo Akin-John-

son, the group said it is sympathetic to the cause of the All Progressives Congress(APC) in the state, adding that it has verifiable evidence that a former Lagos State Governor and National Leader of the APC, Senator Bola Tinubu wants to impose Ambode on Lagosians. Akin-Johnson said, "In spite of the ideals of the APC as a mega party, Tinubu has refused to drop his unsavoury habit since the days of the Alliance for Democracy (AD), driven by self-centredness, political Darwinism and perceived ownership of the state."

N/Delta youths condemn confab Joe Obende Warri

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n spite of the high hopes held by Nigerians across the land that the ongoing National Conference could bring a turnaround for the nation, youths of the Niger Delta have labelled it an exercise in futility. The youngsters under the aegis of Niger Delta Youths Congress who stormed the Nigeria Union of Journalists, Warri Chapel, yesterday led by Comrade Israel Uwejeyan said that the ongoing conference would not bring the desired solution to Nigeria’s problems.

"Most of the delegates were there to represent themselves and not the people more so as they were handpicked by President Goodluck Jonathan to do his bidding," they said. Its timing too, being close to the approaching national general elections, they insisted was inappropriate. They affirmed that the outcome of the National Conference might not be capable of addressing the diverse problems of hunger, unemployment, and insecurity, impunity, corruption, ethnic dissection, extra-judicial killings, poor infrastructure, epileptic power supply and many others which confront Nigerians on a daily basis.

The gover nor reflected on the meaning of Easter and called on Nigerians to develop such forgiving spirit as displayed among the Israelites, stressing that judging from the present situation in the country, “such is the universal remedy to make Nigerians attain its glory beyond her 100 years as one united independent country.”

Oshiomhole’s kinsmen may dump progressives BENIN

Wale Elegbede

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embers of the All Progressive Congress (APC) in Etsako Federal Constituency made up of Etsako West, Etsako Central and Etsako East Council areas of Edo State have threatened to defect from the party. This is following the outcome of the congress of the party in the area. The constituents are is mounting pressure on the State Governor, Adams Oshiomhole to cancel the results of the just concluded congresses of the party or face them dumping the party for another political platform.

The resolution of members of the APC in the federal constituency was made known by the former chairman of old Etsako and ex-commissioner for Works, Evangelist Kasimu Dokpesi at the end of the meeting held weekend in the state. The people also called for the cancellation of the membership registration exercise held by the APC in the state. According to them, the meeting was convened to enable the party members from the constituency express their displeasure with the state government over the outcome of the party registration and the ward and LGA congresses.

Urhobo vow to produce next governor in Delta Joe Obende Warri

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he Urhobo ethnic nationality has vowed to clinch the governorship position of Delta State in 2015. Addressing newsmen at the weekend in Mosogar, Ethiope West Local Government Area of the state, first Deputy President General of Urhobo Progress Union (UPU), Engr. (Chief) Joe Omene, said it was the turn of the Urhobo to call the shots in the state, lamenting that the most populated ethnic group in the state was even being marginal-

ized at the federal level. According to him, the Urhobo cast over 800,000 votes in the last presidential election, regretting that the people had not only been sidelined, but marginalized in all its ramifications. “It is pertinent we have our own fair share in terms of Federal Government patronage. Today, Delta North has the state capital as against the wish of other people from the core Delta State and, at the same period, they are clamouring for the governorship of the state”, stressed the UPU Deputy President.


8

ACROSS THE NATION

Monday, April 21, 2014

Osun

FCT

Taraba

Osogbo

Abuja

Jalingo

Omisore charges Christians to pray for unity The governorship candidate of the Peoples Democratic Party (PDP) in the August 9 governorship election in Osun State, Senator Iyiola Omisore, at the weekend, charged Christians to pray for the unity of the country. He also called on Nigerians to emulate the values and perseverance of Jesus Christ by supporting peace and unity for national development. Omisore, who made the call in an Easter message

made available to newsmen in Osogbo, appealed to them to let their lives reflect that of Christ, appealing to Nigerians to eschew bitterness, embrace mutual love and respect constituted authorities in our match to national transformation. “When I look back at my life as an altar boy in service of Christ, I share the pain, joy and salvation of Easter. It is for this reason that I on this occasion join millions of Christians worldwide and fellow brethren in Osun State in celebrating this day.”

I’ll continue to work for God and humanity –Mark President of the Senate, Senator David Mark, who turned 66 on April 8, 2014, has promised to spend the remaining part of his life on earth to work for God and humanity. This was as he again encouraged Nigerians not to lose faith in the project Nigeria, saying that the current security challenge was a trying moment that would be overcome in no distant time. Addressing his Benue South constituents from

the nine local government areas making up the Benue South Senatorial district in his Otukpo, Benue State country home yesterday, Senator Mark urged them to continue to keep the peace and live in harmony with their neighbours. “Nobody can pretend or deny that we have serious security challenges. But, we can all make a huge difference if we cooperate and collaborate with one another towards finding a lasting solution to the problem.

Crisis: Police arrest 24 in Taraba The police in Taraba State have arrested 24 suspects in connection with a clash which occurred in Wukari on April 15. ASP Joseph Kwaji, the police spokesperson in the state, told the News Agency

of Nigeria (NAN) in Jalingo that the suspects would be charged to court soon. “The command has so far arrested 24 persons in connection with the current Wukari crisis, I can assure you that the suspects would soon be prosecuted,” he said.

Plateau Jos

PDP has not started campaigning –Dabin The Peoples Democratic Party (PDP) has only been receiving new members into its fold and has not started its campaign for the 2015 general elections, the party’s Chairman in Plateau State, Dr. Haruna Dabin, has said.

Dabin told the News Agency of Nigeria (NAN) in Jos yesterday that this was in consonance with the fact that ‘a political party is just a social mobilisation outfit.’ “PDP cannot start any campaigns now because it has no candidate for the 2015 elections yet.”

Lagos ikeja

Easter: Group urges leaders to tackle insecurity

L-R: Osun State Governor, Ogbeni Rauf Aregbesola; Speaker, House of Assembly, Oyo State, Alhaja Monsurat Sunmonu and the Vice Chancellor, University of Lagos, Prof. Rahaman Adisa Bello during the 6th Reunion Luncheon at Eko Hotel & Suites, Victoria Island, Lagos …at the weekend

Fire razes Kaduna Airport control tower l Govt may use NAF facilities as stop gap Wole Shadare

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ctivities at the Kaduna airport were suspended following a fire outbreak that razed the control tower of the airport yesterday. The fire, which was said to have started at about 3.30pm, completely razed all air traffic equipment and was said to have been caused by an electrical fault. It would be recalled that work, which started on the tower over a year ago, is yet to be finished. A source who spoke to New Telegraph from Kaduna said all arriving and departing aircraft were kept on hold as fire fighters battled to put out the inferno and salvage whatever remained of the facilities.

Another eye witness, who called the New Telegraph said at about 3.30pm, fire engulfed the tower, adding that response from the Federal Airports Authority of Nigeria (FAAN) fire service was slow due to lack of water and equipment to reach the area, stressing that the poor response led to the razing of the facility as nothing could be salvaged. The airport was said to have been shut by the Nigeria Airspace Management Agency (NAMA), but effort to speak to the agency proved abortive as the management was yet to react to the inferno. The Kaduna Airport is one of the airports categorised as less busy. Until last year, it used to be very busy with Arik,

Chanchangi, Aero and IRS operating to the area. But since the suspension of operations by IRS and Chanchangi, only Aero and Arik still operate one daily flight to the airport. Aero, it would be recalled, resumed operation to Kaduna just last year after it suspended operations three years ago due to over capacity on the route. The management of NAMA, in a statement late yesterday, disclosed that flights to the airport had been temporarily suspended following a fire incident which razed the tower that completely destroyed air traffic control facilities. According to the statement, "NAMA had already issued NOTAM (Notice To Air Men) to

that effect informing the operating airlines locally and across the globe of this development". It attributed the fire incident to power surge which, it said, immediately sparked fire that razed the entire tower .All the personnel on duty were safely evacuated. The managing director of NAMA, Ibrahim Abdulsalam, had directed the immediate deployment of the agency's mobile tower currently in Abuja to Kaduna airport to resume normal services by sunset, today (Monday, April 21, 2014). "There is no cause for alarm as we are on top of the situation. Our mobile tower is capable of handling normal traffic as it is well equipped with necessary ATC console to do that", he assured.

Political leaders at all levels in the country have been admonished to set aside their differences and jointly tackle the issue of insecurity, political thuggery, kidnapping and other crimes that are ravaging parts of the country. A non-governmental, Christian Conscience, in its Easter message to the

nation, made the call in a press release by its Publicity Secretary, Mr. Tunji Oguntuase. Quoting the Chairman of the group, Chief Enock Ajiboso, the release condemned the lingering insecurity in parts of the country and urged the country’s leaders to seize the opportunity of the Easter celebration to embrace what Jesus Christ stood for.

Bwacha wants Taraba to resolve farmers, herdsmen’s clashes

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he Taraba State government has been urged to find a lasting solution to the recurring farmers-herdsmen clashes in Wukari Local Government Area of the state. The senator representing Taraba Central senatorial district, Emmanuel Bwacha, made the call yesterday, when members of the Abuja chapter of Ugondo Mdema Development Association visited him in his house in Abuja to mark the Easter festival. The Bwacha also tasked the state and Federal Government to provide adequate security to cover all parts of the area to prevent further escalation of the crisis. He appealed to the victims to pray for an end to the crisis rather than resorting to retaliation.

The senator said they should use the Easter period to reflect on the life of Jesus Christ, who is the symbol of peace. “My appeal is for them to take their complaints to God, especially at this time of Easter. “I also appeal to them to forgive one another and continue to reflect on the death of Jesus Christ, who is the symbol of peace and God will fight the battle for them. “I urge the state government to be proactive and to spread the security network to prevent an escalation of the crisis,” he said. On the request for electricity to Tor-Damisa community in Donga Local Government, the senator pledged to include the area in the 2015 MDGs’ budget.


NEWS

Sanctity of Truth

Monday, April 21, 2014

9

Police arrest Arabian, 110 suspects in Ogun ROBBERY

From Port-Harcourt, a foreign crook moves over to the Lagos-Ibadan axis Kunle Olayeni Abeokuta

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gun State police command yesterday arrested an Arabian, Ali Mohammed, in connection with a robbery incident at Moko, near Ibafo, along the Lagos-Ibadan

50.5m

Expressway. The command also said that it had arrested 110 suspects in a state-wide raid on black spots across the state. According to a statement by the state’s Police Public Relations Officer (PPRO), Muyiwa Adejobi, policemen attached to Ibafo Division arrested the Arabian, who was said to have come from Port Harcourt at about 2.00am. He said the policemen had responded to

The total population of South Africa (representing 0.73% of the world’s population) in 2010. Source: Blatantworld.com

a distress call from the area and met about four armed men who were burgling a house and robbing its occupants. The PPRO said the police team promptly dislodged the robbers and arrested one of them. Adejobi, who said a manhunt had commenced for the fleeing robbers, said the 110 suspects arrested were from various locations across the state. He continued: “The areas where the raids were carried out included

4,700km

The total length of River Congo-Chambeshi (Zaire). Source: Blatantworld.com

Sagamu, Ijebu-Ode, Ilaro, Otta and Abeokuta area commands and the operations were supervised by the deputy commissioner in charge of Department of Operations, Akpoebi Agberebi. “The command worked on intelligence gathered from the State Intelligence Bureau (SIB) of the command on dangerous black spots in Ogun, which propelled the raids and eventually led to the arrest of the suspects. “The command had

1.5m

The total number of adults and children estimated to be living with HIV/AIDS in Mozambique in 2008. Source: Blatantworld.com

earlier vowed to sustain its raid on black spots where the ‘bad boys’ converge to plan and execute their evil acts with a view to flushing hoodlums out of the state and improve on protection of lives and property of the citizenry.”

Adejobi, however, added that the state Police Commissioner, Ikemefuna Okoye, had ordered concerned Area Commanders and Divisional Police Officers to screen the suspects properly to ensure that only those found wanting are charged to court.

N3.7bn road network’ll boost Osun economy – Aregbesola’s aide Adeolu Adeyemo OSOGBO

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sun State government, at the weekend, said the newly commissioned 15 Ilesa township roads, estimated at about N3.7 billion, would boost the economy of the state. The Special Adviser to Governor Rauf Aregbesola on Works, Sabitu Oladepo Amuda, who made this known in Osogbo yesterday, said the state government embarked on peopleoriented programmes to cater for the people of the state. He said the roads would also make transportation of goods and services easier for the people.

Amuda said the road network would go a long way in promoting the socioeconomic development of the town and other adjoining communities. "This administration is aimed at putting in place infrastructuralfacilitiescapable of giving all communities new lease of life and this approachwouldenhancesteady growth in all ramifications. “Precisely, three and half years back, when our administration came on board, the state of our roads was deplorable. The intra and intercity roads were in a state of disrepair such that the economy of Osun was at its lowest ebb to a level that investors were not attracted to the state."

Poor rating on ICT literacy, worries Bayelsa youth groups Chris Ejim L-R: Benue State Deputy Governor, Chief Steven Lawani; chieftain of the All Progressives Congress, Senator J KN Waku and Governor Gabriel Suswam, during the burial of a PDP chieftain, late JKI Ugela…at the weekend

Former employee slams N500m suit on Multi-Links Steve Uzoechi OWERRI

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former employee of Multi Links Telecommunication Limited, Lagos, Mrs. Ifeoma Georgina Ekeh, has slammed a N500 million suit against the telecommunication company for allegedly portraying her as a thief, fraudster and conspirator. Mrs. Ekeh, who was formerly a customer service officer with the company before it was restructured in 2011, had been declared wanted by the company,

in a national daily for alleged forgery, conspiracy and stealing. She was accused by her former employer, MultiLinks, of conspiring with “Easy and Quiet Nigeria Limited” appointed by Multi-Links as agent to take over Owerri branch under a dealership franchise to allegedly commit forgery and stealing. But, in a notice of action dated April 18, 2014, Ekeh through her solicitors, Benatokwu Chambers, had given the telecommunication company,

including its Chief Executive Officer (CEO), Mr. Idowu Latilo, seven days within which to retract the said publication in three national dailies with international readership in conspicuous spaces. Ekeh was also demanding for a retraction that must be accompanied by an elaborate apology, which must disclose unmistakably “your eternal regrets for the damage the said publication has caused our client’s image, including the anguish suffered by her husband,

children, particularly her undergraduate children, family members and wellmeaning friends.” She was also demanding for the payment of N500 million in special and aggravated damages for the various injuries occasioned by the said publication. The former staff vowed to initiate relevant criminal procedures for the various acts of misinformation and falsehood, which she alleged that the company’s CEO induced and procured to the extent of maligning her reputation.

YENAGOA

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coalition of youth groups in Bayelsa State at the weekend expressed concern over the poor rating of the state as one with high index of poor ICT literacy level. The groups were unveiling a proposed campaign against dwindling standard of Information Technology Education among youths in the eight local government councils of the state. The proposed campaign, under the auspices of the Bayelsa Restoration Accelerated ICT Development Scheme (B-RAIDS), is targeted to be an intervention and preventive scheme to build a mass pool of ICT literate manpower, using the train the

trainer scheme for capacity development in the state. The Executive Officer of B-RAIDS, Bright Igrubia, while unveiling the scheme in Yenagoa, said though the project is targeted at indigent Bayelsa youths, the scheme is expected to tackle the frightening unemployment index of 36.6 per cent and poverty index of 25.6 per cent among the youths of the state. Igrubia, who described the unemployment situation as a time bomb, noted with sadness that majority of the victims in the unemployment index were youths who could explode with rage if the right measures were not taken to empower them socially, economically and politically.


10 NEWS

Sanctity of Truth

Monday, April 21, 2014

FG okays fuel allocations for 67 marketers REPORT

NNPC spokesman debunks report that minister is trying to cover probe into N10b charter of jets Adeola Yusuf

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he Federal Government at the weekend declared that it had approved fuel allocations for the second quarters of 2014. The 1,854, 314 metric tons of premium motor spirit (PMS), also known as petrol, covers supple-

 No rift between minister, GMD, says NNPC mentary volumes for first quarter 2014 and second quarter 2014 (June only) delivery. The Group General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation NNPC), Mr. Ohi Alegbe, who disclosed this in a statement maintained that the allocations were approved for 67 marketers. "There are 27 oil marketing companies with proven performance records enlisted in respect of Q1 deliveries. For Q2 (June only), there are

40 marketers with good performance records and whose facilities are functional. The idea of June only is to revert back to the normal quarterly sequence, i.e. July-September and October-December,” Alegbe said. The NNPC mouthpiece also said that the Minister of Petroleum Resources and the Group Managing Director of the corporation, Andrew Yakubu, are in harmonious working relationship and dismissed insinuations in some quarters of a frosty

relationship between the two key figures in the oil and gas industry. Alegbe described the report as a figment of the overheated imagination of the authors. He said that the Minister of Petroleum Resources and the NNPC in the last few months have heeded countless number of summons from the National Assembly wondering why the media would go to town with the report that the Petroleum Minister was doing everything to thwart the proposed investigation

L-R: American film producer/special guest, Danny Glover; Chief Executive Officer, Africa Movie Academy Award (AMAA), Peace AnyiamOsigwe; Director General, Nigerian Tourism Development Corporation, Sally Mbanefo and book presenter, Chief Sunny Odogwu, during a public presentation of AMAA at 10 coffee table book, ‘’From Dream to Reality: The AMAA Legacy,’’ held at Oriental Hotel, Lagos…at the weekend

80%

The percentage of female internet users of Korea (Rep) in 2012. Source: Itu.int

N4.67bn

The IGR realized from other revenue sources of Rivers State in 2010. Source: National Bureau of Statistics

6.3m

The total population of Rio de Janeiro, Brazil in 2010. Source: Blatantworld.com

into the alleged N10 billion purportedly expended on the charter of jets by the corporation. The NNPC spokesman maintained that the minister and the corporation are putting together all

CAN wants North-East schools closed over insurgency Biodun Oyeleye Ilorin

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hristians in Kwara State have asked the Federal Government to close down public secondary schools in the various troubled spots in the northern part of the country. A statement by the Chairman, Kwara State chapter of the Christian Association of Nigeria (CAN), Prof. Timothy Opoola, said the call became imperative following the killing and kidnapping of students by insurgents in the region. The statement, while noting that the continued wastage of young people would jeopardise the future of the country, also expressed regret that government has not been able to come out with concrete solution to the security challenges confronting the nation apart from mere promises to tackle them. The CAN statement also asked political office holders to make fairness and justice a way of life rather than a

Lokoja

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ome persons believed to be thugs last week invaded the legislative chamber of Okene Local Government Council and man-handled the legislators during proceedings. The Sergeant-at-Arms, Agomi Ibrahim and some other lawmakers, including Zubair Musa Ortega, Abdulyakini Musa, Mustapha Jimoh Ohendi and Dauda Obolu, were said to have led the thugs to attack the lawmakers.

Sequel to the ensuing melee, nine out of eleven legislators passed a vote of no confidence on their council leader, Hon. Kabiru Momoh Habib and subsequently impeached him. The nine legislators, New Telegraph learnt, subsequently endorsed Hon. Ahmad Tijani Zubair, as the new council leader. The impeached leader, Hon. Habib was alleged to have unilaterally manipulated and approved a loan of N10 million for the executive arm of the local government, without the

inputof thecouncilmembers. Other impeachable offences alleged against him include the insensitivity of the embattled leader to the welfare of the legislator. He was also said to have been less concerned about why the non-financial executive bills are ever presented to the council for deliberation since assumption of office in May, 2013. While the new council leader was about to take his new seat after taking the oath of office, the Sergeant-at-Arms, Mr. Ibrahim, raised his hand, asking to

be excused so he could go out and ease himself. Upon living the chambers as requested, the Sergeantat-Arms and some of the legislators allegedly ran towards the council chairman's office, who was said to be around during the pandemonium. Few minute later, the Sergeant-at-Arms, it was gathered rushed into the council chambers with over 20 youths, some carrying jack-knives, clubs and descended on the legislators, beating them up and humiliating them.

mere public slogan, so that they can inspire the people to follow them. “The recent bomb blast in Abuja which killed many innocent souls and added to its horror the abduction of several female students by people suspected to be terrorists, has become a matter of grave concern to all right thinking Nigerians. “As a body of believers, we are worried, particularly that we are all watching the future of our country being destroyed without any reasonable action being seen to have been taken, even when we are told that actions are being taken to curtail the incidence. “We recall with regrets that this year alone, hundreds of lives have been lost to this insurgency and we are even much more concerned about the attack on innocent young people, who have no hand in whatever misfortune the aggrieved insurgents might have been protesting against.

APC postpones state congresses for governors to attend meeting

Thugs beat up Kogi LG legislators, impeach leader T Muhammad Bashir

the documents that the House of Representatives Committee on Public Account had requested, stressing that at the end of the probe, the minister and the corporation would be vindicated.

he All Progressives Congress (APC) yesterday postponed its state congresses scheduled for Wednesday, April 23, to allow its governors attend the rescheduled expanded National Security Council meeting. The congresses are now billed for April 26. The News Agency of Nigeria (NAN) reports that President Goodluck Jonathan had invited all governors to an expanded security meeting on April 23, to address the security situation in the country. A statement by the party’s Interim National Publicity Secretary, Alhaji

Lai Mohammed, said the postponement was part of efforts to end insurgency in the country. It said APC believed that security issues in the country should not be politicised. “Despite belonging to the opposition, our governors are not any less of stakeholders on the issue of our nation’s security. “As a matter of fact, three of the states worst hit by the ongoing insurgency are being presided over by APC governors, hence they are indispensable to any effort aimed at ending the security conundrum,” the statement said.


metr

NEW TELEGRAPH

11

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

Monday, april 21, 2014

0802 393 8212

Men in military uniform snatching our motorcycles –Riders ROBBERS IN UNIFORM Motorcycle operators in Mowe, Ogun State, say they are at the mercy of armed robbers in military uniform

Tijani

Taiwo Jimoh

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ommercial motorcyclists in Mowe, Obafemi Owode Local Government Area of Ogun State have cried out over the rate at which armed men in military uniform snatch their motorcycles. The riders said they had lost over 30 motorcycles to armed robbers in the last couple of months. According to them, the robbers usually pretend to be passengers but when they get to lonely places, they will pull out guns, order the riders to stop and take the motorcycles. “They have snatched about 30 motorcycles through this method in Mowe alone.

Okada riders’ park at Mowe

“Some of us got the motorcycles on the agreement that we would pay back in installments. “The motorcycles are being collected from us by men who posed as passengers,” one of them, who gave his name as Tunde Ojo, said.

Ojo

Ojo said his own incident happened in January, when two men approached him and said they should be taken to Lagos Street in Mowe area. He said: “When we got to the street, they brought out a gun and asked me to cooperate with them.

How we robbed with stones in traffic –Suspect Juliana Francis

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ustapha Idris, the son of an Imam, shunned the Q’uranic injunction and turned to the underworld. Idris, now in police custody, disclosed that he and his gang members used to smash motorists’ windscreens with stones before robbing them in traffic jam. The suspect and his gang members had been robbing motorists on Mile 2 and Apapa routes for many years, until his arrest. When other members of the six-man gang escaped, Idris was not so lucky. Idris According to him, their mode of operation was to use elements of fear, surprise The team has also started hunting for and shock on their victims and others fleeing members of the gang. A police source disclosed that the team around before robbing them. On the day he was arrested, nobody was was already on the trail of some of the more stunned than Idris, when instead of members. Idris spoke on how the gang used to oppassers-by to scamper for safety as usual during their operation, they confronted erate. them and latched onto him. He said: “In this type of robbery, you Idris was handed over to the Special Anti- can’t work alone. You must be at least four Robbery Squad (SARS), Ikeja, Lagos State. persons. We used to hurl heavy stones at At SARS, he was handed over to a team vehicles’ windscreens during bumper to led by Goodluck Imuetinyan. He is presently bumper traffic jam. “We target the driver’s side of the windbeing grilled.

screen. Once it shatters, we would surround the driver and start shouting: Where is the money! Where is the money! We would collect his valuables. We don’t use guns, we use only stones. “Once the screen is shattered, the driver would attempt to drive out of the traffic, but it would be difficult for him because the back and front would be blocked by other vehicles. “Other drivers wouldn’t dare leave their cars to help because we are usually four or more. We target cars of rich men. We are not interested in any car, but in the person driving the car. When the person looks rich, we go after him or her.” On the fateful day of his arrest, four of them went for the operation. “But it was only me that was arrested. Others escaped. I was caught and handed over to police by passers-bye,” Idris added. According to him, once it is 9pm, he and other gang members will meet in a park and later move to either Apapa Wharf or Mile 2 routes, because those areas are close to where they live. Idris, who is from a dysfunctional family, is the last child of his parents.

“Immediately I saw their gun, I left my okada (motorcycle) for them in order to save my life. “My joy was that I did not get the motorcycle on installment. I waited for three months before I could get another okada.” Another commercial motorcyclist, Kayode Adele, also has a sad tale. Adele said in February when he was coming from Owode-Egba to Mowe, he was flagged down by a man who asked to be taken to a particular house at Arigbawo. He said: “When we got there, we met another person in the house. After exchanging pleasantries, I was asked to give him the key to my motorcycle. Initially, I was reluctant, but I gave him the key after I was shown a gun. “When my motorcycle was stolen, I went through hell. To feed my family became a problem. It was only recently that my friends came to my rescue and gave me another motorcycle.” Sulaiman Tijani also has a similar experience. Tijani said he was on his way to the park when he decided to go and pray at the mosque. According to him, after the prayer he discovered that his motorcycle parked outside the mosque had been stolen. He said: “We searched everywhere and some adjoining streets but we could not find the motorcycle. But I took solace in God and trekked down to the park to inform my collogues about the incident.”


12

METRO

Monday, Ap

UNENDING ALLEGATIONS Female detainee, allegedly raped by a DPO while in detention, accuses the police of forcing her to swear on the Bible to confirm the veracity of her claims

Randy DPO: Police forced me to swear – Victim • ‘DPO’s mattress is green and white’

Juliana Francis

T

here are fresh accusations in the allegation that Divisional Police Officer (DPO) in charge of Onikan Police Station, Superintendent of Police (SP) Adekunle Awe, raped a detainee, Miss Idowu Akinwunmi. The victim has also accused the police of forcing her to swear on the Bible before they gave a police report to go for test at the hospital. Speaking with our correspondent in Lagos, Akinwunmi also alleged that Awe made her to wash her private part with water containing antiseptic after raping her. She said: “He (Awe) said I should wash, but I said no. He started shouting at me, saying he would make sure I and my brothers go to jail. I went into his toilet. There was a bucket filled with water. The water contained Dettol. I used it to

wash.” When a test was conducted on the victim at the hospital, there was no longer any sign to show that she was raped. Last Thursday, NT Metro exclusively reported that Akinwunmi accused the DPO of raping her while she was in his custody. Since the news broke out, different Non-Governmental Organisations (NGOs) had stepped in, promising to get the victim justice. In the midst of it all, the Inspector General of Police (IGP), Mohammed Abubakar, ordered the Lagos State Police Command to set up a panel to look into the allegation. But top policemen investigating the case have devised another means to unravel the truth. The panel has decided to quiz Akinwunmi and Awe as well as go to the scene of the crime.

The panel comprised the Officer in Charge of the Human Rights Department in the state command, an Assistant Superintendent of Police (ASP), Olu Falomo, Officer in Charge of X-Squad, a Chief Superintendent of Police (CSP), Kola Okunola, Deputy Commissioner of Police (DCP), in charge of Admin, Felix Ogundeji, Deputy Commissioner of Police (DCP), in charge of operations, Tunde Shobulo and the state Police Public Relations Officer, Ngozi Braide. The panel first met on Thursday night. The quizzing of Akinwunmi, a mother of two, and Awe started at the Police Command, then moved to Braide’s office at GRA, IKeja. The panel adjourned about 11pm. The DPO’s service pistol was taken from him while he was ordered to be detained. Five other policemen and women

Policeman arrested for beating, stripping woman Juliana Francis

P

olice authorities in Lagos State have ordered the arrest and detention of a policeman, Corporal Muhammed Nasir, who beat and stripped a woman naked. The video of the beating and stripping had gone viral on YouTube since Friday. It showed the policeman, armed with an Ak47 rifle, brutalising two women at a street in Lagos. He dragged one of the women into a muddy water and stripped her naked. The altercation was alleged to have started over his demand from one of

the women, a food seller, to sell him fish alone, without food. The policeman, a mobile police officer, is believed to be attached to Mopol 20. The state Police Public Relations Officer, Ngozi Braide, disclosed that Nasir had been arrested. She said: “The attention of Lagos State Command has been drawn to a video clip posted on some internet sites via the YouTube which depicted a police officer beating up a woman. “Upon viewing the video, the Commissioner of Police, Umar Manko, swiftly set up a team and arrested a policeman by name Corporal Mu-

The mobile policeman beating the woman

hammed Nasir with Force Number 229057 who is believed to have been the one in the alleged video clip. “The officer is currently in police custody as investigation has commenced and the outcome would be made public. “The commissioner of police wishes to assure Lagosians that a thorough investigation would be conducted as we are betrothed with protection of life of every citizen, not only that, the Nigeria Police Force is committed to exhibiting high sense of professionalism and respect to rule of law which is in accordance with the IGP’s Code of Conduct for officers.”

The policeman threatening the women with his rifle

were also arrested and detained along with the DPO. While Awe was detained for rape, other policemen and a woman inspector, all from the station were detained for collecting N30,000 from the victim and her brothers. The policemen are two corporals, a sergeant and an inspector. The inspector is the charge room officer (CRO) of the station. Shobulo signed the detention order of the men. Awe was also accused of extortion, sexual assault, rape and illegal detention. Before Awe’s arrest, however, he and the lady were asked to explain and described how and where the rape occurred. Each was also asked to describe the DPO’s inner room where the rape occurred. While the description was going, someone was illustrating it on a paper.

The rape victim and the medic

On Friday, about 2pm, th went to the DPO’s office and t description allegedly tallied. Akinwunmi said: “How lie about such a thing? W called me into his office, afte brought out from the cell, h me if I knew what I did was I said yes I knew. I told him was sorry, that it will never again. “He started touching me. I t that I was not there for that. He shouting, he said he would mak

Commercial vehicles’ registration enforcement b Camillus Nnaji

L

agos State Government has reiterated its earlier directive that only commercial vehicles registered with state number plates would be allowed to operate intra- city transportation in the state. This follows last Monday’s bomb blast in Nyaya Motor Park in Abuja, where scores of people were either killed or maimed. The Commissioner for Transportation, Comrade Kayode Opeifa, who said this in his office at Alausa, Ikeja, directed all law enforcement agents in the state to apprehend any vehicle which had violated this directive. According to him, enforcement will commence throughout the state on May 1. He added that the driver or owner of such vehicle would be prosecuted. Opeifa, who spoke through the public relations officer of the ministry, added that this directive became necessary to ensure adequate safety of lives and property of the people and in line with the Lagos Road Traffic Law 2012. He said that the vehicles must be painted in the prescribed Lagos State colour of yellow with black stripes and the drivers must be certified by the Lagos State Drivers Institute (LASDRI). The commissioner urged all owners of commercial passen-

Opeifa

ger vehicles yet to document their names and register their vehicles, to do so latest by April 30.

The state governm menced the documen commercial passenger

Damaged buildin Muhammad Bashir Lokoja

A

resident of Ali Close in Lokoja, Kogi State has appealed to the state government to remove the abandoned fertiliser store in the area and compensate him with N5 million for the damage done to his house. Chief Halimi Olanrewaju Oyetoke made the appeal while taking journalists round his house

destroyed by to the state M Oyetoke Friday when house. He said: “ everywhere see what ha half of my of the store


POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

Monday, April 21, 2014

No one under the sun... can stop a Bola Tinubu’s ambition. If I want to be the president, I have that right, regardless of zone, religion and which state -Bola Tinubu

2015: 500 POLITICIANS TO WATCH

Suswam, Mark, Akume, Ugba renew rivalry in Benue Philip Nyam

T

he political atmosphere in Benue State is gradually getting steamed as the key gladiators position and realign ahead of the 2015 general elections. The most contentious issue in the state is who succeeds Governor Gabriel Torwua Suswam come May 2015. This battle will be decided on the platform of the ruling Peoples Democratic Party (PDP) and the opposition All Progressives Congress (APC), which is still in court over the 2011 gubernatorial election. A lot of permutations are playing out, first among which is the debate over zoning or power shift: whether Zone B (Benue North West Senatorial Zone), which has ruled for eight years or Zone C (Benue South Senatorial Zone), which has never tasted the exalted position would produce the next governor is the contention. Or even if zone A (Benue North East), where Governor Suswam comes from and which has ruled for more years than any other area w o u l d retain the number one position. Benue is made up of 23 local government areas: seven each in Zone A and B controlled by the Tivs while Zone C dominated by the Idomas has nine local government areas with Idoma controlling six, Igede two and the Agatus one. In Zone A and B, apart from the Tivs, there are other minority groups such as the Etulos and Abakpas. The Tivs have about 75 per cent of the state’s population. Since the creation of the state in 1976, no indigene of Idoma, Igede or Etulo stock has been governor of the state. All four civilian governors that have

governed the state were of Tiv extraction. The first civilian governor, Mr. Aper Aku (1979-1983) was from Ushongu Local Government Area of the Kwande block of Zone A made up of Kwande, Sankera and Jechira. The second civilian governor, Rev. Fr. Moses Orshio Adasu (1991-1993) also came from Jechira block (Konshisha Local Government Area) in Zone A. The third civilian governor, Senator George Akume (1999-2007) is from Zone B and Jemgbagh axis (Tarka Local Government Area). Suswam (2007-2015) is from Zone A and belongs to the Sankera axis (Logo Local Government Area) While the people of Zone C made up of the Idomas, Igedes and Agatus are making a case for power shift, the other section of Zone B otherwise known as MINDA (Masev, Iharev,

Nongov Development Association) comprising Gwer, Gwer West, Guma and Makurdi local government areas (Tiv speaking) are also insisting that it is their turn to produce the next governor. Even within Zone C, the Igedes are arguing that if the Idomas want governorship; they should relinquish the senatorial seat, which they have also monopolised since the inception of the state. Senate President David Mark, an Idoma, has been in the Senate since 1999. All previous senators had been Idoma - no Igede or Agatu man has tasted it either. Senator Godwin Okpe, Second Republic and former Senate President Ameh Ebute (Third Republic) were all Idomas. Within the MINDA axis of Zone B, where those favourably disposed to the Tivs and who have held the position want it moved too. There is also some disquiet as the Masev people (Gwer Local Government Area) want Iharev and Nongov (Gwer West, Guma and Makurdi) to leave it for them. The argument is that the current paramount ruler in Tiv land, Tor Tiv, HRM Alfred Akawe Torkula is from Iharev (Guma Local Government Area). Yet, the Jechira of Zone A, where the current governor hails f r o m also has its eyes on the prime position pleading that it be given time to complete the aborted tenure of the second civilian governor, Rev. Fr. Adasu following the Gen. Sani Abacha coup of November, 1993. APC’s position on the 2015 gubernatorial election in the state will become clearer CONTINUED ON PAGE 14


14 POLITICS

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Monday, April 21, 2014

2015: 500 POLITICIANS TO WATCH

Suswam, Mark, Akume, Gemade, Moro, CO N T I N U E D F R O M PA G E 1 3

on May 9, 2014, when the Supreme Court is expected to give a final ruling on the epic 2011 governorship election tussle between Suswam and Prof. Steve Ugbah of the APC. For now, the APC seems to be threading cautiously believing that it may still shove Suswam out of Government House. Another political battle every analyst is talking about is the impending contest between Suswam and Senator Barnabas Gemade over the Zone A senatorial seat. Zone A made up of three axis of Sankera, Kwande and Jechira has seven local government areas of Kwande, Ushongo, Katsina-Ala, Vandeikya, Konshiha, Logo and Ukum. The people of Zone A are of the opinion that it is the turn of Kwande bloc (Kwande and Ushongu Local Government Areas) to produce the senator since Sankera produced Senator Daniel Saror (1999-2007) Jechira: Senator Akaagerger (2007-2011) and Gemade (2011-2015). Both are from Konshisha Local Government Area. Suswam wants to take the position on loan from the Kwande people, ditto Gemade, but the Kwande people are reluctant. This promises to be explosive. In Zone C, the battle to unseat Senator Mark has also been intensified with the APC preparing another young turk, Barrister Madaki Ameh to lock horns with the Senate President. So, who will unlock the political logjam in the state come 2015? Gabriel Torwua Suswam For those who know Governor Suswam very well, he is one politician that knows his onions and slices them timely, with absolute tact and panache. His slogan seems to be “steady and surely”. He is just an unusual and enigmatic politician. For now, he insists he has not anointed a successor and will not do so. In fact, not many believe the governor’s declaration that he does not have a favourite among the aspirants, because he is one man that does not take chances and would definitely have a hand in who takes over from him. Some of the PDP aspirants are already exploiting their closeness to the governor making people believe they are his chosen ones. Suswam certainly has his choice and is keeping it close to his chest. He knows how to navigate the waters of the state’s politics and when the time comes, he will unveil his preferred aspirant. Suswam, who became governor in 2007 with the support of Senator Akume successfully pursued the two-time governor out of the PDP to the then Action Congress of Nigeria (ACN) now APC. With the exit of Akume, Suswam assumed effective control of the party machinery in the state. In the last local government election, he ensured that his

Suswam

Mark

Akume

Ayu

disciples were elected across the state. He also has a hold on the state House of Assembly, therefore is in good position as far as PDP in the state is concerned. But Suswam’s PDP will have to slug it out with the APC led by the Senate Minority Leader, Akume whose towering popularity in the state is not in doubt. And considering the political bile that characterized the 2011 gubernatorial election, Suswam will not leave anything to chance for his opponents to snatch the Government House from him. Suswam is a political cat with nine lives. After spending eight years in the House of Representatives between 1999 and 2007, he joined the guber race in the state. He defeated Prof. Daniel Saaor of the then All Nigeria People’s Party (ANPP) in the 2007 election. In 2011, nobody believed he could survive the political movement that was plotted and galvanised with the reunion of Akume, former Senate President, Dr. Iyorchia

Ayu; former Steel Minister, Wantaregh Paul Unongu; former PDP national chairman, Chief Audu Ogbeh, Senator JKN Waku, former principal staff secretary to Abacha, Gen. Lawrence Onoja, the enfant terrible of Idoma politics, Alhaji Usman Abubakar alias Young Alhaji and a host of other politi-

Ortom began his life as a motor park tout and through sheer dint of hardwork earned a doctorate degree. He is also a successful businessman by his own standard and began his political career as a local council chairman

cal warhorses. The ACN candidate, Prof. Steve Ugba became an instant household name in Benue and the PDP was genuinely rattled. But how Suswam survived that onslaught remains a mystery. However, 2015 will be another ball game because Suswam will be saddled with two huge fights: his senatorial election and the governorship. Suswam would have to subdue Gemade for the senatorial election as well as fight against entrenched interests in the PDP and finally the APC. Although, he has not declared for the senatorial seat, his foot soldiers are already on the field drumming support. He has already been endorsed by some elders, who have formally invited him to contest. But Suswam will also have to settle with the APC that is fielding heavyweights to reclaim the senatorial seat. George Akume Two-time governor of the state and


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Monday, April 21, 2014

15

2015: 500 POLITICIANS TO WATCH

Aondoakaa, Lawani in test of might APC from that area would come up to challenge Akume. However, the PDP will once again make an attempt at throwing him out.

Gemade

Aondoakaa

Moro

Lawani

two-time senator of the Federal Republic, Akume, who is the Senate Minority Leader is not a push over in Benue politics. Anyone handling him with kid gloves would only do so at his peril. He is one politician that has come close to stepping into the political vacuum left by Senator J.S. Tarka. A thorough bred grassroots man, Akume used his eight years as governor to build sustainable and result-oriented political alliances. He developed a high human capital that turned out to be very loyal to him. Most of his strong political supporters still maintain a close relationship with him. Besides, he understands perfectly the political psychology of an average Benue man and exploits it to his maximum advantage. To his close allies, he is generous to a fault and would spend his last penny for those in need. Most importantly, Akume enjoys a huge and intimidating followership throughout the state. He is indeed the rallying point

of many not only in Tivland but across the state. At the twilight of the 2011 elections, intrigues in the PDP forced Akume to abandon the ruling party, the party he won election on its platform twice as governor and joined the then ACN. In less than four months, Akume was able to make the party a force to reckon with and gave the PDP and in fact Governor Suswam a run for his popularity. The former governor alongside other political juggernauts brought in Prof. Steve Ugbah from U.S. to challenge Suswam and it was too close to call at the end of the election. The feat that Akume and his allies achieved with the ACN in 2011 can only be comparable to the battle of titans of the Second Republic when the defunct Nigeria Peoples Party (NPP), led by Dr. Nnamdi Azikiwe, featured Wantaregh Paul Unongo to contest against the incumbent governor of the state, Aper Aku, in 1983. Unongo had

challenged the outcome of that election and the case was still being heard when the military struck in December 1983. Akume and the APC still have the capacity to spring more surprises if the teething problems encountered by the APC are surmounted. Also, if the APC learn from the mistakes that cost the party the 2011 governorship election, it will give the PDP a run for its money. As it is today, it is not clear which aspirant Akume is supporting for governorship, but he and his colleagues know that if they pick an unpopular and unsellable candidate, the PDP would have a field day. From all indications, the APC is disposed to handing over the ticket to a candidate from the MINDA axis of Zone B. Apart from the governorship, Akume would also have to face his election. He is likely to seek re-election. Although, his senatorial seat was ‘borrowed’ from the Buruku Federal Constituency since 2007, it is not clear if any aspirant in the

David Mark Senate President Mark is like a pond in a rocky area that does not widen or deepen but never dries up. He is a suave and shrewd politician who knows how to stoop to conquer. Since 1999, he has maintained a firm grip on the Benue South Senatorial zone (Zone A). All attempts to dislodge him have hit the rocks and has made history as the first Senate President to reign for eight years at a stretch. Although, he is said to be more powerful at the national level than in the state, being the number three man in the political hierachy of the country, he cannot be wished away with a wave of the hand. He will play a pivotal role in which aspirant Zone B would support for the governorship. So, for any candidate to fly the PDP ticket, he will have to enlist the endorsement and support of the Senate President. When he nominated Comrade Abba Moro as minister in 2011, there were insinuations that he was grooming him to contest the governorship in 2015 but Moro’s aspiration has not gained much currency. Moro is still in the cabinet though there are pockets of Idomas angling for governorship; one cannot link any directly with the Senate President. There have been unconfirmed reports of his estranged political relation with Suswam. If that is true, it may affect his influence in the governorship race. Mark would definitely make case for his Idoma race in the 2015 gubernatorial election but from all indications, the Tivs are not yet ready to abdicate the prime post to their Idoma brothers. In the senatorial bid, Mark may have a smooth ride in the PDP primaries as most of his natural opponents such as Gen. Lawrence Onoja have returned to the PDP fold. Onoja is close to President Goodluck Jonathan and considering the cordial relationship between Jonathan and Mark, nobody close to the president can challenge Mark if he decides to run again. Although, another young, brilliant Idoma lawyer is arming his arsenal in the APC to wrestle the senatorial ticket from him, only time will tell if he can successfully confront the Number 3 man. Iyorchia Ayu Third Republic Senate President and former Minister of Education under Gen. Sani Abacha junta, Ayu seems to be playing underground right now. A member of the ongoing National Conference, he was also part of those that ensured Akume won in 1999 to become the third civilian governor of the state. He would later become Minister of InCONTINUED ON PAGE 16


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2015: 500 POLITICIANS TO WATCH CO N T I N U E D F R O M PA G E 1 5

dustries and later Internal Affairs under Olusegun Obasanjo’s administration. In fact, during the administration of Akume, he was believed to be the defacto governor because of their closeness. Ayu abandoned the PDP with former Vice President Atiku Abubakar for the Action Congress (AC) in the run up to the 2007 presidential election. Ayu is a critical stakeholder in Benue politics and would play a part in 2015. A founding member of the PDP, he teamed up with Akume and others in 2011 to oust Suswam, but after the elections, things fell apart between him and Akume. The soft spoken political strategist is now backing Suswam and heads the PDP Elders Committee. The committee is said to be shopping for a successor for Suswam. The former Senate President who is from Gboko, in Zone A would also line behind a candidate to fight his erstwhile political soulmate, Akume. Although, his opponents say he looms large at the national level but lacks grassroots support, Ayu cannot be wished away with a wave of the hand in the Benue politics. Barnabas Gemade He represents Benue North East (Zone A) in the National Assembly. Former Secretary (Minister) for Works under the Interim National Government (ING) of Ernest Shonekan, Gemade also served as the national chairman of the defunct Congress for National Consensus (CNC) as well as the PDP. He was the first indigenous managing director of Benue Cement Company (BCC) Plc. and is a founding member of the PDP. A former PDP presidential aspirant, the Chairman, Senate Committee on National Planning is a political heavyweight of note that would be part of the 2015 game. His seat is threatened with the reported intention of Governor Suswam to contest the same position in 2015 but he may not give in without a fight. In fact, it is a contest every Benue man looks up to come 2015. He was recently reported to have described the plot to draft Suswam into the 2015 senatorial as “an act of mischief and conspiracy against his constituents.” If Suswam eventually throws himself into the ring, Gemade would have to work extra hard to overcome the fire power of a serving governor. He is not a neophyte in politics and certainly knows how to weave the web to entangle his opponents. Sam Ode A close ally of Governor Suswam, the former Special Adviser to the governor on Local Government and Chieftaincy Affairs is one person who, if the Tivs allow power shift to Zone C may be hard to beat. The former Minister of State for Niger Delta Affairs enjoys dual indigenship. He is Idoma but his mother is Tiv and he was literally brought up in Tivland. This gives him an edge over other Idoma aspirants. He is one of the most

Friends-turned-foes battle

Jime

Ugba

Chenge

Ode

Unongo

Ebute

popular aspirants among all those who have so far signified intention to contest. Ode hails from Otukpo Local Government Area as Senate President Mark and if the Tivs decides on him, he will not have any problem swaying the votes of his kinsmen. Just like Akume, Ode understands the political psychology of Benue people and is a known philanthropist. Presently, the Chairman of the Board of Upper Niger River Basin Development, Ode is in pole position amongst Idoma aspirants. David Ker Former Vice Chancellor of the Benue State University and pioneer VC, Veritas University, Abuja; Ker is vying for the Benue gubernatorial ticket on the platform of the PDP. He hails from Gwer Local Government Area, one of the MINDA areas where the governorship is believed to have been zoned to. If the party finally zones the position to the MINDA area, he will also give his opponents some sleepless nights. As a former VC of the state university, the renowned linguist is not new to anybody within the state. Terhemba Shijah A trained broadcaster and university don, Dr. Terhemba Shijah hails from

Vandeikya Local Government Area of zone A. He is one of those aspirants seeking for a level playing ground for all interested in governing the state to be chosen based on merit. Shijah is also a grassroots man and has come a long way in Benue politics. His sojourn in the state politics began during the aborted Third Republic when he was elected into the House of Representatives under the umbrella of the Social Democratic Party (SDP). At the collapse of that republic, he was appointed the Director General of the Benue State Liaison Office in Lagos. In 1999, he became a commissioner under the administration of Governor Akume. In 2011, he wanted to run for Senate but was convinced by Suswam to help run his re-election bid. Shijah thereafter dropped his senatorial ambition and served as the Director General of the Suswam Campaign Organisation. His supporters alleged that he had a pact with Suswam to succeed him in 2015 and that accounted for his decision to abandon his senatorial ambition in 2011. Shijah, being one of the first aspirants that signified intention to contest, is running an issue based campaign. Tivlumun Nyitse He recently retired as Permanent Sec-

retary, Government House, Makurdi to pursue his governorship ambition on the platform of PDP. A trained journalist, he is a former editor of the state owned Voice Newspaper and had worked variously as a reporter with the defunct Concord Newspaper, where he rose to the position of Managing Editor, NorthCentral zone. Nyitse, who is among aspirants said to be very close to Suswam hails from Guma Local Government Area, which is within the MINDA geo-political arrangement. He is said to be humble, generous and widely accepted by his people but whether his popularity transcends the length and breadth of the state is another ball game. Emmanuel Jime Although, he has not officially declared his ambition, Jime is the only visible aspirant on the platform of the opposition APC. He represents Makurdi/Guma Federal Constituency in the House of Representatives and is the chairman of the House Committee on Federal Capital Territory (FCT). A former Speaker of the state House of Assembly during the aborted Third Republic, he recently dumped the PDP for the APC, where many believed he stands a good chance of coasting home with the


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Monday, April 21, 2014

2015: 500 POLITICIANS TO WATCH

for Food Basket State

Ortom

Ameh

Akaagerger

Aliegba

gubernatorial ticket. Jime is also very popular, especially amongst the youth. Having hailed from Makurdi Local Government Area, the hub of MINDA, Jime’s ambition is also on track. Jime may be the aspirant to beat in APC and if he gets the ticket, he may spring some surprises at the governorship election in 2015. Jime is courageous, outspoken and independent minded and this informs his nomination of Hon. Aminu Waziri Tambuwal in 2011 as Speaker against the directive of his then party, the PDP. Steven Lawani Suswam’s deputy, Lawani is following the footsteps of the late Ogiri Ajene who attempted to succeed Akume in 2007 after serving for two terms as deputy. Largely seen as a very loyal deputy, Lawani is Idoma from Ogbadigbo Local Government Area in the zone ‘C’ Senatorial District. Many people criticised him when he accepted to serve as deputy to Suswam in 2007 considering the age disparity between them. Lawani is 67 years and going by the history of governors in Benue; he may be well off the track because all the elected governors came into office in their 40s. Perhaps, if he has good arrangement with his principal, he will be favoured to step into his shoes.

But Suswam had last year declared that he had no pact with anybody on his successor, adding that only Benue people will decide for themselves. Even if the Tivs decide to cede power to Zone C, Lawani may not make the required impact. Steve Ugba He is the Achilles heels of Suswam’s political career. Suswam will never forget in a hurry Prof. Ugba and his pseudo-tsunamic movement of ‘shor changi’ (the game has changed) or (game changer). Until his arrival on the political scene and particularly the gubernatorial contest in 2011, Suswam had no serious contender. The governorship contest was lukewarm and unattractive. But as soon as he was handed the ACN gubernatorial ticket, the political environment in the state became charged and the PDP was forced to buckle up. Ugba became an instant household name in the state. He was the sing song of the young, old and elderly. He and his party, the APC are still contesting the outcome of the 2011 gubernatorial election in court. Although, he lost one leg of the petition where he was claiming he won the election, Ugba is insisting that Suswam lacks the requisite qualification to have contested for the position of governor. The Supreme Court has fixed

Ker

Biem

May 9 for ruling on the matter. For now, Ugba believes he is the governor-in-waiting and until the court decides on the matter, it may be too early to decipher where the American trained professor of Marketing and Entrepreneurship is headed for in 2015. From Sankera bloc of Zone A as Suswam, Ugba would also be a rallying point whether he wins or loses at the apex court. It is being rumoured that should he lose at the Supreme Court, he may be handed the APC ticket for the Benue North East Senatorial Zone to battle either Suswam or Gemade. Mike Kaase Aondoakaa The controversial former Minister of Justice and Attorney-General of the Federation under President Umaru Yar’Adua has already declared his intention to run for the prime position. Although, Aondoakaa may be controversial at the national scene, he is popular in the state, especially among the Tivs by virtue of the lives he touched when he was in office. After being recalled from his suspension as SAN, Aondoakaa has never looked back. He has ventured into agrobusiness running one of the best rice companies in the country called Miva rice located in Makurdi. The former

Minister of Special Duties under President Jonathan hails from Ushongu Local Government Area in Zone A. This is the same senatorial zone where the outgoing governor hails from but Aondoakaa, who is said to have a lot of funds at his disposal, is anchoring his campaign on merit and acceptability. He believes Benue needs a man like him for proper transformation. Aondokaa may be popular, but how far he can go in the race remains to be seen. His weakness is that the first civilian governor, Aper Aku hailed from the same place with him. This may count against him. Roseline Ada Chenge Engr. (Mrs) Chenge is the Managing Director of Lower Benue River Basin Development Authority, Makurdi and will be contesting for the gubernatorial slot for the second time. She contested in 2007 but could not savour much steam to take her up the ladder. Her story is similar to that of Ode. Though she is Idoma, Mrs. Chenge is married to a Tiv man from Zone A, which means she can contest whether there is power shift or not. The Agabanya 1 of Ojira is so far the only female aspirant in the race. Terhemen Tarzoor Former Speaker of the State House of Assembly, Tarzoor claims to be the new kid on the block. He hails from Makurdi within the MINDA axis and also enjoys some level of closeness to Suswam. A former lecturer at the University of Agriculture, Makurdi, Tarzoor was sent packing from the State Assembly by the election tribunal, which put an end to his second stint. In his early forties, the former speaker would also enjoy the support of the youths. He is also said to be generous, which has endeared him to so many people. Samuel Ortom The supervising Minister of Aviation and Minister of State for Trade and Investment is the man to beat in the PDP primaries. Largely seen as a God-fearing man, Ortom does not attract any controversy in spite of his many years in politics both in the state and at the national level. He is very experienced and is respected by even elders both in the PDP and the APC. There are permutations that he may be the APC’s joker should the PDP deny him ticket. But Ortom does not cut the picture of a politician that would like to rock the boat or jump ship even at the highest provocation. Ortom began his life as a motor park tout and through sheer dint of hardwork earned a doctorate degree. He is also a successful businessman by his own standard and began his political career as a local council chairman during the Ibrahim Babangida transition programme. In the current dispensation, he served as the state secretary of the PDP when Akume was governor CONTINUED ON PAGE 18


18 POLITICS

Sanctity of Truth

Monday, April 21, 2014

2015: 500 POLITICIANS TO WATCH CO N T I N U E D F R O M PA G E 1 7

and later moved on to the national level as internal auditor from where he was nominated by President Jonathan as a minister in 2011. Political pundits insinuate that although, he maintains a good relationship with Suswam, he is miles away from those the chief executive may want to hand over to. He is from Guma Local Government Area in the MINDA axis, the same area with the current Tor Tiv, HRH Alfred Akawe Torkula. Many fear this may work against him as his opponents maintain that the state cannot afford to have a paramount ruler and governor from the same local government area at the same time. Hinga Biem Touted to be one of those favoured by Suswam, Biem, who retired recently as a Permanent Secretary in charge of internal affairs, is one of the flamboyant aspirants at the moment. A veteran journalist, he began his life as a reporter with the state owned newspaper, The Voice and rose to the position of editor. Suswam’s elder brother, Dr. Terkula Suswam, who has some appreciable level of influence over the governor is also said to be working in tandem with Biem. The journalist-turned politician has some tutelage in political administration having served as administrator of Ohimini Local Government area before his appointment as permanent secretary. He is from Gwer Local Government Area (Masev) within the MINDA. He is also very popular across the state even though he lacks cognate presence in the political sphere. His campaign has already gained momentum since retiring from the civil service and if things do not change, he may emerge as the PDP’s candidate. Wantaregh Paul Iyorpuu Unongo The ageing former Minister of Power and Steel Development under the administration of Alhaji Shehu Shagari did not come to anybody as a stranger in Benue politics. He has been involved in many political battles and do not shy away from engaging in any. Former secretary to Dr. J.S. Tarka, Unongo came to limelight when he authored the famous “Where Do We Go From Here” epistle in the late 60’s. Since then, he has participated in every political dispensation. In 2007, he left the ANPP for the PDP and campaigned vigorously for Chief Olusegun Obasanjo. In 2011, he dumped the PDP for the ACN to support Ugba for the governorship. Following this action, Suswam sacked his wife who was serving in his government as a commissioner. But Unongo was not deterred. Unongo is simply an enigma because his politicking is uncommon. As an elder statesman and politician of note, he will be one of the decision makers. Unongo may be old and weak but he is certainly not out. Eugene Aliegba A former commissioner who resigned late last year to pursue his gubernato-

Suswam, Mark, Akume, Ugba renew rivalry in Benue

power is ceded, he will be the aspirant to beat and the Senate President wil certainly back him for the exalted position.

2015 will be another ball game because Suswam will be saddled with two huge fights: his senatorial election and the governorship. Suswam would have to subdue Gemade for the senatorial election... rial ambition, Dr. Aliegba is believed to enjoy the confidence of Governor Suswam. The former lecturer at the Benue State University is very serious with his campaign has not hidden his resolve to pursue it to the last point. He hails from Gwer Local Government Area of the MINDA stock and is said to have cultivated a long standing relationship with the governor right from their high school days. Although, he is equally popular, the Political Science lecturerturned politician would have to step up his generosity in order to warm himself into the hearts of majority of party delegates and Benue electorate. Madaki Omadachi Ameh His story may be akin to the Biblical story of Goliath and David. A member of the APC, Ameh is the audacious young but experienced lawyer that wants to pull the rug off the feet of Senator Mark come 2015. With experience spanning 26 years in the private sector, including top law firms in Nigeria and Brazil, Ameh worked with Shell Petroleum Development Company of Nigeria Limited, where he held different management positions, including Legal Adviser, Head, Land Acquisition and Claims; Head, Security Planning & Strategy, and Managing Counsel, Legislative Development. He is currently engaged in Oil and Gas consulting as Managing Partner, Bbh Consulting, based in Abuja with offices and partners in Lagos, London and Guangzhou, China. He recently defected from the PDP to the APC to pursue his senatorial ambition. The Odejo (Oak) of Adoka land and Inyale (Umbrella) of Edikwu land believes that he has what it takes to uproot Mark from the National Assembly. As far as he is concerned, Mark has failed the Idoma nation and must be kicked out of the Senate. How Ameh would be able to do this remains unclear but under the sun, nothing is impossible hence a David can kill a Goliath with an ordinary swing. Ameh Ebute A chieftain of the PDP in Benue and

Tsegba

a strong ally of Senate President Mark, Ebute is one of the pillars of the party in Zone C. A former police corporal, Ebute is a lawyer and has represented the senatorial zone twice: in 1979 and 1992. Today, he is in the forefront of those campaigning for President Jonathan’s re-election bid. He was the first Idoma man to be Senate President. After General Ibrahim Babangida was forced to step aside in August, 1993, the then Senate President, Dr. Iyorchia Ayu kicked against the introduction of an interim government. He was promptly impeached and Ebute was elected to replace him. Since then, he has been in politics and is one of the party elders in the state who will influence the emergence of the party’s gubernatorial candidate in 2015. Abba Moro The Minister of Internal Affairs is not new to Benue politics. A grassroots politician, the former chairman of Okpokwu Local Government Area between 1998 and 2006 made waves in the state politics before emerging at the national scene. As council chairman, he was said to have performed excellently. A strong member of the PDP, Moro contested the 2007 gubernatorial primaries of the PDP and came third after Suswam and Chief Mike Onoja. In 2006, he was appointed as the state coordinator of late President Umaru Yar’Adua’s presidential campaign. At the end of the day, he was compensated with the chairman of the Governing Board of the University of Agriculture, Makurdi. In 2011, he became the Director General of the David Mark Campaign Organisation and helped return the Senate President for the fourth time. This time, he was elevated as a minister. Moro is interested in the gubernatorial election. But like other Idoma aspirants, he may find it an uphill task if the Tiv elite do not sanction power shift to Zone C. If

Joseph Akaagerger A PhD holder in Law, Senator Akaagerger had flourishing career in the Army and was the last military administrator of Katsina State. He handed over to late President Umaru Musa Yar’Adua in May 1999. After retiring from the Army, he pitched tent with the defunct United Nigeria Peoples Party (UNPP) and got its ticket in 2003 for the Benue North East Senatorial Zone but was not elected. In 2004, he joined the PDP and contested the 2007 elections. He ran again for the senatorial seat on the PDP’s platform and won. In 2011, he was forced to abandon the PDP for ACN and squared up against Gemade but was stopped from returning to the Senate. Col. Akaagerger and Gemade are from the same local government area (Konshisha). Whether he is running or not in 2015, he will be among the decision makers. Terngu Tsegba The former Speaker pro tempore of the House of Representatives, who held forte in 2007 after Hon. Patricia Etteh was eased out of office, hails from Gboko Local Government Area in Zone B. He represented Gboko/Tarka Federal Constituency for a record three terms before he sought to unseat Akume in the senate in 2011. Tsegba, who was alleged to have been sponsored by Governor Suswam to humiliate Akume, could not garner enough votes to floor the former governor. His resort to court was neither successful. He was widely believed to be Akume’s political son until he decided to move against the Senate Minority Leader. It is not clear whether he will return in 2015 to fight for the senatorial seat again. A few months ago, he and Akume’s aides were engaged in a media war over who is a better politician. He may be used by the PDP to tackle Akume again in 2015. Emmanuel Akem Akem is the director of voter registration at the Independent National Electoral Commission (INEC). He is said to be interested in the governorship and has been consulting key stakeholders and may resign in the next few months to pursue the ambition. A former director of ICT at INEC, Akem is believed to be close to Suswam and may be among those promised the key to the Makurdi Government House by the incumbent. He is from Zone A, but believes that zoning will play little or no role in the race to the coveted position. Although, he has not identified with any of the political parties, he will likely do so on the platform of the PDP.


19

EDITORIAL

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Monday, April 21, 2014

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MONday, APRIL 21, 2014

Revamping SMEs for national development

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he Small and Medium Scale Enterprises (SMEs) are the secret of the economic success several Asian countries. In adopting the approach in Nigeria, it is yet to be a success story. Despite the abundance of talents, there are no sufficient avenues to access soft loans to actualize burgeoning ideas, and those that have gone to great lengths to establish cottage industries find it extremely cumbersome to get assistance from financial institutions. The SMEs are confronted with a myriad of problems, namely lack of capital, inadequate management, poor acquisition of skills, restricted access to institutionalized credit and management skills. There are managerial deficiencies in marketing, account and finance, human resources and production. There is no gainsaying that good management strategy will have a positive impact on the modus operandi of SMEs in Nigeria. We concede that, there are serious inherent problems with Nigerian SMEs especially in terms of ownership, management, record-keeping, structure and even cultural constraints. But to perpetually bemoan these short-comings is tantamount to a deliberately stunting of the development of the national economy. For the SMEs to succeed certain things must be done. The Federal Government must provide adequate finance for the sector and foster understanding between fund managers

and operators. Similarly, research institutes like the Federal Institute of Industrial Research, Oshodi (FIIRO) must be adequately supported. Government should provide and sustain infrastructures which are capable of fostering and strengthening the various activities of SMEs through grants and subventions for viable projects. The Bank of Industry (BOI) was established in 2001 to cater for SMEs through coalescing former Nigeria Industrial Development Bank (NIDB), Nigeria Bank for Commerce and Industry limited (NBCL) and National Economic Reconstruction Fund (NERFUND). At inception, these three financial institutions owed a total sum of N17.7 billion, NIBD accounted for N2.816 billion, NBCL N3.694 and NERFUND N11.2 billion. BOI, from inception, was expected to provide the much needed fillip for small and medium scale industries that were enmeshed in debts. Not much is heard of the Small and Medium Industry Equity Investment Scheme which was set up by the Central Bank of Nigeria (CBN) to enhance spirited efforts to revive SMEs in the country. Its impact has not been maximally felt by those who are desirous of its intervention. The government must match its preachments with actions, if indeed, it really wants the people to be gainfully employed and not be a burden on the government, then it must create the enabling environment for private enterprises to thrive. People can em-

ploy themselves where there is constant power supply and availability of other basic amenities that can take away the burden and stress of investing in a hostile environment. Multinational companies have left Nigeria for some other climes, as the cost of doing business here is just too high. According to the National Bureau of Statistics, 97% of all businesses in Nigeria employ less than 100 employees. It then means that 97% of all businesses in Nigeria are realistically, “small businesses”. The SME sector averagely provides 50% of Nigeria’s employment, and 50% of its industrial output. Which government can afford to ignore such a high contributor to its economy? The proportion of Nigerian SMEs and their impact on the economy is pretty much similar to those in other countries of the world, especially in the advanced economies. There are approximately 23 million small businesses in the United States of America, and they employ more than 50 % of the private workforce, while generating more than half of the nation’s gross domestic product (GDP). In the European Union, SMEs are seen as largely essential for European employment. Annually, one million new SMEs are set up in the European Union. SMEs account for 99.8% of all companies and 65% of business turnover in the European Union. The era of ‘lip service’ to Nigeria’s SME sector should be done away with. The employment creation cannot be developed without

a vibrant SME intervention. If there is adequate financial support, more unemployed Nigerians will engage in small scale enterprises than looking for unavailable while collar jobs. Nigerians are probably one of the most entrepreneurial people on earth. But this is not enough. In order to positively encourage the spirit of enterprise among our people, especially the youths, universities and other institutions of higher learning must be encouraged to become more commercially focused and more entrepreneurial. They should be encouraged to develop more ties with local businesses and hold more business related activities on campus. Students should be encouraged to take business studies modules as part of their main courses. This will help develop the interest in business, and provide the basic understanding of what to expect when going into business. The knowledge gained will help provide students with a ready option when they graduate, rather than wasting their time looking for the jobs that are not available. This will ultimately help to reduce the pool of unemployed young people in the country. We strongly believe in the establishment of small-scale enterprises since they ensure community stability and do less harm to the physical environment than large enterprises. They will easily promote cottage industries, improve rural welfare and generally reduce unemployment and poverty in the country. GABRIEL AKINADEWO Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director/DEIC FELIX OGUEJIOFOR ABUGU Managing Editor, South SULEIMAN BISALLA Managing Editor, North AYODELE OJO Acting 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.


20

OPINION A bomb, a blast and the blabbers Tayo Ogunbiyi

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error struck yet again in Nyanya, a suburb of Abuja, leaving in its trail, as usual, sorrow, tears and blood. As at the last count, after a bomb-laden, red Volkswagen Golf car, exploded at a popular bus park in the area, over 72 people were reportedly killed while at least 124 others suffered various degrees of fatal injuries. The dreadful event, which occurred in the early hours of the ill fated day, destroyed about 16 luxury buses, several commercial motorcycles, mini-buses while numerous other cars parked within the motor park were burnt beyond recognition. The gory sights of hapless victims of the awful Nyanya episode, including children, would make even a heart of steel melt. According to eye witness accounts, the intensity of the bomb and the attendant blast that rocked the place resulted into pandemonium and commotion within Nyanya and its environs. Such was the crude nature of the black Monday early morning bomb blast that has shattered dreams, aborted hopes and forever murdered sleep. For now, no group has claimed responsibility for the dastardly act. But analysts and observers, of current security trends in the country, are already pointing accusing fingers at the Boko Haram sect which has for long been perpetrating murderous acts across the country. One thing that cannot, however, be disputed is that these are tough times for motherland. What obtains presently is akin to happenings in a state of war. No one knows when and where the next tragedy would happen. No one knows who the next victims would be. The bottom line is that no one, perhaps with the exception of the lucky few who have the luxury of military and police protection, is safe again in the country. Sadly but typically, in the midst of the chaos and sorrow

that characterized the Nyanya bomb blast, our leaders simply continue in their usual style of trivializing serious national issues. While the , Mr. James F. Entwistle, American Ambassador to the country and other concerned individuals were offering to donate blood for surviving victims of the blast, our leaders were busy making unguarded and infuriating statements that simply give them away as opportunists and self centered characters. It is amazing how our leaders have suddenly become so obsessed with power that human lives no longer mean much to them. It is no longer news that we have become accustomed to politicizing sensitive national issues in this clime. But how does one rationalize the politicization of human lives? In our customary penchant for cheap talks, everyone has since been talking about nothing. As usual, the airwaves is being bombarded with all manners of talks. Our prestigious elders, at the ongoing national conference in Abuja, are equally not left out in this national past time of unfruitful blabbing. Everyone wants to be seen to be saying something, no matter how insignificant. Talk, talk, talk and more talks is what we know how to do best. Ironically, there is nothing in what is being said about the Nyanya bomb blast, for instance, that that we have not heard before. Similarly, there is no promise that has so far been made about tackling insurgency in the country that has not been made before. That is who we are. We love to move in circles that lead to no where. Very soon, all the blabbing on the Abuja blast would die down only to reverberate in the event of another misfortune . Sadly, despite our penchant for idle talks, we can’t fix elementary challenges such as making our roads safer, making our hospitals work, safe guarding lives and property, ensuring regular power supply, protecting investments among others. Hypocrisy and deception have become a national past time. Can there really be any meaningful

Monday, April 21, 2014

progress in a society where falsehood has relegated truth to the back seat? We have suddenly become a people without conscience to whom all that now matters is power, wealth and fame. That is why we brazenly dance naked at the graveyards of our compatriots whose lives were cut off in avoidable manners and circumstances. The bitter truth is that , irrespective of our predilection for superfluous talks, if we refuse to learn our lessons and act decisively, nothing will change. We need to become less petty as a people. We need to stand up together and act decisively against terror. Those who are waging war against our nation have demonstrated that they care less about mundane dividing factors such as ethnicity, religion and politics. Religion, ethnic and political affiliations simply means nothing to these agents of death who have sworn an oath to ‘Ogun’, the Yoruba god that baths with blood. All they want is blood, nothing but more blood. To them, there is no peculiarity in blood. Blood is blood. Consequently, the various security agencies in the country need to do more than they are presently doing in the management of the country’s security situation. In as much as it is true that terrorism is becoming a global challenge, our security bodies need to exhibit more decisiveness and professionalism in their handling of prevailing security condition in the country. One primary duty of government, all over the world, is the protection of the citizenry. The present trend that exposes Nigerians to unhindered horrid attacks and premature deaths, is , to say the least, intolerable. Imagine the agony, pains and heartaches that parents, relations, friends and colleagues of victims of unimpeded violent killings across the country are passing through. • Tayo Ogunbiyi is of the Features Unit, Ministry of Information & Strategy, Lagos State Secretariat, Alausa-Ikeja

Amaechi’s legal, political battles and enrichment of judiciary (1) Eze Chukwuemeka Eze

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t was the world acknowledged military strategist and former Prime Minsiter of Great Britain Winston Churchill, who stated that, ‘All the great things are simple, and many can be expressed in a single word: freedom, justice, honor, duty, mercy, hope’ while to Martin Luther King Jnr. ‘Law and order exist for the purpose of establishing justice and when they fail in this purpose they become the dangerously structured dams that block the flow of social progress’. To the famous Malcolm X, ‘Nobody can give you freedom. Nobody can give you equality or justice or anything. If you’re a man, you take it’. After critically examining the opinions of these great minds, it behoves on me to examine the political and legal struggles and the impact of the Judiciary as it relates to Rt. Hon. Chibuike Rotimi Amaechi, who aptly fits into all the opinions of the above-quoted great minds. For the avoidance of doubt, particularly in the case of non-Nigerians who may be reading this, Rt. Hon. Chibuike Rotimi Amaechi is a Nigerian politician from Rivers State, a South-South State in Nigeria; a recipient of the national award of Commander of the Order of the Niger (CON). He was the first Nigerian to be the Speaker of a State House of Assembly for a whopping eight years and

later became Chairman of the Conference of Speakers Forum, an umbrella body of all Speakers of State Houses of Assembly in Nigeria. He has been the Governor of Rivers State these past six years plus and currently the Chairman of the Nigeria Governors Forum. His unprecedented feats in the transformation of Rivers State have won him many international and local awards, as well as the respect of great leaders both locally and internationally. The main thrust of this treatise In the politics of Nigeria, apart from Alh. Atiku Abubakar (GCON), former Vice President, who utilised his knowledge of the power and impact of the Judiciary to exert his office in the hands of the very powerful President, General Olusegun Obasanjo who had wanted to remove him from office by any means as the then Vice-president of Nigeria, no other Nigerian politician can boast of using the Judiciary to the fullest to achieve his political mission like Rt. Hon. Governor Chibuike Rotimi Amaechi of Rivers State. To some schools of thought, Governor Amaechi is the creation of the judiciary and that is the main thrust of this attempt to unravel what role the judiciary may have played in the political struggles of this enigma of Nigerian politics. In one of his public outings, Governor Amaechi stated that his politics is that of struggle and not an easy path. This is not

only a truism but a statement of fact as his politics is riddled with struggles since he started real politicking from 1999. EARLY POLITICAL CAREER University of Port Harcourt in Rivers State was where Chibuike Rotimi Amaechi laid the foundation of his political life, participating actively in student union politics, especially in the National Union of Rivers State Students (NURSS) of which he was President, and the National Association of Nigerian Students (NANS). He cut his teeth in politics as Secretary of the now defunct National Republican Convention (NRC) in Ikwerre Local Government Area of Rivers State between 1992-1994. He was Special Assistant to Dr. Peter Odili, the then Deputy Governor of Rivers State, and also a member of the Board of West Africa Glass Industry as well as Risonpalm Nigeria Limited. He was the Rivers State’s Secretary of the Democratic Party of Nigeria (DPN) caretaker committee after in 1996 during the transition programme of the General Sani Abacha junta. Speaker (Rivers State House of Assembly) 1999-2007 In 1999, he contested and won a seat to become a member of the Rivers State House of Assembly to represent his constituency. He was subsequently elected as the Speaker of the House of Assembly. Amaechi was elected the Chairman of Nigeria’s Confer-

ence of Speakers of State Assemblies. He was re-elected back into the State House of Assembly in May 2003 and was also re-elected as the Speaker. Amaechi’spoliticalstrugglesthroughthecourts 1. 1999 State House of Assembly Election Signs of the mission of Governor Amaechi in the politics of Nigeria started when INEC announced Barr. Uche Okwukwu, then of the defunct APP, winner of the State House of Assembly election of the Ikwerre Constituency in place of Chibuike Rotimi Amaechi of PDP. He contested this at the then Election Tribunal and the Court of Appeal and won and was subsequently sworn-in as the member of State House of Assembly representing Ikwerre Constituency. This began his political struggles through the courts. Reacting to this, Barr. Uche Okwukwu stated: “Yes, I contested against the present Governor, Rt. Hon. Chibuike Rotimi Amaechi. Like I said, the Court of Appeal said I didn’t win and I should not be in the Rivers State House of Assembly. So, as a lawyer, by my training, I have since accepted the verdict of the court, particularly, when you do not have the right to appeal beyond that point.” • Eze Chukwuemeka Eze (ezemediaconcept08@rocketmail.com, 08038199163) is a Media Consultant based in Port Harcourt


INVESTIGATION

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

BIODUN DUROJAIYE Editor, INVESTIGATION

biodun.durojaiye@newtelegraphonline.com

Monday, APRIL 21, 2014

Ikeja Electricity Distribution Company, Alausa

The big power fraud •How electricity companies swindled Nigerians of N30bn in 10 months Energy Editor, ADEOLA YUSUF, in this special investigation, reveals how electricity companies connived with an agency of the Federal Government to ‘dupe’ hapless Nigerians

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any customers of the Power Holding Company of Nigeria, who were not aware of the new N750 monthly electricity fixed charge, expressed surprise when they got their bills in July 2013. The Nigerian Electricity Regulatory Commission (NERC) had, in a month earlier, announced a review of the charge from N500 to N750. It would be recalled that the idea of fixed charges was introduced after the prepaid meters regime came into existence. Before this, the defunct Power Holding Company of Nigeria (PHCN) has been exploiting citizens through the monthly unmetered estimated billing system, until the prepaid metering regime, which insulated the citizens from the open and age long fraud.

The fixed charge is an automatic revenue earner for the electricity provider as it affects every registered subscriber. According to NERC, PHCN customers will continue to pay the amount on a monthly basis. This is irrespective of whether they had power supply or not. The fraudulent revenue The electricity companies in Nigeria rake-in N3 billion every month as compulsory fixed charges from unwilling customers regardless of whether there is power supply or not, investigation by New Telegraph has revealed. The hump sum is from N750 fixed charge per customers on four million electricity customers in Nigeria who are faced

with epileptic power supply on daily basis. Nigeria, Africa’s most populous country generate less that 4, 000 Mega Watts for over 160 million people. The United Nations Report on access to power in the country reads that there “is still a wide gap in power supply.” Notwithstanding this huge deficit in power supply, customers, who a document obtained by New Telegraph at the weekend says are “now four million in number,” are unwittingly made to part with N750 monthly. This amount is independent of other charges; actual power consumption charge and other service charges, which are reflected on the monthly bills. The N750 fixed charge is also deducted

on the cards of those who use pre-paid meters monthly. Darkness becomes more expensive As if this is not enough, the Federal Government refuses to renew N100 billion electricity tariff stabilisation funds, which will finish by June 30. The implication of this is that Nigerians are to pay more for electricity by July. Consumers of electricity, especially low income earners in Nigeria will by July begin to pay more for electricity, investigations by New Telegraph revealed. The N100 billion stabilisation fund, which the Federal Government disbursed CO NTINUED O N PAGE 22


22 INVESTIGATION

Sanctity of Truth

Monday, April 21, 2014

The big power swindle

Estimated bill

Prof. Chinedu Nebo, Power Minister CONTINUED FR O M PAGE 21

on June 1, 2012, will finish by end of June 2014. The fund was disbursed in batches of N50 billion in 2012 and N50 billion in 2013 to subsidise the tariff of low income consumers who are majorly rural dwellers and poor in semi-urban centres. Further checks by this newspaper showed that the Federal Government did not include an extension of this stabilisation funds in the 2014 budget. Spokesperson for Nigerian Electricity Regulating Commission (NERC), Dr Usman Abba-Arabi did not pick calls put across to him, but a source at the commission told New Telegraph that the commission may not be able to stop distribution companies from going ahead to collect full tariff on electricity by July, when the stabilisation funds must have finished. “There is no budgetary provision for the stabilisation fund in the 2014 budget and you know the implication of this on the electricity tariff by July,” he said. “The implication is that the government has tactically left consumers to their fate.” NERC’s Commissioner in charge of Government and Consumer Affairs, Dr. Abba Ibrahim had earlier said that the commission was undertaking the third review of Multi-Year Tarriff Order (MYTO) 2 based on demands for tariff hike by power investors. Ibrahim, who revealed this in an interview with New Telegraph in Lagos in February, maintained that this review is subject to the outcome of the on-going collation of statistics based on the complaints by the new investors. The new investors, who plan an injection of about $1.8 billion, had called for a hike in electricity tariff, which they considered as non-feasible to the global reality of electricity generation, transmission and distribution. ButIbrahimdisclosedthatthereviewmight either be a reduction or an increase in tariff, “depending on the outcome of the on-going

findings and an examination of interest rates, exchange rates, inflation rates and available generation capacity during the preceding six months.” TheMYTO,NERCcommissionerIbrahim said: “Involves an examination of interest rates, exchange rates, inflation rates and available generation capacity during the preceding sixmonthsandif thesereportachangeof plus orminusfivepercentindividually,suchchange will be applied to the tariff published for each distribution company. “Thetworeviewsearlierdonedidnotresult in any increase of tariff because the indices and fundamentals of the MYTO have not significantly changed. “Thechangesthatsomecustomershavebelatedlynoticedintheirbillswereannouncedby the commission on June 1, 2012.” Meanwhile, consumersgroupedasR3andR4who,according to MYTO2 paid N23.71/ kwh with fixed meter charges of N21,256.30 and N118,830.56 respectivelyareto,basedondemandsbyinvestors, pay N25/ kwh, New Telegraph gathered. The N100 billion stabilisation fund disbursed in 2012 by the Federal Government, whichonlyaccommodatedthecosttobeborne byconsumersratedbelowtheN24/Kwhcostof productionattherateof N50billionfor2012and 2013 respectively, will end by June 30. Middle incomeconsumerswhopaidbetweenN11and N12/ Kwh would now pay N13.5/kwh. Little for many Meanwhile, NOI Polls, in a statement in Abuja,saidtheresultof itsfirstquartersurvey showed that “the perception of the Nigerian adult public in quarter one of 2014 revealed that an average of 63 per cent (43 per cent + 20 percent)of Nigerianshaveexperiencednoimprovement in their power supply, with 43 per cent who experienced a worsened state and 20 per cent having no difference at all. “More findings revealed that an average of 63 per cent (45 per cent +18 per cent) received less than five hours of continuous power supplydaily with themajority(45percent)receiving between 1- 4 hours of continuous power

daily and 18 per cent receiving zero (0) hours of power supply.” Nigeria,whichgeneratesbelow3,500Mega Watts(MW)of electricity, needs160,000MWto meet the electricity development indices, a reportobtainedbyNewTelegraphhasindicated. The report, which is published based on the rule of thumb for developed industrial nation, states that at least 1 gigawatt (i.e. 1,000 megawatts) of electricity generation and consumption is required for every 1 million head of population. Over 120 million Nigerians are yet to have electricity connection from the national grid, according to the minister of power, Prof. Chinedu Nebo. The report obtained by New Telegraph, reads: “Nigeria is the most populous country in Africa. Its population currently stands at about150 million people and is expected to grow to 230 million by 2030. “The rule of thumb for any developed industrial nation is that at least 1 gigawatt (i.e. 1,000 megawatts) of electricity generation and consumption is required for every 1 million head of population.” “The above, “shows that Nigeria’s power supply of 2,500-4,000 mw is grossly inadequate to serve the population. Ideal level is 160,000 MW.” “Hence the privatisation of Power Holding Company of Nigeria (PHCN) to allow for the required massive private sector investment. “The electricity customers in Nigeria are now about four million people but the current Average Daily Power available per hour is less than three hours. Whereas, the Federal Government of Nigeria (FGN’s) targeted 2020 energy available is 20,000 MW.” Meanwhile, the minister, who was represented by the Permanent Secretary in the ministry, Amb. Godknows Igali noted the training is meant to sensitise and mobilise stakeholders to initiate an equity fund through private sector participation to promote sustainable energy. Citing the United Nations Report on access to power, he said: “There is still a wide gap in power supply. Sadly for us here in Nigeria, we still have about 30 million people that do not have access to power at all. “ThisisthereasontheFederalGovernment isfocusingonRenewableEnergy(RE)particularlyoff-gridsolarandsmallhydrosthatwould not need to depend on the national grid.” Nebo disclosed further that government is now rounding up on financing process for the 3050mwMambillahydrodamandwouldsoon beflaggedoff byPresidentGoodluckJonathan. According to him, “there are 264 hydro dams which have not been fully utilised, so, in thisfirstquarter,governmentdidastudyandis fixingtheturbinesandothercomponentsin12 of themtoincreasetheirgeneration capacity.” Nigerians kick Nigerians have for the umpteenth time kicked against the fixed charges.

Before the Governor of Edo State, Adams Oshiomhole raised his voice to condemn the N750charge,thecivilsocietygroupshavewritten several protest letters on the fraud. The Citizens Centre for Integrated Development and Social Rights – (CCIDESOR) in a press statement issued on 27, August 2013, in Owerri declared that with the fixed charges, it seems that the reform agenda has been hijacked by those who don’t mean well for Nigerians. “Dear compatriots, it is time to get counted or get thrown into perpetual darkness and hardship by the ugly development in the electricity reform agenda currently being superintended by Nigeria Electricity Regulatory Commission–NERC.Itseemsthatthereform agenda has been hijacked by those who don’t mean well for Nigerians. The latest antics to rip-off unsuspecting Nigerians, whose oil resources have been corruptly mismanaged, is the 419 -like fixed electricity charges endorsed by the NERC,” the group said. He added: “the only visibleachievementof NERCandtheentireelectricityreformagenda is the regular increase of electricity tariffs. CCIDESOR maintained that the “exploitative increase has impacted negatively on over 150 millioncitizenssinceitsintroduction,withmillions of families preferring to stay in darkness than pay for electricity they did not consume.” In the same vein, Oshiomhole described the N750 charges as crude and criminal. The compulsory charge, he said, amounts to extortionandexploitationof electricityconsumers. “As someone elected to represent the interestof theentireEdopeople,Icannotbesilentto thistypeof exploitationbyonecompanywhich claims that there is somebody in Abuja or somewhere responsible for generation, transmissionof electricity,”hesaidwhileaddressing the civil society organisations in the state. This statement confirms the position of CCIDESOR that Nigerians are being impoverished through all government monopolies like the power sector. It is something that did not start today. In order to continue with the exploitation of Nigerians, the monthly fixed charge for metered customers was introduced through the back door, with the plausible reasons of trying to make the sector “attractive” when Nigeria already has a huge market that is more attractive than free “revenue” for new owners who appear incapable of satisfying the energy needs of Nigeria. “This increment is coming on the heels of selling the investment of many communities, philanthropists and individuals, who decided to fund the purchase of facilities to ensure that their communities get the epileptic power supply that government was unable to get to their communities, without CO NTINUED O N PAGE 24


INVESTIGATION

Sanctity of Truth

Monday, April 21, 2014

23

Estimated billing system must stop immediately –Amadi The Chairman, Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, last Wednesday, fielded questions from journalists shortly after a meeting with the Chief Executive Officers of the Electricity Generation and Distribution Companies. He gave insight into government’s plans to improve gas supply to power plants. He also spoke on issues of tariff and metering among others. Our Correspondent, JAMES NWABUEZE, was there and reports You just concluded a meeting with CEOs of DISCOs and GGENCOs, can you give us the highlights of the meeting and how the outcome will improve the electricity market? At the meeting, we had three different presentations, we had presentation from the representative of the World Bank on TCB which I understand is a chemical that the United Nations has banned because it is considered as very dangerous for the environment and is usually found in transformers. The presentation was to alert the industry as to the danger and the processes of verifying and finding out those transformers that have that prohibited chemical and framework for isolating them and dealing with them before the deadline set by the UN. The second presentation we had was on gas. There was a presentation on visual technology in helping out with the gas crisis. You are aware that gas supply has been a major problem that has limited capacity in the industry. Most of the generation plants are gas based and they are not producing according to their normal capacity because they do not have enough gas supply. And federal government is doing a lot to improve gas supply, namely, processing more gas, possibly taking some export market to domestic market and fast tracking work on gas infrastructure. And of course, there are some talks about investment of some billions of dollars by the Niger Delta Power Holding Company and Sovereign Wealth Fund. Of course all these are part of the initiatives, but today we got technologybased solution from one the companies basically showing us how we can use compressed gas, take it and through technology re-gasify it and use it in the power plants. The attraction though, is that it will avoid the use of gas pipelines and associated risks of vandalism. That presentation was made to us in the meeting and then the GENCOs would take it up with the firm all in an attempt to ensure that we have more gas, especially for the embedded generation. As part of dealing with the scarcity we are focusing on enabling DISCOs procure embedded power so the innovation technology in gas would help both those who are already connected to gas supply in terms of time out or help new embedded generators who want to supply quick power to Distribution companies. We also received presentations from Eko DISCO and Abuja DISCO on what they are doing about estimated billing and metering. NERC has underlined the importance of following the

methodology on estimated billing. We very clear that it is the responsibility of the DISCOs to meter the customers even though we know that this metering will not be complete. We have a time gap within which they will be able to meter all their customers. They have also indicated they are continuing with the Credited Advance Payment for Metering Implementation (CAPMI). But the CAPMI is a stop gap, and apart from the CAPMI we expect to have a robust metering plan. But, we have also said that in the interim, before everybody is metered, the reckless estimation must stop immediately. And that means three things, one: customers who are post-paid, that is who have meter but not pre-paid, they have to go and read those meters, and any month they did not read the meter, the next month for example, if they read the meter today and take a baseline, probably the next month they cannot read the meter, the third month they can now cross check with the past reading. So the idea here now is that someone who doesn’t have a meter doesn’t mean that the person will be overestimated. It means that you have to use due process to establish, if they are on post-paid or what you call analogue, you go there and read the meter if you cannot read in two months the next month if you have overcharged you have to recharge the person the proper level. And the third one is those who do not have any meter at all, NERC has provided for a methodology that requires you look at the amount of power you put on the feeder and benchmark with those who are metered and see what should be the estimation. So, what is going on now in some places is not really estimation, it is arbitrary, because estimation is based on some formula. So we have reiterated that we should go back to that methodology. Ultimately, the solution is fast-tracking metering, but we do know that it requires a lot of financing. So, Abuja and Eko DISCOs gave us a presentation on what they are doing. And then finally, the interim rules has been cooking for long, we have done consultations on the amendment to the rules all to increase the amount of liquidity in the industry before the Transitional Electricity Market (TEM)n is declared. And yesterday we had a final consultation on the interim rules and we have just announced to the CEOs that the interim rules will come into effect very soon. The key thing about the interim rules is that it is raising the bar at the threshold of remittance, that the DIS-

Amadi

COs should remit more money to the market to pay the GenCos and to pay for other services until we get to 100 per cent performance before hopefully TEM is declared soonest. Again, we talked about energy theft, there is rampant theft of electricity, and we said that DisCos should aggressively monitor, apprehend and report every customer that tampers with meter, who steals electricity at this crucial moment. Such a person will face the full rigour of both the criminal and civil sanctions. Part of the criminal is that they will be arrested and prosecuted in the court of law, and as a regulator we will authorize the DISCO to disconnect them and to put very punitive sanction so that to reconnect them they may have to pay about fifty times more than they stole from the network. We want to urge citizens and consumers not to steal power because it damages the revenue of the Discos and ultimately puts the nation in more darkness. Is NERC aware of 100 percent increment in electricity bills, and is there any sanction to effect? One hundred per cent of which? Is it the energy or the fixed charge or both? The energy We address this all the time. In 2012 June, what NERC issued out to every consumer and the operators is a fiveyear tariff order, which means there is a tariff of 2012 and there is tariff of 2013, 2014, 2015, 2016. What that means is that every year by June the tariff changes. So you cannot accuse DisCos of increasing tariff arbitrarily if they are charging the tariff that is published even though it is different from what

you paid last year. So when we say we have not increased tariff it does not mean that the tariff that you paid in 2011 is what you are paying now, it simply mean that order published has not changed. So the short answer is that any Disco that is charging any tariff that is not as published by NERC in 2011 has committed an offence and will be punished severely. Not just through sanctions but it is a criminal violation of the law. But if they are charging you a tariff that was published only that it is different from the tariff last year, they are doing the right thing. If you are in doubt, go to our website: www.nercng.org. Why is it that the bill does not come down even when the electricity supplied to the consumers drop in some months? I think is a very correct observation and that is part of what we discussed during our meeting, and we said that what we are calling estimated billing today is no longer estimated and that should not continue. What is happening in the industry really is that because the losses are high, because there are many people who are stealing power which the DisCos have not made much effort to put back into the grid. So they use a number of other people to recover the revenue that needs to be recovered. We are saying that is not fair, if you cannot meter them, those who have analogue meters, go and read the meters, and those who do not have meters, your estimation should be as close as possible to the actual supply condition. And that is why they need to send us the report of the estimation. And that is why NERC now needs to monitor. But the final CONTINUED ON PAGE 24


24 INVESTIGATION

Sanctity of Truth

Monday, April 21, 2014

Our experiences, by electricity consumers Bosun Ogundare, journalist “I stay in Jankara m a rke t area of Ijaye in O j o ko ro L o c a l Council Development Area of Lagos where we have continued to suf fer poor electricity supply. In October 2013, our transfor mer developed a problem and electricity was not restored for three months until December 25, 2013. Because I use a prepaid meter, in January I went for recharge but I was sur prised that for the three months we never used electricity at all, they deducted N2,250 as service charge and that really baffled

me. The spoilt transfor mer was repaired by the community and power supply has not improved in anyway especially since the takeover by the new distribution companies. “Now, we only had power supply for one month. Since January 25, 2014 we have not had electricity in my area due to bad transfor mer. The new company has promised to provide another transfor mer but almost three months after, we have not heard anything and the entire area has been in darkness. The unfor tunate thing is that even if we don’t use electricity throughout this year again, whenever we plan to recharge our meter, we would still be charged N750 per month. That is dubious and an act of lawlessness.”

Olaniyi Alabi, business man “I live in River Valley Estate, Isheri around Berger area of Lagos. Electricity has never been stable. The unfortunate thing is that as a user of prepaid meter we are badly treated. The N750 monthly service charge is a punishment. For instance, if we pay N20,000 credit, N750 will be deducted as service charge and if this credit lasts for eight months, at the point of new recharge we would be charged N750 for each of the eight months we did not recharge. That policy is obnoxious to us. Unfortunately, there is nobody to complain to apart from their staff who sell the recharge cards and what they say is that the matter is beyond them.”

Lekan Oladapo, legal practitioner “I live in Bwari Area in Abuja, the Federal Capital Territory. We don’t use prepaid meter because they are not available. But our metres are not read before we are billed and what we are given is estimated bills which are usually exorbitant. When people complain they reduce it but we don’t have fixed bills. It is quite unfortunate. “Since the new companies have taken over, electricity supply has been terribly poor and erratic not only in Bwari area but in many other places in Abuja, especially areas where the average people stay. The situation is worrisome.”

Interviews by Mojeed Alabi

The big power fraud CON TINUED FR O M PAGE 22

offering them any stake to the tune of their investment, or asking them to withdraw their investment. “It is important to note that since the commencement of the electricity reform agenda, the quality and quantity of electricity delivered to the helpless and hapless Nigerians remains perpetually and abysmally poor, while the level of hardship and impoverishment is on a steady increase. “This is happening under the nose of an experiencedandreveredhumanrightsactivist who is the current chairman of the electricity reform agenda of Government. “The latest increase of misery of Nigerians,informof fixedmonthlychargesof N750, whetherelectricityissuppliedornot,isregressive, ignominious, and an open day rip-off of the already bleeding Nigerians. The introduction of this monthly fixed charge is an indication that the NERC has no new ideas to drive theelectricityreformprocess,”thegroupsaid. Thegroup,inastatementsignedbyEmeka Ononamadu Chidi Igwe (Esq), Executive Director, on behalf of National Program Coordinator, CCIDESOR, and Democracy and Development Vanguards, (DDeVa), continued: “At this point, they need to pack their bags and go, than to remain in existence to inflict more pains on Nigerians and residents. Now is the time for Nigerians to see the electricity reforms for what it is and what it has been – perpetuating the pain of Nigerians through high cost and exclusion. “What is the rational to charge a consum-

er a fixed rate of N750 when NERC know that PHCN has not offered any service to the person? How would the electricity reform empower Nigerians when the philosophy behind it is total exploitation and enticing of investor with increased charges and not the potential population of electricity consumers? It is therefore time for the Economic and Financial Crimes Commission (EFCC) and Independent Corrupted Practices and other related offences Commission (ICPC) to probe the electricity regulatory agency because what they are indulging in is not different from economic crime against citizens. Making a consumer of PHCN electricity to pay for services that are not rendered or received is akin to economic crime against citizens. “An inquiry over the fixed charges increment alleges that it will be used to repay the cost of recently installed prepaid meters. Thisplausibleexplanation,whichhasnotbeen confirmed by NERC or PHCN, clearly indicates that they may inflict more economic and social injuries on Nigerians if this trend of using electricity monopoly to impoverish Nigerians continues.” NERC intervenes NERC says it is working on a policy to bar electricity distribution companies from collecting fixed charge from consumers after a period of power outage. NERC Chairman, Dr. Sam Amadi said in Abuja last Tuesday that even though the commission is mindful of the need to ensure commercial viability of the electricity sector, there is the need to also

Electricity meter

ensure fairness for electricity customers. While justifying the need for fixed charge on the electricity billing system, Amadi noted that investors need to be sure that there is a system in place that ensures investments into the sector are recovered. He assured that “we are now going along to say that there cannot be outages for too long and you are paying for it, so what we are doing nowisatwhatstageshouldlack of power now result in lack of charge. So we are making a new regulation that says that if people do not have light for say one month, then you should not charge them. “We want to draw a line between fairness and financial viability because ultimately what the consumer needs is power but without a financially viable industry no investment will come to power,” he added. He also assured that power supply would

improve before the end of the year, noting that “the problem is about lack of gas but the NigerianNationalPetroleumCorporation(NNPC) isworkinghardandhasassuredusthatbythe end of the third quarter and the beginning of thelastquarterwewillbeabletohavemoregas to at least add extra 1000mw to the grid. “Now,if welookatthefacts,thereare about four power plants that have gas already but completion of work in terms of contractor’s performance has delayed those projects. Last week, the vice president was strong on the contractor to complete those projects in the South-East and the South-South zones. If we complete them we should add another 600mw. “What that means is that baring any massive major vandalism of those pipelines, we are sure that we will end the year far above where we were at the beginning”.

‘Estimated billing system must stop immediately’ CON TINUED FR O M PAGE 23

word on that is that you as a consumer has a role to play. That if you look at the bill they sent to you and you know that power you consumed has been less, you can reasonably dispute that you have not used the amount of power you are charged for. You can petition, that is

why we have the complaint units in the offices. You write back to the business manager and say you dispute this bill, if they do not satisfy you, you come to our forum office. Recently a community alleged that they were asked to contribute money for a

transformer in their area? Is it proper for a community to buy transformer for themselves? Let me put it this way, there is nothing the consumer ought to buy for themselves apart from meter under CAPMI. Apart from that, everything is supposed to be provided by the utility. So, the an-

swer is ‘No’, they are not supposed to be asked to pay. No DISCO is supposed to ask consumers to buy transformer. But assuming the transformer goes bad, there is a turnaround time for the DISCO, a DISCO does not provide money for a particular transformer it provides money for the network.


BUSINESS Sanctity of Truth

Monday, April 21, 2014

MONDAY, APRIL 21, 2014

WHAT'S NEWS 13, 000 ATMs susceptible to attacks As Microsoft plans to halt its Window XP Operating System (OS), there are fears that no fewer than 13,000 ATMs will become vulnerable to technical threats from hackers and virus developers, thus creating a perceived unsafe banking environment and loss of several billions of naira in customers’ deposits.

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Report paints gloomy picture of Nigerian aviation industry The outlook for the aviation sector seems gloomy as Nigerian carriers are beginning to see customer demand decline due to the weakness of the naira.

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'Remittance fees hurt Africans'

Communities in sub-Saharan Africa are being “hurt” by high fees charged by money transfer operators, Charity Comic Relief has said.

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Global attention on Nigeria’s underwriting sector grows Barely three months after the Chairman, Board of Governing Council of the National Insurance Commission, Rt. Hon. Chibudom Nwuche, directed insurance operators to be transparent in their transaction in order to create a conducive atmosphere for foreign investors who might be interested to come in and invest, a keen observer has declared that the local underwriting firms were now good enough for foreign acquisition.

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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) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor

NO PROSECUTION 1,945 suspected oil thieves arrested by JTF disappear Adeola Yusuf

N

o fewer than 4,349 illegal refineries were destroyed in one year in the Niger Delta region, a report by the Joint Task Force (JTF) has shown. These figures came as illegal refining business in the country booms. However, London-based Chartham House blamed this boom on the 2015 general elections. The 2015 elections, the group said in a report, has been the amplifier for booming crude theft in the Niger Delta. Politicians, the report stressed, formed alliance with the security agents, staff of oil companies and foreign collaborators to rip off the country of millions of dollars on stolen crude to realize enough cash ahead of the general elections. Meanwhile, the JTF codenamed Operation Pulo Shield, which is deployed in the oil rich Niger Delta, said that in 2012 alone, it conducted 7,585 illegal bunkering patrols in the region, resulting in the arrest of 1,945 suspects. Spokesperson for the JTF, Lt. Col. Onyema Nwachukwu, in a chat at the weekend, lamented that many of thieves arrested by the military formation were

he statistical community in the Middle East have received an important boost with the launch of a statistical center for the countries of the Gulf Cooperation Council (GCC) in Muscat, Sultanate of Oman.. GCC-Stat was established on April 8 by the GCC

CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter

www.newtelegraphonline.com/business

SAFETY NET PROGRAMME FOR THE POOR’ }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

Report links increase in oil theft to 2015 elections JTF destroys 4,349 illegal refineries in one year

L-R: Chief Executive Officer, London Stock Exchange Group, Xavier Rolet; Chairman, Seplat, Dr. ABC Orjiako, and Chief Executive Officer, Austin Avuru, during the formal welcoming ceremony for Seplat at the London Stock Exchange.

released by the prosecuting agents. “We do our anti-oil theft patrol every time and we have as a result of this made a lot of arrests. In some cases we confiscated their vessels load of fuel and handed all these to

the prosecuting agencies like the Police, the Nigerian Security and Civil Defense Corps (NSCDC) and the Economic and Financial Crimes Commission (EFCC), because we do not have the mandate to prosecute. “But what we discovered is

to serve as the official provider of national statistics and other data for its six member states (United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait). It is an independent supranational institution dedicated to the collection, analysis, and dis-

semination of official data on member states for the benefit of decision makers, researchers, and other users. Deputy Managing Director Min Zhu of the International Monetary Fund (IMF) welCONTINUED ON PAGE 26

that they are later released and they go back to continue their illicit trade,” he said in a voice laced with anger. In 2012 alone, according to Nwachukwu, JTF conducted 7,585 illegal bunkering patrols in the region, resulting in the arrest of 1,945 suspects, and the destruction of 4,349 crude oil cooking ovens, commonly referred to as illegal refineries. These robust patrols also led to the arrest of 133 barges, 1,215 Cotonu boats, 185 tanker trucks, 178 illegal fuel dumps, 5,574 surface tanks and 638 pumping machines used for siphoning illegal crude oil. There were also 18 vessels arrested while engaged in illegal oil bunkering activities in the creeks. All these have been handed over to prosecuting agents.

Rates Dashboard

DELE ALAO, Brands/Marketing Editor ABDULWAHAB ISA, Finance Editor

NEW TELEGRAPH

IMF inaugurates statistical centre in GCC countries T

WOLE SHADARE, Aviation Editor CHRIS UGWU, Capital Market Editor

‘WORLD BANK TO HELP25 BUSINESS | BRANDS & ADVERTISING NIGERIA BUILD SOCIAL

INFLATION RATE March 2014...........................7.08% February 2014........................7.70% January 2014 ........................8.00%

LENDING RATE InterBank Rate . . . . . . . . . 10.50% Prime Lending Rate. . . . . 16.93% Maximum Lending Rate..25.83%

EXCHANGE RATE

(Parellel As at April 11)

USD . . . . . . . . . . . . . . . . . . . . . . N170 Pounds . . . . . . . . . . . . . . . . . . N282 Euro . . . . . . . . . . . . . . . . . . . . . N235

EXCHANGE RATE

(Official As at April 11)

USD . . . . . . . . . . . . . . . . . . . N155.74 Pounds . . . . . . . . . . . . . . . N260.56 Euro . . . . . . . . . . . . . . . . . . . N216.15 Source: CBN


26 BUSINESS | NEWS CRISIS There are fears that bank customers in the country may lose deposits running into billions of naira.

Dele Alao

A

s Microsoft plans to halt its Window XP Operating System (OS), there are fears that no fewer than 13,000 ATMs will become

Sanctity of Truth

Monday, April 21, 2014

13, 000 ATMs susceptible to attacks vulnerable to technical threats from hackers and virus developers, thus creating a perceived unsafe banking environment and loss of several billions of naira in customers’ deposits. Banks in the country, which run most of their automated teller machines (ATMs) on the outdated XP, are, however, pressing for an extension to the April 8 deadline to allow for a window to smoothly transition

its systems to Windows 8. Microsoft has, in recent months, made public its decision to relinquish support for its Windows XP operating system (OS), noting plans to rather switch to its most recently developed Windows 8 OS, which simply means it might become substantially susceptible to virus attacks. Meanwhile, the banks have already initiated engagements

with the global software provider, aiming to reach an agreement for an extension. It is, however, yet to be seen how the banks will influence Microsoft to review an extended period. Defending the insinuations that the ATMs are subjected to attacks, the Chairman of ebanking Industry Heads Committee, Chuks Iku, said that most banks are already back-

ing up their systems to assure safety of ATMs for customers. He said: “The ATMs are still working, they are not going to go down. Some banks are doing it (the upgrade) on their own, but as an institution that works together, instead of telling each bank to negotiate its extension, we are doing it as a body to see how we can buy time to continue to guarantee safe transaction,” Iku stated.

IMF inaugurates statistical center in GCC countries C O N T I N U E D F R O M PA G E 2 6

comed the initiative, saying that “the IMF looks forward to collaborating closely with the regional center across the range of our activities. The creation of GCC-Stat will undoubtedly contribute to strengthening data collection and dissemination in the GCC countries and enhance cooperation among regional and international institutions in the area of statistics.” “I would like to congratulate the GCC for establishing this regional statistical center, GCC-Stat,” said Louis Marc Ducharme, Director of the IMF’s Statistics Department.

Forex Time hosts free empowerment conference Chris Ugwu

I

nternational forex broker, Forex Time (FXTM), is hosting a professional Empowerment Conference and workshop in Jos to help support traders in knowing how to make informed and strategic trading decisions. The four-day event which is billed to take place between April 22 and 25 aims to help unlock the hidden opportunities in forex trading and educate participants about how to make the most out of their investments. With forex trading rapidly growing in popularity in Nigeria, FXTM wants to emphasise the fact that the key to success is understanding how the market works and knowing the fundamental principles of investing. The FXTM conference is structured so that each day participants have the opportunity to learn from expert traders at the Empowerment Conference and then put their new found knowledge into practice.

“GCC-Stat will make a significant contribution for improving the quality of statistics across its membership, in particular through the harmonized implementation of international standards.” H.E. Sabir Bin Al Harbi, Director General of GCC-Stat, said that “the vision for GCC-Stat is to be a reliable resource and dynamic driver of the GCC Statistical System. GCC-Stat aims to provide statistical leadership regionally and internationally, working hand-in-hand with its membership and international organizations, in particular, the International Monetary Fund.”

MANDATE A delegate at the national confab, Hajia Ladi Ibrahim urges FG to speed up the dredging of two ports Bayo Akomolafe

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Kogi delegate at the on-going National Conference, Hajia Ladi Ibrahim, has urged the Federal Government to commence the dredging of River Niger in order to build

Jonah Iboma

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he improvement of technical skills of young women and girls has been identified as an important element that will further enhance growth of several aspects of the technology industry, the Chief Executive Officer of Phase3 Telecom, Mr. Stanley Jegede, has said. According to him, the need for basic technical skills and deep digital literacy currently extends to every single role in every industry being influenced by technology, adding that encouraging girls to pursue

L-R: Director, Mutual Benefits, Dr. O. Ajaja, Vice Chairman, Mr. Akin Opeodu; Chairman, Chief Chamberlain Oyibo, and Group Managing Director, Dr. Akin Ogunbiyi, during the unveiling of new products of the company in Lagos.

FG urged to dredge River Niger for Ajaokuta, Lokoja ports the Ajaokuta and Lokoja ports. According to her, the steel company in Ajaokuta can generate over 10,000 jobs. She said in Lagos that a port in Ajaokuta would facilitate movement of the company’s raw materials and the finished products, adding that this will

reduce burden on the roads. The former Auditor-General in Kogi State said that it had become imperative to have a seaport in Ajaokuta, pointing out that “no nation achieved industrialisation without its steel industry.” She also said that if gov-

Phase3 Telecom seeks improved ICT skills for women technology-based careers will see the rise in digital business and rapid growth in the development of fields such as coding (programming languages), computing and telecommunication in Nigeria. Speaking on the firm’s support for the forthcoming TECH4D FORUM 2014 billed to hold in Lagos tomorrow, Jegede noted that it is on the basis of this that Phase3 Telecom has opted to be an equal opportunity firm. “Phase3 Telecom is an equal

opportunity employer that believes that the role of women in the advancement of technology should not be undermined and must be celebrated because women are proving daily that they strongly possess the capacity and ability to innovate and invent in this field that is often explored by men. This is evident in Phase3’s female workforce who are providing significant leadership in successful engineering, information systems and communications technology operations,” he said.

ernment could bring the construction of Ajaokuta Steel Complex to completion, a lot would be achieved towards the nation’s industrialisation, adding that “it is a threat to the industrialised nations for any developing country to come up with its steel industry.” Hajia Ibrahim, the Chairman of the Financial Reporting Council of Nigeria (FRCN), explained that the Ajaokuta Steel Complex alone could generate over 10,000 jobs for the youth. She suggested both short and long term plans for youths that went through tertiary institutions and the unlettered. Also, Hajia Ibrahim said that 70 per cent of the revenue of any country should go into capital expenditure for infrastructure development and sustainable development, adding that “there is no country that will spend 70 per cent of its budget on recurrent expenditure as against capital.”


BUSINESS | NEWS

Sanctity of Truth

Monday, April 21, 2014

BLUES Airlines groan as aviation industry's fortunes dwindle Wole Shadare

Report paints gloomy picture of Nigerian aviation industry

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he outlook for the aviation sector seems gloomy as Nigerian carriers are beginning to see customer demand decline due to the weakness of the naira coupled with the fact that the impoverishment of many Nigerians has seen them take to road travel rather than air transportation. Even the lucrative triangle routes like the Lagos-Abuja-Port Harcourt routes which dominate the market both in capacity and movement are experiencing decline in travellers demand as more people are shunning air travel. It is estimated that despite the fact that Nigeria has humungous population of over 180 million people, less than five per cent of the population take to air travel going by passenger traffic released by the Federal Airports Authority of Nigeria (FAAN) last year which puts domestic travel at eight million for last year.. Also, the depreciation of the Naira has compounded matters, as there are indications that two

L-R: Brand Manager, Sensodyne & Parodontax, Dr. Davis Iyoha; Head, Shell Health, Shell Nigeria Exploration & Production Company Limited (SNEPCO), Dr. Martins Obasohan; Pharmacist, SNEPCo, Lagos, Rakiya Iyamabo and Expert Detailing Representative, GlaxoSmithkline Consumer Nigeria Plc, Dr. Oge Nwankwo, after a free dental outreach organised by GSK in Lagos.

or three airlines could be out of operations this year. Equally scary is the fact that fares are dominated and converted at the interbank rate of N165,000. Two carriers’ suspended operations last year and more may follow suite owing to harsh operating environment and huge debt profile. There had been a four per

cent hike in fares since January 2012 and nine per cent since September 2013. Notwithstanding, the slight marginal rise in domestic traffic last year, government officials, politicians and business men are the major people that patronise the airlines, as majority of the people seek alternative mode of transportation.

Rent controls will improve housing supply –Experts Dayo Ayeyemi

I

n order to maintain a supply of affordable housing through the implementation of rental housing control, Nigerian government has been urged to urgently address the bottlenecks associated with the implementation of the Land Use Act. Besides, government was tasked to soften the stringent conditions attached to mortgage for housing finance so that the urban poor can have easy access. In their paper presentation on “Rental controls in Nigeria private housing sector,” lecturers in the Department of Estate Management, Obafemi Awolowo University, Ile Ife, Osun State, Mr. F.M. Araloyin, M.O. Oyewole and K.S. Sani, disclosed that the existing studies from other countries have shown that net benefits of rent control were positive and that rental housing markets have flourished in nations under moderate to strict rent

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control regimes. According to them, benefits of rent regulation would far outweigh the costs, but said that it must be backed with a friendly operating environment for it to be successful in Nigeria. For it to work in Nigeria, they explained that the rent control scheme must be simple and the basis should be transparent, pointing out that

the use of a formula that only the rent tribunal understands and configures creates abuse and corruption. They said: “The rent control system should allow for capital recovery. The rent increase structure must allow landlords to recover their investments and certain costs. Without this basic precondition, private housing investment will grind to a halt.”

Draft policy recommends N100bn devt fund for palm oil Siaka Momoh

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he palm oil draft policy recently put together by stakeholders in the industry, has urged the Federal Government to establish a N100 billion development fund for the sector. It recommends that this fund should be disbursed for the next five years, at N20 billion each

per annum. “The fund should be accessed at single digit interest rate with a repayment period of up to ten years. It should be available for all in the palm oil value chain and also for refinancing. In addition, the fund should be domiciled in both the Bank of Industry (BOI) and the Bank of Agriculture (BOA),” the draft says.

The reactivation of Dana Airlines and other marginal players has not made any impact as the industry is a two horse race between Arik, the dominant and Aero Contractors. In its monthly report, Financial Derivative Company Limited stated that the unexpected “dumping of the highly influential Aviation Minister,

Stella Oduah,” is still being processed by market watchers, noting that “the word is that she is still calling the shots.” The company disclosed that international load factors out of Lagos firmed up for April to over 85 per cent pre-Easter, stressing that Emirates remains the leading carrier while British Airways has more seats and passengers. The Dubai based airline is scheduled to begin its AbujaKano-Dubai route in August this year. On the price war between network and Nigerian carrier, the firm disclosed that Arik, Nigeria’s flag carrier airline, is fighting the ‘big boys’ with bargain prices by lowering its economy fare to Johannesburg from Lagos to N79,000 as against N108, 000 charges by South African Airways. Chairman of the firm, Mr. Bismark Rewane, in the report noted that there had been conspiracy theory surrounding the mysterious disappearance of Malaysian flight MH370 which has been linked to terrorism, crew suicide and engine malfunction.

How to solve Africa’s air transport woes –World Bank, IATA Wole Shadare

A

major study by a consortium of organisations led by the World Bank has attributed Africa’s air transport woes to acute brain drain, poor infrastructure and appalling safety record. The group noted in its report that poor safety records continue to bedevil the continent’s aviation industry, thanks to low standards, inert supervision and old and poorly maintained planes. The study quoted the International Air Transport Association (IATA), the clearing house for global airlines that the airports too suffer from poor maintenance and offer shoddy and expensive service. While revenue from airports and air traffic is probably adequate to finance essential investments, politics and weak management are interfering with how the money is used. There is little relief from airport operating costs: fuel taxes are high, so are landing and take-off charges. For

example, fuel prices in Africa are on average 21 per cent higher than the global average. Worse still, Africa has the highest airfare costs in the world per kilometre, pushed up partly by high taxes and partly by lack of competition or relatively low air traffic volumes on many routes. Because of poor safety records, African airlines often face higher leasing costs than other carriers. According to The Economist, a European airline, for example, could be charged $180,000 a month to lease a five-year-old Boeing 737, but a Nigerian carrier could be slammed with a bill of up to $400,000. The continent’s aviation industry is said to further suffer from lack of skilled personnel, worsened by a brain drain that has seen pilots and technicians joining airlines with better bottom lines. Boeing, a US aircraft manufacturer, estimates that Africa will need 14,500 new pilots and 16,200 technicians through 2031, according to IATA.


28 MONDAY| INTERVIEW

Sanctity

Monday, Ap

‘World Bank to help Nigeria build social In an interactive session with the press at the Spring meetings of the World Bank and International Monetary Fund (IMF) in Washington DC, United States of America, Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, who was the leader of the Nigerian delegation, alongside the acting governor, Central Bank of Nigeria (CBN), Dr. Sarah Alade, spoke on the Nigerian economy and the outcome of the meetings. AYODELE AMINU was there. Excerpts Could you give us an update on the Spring Meetings – especially as it concerns Nigeria? Okonjo-Iweala

Okonjo-Iweala: This year’s spring meetings focused on the global economic recovery and looked at the groups of countries and what needed to be done by each set, either for them to strengthen their positions and make sure that whatever the circumstance, they are able to prevail with a strong economy under the present global circumstances. The news is that recovery is on; the global economy is recovering. The recovery in the United States seems to be stronger but the one in the Euro zone is seen as quite fragile. The reason for the fragility is that they are going through what may be an extended period of low inflation and you know that low inflation is not regarded as a good thing. It means that the demand for good and services are suppressed and there is almost the fear of deflation. The falling prices in Europe have also hit Japan. If these countries start suffering from continuous low prices, internal driven demand for goods and services will be low and that would mean that the chances of those countries' economic recovery would either be slower or reversed. The message is that yes, recovery is on, but countries have to look at this and be strengthened. The other thing happening in the US is tapering. The gradual withdrawal or easing out of the liquidity they are putting into the economy. The era of low interest rate, which also has very important implication for Nigeria, will have impact on portfolio flows, as well as impact on our Eurobond. So, for us, we came into the spring meeting strong. One, we have just announced our rebased Gross Domestic Product (GDP) and this was very favourably accepted, particularly as the institutions (World Bank and the IMF) them-

selves participated in the work and also the quality control. The fact Nigeria now has a better measurement of its GDP and the base is stronger was well received, elicited a lot of interest among participants and even some private sector operators who were coming to say they are interested in investing and one of them is Blumberg Green. They have already sent a team to Nigeria that are working with the minister of agriculture to make Nigeria the hub for grain and cold storage. They want to invest $250 million. They were looking around countries in Africa to see where they could set up the hub. The fact that Nigeria now has the largest economy in Africa is making them feel that the hub should be in Nigeria if we handle this well, and that decision is made. So we met them here (Washington) with the minister of agriculture. That is just an example of interest. We also came into the meeting with very strong fundamentals, which also has played to our benefit. What do I mean? Our budget has now been passed, even though they added a little, our fiscal deficit has moved from 1.9 per cent to 2.1 per cent of GDP. I think our parameters look good. What does this mean to us? The uncertainty in the global environment means we (Nigeria) must continue to build fiscal buffers, because they are telling us that they are not sure which direction the Euro economy is heading, although the European banks say they will do the necessary, and if needed, inject more stimulus into the economy. They have told us that each country should build its buffers and it means we

BIODATA Previous Jobs: Managing Director of World Bank (October 2007 - July 2011) Finance Minister and Foreign Minister of Nigeria, between 2003 and 2006. Vice-president and corporate secretary of the World Bank Group. Schools: Harvard University, Massachusetts Institute of Technology Degrees: General Manager’s Course PhD. January 1981, Field-Regional Economic Development M.C.P., June 1978 Field-Regional Economics and Development Specialisation-Rural Economics, Planning & Rural-Urban Interface A.B., June 1976 Field Economics (Graduated Magna cum Laude) Experience: Over 33 years

have to build our reserves and excess crude account, which is what we are doing, we have to maintain our macro framework, we must continue on that. Alade: For us at the Central Bank, we have talked about the quantitative easing, that it has implications for Nigeria. Once we start rebuilding our reserves and excess crude account and get our policies right, we are on the right path. Throughout the meetings, the emphasis was for emerging market economies to get their policies right. Our growth path has been assessed as strong; we have been talking to them about inequality and job creation. We are worried that we must have better quality growth. What do I mean? Growth that will create the jobs we need, actually they have launched

some good works, several pieces of analytical works on how each country should cope with job creation and redistributive taxes through the budget. Nigeria is not the only country in this, eventually all the emerging markets are suffering the same thing - Brazil, South Africa, Mexico - every body. The Mexican, their GDP is 4.1 per cent and they are suffering the same problem as Nigeria. Indonesia also. The Fund and the CBN are looking at these issues, the World Bank is coming to support us on how to build a social safety net programme to cater for those at the bottom end of the ladder. It is interesting that so many other countries are asking for the same thing and the Bank and the Fund are offering a series of suggestion on how to create more jobs. The group of African finance ministers also asked the Bank and the Fund to look into the issue of illicit financial transactions. We have persisted in this demand and Africa finance ministers are saying that based on findings of a panel chaired by former South Africa President, Thambo Mbeki, that about $50 billion a year is disappearing from the continent, we asked the World Bank and the Fund to talk to the receiving countries, through capacity building. How is the money going? It goes through those companies that should be paying taxes but are finding good ways to avoid taxes. This is called transfer pricing, their profits are exported to jurisdiction where they pay less tax and we cannot tax them. They do this through over-invoicing and under-invoicing of goods and services that they bring into our countries and corruption of officials in the continent, especially as it relates to


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pril 21, 2014

safety net programme for the poor’ BIODATA Nigeria does not have any IMF programme. So, we are not in any kind of discussion with the Fund and we are not borrowing

Previous Jobs: Ministry of Finance and Economic Development, Ilorin, Kwara State University of Ilorin, Department of Accounting and Finance. Assistant Director in the Research Department, CBN Deputy Governor (Economic Policy) Central Bank of Nigeria Schools: University of Ife, Ile-Ife (now Obafemi Awolowo University) University of Melbourne, Melbourne, Australia Degrees: B.Sc (Hons) degree in Economics M.Comm PhD Management Science (Operations Research) Experience: Over 37 years

natural resources. Almost every country in the continent has one mining or the other and the contracts are not favourable to us. They will supply two things, one is capacity, you need specialised skills to be able to deal with transfer pricing, over-invoicing, miss-pricing and they also share information. Developed countries now have automatic tax information exchange, they get tax information automatically if you request for people operating within their jurisdiction. We are not included; we are asking to be included so that developing countries can also get this information. And they should also help us with their authorities to repatriate such funds. World Bank announced more funding amounting to about $52 milllion. Are they using these funds rightly for developing countries or pursuing policies that are making poor countries poorer? Okonjo-Iweala: First of all, let me preface this by saying that we are at a stage of our development. We are in control of what we want to do and we should not discuss this issue of promotion of ideology. If somebody comes to promote something you don’t believe in, you tell him or her to go away and say this is what I want to do. So, we don’t feel that any country is coming to promote any ideology. The experience we’ve had is that we table what we want to do and if they (World Bank and IMF) are able to support us, they support us. And if they are not able and they have some other views, we tell them thank you very much and it has been working very well. So, with regard to austerity, what I noticed in the IMF meetings is that they are not promoting austerity everywhere. They are actually telling the Euro zone that they may need to ease off because of the expected low inflation. They are telling them that they need to stimulate the economy more, that not austerity. They were even criticising the United Kingdom previously for pursuing austerity and telling them they need to stimulate the economy more. Then where they feel that the fundamentals are not strong enough, which is country specific, they can advice. So, basically, they are looking for places where the demand is still very low - to pump it up and where demand is high – to tighten it. So, that is the impression. Secondly, the $52 billion you talked about is the International Development Association (IDA) – the soft loan arm of the World Bank. They had replenishment. Recall that the last one was IDA 16, which I chaired when I was at the World Bank and we were able to get $49.6 billion. They’ve done a bit better this time ($52 billion) and they are going to use it to support the poorer countries. I believe that they are trying to do so

when they are sending the money back, they send back more than they should have sent. So, its across the continent, it's not peculiar to Nigeria. This applies to different sectors of the economy and it has to do with over-invoicing and tax evasion. So, the $50 billion identified is for the entire African continent. What we have requested for is the World Bank’s cooperation in stopping it and our own capacity too to stop it when we know what is happening.

Alade

based on the needs of those countries for infrastructure, health, education spending and to support good policies. Those policies are on country-by-country basis and the country has to discuss with them. In our own (Nigeria)’s case, we don’t have any IMF programme, so, we are not in any kind of discussion with the Fund and we are not borrowing. So, the relationship we have with the IMF is based on policy issues. They’ve been very supportive of Nigeria. If you read the Articles IV, which was concluded before this meeting, you will discover that the IMF feels that we are moving in the right direction. The World Bank is also supporting us on

Okonjo-Iweala

the energy front. The World Bank Group is investing in Azura Power Plant in Nigeria. They are supporting transmission with $700 million. So, infrastructure, health and water are those are they have focused on.

Is the $50 billion financial illicit fund also affecting Nigeria and which areas are we prone to, since the country is now the largest economy in Africa? Alade: The minster has explained that these funds include transfer pricing. When companies do transfer pricing, it means that when they import, they import at a higher price than they should have and

It is ironical that they are talking of low interest rates here (in Washington), while there is high interest rate in Nigeria. Also, we are keeping our foreign reserves abroad when we need it for our economy. What is the CBN doing to reduce interest rates so that entrepreneurs can have access to cheap funds? Alade: We just talked about quantitative easing in other countries and when United States, for instance, stops pumping in the money it had pumped in, which has helped our economy stabilise, then there will be issues. That means people will withdraw their money and come back and invest here (in the US). So, you need a high interest rate to attract portfolio investments into the country. That is why interest rates in Nigeria are high. But that doesn’t mean that we have not been trying to persuade the banks to also do things that will ensure that customers have lower interest rates. In terms of cost to accessing loans, CBN has gone ahead to do shared services with banks. CBN had partnered with banks to make sure that the cost of services they have, which would have been ordinarily passed on to customers, becomes low. Banks now share back office facilities instead of each bank having its own. So, I think it’s a matter of time, interest rates will come down eventually. But it is also important to say that before interest rates come down, fiscal buffers must be up. We will not be depending on our portfolio investment or other inflows to run our economy. Once we have our Excess Crude Account (ECA) coming back up and we have the foreign reserves going up and a substantial part of those reserves belongs to us in the country, then we will not need to raise interest rate to attract portfolio investments.


30 BUSINESS | ECONOMY

Sanctity of Truth

Monday, April 21, 2014

Lessons from World Bank/IMF Ayodele Aminu

through those companies that should be paying taxes but are finding good ways to avoid taxes. Something called transfer pricing…their profits are exported to jurisdiction where they pay less tax and we cannot tax them. They perpetrate this act through over-invoicing and under-invoicing of goods and services that they bring into our countries and corruption of officials in the continent especially as it relates to natural resources. Almost every country in the continent has one mining or the other and the contracts are not favourable to us. “They (World Bank) will supply two things, one is capacity. You need specialised skills to be able to deal with transfer pricing, over-invoicing and missed pricing. They also share information. Developed countries now have automatic tax information exchange, they get tax information automatically if they request from people operating within their jurisdiction, and we are not included. We are asking to be included so that developing countries can also get this information. And they should also help us with their authorities to repatriate these funds.”

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he Spring Meetings of the World Bank and the International Monetary Fund (IMF), which kicked off penultimate week, ended with a strong message to the Federal Government: They need to continue to build fiscal buffers. This means that both the country’s reserves and excess crude account must be raised to a level that can conveniently sustain the economy. Nigeria had for too long been depending on portfolio investment or other inflows to run her economy. These inflows – regarded as hot money in the financial parlance, disrupted the Nigerian economy in 2008, culminating in the withdrawal of funds by portfolio investors, who were also facing financial crisis in their home country. In a bid to recover from the global financial meltdown, Nigeria had to adjust her exchange rate to reflect the demand pressures relative to supply: exchange rate depreciated from N117 to N135 per US dollar (depreciation was approximately 20 per cent) as at end of December 2008. This translated into N2.5 billion additional revenue per day to the federation account. Added to this was the stock market meltdown triggered by bubble capital and bets at the Nigerian Stock Exchange (NSE), coupled with the price of crude that fell in the international market. Oil price had dropped drastically from over $100 per barrel to about $51 per barrel. Importers of petroleum products that were exposed to banks were the worst hit – necessitating a default in servicing their loans as they suffered both exchange rate and oil price shocks. This had informed the setting up of the Excess Crude Account (ECA) in 2004. This account is being used to save oil revenues above a base amount derived from a defined benchmark price. Its objective is primarily to protect planned budgets against shortfalls due to volatile crude oil prices. By delinking government expenditures from oil revenues, the ECA aims to insulate the Nigerian economy from external shocks. As at last month, the ECA was $3.6 billion, while Nigeria’s external reserves had stabilised at $37.913 billion as at 15th of this month. Obviously, these fundamentals cannot sustain the Nigerian economy. Acting CBN Governor, Sarah Alade, corroborated this during an interactive session with the media. She said that since Nigeria had not built adequate fiscal buffers, there was a need to raise interest rate to attract portfolio investments. “But it is also important to say that before interest rates come down, fiscal buffers must be up. We have our Excess

Jonathan

Crude Account (ECA) coming back up and we have the foreign reserves going up and a substantial part of those reserves belong to us in the country, “We just talked about quantitative easing in other countries and when United States, for instance, stops pumping in the money it had pumped in, which has helped our economy stabilise, then there will be issues. That means people will withdraw their money and come back and invest here (in the US). So, you need a high interest rate to attract portfolio investments into the country. That is why interest rates in Nigeria are high.” Besides, she highlighted other measures spearheaded by the CBN to bring down interest rate. Alade said: “But that doesn’t mean that we have not been trying to persuade the banks to also do things that will ensure that customers have lower interest rates. In terms of cost to accessing loans, CBN has gone ahead to do shared services with banks. CBN had partnered with banks to make sure that the cost of services they have, which would have been ordinarily passed on to customers, becomes low. Banks now share back office facilities instead of each bank having its own. So, I think it’s a matter of time, interest rates will come down eventually.”

$50B illicit transactions Minister of Finance, Dr. Ngozi Okonjo-Iweala, said that African finance ministers have urged the World Bank and the IMF to help in stopping the $50 billion that disappears annually from the African continent through illicit financial transactions. She said that the group of African finance ministers told the World Bank and the Fund to look into the issue of illicit financial transactions. The minister said: “We have persisted in this demand and African finance ministers are saying, based on a finding of a panel chaired by former South Africa President, Tambo Mbeki, that about $50 billion a year is disappearing from the continent, we asked the World Bank and the Fund to talk to the receiving countries. “How is the money going? It goes

When the United States for instance, stops pumping in the money it had pumped in, which has helped our economy stabilise, there will be issues

Investments Okonjo-Iweala, who is also the Coordinating Minister of the Economy, said that the rebasing of Nigeria’s Gross Domestic Product (GDP), which placed the country as Africa’s largest economy, has attracted private sector investments into the country. She said that Blumberg Green had made a commitment to invest $250 million in the agricultural sector of the economy. Penultimate week’s rebased nominal GDP saw estimates for 2013 hitting $509.9 billion from $285. 56 billion. Acknowledging that Nigeria’s rebased GDP was very favourably accepted at the meetings, the minster said: "The fact that Nigeria now has a better measurement of its GDP elicited a lot of interest among participants and even some private sector operators who were coming to say they are interested in investing and one of them is Blumberg Green. They have already sent a team to Nigeria that is working with the minister of agriculture to make Nigeria the hub for grain and cold storage. They want to invest $250 million. They were looking around countries in Africa to see where they could set up the hub. “The fact that Nigeria now has the largest economy in Africa is making them feel that the hub should be in Nigeria if we handle this well, and that decision is made. So, we met them here with the minister of agriculture. That is just an example of interest.” She, however, noted that the N53 bilion added to the country’s proposed N4.642 trillion budget has pushed the fiscal deficit from 1.9 per cent to 2.1 per


BUSINESS | ECONOMY

Sanctity of Truth

Monday, April 21, 2014

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Spring Meetings

cent of GDP. Nigerians remitted $21bn in 2013 Despite more deportations from some host countries, Nigerians abroad remitted $21billion to their relatives last year and thus, emerged as the fifth country with the highest remittances in the world and first in Africa, the World Bank had said. 
In its latest issue of the Migration and Development Brief released penultimate weekend, the World Bank said that India remained in the top spot, with $70 billion in remittances in 2013. Other large recipients were China ($60 billion), the Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion), Egypt ($17 billion), Pakistan ($15 billion), Bangladesh ($14 billion), Vietnam ($11 billion) and Ukraine ($10 billion). It noted that Nigeria remains the largest recipient by far in sub-Saharan Africa, with migrants sending about $21 billion in 2013.
 Acknowledging that remittances to the region grew by 3.5 per cent in 2013 to reach $32 billion, after remaining broadly unchanged in 2012, it said that flows are forecast to rise to $41 billion in 2016. 
It noted that remittances to countries in East Africa also continued to grow robustly last year by 10 per cent to Kenya and 15 per cent to Uganda. In contrast, West African countries, such as Cote d’Ivoire and Senegal, saw only modest increases in 2013, after a slowdown in 2012.
Acknowledging that remittances to developing countries would be robust this year, the World Bank said that international migrants from these countries are expected to send $436 billion in remittances to their home countries.
This year’s remittance flows to developing countries, according to the World Bank, will be an increase of 7.8 per cent over the 2013 volume of $404 billion, rising to $516 billion in 2016, according to revised projections from the latest is-

The fact that Nigeria now has the largest economy in Africa is making them feel that the hub should be in Nigeria if we handle this well, and that decision is made sue of the brief.
Global remittances, including those to high-income countries, are estimated at $581 billion this year, from $542 billion in 2013, rising to $681 billion in 2016. Nigeria’s listing among the poor The President of World Bank Group, Jim Yong Kim, said that seven per cent, representing 84 million of the World's extreme poor population put at over 1.2 billion, reside in Nigeria. He listed Nigeria among the top five countries where hardship is most pervasive, "which together are home to 760 million of the World's poor." The other four countries' shares of the 1.2 billion people that live in extreme poverty are: India-33 per cent, China-13 per cent, Bangladesh-6 per cent and Democratic Republic of Congo -5 per cent. He noted that as long as the numbers of the poor continue to increase, extreme income inequality would continue to frustrate the programme of reducing extreme poverty globally. To bring an end to poverty globally will therefore require making growth to be more inclusive and not just focus on economic growth, he added. The World Bank boss said that if all countries grow at the same rate as over the last 20 years with income distribution remaining unchanged, poverty would only fall by 10 per cent by 2030 from 17.7 per cent in 2010. Consequently, he said that coun-

tries require a laser like focus on making growth more inclusive and targeting more programmes to assist the poor directly to end extreme poverty. To end extreme poverty, he suggested that vast numbers of the poorest- those earning less than $1.25 a day will have to decrease by 50 million people each year until 2020. According to him, "this means one million people each week will have to lift themselves out of poverty for the next 16 years. This will be extraordinarily difficult, but I believe we can do it. “This can be the generation to end extreme poverty." Kim added that growth alone cannot end extreme poverty by 2030. He noted: "As extreme poverty declines, growth on its own tends to lift fewer people out of poverty because by this stage, many of the people still in extreme poverty live in situations where improving their lives is extremely difficult.” He lamented that increased income inequality can dampen the impact of growth on reducing poverty. Global economy The Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, also warned that the projected global growth rate of 3.6 and 3.9 per cent this year and 2015 respectively "is still too weak, and too slow" to achieve desired results. While agreeing that the global economy is on its way to recovery, she noted that the slow recovery was liable for the surge in the global unemployment rate, which had risen to about 200 million. The IMF boos, who spoke during a press briefing, noted that this means that all countries, advanced, emerging and low income, need to step up structural reforms." This is why, she continued, "bold actions are needed to generate more rap-

id, stronger and sustainable growth as is outlined in our global policy agenda. What we call our GPA." Consequently, she charged policy makers to brainstorm on "growth, the quest for higher growth, better quality growth, more inclusive growth and sustainable growth." These, she said, would encompass ensuring an extended period of low inflation in advanced economies, amidst concerns about the potential risk in those economies generally- the Euro area where such could hurt both growth and jobs. "We need to act on growth, because it is just too low, and we need to act now, and that requires policy actions across the board. In the advanced economies, they need to get the pace of fiscal adjustment right and the normalisation of their monetary policy right in due course as well." Mrs. Lagarde urged emerging market economies, including Nigeria, to strengthen macro and prudential policies that would safeguard against market volatility. She also called for cooperation among countries for such growth that creates jobs and improve situation of major economies. Commenting on the statement, Nicolas Mombrial of Oxfam, a civil society organisation, said whereas the World Bank/IMF have admitted the danger of skyrocketing inequality, but they are not showing any concrete sign of dealing with the problem. He blamed the IMF for not proposing "a clear plan for dealing with inequality. There is no trade-off between growth and inequality. There will be no inclusive growth if economic inequality remains out of control." He added that the World Bank will not succeed in the task of lifting the world's poorest 40 per cent, because "the gaps between the richest and poorest keeps growing. In a world of finite resources," he continued, "the pie has to be shared."


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Sanctity of Truth

Monday, April 21, 2014

Remittance fees hurt Africans, says Comic Relief amount to a “super-tax” that could be better spent on education or health, ODI said. “Africans living abroad make huge sacrifices to support their families, yet face charges which are indefensible in an age of mobile banking and internet transfers,” said Kevin Watkins, the report’s co-author and ODI Director. Reducing charges to a five per cent global target for 2014 set by the G20 would cut fees by $1.8bn (£1.08bn), the ODI said. It added that two companies dominate the money transfer market in the region, restricting competition. Western Union and Moneygram account for about twothirds of remittance payout locations in Africa. “Global markets are dominated by an oligopoly of money transfer operators (MTOs) and regional markets by a duopoly,” the report said. In addition, there is a lack of transparency over commercial agreements between MTOs and banks, and regulatory practices that restrict market entry, ODI added. Carl Scheible, Moneygram’s executive vice president of UK and Africa operations, told the BBC World Service that the ODI

YELLOW CARD Not all that glitters is gold for Africans on remittance fees

C

ommunities in subSaharan Africa are being “hurt” by high fees charged by money transfer operators, Charity Comic Relief has said. Restricted competition has helped push up charges, according to research by the Overseas Development Institute (ODI). Money transfer company, Western Union, said that fees were set according to factors such as local taxes. The company “delivered much-needed services to individuals,” it added. The research found that average fees of 12 per cent to send $200 (£119) were twice the global average. Siddo Deva of Comic Relief said: “Imposing such high remittance fees from hard-earned income is hurting the African diaspora and, more importantly, their families and communities in the countries of receipt. Fees charged to Africans wishing to send money back

figures were not representative. “We do not recognise these numbers as they are,” he said. Moneygram charges depend on how much money is being sent. Mr Scheible said that most people send money to Africa in amounts of about £200, which have a lower fee. When taken as a whole, the average percentage that Moneygram takes for money transfers to Africa from the UK is 5.1 per cent, compared with a global average take of 4.9 per cent, he said. In addition, prices have been coming down “quite dramati-

cally” over the last decade because of digitisation. However, costs to the business still include logistics and cash handling. “Cash has to be delivered, has to be picked up - we're talking armoured cars,” Mr Sheible said. “The reality is we are providing a very competitive service, a fairly priced service, based on speed, reliability, security of the money arriving.” Western Union said that it had “delivered much-needed services to individuals look-

U

Morgan Stanley’s profits jump as Goldman Sachs’ fall

nited States banking giants, Goldman Sachs and Morgan Stanley, have reported contrasting results for the first quarter of the year. BBC reports say Goldman Sachs’ net earnings fell to $2.03 billion from $2.26 billion after a drop in revenues from its bonds, currency and trading business. However, Morgan Stanley’s profit rose to $1.45bn, compared with $981 million a year ago. Revenues rose in all of its three business segments. Goldman Sachs makes most of its money from trading and investing in capital markets. In the first quarter, its rev-

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

Bid 12.10 12.10 12.05

Sunday Ojeme

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

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

The bank’s net revenues from investment banking were $1.78 billon, 13 per cent higher than the first quarter of 2013. Its financial advisory service saw 41 per cent higher net revenues, of $682 million. Goldman’s results follow a big drop in profits in the fourth quarter last year. Morgan Stanley’s trading, mergers and acquisition advisory and stock sales division grew the most during the first quarter. The division, called institutional securities, earned $1.2 billion, compared with $1.1 billion last year,

Enterprise Bank partners Okpekpe International Road Race 2014

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

enue from fixed income, currency and commodities trading fell 11 per cent to $2.85 billion compared with a year earlier. “We are generally pleased with our performance for the quarter, given the operating environment,” said the bank’s chief executive, Lloyd Blankfein. “Market sentiment shifted throughout the quarter, constraining client activity in various parts of our franchise,” he said. Investment banking and investment management “generated solid results,” he added.

ing for fast, convenient and reliable ways to send money to family and friends” during 20 years of operations. “Our pricing varies between countries depending on a number of factors such as consumer protection costs, local remittance taxes, market distribution, regulatory structure, volume, currency volatility, and other market efficiencies,” it added. “These factors can impact the fees and foreign exchange rates offered by corridor and service type.”

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

E

nterprise Bank Limited has extended its Corporate Social Responsibility (CSR) vote for wellness and physical fitness of Nigerians to the 10-kilometre Okpekpe Road Race as Official Banker. The annual international event, which has been endorsed by the Edo State Governor, Comrade Adams Oshiomhole, and the International Association of Athletic Federation (IAAF), is on its second edition and will take place in Okpekpe Town of Etsako Council, Edo State. A statement on Friday said the bank’s sponsorship of the 2014 version of the race stemmed from its desire to promote a healthy lifestyle amongst Nigerians through a programme of eating right and engaging in physical fitness, a position which complements the CSR initiative of the race organisers, Pamodzi Marketing

Company Limited, to promote good health in the Okpekpe environs through its malaria eradication programme. The statement said not too long ago, the bank organised a Walk-for-Life physical fitness programme for its staff, their friends and family members that included an eight-kilometre walk, led by the Managing Director/ Chief Executive Officer, Mallam Ahmed Kuru, from the Onikan Stadium, through Awolowo Road, Falomo Bridge, Akin Adesola Road, Bar Beach, Ahmadu Bello Way and ending at the corporate head office of the bank. The Okpekpe Road Race 2014 will feature participants from over 10 countries and has a total prize money of about $117, 000 or N20 million. The winner of the men’s race will take home $15,000 or N4.13million while the second and third place winners will have $15,000 (N2.5million) and $10,000 (N1.7million) respectively.


BUSINESS | STOCK WATCH 33

Sanctity of Truth

Monday, April 21, 2014

PZ Cussons: Bargain hunters sustain interest on earning growth OUTLOOK Investors’ appetite driven on future prospects Chris Ugwu

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arket sentiments for the shares of PZ Cussons, one of Nigeria’s leading personal and household companies listed on the floor of the Nigeria Stock Exchange, has maintain relative stability as the company continue to record a modest growth despite the challenging environment faced by the real sector of the economy. Stockbrokers attributed investors’ sustained confidence in the stock to the company’s earnings growth of its 3rd quarter results which showed a 33 per cent increase in profit after tax. The brokers said that wary investors were taking position in the shares of the company because of its future prospects as one of the leading fast moving consumer goods (FMCG). The share price which closed at N28.00 per share on January 2, 2013, when the stock market opened business for the year, remained stable that when the closing bell rang on Thursday, the company’s share price stood at N33.45, a modest increase of N5.45 or 16.3 per cent year to date. Performance drivers The company’s earnings during the period were driven by the introduction of high margin products such as the new premier range Premier Cool Deo, the introduction of the international brand, Carex antibacterial hand wash, and the relaunch of Morning Fresh and its variants. Also, its investment in streamlining the supply chain (manufacturing and logistics) yielded operational efficiency. Other factors that are driving the performance indices include favourable prices of commodity in the international market and the substitution of foreign-based raw materials for the locally produced ones. Analysts also believe that the company’s joint venture with Wilmar International Limited on the development

PZ Cussons MD/CEO, Christos Giannopoulos

of a palm oil refinery plant in Nigeria which the refinery has been commissioned and some of the by-products were already being used as input in the company’s soap production, helped to ginger the company’s earnings. A range of products were introduced by the company in 2013 to mitigate the negative impact of the unrest in the North-Eastern part of Nigeria, dwindling consumer disposable income, as well as stiff competitive environment. Financials PZ Cussons, a soap manufacturing company, recorded a growth of 32 per cent in its third quarter report for the period ended February, 2014. In a Q3 financial statement of the company released to the Nigerian Stock Exchange (NSE), PBT rose to N5.174 billion from N3.909 billion in the previous year, representing an increase of 32 per cent. Similarly, profit after tax (PAT) also grew 33 per cent as the company reported N3.866 billion for the period under review compared to N2.901 billion recorded during a comparable period. Revenue increased slightly 2.04 per cent PZ Cussons recorded N52.594 billion in the review period compared to N51.543 billion in the previous year. PZ Cussons had posted a growth of 4.7 per cent in rev-

The brokers said that wary investors were taking position in the shares of the company because of its future prospects as one of the leading fast moving consumer goods (FMCG) enue for the half year ended November 30, 2013, rising from N31 billion in 2012 to N32.46 billion in 2013. Profit before tax rose 53 per cent to N3.1 billion from N2 billion, while profit after tax went up by same margin, rising from N1.515 billion to N2.317 billion. Analysts view Assessing the performance analysts at FBN Capital believed that Q3 earnings growth is more reflective of the company’s true underlying position. “Typically, H2 is a much stronger period compared with H1 and these numbers represent a good start to the second half of the year. Although the top-line was down slightly y/y, a gross margin expansion of 218bps y/y to 27.2 per cent supported the y/y improvement in PZ’s Q3 PBT. Similar to Q2 2013, flattish opex proved to be supportive, but to a lesser extent. They noted that PZ’s cost

management focus had proved vital to the firm’s earnings improvement during the year which, according to them, PAT of N1.4bn grew 15 per cent y/y compared with N1.2bn in Q3 2013. “Although there were no major negatives in the P&L numbers on a y/y basis, the sales decline of 2 per cent y/y limited earnings growth somewhat. Sequentially, sales were up 15.8 per cent q/q (up 15.4 per cent q/q in Q2 2013). However, this is attributable to the seasonally stronger Q3. Top-line growth was more than enough to offset a gross margin contraction of 137bps q/q and an 8.3 per cent q/q rise in operating expenses. PBT was up 16 per cent q/q while PAT was up 10 per cent q/q, the difference coming from higher taxes and minority interest payments during Q3 2013. Compared with our estimates, while sales and PBT were 8 per cent behind the N21.8bn and N2.3bn we were looking for, PAT was just 6 per cent below our N1.5bn estimate due to the tax rate coming in 184bps lower than the 28 per cent we had forecast,” they noted. According to them, consensus estimates showed full year sales and PBT forecasts of N79.8 billion and N9.0 billion respectively for 2014E. “As such, on the back of these results we expect slight downward revisions to these estimates. Looking ahead, we believe that growth in Q4 would be similar to Q3 as the impact of base effects which buoyed growth in the first two quarters of 2014 fade. For the full year, we expect single-digit PBT growth in 2014E,” they noted. On the half year performance, analysts at Cordros Capital Limited (CCL), an investment banking firm, said that PZ Cussons recorded a revenue growth of 15.45 per cent quarter-on-quarter. They said that considering the strong competition in the Nigerian fast moving consumer goods (FCMG) space as well as challenges facing the Northern sphere of the company’s business in recent time, they believe this growth is commendable and could be linked to increased demand for

Share price movement of PZ Cussons Plc 2013 May 31

N51.00

June 30

N39.80

July 31

N45.98

Aug 31

N37.80

Sept

N38.00

Oct 31

N38.99

Nov 30

N37.00

Dec 31

N37.00 2014

Jan 31

N38.00

Feb 28

N38.00

Mar 31

N31.10

Apr 17

N33.45

its products. According to them, PZ Cussons Nigeria has been active with advertisements recently in pursuit of management’s plan to close-in on competitors. The analysts contended that the half year top-line growth of 4.7 per cent though modest, represents an improvement from a 4.2 per cent contraction reported in the corresponding period of the previous year. The company’s input cost expanded by 12 per cent in three months, from N11.09 billion in August 2013 to N12.42 billion at the end of November 2013. According to the analysts, the high cost may be attributed to increases in energy-related costs, given that the price of its major raw material - palm oil - was not pressured upwards. “Half year (H1) cost sales rose by only 0.74 per cent to N23.5 billion, posting a margin of 72.4 per cent down from 75.3 per cent in the corresponding period of the previous year,” they said. Distribution, administration and other expenses expanded by 8.8 per cent in second quarter (Q2) and nine per cent in H1:14.


34

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, April 21, 2014

Stock market closes high on Seplat listing POSITIVE New listing spur investors' interest on equities Chris Ugwu

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hough the market had closed on Monday flat when the stock market opened business for the week, the Nigerian equities market continued its general northwards price movement as investor’s sentiment remained green on the back appreciation recorded by blue chip companies following dual admission of Seplat Petroluem Development Company Plc into the official list of Nigeria Stock Exchange and London Stock Exchange. It was a four-day trading week as the Federal Government of Nigeria declared Friday 18 and Monday 21 April, 2014, as public holidays to mark “Good Friday” and Easter celebrations. At the close of trading on Thursday, the NSE All-Share Index and Market Capitalisation appreciated by 0.58 per cent and 2.98 per cent to close at 39,311.60 and N12.928 trillion respectively. All the NSE indices appreciated during the week with the exception of the NSE Consumer Goods Index and NSE-Lotus II that shed 0.76 per cent and 0.84 per cent respectively, while the NSE ASeM closed flat. Meanwhile, a turnover of 1.532 billion shares worth N14.309 billion in 17,704 deals were traded during the week by investors on the floor of The Exchange in contrast to a total of 1.642 billion shares valued at N23.163 billion that exchanged hands the previous week in 21,620 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.327 billion shares valued at N10.388 billion traded in 10,582 deals; thus contributing 86.67 per cent and 72.60 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with a turnover of 102.919 million shares worth N578.971 million in 1,198 deals. The third place was occupied by the Consumer Goods Industry with 28.978 million shares worth N1.727 billion in 2,218 deals. Trading in the top three equities namely- United Bank for Africa Plc, UBA Capital Plc and Transnational Corporation

of Nigeria Plc (measured by volume) accounted for 800.380 million shares worth N4.765 billion in 2,373 deals, contributing 52.26 per cent and 33.30 per cent to the total equity turnover volume and value respectively. On Monday, the NSE ASI dipped by 25 basis points as sell pressure dominated trading activities in the Nigerian bourse. Financial services stocks declined as the NSE Banking Index fell by 8bps and the NSE Insurance Index fell by 40 basis points. However, the NSE Oil/Gas Index rose 462 basis points as oil marketing stock, Forte Oil, rose by the daily maximum limit. Leading the gainers, major marketer of refined petroleum products, Forte Oil, firmed up by N13.72 to close at N148.99 per share. Similarly, flour millers, Dangote Flour Mills and Honeywell Flour Mills, gained N0.20 and N0.17 to close at N8.30 and N3.71 respectively, while financial services providers, First Bank Holding and UBA Plc, rose by N0.15 each to close at N12.40 and N7.05 respectively. Downstream petroleum marketers, Consolidated Oil, Mobil Nigeria and Oando, lost N2.59, N1.99 and N0.66 to close at N49.31, N122.00 and N15.30 respectively. Similarly, banking majors, Guaranty Trust Bank and Access Bank shed N0.48 and N0.18 to close at N27.00 and N7.60 respectively while makers of building materials, Ashaka Cement and Cement Company of Northern Nigeria, retreated by N0.22 and N0.11 to N16.40 and N9.10 respectively. NSE list Seplat’s shares The daily official list of the Nigerian Stock Exchange swelled with the listing of Seplat Petroleum Development Company Plc’s shares. The stock exchange listed the company’s 543,284,130 shares at N576 per share. It was historic as the listing happened simultaneously in both London Stock Exchange and the Nigerian Stock Exchange. Seplat became the first Nigerian company listed on the main market of the LSE and the first pure play upstream listing on the NSE. It was also the first IPO since the market crash of 2008. Speaking at the listing ceremony at the floor of the Nigeria Stock Exchange,

predicted that the market will experience boom as the listing may be the window that will ginger investors’ interest. They believe that Seplat’s listing has created a blueprint for future transactions in the region as the African equity capital markets will enjoy a period of increasing investor attention, liquidity and capital inflow.

Onyema

Chairman of the company, Dr. ABC Orjiako, said that the company was happy witnessing an era heralding a simultaneous dual listing on both exchanges. “We are happy that Seplat brand will continue to blasé the trail to lead others in this yet another achievement. We are also glad that we are doing this when Nigeria is becoming the largest economy in the continent,” Orjiako said. Minister of Trade and Investment, Olusegun Aganga, who commended the company, noted that it has made history being the first Nigeria indigenous company to achieve dual listing simultaneously. “They have been able to attract investors close to 300 across the globe. We are glad to be part of this feat,” he said. Speaking in the same vein, the chief executive officer of the Nigeria Stock Exchange, Mr. Oscar Onyema, who also lauded the action of the company, said that the exchange has continuously strive to attract major players in the economy to list shares. He noted that the stock market community was happy that an indigenous company has taken the lead, adding that being listed on both exchanges means that it has met global stringent listing requirements. Onyema said that the listing exemplified the company’s leadership and commitment to support and promote Nigeria. According to him, the recent rebasing of the Nigerian GDP further highlighted the low

market cap of listed companiesto-GDP ratio, adding that the listing will boost the NSE’s market capitalisation by $1.9billion, bringing the ratio to 15.86 per cent. Riding on the back of the historical listing on Tuesday, investors got respite as bullish sentiments enveloped trading activities on the floor of the Nigeria Stock Exchange. The northwards movement was driven by the activities of indigenous upstream companies, Seplat Petroleum and Oando plc. At the close of business, the principal market indices, the NSE ASI and the market capitalisation, gained 59 basis points each. Oil exploration and producing company, Seplat Petroleum, rose by N30.24 to close at N635.00 per share as bargain hunters take position on the back of the new listing. Market operators had

Five most capitalized stocks@ April 17, 2014 Dangote Cement Plc

N4tn

Nigeria Brewery Plc

N1.1 tn

Nestle Nig Plc N911.4bn

GTB Plc

N800.5bn

Zenith Bank Plc

N706.4bn

Similarly, integrated energy services provider, Oando, shored up by N0.44 to close at N15.74 per share. Manufacturer and seller of consumer products, PZCussons Nigeria, gained N1.45 to close at N33.45 per share while maker of alcoholic and non-alcoholic beverages, Nigerian Breweries, shored up by N0.95 to close at N148.99 per share. On Wednesday, trading activities on the floor of the Nigerian Stock Exchange continued on the upbeat as transaction in the shares of Seplat Petroleum Development Company Plc market also led other gainers for the second day to lift market indicators. The key benchmark indices maintained northwards to close in the green, taking supports majorly from large capitalised stock which was particularly driven by Seplat Petroleum while medium capitalisation stocks also contributed to the outlook recorded. Specifically, the market capitalisation of equities appreciated by N27 billion as market sentiments remained positive. At the close of trading session, the NSE All-Share Index inches up by 0.24 per cent to close at 39,298.97 index points as against 39,203.27 points recorded on Tuesday. Consequently, market capitalisation appreciated by N27 billion to close at N12,937 trillion as against N12,910 trillion recorded in the preceding session. The number of gainers at the close of trading session closed at 23 as against 26 that shed weight. Oil exploration and producing company, Seplat Petroleum, rose by N31.75 to close at N666.79 to lead the gainers’ chart. CAP Plc followed with a gain of N1.85 to close at N39.60 while Mobil gained N1.50 to close at N122.00. On the whole, investors staked 276.7 units of shares worth N3.6 billion in 4,859 deals.


BUSINESS | GLOBAL NEWS

Sanctity of Truth

Monday, April 21, 2014

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impelCom Ltd. (VIP) has agreed to sell a majority stake in its Algerian unit, Djezzy, to the North African country’s government, providing it with $4 billion in cash and dividends that will allow it cut debt, Bloomberg has reported. VimpelCom, co-owned by Russian billionaire, Mikhail Fridman, and Norway’s Telenor, ASA (TEL), agreed to sell 51 per cent of Orascom Telecom Algerie SpA, or Djezzy, to the Algerian National Investment Fund for $2.64 billion, VimpelCom said on Friday in a statement. Djezzy will also pay a $1.86 billion dividend to

VimpelCom sells 51% Djezzy stake to Algeria to reduce debt VimpelCom’s Global Telecom Holding SAE unit before the transaction closes. The phone company is striving to reduce $27.5 billion of debt accumulated partly from acquisitions of assets in Italy, Algeria and Asia from Egyptian billionaire, Naguib Sawiris. It also ends an ownership dispute in which the Algerian government forbid Djezzy from paying dividends to its parent company

Strike-hit platinum companies increase pay offer

T

he world’s largest platinum producers increased a pay offer for miners as a strike that has crippled operations entered a 13th week. According to Bloomberg, Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd., the two largest producers, will increase the monthly wages of the lowest-paid underground workers to 12,500 rand ($1,192) a month by July 2017, the companies said in separate statements yesterday after talks with the Association of Mineworkers and Construction Union. The union has led more than 70,000 workers in a strike since January 23. Lonmin Plc, the thirdlargest, will offer a similar increase, Charmane Russell, a spokeswoman for the producers at Russell and Associates in Johannesburg, said by phone. The statements on the offers

followed a meeting yesterday between the companies and the union. The offer of R12,500 covers basic pay along with holiday and living-out allowances, the companies said. Other benefits bring the cost per employee to R17,500, they said. The companies have increased their annual pay-rise offers from a previous position of a maximum of nine per cent to 10 per cent, Anglo Platinum and Impala said. The companies “can ill afford the revised settlement offer,” they said in their statements. “Labour costs account for approximately 55 per cent to 60 per cent of annual production costs and unsustainable increases in these costs will be catastrophic.” Platinum for immediate delivery rose 0.1 per cent to $1,414 an ounce at 11:25 p.m. Friday in Johannesburg.

Expert warns of acute food shortage by 2050

I

n a shocking report, a top scientist from the United States’ Agency for International Development (USAID) has warned that the world is less than 40 years away from a food shortage that would have serious implications for people and governments. “For the first time in human history, food production would be limited on a global scale by the availability of land, water and energy,” said Fred Davies, senior science advisor for the agency’s bureau of food security. “Food issues could become as politically destabilising by 2050 as energy issues are today,” he told a gathering at the North American agricultural

35

journalists’ meeting in Washington DC. According to Davies, the world population would increase 30 per cent to nine billion by mid-century. That would call for a 70 per cent increase in food to meet demand. Agricultural productivity, food security, food safety, the environment, health, nutrition and obesity - they are all interconnected. One in eight people worldwide already suffers from chronic undernourishment and 75 per cent of the world’s chronically poor are in the mid-income nations such as China, India, Brazil and the Philippines.

and made tax claims on the unit. “It’s a milestone for the company, ending a three-year-long dispute in Algeria,” VimpelCom Chief Executive Officer, Jo Lunder, said by phone. The deal will release $4 billion of cash for VimpelCom after tax, Lunder said. Operational Control VimpelCom will keep operational control of Djezzy and continue consolidating the asset on its balance sheet. The unit plans to develop a thirdgeneration mobile network to tap growth in Algeria, where it has 17.6 million users.

Government had restricted Djezzy from importing new equipment during the dispute, which stunted its expansion. The deal comes ahead of arbitration that was scheduled to begin next week, Lunder said. “Resolving the dispute in Algeria is good news for VimpelCom,” Sergey Libin, a Moscow-based analyst at Raiffeisenbank, said by phone. “This will allow unlocking their accounts in the country and bringing in new equipment to grow there.” Djezzy will pay a fine of about $1.3 billion to settle the dispute over tax claims with government. VimpelCom and

Global Telecom will each take a charge of $2 billion in their 2013 results related to the settlement. Shares of VimpelCom, which trades in the U.S., rose 8.6 per cent to $9 yesterday in New York. Russian stocks gained yesterday after talks on Ukraine resulted in an agreement aimed to ease the conflict. VimpelCom said that the transaction gives Djezzy an enterprise value of 5.6 times earnings before interest, taxes, depreciation and amortisation. Djezzy has a 53 per cent market share in Algeria, the company said.

A row of Volkswagen e-Golf cars during the company's annual news conference in Berlin

Small business owners decry proposed tax on sugary drinks

A

local coalition of small business owners have declared opposition to a beverage tax as the city’s supervisors held a public hearing on April 16 on a proposed ballot measure that would impose a 2¢ per-ounce tax on most sugar-sweetened beverages sold in the city. The Drop the Beverage Tax coalition argued “it is not just a tax on soda. This is a tax on juice drinks, ice teas, powdered drinks, sports drinks, and hundreds of other beverages.” It further claimed that If approved by voters in November, the tax would increase the price of some products by as much as 75 percent. “A proposal to tax hundreds of beverages in San Francisco will have the unintended consequence of raising prices on

all foods and beverages at a time when San Franciscans confront a growing affordability gap.” Supervisor Scott Wiener proposed the measure, claiming that the tax would create an estimated $31 million annually that would be used to fund recreation and nutrition programs in schools and elsewhere. Weiner argued that sugary beverages cause an epidemic of health problems including diabetes and obesity among adults, teenagers and even young children. “The last thing we need is to add tens of millions dollars a year to the cost of doing business,” said Paula Tejada, owner of Chile Lindo restaurant in the 2900 block of Mission Street. “The priority for

City Hall should be making it easier for local businesses to succeed in San Francisco – not harder.” “I don’t see how a tax like this translates into a healthier city,” said Taylor Peck, owner of Taylor Tonics and The Fizzary soda shops in The Mission and on Upper Haight Street. “What I do see are the makings of a new bureaucracy that will raise the price doing business in San Francisco.” Shirley Rafieerty, owner of Soup Freaks restaurant and catering in the 600 block of Mission Street, said, “San Franciscans don’t need to be told what to eat or drink. We’re already one of the healthiest cities in America. A beverage tax will hurt local restaurants without helping the people who live and work here.”


36

Chairman, Nigerian Insurers' Association, Mr Remi Olowude

Insurance

Minister of Finance, Ngozi Okonjo-Iweala

Managing Director Niger Insurance Plc, Mr Kola Adedeji

Sanctity of Truth

Monday, April 21, 2014

Commissioner for Insurance, Mr Fola Adeola

Global attention on Nigeria’s underwriting sector grows ACQUISITION Experts demand more foreign investors’ presence in local insurance industry

B

arely three months after the Chairman, Board of Governing Council of the National Insurance Commission, Rt. Hon. Chibudom Nwuche, directed insurance operators to be transparent in their transaction in order to create a conducive atmosphere for foreign investors who might be interested to come in and invest, a keen observer has declared that the local underwriting firms were now good enough for foreign acquisition. Writing under the headline ‘Nigeria’s insurance firms ripe for foreign acquisition,’ in Financial Times last week, Irene Madongo, said the sector was growing rapidly and had low levels of penetration in a young society inhabiting Africa’s largest economy. She said that the call for acquisition had become evident considering a recent Fitch Rating report which also suggested that the sector was ripe for another round of consolidation. Madongo recalled the March 2014 Fitch report, which says, “foreign investors in the Nigerian insurance market have shown a preference for acquisition

or partnership above setting up new insurance operations,” adding that this preference is down to a need for local knowledge, a good distribution footprint and the ability to achieve scale quickly. According to her, “the opportunity is boosted by the fact that foreign investors are allowed to own a 100 per cent share in Nigerian insurance companies. Notable acquisitions in 2013 included the acquisition of Oasis Insurance by FBN Life Assurance (FBN), jointly owned by First Bank of Nigeria and South African insurer Sanlam. Old Mutual Plc, through its emerging markets business, also completed its acquisition of Oceanic Insurance Company and Oceanic Life Insurance. “The industry remains highly fragmented, with 58 companies in operation, down from 140 registered insurers in 1994. Much of this consolidation has come since 2005 when the National Insurance Commission (NAICOM), the regulator, introduced new capital requirements, whittling down the number of insurers to 49 in 2007 from 97 in 2005.” Corroborating Fitch’s Insurance Group Director, Willem Loots, where he said the rating agency believed that foreign capital in particular would aid this process, Malongo noted that consolidation had further to run. According to her, Reinsurer, Swiss Re, put the size of the Nigerian insurance market at US$1.64 billion in 2012 and predicts it will grow to US$6.5 billion

in 2024. The company projects annual average growth rates over the next ten years of 9.5 per cent in non-life and 13.5 per cent in life. The key companies and their business breakdowns in gross written premiums (GWP) are shown in the chart below. According to Swiss Re Managing Director for Africa and Middle East, Frank O’Neill, spending on infrastructure development and continued oil and gas activity will drive growth in the Nigerian insurance sector in the short term. “In the medium to longer term, the emerging middle market will drive demand for personal lines products and life insurance, which should be a significant growth driver,” he adds. Some of the profit margins are already impressive. However, Nigerians will have to work harder on tackling hindrances to projected growth, considering the Fitch report’s

Spending on infrastructure development and continued oil and gas activity will drive growth in the Nigerian insurance sector in the short term

remarks that thorough due diligence will remain a challenge to the acquisition of existing insurers. “As of 2013, compliance with IFRS (International Financial Reporting Standards) has been a requirement for all insurers, but companies have been slow to respond, with a number of companies either submitting poorly prepared financial statements or missing the 30 June 2013 reporting deadline. Transparency across the industry is limited, as some insurance companies are behind on their financial reporting requirements deadlines,” the Fitch report says. Earlier this month, Nigeria announced that following a re-calculation process, its economy was 89 per cent bigger than previously stated at $509 billion in 2013 GDP – making it comfortably the continent’s biggest economy. “The low insurance penetration in Nigeria does set the scene in terms of a low base and simply improving penetration can be a significant source of growth in the industry,” said Fitch’s Loots. “Economic growth in Nigeria is strong…and the overall growth rate of the population itself is around 2.8 per cent per annum, which bodes well for the insurance industry.” He added that there is an established growth trend within the insurance industry, with industry premium growth of around 18-19 per cent estimated for the year 2013.


BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, April 21, 2014

NAICOM, CIIN move to enrich insurance education PENETRATION Insurance regulators take underwriting to schools for more awareness Sunday Ojeme

T

he National Insurance Commission and the education arm of the sector, the Chartered Insurance Institute of Nigeria, have embarked on a campaign that will inculcate the values of insurance in Nigerian students. The awareness campaign is part of the regulators’ steps to deepen penetration especially in the grassroots where the benefit of insurance is still unknown to the larger populace in that segment of the society.

While NAICOM is collaborating with an insurance firm in spreading the campaign through the recently rejigged micro-insurance, CIIN is providing a platform for collaboration among stakeholders who intend to spread the message of insurance across various schools. Disclosing this in Lagos, the Commissioner for Insurance, Mr. Fola Daniel, said the commission was partnering an insurance firm to educate school pupils on the need for insurance in their daily activities. He said a firm sought approval from the commission to conduct awareness campaign on micro-insurance in schools, adding that the commission having considered the benefits of the initiative decided to partner the organisation to achieve

the feat. According to him, the commission will always support such projects that will bring growth and development to the industry. He pointed out that NAICOM had always invited operators to make use of opportunity provided to enhance their fortunes and better the industry. On its part, the CIIN is developing programmes to enrich insurance subjects in secondary schools. To this end, it has gone into partnership with Joseph Ayo Babalola University to conduct retraining programme for insurance teachers. The Director-General CIIN, Kola Ahmed, was quoted by Inspen online as saying that the institute was organising the

programme to equip the teachers for better teaching of the subject in schools, adding that the institute will continue to interact with stakeholders in the schools. He said that the modalities for the exercise are to be jointly worked out between the institute and the university, which is renowned for such programme. Supporting the school insurance project, the institute spent N4 million to publish an insurance book, which over 2000 copies were donated to schools. President CIIN, Fatai Lawal, was also impressed that the Council of the institute had approved the donation some

copies of the book to each of the over 2,000 Public Secondary Schools in Nigeria. He said: “This, we believe, is a significant step in the current campaign to facilitate the teaching and learning of Insurance in secondary schools.” Lawal noted that the publication of the book offered unique opportunity for advancing one of the cardinal programmes of the institute which is the promotion of insurance education in Nigeria, adding that it would also herald a new dawn in insurance education by entrenching insurance in the consciousness of secondary school students, who are the future leaders of the nation.

Reinsurers petition NAICOM over quack brokers

T

he presence of quack and fake reinsurance brokers has drawn the flak of reinsurers, leading to the latter’s petitioning of the National Insurance Commission for immediate action. Details of the petition disclosed that majority of the brokers registered under National Council of Registered Insurance Brokers to practice their business exclusively with insurance firms in Nigeria now claim to be reinsurance brokers without due regard to the provisions of the Insurance Act 2003. The worried reinsurers stated that there were some insurance brokers in the country operating as reinsurance brokers without having any knowledge or understanding of what reinsurance broking is all about. According to the petition, “On a typical reinsurance treaty bouquet, we may have more than eight ‘reinsurance brokers’ where probably only one or two of the brokers can actually be regarded as reinsurance brokers, others are just there to make up the number without any knowledge or understanding of what reinsurance broking is all about. “We are not saying that these companies reinsurance broking, but they should comply with the provisions of the law and as well train their members of staff. This development has not helped the growth of reinsurance sector.” Following the embarrassing

development, the reinsurers have pleaded with NAICOM to make public names of insurance broking firms qualified to practice reinsurance broking in accordance with the provisions of the law. The reinsurers are also kicking against Chartered Insurance Institute of Nigeria (CIIN)’s arrangement that now makes reinsurance subjects optional for students writing the institute’s examinations, indicating that a student can pass through all the stages leading to the award of CIIN Diploma without having a good knowledge of reinsurance. Consequently, the institute has been advised to ensure that any student aspiring to be a chartered insurer in the country passed at least the principles of reinsurance. According to Section 43 of the Insurance Act (1) No insurance broker shall undertake reinsurance broking without the approval of the commission. (2) The commission may grant an approval to an insurance broker for purposes of subsection (1) of this section if it is satisfied that: (a) the insurance broker has the required expertise to conduct the class of reinsurance business; and (b) at least one partner or director of the insurance broking firm or company has at least five years working experience in the middle management cadre of a reinsurance broking firm or company.

L- R: Partner, AfricInvest Tunis, Hakim Khelifa; Chairman, Honeywell Group, Oba Otudeko; and Managing Director, AfricInvest Nigeria, Mrs Abiola Ojo-Osagie, at a cocktail event to mark AfricInvest 20th anniversary in Lagos.

TRAINING Brokers secure training on International Financial Reporting Standard

T

he National Insurance Commission (NAICOM) has commended the management of the National Council of Registered Insurance Brokers (NCRIB) for its initiative to train its members on the application of the International Financial Standard in the insurance industry. The Commissioner for Insurance, Fola Daniel, commended the council at the opening of the pilot training programme in Lagos. The commissioner had frequently lamented the failure of insurance operators to sumbit their account details to the commission on time due to their inability to adapt to IFRS. He said

NAICOM commends NCRIB for training members the insurance operators had themselves to blame for their late compliance to the IFRS, which has resulted to delayed annual general meetings. He said, “2012 was a special year with the adoption of IFRS. The transition was a very big challenge. The Commission did a lot by providing leadership. IFRS provided the opportunity to deal with legacy issue in the industry. Only one insurance company has dropped its account for 2013. We are expecting that for 2013 things would be much better.” Declaring the training open, the President of the NCRIB, Ayodapo Shoderu, said the services of leading IFRS consultants were engaged. Further details revealed that

the first tranche of the training incorporated brokers operating mostly in the Lagos axis, while the remaining tranches will hold in other zones, namely Abuja, Lagos and Enugu. Shoderu pointed out that the IFRS was designed as a common global language for business affairs so that companies’ accounts could be understood and compared without stress across international boundaries. According to him, “IFRS is a consequence of growing international shareholding and trade and are important for companies that have, or angling to have dealings in several countries, of which Insurance Brokers are critical interest groups to comply with the new trend.”


38 BUSINESS | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, April 21, 2014

FMDQ Daily Quotations List

16-Apr-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

FGN Bonds Issuer

Rating/Agency

NA

NA

Description

Price

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

29-Jun-07 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

9.20 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

45.00 100.00 535.00 327.47 452.80 20.00 100.00 300.00 351.30 233.90 600.00 50.00 75.00 150.00 200.00 591.57

29-Jun-14 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

0.20 0.45 1.02 2.33 3.03 3.28 3.38 4.12 5.20 5.52 7.78 9.91 14.62 15.10 15.60 16.27

11.58 12.43 13.42 13.33 13.36 13.26 13.26 13.29 13.42 13.34 13.46 13.43 13.44 13.45 13.46 13.52

10.84 12.07 13.25 13.26 13.24 13.13 13.14 13.19 13.34 13.25 13.40 13.38 13.40 13.40 13.40 13.47

99.46 98.62 91.29 99.40 104.20 91.13 89.61 91.94 109.40 75.76 113.80 104.10 109.80 93.82 67.97 77.00

99.61 98.77 91.44 99.55 104.50 91.43 89.91 92.24 109.70 76.06 114.10 104.40 110.10 94.12 68.27 77.30

9.20 29-JUN-2014 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

TOTAL OUTSTANDING VALUE

4,132.04

Rating/Agency

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

TOTAL OUTSTANDING VALUE

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

0.54 1.10 1.59 2.65 3.01 3.22

1.00 2.63 2.27 2.00 1.49 1.00

13.73 16.04 15.62 15.26 14.73 14.25

93.10 84.33 102.26 92.02 89.18 87.70

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

0.30 0.50 1.38 0.98 1.27 1.28 3.01 1.84 3.71 2.68 4.47 2.68 2.68 3.26 3.33 5.60 3.30 4.01 6.62 6.71 4.02 4.05

4.88 5.99 4.44 3.23 4.46 3.48 5.59 7.60 1.79 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.94 1.44 1.95

17.15 18.65 17.82 16.62 17.85 16.87 18.83 20.92 15.06 15.06 14.31 14.26 14.47 14.26 15.72 15.29 16.00 16.03 14.37 15.32 14.73 15.24

98.95 97.88 93.72 97.02 95.91 98.81 80.38 89.62 97.00 97.86 99.00 100.68 109.21 100.66 99.52 97.07 97.02 96.44 96.31 98.64 106.26 105.91

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

LAFARGE WAPCO

Aa/Agusto

GTB µ NGC

Nil Bbb-/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto A/GCR

17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015

*UPDC *FLOURMILLS *CHELLARAMS NAHCO

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

12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017

FSDH UBA

BBB-/GCR

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014

*C & I LEASING # *DANA *TOWER *TOWER

# #

UBA *LA CASERA *CHELLARAMS#

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

07-Oct-11

11.50

11.80

07-Oct-14

0.48

1.00

13.62

99.04

18-Dec-09

13.50

13.17

18-Dec-14

0.67

5.21

18.14

97.11

01-Apr-10 17-Aug-10

17.00 10.00

2.00 15.00

31-Dec-14 17-Aug-15

0.71 0.86

8.71 4.88

21.69 18.09

96.96 93.95

09-Dec-10

12.00

37.50

09-Dec-15

0.93

1.00

14.32

98.14

06-Jan-11

14.00

1.50

06-Jan-16

1.02

2.63

16.05

98.48

29-Sep-11 25-Oct-13

13.00 14.25

15.00 5.53

29-Sep-16 25-Oct-16

2.46 2.53

1.00 1.34

14.27 14.61

97.42 99.25

30-Sep-10

13.00

20.00

30-Sep-17

3.46

4.52

17.78

88.01

30-Nov-12

18.00

0.94

30-Nov-17

2.07

1.88

15.17

106.03 98.72

MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018

09-Apr-11

16.00

8.01

09-Apr-18

2.23

3.48

16.77

09-Sep-11

18.00

3.63

09-Sep-18

2.40

5.20

18.48

99.35

14.00 UBA II 22-SEP-2018

09-Sep-11

16.00

1.00

09-Sep-18

2.40

5.06

18.34

101.90

22-Sep-11 18-Oct-13

14.00 15.75

35.00 3.00

22-Sep-18 18-Oct-18

4.44 2.26

3.06 2.29

16.37 15.57

92.71 100.35

17-Feb-12

17.00

0.54

17-Feb-19

2.59

6.11

19.38

95.74

14-Nov-13

15.25

2.05

14-Nov-20

6.58

2.76

16.13

96.46

11-Feb-18

3.83

1.00

14.28

88.25

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019

NAHCO

15.25 NAHCO II 14-NOV-2020

IFC

10.20 IFC 11-FEB-2018

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.37

5.22

107.77

108.64

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.50

4.31

102.36

103.10

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.84

5.70

103.77

104.75

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

3.86

3.40

112.97

113.83

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.30

4.53

104.27

105.81

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.12

5.85

99.54

100.61

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.99

6.49

100.74

102.19

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.41

7.88

94.83

96.59

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.05

4.65

114.23

115.06

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.13

6.68

104.07

105.76

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.24

6.00

101.50

102.50

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

TOTAL OUTSTANDING VALUE

2,960.00

**Treasury Bills DTM 8 22 29 36 43 50 64

FIXINGS Maturity 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14

Bid Discount (%) 11.50 11.50 11.45 11.40 11.90 12.00 12.00

Offer Discount (%) 11.25 11.25 11.20 11.15 11.65 11.75 11.75

Bid Yield (%) 11.53 11.58 11.56 11.53 12.07 12.20 12.26

Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS

NIBOR

Money Market Rate (%) 10.9167 11.2500 11.5000 11.8333 12.1250 12.4167

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.33

Tenor

Bid ($/N)

Offer ($/N)

10.58

Spot 7D 14D 1M 2M

162.20 162.42 162.68 163.26 164.43

162.30 162.70 163.06 163.98 165.76

O/N Tenor Call

REPO

Rate (%) 10.25


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

23-Oct-09 27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

7.00 16.39 14.20 15.00 12.49 8.50 10.00

233.90 600.00 50.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE

23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

5.52 7.78 9.91 14.62 15.10 15.60 16.27

13.34 13.46 13.43 13.44 13.45 13.46 13.52

13.25 13.40 13.38 13.40 13.40 13.40 13.47

75.76 113.80 104.10 109.80 93.82 67.97 77.00

76.06 114.10 104.40 110.10 94.12 68.27 77.30

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

0.54 1.10 1.59 2.65 3.01 3.22

1.00 2.63 2.27 2.00 1.49 1.00

13.73 16.04 15.62 15.26 14.73 14.25

93.10 84.33 102.26 92.02 89.18 87.70

4,132.04

Rating/Agency

Description

Issuer

Agency Bonds

Issue Date

Coupon (%)

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

Sanctity of Truth

Monday, April 21, 2014

AMCON

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

BUSINESS |FINANCIAL MARKET NEWS 39 978.35 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

NB tasks investors to embrace e-dividend FMBN

NA

***LCRM

TOTAL OUTSTANDING VALUE

1,304.32

Sub-National Bonds

e-PAYMENT 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

Company boss reinstates need for investors to key into e-payment system Stories by Chris Ugwu

M

iffed by the increasing wave of unclaimed dividends in the Nigeria capital market, Nigerian Breweries Plc has called on all classes of invesTOTAL OUTSTANDING VALUE tors to embrace the electronic Corporate Bonds e-dividend system of payment

introduced by the Securities 14.00 KWARA 5-AUG-2014 14.00Exchange NIGER 15-OCT-2014 and Commission 12.50 KADUNA 31-AUG-2015 (SEC) in 2008. 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 was meant The e-dividend 15.50 IMO 30-JUN-2016 to10.00 address the delay associated LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 with the verification of pro14.00 EDO 31-DEC-2017 ceeds of public offers as well 14.00 DELTA 30-SEP-2018 NIGER II 4-OCT-2018 as14.00 delay encountered by inves14.50 EKITI 09-DEC-2018 tors inNIGER getting returns on their 14.00 III 12-DEC-2018 15.50 ONDO 14-FEB-2019 investment and also reduce the 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 incidence of unclaimed divi14.75 OSUN 12-DEC-2019 dends but some investors have 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 not key into the system. 15.00 KOGI 31-DEC-2020 This has pushed the value of 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 the unclaimed dividends to N80 billion as at December 2013, a source close to the Securities 11.50 LAFARGE WAPCO 7-OCT 2014

and 05-Aug-09 Exchange Commission 14.00 14.00 (SEC)15-Oct-09 told New Telegraph. 31-Aug-10 12.50 The Managing Director/ 30-Sep-10 13.00 14.00 Chief30-Jun-11 Executive Officer, NB Plc, 30-Jun-09 15.50 Mr. Nicholas Vervelde, 19-Apr-10 10.00 said at 30-Jun-10 13.75 a forum recently in Lagos that 30-Dec-10 14.00 30-Sep-11 the company will14.00 continue 04-Oct-11 14.00 to appeal to shareholders to 09-Dec-11 14.50 12-Dec-13 14.00 option choose the e-dividend 14-Feb-12 15.50 because of the challenges asso02-Oct-12 15.50 22-Nov-12 14.50 system. ciated with the warrant 12-Dec-12 14.75 “We have continuously on a 30-Sep-13 14.75 27-Nov-13 monthly basis sent 13.50 out e-divi31-Dec-13 15.00 dend31-Dec-13 forms to the company’s 14.50 06-Jan-14 shareholders to fill.15.00 He said that the company has witnessed a drop in un07-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

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

10.25 APR 08, 2019

08-Apr-12

10.25

8.25 AUG 07, 2020

07-Aug-13

8.25

A+/Agusto; AA/GCR

LAFARGE WAPCO

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

GTB µ NGC

B/Fitch

Afren PLC II

B/S&P; B-/Fitch

First Bank PLC

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

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

UBA loan book hits the trillion

U

*UPDC *FLOURMILLS

*CHELLARAMS NAHCO

nited Bank for FSDH Africa (UBA) Plc has UBA continued *C & I LEASING # to expand its credit sup*DANA # *TOWER port to the emerging sectors *TOWER# inA/Agusto; Nigeria A/GCRand Africa UBA with its Bbb+/Agusto; BBB+/GCR *LAhitting CASERA loans and advances a BBB-/DataPro†; BB+/GCR *CHELLARAMS# new record high. A+/Agusto; A-/GCR NAHCO TOTAL VALUE The OUTSTANDING first quarter, 2014 unaudited results released at Supranational Bond AAA/S&P the Nigerian StockIFC Exchange TOTAL OUTSTANDING VALUE (NSE) showed that the bank grew Rating/Agency its loan figures by 16 per Issuer cent from N937.6 billion as at FGN Eurobonds December 31, 2013 to N1.067 BB-/Fitch; B+/S&P trillion as at March 31, 2014. BB-/Fitch; FGN In other details, Gross BB-/S&P BB-/Fitch; Earnings rose by 8.2 per cent BB-/S&P toTOTAL N68 OUTSTANDING billion in q1, 2014 comVALUE pared to N63 billion in the Corporate Eurobonds corresponding period B-/S&P; B/Fitch Afren of PLC 2013. I Similarly quarter-on-quarter GTBank PLC I B+/S&P; B+/Fitch GTBank PLC II (q/q) Profit-After-Tax recordB+/S&P Access Bank PLC edB/S&P; a significant 36.37 per cent B/Fitch Fidelity Bank PLC

TOTAL OUTSTANDING VALUE

increase from N9.23 billion 14.25 FSDH 25-OCT-2016 UBA 30-SEP-2017 as13.00 at fourth quarter 2013 to 18.00 C&I LEASING 30-NOV-2017 N12.59 billion in the first quarMPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 ter of 2014. MPR+5.25 TOWER 9-SEP-2018 The first quarter unaudited 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 results also shows an operatMPR+5.00 CHELLARAMS II 17-FEB-2019 ing income of N45.5 billion in 15.25 NAHCO II 14-NOV-2020 the period, a marginal 2 per cent increase on N44.6 billion 11-FEB-2018 in10.20 theIFCfirst quarter of 2013. Speaking on the result, Mr. Phillips Oduoza, UBA’s Group Description Managing Director and Chief Executive Officer, said that the 6.75 JAN 28, 2021 bank has focused on a number JUL 12, 2018 aimed of strategic 5.13 initiatives at increasing6.38 its market JUL 12, 2023 share in the Nigerian and African markets. “We are optimistic that the 11.50 FEB 01, 2016 7.50improved MAY 19, 2016 gains of our elec6.00 NOV 08, 2018 tronic banking channels and 7.25 JUL 25, 2017 financial inclusion 6.88 MAY 09,initiatives 2018

claimed dividend as more 17.00 05-Aug-14 0.30 6.00 15-Oct-14 0.50 shareholders are complying 8.50 31-Aug-15 1.38 because of the way the compa16.50 30-Sep-15 0.98 13.00 1.27 ny is helping30-Jun-16 to create aware18.50 30-Jun-16 1.28 ness on the importance of the 57.00 19-Apr-17 3.01 50.00 30-Jun-17 1.84 electronic system. 25.00 31-Dec-17 3.71 50.00 30-Sep-18 2.68 The Managing Director, 9.00 04-Oct-18 4.47 Crane Securities Limited, Mr. 20.00 09-Dec-18 2.68 12.00 12-Dec-18 2.68 Mike Okpara Eze, speaking 27.00 14-Feb-19 3.26 to New Telegraph, traced3.33 the 20.00 02-Oct-19 80.00 22-Nov-19 5.60of genesis of the rising wave 30.00 12-Dec-19 3.30 unclaimed dividend to indi11.40 30-Sep-20 4.01 87.00 27-Nov-20 6.62 genisation era of the admin5.00 31-Dec-20 6.71 istration of General Yakubu 5.00 31-Dec-20 4.02 5.00

06-Jan-21

4.05

1.95

15.24

105.91

572.90

Stanbic IBTC grows Q1 profit by 93% 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

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

0.48 0.67 0.71 0.86 0.93 1.02 2.46 2.53 3.46 2.07 2.23 2.40 2.40

300.00

08-Apr-19

300.00

07-Aug-20

360.00

09-Dec-20

S

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 4.52 1.88 3.48 5.20 5.06

13.62 18.14 21.69 18.09 14.32 16.05 14.27 14.61 17.78 15.17 16.77 18.48 18.34

99.04 97.11 96.96 93.95 98.14 98.48 97.42 99.25 88.01 106.03 98.72 99.35 101.90

5.05

4.65

114.23

115.06

7.13

6.68

104.07

105.76

6.24

6.00

101.50

tanbic IBTC Bank Plc, one of the commercial banks listed on the floor of the will materialize in successive Nigeria Stock Exchange has quarters during the year. We posted a 93 per cent growth in remain confident that we have net earnings during the first the right tools to achieve our quarter ended March 31, 2014. business the year 35.00In a notice22-Sep-18 to Nigerian Stock 22-Sep-11goals for14.00 4.44 18-Oct-13 3.00 18-Oct-18 2.26 whilst ensuring we15.75 continue Exchange, the company’s profit 17-Feb-12 17.00 0.54 17-Feb-19 2.59 to improve our customer serafter tax grew from N3.573 bil14-Nov-13 15.25 2.05 14-Nov-20 6.58 vice delivery and further con- 175.67 lion in the corresponding period solidate our growth momen- of 2013 to N6.897 billion in 2014. 11-Feb-13 12.00Its profit before 11-Feb-18 tax (PBT) 3.83in tum,” said Oduoza.10.20 Also in the quarter under 12.00 its first quarter also climbed up to review, UBA’s net 89.3($'mm) percent from billion Issue Date Couponinterest (%) Issue Value MaturityN4.739 Date Bid Yieldin (%) margin (NIM), which shows the Q1 of 2013 to N8.969 billion in the quality of the bank’s earn- the review period of 2014. 07-Oct-11 6.75 500.00 28-Jan-21 5.37 ing on its lending activities, Gross earnings also climbed 18-Dec-09stable at 5.9 5.13per cent 500.00 12-Jul-18 from N26.586 4.50 remained up to N30.221 billion Quarter on Quarter (q/q). Cost billion; indicating a growth 01-Apr-10 6.38 500.00 12-Jul-23 5.84of of funds also remained stable 1,500.00 13.7 per cent. at 3.6 per cent, q/q, while return The bank had posted its audited full year result for the 2013 on assets remained stable at 1.9 01-Feb-11 11.50 450.00 01-Feb-16 3.86 fi19-May-11 19-May-16December nancial year ended per cent q/q, just as7.50 return on 500.00 5.3031, 08-Nov-13 6.00 08-Nov-18 6.12 in recording a 105 per cent boost equity improved to 22.1 per cent 400.00 25-Jul-12 7.25 350.00 25-Jul-17 6.99 its profit for the year. It recorded q/q from 21.3 per cent. 09-May-13 6.88 300.00 02-May-18 8.41

09-Dec-13 6.63 FMDQ Daily Quotations List

Gowon. 4.88 17.15 98.95 5.99 18.65 97.88 According to him, “during 4.44 17.82 93.72 this exercise, those in posi3.23 16.62 97.02 4.46 17.85 95.91 tion of authority who had the 3.48 16.87 98.81 wherewithal, acquired shares 5.59 18.83 80.38 20.92 89.62 in 7.60 the privatised companies 1.79 15.06 97.00 1.80fictitious 15.06 with names of97.86 their 1.00 14.31 99.00 drivers, cooks, gardeners, dead 1.00 14.26 100.68 1.21 109.21 in brothers, nd14.47 dead fathers 1.00 14.26 100.66 such a way that when the divi2.46 15.72 99.52 1.94 came, they 15.29 were not 97.07able dends 2.74 16.00 97.02 to 2.74 claim them 16.03 why because 96.44 1.00 is no 14.37 96.31 to there such persons 1.94 15.32 98.64 claim it.” 1.44 14.73 106.26

2,960.00

a profit after tax (PBT) of N20.77 billion at the end of the 2013 financial year as against N10.15 billion which it made in the 2012 financial year,. The bank’s recorded a gross earnings of N111.22 billion, a 21 per when 3.06 cent improvement 16.37 92.71 2.29 15.57 100.35 compared to N91.86 billion which 6.11 19.38 95.74 it pulled in 2012. IBTC’s 2.76 16.13Stanbic 96.46 interest expense grew minimally by five per cent to N25.57 billion 1.00 14.28 to N24.26 88.25 bilin 2013 compared lion in 2012, just as credit impairment sigOffer Yield (%) charges Bid Price dropped Offer Price nificantly by 61 per cent to N2.66 Prices & Yields billion as against N6.89 billion 5.22 107.77 108.64 in 2012. 4.31 With staff102.36 cost up to103.10 N23,85 billion from N19.95 billion, 103.77 5.70 104.75 the financial institution’s trading revenue grew by 84 per cent to N14,89 from N8.09113.83 billion. 3.40 billion112.97 In the same vein, basic earnings 4.53 104.27 105.81 99.54by 272 per 100.61 per5.85 share grew cent 6.49 100.74 102.19 in the year under review. 7.88 94.83 96.59 102.50 16-Apr-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 **Treasury Bills PLC Terms of Use and Disclaimer Statement. FIXINGS Money Market the FMDQ OTC Foreign Exchange (Spot & Forwards)

DTM 8 22 FGN Bonds29 36 43 Rating/Agency 50 64 71 78 85 92 99 106 113 120 127 NA 141 176 232 267 281 295 309 323 358

Maturity 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 Issuer 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14 31-Jul-14 7-Aug-14 14-Aug-14 21-Aug-14 NA 4-Sep-14 9-Oct-14 4-Dec-14 8-Jan-15 22-Jan-15 5-Feb-15 19-Feb-15 5-Mar-15 9-Apr-15

Bid Discount (%) 11.50 11.50 11.45 11.40 11.90 Description 12.00 12.00 9.20 29-JUN-2014 11.90 9.25 28-SEP-2014 12.05 11.05 4.00 23-APR-2015 11.00 13.05 16-AUG-2016 11.65 15.10 27-APR-2017 11.60 9.85 27-JUL-2017 11.60 9.35 31-AUG-2017 12.05 12.05 10.70 30-MAY-2018 11.80 16.00 29-JUN-2019 11.90 7.00 23-OCT-2019 11.55 16.39 27-JAN-2022 12.20 14.20 14-MAR-2024 12.10 15.00 28-NOV-2028 12.25 12.30 12.49 22-MAY-2029 12.10 8.50 20-NOV-2029 12.20

10.00 23-JUL-2030

Offer Discount (%) 11.25 11.25 11.20 11.15 11.65 Issue Date 11.75 11.75 29-Jun-07 11.65 28-Sep-07 11.80 10.80 23-Apr-10 10.75 16-Aug-13 11.40 27-Apr-12 11.35 27-Jul-07 11.35 31-Aug-07 11.80 11.80 30-May-08 11.55 29-Jun-12 11.65 23-Oct-09 11.30 27-Jan-12 11.95 14-Mar-14 11.85 28-Nov-08 12.00 12.05 22-May-09 11.85 20-Nov-09 11.95

23-Jul-10

Bid Yield (%) 11.53 11.58 11.56 11.53 12.07 Coupon (%) 12.20 12.26 9.20 12.18 9.25 12.37 11.34 4.00 11.31 13.05 12.03 15.10 12.00 9.85 12.03 9.35 12.55 12.58 10.70 12.36 16.00 12.62 7.00 12.47 16.39 13.40 14.20 13.34 15.00 13.60 13.73 12.49 13.55 8.50 13.86

NIBOR Tenor Rate (%) CALL 10.9167 7 DAYS 11.2500 30 DAYS 11.5000 Outstanding 60 DAYSValue 11.8333 Maturity Date 90 DAYS 12.1250 (N'bn) 180 DAYS 12.4167 45.00 29-Jun-14 365 DAYS 12.7083

Bonds

100.00 28-Sep-14 535.00 23-Apr-15 NITTY 327.47 16-Aug-16 Tenor Rate (%) 452.80 27-Apr-17 1M 11.3163 20.00 27-Jul-17 2M 12.0703 100.00 31-Aug-17 3M 12.3982 6M 12.5692 300.00 30-May-18 9M 13.1934 351.30 29-Jun-19 12M 13.9110 233.90 23-Oct-19 600.00 27-Jan-22 50.00 14-Mar-24 NIFEX 75.00 28-Nov-28 Current Price ($/N) 150.00 22-May-29 BID($/N)200.00 162.0225 20-Nov-29 OFFER ($/N) 162.1225 591.57 23-Jul-30

10.00

TOTAL OUTSTANDING VALUE *from the Amortising bonds, the average life is calculated and not the duration

Tenor

Rate (%)

OBB

10.33

Tenor

O/N

10.58

Spot 7D Offer14D Yield 1M (%) 2M 10.84 3M 12.07 6M 1Y 13.25

REPO TTM (Yrs) BidRate Yield (%) Tenor (%) Call

10.25

0.20 11.58 1M 11.08 0.45 12.43 3M 12.17 6M 12.50 1.02 13.42 2.33 13.33 13.26 NOTE: 3.03 13.36 13.24 3.28 13.26 13.13 :Benchmarks 3.38 Bond 13.26 13.14 * :Amortising µ :Convertible 4.12 Bond 13.29 13.19 AMCON:5.20 Asset Management13.42 Corporation of Nigeria 13.34 FGN: Federal Government of Nigeria 5.52 13.34 13.25 FMBN: Federal Mortgage Bank of Nigeria 7.78 13.46 13.40 IFC: International Finance Corporation 9.91 Contractors Receivables 13.43 13.38 LCRM: Local Management 13.44 Company 13.40 NAHCO:14.62 Nigerian Aviation Handling NGC: Nigeria-German Company 15.10 13.45 13.40 UBA: United Bank for Africa 15.60 13.46 13.40 UPDC: UAC Property Development Company 16.27 13.52 13.47 WAPCO:West Africa Portland Cement Company

4,132.04

#

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

Rating/Agency

Issuer

Agency Bonds AMCON NA

FMBN Modified Duration Buckets ***LCRM

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†

<3 3<5 >5 KWARA Market NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI

Description

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 Total Outstanding Porfolio Market Value(Bn) 0.00/16.50 LCRM II 20-APR-2017 Volume(Bn) 0.00/16.50 LCRM III 06-JUL-2017

797.32 1,067.12 455.51 2,319.95 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

780.27 951.30 591.57 2,323.14

28-Dec-11 24-May-10 03-Apr-12 Weighting 09-Dec-11by Outstanding 20-Apr-12Vol 06-Jul-12

Coupon (%)

Issue Value (N'bn)

FMDQ FGN 0.00 BOND INDEX 978.35

33.59 40.95 25.46 100.00 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

0.00 17.25 Weighting by Mkt 0.00/16.00 Value 0.00/16.50 0.00/16.50

34.37 46.00 19.63 14.00100.00 14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50

24.56 6.00 112.22 Bucket Weighting 116.70 66.49

1,304.32 0.34 17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00

0.41 0.25 1.00

#

Bid ($/N)

Offer ($/N)

162.20 Price 162.30 162.42 162.70 163.06 Offer Price Bid162.68 Price 163.26 163.98 164.43 165.76 99.46 99.61 165.70 167.66 98.62 98.77 169.34 173.56 176.35 185.44 91.29 91.44

99.40 99.55 104.20 104.50 91.13 91.43 NA :Not Applicable 89.61 Rate Bond 89.91 # :Floating ***: Deferred 91.94 coupon bonds 92.24 109.40 109.70 †: Bond rating expired 75.76 76.06 113.80 114.10 104.10 104.40 109.80 110.10 93.82 94.12 67.97 68.27 77.00 77.30

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

0.54 1.10 1.59 2.65Yield Implied 3.01 3.22

1.00 2.63 2.27 Implied 2.00 Portfolio 1.49Price 1.00

13.73 16.04 15.62 15.26 INDEX 14.73 14.25

93.10 84.33 102.26 YTD Return 92.02 (%) 89.18 87.70

17.41 40.83 41.76 100.00 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

13.35 13.45 13.52 13.46 0.30 0.50 1.38 0.98 1.27 1.28 3.01 1.84 3.71 2.68 4.47 2.68

109.9717 121.4495 84.3892 108.1574 4.88 5.99 4.44 3.23 4.46 3.48 5.59 7.60 1.79 1.80 1.00 1.00

1,044.51 1,028.39 1,021.60 1,026.27 17.15 18.65 17.82 16.62 17.85 16.87 18.83 20.92 15.06 15.06 14.31 14.26

4.4507 2.8388 2.1599 2.6273 98.95 97.88 93.72 97.02 95.91 98.81 80.38 89.62 97.00 97.86 99.00 100.68


40 BUSINESS | CAPITAL MARKET

Daily Summary as of 10/04/2014

Printed 10/04/2014 14:48:03.003

Sanctity of Truth

Monday, April 21, 2014

The Nigerian Stock Market Exchange as at April 17, 2014 Daily Summary (Bonds)

Daily Summary as of 10/04/2014 Printed 10/04/2014 14:48:03.003

No Debt Trading Activity

Daily Summary (Equities)

Daily Summary (Equities)

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

Activity Summary on Board EQTY Symbol OKOMUOIL PRESCO

No. of Deals 7 11 18

Current Price 42.00 42.00

Quantity Traded 23,980 78,339 102,319

Value Traded 956,802.00 3,290,753.33 4,247,555.33

Symbol LIVESTOCK

No. of Deals 26 26

Current Price 3.09

Quantity Traded 813,170 813,170

Value Traded 2,561,264.30 2,561,264.30

915,489

6,808,819.63

Quantity Traded 2,503 20,454 13,701,241 1,151,038 14,875,236

Value Traded 3,704.44 98,383.74 49,560,356.85 67,793,867.31 117,456,312.34

14,875,236

117,456,312.34

AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC Daily Summary as of 10/04/2014 U A C N PLC. Printed 10/04/2014 14:48:03.003 Diversified Industries Totals

44 Symbol AGLEVENT SCOA TRANSCORP UACN

No. of Deals 1 1 157 110 269

CONGLOMERATES Totals

Current Price 1.43 5.06 3.55 59.00

269

CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC Daily Summary as of 10/04/2014 MULTI-TREX INTEGRATED FOODS PLC Printed 10/04/2014 14:48:03.003 NATIONAL SALT CO. NIG. PLC U T C NIG. PLC. Food Products Totals

Daily Summary (Equities) Page

Published by The Nigerian Stock Exchange ©

Activity Summary on Board EQTY NATURAL RESOURCES Paper/Forest Products THOMAS WYATT NIG. PLC. Paper/Forest Products Totals

Symbol THOMASWY

No. of Deals 1 1

NATURAL RESOURCES Totals

Current Price 0.79

Symbol JAPAULOIL

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. Daily Summary as of 10/04/2014 TOTAL NIGERIA PLC. Printed 10/04/2014 14:48:03.003 Petroleum and Petroleum Products Distributors Totals

of

13

Quantity Traded 1,000 1,000

Value Traded 760.00 760.00

1,200

2,234.00

Quantity Traded 531,000 531,000

Value Traded 265,500.00 265,500.00

4

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

1

No. of Deals 6 6

Current Price 0.50

Symbol OANDO

No. of Deals 145 145

Current Price 16.04

Quantity Traded 3,625,073 3,625,073

Value Traded 59,149,643.62 59,149,643.62

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 12 1 66 22 3 25 129

Current Price 51.90 3.80 122.70 120.05 54.44 172.38

Quantity Traded 16,044 4,870 507,146 36,576 156 32,566 597,358

Value Traded 752,153.40 17,580.70 61,468,164.08 4,428,457.82 8,068.32 5,529,555.08 72,203,979.40

4,753,431

131,619,123.02

OIL AND GAS Totals

280

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Page

Activity Summary on Board EQTY SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

10

of

Symbol RTBRISCOE

No. of Deals 13 13

Current Price 1.15

Quantity Traded 118,531 118,531

Value Traded 132,591.02 132,591.02

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

Symbol REDSTAREX TRANSEXPR

No. of Deals 11 2 13

Current Price 4.39 2.47

Quantity Traded 116,070 62 116,132

Value Traded 505,427.30 153.76 505,581.06

Hospitality TANTALIZERS PLC Hospitality Totals

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 200 200

Value Traded 100.00 100.00

Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals

Symbol IKEJAHOTEL

No. of Deals 8 8

Current Price 0.57

Quantity Traded 72,000 72,000

Value Traded 42,205.52 42,205.52

No. of Deals 1 10 30 41 Daily Summary (Equities)

Current Price 1.80 1.78 3.67

Quantity Traded 1,000 152,048 1,232,211 1,385,259

Value Traded 1,710.00 258,564.00 4,766,774.37 5,027,048.37 Value Traded 620,022.45 620,022.45

Daily Summary as of 10/04/2014 Printing/Publishing Printed 10/04/2014 14:48:03.003 ACADEMY PRESS PLC. LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol ACADEMY LEARNAFRCA UPL

Road Transportation

Activity Summary on Board EQTYPLC ASSOCIATED BUS COMPANY

Road Transportation Totals SERVICES Specialty Published by The Nigerian Stock Exchange © SECURE ELECTRONIC TECHNOLOGY PLC Specialty Totals

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

Symbol ABCTRANS

No. of Deals 22 22

Current Price 0.89

Quantity Traded 688,485 688,485

Symbol NSLTECH

No. of Deals 1 1

Current Price 0.50

Quantity Traded Page 1,000 1,000

Symbol AIRSERVICE NAHCO

No. of Deals 9 53 62

Current Price 2.46 5.09

Quantity Traded 55,669 811,742 867,411

Value Traded 136,945.74 4,080,579.33 4,217,525.07

161

3,249,018

10,545,573.49

4,180

256,934,065

3,724,715,668.73

SERVICES Totals

EQTY Board Totals

Daily Summary (Equities)

13

Symbol CAPOIL

No. of Deals 1 1

Current Price 0.50

Value Traded 11 of 500.00 13 500.00

Quantity Traded 100 100

Value Traded 50.00 50.00

Printed 10/04/2014 14:48:03.003 OIL AND GAS Totals

1

100

50.00

ASeM Board Totals

1

100

50.00

Equity Activity Totals

4,181

256,934,165

Page

Published by The Nigerian Stock Exchange ©

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Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA GRIFFIN 30 ETF Daily Summary as of 10/04/2014 Exchange Traded Fund Totals Printed 10/04/2014 14:48:03.003 Daily Summary as of 10/04/2014 ETF Board Totals Printed 10/04/2014 14:48:03.003

ETP Activity Totals Activity Summary on Board EQTY

Symbol NEWGOLD VETGRIF30

Daily Summary (Equities)

Building Structure/Completion/Other CONSTRUCTION/REAL ESTATE COSTAIN (W A) PLC. Building Structure/Completion/Other Building Structure/Completion/Other Totals COSTAIN (W A) PLC. Building Structure/Completion/Other Totals Infrastructure/Heavy Construction

UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Real Estate Development Totals UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Estate Investment Development Totals Real Trusts (REITs) Published by The Nigerian Stock Exchange © SKYE SHELTER FUND PLC Real Estate Investment Trusts (REITs) UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) SKYE SHELTER FUND PLC Real Estate Investment Trusts (REITs) Totals UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) Real Estate Investment TrustsTotals (REITs) Totals CONSTRUCTION/REAL ESTATE CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts CONSUMER GOODS DN TYRE & RUBBER PLC Automobiles/Auto Parts Automobiles/Auto Parts Totals DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals Beverages--Brewers/Distillers CHAMPION BREW. PLC. Beverages--Brewers/Distillers

CHAMPION BREW. PLC. Published by The Nigerian Stock Exchange © Published by The Nigerian Stock Exchange ©

Current Price 2,159.00 17.54

Symbol COSTAIN Symbol COSTAIN

13

Quantity Traded 5 5,510 5,515

Value Traded 10,795.00 96,645.40 107,440.40

3

5,515

107,440.40

3

5,515

107,440.40

Symbol JBERGER Symbol ROADS JBERGER ROADS Symbol UAC-PROP Symbol UAC-PROP Symbol SKYESHELT Symbol UHOMREIT SKYESHELT UHOMREIT

13 No. of Deals 1 13 14 1 14 No. of Deals

48 No. of Deals 48 48 48 No. of Deals 1 No. of Deals 1 1 2 1 792

Current Price 1.29 Current Price 1.29 Current Price 68.50 Current Price 8.46 68.50 8.46 Current Price 25.00 Current Price 25.00 Current Price 100.00 Current Price 47.59 100.00 47.59

79 Symbol DUNLOP Symbol DUNLOP Symbol CHAMPION Symbol CHAMPION

No. of Deals 2 No. of Deals 2 2 No. of Deals2 1 No. of Deals 1

Current Price 0.50 Current Price 0.50 Current Price 13.79 Current Price 13.79

Quantity Traded 671,961 Quantity Traded 671,961 671,961 Quantity 671,961 Traded

69,970 Quantity Traded 4,750 69,970 74,720 4,750 74,720 Quantity Traded

950,719 Quantity Traded 950,719 950,719 Quantity 950,719 Traded Page 200 Quantity Traded 70 200 270 70 270 1,697,670

4,564,172.75 Value Traded 42,180.00 4,564,172.75 4,606,352.75 42,180.00 4,606,352.75 Value Traded

23,870,211.60 Value Traded 23,870,211.60 23,870,211.60 23,870,211.60 Value Traded 13 of 13 19,000.00 Value Traded 3,165.40 19,000.00 22,165.40 3,165.40 22,165.40 29,365,660.54

1,697,670

29,365,660.54 Value Traded 7,000.00 Value Traded 7,000.00 7,000.00 Value7,000.00 Traded

20 Quantity Traded 20 Page

2

Page

2

Quantity Traded 8,097 8,097

Value Traded 692,293.50 692,293.50

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MULTITREX NASCON UTC

No. of Deals 33 48 64 28 1 19 2 195

Current Price 8.18 9.85 68.49 3.70 0.50 11.90 0.53

Quantity Traded 200,400 1,131,777 1,098,837 574,785 100 274,862 38,647 3,319,408

Value Traded 1,644,918.60 11,092,603.34 75,269,183.54 2,109,592.92 50.00 3,261,493.69 20,482.91 93,398,325.00

Symbol CADBURY NESTLE

No. of Deals 47 95 142

Current Price 77.00 1,185.00

Quantity Traded 2,974,266 211,173 3,185,439

Value Traded 226,144,314.56 249,668,905.02 475,813,219.58

Symbol VITAFOAM

No. of Deals 5 5

Current Price 4.03

Quantity Traded 54,800 54,800 Page

Value Traded 221,643.00 3 221,643.00 of 13

Symbol PZ UNILEVER

No. of Deals 36 41 77

Current Price 32.00 46.00

Quantity Traded 205,019 240,223 445,242

Value Traded 6,845,097.19 11,220,285.13 18,065,382.32

10,611,861

1,118,833,242.15 Value Traded 42,415,097.00 123,452,297.97 410,882,071.88 12,954,294.01 372,901,666.86 76,726,756.88 30,670,341.20 68,742,555.84 Value Traded 5,105,249.87 1,051,881.50 2,506,647.50 631,624,847.18 1,779,033,707.69

Daily Summary (Equities)

588

Current Price 0.50 0.76 0.97 0.50 0.50 0.50 0.63 0.50 2.32 0.77 0.50 0.59 0.63 0.50 0.50 0.69

Quantity Traded Page 100 1,207,472 245,313 4,410,491 10,000 150 74,400 10,500 5,098,821 5,074,189 10,000 204,700 418,000 30,000 300 11,342,914 28,137,350

Current Price 6.27 0.97

Quantity Traded 1,000 Page 272,000

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC Daily Summary as of 10/04/2014 UBA CAPITAL PLC Printed 10/04/2014 14:48:03.003 Other Financial Institutions Totals

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals IT Services COMPUTER WAREHOUSE GROUP PLC IT Services Totals Processing Systems CHAMS PLC Daily Summary as of 10/04/2014 E-TRANZACT INTERNATIONAL PLC PrintedSummary 10/04/2014 Daily as 14:48:03.003 of 10/04/2014 Processing Systems Totals Printed 10/04/2014 14:48:03.003

13

Value Traded 5,960.00 of 13 264,260.00

5

270,220.00

No. of Deals 3 3

Current Price 1.64

Quantity Traded 800 800

Value Traded 1,272.00 1,272.00

Symbol AFRIPRUD CUSTODYINS FBNH FCMB STANBIC UBCAP

No. of Deals 64 33 457 45 29 108 736

Current Price 3.04 2.20 12.35 3.51 20.45 2.60

Quantity Traded 3,031,252 3,319,755 11,354,899 1,334,491 100,882 7,781,504 26,922,783

Value Traded 9,072,922.61 7,233,163.28 140,428,895.65 4,684,332.39 2,039,653.36 20,258,681.38 183,717,648.67

210,633,860

1,990,334,143.99

2,515

Daily Summary (Equities) Symbol UNIONDAC

No. of Deals 3 3

Current Price 0.50

Quantity Traded 60,250 60,250

Value Traded 30,125.00 30,125.00

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

No. of Deals 1 1 20 7 1 1 31

Current Price 2.12 2.92 70.00 1.81 1.45 1.57

Quantity Traded 2,500 9,498 Page 239,074 49,500 3,000 100 303,672

28,019.10 6 of 13 16,701,081.96 86,866.40 4,140.00 157.00 16,825,314.46

34

Value Traded 5,050.00

363,922

16,855,439.46

Symbol COURTVILLE

No. of Deals 7 7

Current Price 0.57

Quantity Traded 5,201,000 5,201,000

Value Traded 2,762,570.00 2,762,570.00

Symbol CWG

No. of Deals 2 2

Current Price 5.56

Quantity Traded 2,600 2,600

Value Traded 13,754.00 13,754.00

Symbol CHAMS ETRANZACT

No. of Deals 9 1 10

Current Price 0.50 2.32

Quantity Traded 1,360,450 30,000 1,390,450

Value Traded 680,225.00 66,300.00 746,525.00

6,594,050

3,522,849.00

ICT Totals

Published by The Nigerian Stock Exchange ©

273,000

4Value Traded of 13 50.00 918,977.68 239,173.61 2,205,245.50 5,000.00 75.00 47,784.03 5,250.00 11,470,372.54 3,856,667.59 5,000.00 117,679.00 263,340.00 15,000.00 150.00 8,161,530.68 27,311,295.63

Symbol INFINITY

19

Daily Summary (Equities) Daily Summary (Equities)

Page

7

of

Symbol ASHAKACEM Symbol BERGER CAP CCNN DANGCEM FIRSTALUM PORTPAINT WAPCO

No. of Deals 33 No. of Deals

Current Price Current 16.62 Price

Quantity Traded Quantity795,608 Traded 49,116 89,657 264,827 737,148 150 20 958,957 2,895,483

Value Traded 13,195,166.22 Value Traded 427,841.93 3,373,937.10 2,480,199.80 173,188,794.62 78.00 86.00 103,897,211.85 296,563,315.52

Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

Symbol CUTIX

No. of Deals 12 12

Current Price 1.94

Quantity Traded 220,200 220,200

Value Traded 420,125.34 420,125.34

Packaging/Containers AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. Packaging/Containers Totals

Symbol AVONCROWN BETAGLAS

No. of Deals 1 3 4

Current Price 1.41 19.95

Quantity Traded 3,125 119,520 122,645

Value Traded 4,406.25 2,384,424.00 2,388,830.25

3,238,328

299,372,271.11

Quantity Traded 200 200

Value Traded 1,474.00 1,474.00

BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC FIRST ALUMINIUM NIGERIA PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

INDUSTRIAL GOODS Totals

262.20 Value Traded 262.20 13 of of

Current Price 90.00

Insurance Carriers, and Symbol No. of Deals Published by The Nigerian Stock Brokers Exchange © Services AFRICAN ALLIANCE INSURANCE COMPANY PLC AFRINSURE 1 AIICO INSURANCE PLC. AIICO 26 CONTINENTAL REINSURANCE PLC CONTINSURE 8 CORNERSTONE INSURANCE COMPANY PLC. CORNERST 9 GUINEA INSURANCE PLC. GUINEAINS 1 CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS 1 INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 7 LASACO ASSURANCE PLC. LASACO 2 Daily Summary as of 10/04/2014 MANSARD INSURANCE PLC MANSARD 19 Printed 10/04/2014 N.E.M14:48:03.003 INSURANCE CO (NIG) PLC. NEM 29 NIGER INSURANCE CO. PLC. NIGERINS 1 OASIS INSURANCE PLC OASISINS 7 PRESTIGE ASSURANCE CO. PLC. PRESTIGE 4 Daily Summary (Equities) STANDARD ALLIANCE INSURANCE PLC. STDINSURE 1 UNIVERSAL INSURANCE COMPANY PLC UNIVINSURE 1 WAPIC INSURANCE PLCEQTY WAPIC 68 Activity Summary on Board Insurance Carriers, Brokers and Services Totals 185 FINANCIAL SERVICES Micro-Finance Banks Symbol No. of Deals FORTIS MICROFINANCE BANK PLC FORTISMFB 1 Published by The Nigerian Stock Exchange © NPF MICROFINANCE BANK PLC NPFMCRFBK 7 Micro-Finance Banks Totals 8

INDUSTRIAL GOODS Building Materials INDUSTRIAL GOODS ASHAKA CEM PLC Building Materials

Value Traded 866,930.79 Value Traded 866,930.79 866,930.79 866,930.79 Value Traded

Quantity Traded 14,000 Quantity Traded 14,000 14,000 14,000 Quantity Traded

No. of Deals 11 11

Quantity Traded 5,658,797 19,591,452 31,605,010 6,124,714 13,759,127 22,361,420 11,771,597 9,593,981 Quantity504,983 Traded 2,103,763 2,525,595 29,699,488 155,299,927

Activity Summary on Board EQTY Activity Summary on Board EQTY

No. of Deals 15 No. of Deals 15 15 15 No. of Deals

Symbol 7UP

HEALTHCARE Totals

Daily Summary (Equities)

Activity Summary on Board EQTY CONSTRUCTION/REAL ESTATE

JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction ROADS NIG PLC. JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals ROADS NIG PLC. Infrastructure/Heavy Construction Totals Real Estate Development

No. of Deals 1 2 3

Value Traded 16,011,048.81 3,154,406.25 511,469,661.49 530,635,378.75

Current Price 7.41 6.03 13.10 2.11 27.20 3.49 2.62 7.20 Current 10.35 Price 0.50 0.99 21.25

HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL Activity Summary on Board EQTY SERVICES PLC Healthcare Providers Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC © Published by The Nigerian Stock Exchange GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals

Daily Summary (ETP) Exchange Traded Fund

Quantity Traded 84,301 121,875 3,378,679 3,584,875

FINANCIAL SERVICES Totals

3,724,715,718.73 12

Current Price 190.00 26.41 150.85

Symbol No. of Deals ACCESS 112 DIAMONDBNK 85 ETI 100 Daily Summary (Equities) FIDELITYBK 120 GUARANTY 351 SKYEBANK 156 STERLNBANK 105 UBA 193 Symbol No. of Deals UBN 48 UNITYBNK 3 WEMABANK 43 ZENITHBANK 267 1,583

Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals

Activity Summary on Board ASeM OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC Petroleum Petroleum Products Distributors Totals Daily Summary as ofand 10/04/2014

No. of Deals 30 23 102 156

CONSUMER GOODS Totals FINANCIAL SERVICES Daily Summary as of 10/04/2014 Banking14:48:03.003 Printed 10/04/2014 ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC Activity Summary on Board EQTY STERLING BANK PLC. FINANCIAL SERVICES UNITED BANK FOR AFRICA PLC Banking UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals

Daily Summary (Equities) Published by The Nigerian Stock Exchange ©

Food Products--Diversified CADBURY NIGERIA PLC. Activity Summary on Board NESTLE NIGERIA PLC. EQTY Food Products--Diversified Totals CONSUMER GOODS Household Durables VITAFOAM NIG PLC. Household Durables Totals Published by The Nigerian Stock Exchange ©

Symbol GUINNESS INTBREW NB

NATURAL RESOURCES Metals ALUMINIUM MANUFACTURING COMPANY PLC Metals Totals Published by The Nigerian Stock Exchange © Published by The Nigerian Stock Exchange ©

12 16 14 43 2 1 50 171

8.76 37.75 9.48 235.00 0.50 4.10 108.00

187 Symbol ALUMACO

No. of Deals 3 3

Current Price 7.75

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ENTREPRENEUR STO R I ES O F BU S I N ES S S U CC ES S ES

NEW TELEGRAPH

41

newtelegraphonline.com/entrepreneur

MONDAY, APRIL 21, 2014

The fastest way to grow your business

Gbonjubola Sanni, is an associate member of the Institute of Chartered Accountants of Nigeria. She worked in the Audit Practice of KPMG Professional Services, Lagos (Nigeria) and as Financial Planning and Analysis Manager in Cadbury Nigeria Plc. Email: gbonjute@yahoo.co.uk Phone: 08028268924, 08072692134 Blog address:www.gbonjubolasanni.wordpress.com

S

ometimes it becomes really tedious thinking about business growth. We worry about our plans, get confused about our products and become anxious about staff issues. Even though all these issues are important and need to be tidied up, they are not the area of business that contributes most to its success. So what is that one thing that needs to be given utmost importance for any business to grow fast? It’s the time spent on sales. Many business owners wonder why they are not doing well especially with respect to business growth and can’t seem to make headway. The answer lies in the number of hours they spend selling. Selling could either be refining how you sell or getting out there and getting face to face with potential customers. I’m sure the next question any business owner will ask then is “How much time should I spend on selling or the sales process?” If you’re running a new business you should devote at least 80 % of your day to it. On the other hand, if you’re a well-known business you should still spend at least 30% of your day

on selling or connecting with customers. When you spend most of your time selling, opportunities quickly arise. Doors open. Cheques get written. Good things happen. When you stay in your office talking to your staff, being rigid over product details, administration and other details, you may progress your business, but you won’t greatly increase your revenue. It’s only going out and asking more people to buy your products and services that will make a real difference in the long run. All else is fiddling with the shadow of

“If you’re running a new business you should devote at least 80 % of your day to it. On the other hand, if you’re a well-known business you should still spend at least 30% of your day on selling or connecting with customers.” success. All great companies are great at sales. Their massive growth was not just because

SME L AW

DISCLAIMER QuickLAW™ is a free newsletter created for general information and enlightenment only. Please, consult a lawyer for individual professional advice. You may send your questions to lawrookies@gmail.com. However, we cannot guarantee an answer, and if we do answer, that does not make us your lawyer. We do not answer questions privately; please, do not send any question if it is not for publication.

their products have good qualities but as a result of their absolute dedication to selling it better than their competitors. They decided it matters to get out there and ask people to buy whatever they had to offer. It is possible you feel you are too busy or that there are too many other things to do. The truth is that if you don’t drop these excuses and begin to sell, you won’t be able to discover how quickly your business can improve. Don’t allow your sales staff to give you excuses about how selling more won’t work. Any sales staff

that isn’t ready to be pushed and held accountable should be relieved of such responsibility. Sales are too important not to have a constant magnifying glass on it. Sales should be the heart of what your company does every single day; ignoring it is disastrous. Are you set for a business boom? If yes is your answer, then the area you should focus on, first, second and third is sales. Get out there and ask more and more people for money. It may sound basic, but eventually passion for sales is at the centre of all sustained business growth.

Picking a name for your business

W

hen you start thinking about and scouting for a name for your business, make sure the name is as precise and original as possible. You can neither register nor do business with a name which is misleading regarding the size, scope, nature, ownership or patronage of your business.

In addition, the proposed name of your business must not closely resemble that of an existing business or trade/service mark, so as to confuse consumers. Also, the proposed name of your business must not be considered offensive or spiteful. If a name is objectionable on any of the above grounds,

it may be rejected at the CAC. Once you are sure you have a precise and original name for your business, the next step in the process of incorporation or business name registration is to check if the name is available. If it is available, the CAC will reserve it for your use for a period of 60 days.


42 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 21, 2014

B U CSLIANS ES S S George Essien is designated Peak Performance Consultant(PPC) and Chief Inspirational Officer Of Powerminds Community Contact: powermindscommunity@ yahoo.com, essien_success@yahoo.com, drgeorgeessien@gmail.com.. Twitter: @GeorgeEssienPPC. Facebook@George Essien Tel: 08187133153

Contemplating entrepreneurship: Salary is addictive

S

alary can be addictive. If you are on a regular salary you become diseased with what is called: Sure Wage Syndrome (SWS). Regular salary gives you a false assumption of financial security. But you must realise that there is no such thing as financial security. There is, however, something called Financial Freedom and only entrepreneurs can attain that. Working for somebody is like “slavery”, the only difference is that you earn some wage. You earn a meagre amount compared to how much money your company makes. You do not experience financial freedom working for someone else because your employer or the organisation determines the time you wake up, determines how long you work, and when you sleep. They also determine how much you are paid. They determine when you go on vacation and how long you

spend with your loved ones. A job doesn’t give you freedom; it enslaves you. In a typical civil service job in Nigeria, you sit down and do almost nothing from morning until closing time, except gist, gossip, and for the women, sell or buy clothing materials to or from colleagues. That kind of job stifles creativity. It is void of challenge, and at best, “routinizes“ your activities .When you retire, you either get drained and used if you worked in slavish parastatal or you get totally bored. When some retire, they take their gratuity and dump into some investment or begin a business they think will succeed. Alas, they are unskilled in the intricacies and technicalities of investments and so their business fails. If it doesn’t , they would have to face the challenge of competing with the young, enterprising entrepreneurs in the outside world. It is

difficult at this point to compete because they have given their youth, creativity and energy to the previous companies they worked for. They lack the drive to compete with these young people in business. Yes, they have experience, but surely not experience in real life, street business. And so, if they even have the heart to sustain through, they have to go through the learning curve every entrepreneur goes through. Those who worked as civil servants, after retirement, line up, sometimes under the scorching sun to get peanuts from the Government. And if it is delayed, they rant and batter over radio and television programs, carrying posters and cards with them as they protest in Government houses. These are old men and women who should be enjoying the fruit of their labours. What a life! Some young graduates are easily mesmerized by the flashy bank jobs here and there. They seem excited about the white collar shirts, ties and fancy suits

bankers wear. These banks may pay them huge amounts when they get the job, but they keep them working from morning till night. These bankers have no time for themselves or their loved ones. I call this slavery; slavery in a civilized modern manner. That cannot be financial freedom no matter the amount being paid. It is unfortunate that very many creative brains are concentrating themselves in the banks. Nigeria is large with possibilities, options, and alternatives. I foresee a time when graduates will turn down these jobs and become their own bosses. Others who work in multinationals think the wiser option is to use their money to hire a manager and start up a business. They pour in huge amounts into those businesses only to realise that success in business is not about money or capital, but about effective management. They suddenly realise that nobody can manage the business better than the one who initiated it. Busi-

POWER POINT

Looking for ideas to grow your business? Explore:

Research:

Investigate:

Look:

Use:

Explore existing technology to find opportunity

Research the potential market for your product

Investigate your competition and learn from them

Look at threats and opportunities for your business

Use stakeholders’ ideas for new perspective

ness is like a baby; the mother who gave birth to it must wean and nurture it if it is to succeed. Am I against apprenticeship? Am I against people working for others? Of course not! In apprenticeship you may gain experience and learn lessons, especially if you are in the right place, but chances are that your unique, undiluted approach would be relegated to the background as the so–called experience you gain under apprenticeship would be given pre-eminence, thus inhibitC O N T I N U E D O N PA G E 4 4

30 SECONDS LECTURE

“There are several competitive advantages that have made us who we are. First of all, my vision has been extremely helpful from the start... another key to our success has been finding passionate people to join our team; employees that are creative and love what they do. This fact, combined with our vision, certainly sets us apart.” – Tara Fela-Durotoye MD/CEO, House of Tara


BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 21, 2014

BUSINESS

O P P O RT U N I T I E S

43

Making it in business: Take the partnership advantage

Emenne Ifeanyi is the Senior Vice President, Strategy and Development, Corporate Kanselor. Phone: +234 802 632 2171 Email: emenneifeanyi@yahoo.com www.richnigerianpharmacists.com www.facebook.com/richnigerianpharmacists

What is unique about these companies when they started? 1. MICROSOFT 2. APPLE COMPUTER 3. WARREN BUFFET 4. ALIKO DANGOTE 5. GUARANTEE TRUST BANK 6. ZENITH BANK, UBA, ACCESS BANK I have noticed something unique about very successful pharmaceutical companies in Nigeria like Greenlife, Elbe, Hovid, Fidson to mention but a few. When I noticed it, I was surprised at how that single ingredient was driving their success. I also did further research and found that ingredient in most very successful retail pharmacy chains in Nigeria. That key ingredient is “partnership”. Steve Job in apple had Wozniak, Warren buffet had Charlie Munger, Dangote has the Dantatas and for all the mentioned Nigerian banks, their partnership a well known. Now to pharmaceutical companies, almost all the very successful companies owned by none pharmacists have partners. If you go to Green life, one partner is in charge of administrative issues while the other one is in charge of marketing and sales related issues. If you go to Elbe with a proposal, the content will determine the partner that will see you. The same goes for most successful pharmaceutical companies in Nigeria and all over the world. The unique thing about the partnership is that one partner is the direct opposite of the other. While the Managing Director of Greenlife is very vocal, his partner who is the chairman is more reserved. Most people tend to see the Managing Director of Hovid but his partner

If Google, Yahoo, Facebook all started with partners, then it means partnership is very critical. I strongly believe the reason most of MKO Abiola’s businesses collapsed is because he was the sole owner offers a helping and silent hand. In the very successful retail pharmacy chains in Nigeria, for example, more than 70% of them have partners. Their partnership is not reflected on their CAC document for registration purposes but they all have partners. Ironically, most businesses are going at the game alone. Most owners of businesses in Nigeria want to be the Managing Director and Chief Executive Officer. They fail to realise that they have blind spots no matter how good they may be and only a partner who has a stake in their business can augment for that flaw. Luckily some business people like the owners of Altinez have tapped into this key secret and are one of the most successful pharmacists who own businesses in Nigeria. If you are very vocal and aggressive, you need a less vocal partner whom your people can go to anytime

you annoy them. On the other hand, if you are more on the reserved side, you need a very vocal partner who will push your people to deliver when they come with wonderful excuses. With my new business, I am very sure, based on what my current clients are willing to pay, that I can build it to a point where it can start making N120,000,000.00 in two years. But, I am not going to go at it alone. I am currently working on a business plan that a mentor asked me to get for him so that we can get investors and partners into the business. I want to build a business with a very solid foundation and I have come to realise that even if I can make it successfully on my own, that I need partners who can help me cover my blind spots. You need partners most during turbulent times to help keep you steady and not take some rash decisions. I strongly advise all business men and women to look for partners for their business. Get partners who will complement your weaknesses

On the other hand, if you are more on the reserved side, you need a very vocal partner who will push your people to deliver when they come with wonderful excuses

and who have some real value to bring to your business. Even if the partner does not have a share in the business, you can adopt the strategy of one of the Big Pharma companies in Nigeria. The MD got a Non Executive Director who is more aggressive and complements his quiet nature. A note of warning: Please do not pick a partner for partnership sake. Just like a young woman will not marry any man that comes along because she wants to marry, you must not pick anyone as partner because you heard that partnerships will make a business very successful. You must ask yourself - if you would still partner with that person if you had all the money you desire. If the answer is no, then that person is the wrong fit for you. Also you must stake clearly the kind of qualities you desire in a partner and only go for people who meet that specification. But most importantly, you must get a lawyer to draft an agreement for you guys and state explicitly the exit terms in case anyone decided to pull away any day. The exit clauses are what will secure the partnership for a long term. If Google, yahoo, Facebook all started with partners, then it means partnership is very critical. I strongly believe the reason most of MKO Abiola’s businesses collapsed is because he was the sole owner. Finally, it is better to own 10% of a N100,000,000.00 asset base company than to own 100% of a company worth N1,000,000.00.


44 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 21, 2014

Do it right: Heeding the warning of Corporate Affairs Commission

T

he Corporate Affairs Commission, has recently been making some changes that may eliminate some businesses. Don’t be surprised if you wake up someday to a letter that your business’s name has been delisted by CAC. I went to corporate affairs commission office to find out how Nigerians can do their businesses more professionally. Here are my discoveries: 1. Every business in Nigeria must file in an annual report with CAC yearly. To do that, you will submit your audited report along with the form from CAC and pay N5000 per year. 2. You cannot do any business with corporate affairs commission if you have not been filing your annual returns. For instance if you need a certified true copy of any of your documents, you need to present your annual returns. 3. If you have never filed an annual return, you will have to present your audited account for the number of years and a

chartered accountant must do that for you. 4. You can file a statement of affairs- If you have not filed an annual returns

before, you can get your accountant to draft a statement of affairs for you. You can use that to file your annual returns.

5. Dormant Name - If you have not been filing your annual returns, CAC may classify your company as dormant and delist it from their register. This will mean that your company has ceased to exist. 6. Exemption Letter If your turnover is very small,or you have not been using your company for transactions, you can write an exemption letter, exempting you from filing your statement of account. This means you do not need to pay a chartered accountant. A director and the secretary or two directors can sign the letter. Finally, if your company is more than ten years old and You have never filed in an annual return then know that if your name has not been delisted, it may cost you up to One Hundred Thousand Naira for CAC to revalidate it. Visit the corporate affairs office in your state for more details. In the interest of your business, stay professional and do the right thing. l Emenne Ifeanyi, visited the Corporate Affairs Commission.

If you have not been filing your annual returns, CAC may classify your company as dormant and delist it from their register. This will mean that your company has ceased to exist

B U CSLIANS ES S S

Contemplating Entrepreneurship: Salary is addictive C O N T I N U E D F R O M PA G E 4 2

ing original expression and limiting your success to the achievement of your master. Also, if you are not careful, the addictiveness and false security of your small or huge salary may prevent you from launching out. The ultimate purpose of life is to be “Be Your Own Boss”, leave your own trail, your mark. You can work with others, not for others. Synergize through interdependence, not survive as a dependant. Well, you can still work for others if you may or if you really must, but remember that salary is addictive and no time may be right enough for you to leave.

B ULSI BIRNA REY S S What are you reading this week? Entrepreneurs who lead, read. Here is one book you should read this week.

THE LEAN ENTREPRENEUR

By Brant Cooper and Patrick Vlaskovits

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he authors claim that when you want to start a new business or restart an existing one, you should try to understand your driving force. This is the element of your business model that you are committed to keeping constant and cannot accept changing. Here’s their list (they admit there can be more) of possible elements that might be the driving force or motivation behind why you want to work on a new business: • Segment—you want to bring any kind of product for a specific group (or groups) of people. • Problem—you want to solve a particular issue or address a specific passion. • Product—you have a singular product vision. • Technology—you have an invention you wish to productize. • Sales Channel—you are great at selling or are

committed to e-commerce. Cooper and Vlaskovits go into detail on how to determine which is your driving force. They advise that if you choose to hold one of these constant because it’s what motivates you, you must accept the possibility that you could have been more successful if you had let go of it. Results from the marketplace

could come in later that suggest that changing that variable would create better opportunities for the business. It’s okay to pivot around your driving force as you hold it constant. But, you should at least be aware of the possible consequences beforehand and be prepared for a trade-off. - Culled

For feedback and Information Please contact the Project Coordinator: ENTREPRENEUR Phone: +234 803 721 9064 | +234 809 551 0411 | Email: mailyourthoughts@gmail.com | www.book-brands.com


METRO

pril 21, 2014

w can I When he er I was he asked s wrong, m that I happen

told him e started ke sure I

Okeowo Babatope Akure

P and my brothers go to jail. He detained my brothers who came to the station to bail me. “The office has an inner room. He took me to the inner room. There was no bed sheet on the bed and the mattress has green and white colours. The place I later washed after he raped me had a wash basin and paint bucket. A bucket filled with water was there. Dettol had been poured into the water. The room is painted cream.” The panel will meet again after the Easter break.

begins May 1 – Opeifa

ment comtation of r vehicles

21

12 suspected criminals in custody

cal report

he panel he girl’s

45

on November 1, 2013. Owners are expected to go with their vehicles to any of the 21 Vehicle Inspection Services’ offices within the state while the drivers and conductors will go to any of the five LASDRI centres located in their divisions for their documentation. Opeifa also advised commuters to be security conscious at motor parks and whenever they board or disembark from vehicles. He urged commuters to always watch out for unattended luggage, strange objects, strange persons and behaviours among others. The commissioner appealed to members of various transport unions to be cautious of their environment, take proper control and ownership of their various motor parks.

olice in Ondo State have paraded 12 suspected criminals arrested for different crimes ranging from armed robbery, stealing and kidnapping. The Commissioner of Police, Mr Isaac Eke, who paraded the suspects at the weekend, said they were apprehended within the past two weeks in parts of the state. Some of the suspects are identified as Bunmi Adewale (39), Sherif Olamoyegun (18), Sunday Tosin (19), Kabiru Lateef aka Oba Aro (20), Elusakin Samuel (20), Niyi Adesiyan (20), Olamoyegun Jelili (20) and Wasiu Olamoyegun (24). Various items worth thousands of naira as well as arms, ammunition and charms were recovered from the suspects. Eke said a suspected kidnapper, Michael Onyeke, was rescued by a police patrol team from an irate mob in Ore when he could not give a satisfactory explanation on how he had threeyear-old Yusuf Eniola and twoyear-old Aishat Eniola in his custody. He said: “Onyeke, who hails from Benue State was nabbed on April 13 about 10am around Eco Bank, Ondo Road in Ore by some irate mob who were about to lynch him when the police patrol team intervened and took him to Ore Police Station.” Also, two members of a fiveman robbery gang which had invaded the house of Mrs Adeyemi Olubanke at No 1, Olabomowo Street, Ibitayo Estate, Ondo on April 13, around 11pm were also aprehended in Delta State while the police are still on the trail of other fleeing suspects. The two suspects arrested, Uche Eze (25) and Nnamdi Emeka (29) and their other fleeing gang members had robbed the entire household at gunpoint, stealing a Toyota Hiace bus marked Lagos KTU 477 AH belonging to St.

Some of the suspects

Recovered items

Stephen Cathedral Church and a cash of N103,000. Other valuables they carted away included seven wedding rings, 10 various handsets, one I-pad, five ATM cards and an envelope containing Adeyemi’s personal documents. “As soon as the case was reported, the detectives swung into action and moved to Delta State where Uche and Emeka, who confessed to the crime on interrogation, were arrested while the bus and almost all the other

stolen items were recovered from them,” Eke said. He added: “On a tip-off, eight young men of age bracket of 18 to 39 years who were living together in a single room at Odo Alafia Street, Ondo, were apprehended. “Having executed a search warrant in their house, it paid off, as weapons and some incriminating items that were recovered from them included one cut to size single barrel gun, one expended cartridge, one UTC axe, one cutlass, one hammer, one sword one

knife, Army belt and cap and complete pairs of Vigilante Group of Nigeria (VGN) uniform. “ O n April 5, two men on a motorcycle reportedly robbed a couple, Mr Rotimi Adedayo and his wife, Mrs Iyaniwura Adedayo, at gunpoint and shot Mr Adedayo on his left leg while he was struggling with the robbers who eventually robbed them of their N20,000 and carted away their Nokia handset worth N15,000, a wrist watch worth N3,000 and a bunch of keys.” The commissioner said the police arrested Sunday David in connection to the crime, who also confessed to the commission of the crime and disclosed that one Taye was his cohort. Eke said the unrelenting police detectives also apprehended Ayo Ojo (22) who had been robbing innocent people on Iju - Itaogbolu Road on April 16 at 7pm. The commissioner added that upon his arrest, Ojo was caught with three different handsets, 16 live cartridges, one locally made pistol, a knife, one face mask, two bags, a charm and N13,700 cash.

ng: Man demands N5m compensation from Kogi

y abandoned fertiliser store belonging Ministry of Agriculture. said he was sleeping around 2am on n he heard an abnormal sound in his

“It was raining and there was a storm, e was dusty but I managed to go out to as happened. To my surprise, almost building got damaged when the wall fell on my house.

“My fence collapsed, my wife’s store was completely destroyed, while two rooms were badly af fected.” Oyetoke, who said the large store had been abandoned for more than two years after the roof, doors and windows were removed, said gover nment’s ne glig ence caused the incident. “It is wor risome when a gover nment, which supposed to protect the lives and

proper ty of the citizens, decided to set death traps for the people to battle with. “We have lodged our complaints on several occasions to the state Ministry of Agriculture to remove the structure, but they did not respond. If this building has been taken care of, what happened today could have been averted,” he added. Oyetoke therefore appealed to the government to immediately remove the debris and compensate him for the damage done to his house, saying the

destruction was not a natural disaster. The man also urged the gover nment to reintroduce monthly sanitation exercise to keep the state capital clean. He claimed that the Ministry of Environment saddled with the responsibility of keeping Lokoja clean had lost focus. According to him, the sanitary inspectors supposed to ensure that the environment is clean, prefer to stay in their of fices.


46 NEWS

Sanctity of Truth

Monday, April 21, 2014

EKITI 2014

Sambo’s threat of war unfortunate – Fayemi DANGER

Ekiti governor urges the new Vice President to mind his language to avoid chaos

Ayodele Ojo

G

overnor Kayode Fayemi has described as unfortunate the statement credited to Vice President Namadi Sambo that the June 21 governor-

ship election would be like going to a war front. The governor, who spoke with journalists at the weekend, said such provocative statement is least expected of the Number Two citizen of the country.

Sambo had, last week in Abuja, said the Ekiti election would be like a war front. While conceding the right of the Vice President to push for his party in any election, Fayemi said his state, Ekiti, is not at

Ekiti State Governor, Dr. Kayode Fayemi (left), exchanging pleasantries with some leaders of the Towns Unions Associations, during the quarterly meeting with Community Development Associations in Isan Ekiti….at the weekend.

4.5m

The total population of St Petersburg, Russia in 2010. Source: Blatantworld.com

$162.6bn

The nominal GDP of Egypt (IMF) in 2009. Source: Blatantworld.com

76%

The percentage of individuals using the internet in Australia in 2010. Source: Itu.int

Bamidele promises even distribution of amenities Adesina Wahab ADO-EKITI




T

he governorship candidate of the Labour Party (LP) in the June 21 poll in Ekiti State, Hon. Opeyemi Bamidele, has said

he will not discriminate against any area of the state in the location of projects if elected into office.
Bamidele said “my administration will ensure even distribution of amenities in all nooks and crannies

of the state.”
He gave the assurance at the weekend while on electioneering campaign in Gboyin Local Government Area.
Bamidele took his campaign to places such as Ijan-Ekiti, Aisegba-Ekiti, Iluomo-

NOA boss warns against violence Adesina Wahab ADO-EKITI




D

irector General, National Orientation Agency (NOA), Mr Mike Omeri, has warned politicians struggling for victory in the June 21 governorship election in Ekiti State against violence. He said that electoral victory should not be obtained through such tainted process.
 Omeri, who expressed disgust that violence has begun to rear its head

prior to the electoral battle, urged religious leaders to begin preaching the doctrine of tolerance and peaceful
co-existence for the election to be free of bloodshed.
 Speaking at a stakeholders’ forum organized by the agency in OyeEkti
in Oye Local Government Area of Ekiti State at the weekend, Omeri,
also tasked traditional rulers to advise their subjects to eschew thuggery and put the interest of the state at heart during electioneering campaign.
 He emphasized the

need for all politicians across party lines to always embrace dialogue in settling their differences rather than
arming youths to cause public unrest that could lead to the
breakdown of law and order.
 He said, “The conduct of a free, fair and credible election is the responsibility of all. Particularly, religious leaders and traditional rulers must sensitize their subjects on the evils that are associated with electoral violence.
“Youths and women groups also must be alive to their
responsibilities.”

ba-Ekiti among others.
Bamidele, who is a member of the House of Representatives, said since there were no second class citizens among Ekiti people, social amenities should therefore be spread across all corners of the state.
He also promised to provide job opportunities for youths, describing the level of unemployment as alarming.
 The federal legislator opined that if the resources of the state were properly harnessed, there would be enough to cater for the needs of the people.
 He said the LP was for a peaceful campaign and election, warning politicians fomenting trouble to desist from such acts.
He solicited the support of the people on election day, saying a vote for him would usher in a glorious dawn for Ekiti State.


war to warrant Sambo’s war song. Fayemi said the outcome of the governorship election will not be decided in Aso Rock but by Ekiti people, warning that “Ekiti is not a very good place to rig election.” “Federal might is always going to be a factor in any election, but people’s might is bigger than federal might,” he added. The governor insisted that Ekiti has remained one of the most peaceful states since he came into office in October 2010. “So, for somebody who occupies one of the highest offices in the land as our Vice President, to reduce the importance of his office and promote insecurity - either directly or by subterfuge, which is really unbecoming of the person who occupies the Number Two office in

the land, is unfortunate,” he said. The governor cautioned that the desperation of the Peoples Democratic Party (PDP) should not be dragged too far, noting that the outcome of the Ekiti governorship election will, to a large extent, determines the credibility or otherwise of the 2015 elections. Fayemi also disclosed that some people were already sewing fake military uniforms for the election. “There is a lot of intelligence that is available to me about people sewing fake uniforms of soldiers and policemen, in preparation for Ekiti election. I hope the Independent National Electoral Commission (INEC) would be reassuring not just Ekiti people, but Nigerians because the Ekiti election is even far more important than the 2015 elections,”

Collect your permanent voter cards, Fayose tells voters

 Adesina Wahab ADO-EKITI




T

he governorship candidate of the Peoples Democratic Party (PDP) in the June 21 election in Ekiti State, Mr. Ayo Fayose, has urged people yet to collect their permanent voter cards to go and do so without further delay.
 According to him, feelers from the Independent National Electoral Commission (INEC) indicated that many people were yet to collect their cards.
 Speaking in Oye-Ekiti and some other towns in Oye Local Government Area at the weekend, Fayose noted that people should go to INEC offices in the various local governments to collect their PVCs.
Without the cards, they would not be able to exercise their voting right on election day.”
 After INEC gave people the chance to collect their PVCs for three days at polling units last month, the body said those who were unable to collect should go to its local government of-

fices.
On the welfare of the people including senior citizens, Fayose said it was on record that he pioneered giving monthly stipends to the elderly in the state. 
 He said if given the chance to lead the state again, he would improve upon the existing programme and bring life to the generality of the people of the state.
 While setting the record straight, the former governor said the sum of N2,000, was given to senior citizens as allowance on a monthly basis between year 2003 and 2006 aside a special package for widows.
 He said his wife, Mrs Feyisitan Fayose, then collaborated with the Ministry of Social Development and Women Affairs to disburse the allowance to the widows.
 “Though, I don’t want to engage in any controversy with anybody over any issue, the records are there for all to see. I started the social security scheme for the elderly in this state through the various local governments.
”


NEWS 47

Monday, April 21, 2014

Alcohol, root of crashes in Awka, FRSC warns

A

wka sector command of the Federal Road Safety Corps (FRSC) has expressed worry over the rising cases of alcoholism among commercial bus drivers in the area. According to the News Agency of Nigeria (NAN), Deputy Sector Commander and Head of Operations, Mr. Adewunmi Malomo, said yesterday in Awka that the trend had become worrisome to the corps. Malomo, who led a team of the corps’ personnel on road safety campaign to the Living Faith Church (LFC) Amawbia, said the drivers usually claimed they ‘only took

roots.’ He, however, pointed out that the roots were usually soaked in local gin, which they claimed had cure for so many ailments. “Drinking roots before driving is alcoholism, because it is usually soaked in the local gin to bring out its contents before drinking,” he said. He said the FRSC decided to visit churches for its campaign against the illicit act, in order to save lives. “We are tired of packing dead bodies on the highways, more so, the scripture is against untimely deaths.”

Senator donates books to 105 post-primary schools in Abia Ikechukwu Ucheoma Umuahia

S

enator Uche Chukwumerije, has distributed books to all the 105 post-primary schools in his Abia North Senatorial district. The gesture was under his Greater Tomorrow Education Project (GTEP), which is an extension of his empowerment programme. GTEP involves the distribution of two sets of books, whose production was effected by the senator to all the 105 secondary schools - both government and privately owned, in his Abia North

senatorial district. The two set of books, whose titles are Biological/Physical Sciences and Social Sciences/ Liberal Arts and published under ‘Wisdomline SelfLearning Series’, contain over 4, 000 JAMB, UTME, WAEC and NECO past questions and analytical solutions in the core subjects. It will be recalled that the senator built and donated an e-library in Ngodo Secondary School and in 2008/2009, distributed similar books in science to schools in the district, but this time, he distributed both science and social science /liberal arts books.

Missing professor: Family sends SOS to Jonathan, IG Adeolu Adeyemo Osogbo

F

amily and community members of the missing professor of nuclear physics at the Obafemi Awolowo University, Ileife, James Olomo, at the weekend, called on President Goodluck Jonathan and the Inspector General of Police, Mohammed Abubakar, to come to their aid in locating their son. They urged the Presi-

dent and the inspectorgeneral to, in the name of God, wade in into the matter to locate the whereabouts of the missing don, who has been missing for six months now. The family and the community members, under the auspices of Otan Aiyegbaju Progressive Union (OAPU), appealed to concerned authorities to please act fast on the matter, which has thrown all of them into a state of confusion.

Vicar, St. Mathew Anglican Church, Venerable Ben Idume (right), conducting the Child dedication of the twin children of Hon. Edozie Madu and Barr. Mrs. Edozie Madu at St. Mathew Anglican Church, Maitama, Abuja…yesterday. PHOTO:TIMOTHY IKOMENISAN

10%

The percentage of individuals using the internet in Angola in 2010. Source: Itu.int

278m

The number of fixed-telephone subscriptions of China in 2012. Source: Itu.int

2.77m

The total area (in sq. km) of Argentina. Source: Worldfactsandfigures.com

Boko Haram: Aregbesola calls for nationwide protest INSURGENCY

Osun governor wants Muslims to denounce bloodletting Muritala Ayinla

I

rked by the activities of the Boko Haram sect in the country, Osun State governor, Rauf Aregbesola, yesterday called on Muslims in the country to stage a mass protest against the sect. He said condemning the sect alone was not

Abdulwahab Isa Abuja

A

trade report released yesterday by the National Bureau of Statistics (NBS) put Nigeria's external merchandise trade in the third quarter of 2013 at N5.658 trn. The figure is higher than N5.341trn recorded in the second quarter of 2013, said NBS in its report signed by the Statistician General of the Federation/Chief Executive, NBS, Dr Yemi Kale. According to it, there was an increase of 5.9 per cent over what was recorded in the second quarter. The rising imports,

enough, but that action must be taken to show disdain for their actions. This was even as a former governor of Kwara State and senator representing Kwara Central senatorial district, Senator Bukola Saraki, urged Nigerians to go back to history in order to search for the missing values that have led to insurgency and other causes of political instability in the country. Both men spoke at the sixth reunion luncheon of the University of Lagos Muslim Alumni held

at the Eko Hotels and Suites, Lagos. Present at the event were the Speaker of the Oyo State House of Assembly, Hon. Jumoke Sunmonu, Secretary to the Lagos State Government, Dr. Oluranti Adebule, Ogun State Commissioner for Information, Mr. Yusuf Olaniyonu, among others. Speaking on the paper titled: “Setting the pace in good governance,” Aregbesola lamented the current spate of insecurity in the country, calling for concerted efforts

by policy makers to stem the tide. The Osun State governor, who said Muslims should set aside a day to reject and dispel Boko Haram and their acts in its entirety, also urged them to brace up for the consequences as they are under pressure by the continuous onslaught on the image of Islam. This, according to the governor, is line with the injunction of Almighty Allah to reject any bad thing collectively in ‘words and actions.’

Nigeria’s external trade volume hits N5.658trn in 2013 – NBS coupled with a 4.5 per cent decline in exports from N3.742trn in the second quarter of 2013 to N3.573trn in the third quarter, resulted in a trade balance of N1.488trn. According to the report, trade balance was 30.6 per cent lower than what was recorded for the second quarter while the crude oil component of exports in the third quarter of 2013 stood at N3.087trn,indicating an increase of N377.5bn, or 13.9 per cent compared with the second quarter

of 2013. The non-crude oil component of exports exhibited a sharp decline of 52.9 per cent from N1.033trn recorded in the second quarter to N486.4bn in third quarter. On Year-on-year, NBS said crude oil and noncrude oil exports were down by 25.9 per cent and 72.1 per cent respectively. "The total value of Nigeria’s imports amounted to N2.084trn in the third quarter of 2013. This was N486.5bn or 30.4 per cent higher than N1.598trn

recorded in the previous quarter of 2013, and 64.0 per cent or N813.5bn greater than the value of imports recorded in the third quarter of 2012. "The increase from the previous quarter can be largely attributed to a rise in the import value of beverages and tobacco, which increased by N208.9bn, machinery and transport equipment, which increased by N145.2bn or 54.4 per cent, and food and live animals, which increased by N51.5bn or 35.7 per cent."


48 NEWS

Monday, April 21, 2014

APC, LP members defect to PDP in Ondo Babatope Okeowo Akure

T

he factional crisis rocking the All Progressive Congress (APC) in Ondo State took a turn for the worse at the weekend. Hundreds of its members defected to the rival Peoples Democratic Party (PDP). Led by a House of Representatives candidate for Owo/Ose Federal Constituency under the defunct Action Congress of Nigeria, ACN in the 2011 general elections, Chief Femi Adekanmbi, the APC members said they could not cope with the factional crisis in the

party any longer. Also, Adekanmbi said he decided to join the PDP with his supporters in order to support President Goodluck Jonathan’s second term ambition. Apart from Adekanmbi, some members of the ruling Labour Party from the Emure-Ile in Owo Local Government area of the state also defected to PDP. Adekanmbi said he decided to pitch his tent with the PDP because of lack of internal democracy in APC, saying “I cannot continue to stay in a party where imposition reigns supreme”.

FG asked to look beyond disdain for Western education Sola Adeyemo

A

coalition of human rights groups in Oyo State has counselled the Federal Government to review its perception of the dreaded Boko Haram sect and its strategy on terror attacks in the country. In a release signed by the coalition’s Chairman, Laoye Sanda and Coordinator, Yomi Dawodu, in Ibadan, the group regretted that within a spate of days, serious terror attacks were carried out in the country leading to the deaths of several people and the destruction of property running into millions of naira. “By this, we are referring to the bomb blast in Nyanya near Abuja, where over 70 people were killed, the abduction of over 100

school girls in Chibog, Borno State and the killing of 20 people, including a village head also in Borno State.” According to the coalition, about 1, 500 people have died this year alone in the hands of terrorists operating in the NorthEast. “But going by the method of operation of these terrorists and the testimonies coming from their enclave, it looks like we all have been making some mistakes in our perception of those behind the terror attack. We say this because the attackers have always moved in groups; have been using sophisticated weapons that are obviously imported and have a lot of educated members, to mention a few.”

Last one week, my worst days as Governor - Shettima Ahmed Mringa Maiduguri

T

he Borno state Governor Hon. Kashim Shettima said that the past one week were the worst days for him and the most troubling moment since he became the governor of the state in May, 2011. That is following the kidnap of female students of the Government Girls Secondary School Chibok, Borno State.

Governor Shettima stated this in an Easter message issued by his Special Adviser on Communication, Umar Gusau, while reacting to the abduction of school girls in the early hours of last Tuesday at the Government Girls Secondary School in Chibok in Borno State. He said the last one week is the worst period as Governor as some of student are still in the hands of their abductors.

Uwakwe Abugu Awka

T

he crisis that broke out in Oko community, Orumba North Local Government Area of Anambra State on Saturday during which one person died and the palace of the traditional ruler of the town, Igwe Laz Ekwueme, was torched has taken a new dimension. Youths of the area yesterday called on the Inspector General of Police (IGP) Mohammed Abubakar to arrest the monarch. The youths, who rose against the traditional ruler following the de-

48.8m

Oko Youths call for Igwe Ekwueme’s sack generation of the crisis, also called on the Anambra State Government to dethrone the traditional ruler, whose palace was among the buildings razed by angry youths on Saturday. Igwe Ekwueme, younger brother of former Vice President of Nigeria, Dr. Alex Ekwueme, has been backing the leadership of the community in a running war against the second term appointment of the Rector of the Federal

The total number of internet users of United Kingdom in 2008. Source: Blatantworld.com

Polytechnic, Oko in his town, Prof. Godwin Onu. The Inspector-General of Police had, during the recent security summit in Awka, capital of the state frowned at the frosty relations between the monarch and the rector of the polytechnic, warning that the matter be handled with care. But the institution also yesterday denied any involvement in the violent clash at the weekend that claimed a life.

87m

The number of active mobile-broadband subscriptions of CIS (Commonwealth of Independent States) in 2011. Source: Itu.int

The monarch, perhaps, too devastated by the outbreak of violence refused to comment on the incident when newsmen contacted him on his cell phone yesterday, saying he was not ready to speak. It was learnt that the crisis erupted on Saturday during the monarch’s Ofala Festival, when a masquerade was shot by one of the soldiers allegedly brought in at his behest to check the outing of the masquerades.

N3.8m

The internally generated revenue of Ekiti State in 2012. Source: National Bureau of Statistics

L-R: Book Reviewer, Mr. Bolade Omonijo; Bishop Chioma Danji; President, Nigerian Guild of Editors, Mr. Femi Adesina; Author of the Book, Effective media relations for Churches and Pastors, Mr. Sunday Oguntola; ArchBishop Magnus Atilade; Revd. Ladi Thomson; Revd Yomi Kasali, and Pastor Femi Emmanuel, during the launching of the book in Lagos…yesterday. PHOTO: GODWIN IREKHE

OFFENDERS

Former Edo governor, a professor of Law indicted for breaking the rules Tunde Oyesina Abuja

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he Governing Council of the National Human Rights Commission NHRC has recommended a former Governor of Edo State, Professor Oserhiemen Osunbor, a former Speaker of the Kogi State House of Assembly, Clarence Olafemi and 39 others to the Attorney General of the Federation and Minister of Justice for prosecu-

NHRC wants Osunbor, Adebayo prosecuted over electoral offences tion over alleged violation of electoral laws and commission of other criminal offences. Prominent among those recommended for prosecution are former Independent National Electoral Commission's Resident Electoral Commissioner for Ekiti State, Mrs Ayooka Adebayo and an Assistant Superintendent of Police, Christopher Oloyede. Two public institutions namely INEC and the Police were also indicted in the recommendation to the AGF.

The Peoples Democratic Party (PDP) was also indicted. Others are police officers, INEC's officials, lawyers and politicians. They had all been indicted by various election petitions tribunals and courts. Some of the offences with which they were indicted are forgery, perjury and breach of trust. Copies of the judgements were attached to the letter to the AGF. In making the recommendations, the commis-

sion said that it was exercising its power under Section 6 (1) of the NHRC Act 1995 as amended. The letter, which was signed by the Executive Secretary of the Commission, Professor Bem Angwe reads: "The main objective being to address impunity by ensuring that individuals and groups indicted for various electoral offences are brought to justice to serve as a deterrent, to uphold sanctity of the ballot and to ensure greater respect for democratic values amongst citizens."


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Sanctity of Truth

Monday, April 21, 2014

S.Africa's strike-hit platinum miners table new wage offer MINIMUM WAGE New minimum wage offer may end a 12week strike in South African mines

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wo of the world's top platinum producers, Anglo American Platinum and Impala Platinum, have announced a new wage offer to end a 12-week strike in their South African mines. The proposal from the two miners would push the minimum wage to the 12,500 rand ($1,200) demanded by unions by

July 2017. The firms had initially rejected the demand by the militant Association of Mineworkers and Construction Union (AMCU), threatening job losses as the strike waged on. Over 80,000 workers downed tools across South Africa's platinum industry on January 23, vowing not to return to the shafts until monthly wage was doubled. Impala Platinum, in a statement said, "the proposed increases will ensure that the minimum cash remuneration for entry level underground

employees will rise to 12,500 (rand) by July 2017." The union has been demanding the wage increase since a violent strike in 2012 when 34 mine workers were killed by police in Marikana. Anglo American Platinum (Amplats), Impala Platinum (Implats) and Lonmin -- the world's top three platinum producers -- had insisted the demands were unrealistic and would put mines out of business. "Anglo American Platinum urges AMCU

and its members to seriously consider this offer," said the company in a statement. Amplats said it had lost approximately 225,373 ounces of platinum in the last 12 weeks of the strike. Lonmin, which was also affected by the strike, is now the only company that has not presented a settlement. Intermittent wage strikes since 2011 have plagued the platinum industry in South Africa, which holds around 80 percent of the world's known reserves.

A man walks by Kevin, a man accused of being a thief by civil servants at the Work Inspection office, as he lay in pain after being attacked by a man with a machete and stick, in plain view of others, in Bangui, Central African Republic

Militants kill 14 Algerian soldiers in ambush ATTACK

Algerian military convoy returning from polling duties ambushed by Islamist insurgents

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slamist insurgents ambushed an Algerian military convoy in the mountainous Kabylie region, killing 14 soldiers. The attack came two days after Algeria's presidential election. The attack near the village of Iboudraren began at 10 p.m. Saturday with 11 soldiers being killed immediately and another three succumb-

ing to their wounds, the state news agency said. A local official said a large group of insurgents hid on both sides of the road and opened fire with automatic weapons as the military bus drove by. He spoke on condition of anonymity because of the sensitivity of the subject. The agency reported that the region has been the site of past clashes, including one three years ago that killed at least 13 soldiers at an army post. That attack was claimed by the Algeria-based al-Qaida in the Islamic Maghreb. There was no immedi-

ate claim of responsibility for Saturday's attack, but it appeared to carry a message for 77-yearold President Abdelaziz Bouteflika. The soldiers killed were returning from securing polling stations for Thursday's presidential election, which the government said was won by the ailing Bouteflika in a landslide. Algeria fought a 10year civil war against Islamic insurgents in the 1990s after the army cancelled a parliamentary election an Islamic party had been poised to win. Bouteflika has been

credited with bringing peace to this North African nation. Although sporadic attacks continue by AQIM fighters, they are now largely confined to isolated regions such as the Kabylie mountains, 60 miles (100 kilometers) east of Algiers, the capital. The Kabylie mountains are populated by Berbers, North Africa's original inhabitants, who have long been disaffected from the central government. The region near Saturday's attack had the lowest participation rate in the presidential election in the entire country.

Ebola: Death toll ripes tobs in Guinea

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lobal aid organisations have sent dozens of workers to help the poverty-hit west African nation to combat the haemorrhagic fever, with health officials raising the death toll by two to 63. "On Monday, two more deaths were reported in our area. People are really frightened," Joseph Gbaka Sandounou, a unit manager for Plan International was quoted as saying in a statement released by the organisation. "They have seen people die in a matter of just two or three days. They are constantly worried who is going to be the next fatality." The British-based charity said people of Guinea's southern forests - the epicentre of the outbreak which began in February - had been terrified by seeing neighbours bleeding severely as they were struck down by the virus. "People have never experienced anything like this before. Rumours are rife among communities who are trying to come up with their own explanations," said Sandounou. Ebola had never spread among humans in west Africa before February but five deaths being investigated in Liberia, one in Sierra Leone and others still being tested could bring the total in the epidemic to above 70. "We are not at the end of this epidemic, we continue

every day to record a number of new cases or fatalities," said Guinea's chief disease prevention officer Sakoba Keita, confirming the two new deaths. "But the daily incidence is lessening. We believe the peak has passed." The tropical virus described in some health publications as a "molecular shark" - causes severe fever and muscle pain, weakness, vomiting and diarrhoea, shutting down organs and causing unstoppable bleeding in severe cases. Other highly-contagious tropical bugs, including the Marburg virus and Lassa fever, can lead to similar symptoms but the authorities have not announced which other pathogens have been picked up in test samples. "Itisnotjustpeoplebutalso the health workers who are extremelyworried.Whenthe epidemicbrokeoutanumber of healthworkershadnoclue what they were handling nor did they have the protective gear," said Sandounou. "As a result, a number of Ebola victims have been health workers. We heard reports that health workers turned patients away due to fear in some cases before the healthadministrationswung into action." Guinea has banned inhabitants of the south from eating bats, a common feature of the local diet, as the creatures are considered to be the natural host of the virus.

Chad pulls out of CAR

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had has said it had withdrawn its entire contingent from the Central African Republic, in the wake of accusations its troops had carried out an unprovoked attack in the capital, Bangui, last month. President Idriss Deby Itno had ordered the pullout after the United Nations said Chadian troops had opened fire in a crowded market in Bangui on March 29 in an attack that left at least 30 people dead. "The last soldier crossed the border

on April 13," Souleyman Adam, the head of the Chadian unit with the African peacekeeping force, MISCA, said at a ceremony in the southern town of Sarh. The UN Human Rights Commission said an investigation had found that the troops fired "without any provocation", claims branded defamatory by Chad. A total of 833 Chadian soldiers returned home after a mission in the violence-ravaged Central African Republic that left 15 of their comrades dead.


50 Foreign

SCANDAL US secret service agents repatriated from Europe for conducts unbecoming of spies

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hree of American Secret Service agents were sent home from Amsterdam for drunkenness, after one was found passed out in a hotel hallway. The agents were in The Netherlands ahead of US President Barack Obama's trip there this week as part of the elite unit tasked with protecting the president in the event of an attack. Secret Service spokes-

Sanctity of Truth

Monday, April 21, 2014

Obama's agents sent home from Europe for boozing

man, Brian Leary confirmed to AFP "three employees were sent home for disciplinary reasons," without giving any further details. The incident comes two years after a scandal involving Secret Service agents and prostitutes in the Colombian Caribbean resort of Cartagena. Then, a dozen agents and officers drank heavily and brought prostitutes to their hotel before the president's arrival for

an economic summit. Their activities came to light when one of the call girls had an argument in a hotel hallway after an agent refused to pay her. Colombia reported the incident to the US embassy in Bogota. In the new case, the alleged behavior would violate Secret Service rules adopted after the Cartagena scandal, The Post reported. Barack Obama's visit

to the Netherlands started with a brief stop at the Rijksmuseum, a fine-arts museum in Amsterdam, before he attended a nuclear security summit in The Hague and met fellow G7 leaders for talks on the Ukraine crisis. Obama flew to Brussels on Tuesday for his first ever visit to the European Union's headquarters, and he is also due to visit Rome and The Vatican before heading to Saudi Arabia.

The Post said the three people sent home were members of the Secret Service's Counter Assault Team. That unit goes into action if the president or his motorcade comes under attack. They aim to fight off any attackers and draw fire while the president's protective detail removes him from the area. The Post said hotel staff alerted the US embassy in the Netherlands after finding the unconscious

agent yesterday morning, the day before Obama arrived in the country. The embassy then alerted Secret Service managers on the presidential trip, which included the agency's director, Julia Pierson. Under the new post-Colombia rules, staff on an official trip are banned from drinking alcohol in the 10 hours leading up to an assignment. Obama described the agents' behavior in the Colombia scandal as unacceptable.

Pope Francis celebrates Easter

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ope Francis made an Easter Sunday plea for peace and dialogue in Ukraine and Syria, for an end to terrorist attacks against Christians in Nigeria and for more attention to the hungry and neediest close to home. Well over 150,000 tourists Romans and pilgrims, young and old turned out for the Mass that Francis celebrated at an altar set up under a canopy on the steps of St. Peter's Basilica. So great were their numbers that they overflowed from sprawling St. Peter's Square, which was bedecked with row after row of potted daffodils, sprays of blue hyacinths and bunches of white roses. Waving flags from the Pope's native Argentina as well as from Brazil,

Mexico, Britain, Poland and many other countries, they also filled the broad boulevard leading from the square to the Tiber River. Easter is the culmination of Holy Week and marks Christian belief that Jesus rose from the dead after his crucifixion. Francis noted that this year the Catholic church's celebration of Easter coincided with that of Orthodox churches, which have many followers in Ukraine. Francis prayed that God would "enlighten and inspire the initiatives that promote peace in Ukraine, so that all those involved, with the support of the international community, will make every effort to prevent violence."

Freed journalists reunite with families

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he four French journalists taken hostage in Syria were reunited with family and colleagues yesterday in an emotional homecoming after 10 months in captivity during which they were chained together and held in dingy basements. Looking thin and tired but overjoyed, the men hugged relatives and colleagues waiting at an air base southwest of Paris where they flew in early yesterday from Turkey.

"It was a long haul, but we never lost hope," said radio reporter, Didier Francois, who, like the rest of the group, had shaved the long beard he grew in captivity before the reunion at the Villacoublay base. "From time to time, we got snatches of information, we knew that the world was mobilised," said Francois, 53, an experienced and highly respected war reporter for Europe 1 radio.

Residents reenact Jesus Christ's crucifixion on a hilltop in the Petare shanty town during Holy Week in Caracas, Venezuela, at the weekend

Transcriptrevealsconfusionoverferryevacuation

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transcript released yesterday showed the South Korean ferry that sank was crippled with confusion and indecision well after it began listing dangerously, possibly adding to a death toll that is officially at 58, but could eventually exceed 300. Three times in succession, and about half an hour after the ferry, Sewol, began tilting last Wednesday, a crew member asked Jindo Vessel Traffic Services Center (VTS) whether passengers would be rescued if they abandoned ship off South Korea's southern coast. That followed several statements from the ship that it was impossible for people aboard to even move, and another in which it said

it was "impossible to broadcast" instructions. Many people followed the captain's initial order to stay below deck, where it is feared they remain trapped. About 240 people are still missing. "Even if it's impossible to broadcast, please go out and let the passengers wear life jackets and put on more clothing," an unidentified VTS official urged at 9:24 a.m., 29 minutes after the Sewol first reported trouble, according to the transcript, released by South Korea's coast guard. "If this ferry evacuates passengers, will you be able to rescue them?" the unidentified crew member asked. "At least make them wear life rings and make them escape!" the VTS official responded.

"If this ferry evacuates passengers, will they be rescued right away?" the crew member asked again. "Don't let them go bare â&#x20AC;&#x201D; at least make them wear life rings and make them escape!" the VTS official repeated. "The rescue of human lives from the Sewol ferry ... the captain should make his own decision and evacuate them. We don't know the situation very well. The captain should make the final decision and decide whether you're going to evacuate passengers or not." "I'm not talking about that," the crew member said. "I asked, if they evacuate now, can they be rescued right away?" The VTS official then said patrol boats would arrive in 10 minutes,

though another civilian ship was already nearby and had told VTS 10 minutes earlier that it would rescue anyone who went overboard. Only 174 people are known to have survived the sinking of the Sewol, which had been on its way from the South Korean port city of Incheon to the southern island of Jeju. The captain took more than a half hour to issue an evacuation order â&#x20AC;&#x201D; an order several passengers have said they never heard. The confirmed death toll jumped from 33 to 58 within 24 hours as divers, hampered for days by strong currents, bad weather and low visibility, finally found a way inside the sunken vessel. They quickly discovered more than a dozen bodies there.


I’ll shame critics in Brazil –Musa

Osaze, Ik Uche know World Cup fate Tuesday

Suarez turns attention to Chelsea

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Did you know?

ADEKUNLE SALAMI, DepUTY Editor, SPORTS

That Italian striker Giuseppe Meazza’s shorts fell when he was taking a penalty shot in a semifinal match in the 1938 World Cup. However, he continued calmly to take the shot and scored the goal

newtelegraphonline.com/sports

kunle.salami@newtelegraphonline.com adekunles@yahoo.com

Monday, APRIL 21, 2014

51

U-17 World Cup:

Eaglets not under pressure to retain trophy -Amuneke

Amuneke

Charles Ogundiya

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oach of Nigeria’s Golden Eaglets, Emmanuel Amuneke, has said that the team is not under any pressure to repeat the feat performed by the last U-17 team at the 2013 FIFA World Cup in the United Arab Emirates. Amuneke was one of Manu Garba’s assistant coaches as the Golden Eaglets overcame every team, and in devastating style, on their way to winning a fourth U-17 World Cup for Nigeria. It is still early days yet for Amuneke’s side but the team appears to have a knack for scoring lots of goals just like their immediate predecessors. However, it’s just CONTINUED ON PAGE 55

‘Association secretaries killing sports’ Ajibade Olusesan

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former President of the Nigeria Chess Federation, Sylvanus Ebigwei, has admonished the National Sports

Commission to stop appointing secretaries for various sporting associations in the country, but should leave the appointments to the associations. The former President of Af-

rica Chess Federation insisted that this lapse has been one of major factors that had militated against the development of sports in the country. He argued that most of

secretaries posted to these associations don’t know much about the sports they had been assigned to administer which inevitably reflects on their perCONTINUED ON PAGE 55

Elegbeleye


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Monday, April 21, 2014

Countdown to Fifa World Cup 52

I’ll shame critics in Brazil –Musa Ifeanyi Ibeh

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hmed Musa has informed New Telegraph that he is working very hard on improving his game in order not to be wasteful in front of goal at the World Cup which gets underway on June 12 in Brazil. The CSKA Moscow forward has set his sights on silencing his critics at the World Cup. Musa has made 35 appearances for the Super Eagles since making his debut for the senior team in 2010, but has only managed five goals. With his explosive pace, very few defenders in the world can keep up with the Jos-born winger, especially when through on goal. But his inability to keep his cool when confronted with one-on-one situations with goalkeepers has seen the 21-year-old come under severe criticisms from followers of the game especially Nigerian fans. Although bothered he isn’t in the spotlight for all the good reasons, the former Kano Pillars star knows that it is only through hard work that he can change the fans’ perception. “Of course it bothers me. I have family and friends back home, so I know how a lot of people feel, but I have been working very hard to change

That is the way the world is; when you do well people praise you. I like scoring goals so it’s not as if I deliberately go out there to miss

the end of the season; something he feels will give him a confidence boost ahead of the World Cup. “I love it when I score and we win especially as I don’t get many chances during games because of the w ay I am used, but it is up to me to make sure I convert the few chances that I get,” he stressed.

that and it is only a matter of time before they start saying good things about me,” said Musa. “That is the way the world is; when you do well people praise you. I like scoring goals so it’s not as if I deliberately go out there to miss, but a lot of things can happen within a twinkle of an eye. But I am working very hard to silence critics and get them to say good things about me and the team. “The coaches at CSKA have been helping me out, teaching me how to remain calm in order to convert more of the chances that I get, and I can notice the difference already.” Musa penultimate weekend, scored to help CSKA record a 1-0 win over Ural in the Russian Premier League. It was his seventh goal in 25 games for the club this season and, Nigeria’s Ahmed Musa (middle) although he is utilised mainly dribbling Uruguay players from the flanks, he is confident of grabbing more before

I’ll be disappointed if Keshi snubs me -Aluko Emmanuel Tobi

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igeria and Hull City winger, Sone Aluko believes his current form will earn him an invitation to Super Eagles squad for the 2014 World Cup in Brazil, stating that he will be disappointed if snubbed by Coach Stephen Keshi. Speaking with British tabloid, The Observer, Aluko who had an achilles injury that kept him out of the Nigeria side that won the 2013 Africa Cup of Nations, maintains that playing in Brazil is more important to his carreer than winning the FA Cup against Arsenal next month. “If I don’t get called up I

won’t cry, but I’ll be disappointed,” he says, acknowledging that it is a tough task, having played no part in the qualifying campaign. “I want to go. I’m still 25, I can go to another World Cup. But the World Cup is the ultimate and I feel like I’m so close, playing in the Premier League, about to play in an FA Cup final.” He added that the period

he was out of football was so frustrating to his career. “There was a period where I was out of football,” he says, slowly, “between moving from Aberdeen and signing for Rangers, where I wasn’t playing because of a compensation tribunal. From May 2011 to November, over six months and I wasn’t playing football, I didn’t have a club, I wasn’t getting paid.”

Musa

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To Go

“That is why I have been putting in a lot of efforts in training; to score more goals. And by God’s grace, I will score more before the end of the season and then some for my country at the World Cup in Brazil,” he stressed. The Super Eagles are in Group F along with Iran, Bosnia-Herzegovina and Argentina who, on paper, are favourites to top the group. But Musa doesn’t think it is going to be a straightforward trip to the knockout rounds for the Argentines. “Everyone keeps saying Argentina but that will only put more pressure on them and make it more difficult for them to qualify,” he said. “Nobody in our group will be under pressure when they play them so anything can happen. It is a game of football. All we need to do is to be focused and play for one another. “We (Super Eagles) only have to be determined in every game, one at a time, and do all we can to win. It won’t be easy because everyone wants to do well in Brazil, but something tells me we will shame a lot of people in Brazil, especially those who believe we can’t go far.”

Maracana turf treated ahead of World Cup

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razil’s iconic Maracana stadium is one of four World Cup venues to have its turf treated ahead of football’s showpiece tournament. The process dubbed “overseeding” involves the replacement of summer grass with a winter version, Brazilian news portal Globoesporte reported. According to local officials, the process will occur again in September. The Maracana will host sev-

en World Cup matches including the final on July 13. The Mineirao (Belo Horizonte), Fonte Nova (Salvador) and Mane Garrincha (Brasilia) stadiums are others due to have turf treated before the tournament begins on June 12. Officials are hopeful the grass renewal programmes will address concerns about the quality of Brazil’s World Cup pitches.

Falcao gets green light for Brazil olombia striker Radamel Falcao will go to the World Cup but risks not being 100 percent fit, the surgeon who operated on the Monaco star’s ruptured knee ligaments said over the week-

Days

end. “I believe he will go to the World Cup. But at the highest level, at the start of the competition, Falcao will not be 100 percent,” Jose Carlos Noronha told the Lusa news

agency. Falcao, seen as key to Colombia’s hopes at the World Cup, suffered the injury in a French Cup match on January 22 and went under the knife three days later in Porto. Falcao


Sanctity of Truth

Monday, April 21, 2014

Osaze,Ik Uche know World Cup fate Tuesday

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Uche ruled out of Malaga clash

Emmanuel Tobi

Ifeanyi Ibeh

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uper Eagles outcast duo of Osaze Odemwingie and Ikechukwu Uche will know their World Cup fate as Coach Stephen Keshi is billed to make available his Brazil 2014 list to the Nigeria Football Federation Technical Committee in Abuja on Tuesday. The continuous exclusion of both players despite their current good form with their European clubs have sparked a lot of controversies in Nigeria with Keshi insisting nobody can force any player on him, not even his employers, the NFF. With Osaze likely to stage a return to the national team after two years in the international wilderness, Uche has seen his dream of playing at his second World Cup dashed by Keshi while speculations revealed that Super Eagles captain Joseph Yobo will be making a comeback into the team. New Telegraph scooped that Keshi is keeping his World Cup list to himself after consulting with his technical crew members who have refused to divulge the names on final list. “I can confirm to you that only the coach knows what the final list look like even though we all made our imputes,” revealed a member of the crew who preferred anonymity.

Malta Guinness partners Okpekpe Road Race

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alta Guinness has finalised plans to par ticipate in the 10-kilometreOkpekpe Road R a c e fo r t h e s e c o n d ye a r r u n n i n g , i n a b i d t o p ro m o t e t h e healthy living as well as providi n g a p ro d u c t ive p l at fo r m fo r Nigeria’s vast youth population. Wi t h t h i s e x t e n d e d p a r t n e rs h i p w i t h r i g h t s ow n e r o f t h e r a c e, Pa m o d z i S p o r t s M a rke t ing, Malta Guinness Low Sug ar has thus become the of ficial Malt drink for the 10-Kilometre competition. Speaking on the par tnership, M a rke t i n g D i re c t o r, G u i n n e s s N i g e r i a , Au s t i n U fo m b a , s a i d ; “We see the Okpekpe Road Race as an ideal platfor m to touch the lives of youths as well as a way t o a f f e c t t h e l ive s o f t h e h o s t communities of the race. Mike Itamagbor, Chief Executive Of ficer of Pamodzi Spor ts Marketing, expressed delight in the par tnership extension. “The management of Pamodzi is delighted with the extension o f t h e p a r t n e r s h i p by M a l t a Guinness. T he continued par t nership is bound to impact the hosting of the race year in year out, and will also help to meet s o m e o f t h e o b j e c t ive s o f t h e race,” he said.

Osaze

Uche

Falcons coach promises World Cup ticket Mercy Jacob

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uper Falcons coach, Edwin Okon, has expressed optimism that his team will win the 2014 African Women’s Championship and qualify for the 2015 Women’s World Cup. Okon’s statement comes barely four days after the Nigeria Football Federation man-

Super Falcons celebrating a goal

dated that he secures a top-two finish for the Super Falcons at the AWC coming up in Namibia, and grab a ticket to next year’s World Cup in Canada. He said, “I am impressed with the way the players have responded to what we have been teaching them and by the time we are through with the rebuilding of the Super Falcons, they would be unstoppable,” said Okon, whose side will come up against Cameroon on April 29 in an international friendly. “I’m quite aware of the kind of opposition we will meet in Namibia but we are not deterred by that because our target is to win the AWC and pick

2014 Ibile Games torch tour begins

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ith the official receipt of the torch for the 2014 Lagos State Sports Festival tagged Ibile Games by the Conference 57, the torch tour starts with the visit to all the Local Government Areas, LGAs, and Local Council Development Areas, LCDAs in the state. Conference 57 is the umbrella body of all chairmen and chairpersons of Lagos’ 20 LGAs and 37 LCDAs, which is headed by Akeem Sulaimon of Bariga LCDA. The Ibile Games will hold from April 30 to May 10, 2014. Receiving the Torch of Unity during the Joint Allocation Committee meeting in Lagos at the weekend, Secretary of the Conference, Hakeem Bamgbola,

said that with the body receiving the Torch of Unity, it symbolised the beginning of the Games 2014 with the Tour of the torch. “ IBILE Games 2014 just started with us receiving the Torch before it travels to all the local councils in the state,” said Bamgbola, who is also the Executive Chairman of ItireIkate LCDA. “All the local councils are fully prepared because we have submitted our forms and I must say we are ready for the Games. I also want to reiterate that Conference 57 will no doubt support the organisers of the championship as we’ll put heads together to see how we can put our weight behind a successful organisation of the competition this year,” he said.

the World Cup ticket. “We also know that some countries like Ghana, Cameroon and defending champions Equatorial Guinea would also be jostling for the trophy but we are not moved because the girls are bent on recovering the glory that was snatched from the Super Falcons at the last edition of the AWC.”

illarreal forward, Ikechukwu Uche, has been ruled out of Monday evening’s crucial Spanish La Liga clash against Malaga at La Rosaleda. Uche has been struggling with an adductor injury that has kept him out of action for the past four matches, and Villarreal manager, Marcelino, will have to prosecute yet another game without his leading scorer. Uche has scored 12 goals this season, and is just two short of the 14 he scored last season for Villarreal. “I am feeling much better but the doctors say I cants ready play yet, so all I can do is keep praying for the team to do well so we can return to Europe,” said Uche in an interview with New Telegraph. Villarreal are fighting to maintain their qualifying place for the Europa League next season and while they will be without Uche with just five round of matches to go to the end of the season, they will welcome back to the team Mexican winger, Jonathan Dos Santos, who has missed the Yellow Submarines’ last three games with injury.

Akwa maintain top position

Nnamso

Charles Ogundiya

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eague top scorer, Nnamso Edo 58th minutes goal gave Akwa United a 1-0 victory over defending champion, Kano Pillars, in one of the Glo Nigeria Premier League week seven matches, as he increased his tally to four after seven weeks. The game originally scheduled for Saturday was postponed due to heavy rainfall, and was played in the early hours of Sunday. The victory is enough to see Akwa Utd remain top of the league table with a twopoint lead. On Saturday, Warri

Wolves defeated Rangersl with Gbolahan Salami’s 38 minutes penalty while Christian Pyagbara and Ifeanyi Inyam’s quick goals in the 55th and 58th minutes were enough for Gbenga Ogunbote led Sharks against Nasarawa United. The game ended 2-0 in favour of the home team. Meanwhile newly promoted Giwa FC recorded their first away victory of the season, defeating Taraba FC 1-0 in Jalingo to make it four points on the road within a week. The private owned club recorded away draw against Dolphins last time out. Other games on Sunday, Heartland continue their search for first win of the season, recording another 0-0 draw at home to El-Kanemi Warriors. Dolphins force host Gombe United to a 1-1 draw, Sunshine Stars lost 1-0 away to Abia Warriors in Aba while Crown defeated Kaduna United 1-0 in Ibadan.


54 SPORT | EURO FOOTBALL

Sanctity of Truth

Monday, April 21, 2014

Suarez A turns attention to Chelsea

Wenger hails Gunners’ 3-0 win at Hull

rsene Wenger has described his side’s display during their 3-0 victory away at Hull City on Sunday as “a good team performance”. Two goals from Lukas Podolski and one from Aaron Ramsey proved to be the difference against Steve Bruce’s side as the Gunners tightened their grip on fourth spot. “Aaron Ramsey is getting back to full fitness and sharpness, but everyone played well today. It was a good team performance as it will be when you win 3-0 away from home in a game

Suarez

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uis Suarez has called on Liverpool to keep their cool after the Premier League leaders moved five points clear at the top of the table with a nervy 3-2 win at Norwich City. Suarez, who has now scored a remarkable 12 goals in just five appearances against Norwich, paid tribute to the Canaries before urging his team-mates to concentrate on next Sunday’s crucial clash with

Chelsea at Anfield. “Of course we are happy, the three points is important to us,” the Uruguayan told Sky Sports. “We worked very hard - we know it’s always difficult against Norwich ... it was important we stayed calm. “(We need to) keep calm and focus on the game against Chelsea. At the start of the season we wanted to get into the top four and now we

have done that.” Reflecting on becoming the first Liverpool player to score 30 league goals in a season since Ian Rush in 1986-87, Suarez said: “Every game I try for the team - I helped the team today with a goal. It’s important for myself (reaching 30 goals), but my target is to help the team. We are top and we have to enjoy it (but) anything can happen in football.”

Oboabona, Ideye, Ameobi fire World Cup warning Ajibade Olusesan

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odfrey Oboabona, Brown Ideye and Shola Ameobi are hitting top form ahead of 2014 World Cup as they all scored for their clubs in Europe at the weekend. Oboabona scored Rizespor’s first goal in their 3-1 home win against Konyaspor on Sunday. The Nige-

rian defender hit the target in the 35th minute to record his second goal since moving to Turkey. Incidentally, Oboabona scored his first goal against the same team last December. Ameobi recorded his first goal in the last 16 months, but it was not enough to save Newcastle from going down 2-1 at home against Swansea on

Saturday. Ideye rescued Dynamo Kyiv from the brink of another defeat when he came off the bench to score in the 82nd minute as his club won 2-1 against visiting Vorskla. Dynamo were trailing before Ideye’s efforts and Andriy Yarmolenko’s 85th minute goal sealed a win for the embattled club.

Oboabona

Moyes to table £26m bid for Pedro

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an United will mount a £26m bid for Barcelona attacker Pedro with the Spanish international ready to quit the Nou Camp. The 26 year old has found himself down the pecking order under boss Gerardo Martino and was said to be furious at being left out of the Barcelona starting eleven for the Copa del Rey final against Real Madrid in midweek. David Moyes is looking to bring in alternative wide attacking options with the likes of Ashley Young, Nani and Luis Antonio Valencia all failing to impress and a move for Pedro would certainly add quality in the final third.

England get Wilshere World Cup boost Atletico’s Turan fit for Chelsea clash

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rsenal manager Arsene polished” in time to boost England’s Wenger is confident World Cup hopes as the midfielder Jack Wilshere will be “just steps up his rehabilitation from injury. Wilshere has been sidelined since sufPREMIER LEAGUE fering a hairline fracture in his foot while playing for the Three Lions in the 1-0 win SN TEAM P PTS 1 Liverpool 35 80 over Denmark at Wembley on March 5. 2 Chelsea 35 75 The combative 22-year-old is on schedule 3 Man City 33 71 to be available next month, just in time for the FA Cup final against Hull on May 17, 4 Arsenal 35 70 5 Everton 35 69 before attentions turn to Roy Hodgson’s 6 Tottenham 35 63 final plans for Brazil. “He is starting to jog this week. I would 7 Man United 34 57 think two to three weeks,” Wenger said. “I 8 Southampton 35 49 spoke to Roy Hodgson and I told him that 9 Newcastle 35 46 Wilshere will be available for England. He 10 Stoke City 35 44 will be just polished for England. Jack can 11 Crystal Palace 35 43 be the positive surprise.” 12 West Ham 35 37 Wenger added: “England has a very dif13 Swansea City 35 36 ficult group and it is a double problem, but 14 Hull City 34 36 it can be a double chance also because if 15 Aston Villa 34 35 you come out of a group like that then the 16 West Brom 33 33 belief is really strong. But first they have 17 Norwich City 35 32 to deal well with the situation, they have 18 Cardiff City 35 30 Italy and Uruguay in the group and they 19 Fulham 35 30 have to get out of it.” 20 Sunderland 34 29

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tletico Madrid midfielder Arda Turan has been passed fit to face Chelsea in the first leg of their ChampionsLeaguesemi-finalonTuesday after overcoming a groin injury. Turan trained with the rest of his teammates on Sunday as Atletico began to prepare for the visit of Jose Mourinho’s men with just a second European Cup final appearance in the club’s history in their sights. The Turkish international has been sidelined since his side’s 1-1 draw against Barcelona at the beginning

of April and his return will be a huge boost for Diego Simeone’s men as he has scored three times in just seven Champions League appearances this season

Bruce

you have to win,” he told BBC Sport. “We have had to cope with five, six players all out at the same time and we have done as well as we can. You live in the real world.”

Results Glo Premier League Akwa

1-0 Kano Pillars

Sharks

2-0 Nasarawa

Warri Wolves 1-0 Rangers Taraba

0-1 Giwa

Gombe

1 -1 Dolphins

Heartland 0-0 El-Kanemi Crown

1-0 Kaduna Utd

Abia W.

1-0 Sunshine

Lobi Stars 1-0 Nembe English Premier League Norwich 2 – 3 Liverpool Hull City 0 – 3 Arsenal Everton 2 – 0 Man United Tottenham 3 – 1 Fulham Aston Villa 0 – 0 S’ampton Cardiff 1 – 1 Stoke Newcastle 1 – 2 Swansea West Ham 0 – 1 Crystal Palace Chelsea 1 – 2 Sunderland Spanish La Liga Almeria 2 – 4 Celta Vigo Vallecano 3 – 1 Betis Sevilla 4 – 0 Granada Osasuna 1 – 1 Valencia Levante 0 – 0 Getafe Sociedad 2 – 1 Espanyol Atl. Madrid 2 – 0 Elche Italian Serie A AC Milan 3 – 0 Livorno Catania 2 – 1 Sampdoria Lazio 3 – 3 Torino Parma 0 – 2 Inter Udinese 1 – 1 Napoli Juventus 1 – 0 Bologna

Turan

Fiorentina 0 – 1 AS Roma

EPL return beckons for Fabregas

M Fabregas

anchester United will go back in for Cesc Fabregas this summer, reports in the British Press claimed on Sunday. David Moyes’ men failed in their attempts to bring the Barcelona man to Old Trafford last year, with several public bids being rejected by the Blaugrana.

However, The Metro newspaper writes that the Premier League outfit will make another offer for the former Arsenal man during this off-season. Having suffered a difficult campaign under new management, the United hierarchy is set to give Moyes a transfer war chest to revamp the squad.


SPORT 55

Sanctity of Truth

Monday, April 21, 2014

Sport Trending

‘Association secretaries killing sports’ CONTINUED FROM PAGE 51

formance. “How can you send somebody who does not know anything about chess to be the secretary? I think it is a wrong policy that must be abolished. We cannot continue to have this kind of situation in our sports; how would you sell a product you don’t know anything about?” he asked. On this premise, he asked government to hands off the running of sports in the country. He lamented the gross under-development in the sector, maintaining that continuous involvement of government in the dayto-day running of sports in the country has been the major reason for the regression. He said; “When I pioneered chess in this

country, we in the Nigeria Chess Federation were on our own for about ten years and we were doing well until my very good friend, Emeka Omeruah, became a minister and he asked me to come with my association so that we can be part of the ministry, that is how government took over. But today, I have realised that government has no business running sports, they just need to provide the right environment. “Government, as a matter of fact, must give business people and enthusiasts of sports the opportunity to run sports in the country, give them the right to appoint the person that will be the secretary and so on. I believe if we do this we might just get sports back on track.”

TWITTER |@NTelegraphSport

Peter Odemwingie Good morning. Compliments of the season. Happy Easter celebrations to you all. In Christ Alone/ The Solid Rock. @OdemwingieP Onazi Ogenyi Eddy We bless you lord for making us see another Easter, thank you for the life’s of my followers help me to lead them right. Happy Easter. @OnaziOgenyi Luis Suarez C’monnn!! Very important 3 points... Very happy for the great effort from everyone and for being in the Champions League next year!!!!! YNWA. @luis16suarez Raheem Sterling Great win from the boys today showed real togetherness , character and desire we go again YNWA. @sterling31 Daniel Sturridge Get In there boys!!! I’m absolutely buzzing. Roll on next week..3 more cup finals. @D_Sturridge Gary Lineker This title race may not be as tight as we thought! @GaryLineker Didi Hamann Rampant Reds,no stopping them. Credit to Norwich, they’ve been fantastic. What a PL season. @DietmarHamann Serena Williams Dear pimple on my left check. I hate you. You are a jerk and I hope u die soon! @serenawilliams Isaac Success (left) in action against a Ghanaian player at the last AYC

Stanislas Wawrinka Happy to play the final against a good friend Roger Federer!!! @stanwawrinka

Eaglets not under pressure to retain trophy -Amuneke

Nigeria for ITTF-ATTF Africa Hopes Week Challenge

C O N T I N U E D F R O M PA G E 5 1

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business as usual for the former Barcelona forward. Amuneke said; “I am not here to impress anybody or under any pressure to win every trophy available. The same goes for the players. What I am here for is to develop some bunch of kids to become proper footballers. “I was part of the last project, but I believe it is the same idea. To me, I look at it as a channel of production that we can use to develop good players that can measure up to

the demands of the modern game. The most important thing is to remain focussed, and work very hard, knowing that nobody is going to give you anything for free in football. “You can’t win just by talking; it has to be through hard work and patience. We have talented boys coming from different academies, but talents alone can’t achieve results. We need to gradually introduce them to the demands of the game, and that is what I am interested in, not to impress anyone, or about winning.

The only person I want to impress is God.” Amuneke’s side is currently in Togo for the WAFU U-17 Championship, a tournament the 1994 African Player of the Year hopes will help expose his young players to the rigours of international football ahead of the qualifiers for next year’s African U-17 Championship. “We will give our best and let God take the glory. We are going to Togo to expose the players, use it to develop them into what we want them to be,” he added.

Akwaowo talks tough ahead of Ekiti Tennis Open Chimaobi Uchendu

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he 2012 National Sports Festival tennis revelation, Willy Akwaowo, has vowed to be the giant killer at the Ekiti Tennis Open tournament scheduled to serve off in Ado Ekiti from April 26. Akwaowo, told New Telegraph that he was in top shape to beat every opposition and win the coveted price on May 4 when the com-

petition will end. “I’m battle ready for the championship, Nigerians must be wondering where I have been after the festival in Lagos, but this is another opportunity for me to show that I’m still on top of my game,” he said. Meanwhile, organisers of the event have promised to use the championship to improve tennis followership in the country. According to the state Per-

manent Secretary, Ministry of Sports and Chairman, Local Organising Committee, Yemi Owoseni, the essence of making the championship open is to give opportunity to young talents that will be competing alongside older players in the event. He added that it will also expose them to competitive championship. “We have received the backing of the NTF because it would be a point ranking championship,” he said.

Ajibade Olusesan our Nigerian players are taking part in the 2014 International Table Tennis Federation (ITTF)-Africa Table Tennis Federation (ATTF) U-12 Africa Hopes Week and Challenge holding in Nairobi, Kenya. The Nigeria Table Tennis Federation said in a press release which was obtained by our correspondent that Nigerian team is made up of Michael Obayanmi, Ibrahim Umar (male) and Rophia Jimoh and Habibat Olawale (female) and tutored by Coach Friday Abah. The federation added that besides the four-day training exercise to be handled by top ITTF coaches, the participating teams will compete in a two-day tournament to decide the eight players that will be offered scholarships to attend the 2014 ITTF World Hopes Week & Challenge to be held in Otocec, Slovenia in June this year. It added that event organized by ATTF and Kenya Table Tennis Association (KTTA) will hold at the Safaricom Moi International Sports Centre, Kasarani, Nairobi. “Each participating team will be represented by a maximum of two boys and two girls,

while the hosts will be represented by a maximum of four boys and four girls. According to Africa Development Officer, Ahmed Dawlatly, the top four players in the singles tournament for boys and girls would automatically be selected for the scholarships,” the statement read. The press release also quoted the President of the Nigeria Table Tennis Federation, Wahid Oshodi, to have said that efforts would be geared toward grassroots development, as it is obvious that other nations are now catching up with Nigeria in the game. “We have identified that we need to start encouraging our young players and this is one of the vision of the federation.

Waheed Oshodi


World Record

On Marble Life is what happens to you while you’re busy making other plans. – Allen Saunders

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, APRIL 21, 2014

N150

On August 20, 2009, Jamaica’s Usain Bolt ran 19.19 seconds to set a new 200 metres world record at the World Championships in Berlin, Germany.

The economy is strong and stable Ngozi Okonjo-Iweala

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want to begin with what it is that the Ministry of Finance does. I want to remind people of our mission. Our mission is to manage the nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities. There are four basic things we do in managing these finances and helping to manage the economy. The first is macroeconomic management. It’s the job of the Ministry of Finance, working with the Central Bank, to have a stable macro-economy. If there’s no stability, if things are moving, exchange rate is volatile, inflation is high – we have experienced it in this country before – what happens? You cannot even begin to think of development of the economy. So, that’s one of our jobs. The other, of course, is managing the finances and mobilising finances for the real sector of the economy; meaning the other sectors that create jobs can grow. Then we also have the job of supporting enabling reforms that make this economy move. And finally, we have the job of supporting job creation indirectly and directly. So, we’re going to talk about what the Ministry of Finance does and has achieved in those four areas. Let me start with something that we said during the mid-term report. The first is, on the macro-economy, I want to report that the economy is strong and stable. But of course, it faces challenge of inequality and inclusion; meaning that even though the economy is strong, we have problems with jobs and unemployment. We have problems with working to eradicate poverty. We need to move faster. We need to grow faster in order to tackle these problems. So, we are not saying that everything is solved, or that everything is great, but it’s strong; and that stability provides the platform on which we can use to solve the other problems. What do I mean? We talked before that if you notice – everybody follows the exchange rate between the dollar and the naira – it has been relatively stable in these past two years at 155 to 160. At least, that is something you can evidence for yourself and attest to. It has been stable because we have also been able to accumulate reserves. People wonder why we are saving these reserves that are now almost $50 billion – we’re at $48 billion now. It’s very important because the reserves are what make the exchange rate stable. When the reserves are going down, that’s when you experience that instability and people can come and attack your curren-

cy. So, we have managed, working with the Central Bank – I also want to give them credit for good monetary policy - to be able to grow these reserves, stabilise, so that now, we have an exchange rate that can allow people to plan and allow people to do their work. As the Honourable Minister of Information said, inflation is coming down; from about 12.4% in May 2011, it has slowed to about 9.1% now and these all form the bedrock of this stability. We have made savings. Part of our reserves is also the Excess Crude Account savings that we talk about. We had about $4 billion in May 2011. We grew it to about 9 billion dollars equivalent at the end of 2012, and now we’re about $6 billion. Why are we down? Because the Excess Crude Account helps us to manage the economy and keep growing even when we experience shocks like when oil production comes down because of either oil theft, or leakages from pipelines and so on. You know, the money we have saved enables this country to keep going and we have enough to keep us going even in the face of shocks for another four to five months whilst we try to solve our problems. This is something that Nigeria did not have before and we are very proud of it. In the past, when we experienced shocks, what did we do? We would have to go to the IMF or World Bank to go and look for money – the IMF in particular to shore up the economy, to shore up our balance of payments (that’s what economists call it). But now, even through all the ups and downs that we have experienced, have we gone there? No. Because Nigeria has now put itself - with the existence of this Excess Crude Account - in a position where in the event of any shock, we can go there to stabilise ourselves. That’s why Nigerians must support this account, the saving of this money; the Sovereign Wealth Fund. This country like a family must be able to put money aside so that if you experience shock, you don’t go around begging, you can stabilise yourself with your own savings. That’s what we manage to do. The second thing I want to talk about is about GDP growth. This stability has enabled the economy to grow. Certain sectors are growing – I will come to that. Overall, this economy is growing and growth is projected at 6.75% by us; by the National Bureau of Statistics in 2013. Even the IMF has projected higher growth, but we’re being very cautious. Over there [referring to a slide], you will see how we compare with some other countries; with the whole of sub-Saharan Africa, they are growing at 5.6%, so we are much higher; even the emerging markets, we’re higher than

Okonjo-Iweala

them. And you can see Brazil, China, South Africa – South Africa at 2.8%, we at 6.75% et cetera – so we are doing well! The GDP Illustration Now, I want to spend one minute on something very important, because after we talk, people will say, “GDP growth, what is GDP growth? It’s not important; that’s not what we will eat.” But let me explain to you that without that growth, you cannot even begin to solve the problems of this economy. Let me illustrate to you. [She picks up a cake]. This cake symbolises our income, our GDP or your income within your household. GDP is nothing but the income of the country – the amount of cake you have to eat; you and your wife and children – the same with a country. So, let’s say this is the amount of cake we have to eat. Now, these are four people sharing this cake – four people: a man, his wife and two children, or Nigeria with a population of let’s say 167 million people. So, this is the cake we have. You have this cake. Having this cake does not mean that every problem in your household is solved. Is it? It doesn’t mean that your income can now take care of all your relatives in the family who still have problems. It doesn’t mean that in your household, you don’t have problems of people not being employed, but you have this cake that you’re sharing. Now, what happens if we add three more people? Suppose, as a family, you marry another wife and you add one wife and three more children. How many are you now? (Answer: Seven). This is the cake. What will happen if this cake doesn’t grow? All of you will be suffering. Isn’t it?

When you marry that wife and have more children, or even if you have four and you have another three or four; you will want your cake to grow. That is the same way we want GDP to grow – right? So, this is the first cake. What happens if the cake doesn’t grow is that all of you will start suffering. [She takes up another cake]. Supposing you now have a bigger cake; put all the people on top and you now have the seven people; would you not be better off? What if you have an even bigger cake? You see this biggest cake? You can put so many more people on top. [Speaking to assistants to collect illustrative materials: “give me all the people, give them to me, all of them will be there”]. And what will happen? That means you will have even more food. So, is it not false when people say that growing the cake does not matter? It matters; because if you have the same cake and your size is growing, what will happen is that you become even poorer and poorer; isn’t it? If it is not growing, you will suffer even more. Now, Nigeria has a cake - our GDP - and our population is growing at 2.5% per annum. If we don’t grow this, we will stay with the same cake and it will become worse and worse. So what we want to do is grow this cake as fast as possible, as large as we can, while solving the other problems. Note that I didn’t say growing the cake solves all the problems; but if we don’t grow the cake, we are going to suffer. To be continued Honourable Minister of Finance and Coordinating Minister of the Economy, Dr. Mrs. Ngozi Okonjo-Iweala, delivered this speech at the ministerial platform held at Radio House, Abuja recently.

OmoBaba

EKITI, OSUN ELECTIONS: WE ARE GOING TO WAR FRONT - Sambo

– Has it become a do-or-die affair?

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos. Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja. Advert Hotline: 01-8541248, Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Acting Editor: AYODELE OJO.


Binder1 monday 21 april, 2014