Binder1monday,february 24, 2014

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Monday, February 24, 2014 Vol. 1 No. 3

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Nigeria’s most authoritative newspaper in politics and business

PPPRA approves contentious Q1 fuel imports allocation

Jonathan surrounded by incompetent, fraudulent aides, says Sanusi

lTo begin allotment for 36 marketers this week

Adeola Yusuf

M

inister of Petroleum Resources, Mrs. Die-

zani Alison-Madueke, at the weekend, approved the allocation of the first quarter fuel imports

list submitted by Petroleum Products Pricing and Regulating Agency CONTINUED ON PAGE 3

Sanusi

lUtomi: His appointment in 2009 an error lAmaechi faults suspension Page } 4

Exclusive

How donation to Buhari landed Sanusi in trouble

lSuspended CBN gov’s meeting with opposition leaders in London upsets president REVELATION

5 QUESTIONS FOR OYO STATE Governor, ABIOLA AJIMOBI

Suspension of CBN Governor Sanusi has been trailed to his romance with opposition leaders

rural roads are not 1. Many motorable. What are

Ayodele Ojo

council chairmen doing in this regard?

B

the appointment of 2. Will monarchs’ children as

eyond his criticism of Federal Government’s policies and revelation on the $20 billion missing oil money, the suspended governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, actually ran into trouble over his romance and funding of opposition leaders.

A source in the PresiCONTINUED ON PAGE 2

commissioners guarantee your re-election?

didn’t you advise 3. Why President Goodluck

Jonathan to visit the Olubadan? Is it true that Minister of Police Affairs, Oloye Jumoke Akinjide, is responsible for this?

former Governor 4. With Ladoja and others L-R: Tambuwal and Obasanjo... yesterday

photo: kunle olayeni

2015: Tambuwal consults Obasanjo, condemns CBN gov’s suspension Page } 3 INSIDE

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

Lagos

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AT A GLANCE

controlling some of your loyalists, are you sure of a return to the Agodi Government House?

it true that the N300m 5. Isinterest-free loans given to traders part of the strategies to win their votes?

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POLITICS

INVESTIGATION

BUSINESS

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2015: Jonathan divides North as leaders sing discordant tunes over president’s ambition Page 13, 16, 17

Dead on arrival. Report of extra-judicial killings in police cells Page 21

Insurgency pushes Armed Forces’ claims to N.3billion Page 25

Emenike ready for more Page 54

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Monday, February 24, 2014

MMA2 is a success, says NAMA boss AVIATION

Stakeholders in the aviation industry laud MMA2 operators

M

anaging Director of the Nigerian Airspace Management Agency (NAMA), Mazi Nnamdi Udoh, has described the Murtala Muhammed Airport Terminal Two (MMA2), operated by Bi-Courtney Aviation Services Limited (BASL), as a big success.

Udoh said this at a dinner party organised for major stakeholders in the country’s aviation industry by Bi-Courtney at the Federal Palace Hotel, Victoria Island, Lagos, at the weekend.

According to him, “any architect worth his salt looking at MMA2 will agree with me that the design is something else; it is something every Nigerian should be proud of. No wonder, the design of six or seven newly-renovated airport terminals in the country looks like a replica

of MMA2.”

Udoh, who recalled that he was the Master of Ceremony (MC) at the foundation-laying ceremony and the inauguration of MMA2 during the former President Olusegun Obasanjo administration praised the resilience of Bi-Courtney to keep the terminal clean at all times, saying “that is why it is a big success.”

He said since then, he had been emotionally attached to MMA2 as a terminal and as an engineer of over three decades standing and have been to different parts of the world, he was sure that the terminal is one of the best.

Other speakers on the occasion, including the Managing Director of the Nigerian Aviation Handling Company Plc (nahco aviance), Mr. Kayode Oluwasegun-Ojo, and his counterpart at Skyway Aviation Handling Company (SAHCOL), Alhaji Oluropo Owolabi, said MMA2 was a kind of terminal every Nigerian should be proud of.

They praised the resilience of BASL for keeping the terminal running

almost seven years after, despite the harsh environment in which it operated, appealing to the operator to sustain the improvement of MMA2’s facilities.

Earlier in his opening remarks, the Chairman of Bi-Courtney Group, Dr.

Olawale Babalakin (SAN), praised all the airlines, the regulatory agencies, the tenants, the concessionaires and other users of MMA2 for “keeping us in business”.

According to him, MMA2 was planned as a

“one-stop shopping complex” where aircraft will fly in and take off and where a user could do everything he wanted to do within the airport environment with ease.

He expressed gratitude to all the airlines, conces-

sionaires, tenants, passengers and others for their belief in the terminal, saying Bi-Courtney would not relent in its efforts to sustain the high quality of facilities at MMA2 and keep it clean at all times.

C O N T I N U E D O N PA G E 3

L-R: Managing Director of the Skyway Aviation Handling Company Limited (SAHCOL), Alhaji Oluropo Owolabi; Managing Director of Med-View Airline, Alhaji Muneer Bankole; Managing Director of the Nigerian Airspace Management Agency (NAMA), Mazi Nnamdi Udoh; Chairman, Bi-Courtney Group, Dr. Olawale Babalakin (SAN); and Managing Director of the Nigerian Aviation Handling Company Plc. (NAHCo,) Mr. Kayode Oluwasegun-Ojo, at the dinner party organised by Bi-Courtney Aviation Services Limited (BASL) for airline executives at the Federal Palace Hotel, Victoria Island, Lagos... weekend

50%

19,563feet

14mn km2

The level of mobile phone users in the United Kingdom who admit to being out drinking when their device was lost or stolen Source: Trend Micro

The height of the highest mountain in Africa, Mount Kilimanjaro Source: worldfactsandfigures.com

The land area of Earth's largest desert, Antarcti ca Source: How it works

How donation to Buhari landed Sanusi in trouble

TODAY’S WEATHER FORECAST

CONTINUED FROM PAGE 1

dency told New Telegraph that President Goodluck Jonathan was miffed over Sanusi’s activities with the opposition.

The source noted that in the build up to the 2011 presidential election, Sanusi made donation to the presidential candidate of the Congress for Progressive Change (CPC), MajorGeneral Muhammadu Buhari (rtd).

Jonathan was said to have invited Sanusi to the Villa to explain the motive behind the donation to Buhari’s presidential campaign.

It was learnt that Sanusi admitted that he only made a N20 million donation to Buhari to advance his course because of the relationship the former Head of State had with his family, especially his uncle.

But a source said the President had evidence of Sanusi donating more than N100 million to Buhari’s campaign.

“Ever since the donation was made, the president has been mindful of Sanusi’s political inclination. We see him as more of opposition than being part of the government.

If a sitting Central Bank governor could be making donation to a presidential candidate in an election, then you should begin to suspect,” a presidential aide told New Telegraph.

Sanusi was also accused of awarding contracts to opposition leaders.

A presidential aide gave two instances of such contracts.

One, a N5 billion contract was reportedly awarded to a former minister and leading opposition figure.

Another set of contracts worth over N15 billion were also awarded to a former governor.

The former state chief executive was instrumental to Sanusi’s appointment and that of another head of government finan-

cial institution during the late Umaru Yar’Adua administration.

“This is seen as a measure to fund the opposition leaders against the president. There are several of such instances,” a source said Also, Jonathan was said to have given up on Sanusi after security report indicted him of providing sensitive documents to those perceived as “enemies of government.”

The report also provided details of several nocturnal meetings Sanusi held with opposition leaders both in Nigeria and abroad.

The details of a meeting Sanusi held with Buhari, a former governor of Lagos State, Asiwaju Bola Tinubu and other opposition leaders in London recently were leaked to the president.

“The details of the meeting and several of such showed that the suspended CBN governor was

on a mission to bring the government down. You can’t be an employee of government and at the same time you want to bring it down. You have to be shown the way out.

More so that he has a case to answer over the running of the apex bank,” an aide of the president said.

Sanusi has remained in Lagos since his suspension last week. It was learnt that prominent opposition figures have been providing support for him and holding meetings with him.

On the timing of Sanusi’s suspension after he had revealed that the Nigerian National Petroleum Company (NNPC) could not account for $20 billion oil money, another source in the Presidency said “government can act anytime, irrespective of the circumstances.”

The source noted that Sanusi has been under probe for almost two years now. He said the probe into Sanusi’s activities started

from complaints by senior officials of the apex bank “who felt that Sanusi’s style of administration, especially financial recklessness might hurt the economy.”

When the Financial Reporting Council started the probe, Sanusi reportedly made himself unavailable for interrogation and scrutiny.

“Instead, he was travelling all over the world receiving awards to distract the government,” a source said.

The Council was said to have relied heavily on the documents provided by senior officials of the apex bank to carry out the probe.

“When Sanusi knew the probe was inevitable and there were overwhelming evidence to nail him, he started sending emissaries to the president. Those he sent are statesmen who the president could not ignore.

“This is why the presiCONTINUED ON PAGE 5

PORT HARCOURT

34o 24o Thunder Storm

ABUJA

36o 24o Sunny

KANO

37o 13o Partially Cloudy

ENUGU

36o 24o Partially Cloudy

IBADAN

35o

25o

Very Cloudy

CALABAR

34o 23o Isolated Storm

MAIDUGURI

39o 19o Partially Cloudy

ONITSHA

34o 24o Cloudy

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Monday, February 24, 2014

3

2015: Tambuwal consults Obasanjo, condemns CBN gov’s suspension MEETING Reps Speaker meets ex-President Obasanjo behind closed doors in Abeokuta over 2015 Kunle Olayeni, Abeokuta

A

midst the ongoing realignment of political forces ahead of the 2015 elections, Speaker of the House of Representatives, Aminu Tambuwal, yesterday held a closed-door meeting with former President Olusegun Obasanjo.

Tambuwal, who arrived the ex-president’s hilltop residence in Abeokuta, Ogun State at 10:35am, reaffirmed his membership of the ruling Peoples Democratic Party (PDP).

In a convoy of five vehicles, the Speaker was accompanied by three federal lawmakers, including the House Deputy Minority Leader, Sumaila Kawu, Aminu Shagari and Ajibola Muraina.

They went straight into a closed-door session, which lasted about one hour.

But Tambuwal, while speaking with reporters at the end of his consultation with Obasanjo, said there was nothing unusual with the visit to the former president.

The Speaker did not respond to a question that his visit was in furtherance of his rumoured presidential ambition in 2015 but only stated that he consulted Obasanjo on “matters of national interest.”

He, however, listed the Petroleum Industry Bill (PIB), constitution amendment and the Electoral Act as specific issues tabled before the former president.

He said: “Baba Obasanjo is a leader not only in Nigeria but in Africa and it is only appropriate for us in positions of authority and leadership to occasionally come and consult Baba on matters of national interest. And that’s what we are here for.

“There are lots of issues in Nigeria today. Of course, there is issue of PIB that we are considering in the House, we are doing constitution amendment in the House and a host of other very key and important legislations that are before the parliament. So, we needed

MMA2 is a success, says NAMA boss CONTINUED FROM PAGE 2

The Chief Executive Officer of BASL, Mr. Christophe Penninck, who presented visuals of all MMA2 achieved in 2013 and its plans in the New Year to make its users comfortable, while thanking all the stakeholders for their support last year, pledged the commitment of Bi-Courtney to keep up the high standard of the terminal.

Besides, he announced that like other high class terminals the world over, BASL had automated the Multi-Storey Car Park at MMA2 with a view to eliminating the delay associated with manual parking, adding that the company had also started the installation of new escalators at the terminal as part of its infrastructure renewal project.

Apart from Udoh, Ojo and Owolabi, others

present at the event are the managing directors of Dana Airlines, Jacky Harthyramani; Medview Airline, Alhaji Muneer Bankole; IRS Airlines, Mr. Yemi Dada; the Chief Financial Officer of Aero, who represented the managing director, Mr. Tunde Pampam; President, Nigerian Guild of Editors (NGE), Mr. Femi Adesina; managing directors of Spakleen Professionals, Mrs. Bose Ogunsanwo and Precise Limited, Mrs. Olaosebikan; Dr. Abiodun Olayonu (SAN); Professor Gbenga Ogunmoyela; Mr. Segun Ahmedu, Mr. Wale Akoni (SAN); Chief Operating Officer of BASL, Ms. Adebisi Awoniyi; Chief Financial Officer, Mr. Olusola Olayinka; Group Head, Internal Audit, Mrs. Yosola Popoola; representatives of Discovery Airlines and many others.

to consult our leaders on such very important and vital legislations before we conclude what we are doing on them.

“I’ve mentioned constitution amendment, I mentioned the PIB, the Electoral Act is likely to be amended. So, from his wealth of experience, we needed some inputs from him.

Asked to clear the air on his relationship with the opposition All Progessives Congress (APC), Tambuwal submitted that he and

Obasanjo remained in the PDP. “I am just visiting our national leader of the PDP. Myself and Baba are in PDP,” he added.

On last week’s controversial suspension of the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, the Speaker expressed concern and averred that the development was capable of sending wrong signals to foreign investors.

Tambuwal said President Goodluck Jonathan’s

suspension of Sanusi questioned the independence of Nigeria’s apex bank in the comity of nations.

He said, “Whether it (suspension) is lawful, legal or illegal, the personality involved has told everybody that he is going to court and I believe he is already in court on that suspension.

“On the implications on the economy, I am not an economist but I personally feel that that will definitely send wrong signals to investors because they need

to have confidence in the financial institutions, particularly the independence of financial institutions of the country before foreign investors may consider such a country worthy of investment. So, I have my concern about that.”

On his part, Obasanjo did not grant interview to reporters but only exchanged banters and posed for photographs with his guests.

Tambuwal’s convoy departed the ex-president’s residence at 11:45am.

L-R, Managing Director/CEO, Promasidor Nigeria Limited, Chief Keith Richards; Kwara State Governor, Dr. Abdulfatah Ahmed and the representative of Rosedale Farms, Sunday Asipade, during a courtesy call to the governor at the Government House, Ilorin...

PPPRA approves contentious Q1 fuel imports allocation CONTINUED FROM PAGE 1

(PPPRA) for all the five major oil marketers, New Telegraph gathered at the weekend.

About 36 independent oil marketers, who were previously accredited for the exercise in the last quarter of 2013, were also assured of approval this week.

Ousted Executive Secretary of the Petroleum Products Pricing and Regulating Agency (PPPRA), Reginald Stanley, checks revealed, had earlier submitted the list to the minister, who foot-dragged on the approval, a move that led to fuel scarcity in Lagos and other parts of Nigeria.

New Executive Secretary, PPPRA, Farouk Ahmed, who was abroad when his name was announced on Friday, could

not be reached on phone for comment, but a source at the agency said that what remains for the major marketers is to secure imports permit from the Department of Petroleum Resources (DPR).

The independent marketers, he said, would get their approval this week.

MOMAN scribe, Thomas Olawore, who had earlier accused PPPRA of deliberate delay in approving the imports, did not also pick several calls on his phone.

A marketer, who craved anonymity, however, said that the approval was given to curb threat of fuel scarcity.

“Yes, MOMAN got their imports approval on Saturday, which would be announced shortly and the independents (marketers)

got assurance that they would get this week.

“This approval, which has been on the table of the minister got her attention, when it was becoming glaring that fuel distribution crises were arising and she did that hurriedly to solve that problem,” he said.

The PPPRA, it would be recalled, expanded the list of importers to over 40 companies for the third quarter 2013 import allocations. About 30 oil companies were previously accredited for the exercise in the second quarter.

The list of the importers for the then third quarter 2013 includes Oando Plc, which won the biggest allocation of 135,000 tonnes, while Total Nigeria Plc and Folawiyo Oil and Gas won 90,000 tonnes each.

Before November 2011,

the business of fuel importation into the country was an all-comers’ affair, resulting in manipulations and malpractices that swelled subsidy claims to about N2 trillion.

A total of 128 companies were engaged in fuel importation in the old regime, thus providing an opportunity for the abuse of the system.

However, in the first import permit in the first quarter of 2012, the number of participating companies was reduced from 128 to 42, before it was further slashed to 39 in the third quarter of 2012 and beyond.

The volume of imported products also dropped from 5.036 billion litres in the first quarter of 2012 to 4.20 billion litres in the third quarter.

4

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Sanctity of Truth

Monday, February 24, 2014

Jonathan surrounded by incompetent, fraudulent aides, says Sanusi lUtomi: His appointment in 2009 an error lAmaechi faults suspension CONTROVERSY Suspended CBN gov attacks Jonathan while Prof. Pat Utomi says he was not qualified to be CBN governor in the first instance

Geoffrey Ekenna

S

uspended Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, on Sunday described President Goodluck Jonathan as “a simple man trying to do well who has been undermined by incompetent and fraudulent aides”.

Sanusi was suspended

by Jonathan on Thursday over alleged financial misconduct, a move seen by many analysts as politically motivated.

Sanusi has accused the Nigerian National Petroleum Company (NNPC) of misappropriating $20 billion (14.5 billion euros), allegations that earned him powerful enemies across the government.

In an interview with AFP in Lagos, Sanusi said many of the people advising Jonathan are sycophants who do not speak frankly or honestly about the extent of corruption in government.

“When you sit with President Jonathan himself, he appears a nice simple person who is trying his best to do his best,” Sanusi said.

“His greatest failing obviously is that he is surrounded by people who are extremely incompetent, who are extremely fraudulent and whom he trusts.”

Sanusi learned of his removal from office while in Niger on Thursday and immediately returned to Lagos, where agents from the Directorate of State Services (DSS) seized his passport.

On Friday, he secured a temporary protective order from the Federal High Court in Lagos bar-

ring security agents from arresting him.

“I thought taking away my passport was the beginning of infringement on my fundamental human rights,” Sanusi told AFP, explaining why he had already sought court protection.

While no charges have been filed against him, Sanusi said he was prepared for whatever attacks may come.

“That we are here today means that I have taken the decision that I will face the consequences of whatever I do,” he said.

He said his “fierce independence” had been an annoyance to the government since 2009, culminating with his sustained, public attack on the NNPC. “If I am sacrificed in whatever way, my freedom or my life... if it does lead to better accountability, it will be well worth it,” he said Meanwhile, former presidential candidate of the African Democratic Congress (ADC), Professor Pat Utomi, yesterday, said Sanusi lacked the attributes of a CBN governor when he was appointed in 2009.

Sanusi was appointed by the late President Umaru Musa Yar’Adua in 2009 to replace Prof. Chukwuma Soludo.

Utomi, who spoke with New Telegraph in Lagos, said that Sanusi’s penchant for publicity and public display of observations were not attributes of a governor of a Central Bank.

Utomi said: “My view from the day of appointment was that Sanusi’s appointment was done in error. It was a product of a system that was not very rigorous. I didn’t have anything against him. He was a very good friend of mine at that time. We were very good friends. The job requires some type of configuration to be effective. It is not about capacity. His temperament, his disposition to stakeholders was

bad.

“I don’t think I would have made a good Central Bank Governor myself because I am somebody that like public debate. A Central Bank Governor does not engage in public debate. He is somebody you seldom hear, so that when he speaks, the consequence on the economy is so huge. When Alan Greenspan says good morning, you go and look for dictionary to get the

various meanings of good morning. There was Lee Pemberton of the Bank of England. He had very thick eyebrows and the joke in the media was that you needed to look deep into his thick eyebrows to know what was going on in the Bank of England. That is the nature of the Central Bank Governor.”

Utomi, who said he warned Sanusi against talking too much when he was appointed, said

that in other parts of the world, the voices of CBN governors shaped markets and influenced economies.

But that was not the case of Sanusi, who he said lacked the personality for the job.

He said: “Being an honest friend, when I called Mallam Sanusi Lamido Sanusi to congratulate him, I told him that there are many consequences for jobs like this. You have to keep shut up. A central

bank governor doesn’t talk too much. But I knew that would be difficult for him because I know that was his nature. That was his personality and that personality was ill suited for the Central Bank job.

“If you had given me that job in 1999, I would believe you told me, ‘your world ends now’ and that would mean after that job, I will just retire. I felt I should let him know the CO N T I N U E D O N PAG E 5

Governor Chibuike Amaechi of Rivers State exchanging pleasantries with Rev. Prof. Emele Mba Uka, Primate and Moderator of the General Assembly of the Presbyterian Church of Nigeria during the induction service of Resident Minister of Christ Church, Port Harcourt

890

The total population of the smallest country in the world (Holy See i.e. Vactican).

Source: worldfactsandfigures.com

N243b

The total amount spent on the amnesty programme by the FG for five years.

6.326b

The Oct. 2003 estimates of the world’s total population.

Source: worldfactsandfigures.com

Sack Obasanjo’s loyalists, Ogun PDP urges Jonathan Wale Elegbede

T

he Ogun State chapter of the Peoples Democratic Party (PDP) has urged the Federal Government to strip former associates of ex-President Olusegun Obasanjo who are holding “some strategic and sensitive positions” in the government.

In a statement issued

yesterday by its Publicity Secretary, Waliu Oladipupo, the party said, “Although a good number of them have turned down the former President’s directive that they join the All Progressives Congress (APC) in Ogun State, people like Senator Dipo Odujinrin and Mr. Bode Mustapha, who are Obasanjo’s die-hard loyalists cannot continue to

hold sensitive board appointments in a PDP-led Federal Government and be working against the interest of the party.

“It is even more nauseating that in a party where the majority of members are without any appointment, Odujinrin alone has two board appointments.

He is the Chairman of the Board, Federal Polytechnic, Nassarawa and also

member of the Board of Ogun-Osun River Basin Development Authority while Mustapha is the Chairman of the Agricultural Research Development Council of Nigeria (ARDCN).”

The party appealed to its national leadership and the Federal Government to withdraw all the goodwill and patronage C O N T I N U E D O N PA G E 4 6

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Monday, February 24, 2014

5

Jonathan’s aides are fraudulent, incompetent, says Sanusi CONTINUED FROM PAGE 4

problem between his personality and the job. I told him and he promised me that he will not talk. But he couldn’t do it.”

Utomi, while X-raying the tenure of the former CBN governor, concluded that Sanusi did more harm to the banking sector than good with the banking reforms.

Utomi said: “When he got to the job, meaning very well to do a good job, he proceeded to do an enormous damage to the Nigerian banking sector.

He meant well. On the 31st of January, I was at a dinner in Ikoyi with some bank managing directors.

The general concensus was that banking is now a nightmare.

“His reforms, stress tests on the banks were well intended but were very arbitrary. But because Nigerians are looking to generate a lynch mob,

rigour was not pursued.”

He also believed that Sanusi’s exit would not in any way affect the economy or foreign investors.

That, according to him, was because Sanusi was due to retire in June and would not have been reappointed.

Said Utomi:“What is sudden about it anyway?

His termination was going to come by June anyway and his terminal leave ought to have started by now. So, I don’t see what is so sudden about it. Anybody who is going to do any calculation, which by now has not factored out Sanusi is not a serious player. He was about to retire; his game was up and everybody knew that he was not going to be reappointed, even if there was a revolution and all of that.

If you are a serious player, you would have calculated that he won’t be part of the plans. I don’t think his re-

moval has any real effect on the calculus of potential foreign investors or what have you.

“There are issues that you don’t need to mix up when talking about people like Sanusi. We need to be very clinical in this matter.

We need to be talking about accountability across the board. We need to separate the so called whistle blowing from accounting for his time at the CBN and the general outlook of the economy. These are different issues, even though it is hard to isolate them based on personalities.”

But Governor Rotimi Amaechi of Rivers State countered him, saying the suspension was illegal.

He spoke yesterday at Christ Church, Port Harcourt during a service organised for the Induction of the Resident Minister and reception of Assistant President Ministers.

He said: “I have been

trying my best possible to avoid politics in the church but God will not come down to act, we will act on our own.

“While we are talking about the problem and the ways to end religious wars in the country, others are busy stealing our money, may be, they are using it to divert our attention. The issues of the missing $49.8 billion from the Federation Account is still there. If you convert that money to naira, you will get N80 trillion, and that money can solve the problem of this country for the next few years. And the federal government says they use the money for this and that. But, the constitution says, nobody can tamper with that money, the money must first of all be paid into the federation account before releasing the money. So that, Rivers State, or Imo State can have their share. But, the

Federal Government has gone upfront to collect this money without actually following the due process as stipulated by law.

“The church can also examine and preach against the missing funds. Don’t accuse PDP or APC, just accuse politicians of stealing money.

So that you can educate the people on the means to ask for accountability.

I am the only governor that has been made to rule through the Supreme Court judgement without contesting for an election in this country. And having attained that position, my duty is not to only deliver what Nigerians call dividends of democracy without actually ensuring accountable and transparent leadership. Politicians can’t come to Government House to share our money.

We should not allow politicians to steal our money.

We should ask questions

about our missing money.”

On Sanusi, he said: “You can imagine how President Jonathan announced the sudden removal (suspension) of the CBN Governor. He does not have such powers. He knows that nothing will happen, that was why he took that action. So, I think the preachers should begin to preach what we called the liberation theology. You (church leaders) are supposed to have more responsibilities to hold government accountable.”

Amaechi said.

The governor equally advised members of the Christ Church Port Harcourt to accord more trust, confidence and encouragement to the newly inducted Resident Minister, Reverend Kaleb Kay Uche, and the Assistant Resident Ministers, Rev. Canon Inuma T. Davies, and the Reverend Victor Ben.

Sanusi denies government’s allegations of financial recklessness CONTINUED FROM PAGE 2

dent tarried for so long before finally suspending him from the office, not that the president acted based on the disclosure about the missing oil money,” an aide of the President told our correspondent.

It was further learnt that when Sanusi realised that the government was after him, he started compiling dossiers about the wrongs in the Jonathan administration.

The presidential aide told New Telegraph that the Federal Government quickly moved against Sanusi when it realised that the suspended CBN governor was in the process of releasing more documents that have collateral damage on the administration.

“The more you keep him in the office, the more he damages the reputation of the administration. So, he has to go. You can’t live in a glass house and be throwing stones, “the source said.

It was gathered that the government is also subjecting all contracts awarded during the tenure of Sanusi to critical scrutiny, to examine if they followed due process and ascertain any breach

of extant law.

New Telegraph reliably learnt that the Attorney General of the Federation and Minister of Justice, Mohammed Adoke; officials of the Ministry of Finance and other top government officials have met and concluded plans to send the report of the Financial Reporting Council to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and other related offences Commission (ICPC) for further investigation.

A senior official of the EFCC said the anti-graft agency is awaiting correspondence from the Presidency to move into the case.

If the plan is carried out to the letter, Sanusi may soon be arraigned at a Federal High Court in Abuja over the report.

The suspended CBN governor has denied any wrongdoing. On Friday, he secured a court injunction against arrest.

The Council report was based on Sanusi’s response to query issued to him by Jonathan.

In the report of the Council, Sanusi spent N1.257 billion for lunch

L-R: Chief of Staff, Brig.-Gen. Jones Arogbofa (rtd); President Goodluck Jonathan; Senior Pastor, Dunamis International Gospel Centre, Area 1, Abuja, Dr. Paul Enenche, and his wife, Becky, during Sunday church service at Dunamis International Gospel Centre, Area 1, Abuja... yesterday photo: timothy ikuomenisan

for policemen and private guards in 2012. Also, bogus payments to airlines for currency distribution were made and held N1.423 billion balance for an unidentified customer since 2008.

Also, the Council accused Sanusi of making approvals for ambiguous payments to invoices tagged as “Centre of Excellence” and “Contribution to Internal National Security.”

The report noted that the CBN under Sanusi claimed to have paid N38.233 billion to the Ni-

gerian Security Printing and Minting Company Plc in 2011 for the “printing of bank notes”.

But the entire turnover for the year of the company was N29.370 billion for the year.

The Council described Sanusi’s response to the President’s query as “a clear display of incompetence, nonchalance, fraud, wastefulness, abuse of due process and deliberate efforts to misrepresent facts.”

In addition, the report accused Sanusi of violating financial regulations,

especially carrying out mandate with financial implications not related to CBN’s.

Meanwhile, the All Progressives Congress (APC) has accused the Presidency of trying to use the suspension of Sanusi as CBN Governor to divert attention from the allegation of missing $20 billion in oil funds.

The party said the way the presidency has been campaigning to malign Sanusi, using the report of the Financial Reporting Council of Nigeria, shows that it is working

hard to sweep the issue of the missing funds under the carpet and punish Sanusi for daring to expose the fraud.

Interim National Publicity Secretary of the APC, Alhaji Lai Mohammed, stated this in a statement yesterday.

“Irrespective of the tepid and unconvincing denial by the Presidency, it is clear that the main reason the presidency moved against Sanusi is because he blew the lid on the $20 billion funds which the NNPC allegedly failed C O N T I N U E D O N PA G E 4 6

6

NEWS

Monday, February 24, 2014

photo news

Boko Haram: FG moots full-scale war in Borno Emmanuel Onani

I Ogun State Governor, Senator Ibikunle Amosun (right), presenting the official state plaque to the visiting Flag Officer, Western Naval Command, Rear Admiral Samuel Alade who paid him a courtesy call in his office, Ogun State.

n a move to bolster the ongoing war against terrorist elements in Borno state, arrangements have been concluded by the military high command to deploy additional troops and fighter jets to the troubled zone.

The development is a precursor to a planned imposition of a "total" state of emergency on the volatile Northeast state, which has witnessed a resurgence of mindless killings of civilians in recent times.

According to a highly-

placed security operative, the move will witness the "demolition" of democratic institutions in the state, to enable the military exercise full control devoid of any constitutional encumbrances.

The dependable security source, who spoke with New Telegraph on the condition of anonymity, said: "in a few days from now (Saturday), very heightened military operations will be seen in Borno;there will be no going back until security in the state and the zone is restored."

Reminded that a state

of emergency earlier declared by President Goodluck Jonathan was still in place, he retorted: "You can't say an emergency state is in place, when you have the governor and other elected officials at different levels in their positions.

"What we want to route Boko Haram from that state is total war;they have to be leveled", he declared.

Efforts to get the Director of Defence Information, Maj. Gen. Chris Olukolade to confirm the development, did not yield result, as his telephone was unreachable.

LASU reopens registration portal Kayode Olanrewaju

T The outgoing MD /CEO, Fidelity Bank Plc, Reginald Ihejiahi receiving the The Sun Banker of the Year Award from the Secretary of the Federal Government, Senator Anyim Pius Anyim on Saturday in Lagos.

Ondo State Governor, Dr Olusegun Mimiko (left), and the Flag Officer Commanding Western Naval Command, Rear Admiral Samuel Alade during his visit to the Government House, in Akure…at the weekend

he Registration Portal of the Lagos State University (LASU), Ojo, Lagos, earlier closed by the management which allegedly led to students’ protest resulting to the closure of the institution on January 23, will now be reo-pened for two days, ttill February 25, as final year students resume today.

The Vice-Chancellor, Professor John Obafunwa, said the registration portal would also be reopened for another 48 hours when other students are due to resume on April 1.

In the planned resump-

aminations billed to commence on April 7.

The Lagos State House of Assembly had in its resolution on the crisis tagged: “Students Unrest as a Result of Closure of Registration Portal in Lagos State University (LASU), Ojo” directed the management to carry out immediate and assessment of the damages occasioned by the violent action of the students with a view to repairing such before the resumption of the students.

Towards this end, the Vice-Chancellor had put the cost of repairs of the property damaged at N50 million, which the government promised to fund.

Soun commends Olubadan, Jonathan over resolution of misunderstanding

O

Head of Marketing, Nutricima Limited, Mrs. Wande Oluwasegunfunmi (middle) receiving the NAFDAC’s award to Nutricima as 1st Most Compliant in Food Export Sector from Director, NAFDAC, Drug Evaluation and Research, Mrs. Titiliope Owolabi (right). With them is Nutricima’s Project Manager, Sarah Amadi during the Ports Inspection Directorate (PID) 2013 End of Year Party/Performance Recognition Award by NAFDAC held Lagos.

PHOTO: SULEIMAN HUSAINI

tion which will be in phases and review of the academic calendar for the 2012/2013 session, as announced by the university Senate in its 214th statutory meeting, only the final year students will resume for full academic activities on Monday February 24, while their examinations commence on March 3.

Fresh students are expected to resume on March 10, for their screening exercise which is scheduled for March 10 and 13, while their matriculation comes up on March 28.

Meanwhile, resumption of students in other levels has been slated for April 1, with their ex-

ba (Dr.) Oladunni Oyewumi Ajagungbade III, the Soun of Ogbomosoland, has lauded the amicable resolution of the misunderstanding between the Olubadan of Ibadanland, Oba Odulana Odugade, and President Goodluck Jonathan.

President Goodluck Jonathan had last weekend visited the Alaafin of Oyo, Oba Lamidi Adeyemi, a move Odugade considered a slight on his office and person.

However, Jonathan

was quick in apologising to the reverred monarch, explaining that since he plans to visit the Olubadan twice between now and April, he thought an earlier visit would be an overkill.

The Olubadan was prompt in accepting the explanation but with a call on Jonathan not to create the impression that he had a favourite among the obas in Oyo State.

Commending the amicable resolution of

what he considered a misunderstanding, Oba Oyewumi told Odugade and Jonathan that their decision to quickly put the issue behind them was commendable and a sign of maturity.

In a statement on Friday by his Private Secretary, Toyin Ajamu, the Soun appreciated Jonathan's position that he holds Odugade, the people of Ibadan, the citizens of Oyo State and the South-West in general in high esteem.

7

Monday, February 24, 2014

FG begins inspection of local automobile assembly plants

T

he Federal Government has commenced onsite inspection of local automotive assembly plants across the country as part of the implementation plan of the Nigeria Automotive Industry Development Plan.

Speaking during the inspection of the Peugeot Automotive Nigeria (PAN) car assembly plant in Kaduna, at the weekend, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said more local and international investors were taking advantage of the huge opportunities provided by the new automotive plan to invest in Nigeria.

The minister said, “I’m greatly encouraged by the facilities I’ve seen here at PAN’s car assembly plant in Kaduna, which I am told is the biggest in West Africa. It shows that we are not just starting from the scratch when we say that we want to encourage automobile companies to establish and assemble their cars here in Nigeria, in line with the new automotive policy.

“One of the reasons PAN’s massive and world class facility, which used to employ about 4,000 Nigerians, went under was the absence of a comprehensive and holistic auto policy that takes care of the entire automotive value chain. This is what the new auto policy wants to address.”

He added, “Also, I have been greatly encouraged by the announcements that have been made by reputable and global OEMS that they are coming to establish their automotive assembly plants in Nigeria. Nissan has said that it is coming to Nigeria, and that its first car will be produced in the country by April.

They have already sent their technical team and are working with their local partners in Nigeria.

Again, Boko Haram attacks Borno village, kills 3 YET AGAIN

Members of the dreaded sect strike again at Izghe

Ibrahim Abdul Yola

I

n a commando-like style, dreaded members of Boko Haram sect have again struck in Izghe border town in Gwoza area of Borno

state, killing at least three persons and burning several houses. After the attack the residents were forced to flee to the border town.

Just last week in the same town, over 106 persons were reported to have been killed by insurgents during late night attack, as thousands villagers Fled to neigbhouring villages.

In this fresh attack, residents said the gunmen invaded the village

at about 10 a.m. shooting sporadically and setting their homes (mostly thatched) ablaze.

The sect members were suspected to have invaded the town after escaping from their camps in Sambisa and others in Borno and Yobe states, during the military raid.

According to a resident, "They invaded our village while most of the people have fled to Gulak and other neighboring towns of Adamawa the

attackers burnt down the remaining houses.

"Initially we thought there are soldiers there.

Some of us wanted to go back and pick the aged persons and some of our belongings when they (Boko Haram) resurfaced ransacking everywhere before they later set ablaze our houses.

"At least three persons were killed during this fresh attack including two women," said Bulama Apagu, the district

L-R: Minister of Industry, Trade and Investment, Mr. Olusegun Aganga; and Managing Director, Peugeot Automobile Nigeria, Alhaji Ibrahim Boyi; during the inspection of newly assembled cars at the PAN factory in Kaduna ... on Friday.

Aviation workers to embark on strike over pay lMay shut airspace lWe have addressed the issues, says NAMA Dele Alao

U

nless something is urgently done to resolve the impasse, three major aviation unions have indicated their interest to commence indefinite strike by March 10, 2014 if the Nigeria Airspace Management Agency (NAMA) refused to abide with agreement on their condition of service.

Usually, threats from the National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the Amalgamated Union

of Public Corporations Civil Service Technical and Recreational Employees (AUPCRE) are not supposed to be taken lightly as strike action embarked by the unions could cripple air travel.

The withdrawal of their services could lead to grounding of airlines as the workers are mostly air traffic controllers, navigation tools maintenance engineers and service providers for airlines.

The three unions in a letter to the Managing Director of NAMA, Mr. Nnamdi Udoh, dated February 17, 2014, titled, “ For the urgent attention of

Mr. Nnamdi Udoh”, and made available to reporters , the unions demanded for the full and immediate implementation of the agreement entered between the three aviation unions and NAMA. Reacting to the issue, spokesman for NAMA, Supo Atobatele in a terse text message said, “the issue at stake has already been addressed by the management" The letter was jointly signed by NUATE General Secretary, Abdulkareem Motajo, Captain .N. Tarnongu, General Secretary, ATSSSAN and Isidore Opara, Secretary, AUPCRE.

The groups noted that they notified the NAMA boss of an indefinite strike action in case of any further breach, just as they requested him to include the payment of the 12 months areas on the conditions of service which they alleged was stopped since March, 2013.

According to them, “Failure on the part of your management to implement these agreements freely entered, we shall commence an indefinite strike action on March 10, 2014. This letter serves as notice with effect from February 17, 2014.”

head of Izghe on Sunday.

Another fleeing villager, who did not want to named for security reasons, further narrated how the incident occurred.

Lagos Assembly, Fashola's rubber stamp - PDP Wale Elegbede

T

he Lagos State chapter of the Peoples Democratic Party (PDP), has alleged that the House of Assembly, dominated by the All Progressives Congress (APC), is only exerting time and resources on less expedient bills whose motive is just to increase the revenue generation of the State.

PDP, in a statement signed by its state publicity secretary, Taofik Gani, described the state legislature as not being vibrant enough to represent the people but a rubber stamp of the intents of the Governor, Babatunde Fashola.

Using the recently passed law on smoking and the circular banning indecent dressing in the state secretariat as instances, the PDP accused the Assembly of abandoning its oversight functions, thereby allowing the Governor to impose unpopular policies on Lagosians.

"We note that the Lagos State House of Assembly is now cowed and has derailed from its expected functions to make life bearable for Lagosians.

"The House of Assembly has abandoned, on the floor of the House, important issues like the desire and demand of Lagosians to have: FOI Act domesticated; Increased LASU School fees reversed; Stoppage of tolling on the LekkiEpe express road; Alpha Beta Commission on the Revenue generated reviewed downward."

8 ACROSS THE NATION

Sanctity of Truth

Monday, February 24, 2014

EDO

IMO

BENIN

Owerri

Edo govt strategises to access N220bln SMEs Fund The Edo government is putting some measures in place to enable it to access the N220 billion Small and Medium Enterprises (SMEs) fund instituted by the Federal Government.

The Commissioner for Finance, Mr Osagie Inegbedion, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Sunday

in Benin.

Inegbedion said that states across the federation found it difficult accessing the fund because of stringent conditions attached to it.

He, however, said the state government was taking measures to access the fund, pointing out that a state was entitled to a maximum of N2 billion.

KADUNA Kaduna

Gov. Yero awards foreign scholarship to winners of 2014 Qur'anic recitation Gov. Mukhtar Yero of Kaduna State on Saturday awarded foreign scholarship to winners of the 28th edition of the National Qur'anic recitation competition hld in Dutse, Jigawa.

Yero disclosed this in a statement signed by his Director-General on Media and Publicity, Alhaji Ahmed Maiyaki, made

available to the News Agency of Nigeria (NAN) in Kaduna.

The governor named the winners of the scholarship as Suleiman Idris and Wasila Sani, both from Kaduna State, who emerged overall winners in both the Male and Female categories during the competition.

ISOPADEC empowers 1,700 youths in Ohaji/ Egbema, Oguta LGAs The Imo State Oil Producing Areas Development Commission (ISOPADEC), says it has empowered 1,700 youths with N500 million, in the oil producing Ohaji/Egbema and Oguta Local Government Areas of the state.

The Finance Controller of ISOPADEC, Mr

Uguchukwu Nwokoma, disclosed this in an interview with the News Agency of Nigeria (NAN) in Owerri on Sunday.

Nwokoma said that the commission granted the 1,700 youths loans amounting to N500 million to enable them to start businesses of their choice.

FCT ABUJA

FCT light rail project records 37 per cent completion --- Transport Secretary Mr Jonathan Iyoke, Secretary, Federal Capital Territory (FCT) Transport Secretariat, said on Saturday that the Abuja Light Rail Project had recorded 37 per cent completion.

Ivoke, who revealed the extent of work on the project to the News

Agency of Nigeria (NAN) in Abuja, said the construction had recorded appreciable percentage this year.

While putting the level of work done last year at 20 per cent, the secretary said 17 per cent had so far been added to it this year.

Buildings collapse: Reps to probe substandard cement production •Dangote cement backs probe Philip Nyam Abuja

H

ouse of Representatives has resolved to investigate allegations of substandard cement being produced by some companies in the country.

The decision was taken, after the adoption of a motion by Hon. Ibrahim Elsudi (PDP, Taraba).

El-sudi had expressed concerns over the raging controversies over high incidence of building collapse in the country.

The motion was unanimously adopted and the House resolved to set up an Ad-hoc committee to undertake the assignment of unraveling the truth or otherwise of the claim of existence of substandard cements in the country.

El-sudi's motion was borne out of a petition by a coalition of non-governmental organizations,

Missing Funds: FG, Sanusi have case to answer –Bakare D

alerting the House of the existence in the market of a 32.5 grade of cement said to be substandard, threatening to protest and report Standard Organization of Nigeria (SON) to Consumer Protection Commission for allowing such development.

The group reasoned that the cement must have been responsible for the incessant building collapse being experienced in the country.

The group had expressed displeasure with SON on the premise that the cement being imported into the country is less than 42.5, which is a higher grade approved by SON. Reacting to the motion adopted by the House, the Group Head, Corporate Communications, Dangote Group, Mr. Anthony Chiejina said his company welcomed the development and would be ready to cooperate with the authorities in their findings.

Kalu warns against bad leadership

Wale Elegbede

C

onvener of the Save Nigeria Group (SNG) and the Overseer of the Latter Rain Assembly, Pastor Tunde Bakare has challenged the federal government as well as the suspended Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi to clear allegations of financial recklessness leveled against them before engaging in political tantrum.

Addressing newsmen over the weekend in Lagos state on the suspension of the CBN Governor by the President, the fiery preacher said the volume of cash involved in the accusation and counter-accusations from both parties is enough to fix many ailing sectors in the country.

According to Bakare, "The allegations made are weighty on both sides. Do you know what N20 billion can do in the life of a nation? If that

Emir of dass, Usman bilyaminu (l), with programme chairman tafawa balewa lga, Alhaji Iliyasu Gital during the turbaning of the 1st Maza Wajen dass in dass lga of bauchi state on saturday

is just the all they can properly account for this time, it will go a long way to bring sanity into the polity.

"We welcome all the parties but until they bring out the facts, we don't know who is guilty or not. The law must be upheld, the system must not be violated. It’s needful that the allegations be looked into and it is also important that it should be done according to the

law."

Using the proverbial encounter between the farm owner and the thief to explain the drama between the duo, the running mate to the Congress for Progressive Change (CPC) Presidential candidate, Gen. Muhammadu Buhari in the 2011presidential election, said the refusal of Sanusi to corroborate previous allegations of massive corruption against Presi-

dent Goodluck Jonathan administration may be responsible for his present predicament.

He said, "When Save Nigeria Group raised the bar during the fuel subsidy protests and maintained that government-backed corruption fueled by NNPC was the main issue, perhaps a corroborating voice by the CBN governor would have added weight to the outcry.

r Orji Kalu, a former governor of Abia, on Sunday in Lagos warned public officers against bad leadership and alienation from the electorate.

Kalu gave the warning while speaking with aviation correspondents at the Murtala Muhammed International Airport, Lagos, after his arrival from Dubai, United Arab Emirate.

The News Agency of Nigeria (NAN) reports that Kalu was also a former presidential candidate of the People's Progressive Alliance (PPA) in the 2011 general elections.

He said that most Nigerians lacked the dividends of democracy promised to them by their elected leaders during electioneering.

Kalu, however, said that in spite of the warning, the country would not break up as being rumoured in some circles. ``What I’m afraid of is not disintegration of the country, rather, revolution by the people. It’s not going to be by the

police but by the people. ``That is what I`m conscious of, and we must be very careful of what we do with the people because they have been alienated for so long,'' he said.

He said that patriotic Nigerians should stand up and defend the country against any disintegration.

He advised governors to provide good governance for the people, while the legislatures should enact laws that would better the lives of the citizens.

He also urged politicians occupying public offices to work for the interest of the masses that voted them into power rather than neglecting them. ``I’m very disappointed with some of them stealing money and stashing them outside the country. What will they do with those things? ``People have no jobs, they should think about creating jobs in Nigeria and in their constituencies they are governing,'' he said.

NEWS

Monday, February 24, 2014

2015: Buhari, Atiku may divide North LIKELY SPLIT

Buhari more popular in North-West and Atiku in North-East

Muhammad Ali

T

he entry of former Vice President, Atiku Abubakar, into the All Progressives Congress (APC) may divide not only the party but the North going by the political permutations of the region ahead of the 2015 presidential elections.

Atiku, who recently defected from the Peoples Democratic Party (PDP) to the opposition

is believed to be nursing a presidential ambition while former Head of State, Gen. Muhammadu Buhari of the defunct Congress for Progressive Change(CPC) is said to nurse the same ambition.

Both aspirants would be relying on the electorate from the North to actualise their dreams, but already, there are indications that this may split the region.

Buhari is believed to be more popular in the North West region while Atiku would naturally have the support of the electorate in the North East, his home base.

A cross section of respondents who spoke to our correspondent

in Kaduna, were of the view that Buhari was more likely to clinch the party’s presidential ticket and Governor Adams Oshiomhole of Edo state may emerge his running mate.

One of them said that: “With Buhari’s mass followership in the North, added to Oshiomhole’s track record of performance as governor, the former labour leader will represent the southsouth on the ballot. APC is already well-grounded in the South west; so this configuration will fly.”

He added that Atiku may not have a place in the current scenario and if that happens, the former vice president

‘s supporters may vote elsewhere since Atiku has foreclosed the possibility of returning to PDP. There are indications that a stalemate may occur and both aspirants may have to compete for votes from the Middle Belt (North Central)region which appears to be a neutral ground for now.

In the alternative, Atiku may go to the Peoples Democratic Movement (PDM), a party that he allegedly registered as a platform to fall back on if he failed to realise his ambition in the PDP and APC. However, there are unconfirmed reports of PDM been subsumed into the APC.

9

N1.5bn contract: OkonjoIweala, perm sec to face Reps Wednesday Philip Nyam Abuja

T

he coordinating minister for the economy and minister of finance, Dr. Ngozi OkonjoIweala and Permanent Secretary, State House, Mr. Emmanuel Ogbile, are to appear before the House of Representatives on wednesday to answer questions on the N1.15 billion contract for the production of ballot papers for the 2007 presidential election.

The House Committee on Public Accounts, chaired by Hon. Solomon Olamilekan Adeola (APC, Lagos) issued the summons last week at the ongoing probe of the operations of the Service Wide Votes (SWV) by the presidency.

Also to appear before the committee is the Acting Governor, Central Bank of Nigeria (CBN), Mrs Sarah Alade and Nigeria’s High Commissioner to South Africa.

Adeola, who disclosed this explained that on April 17, 2007, the CBN transferred N1.15 billion to the Nigerian High Commission in South Africa for the printing of presidential ballot papers. He said a South African company was contracted to produce 65 million ballot papers at the cost of N16 each.

According to the chairman, there was a memo from the Chief of Staff to the president to the Accountant General of the Federation to cause the issue of N1.15 billion from the SWV"

At Ilorin rally, PDP vows to chase out APC from Kwara in 2015 BiodunOyeleye Ilorin.

T

Former Abia State Governor, Dr. Orji Kalu (left) and Oba of Lagos, Oba Rilwan Akinolu, during Kalu’s visit to the Oba’s palace ...yesterday.

A PLEDGE

He is doing this to appreciate men and women of God

Anule Emmanuel

P

resident Goodluck Jonathan has pledged to, henceforth, worship outside the State House every last Sunday of the month to appreciate the good work of men and women of God. This, he would do, he said until he leaves the Presidential Villa.

The President, made

Jonathan to worship outside State House once every month the pledge at the Third service of Dunamis International Gospel Church, Area one, Abuja where he had gone to worship.

He also stressed that despite increasing onslaught by the radical Islamic sect, Boko Haram, in parts of the North and other security challenges in the country, government was taking pragmatic steps to bring about peace and development.

He said Nigeria would

triumph over these challenges and become the great nation that it is destined to be.

According to the President, though the challenge of insecurity has gradually assumed a global phenomenon, Nigeria is having an 'unfair' share of the menace.

"If you watch television, both local and foreign, we always have negative news as breaking news. The whole world is

almost in trouble and as a nation, we are bound to have our own fair share.

With your prayers, surely we will overcome our challenges," the president said.

President Jonathan thanked Christians and other religious groups for their prayers for the country and explained that but for such prayers, the situation in the country would have been worse.

housands of Peoples Democratic Party (PDP) supporters stormed Ilorin, Kwara State capital, yesterday as leaders of the party vowed to reclaim the state from the ruling All Progressive Congress (APC) in 2015.

Those in attendance at the rally which held on the football pitch of Lower Niger River Basin Development Authority, include Presidential Adviser on National Assembly, Senator Makanjuola Ajadi; former gubernatorial candidate of the defunct Allied Congress Party of Nigeria (ACPN), Senator Gbemisola Saraki; Senator Simon Ajibola, Dr. Sarah Jubril, and former Minister of Transport, Alhaji Bio Ibrahim.

Others i n cl u d e the Chairman of the Federal Character Commission(FCC), Professor Shuiab AbdulRaheem; Dr. Femi Ogunshola, a commissioner in the FCC; Mr. Dele

Belgore, gubernatoprial candidate of the defunct Action Congress of Nigeria (ACN) and Alhaji AbdulRahmam AbdulRazak, former gubernatorial candidate of the defunct Congress for Progressive Change (CPC).

Also at the event were Alhaji Hakeem Lawal, first son of the deceased former governor of the state, Alhaji Mohammed Lawal; Alhaji Razaq Lawal, a commissioner under the deceased former governor; Alhaja Muinat Sagaya, Pastor Benjamin Issa, former Speaker of the state’s House of Assembly and Princess Bilkis Gambari, sister to the incumbent Emir of Ilorin and former Senatorial candidate of the defunct CPC and Prince Sunday Fagbemi, former state secretary of the defunct ACN. Addressing the crowd, chairman of the party’s caretaker committee for the state, Mr. Solomon Edoga, said true freedom will become the lot of Kwarans when the PDP comes into power in 2015.

10 NEWS

Monday, February 24, 2014

Fayemi flouting directives on billboards - Bamidele VIOLATION

Aspirant alleges INEC directive being violated

Adesina Wahab Ado-Ekiti

A

governorship aspirant of the Labour Party (LP) in Ekiti State and member of the House of Repre-

sentatives, Hon. Opeyemi Bamidele, has accused Governor Kayode Fayemi and the state's chapter of the All Progressives Congress (APC) of violating the directives of the Independent National Electoral Commission (INEC) on the erection of billboards and pasting of posters ahead of the June 21 governorship election in the state.

The INEC Chairman,

2015: INEC prays for media support Ewa Nnanna Abakaliki

T

he Independent National Electoral Commission (INEC),has solicited the support of the media in its programmes lined up for the 2015 general elections, including continuous voter registration, constituency delineation, and issuance of permanent voter cards.

The INEC Resident Electoral Commissioner (REC) in charge of Ebonyi State, Mr. Sylvester Okey Ezeani made the appeal in a meeting with media executives in the state.

Ezeani emphasized the importance of the media especially in the area of voter education and pub-

lic enlightenment.

Though, he said that the commission was yet to fix a particular commencement date for the various exercises, he explained that continuous voter registration is not for everybody but those who have attained the voting age of 18 from the last election and those who did not get their finger prints correctly or whose pictures were not clear in the previous registration exercise, among others.

He stated that since assumption of office in Ebonyi state, he has peacefully and successfully supervised the conduct of two state constituency elections and assured that INEC is a changed body operating in a new era.

Late Speaker’s brother wins by -election in Taraba

M

r Daniel Tsokwa, younger brother to the late Taraba Speaker, Haruna Tsokwa, has been declared winner of the bye-election for Takum 1 Constituency in Taraba.

Declaring the results in the early hours of Sunday, the Returning Officer, Dr Ibrahim Wayo, said Daniel of the People Democratic Party (PDP) got 36,070 votes to defeat his opponent, Musa Danjuma of APC, who scored 4,479 votes.

The News Agency of Nigeria (NAN) observed that the election was

monitored by no fewer than five resident electoral commissioners from neighbouring states and scores of senior officers from INEC Headquarters.

There was heavy presence of security agents, including the army and the police, deployed across the six wards of the constituency to monitor the election.

Commenting on the results, Chairman of the APC in the state, Alhaji Hassan Ardo, attributed his party’s loss to what he described as misinformation.

Prof Attahiru Jega had during a stakeholders' meeting in Ado-Ekiti last week warned politicians and political parties behind the campaign materials to remove them, saying their action contradicted the Electoral Act. Speaking at the LP state secretariat in AdoEkiti yesterday during its state congress where state officers were elected to run the affairs of the party for the next three years, Bamidele, an aspi-

rant on the platform of the party, wondered why the governor and the APC were being treated as sacred cows while his party had since complied with the commission's directive.

In his reaction, the Director of Media and Publicity, Ekiti State APC, Mr Segun Dipe, said his party never violated any directive.

He said either Bamidele was ignorant of the situation or up to mischief.

According to him, the billboards Bamidele was talking about were ones highlighting the numerous achievements of the government.

Bamidele had said: "I assure you that Ekiti 2014 election is going to be a peaceful one. I know INEC is going to do its best, we are a law abiding political party. We have kept to INEC directive to stop erection of billboards and pasting of posters.

"We have removed all

our billboards and posters on the streets but we are surprised that the governor's posters and billboards are all over the place and nobody is talking about the matter.

"The governor has continued to paste posters everywhere. The INEC gave 24-hour deadline to remove posters and billboards, but we won't heat up the polity and I want to appeal to our supporters to give peace a chance, we are the government in waiting."

L-R :Chairman, Dekina Local Government, Comrade Mohammed Ali; Governor of Kogi State, Capt. Idris Wada, Deputy Speaker, Kogi State House of Assembly, Hon. Emmanuel Omaebije and the Commissioner for Rural Development, Umar Mohammed, during the flag off of massive rural electrification projects starting from Elubi-Etiaja in Dekina Local Government.

53%

50GB

$1.9b

The level of the world’s population expected to have entered the middle class by 2025 Source: McKinsey Institute

The size of an average of Xbox One or PS4 game Source: T3

The total worldwide worth of Beats by Dr. Dre' headphone. This represents 23% of worldwide market Source: FutureSource

17,385 Nigerians currently in UK higher institutions - British Council SHOOTING UP Nigeria has a large and increasing student population in UK

Mojeed Alabi

I

n spite of the new policy in the United Kingdom which now makes it difficult for foreign students who graduate from its higher institutions to stay put and secure job opportunities before

returning to their home countries, investigations have revealed that the population of Nigerians currently attending higher institutions in the UK is not reducing.

According to the Education UK, an arm of the British Council in charge of the education issues in the country, a huge figure of 17,385 Nigerians are currently in the UK studying for higher certificates in the universities and various other colleges.

The agency's Project Manager, Mrs. Sephora

Imomoh, who revealed this recently during an exhibition held at the Eko Hotels and Suites, Victoria Island, Lagos, said Nigeria has a larger percentage of foreign students in the UK. The development may have also influenced the number of higher institutions that participated in the exhibition which was flooded by thousands of students of high schools in the country.

A total of 61 higher institutions including University of Leeds,

University of Bradford, Swansea University, Oxford Brookes University, The Manchester University, among others took part in the exhibition.

Some of the students, who participated in the exhibition, including those from Bodija International College, Ibadan, in Oyo State, said they were inspired to attend high institutions in the UK because of the standard of education there and the various challenges confronting the education sector in the country.

metr

Monday, February 24, 2014

Poor handling of the dead at the Lagos State-owned Ikorodu General Hospital may have negative impact on the health of the living, reports Tunde Osowe.

11

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www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

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The unused morgue

T

here is a maxim which says the dead also deserves respect. But this axiom, it seems, has no place at the Ikorodu General Hospital in Lagos State.

The way the dead are treated at the hospital has been arousing anger among those whose relations died in the hospital.

For instance, a mother of three, in her late 40s, died recently at the hospital. Her body was deposited at the hospital’s morgue.

When family members went back to retrieve her corpse, they were annoyed over the treatment meted out to the body.

According to investigation, bodies deposited at the mortuary are treated based on what is made available in form of gratification to the morticians.

When our correspondent visited the hospital, the head of the morticians was overheard directing that a body brought by officials of the Lagos State Task Force on Environmental Sanitation be deposited at “Ile Pako” – a house built with planks.

An insider said that was because ‘nothing’ (money) came with it.

Meanwhile, a newly completed morgue is lying idle beside the makeshift mortuary.

But an open space on the veranda of the building has been converted to an office for the head of the morticians, with files and documents competing for attention on an incongruously arranged table.

What also serves as the morgue is a 40-metre shipping container, with two sliding windows and a door at the front.

In front of the container are pieces of bedspread and other cloths used to cover where bodies are washed. There is also a makeshift bed on which bodies are washed. This is done in the open.

Just behind the ‘container

The improvised mortuary

The chief mortician’s office.

Epidemic looms at Ikorodu General Hospital

zThe z dead washed in the open zBodies z get preferential treatment based on gratification morgue’ is Ile Pako. When our correspondent visited the hospital, a body wrapped in white was lying on the ground in front of Ile Pako.

When one of the workers was asked why the body was placed on the ground, he merely said: “No cause for alarm.”

Right from the entrance to the container, once the door is opened, bodies are placed haphazardly on bare floor.

With the condition of the door, there is nothing to suggest that the morgue is refrigerated.

A peep into the inner chamber of the container showed bodies kept in cabinets carelessly placed over one another.

This, according to a member of the family of the late mother of three, does not befit a state hospital.

He said: “I have never been to a mortuary before. But I know

that what I have seen here today is an eyesore. Although they are dead, how can they be handled in this manner?”

The man, who craved anonymity, disclosed that two of the morticians had to climb over other bodies on the floor before they retrieved the remains of his sister.

According to him, fluid from bodies kept inside the upper cabinets was dripping freely on the bodies below.

He said: “What kind of setting is this? Everything about this place is crude and not fit for a modern society.

“We would have taken the remains of our sister elsewhere for

proper embalmment if we had envisaged this kind of treatment.”

Extortion is also thriving at the mortuary.

People are made to pay their way through to get whatever services they need.

The amount to be paid is usually not spelt out from the outset.

This allows the morticians to come up with different charges at crucial intervals.

If anyone refuses to pay such charges, the morticians would abandon the body, leaving the person with no alternative than to comply.

Immediately one charge is settled, another one comes up.

There are other workers who sell white cloth, perfume, etc, at exorbitant prices.

Ambulance drivers too are not

Everything about this place is crude and not fit for a modern society

PHOTOS: TUNDE OSOWE

left out. The drivers wait till after all others might have got their ‘share’ before demanding theirs.

It must be paid before they move from the spot.

These charges, which are clearly outside the required payment for embalmment, according to investigation, are made discreetly.

Many of the people residing near the hospital also expressed fear of possible outbreak of epidemic because of the activities of the morticians.

There is fear that the odour which oozes from the mortuary and envelops the entire area could be injurious to people’s health.

The water used to wash bodies also flows freely. So, when it rains, it may flow into wells in the area, particularly when considering the sloppy terrain of the hospital.

When contacted, the Commissioner for Health, Dr. Jide Idris, said arrangements had been concluded to commission the newly constructed building and subsequently put it to use.

Idris, who spoke through the Permanent Secretary in the ministry, Dr. Femi Olugbile, said the new structure had been equipped with modern facilities, to meet the needs of the hospital.

According to him, the facility currently being used is a temporary measure put in place pending the completion of the new structure.

He said: “In a matter of weeks, the new building will be commissioned. Once that is done, everything else will have to fall in place.”

12

METRO

Fuel thieves jump into sea to evade arrest dangerous escape Five suspected smugglers dived into the sea in Lagos Juliana Francis

F

ive suspected smugglers of 15,300 litres of petroleum products jumped into the sea in Lagos to evade ar-

rest.

The state Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Mr. Clement Adesuyi, who disclosed this, said preliminary investigation showed that the suspects were attempting to smuggle the petroleum products to neighbouring countries.

Adesuyi said the suspects were coming from Escravos Apapa, adding that the five men in a Yamaha boat immediately leaped into the sea on sighting his men.

According to him, the suspects abandoned their boat and the illegal products.

The commandant spoke on

Sunday while briefing journalists on the activities of suspected pipeline vandals and smugglers operating in Badagry area.

Adesuyi said the products were intercepted on the high sea in Badagry by his men after an intelligence report.

He said: “We recovered 45 drums of 300 litres each and 72 jerrycans of 25 litres each and one Yamaha boat engine. Five suspects who were in the boat jumped into the sea to escape arrest. They were coming from Escravos in Apapa.

“Our men are still hunting for the fleeing suspects. We have spread our dragnet across the border line to ensure that our petroleum products are not smuggled out illegally through the sea.

“One of the main challenges in arresting suspects on the sea is lack of speed boat engines.

We currently have about 30 good swimmers in Badagry alone but we need bigger engine boats.”

Adesuyi said Nigeria was losing a lot of money daily through

NSCDC men guiding items abandoned by the smugglers. Inset: One of the drums recovered from the sea.

the activities of vandals.

“We will make Badagry hot for the criminals destroying our economy,’’ the commandant vowed.

The intercepted products have been evacuated to the command headquarters, Alausa, Ikeja.

Abductors of suspect in court not policemen –PPRO

the invisible man A fraud suspect disappeared after appearing in court Juliana Francis

P

olice in Lagos have said that the three gunmen who abducted an alleged fraudster from a prison warder at the Igbosere area of Lagos State were not their men.

At about 1:30pm on Thursday, a Chief Inspector of Prison, identified as Oduola Jubril, was escorting the accused, Princewill Arinze Nwobodo, to the court cell after his trial at the Lagos High Court, Igbosere, Lagos Island when three men allegedly in police uniform snatched the accused.

It was alleged that the three gunmen appeared from nowhere, snatched Nwobodo, bundled him into a Honda Accord car with unknown registration number and zoomed off.

But police spokesperson, Ngozi Braide, who also confirmed the incident, said the gunmen were not genuine policemen.

She said: “We’ve seen several cases

Monday, Febru

Nwobodo

where criminals wear police and Army uniforms to perpetrate crimes. We’re waiting to hear from the prisons authority because the warder is no longer in our custody.”

However, the National Public Relations Officer, Nigerian Prisons Service, Mr. Ope Fatinikun, said he was not aware of the incident.

He added that he did not believe that the

Lagos Command would deliberately hide such an incident from him.

The accused was charged to court by the Economic and Financial Crimes Commission (EFCC), for two different offences.

It was gathered that immediately after the incident, Jubril went to report himself at the nearest police station. He was later whisked away by officials of the Nigerian Prisons Service before the police could embark on a thorough investigation of what transpired.

The prison officials, however, promised to return Jubril to the police after he had been debriefed.

But a source suspected foul play.

“I have thought long about the incident and I strongly feel that the prison warder planned this escape with the accused.

“Jubril knew he was supposed to wait for the Black Maria to come for the accused, but decided on his own to take him to a magistrate cell.

“He took the accused, walking along the streets like they were on a stroll. There was no leg or hand chain, and then three gunmen in police uniform

came and took the accused away. Who will believe such a story?” the source said.

According to the EFCC Head of Media, Mr. Wilson Uwujaren, the accused is an alleged serial fraudster and suspect in two cases being handled by the agency.

He said: “The suspect, Princewill Arinze Nwobodo (alias Aboki J. Brown) was abducted by gunmen within the precincts of the Lagos High Court, Igbosere where he was to be arraigned before Justice Aishat Opesanwo on a four-count charge bordering on obtaining $92,000 under false pretence.

“The arraignment was deferred to March 27, 2014 as the court did not sit.”

Nwobodo had previously been arraigned in two separate courts in Lagos on fraud-related charges.

He was docked on October 25, 2013 before Justice Saliu Seidu of the Federal High Court, Lagos on a 15- count charge bordering on forgery and obtaining money under false pretence.

He pleaded not guilty to the charges and was granted bail. His inability to meet the bail conditions consigned him to prison custody till Thursday, February 20.

Northern elders can’t install a President –Onoja / PAGE 17 | ‘JONAtHAN has failed’ / PAGE 17

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Why Tinubu prostrated for me, by Shekarau

p-14, 15

Monday, February 24, 2014

2015 presidency: Jonathan splits North

Ahead of the 2015 general elections, Northern Nigeria is in a tail-spin. The region’s political intelligentsia is singing a discordant song. Today, the only project closest to the heart of the North is the re-taking of political power, a theory backed by current political permutations. LOUIS ACHI and TEMITOPE OGUNBANKE examine the divisions in the North over the 2015 presidency.

F

ormer Minister of Defence, General Theophilus Yakubu Danjuma (rtd), recently came down heavily on Northern elders and politicians against the backdrop of what he believes is a poor strategic response to the economic and political challenges confronting

the region.

Today, several elders’ groups have sprung up to either advocate for power shift to the North and oppose President Goodluck Jonathan’s re-election on February 14, 2015 or support the bid.

In his speech titled “Rebuilding a Harmonious and Hospita-

ble Northern Nigeria,” delivered during his conferment with the title of Jarmai Zazzau, an obviously miffed Danjuma noted that Northern leaders have become confused and scattered like flocks without shepherd, adding that it was an indication of leadership failure.

His words: “It is not in our character as northerners to talk too much. We need to think more, pray more, plan more, work harder, relate better, but talk less. Battles are better fought and won through wisdom and strategy than through inflammatory pronouncements and political tantrums.

“We urgently need to put our house in order so we can overcome our various challenges.”

Also, former Head of State, Gen. Yakubu Gowon, last week, lamented the proliferation of elders’ groups in the North.

Gowon, who is the new Chairman, Board of Patrons of the Arewa Consultative Forum (ACF), said: “We do not share in the reason being advanced in favour of proliferation of elders groups that ACF is not politically active.

It is important to note that while ACF may not be politically partisan for obvious reasons, many of the forum’s members belong CONTINUED ON PAGE 16

POLITICAL NOTES Kashamu as presidential spokesman

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he rank of President Goodluck Jonathan’s media team seems to be swelling by the day ahead of the 2015 elections with the latest entrant being Ogun State-born controversial businessman, Buruji Kashamu.

Before his new “assignment,” Kashamu was the undisputed leader of the ruling Peoples Democratic Party (PDP) in the South-West, though he was hardly recognised by most chieftains of the party in the zone.

He becomes the third Ogun indigene in Jonathan’s media team. His two other kinsmen; Reuben Abati and Doyin Okupe, presently serve as Special Adviser on Media and Publicity, and Senior Special Assistant on Public Affairs, respectively.

But, unlike Abati, who is mainly responsible for managing the relationship between the president and the growing number of media entities that cover his activities, the moneybag turned presidential attack-dog has joined Okupe in lashing out at Jonathan’s perceived enemies.

And incarryingouthisbrief in the self-appointed role, Kashamu has practically singled out former President Olusegun Obasanjo.

The former president recently drew the ire of the Presidency with his insistence that Jonathan agreed not to contest for a second term after his current tenure elapses in 2015.

In a test case, Kashamu did not spare words in criticizing Obasanjo over the revelation contained in his letter, entitled “Before it is too late.”

To him, the claim is a campaign of calumny by a “hypocrite and criminal, who is not only responsible for the nation’s woe, but out to destroy the country through blackmail.”

Thumbs up! His bosses may say. But, while it is expected that aides defend actions of their principals at all times, the way the new “presidential spokesman” has quickly adjusted will justify Jonathan’s option for an Ogun three-man media team despite the Federal Character principle.

14 POLITICS

Monday, February 24, 2014

Why Tinubu prostrated Mallam Ibrahim Shekarau is not your everyday politician. He is a highly principled individual and his politics bears traces of conscientiousness and patriotism. In this explosive interview with IKE ABONYI, SULEIMAN BISALLA, ONWUKA NZESHI and EZE ONYEKACHI, the erstwhile strongman of the All Nigeria People’s Party (ANPP) opens a can of worms on the All Progressives Congress (APC), exposing an odious stench from his ill-fated sojourn in the party that prides itself as bastion of opposition politics in Nigeria today. Excerpts: A lot of Nigerians know you as a highly principled opposition politician on the platform of the All Nigeria People’s Party (ANPP) who also helped to midwife the All Progressives Congress (APC). What suddenly informed your decision to abandon ship and join the Peoples Democratic Party (PDP), the same party you had fought against for several years?

Shortly after the 2011 elections, agitations started that it was high time the opposition joined hands together and formed a common front because it is not just enough to complain that a particular party or group of people are not doing well. We realised that no amount of noise-making would give Nigerians an alternative platform unless we get together. So, the merger is not necessarily about winning elections and taking over the Presidency. As far as I was concerned, it was about creating another avenue to speak with a louder voice from a larger platform.

So, we started talking to ourselves, noting that if we are not careful, the country could turn to a one-party state and that was not going to be helpful to anybody. We have about 63 or 64 registered political parties but no one hears about most of them.

Another reason I had in mind was that we needed to minimise a situation whereby we have parties that are seemingly identified with either regions, geographical locations, ethnic groups or religious inclination; because we were moving towards such a situation.

So, this propelled some of us to start comparing notes. My party then, ANPP was the first to set the ball rolling. We set up a 21-man merger committee ahead of

Shekarau

all the other parties. Our national chairman wrote to the leaders of the Action Congress of Nigeria (ACN) and Congress for Progressive Change (CPC) expressing our desire to work together.

I led the 21-member committee round the six geo-political zones in the country.

When the other parties saw what we were doing, they set up similar 21-man committee. Initially ACN set up a fiveman committee; they later changed it to 19. But when we went for the first meeting and they discovered that we were 21, they quickly adjusted their own to 21.

CPC also raised its merger committee.

It would be interesting for people to know that the name All Progressives Congress (APC) was given birth to on February 6, 2013; that was the very first day of the Joint Merger Committee meeting. It goes to show you how committed all of us were.

In the first day of the meeting, the All Progressives Grand Alliance (APGA) sent in a delegation of five members. It was after they made their presentation, we allowed them to raise their own rep-

FACT FILE

zz Born November 5, 1955 zz Served as school principal, 1979 – 1992 zz Director, Planning, Research and Statis tics, Ministry of Education in 1993 zz National President, All Nigeria Conference of Principals of Secondary School (ANCOPSS), 1988 to April zz Permanent Secretary, Kano State Ministry of Education and Youth Development. zz Governor 2003 - 2011. zz Presidential candidate, 2011.

resentation to 21 members. Later, DPP came but it turned out to be a faction and very late, so we gave them a representation of just five members. This is how we came about having the 89 -member Merger Committee.

Some elders like General Muhammadu Buhari, Bola Tinubu and others heard of the name the way all of you heard it in the media. They were not part of the meeting because it was just that 89-member team that was instrumental to the name.

We then went through the other processes of deciding on the logo, the flag, the slogan and the symbol which took us a much longer time. We met severally but there was a time we had to adjourn for two weeks because we got to a point where we couldn’t agree on the flag and the symbol. Tempers were rising and on one occasion, one of the groups even staged a walkout. We had to adjourn for two weeks to allow tempers to calm down before we brought everybody back

It was only around December we heard that Tinubu had awarded a contract to a private printing enterprise and had paid N89 million for membership cards to be produced. So the production of the forms for the register is now at the mercy of Tinubu

together. But we eventually tried to accommodate all the groups.

We passed through a very terrible period and at one stage while we were working on the final stage of the party’s constitution, we spent six days at a stretch. We produced the constitution and the manifesto after a lot of wide consultations. For example, one outstanding difference in the constitution was that we created a new leadership strata. Traditionally, all parties begin their structures from the ward level. They have executives at the wards, local government councils, states and then national officers. But we now moved a step down and made provision for elected officers at the polling units, meaning that every polling booth will have 10 APC elected officials.

We felt that with over 120,000 polling units in Nigeria, if you are going to have 10 elected officials per polling unit, automatically you will have 1.2 million elected officers down the ladder and that will give some level of commitment.

You seem to be taking us through a long journey to show how deep you were in the APC and...

You need to know my level of involvement in the party for you to know why I left. Now another component of the constitution was that since we were all members of different parties coming together, we needed a management team comprising representatives from all these parties.

If you and I decide to form a new party, we can list the names of anybody just to give it the needed spread and we can just agree to apply for registration and open offices. But in this case, there are officials of these parties that dissolved

POLITICS

Monday, February 24, 2014

for me, by Shekarau

to form one party called APC. So, we felt that the fairest thing to do is to have a transitional leadership composed of xnumber from each of these parties and we agreed to have a 35-member interim leadership. ACN was given nine, CPC also had nine, ANPP had nine, APGA had six while DPP was given two. We did it proportionately to the strength of the parties. To give this 35-member transitional management committee a constitutional backing, we put in the constitution that this transitional period will only be for a period of six months. The idea was that within the first three months of the registration by INEC, you set up the structure of the leadership of the party at all levels that will now facilitate the take-off of the party. Another thing they were to do within the first three months is to commence the registration of members. Then the last three months, you do the congresses up to the national convention so that within six months we have a full house of officials elected for four years as provided by the constitution.

You remember that the party was registered on July 31, 2013 and if you count six months it expires on January 31, 2014.

Up to the day I left APC on January 29, 2014, none of these exercises had been done. No registration, no structures of the party anywhere not to talk of the congresses and convention.

Thereafter, they were not holding regular meetings and we kept wondering what the problem was. This is a new party that is supposed to be a daily affair from day one when you were given certificate. Take for example, the issue of registration. There were initial arguments that we needed money to print the membership cards. But some of us said you don’t need much money to do it. It got to the point where I personally canvassed that since we haven’t the millions that we require to print these cards and we have support all over the country, we could improvise. If you are an admirer of the party in your locality you could donate three hard cover notebooks. You can have volunteers, then fix a date and young men would sit down even if it’s on the street to do the registration of our members.

Draw up columns for names, address, occupation, name of your village, your ward and any other data you want to obtain. Then when the cards are ready people can come back and take them.

But for no reason, they were not able to understand. It was only around December we heard that Tinubu had awarded a contract to a private printing enterprise and had paid N89 million for membership cards to be produced. So, the production of the forms for the register is now at the mercy of Tinubu. He said he has paid but we said look, if you want to assist even if it is in billions, give to the party. Why should an individual go and award a contract, you are donating to an institution. It is not a personal affair. He gave it out and since he is the one that gave out the job, he is

I’m sorry Sir. We have understood our mistakes. We are so sorry. This would not repeat itself again, we don’t mean to slight you. National Chairman is setting up a committee to meet you the one that knows the printer and how many are to be printed. Naturally, he will be the one to dictate when the job will be finished. I am sure you must have been reading in the papers, the inconsistencies on these issues.

So, I asked who would have extended the tenure of the interim committee. No convention because there are no members. It is not INEC’s business because the party does not belong to INEC. Unknown to us, they were dragging this matter knowing that some fraud had taken place. By the end of December, we heard some people asking: Who told you that the life span of the interim committee would expire by the end of January?

I asked too. Who told us? When we have the constitution? Then they said to us: Check INEC, there was no provision like that in the party’s constitution.

When some people wrote to INEC to obtain the certified true copy of the constitution, to our dismay, we discovered that the constitution with which INEC registered APC does not contain that Schedule Three of six months interim leadership. It has been removed. Incidentally, it is the last schedule and the last page but it has been removed. We complained but nobody was ready to address this anomaly.

Another thing is the removal of the unit leadership structure. I am giving you the history of these things for you to appreciate what we have gone through in APC. Go and check the timetable they have released now, they have unconstitutionally avoided conducting congresses at the unit level. This is a constitutional breach. In any case, what is in INEC today as APC Constitution is not what we the 89-member merger committee produced as the constitution of the party.

From what you have told us so far, it appears

Shekarau

you have not been happy all this while. What exactly is the real problem?

They ignored all the basic things to be done in the party and started to recruit from the PDP. As I said, there’s nothing wrong with the recruitment. We are citizens of one country. There isn’t any difference between me and a man from the PDP, PDM or DPP. What makes the difference is your personal conduct wherever you find yourself.

So, the first thing that triggered the crisis was when Tinubu, Buhari and Bisi Akande – the three of them are always the ones doing these things. They are the key players all the time. Without any meeting, without any discussion and without informing anybody, they decided to start going round to visit the PDP governors and asking them to join the APC. There is nothing wrong with that, but where they made a mistake was that they failed to recognise that in every state, there are leaders of ACN, CPC, ANPP and everybody recognises that we are the major stakeholders if not anywhere else, in our own parties.

We understand you were not happy the way the leadership of the APC treated you when they came to recruit your governor, Rabiu Kwakwaso, into the party. What really happened?

Up till about 6p.m. on the eve of their visit to Kano, I heard it just as a rumour that leaders of my party were coming to Kano to visit the governor. I didn’t believe it. Nobody told us. I checked on the elder person in ACN, Alhaji Musa Gwadabe, and he said he was not aware. I checked our counterparts in CPC, they said they were not aware. I said then, who else should know? At about 7p.m., I picked my phone and called Akande. I said: ‘Chairman, I heard you are coming to Kano to

15

visit my governor’, and he said: ‘Yes, it was a sudden decision. We were in Sokoto for this university thing and some of us decided to go round’. I said Your Excellency, ‘I don’t think this is right. What is so urgent about it? We are not aware.

We are supposed to receive you. We have not told any of our stakeholders. Could you please suspend it so that we would call the stakeholders to meet with you to explain the wisdom of this visit. Who and who would be on the delegation? Who and who are we going to meet? When we meet the governor who is going to speak there and what are we going to say? I said that I personally as a leader in Kano, I need to know all of these things. I said don’t forget, all of us have been in opposition with the party of the governor. We have been in serious opposition, so we can’t just walk up to him like that. We must know why we are going there, what we are going to say and what we want to achieve. He said he agreed with me.

He called the National Secretary and we discussed. The National Secretary later called me and told me the visit had been put off. That was around 10p.m.

But at about 11p.m., another elder statesman called me that they were together with Tinubu and he picked the phone. He started pleading: ‘Your Excellency, I beg you in the name of Allah, please bear with us, be patient we will be there; a decision had already been taken....’ I said look, I have just finished talking with the chairman and he told me the visit had been put off. I am not against the visit. All I’m saying is that let us discuss it. You are visiting my state, I am a stakeholder in this party and I am not aware because nobody told me. It was out of my own concern .... because people started phoning me to find out if it was true our leaders were coming to Kano tomorrow. I found out on my own which means if I did not even ask I would have been in my house when I would hear that the visit was on. We spoke for about an hour with Tinubu and I asked him to check with Akande who had earlier told me that the visit had been cancelled.

Up to the following morning, I was left with the impression that the visit was not going to take place. But by 9a.m., the Governor of Ekiti State, Dr. Kayode Fayemi gave me a call. I picked the phone and he said: ‘Your Excellency, we are now at the airport in Abuja, I understand you are not happy the way things are being handled, the chairman has told me’. And I said yes.

Is there anything about it? I am waiting for the chairman to call me, so that we can meet in Abuja to discuss it. He said: I am here with the chairman and handed the phone over to Akande and I asked: ‘chairman, is there any new thing?’

Then he said: ‘Your Excellency, early this morning we discovered that some people had already set off from Lagos to come, some are coming from Kaduna and are already on their way to Kano’. I said: C O N T I N U E D O N PA G E 1 8

16 POLITICS

Monday, February 24, 2014

2015 presidency: Jonathan CO N T I N U E D F R O M PA G E 1 3

to different political parties.

“Rather than sing discordant tunes and breed confusion in the polity, the different groups of elders should remind themselves of the circumstances which brought about the existence of ACF and come back to the fold in order to improve on the forum’s performance for public good and in the interest of Nigeria.”

Northern quest for presidency Since Nigeria gained independence on October 1, 1960, the North has not hidden its interest for political power. In the last 53 years, the North has had a shot at the centre for 38 years while the South has governed for 16 years.

The demand for Northern candidate in 2015 was the fall back of the event that threw up President Goodluck Jonathan during 2011 presidential election.

It will be recalled that some Northern leaders under the aegis of Northern Political Leaders Forum (NPLF) led by former Minister of Finance, Mallam Adamu Ciroma, vehemently opposed Jonathan’s bid in 2011 on the basis of an infringement on the PDP’s zoning configuration. They therefore sought for a Northern candidate after the death of late President Umaru Yar’Adua, to enable the zone to enjoy presidency for two terms as enjoyed by former President Olusegun Obasanjo between 1999 and 2007.

Despite the fight put up by the Northern leaders, NPLF presidential choice, former Vice President Atiku Abubakar, lost out to Jonathan during PDP primaries. Jonathan eventually won the election despite stiff opposition from the North.

Ahead of 2015, the North is at it again, seeking for power shift from South to North. But as usual they seem to be speaking with different voices.

Jonathan’s single term pact The bone of contention in the North over Jonathan running for a second term is the alleged single term agreement between President and some PDP governors.

The first person to make the issue of the single term agreement public was Governor Babangida Aliyu, who disclosed that President Jonathan reached an agreement in 2011 with PDP leaders and governors to serve only one term as President.

His words: “I recall that at the time he (Jonathan) was going to declare for the 2011 election, all the PDP governors were brought together to ensure that we were all in the same frame of mind… I recall that at that discussion, it was agreed that Jonathan would serve only one term of four years and we all signed the agreement. Even when Jonathan went to Kampala, in Uganda, he also said he was going to serve a single term.”

In a swift reaction, President Jonathan during a media chat denied signing a oneterm agreement either officially and unofficially with individual or group in 2011 as had been widely speculated. He therefore challenged those claiming that he signed

Rather than sing discordant tunes and breed confusion in the polity, the different groups of elders should remind themselves of the circumstances which brought about the existence of ACF Gowon

a document to produce it.

But lending his voice to Aliyu’s position on the single term agreement, Governor Murtala Nyako of Adamawa State challenged the president to be a man of ‘honour,’ saying Jonathan’s claim that he did not sign an agreement with the PDP governors in 2011 to spend one term of four years is not true.

Jonathan divides the North Before now, ACF represents North’s voice. But quest for power in 2015 has led to the emergence of several Northern groups seeking for return of power to the North.

The Northern Elders’ Forum (NEF) led

by Prof. Ango Abdullahi has been in the forefront of the opposition to Jonathan in 2015.

On April 14, 2013, at the third annual lecture of the Arewa Media Forum, the outspoken former Vice-Chancellor of the Ahmadu Bello University, Zaria, gave a lecture on, “Crisis of Leadership as a Source of Conflict in Nigeria: The Way Forward.”

Danjuma

According to Abdullahi, “I get angry when I hear northerners complain about what is happening in the country.

We created the problems. All the groups: ACF, Middle Belt Forum, Northern Union and recently, the younger ones have formed their various groups to speak for them. They said we have failed them.

The last time I counted, we have about 16 groups speaking about the challenges facing the north. How do we grow? If we come together under one umbrella, the north will shock the world come 2015.”

Recent media reports fingered six northern groups, including Northern Elders’ Forum (NEF), ACF, and Northern Union (NU) as asserting a position that the region would not vote for President Jonathan if he decides to re-contest.

The other groups are Arewa Reawakening Forum (ARF), Arewa Research and Development Project (ARDP) and Code Group (CG). Abdullahi, who spoke for all the groups, noted that the decision not to vote for Jonathan was due to disregard for rotational presidency between the North and South under the PDP after the death

Northern Leaders Speak...

of Yar’Adua.

A clearly fired up Abdullahi said the region would no longer allow power to slip off its hands from the next election, regretting that the North was betrayed by those who signed the rotational agreement for power shift.

His words: “We are now saying that since there is no consideration on morality and so on, the North is going to insist that the Presidency will come to the region whether on the basis of rotation or on the basis of voting power, and we have the voting power to make sure that power comes back to the North.”

Knowing the importance of winning the North and having seen the handwriting on the wall that there is stiff opposition from the North against Jonathan’s re-election, the Presidency quickly swung into action, strategically winning some Northern leaders to its side. Some of Jonathan’s foot soldiers also kick-started campaign in the North to win the hearts of prominent Northerners to Jonathan’s side. After several permutations, Jonathan successfully broke the ranks of Northern elders. ACF

Nothing like northen agenda –Yakassai

We’ll support a Northern candidate –Unongo

No need for regional platform –Musa

Alhaji Tanko Yakassai is the Leader of Northern Elders Council: “Has Jonathan declared his interest to contest? Has anybody declared his intention to contest? You don’t just pick somebody and start discussing about his ambition just because you like him or you don’t like him. Is Jonathan only Nigerian? There are about 150 million Nigerians, so the presidency is not about Jonathan alone.

“There is no Northern agenda, there is a Nigerian agenda. There is no way a regional agenda can be forced on the rest of the country. We are talking of Nigerian agenda, not Western agenda, not Northern agenda or Eastern agenda. There is nothing like Northern agenda because we are all Nigerians and we cannot live in isolation.”

Dr. Paul Unongo is the Deputy Chairman of the Northern Elders’ Forum: “We, at the Northern Elders’ Forum, have tried to liaise with these groups including the Arewa Consultative Forum, and we have agreed that we will support a northern candidate in 2015. If any group rises up and thinks otherwise, I think they should be allowed to canvass their belief.

“There have been several meetings of socio-political groups in the North, where they all agreed on the issue of supporting a northern candidate in 2015. We have had meetings, and I have documents to prove it, to try to rationalise our position and we realise that our positions are very close.

Majority of Northerners want a Northerner to be the next president in 2015.”

Alhaji Balarabe Musa is the former Governor of old Kaduna State: “There is no way the North can speak with one voice in the choice of a presidential candidate for 2015. The North is no more homogenous for it to support one person, even though he is a Northerner.

So definitely there must be different opinions and that is what is happening.

“The situation in Nigeria today has shown that regional platform is no longer relevant in our national politics. I think it is now time for us to make Nigeria unity and progress, primary and regional objectives, secondary. We should reject making regional objectives, primary and national objectives, secondary and regional objectives must not be extended to national level.”

POLITICS 17

Monday, February 24, 2014

splits North Since there is no consideration on morality... North is going to insist that the Presidency will come to the region whether on the basis of rotation or on the basis of voting power

Yakassai

was later divided into factions; some were believed to be pro-Jonathan while others were anti-Jonathan.

Having successfully divided the Northern elite, the Presidency prior to last week’s election of ACF’s national officers, tried to push for former Special Adviser to President Shehu Shagari on National Assembly Matters, Alhaji Tanko Yakassai, to be the chairman of the group, but the plot hit the rocks, as former Inspector General of Police, Alhaji Ibrahim Coomassie emerged as the new ACF chairman.

The inability of the Presidency to ensure that Yakassai was elected ACF chairman in the run up to the 2015 elections in favour of President Jonathan practically led to the emergence of the Yakassai-led Northern Elders’ Council (NEC).

Discordant tunes Prior to emergence of NEC, many Northerners seem to have pitched their tent with ACF and NEF. But the recent public endorsement of Jonathan’s reelection by the Yakassai-led group has triggered a political cold war in the North.

Abdullahi

NEC, in a communiqué issued after its meeting in Kaduna on February 6, endorsed President Jonathan for second term and also rooted for Vice President Namadi Sambo’s return as the president’s running mate in the election.

The communiqué signed by Ambassador Yusuf Mamman read in part: “Northern Elders’ Council commends and fully supports the visionary and transformational policies of President Jonathan and acknowledges the socio-economic strides of the administration in all sectors. The Council pledges its full support and commitment to work for the success of President Goodluck Jonathan and Vice President Namadi Sambo.”

The endorsement of Jonathan by NEC was condemned by some Northerners. NEF was particularly baffled with Yakassai’s U-turn against his earlier commitment to the realisation of Northern presidency in 2015.

Reacting to Yakassai’s position on 2015, Abdullahi said the NEC chairman should be seen as an errand boy who is simply carrying out his master’s bidding.

Northern Leaders Speak...

President has failed –Tsav Alhaji Abubakar Tsav, elder statesman and former Lagos State Commissioner of Police: “I am not bothered about whether the next President is Northerner or not. Who Nigerians want is somebody who will rule with human face, reduce corruption and ensure good governance in the country.

“I have no objection to whomever rules us but the person must rule us with human face. As far as I am concerned, Jonathan has failed. He has failed because there is general insecurity and corruption has gone very high in this country. There is injustice in the country. So anybody who can come and change the situation will be good for us.”

He also dismissed insinuations that the North was divided on account of NEC’s declaration of support for Jonathan.

Earlier, a former Military Governor of Plateau State and also a member of a political pressure group, Congress for Equality and Change, Major General Lawrence Onoja (rtd), disclosed that the Middle-Belt region would back Jonathan for a second term if he so wishes.

The Convener of Coalition of Northern Politicians, Academics, Professionals and Businessmen, Dr. Junaid Mohammed, on many occasions has publicly declared his support for power shift to the North.

Like the Northern leaders, the Northern governors are also divided over Jonathan’s re-election. While some are in support of the President’s ambition, others are campaigning for a Northerner to step into Jonathan’s shoe in 2015. Some have attributed the genesis of the crisis and division in the Nigerian Governors’ Forum (NGF) and the Northern States’ Governors Forum to 2015 presidency.

Jonathan not Nigeria’s problem –Shettima

Northern elders can’t install a President –Onoja

Alhaji Yerima Shettima, President of Arewa Youth Consultative Forum: “I do not share the sentiment that Jonathan is the problem of Nigeria or whether he should seeks re-election in 2015 or not. I believe Nigerians would determine who becomes President in 2015.

“If Jonathan wants to contest, naturally you don’t expect that all the North would be in support of him. Some people will like him, some would oppose him for their personal reasons.

Nigeria’s problem has nothing to do with Jonathan as individual. We have a system that does not work and we must find a way to make it work in the interest of common Nigerians.”

Major General Lawrence Onoja, former Military Governor of Plateau State: “There could be anger in certain parts of the North. But there is no anger against Jonathan in my own Middle-Belt part of the North. We support Jonathan for his second term. Every group has the fundamental right to agitate for power.

The groups that are talking, the Northern Elders, Arewa, are not political parties.

They are socio-political cum cultural associations. So, they probably cannot install a President. At best, they are talking of supporting a candidate from the North.

“It is not yet time for power to shift to the North. Mr. President has not done his second term. I think it is only fair to allow Mr. President do his second term.”

Electoral value and political structure There is public perception that many of the Northern leaders who are presently speaking for or against Jonathan’s reelection do not have the electoral value to either curry support or mobilise against Jonathan’s ambition, giving their age and lack of political structures.

Like Abdullahi, many of the members of the NEF are advanced and don’t have the physical strength to mobilise against Jonathan in their local government areas talk less of influencing people in the North. The best the groups can do is to collectively work with the APC governors in the zone to mobilise against Jonathan.

It is also believed that the Yakassai’s group cannot deliver North for Jonathan, considering the opposition of some Northern governors against the President and the popularity of APC, which has the likes of Buhari, Atiku and others in its fold.

Since Yakassai ventured into partisan politics in 1951 as a member of the Northern Elements Progressive Union (NEPU), he has not won any election. His first electoral contest was a ward primary in Kano, which he lost. He also lost a regional election in 1956. So the likes of 88-year-old Yakassai and some of his contemporaries cannot determine Jonathan’s success the in the 2015 elections in the North.

Options before North Negotiate: From New Telegraph’s checks, the permutaions in the Presidential Villa is that with the South-South, South-East, Middle-Belt and possibly some parts of the South-West in PDP’s hold to facilitate the return bid of Jonathan in 2015, a careful negotiation with the North on power sharing could secure a hassle-free cooperation from the region to enable Jonathan to stay on in power till 2019. This scenario automatically translates to Northern take-over of power in 2019 with minimum fuss.

But some skittish analysts query: Would the North be ready to extend that type of negotiation with Jonathan on power game in the interim, especially given the discordant songs within their ranks?

An answer to this poser would appear to have come recently from Governor Aliyu who currently heads the Northern States’ Governors Forum. Aliyu told the world that the reported desperation by the North to retrieve presidential power by 2015 was wrong information. Aliyu, who had insisted that Jonathan entered into one-term agreement, stated that the North was ever ready to negotiate for power, and with Jonathan.

To beef up this dimension of engagement, President Jonathan’s Special Adviser on Interparty matters, Ahmed Gulak, also said that the president had started talking with northern leaders on power sharing on 2015.

Confront PDP: The confrontation option may appear to have gained important ground against the backdrop of the formation of the mega opposition coalition platform of All Progressives Congress (APC). In-house difference in the PDP which willy-nilly had led to the defection of five PDP governors to the APC is seen as indicative of the weight of the passion by the North to retake power. With the APC picking its presidential candidate from the North, the confrontation option seems the best for the region in 2015.

18 POLITICS

Monday, February 24, 2014

‘Buhari, Akande, Tinubu forced me out of APC’ CO N T I N U E D F R O M PA G E 1 5

‘Chairman, hold it. Even if all of them are already in the Government House, you are the National Chairman, you can call them and cancel the visit. You are still at the airport in Abuja.’ Fayemi took over the telephone and kept pleading and asking: ‘What do we do now?’ I said: ‘Well, as it pleases you’. And then he said ‘the National Chairman said we would branch at your house on our way’.

I said to him, ‘I am not an excess luggage that you will just branch to my house and carry me, put me in the car and move to Government House. I would not do that.

If you come to my house, we will sit down and talk and then we will fix another time’. Fayemi pleaded that they will still come whether I was going with them to Government House or not. I said to them: ‘Since you said you will still come to my house, I will be waiting for you’.

So, I immediately called a dozen or so of my stakeholders. We waited in my house. We were waiting for a phone call when they landed at the airport but they did not call. In fact, it was my security boys who were communicating with their colleagues on their entourage that made us know they had landed.

When they landed at the airport, they had almost an hour argument. Governors Fayemi and Babatunde Fashola were insisting that they had promised to come to my house so they must come to the house. Meanwhile, the Deputy Governor of Kano State had gone to receive them at the airport and their argument was that they should drive straight to the Government House.

There was a lot of arguments. Former Governor of Borno State, Ahmodu Sheriff was there and he was aware that the visit had been cancelled but in the morning when they told him that they would come through my house, he decided to join them. So, he was insisting at the airport that the agreement was that we should go to Sardauna’s house as the leader of the party in the state. But some others like Tinubu and co argued that they should go to the Government House. There was the impression that they would go to Government House and later on to see me.

The National Chairman said that since I said I will not go with them to Government House even if they come through my house; it was better they just go to Government House. Maybe he did that just to allow them move. My boys who were linking up with their colleagues told me when they left to Government House.

At this point, I told my stakeholders that they had gone to Government House and they will come later. So we waited.

As they were leaving the Government House, my boys told me that they were leaving, we got ready for them. In fact, we came out of my living room just in case they came in so that we could receive them. After five minutes, my boys told me they had taken the route to Dutse, Jigawa State to see Governor Sule Lamido of the PDP. We still gave them benefit of a doubt. I pleaded with them

Shekarau

I am fully aware of all the stupid things that have been said of this move.

Some people have said that I have been working for PDP; I am going to work for Jonathan, I have been given money and I will be given a position. All these, I know to go home and reassemble at 4p.m. We all dispersed and by 4p.m. everybody was back. We waited up till about 7p.m. We still felt they would still come because they have to come through Kano to the airport. My boys were monitoring the entourage and by 9p.m., we heard they were already at the gate of the airport and nobody called to let us know whether to continue to wait or disperse.

How did your supporters feel about the development and was there any apology from the party leadership?

I appealed to my people and everybody dispersed. Nobody called me and they just flew out of Kano. It was on a Thursday and by Friday morning; I decided to drive down to Abuja. I shut down completely. I didn’t want to talk to anybody.

For five days, I did not talk to anybody.

But Kano was boiling. People were talking, making all sorts of noise; our party members were so enraged.

The national leadership heard it and then Tinubu came in here to apologize.

He prostrated here (pointing at the rugged floor of his office in his residence).

He prostrated. He said ‘I’m sorry Sir. We have understood our mistakes. We are so sorry. This would not repeat itself again, we don’t mean to slight you. National Chairman is setting up a committee to meet you.’ He had never ever known where I stay in Abuja until that day when he traced where I was.

About an hour after he had come, a delegation of four came and told me that the National Chairmen had set up a com-

mittee of five with Chief Odigie Oyegun, former governor of Edo State as chairmen; former Speaker Aminu Masari as member, Musa Gwadebe , Yusuf Ali and the governor of Zamfara State, Alhaji Abdulazz Yari. Only the Zamfara governor was not with them when they came. They said that the National Chairman had sent them to come and apologise and plead that we forgive and forget.

I said to them: “You didn’t offend me but you offended our people. But it is not here in Abuja that you will apologise. I am not the one to carry your apology to Kano. Come to Kano; I would assemble all our major stakeholders and you will apologise to them in the presence of all.”

So, a date was fixed; they came to Kano and we assembled all our stakeholders and they publicly apologised. I spoke on behalf of my people that we have accepted their apology. We told them not to repeat it again and that chapter was closed.

Shortly after that, we heard that the PDP governors were now going to decamp and come into the party. But long before they declared that they were coming, we were all complaining. We were reading in the papers and we also heard rumours that PDP governors were coming into APC. Nobody in the National Headquarters of the APC called any of us from Kano or Sokoto, Adamawa, Kwara or Rivers to give us the due recognition as stakeholders of the party. We suddenly heard that these three people – Tinubu, Buhari, Akande and a few others kept meeting with the governors even though nobody met with us. They kept meeting with them to the point we learnt that they had drawn a Memorandum of Understanding (MoU).

In that MoU which was not the product of the 35-member council, but a product of this clique; they said they have signed a document that the PDP governors are automatically the leaders of APC in their states. They will nominate 60 per cent of the membership of the interim leadership when it is going to be formed. They are those to appoint the chairman of the interim leadership in the states and they will approve any office that will be allocated to any of the other parties. It therefore means that if in the interim leadership, ANPP is to produce the Or-

ganising Secretary, when we nominate, the governor has to approve.

The worst is that any PDP legislator at the federal level who comes along with the governor will have automatic ticket in 2015. I have never heard of this nonsense!

So, since we were not being listened to, in Kano, we sensitized our stakeholders in all the local government areas; told them the whole story about what we were passing through. The leaders decided to take a more civilized approach.

We met and put our complaints in writing, stating all of these things I’ve told you. Over 250 stakeholders signed the petition. I called the National Chairman and told him that my stakeholders want an appointment with him. He gave us an appointment for December 18, 2013 at noon and all of us trooped to Abuja. We assembled with hundreds of our supporters and our stakeholders. Akande and Tinubu came and they received us. We read out our complaints and we handed over to Akande, the written complaint with the attached signatures of over 250 people who wrote their names and their designations in the old party.

Naturally, we don’t expect him to solve all of the problems there. He promised us that a seven-member committee will be formed to come and address these problems. Up till the day we pronounced our decamping, on January 29 which was exactly six weeks after submitting our complaint in writing, nobody has given us an acknowledgment letter.

So, stakeholders started trooping in to declare their intention to leave the APC. This is somebody (Governor Kwankwaso) that we have been fighting against for the last one decade and there has been stiff opposition between us. It requires an arbiter to come in-between us but there was nobody ready to do that. The seven-man committee Akande claimed he set up never talked to us. When you are in court and you hear that the Appeal Court judges and Supreme Court judges are already dinning with your opponent, why should you continue to waste your time in the court? So, this is the story.

I convinced myself that from the religious point of view, if I go back, fold my arms and resign to fate; if I quit and retire to my personal life, then I would be ready to answer God’s questions as to what I did with all the experiences I have had as a public servant for 25 years and a governor for eight years. Where do I take these experiences given to me by God all these years? So, we convinced ourselves that folding our arms in resignation is a bigger evil. The lesser evil is to go elsewhere and continue the service to our people.

I am fully aware of all the stupid things that have been said of this move. Some people have said that I have been working for PDP; I am going to work for Jonathan, I have been given money and I will be given a position. All these, I know. But what really encourages me is that the Prophet of Allah has said don’t allow accusations stop you from doing any good act that you have convinced yourself that it is the right thing to do because at the end you will be vindicated.

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Sanctity of Truth w w w.new telegraphonli ne.com

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

Monday, FEBRUARY 24, 2014

A poor show of Presidential power

ast week, President Jonathan ordered the suspension of the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, based on a report by the Financial Reporting Council (FRC) which had scrutinised the 2012 audited financial statement of the country’s apex bank.

However, a closer look shows the action to be ill-thought out.

The FRC’s submissions reveal some bogusness and tardiness that fail to reflect the CBN’s nationwide and enterprise-wide operations and smirk of a premeditated outcome that weakens the President’s decision to use it as the central plank for his controversial decision. Curiously, the FRC established by Act of Parliament 2011, “is charged with the responsibility of regulating financial reporting in Nigeria”, raising huge doubts about its auditing competence.

Jonathan failed to consider the deleterious multiplier effects on all strata of the national economy, more so, that Sanusi has only a few months left at his post. The toll on the national economy was instantaneous as the naira slumped against the dollar, the bond market closed, and the stock exchange was bearish and has continued to nosedive. A very wrong signal has been sent to investors, posing an unwarranted risk to the national economy and business, with government now forced into

damage control statements of reassurance that may not be heeded.

This is more so that the Governor of the Central Bank is the Chief Economic Adviser to government.

When Mallam Sanusi became CBN Governor, the banking sector was in a big mess, corruption and financial malpractices were rife, and the financial base of banks were very weak. He sanitised the sector, bringing some modicum of credibility to the crucial sector of the national economy, which won him domestic and international accolades that the administration openly identified with.

Jonathan’s decision has come at a time when Mallam Sanusi has exposed the rot and mismanagement in the oil sector, particularly as the NNPC has been unable to give satisfactory stewardship of its accounts and remittances. The impression has now been created that his claim that $20 billion has not been remitted into the coffers of the Federation Account is the immediate cause of his suspension from office to prevent further investigations into the nagging issue.

This does not augur well for Jonathan’s administration given the manner it has failed to emphatically deal with established cases of corruption. The immediate past Minister of Aviation, Stella Oduah, was severally indicted by the National Assembly and a committee set up by the

President, but he turned a blind eye to her proven acts of financial recklessness, graft and misappropriation. Similarly, the present Minister for Petroleum has been indicted by the Nigeria Extractive Industry Transparency Initiative (NEITI) audit report on NNPC as well as the KPMG audit report on NNPC and the Report of the House of Representatives on oil subsidy, but the President has maintained a silence of convenience.

The President’s actions and body language give official imprimatur to corruption to fester ad infinitum in the polity, a bothersome indication that the government is merely paying lip service in fighting corruption. Corruption seems to be fighting back and those who are benefiting from the rot in the system are giving corruption a leeway and stranglehold on the country. Yet corruption more than any other factor has engendered underdevelopment and massive poverty in the polity.

We believe the suspension of Sanusi contravenes The CBN Act 2007, section 11 (2) (f) which states that the Governor, Deputy Governor or Director shall cease to hold office in the Bank if he is removed by the President; provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed. Therefore, the President lacks the powers to unilaterally remove Sanusi the

way he has comically gone about it. We are in a democratic setting.

The same treatment was meted out to retired Justice Ayo Salami and this portends grave danger to our democratic ethos. If this impunity continues, the CBN will just become a puppet, pandering to the whims and caprices of the executive arm of government, and the purpose for the apex bank’s existence would be roundly defeated.

No doubt Sanusi is brilliant and articulate, but too garrulous but the point is that, he is a risk manager, corporate governance specialist and a whistle blower who has always cried out against anomalies in the system. If indeed, the government is right, when did it realise that Sanusi was reckless?

If he had not blown the whistle on the unremitted oil revenue, would he have been witch hunted?

This punitive and atrocious action is not a good example of the kind of leadership the country needs. The government acted hurriedly to get rid of Sanusi at all costs, based on allegations he has not been given the opportunity to defend himself against. It would also be recalled that Sanusi was summoned by the presidency and asked to turn in his letter of resignation for blowing the lid on the NNPC scam, to which he declined.

This kind of arbitrariness will only bode ill for the country in the long run and is a poor show of presidential power.

BOLAJI TUNJI Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director FELIX ABUGU Managing Editor, South SULEIMAN BISALA Managing Editor, North GABRIEL AKINADEWO 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 BIODUN DUROJAIYE News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

20

Monday, February 24, 2014

OPINION

The enveloping ecology of poverty (2)

Jide Ayobolu

T

he African country with the best condition is the Island of Seychelles which occupied the 47th position in the reports ranking, coming a distant second was Libya in the 64th position, while Cape Verde, Algeria and South Africa were ranked 100th, 106th and 107th respectively. According to official report conducted in 2002, it was reported that 91 per cent of Nigerian household are poor, in fact, 89 million Nigerians are living below the international poverty benchmark of $1 a day. The poverty level figure which translates to about 70.2 per cent of the country’s population makes Nigeria the country with the highest concentration of people living in extreme poverty in Africa.

Also, the country’s health system performance was ranked 187th amongst the 191 member states by the World Health Organization (WHO), and public expenditure on health in Nigeria is less than $8 per capita, compared to the $34 recommended internationally. This is supported by the worrisome 2004 Human Development report that placed Nigeria in the 151st position out of the 177 ranked in order of poverty. Also, in the 2007 World Bank report Ghana is rated far ahead of Nigeria in such areas as dealing with corruption, rule of law, good governance, infrastructural development, democratic ideals/ethos etc.

In 2009, Nigeria ranked 158th in UNDP development report out of 182 countries surveyed below Uganda 157th and Lesotho 156th. In the 2011 Human Development index, Nigeria was ranked 156th out of the 187 countries surveyed. As number 156, Nigeria is also the least among the members of the Organization

of Petroleum Exporting Countries (OPEC).

In 2013, Nigeria was ranked 153th in the UNDP Human Development Index, and despite the reported growth in the Nigerian economy, the country did not make the list of 11 countries in sub-Saharan Africa that recorded more than two per cent annual Human Development Index, HDI gains since 2000. The report listed Angola, Burundi, the Democratic Republic of Congo, Ethiopia, Liberia, Mali, Mozambique, Niger, Rwanda, Sierra Leone and Tanzania as among the Africa countries that made the greatest strides in HDI improvement since 2000. Nigeria in recent years has recorded high growth rates, averaging 7 per cent, yet poverty remains high and unemployment is not easing.

Yet, the 1999 constitution of the Federal Republic of Nigeria provides in section 16(1b) that, “government shall control of the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity”, while section 16(2d) states that, “suitable and adequate shelter, suitable and adequate food, reasonable national minimum living wage, old age care and pensions, and unemployment, sick benefits and welfare of the disabled are provided for all citizens”.

But government has not been able to do any of this, and since 1999 to date, Nigeria has never had it so good, in terms of revenue from oil as result of upsurge in oil prices at the international market. So, how can Nigeria that is the sixth largest oil producing country in the world, now be the 12th oil producing nation? This totally unacceptable, indeed, it is a good riddance to irritating rubbish.

The 2011 Index of African Governance scored Nigeria 49 per cent in the area of education. This is less than the continental average put at 51 per cent.

The 2011 Little Data Book on Africa, compiled by the World Bank, puts gross primary school enrolment vis-a-vis relevant age group at 93.1 per cent, but puts gross secondary school enrolment (percentage of relevant age group) at 30.5 per cent. The implication of this is that while almost all children of primary school age are enrolled in primary school, only 30 per cent of them proceeds to secondary school. The number of out of school children in the country is put at over eight million.

Also, the 2010 Global Monitoring Report of the United Nations Education, Scientific and Cultural Organization (UNESCO) has this to say about the nation’s state of education, “Sub-Saharan Africa has registered remarkable progress since 1999 in reducing its out-of-school population by nearly 13 million, down to 32 million in 2007. Yet the deficit remains large: one-quarter of the region’s primary school age children were out of school in 2007, and the region accounted for nearly 45 per cent of the global out-of-school population.

Nigeria alone represented over 10 per cent of the global total.” Yet, the government has the responsible to do more to better the lot of education in our clime but it is just clueless. Furthermore, Daily Trust of Thursday, January 27, 2011 reported Nigeria’s high poverty level as gathered by governmental and non-governmental organizations in Nigeria. The report quoted that over 12 million youths as poor because they have no means of livelihood. It is dangerous to development.

The Punch of February 14, 2012 reported the National Bureau of

Statistics to have said that 112.519 million Nigerians live in relative poverty conditions. This figure which was contained in the 2010 poverty profile report of the agency represented 69 per cent of the country’s total population. Fears hovered that the figure might increase to 71.5 per cent in 2011 as the 2010 figure showed data collected from 20 million households having an average of between four to six family members. According to the report, the North-West and North-East recorded the highest poverty rates in the country in 2010 with 77.7 per cent and 76.3 per cent respectively. The South-West geopolitical zone recorded the lowest at 59.1 per cent. Among the 36 states of the federation, the report stated that Sokoto had the highest poverty rate (86.4 per cent), while Niger had the lowest at (43.6, per cent). As at 2004, Jigawa State had the highest poverty rate (95 per cent), while Anambra, with a poverty rate of 22 per cent, was the least poverty-stricken state.

It is important to pose so problems, namely that, what impact is the very huge annual budget having on the socio-economic wellbeing of the people? How are government policies ameliorating endemic poverty in the country? What is the relationship between economic mismanagement and poverty? In what ways, does corruption engender ubiquitous poverty in the polity? Has poverty become a way of life in the country?

In the country today, it is indeed an enveloping ecology of poverty which is indicative of the cluelessness of the government at different levels in redeeming the pathetic situation in the country. The fact is that, grinding poverty is too widespread and if adequate care is not taken, it can grind the country to a halt.

Of Ohanaeze Ndigbo and tempest in a teapot (2) Gary Igariwey

H

owever, when few individuals led by Professor Ben Nwabueze arrogated to themselves the arbitrary role of vetoing the contents of a Memorandum formulated through painstaking consensus and sought to recruit me to rubberstamp and legitimise their veto, I was not prepared, in good conscience, to become such a lackey.

On 6th January, 2014, Prof Nwabueze, wrote a 7-page letter based primarily on the protocols

of a group called The Patriots, to the President, Dr Goodluck Jonathan, eviscerating the recommendations of the PAC. The letter stood, in many significant respects, in total contradiction to the recommendations contained in Ohanaeze’s Memorandum. It further sought to serve as a preamble to Professor Nwabueze’s desired constitution for the Federal Republic of Nigeria.

While I have enormous respect for the celebrated professor of constitutional law, I was not in the least inclined to betray

Ohanaeze and all the other Igbo organisations that entrusted me with their voice, their aspirations and demands to be projected with the united authority of Ohanaeze Ndigbo. My commitment to the unity of purpose among the Igbo is superior to whatever respect I may have for any individual human being.

Fourthly, the wild claim that Ohanaeze is acting in collaboration with Arewa Consultative Forum (ACF) to retard Igbo ambition and political progress and that I personally conducted

the affairs of Ohanaeze based on instructions and guidance from Aso Rock is contradictory of the political situation in the land, entirely hilarious, desperate and flies in the face of the proof of my actions and Ohanaeze’s positions on national issues in the course of my leadership thus far.

A deliberate and disingenuous attempt to create a crisis of confidence through blackmail and slander against me personally and Ohanaeze in general is altogether counterproductive and will be resisted. In pursuit of

narrow-minded and self-serving political agenda, some individuals should be careful not to throw the baby away with the bathwater. Ndigbo are becalmed by our purposeful leadership and farsighted appreciation of their stance on current issues and aspirations for tomorrow. Those who are hell bent on whipping up a tempest should know the difference between a teapot and a geopolitical zone.

Chief Igariwey is the President-General of Ohanaeze Ndigbo

INVESTIGATION

NEW TELEGRAPH

21

www.newtelegraphonline.com/investigation

GEOFFREY EKENNA Editor, INVESTIGATION

geoffrey.ekenna@newtelegraphonline.com

Monday, February 24, 2014

Extrajudicial killings: Story of SARS and robbery suspects (1)

A detachment of men of the Nigerian Police Force (Inset: A SARS operative).

The Special Anti-Robbery Squad (SARS) are men of an elite police group, whose main responsibility is to combat armed robbery. They are the life blood of any police station and Command. But questions are being asked about the disappearance of citizens arrested and detained in SARS’ custody.

In this investigation that spanned states in Nigeria, running into months, JULIANA FRANCIS highlights the agonies of parents, whose wards have disappeared in SARS’ cells.

T

ravelling may mean different things to different people. But to men of the Special AntiRobbery Squad, (SARS), an arm of the Nigeria Police Force, ‘to travel’ means to kill a suspect in detention.

Hundreds of robbery suspects, if not thousands, who had been arrested and taken to SARS, have been killed extra-judicially. Most times, some are not even robbery suspects, but suspects arrested for other crimes. Many (both the innocent and presumed guilty) die through torture; others are shot point blank because they were deemed as, ‘confirmed robbers.’ The stories differ from station to station, case to case, with some members of the families of some victims still hoping that the

dead would come back from detention. The family members are busy visiting prayer houses, native doctors, diviners and spiritualists without any knowledge that the subject has crossed over to the other side of the world.

‘Police should give me my son, dead or alive- Ngozi Ejike The latest addition to the growing pile of corpses from the SARS, Ikeja, Lagos State, is 19-year-old Chigozie Ejike. He was killed in his prime. Young Ejike disappeared from police detention in March 2013 and it took almost three months to discover that he had been killed. It was difficult to explain to his parents that policemen tortured and killed their son. A member of their church, Chief Mi-

chael Igbokwe had to break the news. Investigation into Chigozie’s disappearance started after Chief Igbokwe saw the boy’s mother, Ngozi Ejike, tearing her hair and rolling on ground at the popular Iyana-Oba market, where she sells vegetable and crayfish by the roadside.

That was the day she had just been told by a policeman to “go home and forget that your son.”

She was like a demented woman, crying that she could not understand how her son vanished from police cell.

Chigozie, a secondary school leaver, was arrested around the period an upcoming music star, Olaniyan Damilola, popularly known as Damino Damoche was killed by cult members at the Lagos State University, Ojo, campus. The musician was an undergraduate at the university.

Determined to fish out the faceless killers because a lot of noise was made after his murder, policemen went on series of raids. About 75 youths were arrested by policemen in Lagos State and later transferred to SARS, Ikeja.

Chigozie was one of those arrested. He lived with his parents around the Ojo area. He grew up and had friends around that axis.

His mother, who was deep into religion and atCONTINUED ON PAGE 22

22 Investigation

Sanctity of Truth

Monday, February 24, 2014

Sad tales of SARS and missing detainees C O N T I N U E D F R O M PA G E 2 1

tends the popular Mountain of Fire and Miracles Church, said that she truly believed that her young son was a cultist after she discovered that he had started drawing tattoo on his body.

Chigozie was arrested with two of his friends; Bright Johnson and Ekene Bide, both 19 year olds, just like Chigozie.

They were arrested by Ilemba Hausa Policemen and later transferred to SARS Ikeja.

Before they were transferred however, the young boys were tortured. It was when it became clear that one of them was going to die, (Chigozie), that the policemen quickly bundled them to SARS Ikeja.

One of the police personnel who was on ground, on the day the three lads were bundled to SARS told New Telegraph: “I was on ground the day the boys were brought to SARS. They were three of them. One was barely breathing. We all knew he was going to die anyway. One of the senior policemen at SARS was very angry when he saw that the third boy was dying. I remember he yelled at the policemen that brought the boys.

“He asked them ‘why did you bring this one? Can’t you see that he is almost dead? You should have thrown him away somewhere’.”

Chigozie eventually died at SARS, but nobody, except his killers, knows where his corpse is today. And his parents, who are yet to know, continue to search for him, praying and hoping that he will come home soon.

Chigozie’s two friends have also disappeared from detention.

A picture of the three boys, taken by the police before their death was discovered by New Telegraph.

The picture of the boys was taken, with guns placed in front of them. It soon became clear that the picture was taken after the policemen knew that Chigozie was going to die. In the picture, Chigozie was lying on the ground unconscious; he didn’t know he was being photographed or that a gun was placed in front of him.

Our investigation started from the Ilemba Hausa Police Station, which first arrested the boys. The Area Commander, Mr. Soyemi Adesina confirmed the arrest. He, however, said that the case had been transferred to SARS. It was however a senior police officer, attached to this same station, who raised the suspicion that something about Chigozie’s arrest and disap-

Why did you bring this one?

Can’t you see that he is almost dead? You should have thrown him away somewhere

The late Chigozie

Mrs. Ejike

IGP Mohammed Abubakar

pearance was wrong. The policeman’s name is simply ASP Sonny. He was the person who told the missing boy’s parents to ‘forget about’ the boy.

When the mother heard that unsettling news, she ran like a mad person into the market, fell on the ground, rolling on dusty ground, asking mournfully “How am I supposed to just forget my son? How can a 19-yearold boy disappear from police detention? How do I even begin to forget?”

New Telegraph visited Ngozi at the noisy Iyana-Oba. She had the traditional Mountain of Fire and Miracles Church green uniform on. Beneath the uniform, she was in skirt and blouse. She appeared far composed

than her husband, who was physically shaking, no doubt, dreading what could have happened to their son. The meeting took place in a shop owned by another church member.

Ngozi tells her story: “It was exactly on March 2, 2013, that my husband got a call from a friend, who told him that he saw my son Chigozie and two other boys being led by policemen into Ilemba Hausa Police Station. The friend told my husband that our son was arrested during a police raid at Ajamgbadi area. My husband called me. We called Chigozie’s phone repeatedly, but it was not going. In fact, it was switched off.”

The father, Richard Ejike, 56, a

The late Lucky John

bricklayer, had since the disappearance of the boy, stopped going to work.

He said: “I can’t work. I have lost appetite for food. I want to know what happened to my son. If he’s dead, I want to know and I want his corpse.

If he’s alive, then police should allow me to see him.”

Even though he was too sick with worries to tell his story, Richard repeatedly interjected.

“I went to the police station on a Sunday. I met ASP Sonny. He told me that the boys had been transferred to SARS Ikeja. He asked me to come back on Tuesday, that he would give me the phone number of the man who went away with the boys.

“On Monday, I went to SARS. I told them I was looking for my son. I gave them his name. A policeman told me that the name of my son was not in the register of those in the cells. I left there at almost nightfall. On Tuesday, I went back to Ilemba Hausa Police Station to see ASP Sonny. It was then he told me to forget about my son. But whether Chigozie is dead or alive, my wife and I just need to see him. We need to know what had become of him. His siblings are worried too.

While searching for Chigozie, New Telegraph met with the head of SARS, Mr. Abba Kyarri. After explaining the difficulty in trying to locate Chigozie, Kyarri said that the boy was still in detention. He added that the parents could come over the following day to bail him. A call was put to the parents.

They were happy. But more pains and disappointment were in store for the couple.

The following day, the parents bought new clothes, drugs and tons of fruits. The idea was to feed and give him a change of clothing. But after visits to different cells, Chigozie was not in any of the cells. The parents were devastated. The mother collapsed on the ground at Police Command, Ikeja, broke down and wept bitterly.

Kyarri later explained that there CONTINUED ON PAGE 23

Investigation 23

Sanctity of Truth

Monday, February 24, 2014

SAR and disappearing ‘robbery' suspects C O N T I N U E D F R O M PA G E 2 2

was another suspect in detention, with similar name, whose uncle had come to bail. He thought that was the Chigozie they were searching for.

In the course of investigation, it was discovered that policemen from Ilemba Hausa Police Station labelled the boys robbers. This was the story the State Police Spokesperson, Ngozi Braide was told.

Braide said of the matter: “Two other people were arrested with the boy for robbery. Our men recovered toy guns from them. They were caught by people who beat them to a state of stupor. It was the people who handed them over to the Ilemba Hausa Police Station.”

Braide denied knowing that the young secondary boys had been killed.

Neither could she tell how to locate the boys, since they were not in SARS detention any more.

Investigation also revealed that one Corporal Ambrose Nwise, the Investigating Police Officer (IPO) was in charge of the case at Ilemba Hausa Police Station and that he handed the case file to one Isomah Saturday, Team D, SARS, Ikeja.

I want to see my husband-Folake John Lucky Another pathetic story is the case of Folake John Lucky. Her husband, Lucky John was an Urhrobo, from Delta State. He left home on November 31, 2012, but never returned home.

He was a commercial bus driver, plying Igando/Mile 2 route. He was 40 and lived at No 9 Oludegun Street, Akesan, Igando with his wife and four children. As a commercial bus driver, he usually left home in the early hours of the morning, to return around 9p.m.

Lucky John was not lucky to return home that fateful November 27, 2012 and all calls to his cell phone did not go through. The following day, his worried wife went to the park, where he used to load passengers, to seek his whereabouts from his fellow drivers. She also went to see the owner of the vehicle her husband worked with. But alas!

No one knew what had become of the man. Worried sick, Folake contacted members of his family, including the mother of Lucky John, who resides at Ojun Owa in the Odogbolu Local Government Area of Ogun State. They all went in search of the supposedly missing man. But he seemed to have vanished from the face of the earth.

Report of a missing person was made at the Igando Police Station. The family members went to hospitals and mortuaries to ascertain whether they could locate even his corpse. They later resorted to churches and Mosques with his pictures, to seek for spiritual help in locating him. It was revealed to them in most of the churches and spiritual homes that the man was still alive and would be seen soon. Temporary respite came on December 29, 2012, when an unknown person called and told Fo-

The late Taiwo

Mrs. Egbayeyomi

Braide, PPRO, Lagos State

The late Michael Akor

lake that her husband was being held at SARS, Ikeja.

Members of the church, where Folake used to worship, went to SARS. They were not allowed to see Lucky John but the Investigating Police Officer (IPO) in charge of the case confirmed that Lucky John was with them. It was the IPO who told them that Lucky John was arrested for robbery. According to the police, Lucky John’s phone number was found in the contact list of an alleged armed robber, who had robbed in a particular area.

After his phone number was seen in the contact of the supposed robber, the SARS men went to pick Lucky John at the motor park, where he used to work.

Folake was also told by the IPO to get N200, 000 before Lucky John could be released on bail. The family members had been to SARS twice, but had not been able to catch even a glimpse of Lucky John.

Some human rights activists stepped in and wanted the matter investigated. After a month of investigation by the New Telegraph, it was discovered that John Lucky had been

killed by SARS men. He was arrested for robbery and even paraded by policemen before journalists and then later killed. And all these while, Folake had been running from pillar to post, searching for her husband, thinking he had been kidnapped. She had even declared him missing until someone called her one fateful day, to tell her that her husband was in one of the national papers, labelled a robber.

A police source said that Lucky John was extra judicially killed.

But the police spokesperson, Braide has another slant to the story.

She said: “Lucky John was arrested for robbery. He was, however, killed when he led a team of policemen to a hideout in Ikorodu area of the state.

When police reached the place, his

The boy, with two others was arrested for robbery.

Our men recovered toy guns from them

gang members started shooting at our men. Lucky John tried to escape and was shot and killed in the process.”

Another police source revealed that once SARS kills any suspect, they usually dash to any police station, to make an incident report that they came to that area with a ‘robber’ who subsequently died in a shoot-out, while attempting to escape.

Folake had left Lagos with her four children to Ogun State, after their landlord ejected them from their home over none payment of their rent.

She initially refused to see our correspondent until her pastor and other friends intervened.

As Folake drew up two chairs inside a church at Araromi bus stop on LASU road, she burst into weeping soon after being asked her about her missing husband.

Choking back tears, she said: “My husband left home around November 27, 2012, to work in Mile 2. I called his phone that day; his phone did not go through. I thought he would call me later, but he never called. On November, 28, I called his phone again, but it was still not going. I went to the motor park where he used to load passengers and his colleagues said they had not seen him. They told me that they thought he was home. On December 28, somebody called me that my husband was in SARS. I asked the person where was SARS? The person said Ikeja. I called my pastor and some other people. We went there. They didn’t allow us to see him up till date. Last month, somebody called me again from that SARS, that they wanted to release my husband; that I should go and look for money.

“I asked who he was and he told me he was a policeman but he didn’t tell me how much I should go and look for.

I went there on a Tuesday. When I got there, they said he was no longer there.

They said we shouldn’t come there again. Since then, I have not seen my husband. We have four kids. The first is 14, the second is 10. We have been married for 16 years. They said he is a robber, but I know my husband is not a robber. Even in the newspaper, he was confessing to so many things, but I know him. He is not capable of robbing anyone. I knew something was wrong when he was confessing to being a robber. He is too gentle.

I know my son will soon come home- Mrs. Egbayeyomi In 2006, Taiwo Egbayeyomi, 32, and a father of a two-week-old baby disappeared from SARS cell in Ikeja.

Investigations revealed that Taiwo had been killed in detention since 2006, but his mother and family members only thought he disappeared from detention.

Eight years after Taiwo’s disappearance, his mother still lives and feeds on hope. She still fervently believes Taiwo would return home to her one day. Amongst all her children, Taiwo was her favourite.

CONTINUED ON PAGE 24

24 Investigation

Sanctity of Truth

Monday, February 24, 2014

Suspects' journey of no return

Suspected robbers C O N T I N U E D F R O M PA G E 2 3

She had taken to visiting churches, mosques and spiritual homes, where she had been told repeatedly that Taiwo is ‘hale and hearty’ and will soon come home.

Mrs. Titi Agnes Egbayeyomi, Taiwo’s mother resides in the Alagbado area of the state. When New Telegraph, got in touch with her, it was tough trying to get her to speak. There was so much suspicion around the house. But Taiwo’s younger brother, Idowu Egbayeyomi, intervened. Taiwo’s son, Moses, was just two weeks old when his father was killed, but today, he is six-year-old, already in primary one. Mrs. Egbayeyomi, with tear- filled eyes, said that little Moses had started asking questions of where his father is, and when he would come home. Moses could not understand why his father had refused to come home and see him, even if it’s just for once. The mother of the boy-Taiwo’s wife-bolted after she waited for the return of her husband from police detention for months to no avail. Mrs. Egbayeyomi said that the last thing she heard about her daughterin-law, was that the lady had remarried.

Taiwo was arrested when he was about to enter his Audi 80 vehicle at Amuwo Odofin Estate area of Lagos.

The reason for Taiwo’s arrest by SARS men came in two versions. The first allegation was that he offended a top police officer, who vowed to deal with him severely and the second version is vague. It was what he heard after he was taken to SARS office at Ikeja. It was alleged that men of the police force told him that they heard he had money and was fond of throwing money around. They told him that they wanted their ‘own share’ of the money.

Before his family could intervene, Taiwo had been labelled an armed robber.

Mrs. Egbayeyomi was allegedly asked to cough out N100, 000 for her son’s release.

But Taiwo had kicked against that insisting that he had committed no crime and would rather die than give his mother consent to part with such an amount of money.

I refused! I couldn’t do that.

Immediately I shouted NO! I got another round of beating Mrs. Egbayeyomi made efforts to see the officer in charge of SARS back then, Mr. Gaji Abana. She told him how his men were demanding N100, 000 from her. Gaji attempted calling his men to order, but it apparently didn’t work. If anything, it exacerbated the problem for Taiwo and his mother.

The move by the mother angered the SARS men and Mrs. Egbayeyomi was quickly roped in as a female robber, who used to keep guns for her ‘son’s gang of robbers.’ To add salt to her wounds, she was paraded as a robber in front of a motley crowd of journalists.

One of the SARS men, identified as Mr. Ola, was said to have written a statement on Taiwo’s behalf and ordered him to sign it.

Mrs. Egbayeyomi, in her mid 60s, spoke of her ordeal in the hands of SARS men.

She said: “I was completely stripped naked and thoroughly beaten to the point of death. They used the butt of their guns to hit me repeatedly on the head. They also arrested my daughter, who was an undergraduate. She came to check on her elder brother, Taiwo. They tortured us too much. They chained the three of us and ordered us to be calling one another armed robber! Armed robber!! Armed robber!!! At a point, I thought I would die. That I didn’t die was a sheer miracle. I knew they meant to kill me!”

She continued: “I was called aside to confess that I am a godmother to armed robbers, that armed robbers usually bring their stolen goods to me after any robbery operation. They said if I could say that, they would release my Taiwo and also allow me to go.

“I refused! I couldn’t do that. Immedi-

ately I shouted NO! I got another round of beating. One of the SARS men, Mr. Abass, slapped me so hard that I couldn’t see for a while. They hit me with the butt of their guns and broke one of my hands.”

She was detained for five days. It was five days of hell. During those days in detention, she was repeatedly beaten and handcuffed to compel her to ‘confess to being a robber.’ She said that she fainted on several occasions during the assaults.

Mrs. Egbayeyomi recalled with a bitter look on her face: “I was paraded before journalists, with guns and charms placed in my front. My photographs were also taken. Taiwo was also paraded as an armed robber. Since that experience, I no longer believe any armed robbery story I read in the papers or watch on television.

They’re all lies!”

But the SARS story does not end in Lagos. It is the same story in Port Harcourt, Rivers State and Awka in Anambra State. Family members of victims, who were killed in SARS detention or disappeared from police detention in Port Harcourt, are filled with trepidation and suspicion of everyone and anything.

According to many of them, they learnt to be careful after they started receiving threatening text messages from unknown persons. These messages started coming after they took steps to seek justice for the murder of their children and loved ones.

Police wasted my son’s life – Mrs Catherine Ako One of such people is Mrs. Catherine Akor, a trader in Port Harcourt.

Her son, Michael Akor was killed by a policeman in June, 22, 2009, while in detention. Michael was killed with his friend, Michael Igwe.

But for a while, Mrs. Akor did not know that Michael had been killed. The ‘disappearance’ of Michael from SARS’ cell was like a horror movie to his mother. One moment, he was in police detention, the next moment, news came that he had been killed.

When Akor was arrested, his friend Igwe was with him. After Akor was

killed, Igwe was also shot and killed to cover up the crime.

New Telegraph met with Mrs. Akor on July, 13, 2013, in front of Kilimanjaro eatery, Port Harcourt.

According to her, since the death of Michael, things had never been the same in her home. Her husband, a retired Shell staff, went into shock and till date, is like a shadow of himself. She said that he was like someone who had lost his memory.

She said: “Michael is the fourth among my children. He sold recharge cards in large quantities and even had a sales girl. The girl sells cards and makes phone calls for him. He was just 29 when police wasted his life. Every morning, once he eats, he leaves home for his shop.

“On that particular morning, he took one of the cars and dropped me at an overhead bridge on Aba road, where I used to take a bus to go and buy my goods. I gave him over N200, 000 to give to my customer, Madam Beauty, whom I bought some goods from, but had not finished payment. After I finished my business transactions for that day, I waited for him to come and pick me as usual, but I didn’t see him. I tried his phone number, but it was switched off.

“I finally took a drop to my compound.

When I got home, I asked my house maid about Michael. She said he came home to drop the red car and since then hadn’t returned.

“I waited till 9pm and tried his number again, but it was still switched off.

I took my drugs and went to bed. Very early the next morning, I heard knocking on our gate. It was the voice of my son Michael. My husband opened the gate. Policemen were with him. We were surprised. We asked the policemen what Michael had done, but they kept mute.

We asked Michael, he said he didn’t know. He said he was surprised too. He said he sold recharge cards to a girl and one thing led to another and they started arguing over the transaction, and then policemen came and arrested them.

WATCH OUT FOR PART 2 NEXT WEEK

BUSINESS Monday, February 24, 2014

What's news NAICOM moves to check lawlessness The Governing Board of the National Insurance Commission (NAICOM) has warned operators in the insurance sector to comply with rules and regulations guiding the sector.

}p-26

Container haulage by rail may flop Plans by the Nigerian Railway Corporation (NRC) to reduce container haulage by road from the seaports to the hinterland may flop soon due to bad tracks.

}p-26

Sanusi’s suspension will hasten naira devaluation-RenCap The suspension of the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, will result in the naira being devalued earlier than it had anticipated, Renaissance Capital (RenCap) has predicted.

House Committee silent on ailing insurance sector The House of Representatives Committee on Finance has remained silent on the probe of the insurance sector, spurring fears of infractions and government’s indebtedness to the sector, amounting to over N20 billion.

}p-32

BUSINESS CREW AYODELE AMINU, Deputy Editor (Business) Simeon Ogoegbulem, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor

ayodele aminu,

}p-28-29

Deputy Editor, business

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

CLAIMS Members of the Nigerian Armed Forces received the highest amount on life insurance claims Sunday Ojeme

F

ollowing the unprecedented attacks on members of the Armed Forces and military formations in the country in the last few years, the Nigerian Army has emerged the highest beneficiary in claims settlement under the Group Life segment.

New Telegraph gathered that the armed forces received over N300 million from the entire Group Life claims, which totaled N1.95 billion. The figure represents claims paid in 2011 while the data for 2012 and 2013, a period that also recorded high casualty, are yet to be compiled.

The Group Life Assurance Scheme is a statutory provision of Section 9(3) of the Pension Reform Act, 2004, which requires that all employers with not less than five employees must maintain life assurance policy in favour of each employee for a minimum of three times of the employee’s annual emolument.

The breakdown also revealed that between January and December 2011, the various insurance companies paid several millions of naira as death benefits to other organisations under their covers.

Specifically, SA Life Assurance Limited paid claims ranging from N4.8million to N15.19million to the Armed Forces under the Group Life cover at different times while Staco Insurance Plc, Guinea Insurance Plc, International Energy Insurance Plc and others paid various sums ranging

ADEOLA YUSUF, Energy Editor

L-R Executive Director, Business Development, Nigerian Stock Exchange (NSE), Mr Haruna Jalo-Waziri; Chairman, UBA Capital Plc, Mr. Chika Mordi; Group CEO, UBA Capital Plc, Mrs Oluwatoyin Sanni and CEO, UBA Capital Asset Management, Mrs Modupe Mujota; during the Bell Ringing Ceremony at the NSE in Lagos.

from N3.4million to N75million to some other organisations including the Niger Delta Development Commission, Central Bank of Nigerian, Office of the Head of Service and Dangote Group, among others.

Between 2010 and 2011, many military facilities in the country, particularly in the North East, were attacked by members of the Boko Haram insurgents, leading to the death of some military personnel and members of their families.

Officers and men of the Nigeria Police Force were equally not left out in the series of tragedies, which compelled the insurer in charge of the Nigeria Police Group Life policy to lament the rising claims being paid to the families of policemen who die on active duty.

To ensure smooth claim settlement for victims’ families, the Federal Government had strengthened the scheme in order to achieve its desired objectives.

The Head of Service of the Federation, Alhaji Goni Aji, revealed that some lapses observed in the processing and settlement of claims as well as improper documentation, which prevented effective and efficient implementation at the inception of the scheme in 2008, had been addressed.

As a result of lapses, which led to delayed premium pay-

ment, the Nigeria Police Force made good its threat to pull out of the scheme with the intention of initiating a separate policy for its officers. It is also on record that members of the rank and file presently do not have legally binding insurance cover because of the failure of the Federal Government to pay the outstanding 59 per cent of the premium on 2012 cover.

Ship owners lose N480bn, angry with minister over waivers Bayo Akomolafe

N

igerian ship owners are not happy with the Transport Minister, Senator Idris Umar, over the fresh guidelines being introduced into the Coastal and Inland Shipping (Cabotage) Act of 2003.

They alleged that the new cabotage waivers would not address the grey areas objected to

when the act was enacted over 10 years ago.

Already, the ship owners claimed they had incurred about N480 billion as debts to banks.

Recently, the Federal Ministry of Transport had issued fresh policy guidelines for granting of ministerial waivers under the Cabotage Law in CONTINUED ON PAGE 26

Rates Dashboard

CHRIS UGWU, Capital Market Editor

INFLATION RATE

Abdulwahab Isa, Finance Editor

January 2014 ...........................8.00% December 2013.......................8.00% November 2013..........................7.90%

Nnamdi Amadi, Reporter

www.newtelegraphonline.com/business

Insurgency pushes Armed Forces’ claims to N.3 billion

DELE ALAO, Brands/Marketing Editor

Chuks Onuanyin, Energy

NEW TELEGRAPH

Nigerian airports to be certified on conditions, says NCAA DG

LENDING RATE InterBank Rate. . . . . . . . . . . 10.75% Prime Lending Rate. . . . . . 17.01% Maximum Lending Rate. .24.90%

EXCHANGE RATE

(Parellel As at Feb. 21)

USD. . . . . . . . . . . . . . . . . . . . N171.20 Pounds. . . . . . . . . . . . . . . . . . . . N284 Euro. . . . . . . . . . . . . . . . . . . . . . . N236

EXCHANGE RATE

(Official As at Feb. 21)

USD. . . . . . . . . . . . . . . . . . . . N155.75 Pounds. . . . . . . . . . . . . . . . . . N259.7 Euro. . . . . . . . . . . . . . . . . . . . . N213.5

26 business | NEWS

Sanctity of Truth

Monday, February 24, 2014

NAICOM moves to check lawlessness among underwriters Sunday Ojeme

T

he Governing Board of the National Insurance Commission (NAICOM) has warned operators in the insurance sector to comply with rules and regulations guiding the sector. This is to ensure that the Commission’s initiative to deepen penetration and instill confidence in the insuring public is not undermined by any stakeholder.

Making the declaration in Lagos on Friday, Chairman of the Board, Rt. Hon. Chibudom Nwuche, said that the governing board will continue to resolutely support the resolve of NAICOM’s management to ensure effective supervision of the industry in order to protect policyholders and government’s strategic assets.

He affirmed that the sector had gained in the area of partnership with foreign investors even as more of them were making enquiries on how to be part of the Nigerian underwriting market.

He said: “While NAICOM continues to operate within the confines of all extant laws, all practitioners in the sector must

L-R: Head. Abuja Bank, Fidelity Bank Plc, Hassan Imam, Minister of Trade and Investment, Olusegun Aganga and Divisional Head, Managed SMEs and Consumer Banking, Fidelity Bank Plc, Ken Opara at the Presidential launch of the Nigeria Industrial Revolution Plan (NIRP) and the Nigerian Enterprises Development Programme (NEDEP) at the Banquet Hall of the Presidential Villa. Abuja

operate within rules and international norms as a means of our deepening public trust and enhance contribution to the nation’s Gross Domestic Product.

In this statutory responsibility, there shall be no one or group that shall be excluded from compliance with the rules and

regulations.”

The chairman, who was appointed late last year, noted that the insurance sector has a huge potential waiting to be tapped, adding that the commission had historically implemented many regulatory and developmental initiatives that have signifi-

Container haulage by rail may flop INEFFICIENCY Cargo haulage by railway from Lagos Port Complex in Apapa to Inland Container Depot in Kano is dwindling Bayo Akomolafe

P

lans by the Nigerian Railway Corporation (NRC) to reduce container haulage by road from the seaports to the hinterland may flop soon due to bad tracks.

The maiden haulage was flagged off by the corporation last October, with 40 containers every week from AP Moller Terminal at the Lagos Port Complex.

But it was learnt that, four months after, the number of containers moved by train have been reduced to 20 weekly due to bad tracks.

Also, the haulage of sugar, salt and other consumable products is dwindling every week.

The NRC’s Lagos District Public Relations Officer, Mr Muyiwa Adekanbi, confirmed the reduction of containers to 20.

A source at the corporation’s head office in Lagos also revealed that the tracks could not carry heavy items due to the weak tracks put in place by contractors during the military era.

The source revealed that in some parts of the North, wrong materials were used for the tracks.

It was alleged that a Chinese contractor, China Civil Engineering Construction Corporation (CCECC) used metal slippers instead of concrete due to the nature of the soil in some Northern part of the country.

The source alleged the same company was contracted by the corporation to handle the rehabilitation project.

Last October, maiden haulage of containers from Apapa port to the northern part of the country was inaugurated.

The ceremony also featured

the commissioning of two new 100-ton telescopic cranes and four newly -acquired 1800HP locomotives.

The last time container-laden train left Apapa port was in 1996.

The Minister of Transport, Senator Idris Umar, represented by the former Chairman board of the NRC, Alhaji Kawu Baraje, said the commissioned projects were to reposition the rail transportation industry .

He added that the railway transportation in Nigeria had been revived and has come to stay.

The minister promised that before the year ends, two more locomotives would be added to the fleet.

He said that the haulage of sugar, salt and other consumable products from Dangote Nigeria Limited with the active collaboration of Connect Rail Limited from Greenview Development Nigeria Limited, has finally commenced.

cantly improved the conditions in the Nigerian insurance sector and enhanced its attractiveness to investors.

According to him, “a good evidence of this is the increased number of foreign investors that have taken equity interests in insurance institutions in Ni-

geria. In specific terms, there are now 10 Nigerian insurance institutions with significant foreign ownership as against just three, five years ago and more foreign investors are making enquiries on requirements for participation in Nigerian insurance sector.”

Ship owners lose N480bn C O N T I N U E D F R O M PA G E 2 5

an effort to correct the numerous anomalies observed in the law.

But the ship owners under the umbrella of Nigerian Ship Owners Association (NISA) upbraided the President Goodluck Jonathan administration for not having any plan for the maritime sector.

NISA chairman, Chief Isaac Jolapamo, demanded that the waiver clause be expunged from the Cabotage Act, saying that the fresh guideline was not a priority.

He said: “If we continue to have the waiver, we will continue to have the same problem, today, our members have in excess of $3 billion as bad debts in Nigerian banks alone, 50 per cent of us are out of business, we need to go back, for some of us to keep standing, you need to do more.

“The stakeholders already know that maritime development is not on the agenda of the present administration. The bottom line here is that a law that has been around for 10 years and it’s not working, the guideline is not a priority, our priority today is a maritime reform that will show that this government is sincere in developing the sector.

“The aviation sector is not as important as the shipping sector,

yet it is being given every attention.”

Jolapamo demanded that government should set up a taskforce on maritime sector reform that would not talk of granting waivers after 10 years, but work for the removal of the waiver clause.

But Umar explained that the new guidelines were issued based on the power of the minister to grant waivers.

He said that powers granted to the minister were clearly spelt out in the subsisting laws, adding that certain inadequacies were noticed which needed correction.

Umar stressed: “We realised that in the cause of implementing this Act, there had been some inadequacies, therefore, we felt that it was necessary to call the attention of stakeholders to come and rub minds and look at a draft policy guideline that we have brought out, so that together we will have a better working document.

“I have considered it imperative to increase substantially the tariff payable particularly for the manning waivers as a means of discouraging ship owners engaging foreign crew to man Cabotage vessels while local seafarers are left to wallow in penury.”

BUSINESS | NEWS

Sanctity of Truth

Monday, February 24, 2014

TIGHT POLICY The Naira exchange rate is expected to be weakened following the pressure on external reserves Ayodele Aminu

T

he suspension of the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, will result in the naira being devalued earlier than it had anticipated, Renaissance Capital (RenCap) has predicted.

Reacting to Sanusi’s suspension and the nomination of the Managing Director of Zenith Bank, Godwin Emefiele, as the next CBN Governor, the research services firm noted that the manner of the embattled CBN Governor’s departure will have an adverse effect on the apex bank’s autonomy, increase pressure on the external reserves and thus weaken the CBN’s ability to defend the naira.

Rencap said: “We think Sanusi’s departure and what we see as the compromising of the CBN’s independence will put downward pressure on reserves and in particular undermine the ability of the CBN to defend the target exchange rate.

We think this implies bigger and earlier naira devaluation than we had initially expected.

Commenting on Emefiele’s nomination, the firm described him as “very conservative.”

According to RenCap, “Under his stewardship Zenith has established itself as a leading, well-capitalised and stable bank with a high portion of assets sitting in T-bills and bonds. We believe he is likely to maintain

Sanusi’s suspension will hasten naira devaluation-RenCap lActing CBN governor unlikely to change policy

L-R: Head, Corporate Strategy, National Insurance Commission (NAICOM), Mr Babajide Oniwide; Chairman, Governing Board, Chibudom Nwuche; Deputy Commissioner, Finance and Administration and Head, Lagos Control Office, Mr. George Onekhena and Head, Lagos Control Office, Mr. Emmanuel Farinu, during a media briefing by Nwuche, on regulatory initiatives of the commission

a firm policy environment and would be inclined to tighten policy in the current environment of naira weakness.”

The financial advisory firm also predicted that Acting Governor of the CBN, Dr Sarah Alade is unlikely to change Sanusi’s policies. The firm stated: “Given that she is in essence a caretaker governor until June, we do not expect her to make any major policy moves at the next Monetary Policy Committee (MPC) meeting on 24-25 March. We think the MPC will hike the policy rate by at least 1 ppt and the public sector Cash Reserve Requirement (CRR) to 100 per

cent, which the banks expect.

But we think it is less likely that the CRR on private sector deposits will be increased, because only two MPC members, including Sanusi, voted for this at the January MPC meeting, implying it was a minority view.”

However, unlike Sanusi ,who vowed to resolutely maintain the value of the naira, Alade, according to RenCap, may be willing to devalue the local currency. At a press conference last Friday however, Alade said the contrary: she won’t devalue the Naira.

Speaking last Friday during her maiden press briefing

in Abuja, Alade pledged to pursue the apex bank's price stability policy, declaring that there was no immediate plan to devalue naira.

She also attributed recent temporary slight loss in the value of naira to major currencies in the market to the recent change at CBN and assured that stability would be achieved in due course.

But according to RenCap: “We think there is a small risk of a devaluation of the naira in March, partly because Alade said in January that she would support

a review of the mid-point of the exchange rate band (currently NGN155/$). This would help stabilise the market, in our view, assuming the exchange rate target band adjustment met the market’s expectation”.

Besides, RenCap stated: “If Alade does not devalue the naira before June, we think incoming Governor Emefiele may be compelled to devalue the mid-point of the exchange rate band to NGN170/$ at his first MPC meeting in July.

We estimate this will lead to inflation of around 11-12 per cent at YE14, which implies rate hikes to help preserve real rates of at least 5 per cent that make the carry trade attractive. Higher inflation is likely to be negative for consumers, but we expect the effect of this on GDP growth to be mitigated by the positive impact of higher liquidity on the back of an increase in election-related government spending. We also estimate a slightly bigger C/A surplus, assuming a weaker naira tempers imports.”

Consequently, RenCap further predicts that there is a real risk of the MPC meeting holding sooner than the scheduled.

LCCI frets over high cost of business in Nigeria

Automotive council to curb smuggling

Dele Alao

Bayo Akomolafe

T

he Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over high cost of doing business in Nigeria.

The chamber noted that the high tonnage of vehicles on the roads was the major cause of low productivity in the economy.

Its President, Alhaji Remi Bello explained that the traffic congestion in both intercity and intra-city transportation with attendant loss of man hours and rapid deterioration of roads were affecting all the sectors of the country’s economy.

Bello noted that persistent delays in the clearance of cargo at the Lagos ports

27

due to traffic congestion had become a major concern for the business community.

He listed the implication as including: “High demurrage charges arising from delays in clearing of cargo, disruption of production schedules of manufacturers as raw materials are not delivered in good time to factories, corruption risk at the port as importers struggle to clear their cargo through the bottlenecks, risk of exacerbation of inflation. Goods are not quickly cleared from the port to meet relevant needs in the economy and high cost of fund on borrowed funds by importers.”

Bello also lamented the rail system collapse for the

economy and the high transportation cost, which had taken its toll on the operating cost in the economy.

The president stressed that inefficient railway had contributed to high rate of road accidents with attendant loss of lives and other fatalities; proliferation of articulated trucks and trailers.

He said the rail system designed to evacuate cargo from the Lagos Ports should be resuscitated as a matter of utmost urgency.

Bello noted that the menace of trucks and tankers on Lagos roads and the national road network in general, had assumed an unbearable dimension.

T

he National Automotive Council (NAC) has said that smuggled vehicles will no longer be registered or licensed with effect from June, 2014.

NAC’s Director of Policy and Planning, Mr. Luqman Mamudu, said on behalf of the Director General of the council, Mr. Aminu Jalal, that the measure was aimed at curbing vehicle smuggling in the country.

He disclosed that it was contained in the new National Automotive Industry Development Plan (NAIDP), adding that buyers of smuggled vehicles would be blocked from obtaining registration numbers from the

Federal Road Safety Corps (FRSC) and various state vehicle registration offices.

Jalal added that the policy has an in-built programme to pursue this course.

Also, the NAC Principal Executive Officer (Information), Mr. Bello Rasheed, explained that the council was collaborating with the Nigeria Customs Service and other agencies.

According to him, “the policy requires the Nigeria Customs Service to build a data base of all vehicles that are legally imported into the country.

“The FRSC, vehicle inspection officers and state vehicle license offices would be given access to the customs data base.

28 MONDAY | INTERVIEW

Sanctity

Monday, Febr

Nigerian airports to be certified Captain Folayele Akinkuotu is the Director-General of the Nigerian Civil Aviation Authority (NCAA). He was appointed at a time the sector was at its lowest ebb occasioned by the frequency of plane crashes that eroded the confidence of the flying public. An airline pilot with over 40 years experience, who granted his first major interview to New Telegraph, spoke to AYODELE AMINU on the United States Federal Aviation Administration (FAA’s) visit by end of next month to re-certify Nigeria’s category one status, which is renewable every three years; why none of the country’s airports is yet to be certified, autonomy of the aviation regulatory body, audit of other agencies in the airport, among other issues. Excerpts: A delegation from the United States Federal Aviation Administration was expected in the country last Monday to begin the assessment of Nigeria’s aviation category one status, do you think Nigeria stands any chance to pass the safety test?

The issue of the FAA category one audit is predicated on certain things. They take into consideration your compliance with eight critical elements enunciated by the International Civil Aviation Organisation (ICAO). Don’t forget, the FAA category one is not based on U.S. standards, it is based on ICAO standard. So, invariably, if you meet the ICAO standard, you should, without doubt, be able to pass the audit. There is nobody who does an audit and does not have issues. If I come to your house and say I am going to inspect your house, of course, I will find a crack; I may suddenly find a cockroach. I may find things you don’t expect, but the issue with audits is that when you do audits and there are findings, we expect that you close them within a short period. We are given a time-frame within which to close the findings. Do I expect that there would be no findings?

Everybody who has done an audit will know this. If a policeman stops you on the road and he says he wants to check your car, do you think he won’t find something? All the man needs to do is to check on the tyre pressure on your car.

We (NCAA) already have a process. We will scale through. There may be findings as I would expect, just like anybody in the industry. There are things we have to resolve; no matter how any system is, there would always be one finding or the other. We have been discussing this issue with someone in the US FAA and he said ‘if my people go and they find out that they don’t find anything wrong, we will send them back because they could not do an audit without a finding,’ that is the general idea.Do you think the extension is sacrosanct?

Even the leeway they have given us is unusual. We have appealed to them.

Like you said earlier, the date for the audit was fixed for February 17 and we asked for a substantial deference which they said they don’t normally grant. We were granted a month, that is on March 17, 2014 and I went to the FAA in Washington again to appeal to them. They have agreed to move it to the end of March.

They are saying that for us to ask for more and more time might not be something they need to consider.

Nigerians are worried that none of the na-

Akinkuotu.

PHOTOS: AYODELE AMINU

tion’s airports are certified. What’s your take on this?

Certification process is on-going. There are certain conditions that are supposed to be met which the NCAA is working on to ensure it meets. It is not for lack of desire to do so, but it’s an ongoing process.

It’s like an audit. You go there, you might find certain deficiencies and you point it out. Don’t forget that the NCAA is a regulator, others are service providers. Federal Airports Authority of Nigeria (FAAN) is a service provider, Nigeria Airspace Management Agency (NAMA) is a service provider, so, we check that they are doing the right thing.

Are these not some of the things the FAA would be looking at when they visit?

I will read for you what they (FAA) will be looking for. ‘During the assessment, the FAA will look into the critical elements of safety oversight as prescribed in ICAO document 9764 Part A; Specific operating regulations; states civil system and safety oversight functions; technical personnel qualifications and training; technical guidance; licensing and certification,

surveillance of legislation; resolution of safety concept.’ These are the primary areas. The issue is that when you look at the NCAA, the key question is that the NCAA is to ensure safety oversight, security and economic regulations. They want to see that we can perform those functions. It is your ability to be able to meet these critical elements and also ensure that you have enough robust system to ensure compliance and regulations.

A national daily recently accused the NCAA of causing most of the accidents witnessed in the sector in the last one year. How true is this?

That is the most unfortunate comment.

It is far from the truth. We have on-going accident investigations. We are not allowed to comment on this. The report of the last accident is not fully out and on what basis can someone attribute the accidents to NCAA? Preliminary report or interim report on the last accident obviously has nothing to do with the NCAA as probable cause. All of us have to be educated on issue of sheer responsibility. Operators have responsibility, pilots, crew, engi-

neers, airspace management and FAAN, all have responsibility. The NCAA looks at an airline and based on presented facts, documentation, status of crew, status of aero plane, you realised that the maintenance and airworthiness of the operation is the responsibility of the operator. The continuous safety of a flight also rests with the crew while satisfactory status of navigation aids rests with the NAMA. Therefore, an operator must not shirk his responsibility. Of course, we (NCAA) would continue to carry out oversight functions on them (the other agencies).

The NCAA has responsibility and will not shy away from it and we will continue to monitor airlines. We will ensure that they continue to meet those conditions, but we should not also forget that the operators and other people involved in ensuring safety have responsibility. I hope it’s not a poor comparison. If you go to your doctor, and your doctor says, ‘if you take this and nothing is going to happen in a case of diabetes or cancer, if you observe the recommendation as agreed with your doctor to make you healthy, you have part of the responsibility.

MONDAY | INTERVIEW 29

y of Truth

ruary 24 2014

on conditions, says NCAA DG BIODATA Previous Jobs: Rector/CEO, International Aviation College, Ilorin, ED, International Operations, Air Nigeria, Lagos; Managing Consultant/Partner, Quintessence Aviation Ltd, MD/ CEO, IRS Airlines, Lagos,

Line Captain, Virgin Nigeria, Captain, RP Aviation, Miami, USA Schools: Aircraft Maintainance Engineers' Licence (A&C); Nigeria College of Aviation Technology, Zaria; Commercial Pilot Licence, MultiEngine Rating, Intrument Rating and Flight Engineer's (Turbojet Boeing 727) Licence and Sierra Academy of Aeronantics, Oakland Flying Experience: 12652. 5 hours Medicals: Valid NCAA First Class Medicals Experience: Over 40 years

How successful is the passenger Bill of Right?

The passenger Bill of Right has been successful. If nothing else, people have realised that they have rights. They have been able to get compensation. In some cases from British Airways, Ethiopian Airways, Aero Contractors, passengers have benefitted on some compensation. It is not so obvious benefits that passengers know. Stakeholders know that they have rights. The obvious one is always the passenger getting benefits about delays and cancellations, but also the airlines do have rights. The bill does say that you cannot abuse or in any way molest airline staff.

The airlines too have to be taken care of by other people who provide services for them. There are benefits across the board, but one thing is important here. Knowledge is power and what we are putting outside there is knowledge of the right of passengers and more people are getting to know it. The airlines will send out text messages if there is going to be a delay.

We didn’t have that before. Just get to the airport and they will tell you that the flight is either cancelled or delayed, but at least to an extent, there are some benefits. Am not saying it is perfect, but we are doing the right things.

Can you give us an insight into the role of the aviation regulatory body and how NCAA is trying to reposition the sector after many crashes?

I am not apportioning blames. My observation is that the customers, who are the passengers, had lost confidence in the sector. One of my primary focus is to get passengers into the system because it is a win-win for all of us. We tried to ensure that there is trust; we will put certain things in place to make for a good environment and make it safer. So, there is a holistic approach to it. The restoration of trust in air transport is key. In trying to achieve that, it encapsulates all the other little things that we can achieve with it.

Yes, we want to do more ramp inspection so that people see that we are actually doing something in their favour and in their interest. We put the airlines in check. I have always said that the fear and the presence of the law in

the western world is what drives crime down. We want to make sure that we continue to check and re-check. People will feel extremely happy for this and it will build their confidence. Of course, there are other things. We do audit on the airlines, which is another way of checking that they are okay like what we did with Dana. Just like the FAA category one, the idea is not to punish you, it is to establish that what you promised, you are doing it, that what is to ensure that you are safe, you are doing it. When you are not doing it, we point out to you where you could do better and we ensure that you go back to the right path to make things better. Don’t forget that where you have a problem and when the end product is continuously maintained, it is guaranteed, at least, to a certain standard. We have to keep at heart that each time you are going to work as an NCAA person, consciously, you have a load on your shoulders for the people. If am going to inspect an airplane, it is not just for me to inspect and say I am happy, but I’m inspecting on behalf of people.

We want a situation where you look at everything as you are doing based on grave responsibility, rather than attitude. It is NCAA’s business to ensure that the trust that is given to us is not in any way trivialized.

How autonomous is the NCAA? Many believe it’s only on paper.

I can only speak for my tenure. I think that is not quite right. The perception is not quite right. That NCAA is seen to be administered by organogram does not mean that it does not have autonomy.

NCAA has autonomy because whatever we do in NCAA is according to the regulation and as far as I am concerned as the DG of NCAA, nobody has told me what to do. Ideas, concepts can develop from different directions. They say that nobody has monopoly of wisdom. I don’t claim to have all the knowledge. Anybody can come to the agency with a concept and we look at it. If it makes sense, we put it into law. Nobody has dictated to us to say issue this man a certificate. Nobody has done that with me and it won’t happen.

There appears to be dearth of skilled manpower in NCCA. What are you doing to address this?

We (NCAA) don’t have enough manpower and there is an aging work force. Generally, those in the civil av i a t i o n authority are experienced people.

I t

“There is nobody who does an audit and does not have issues. If I come to your house and say I am going to inspect your house, of course, I will find a crack” now depends on what you define or where you place the bar as far as old and young is concerned. We are bringing in young people to learn from those with experience. Many young people have been hired and they are being trained. This is with the hope of replenishing the workforce with younger people. It won’t happen overnight, but we are working on it.

How would you describe your tenure as the DG of NCAA and what are the challenges?

One of my challenges has been to change people’s attitude to make sure that we maximize what we have in terms of human capital. We want to ensure that we are doing the right thing at the right time. We have been spending a lot of money on training; I want us to get value for money; we have to give things that add value. The other challenge is funding. We don’t have enough money because some of those who owe us are not paying. Airlines owe us.

How much do the airlines owe NCAA? I don’t have the figures right now but I can tell you that the figures are quite significant. Some of these debts did not happen yesterday. They were built up over time. It is quite easy to owe somebody particularly when you allow it to build up.

We are making efforts to ensure that we electronically collect this money. Sometimes, it does not present logistic problem on the operator and therefore by extension it is extended to us. When you buy a ticket, the charge that is added is not that the airline is doing us a favour, they have collected on our behalf and all we are saying is thank you for collecting on our behalf, can you give us our money? There are questions of reconciliation and when something has happened over some time and you do not reconcile it, it becomes a problem.

Those are the challenges to make sure that the environment is safe. It is not a popularity contest.

I, the regulator sitting down here may not be the most popular guy. Yes, I am not the most popular guy, but I have a job to do.

We had to ground some airlines because we did it according to the law. It might not please some people; it was based on the law. As long as I am staying within the law, I have no regrets. It may be a hard decision, but some decisions are to be taken.

If somebody has a cancerous leg and it has to be operated and the person wants to live, he has to get the leg amputated.

Without taking that decision, you lose the chance to even survive.

We want to start auditing stakeholders.

FAAN is a service provider, so we audit FAAN. Then, we look at the security of the airport - that is our job to find out their deficiencies. For NAMA, whatever they do that is not in compliance with regulations, we will bring it out to them. Even the fuel marketers, we have to look at the type of fuel they are providing for the airlines. These are the things we need to do. Too often for too long, the consumers have often been given short end of the stick. Nobody tells you that your flight is delayed or cancelled before you get to the airport. Nobody gives you an explanation.

It does not encourage the way business is done, because if your travel is not the one you enjoyed, are you going to come back?

These are the things we have to address.

God helping us, I am going to digitalize and change the format of the licenses for the crew; to have digital information and have people who are going to access your information. We will also use technology to look at airlines’ operations.

Finally, we have gotten approval to start writing legislation about the function of airplane even when it is in the air. Statistics have shown that airlines that have IOSA certification are usually safer. It is just because there is a process.

We are going to make sure that we write IOSA requirements. My predecessor had made efforts to get the airlines to buy into it. The benefit down the road is that you have safer operations. Looking at the big picture, we expect to be able to achieve that and African ministers had said that this was what they were driving towards - that they want IOSA compliance by 2015.

We are working with IATA on interlining. It is a matter of appreciating the big picture. The big picture will enhance customer experience from start to finish. Let us assume that one purchased a ticket to fly with airline ABC for example, and the airline for some reason cannot operate the flight, the consequences can be painful; you may lose business, miss an appointment, of course, you won't be happy. If however, the system by interlining allows you to travel with another airline, without having to purchase another ticket, on the same day, within reasonable time ensuring you are able to meet your planned commitments, you would have had a better experience. The airlines through interlining can sort out the fares and required commissions.

30 BUSINESS | MONEY LINE

Sanctity of Truth

Monday, February 24, 2014

‘Finance key in business start-ups’ A

financial analyst and promoter of private sector-led investments in Nigeria, Okechukwu Enelamah, has re-emphasised the importance of capital in the start-up of companies.

The Chief Executive Officer, African Capital Alliance (ACA), said this on a weekly radio programme organised by Fidelity Bank Plc. He also noted that business needs an enabling environment to thrive.

Speaking on “sources of capital for SMEs - the options and requirements,” Enelamah said that the key thing an entrepreneur needs when starting a new business is funding.

This, he explained, could be sourced from family, friends and foes.

“In the industry, people talk of the three Fs, - family, friends and foes. People typically start off with their own savings, with family, friends and foes - those who are prepared to support them any way as an act of trust. What they all have in common is relationship with the entrepreneurs when they are building their businesses.”

He explained that people

naturally go to sources where they have existing relationship to access funds because they do not have track records that could help them access institutional capital. “From there, they can move to the next stage and with the right legislation and encouragement in the arena they find themselves, they can always rise and thrive and then we can also come in to aid them rise to the next level. But they have to make the bold step of starting up first,” he said He, however, advised potential investors not to focus solely on ways of raising capital but to also spend quality time to plan and think through the business before starting up so as to increase their success rate in the business. “To increase your odds of success, one of the most important things is proper planning and execution. Planning is where the business comes in. For many, when I say planning, I mean the ability to think through. It may be a fancy business plan but it has to be well conceived.”

He also stressed the need for human capacity development to enable entrepreneurs attract

the right kind of personnel to their business. “In execution, I would say the most important thing is to have the kind of people around you that will increase the odds of success.

An entrepreneur may bring the idea but he may need a general manager that brings traditional general management skills to organise the team. If he can’t afford that, then he might need somebody else that

F

irst City Monument Bank (FCMB) Limited and MoneyGram International have entered into a business relationship to offer money transfer at all FCMB branches.

According to a statement by FCMB, the agreement, which was signed last Monday, makes FCMB an agent of MoneyGram for international money transfer business in Nigeria.

“This means that Nigerians and others can receive money sent to them from any part of the world through the over 270 FCMB branches nationwide.

Our fellow Nigerians in the Diaspora can use this service

Description

TTM

4.00% 23-Apr-2015 13.05% 16-Aug-2016 15.10% 27-Apr-2017 16.00% 29-Jun-2019 16.39% 27-Jan-2022 10.00% 23-Jul-2030

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

Dec, 2013 Dec, 2013 Dec, 2013 2/5/2014 1/20/2014 11/6/2013 Dec, 2013 Dec, 2013 1/20/2014 2/5/2014 Source:CBN

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

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

Bid 12.10 12.10 12.05

FX

Bid Spot ($/N) 163.28 THE FIXINGS –NIBOR,NITTY and NIFEX of February 6,2014

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

to quickly send money to their loved ones here in Nigeria using a variety of innovative solutions which will be released very soon. The bank will rollout the MoneyGram services across all its branches nationwide in the next few weeks,” the statement added.

FCMB’s Executive Director, Lagos and South-West, Mr. Olufemi Bakre, explained at the ceremony that the bank’s decision to partner with MoneyGram was aimed at promoting financial inclusion and en-

Bid 163.4000

Offer 163.5000 Source: FMDQ

hancing customer experience.

The Executive Vice President for Europe, Africa and Emerging Channels of MoneyGram International, Mr. Carl Olav-Scheible, said that the African remittance industry in particular is enjoying vibrant growth, and MoneyGram is well positioned to provide remittance services to a growing community of customers.

He added that MoneyGram’s business focus is to strengthen interest in the development of alternative payment systems.

Enterprise Bank supports the needy

E

As at N14,737,618.7m N16,509,472.5m 8 0.0000 12 10.899 7.96 17.01 US$109.9 US$42,604,781,796.6

neurs may not have when they are setting up. “An entrepreneur might have a great idea but if you go to places like Silicon Valley, apart from getting people who have experimented or done business in the space, they get mentoring, access to market, access to technology and everything else that is not core to the business. So the core is brought and everything else is added.”

FCMB, MoneyGram sign money transfer pact

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

complements him because two heads are better than one,” he said.

The ACA boss urged government to create the enabling environment for businesses in the country to thrive and succeed which, according to him, ranges from things like basic infrastructure or soft infrastructure like property rights, automated company registration process and other tools that entrepre-

nterprise Bank Limited has reached out to two less privileged homes in Lagos State as part of its Corporate Social Responsibility (CSR) initiatives.

The bank in a statement said consumable items were donated to the Holy Family Home for the Elderly, managed by Regina Mundi Catholic Church in Mushin area of Lagos State and The Arrows of God Orphanage, Ajah.

Delivering bags of rice to the homes and a goodwill message from the bank’s Managing Director/Chief Executive Officer, Mallam Ahmed Kuru, the Head of Corporate Communications, Mrs. Olusola Longe Okenimkpe, said that the essence of the visit and donation was to "make the elderly ones among us to feel accepted and loved irrespective of the fact that they are not in their homes."

According to her, this is also relevant as a reward for their contributions and services to their families and the country at large. She also called on other corporate organisations and wealthy

individuals in the country to lend their support to the less privileged homes, especially the ones that cater for old people since old age has a lot of challenges that require patience and huge resources.

Delighted by the visit from the bank, Mercy Honvo, who received the donation on behalf of the elderly Home, thanked Enterprise Bank for the kind gesture when she declared: “Thank you for your visit, gifts and thoughtfulness. May God bless you and your organisation for remembering us and contributing to the upkeep of these elderly citizens that we have in this Home. We will continue to ensure that they receive the best attention they desire.”

At The Arrows of God Orphanage, which is for orphaned, abandoned and destitute children, the bank also donated bags of rice and restated the need for more support so that the children will not lack the basic needs of life, which other children in the larger society are enjoying.

BUSINESS | MONEY MARKET REPORT

Sanctity of Truth

Monday, February 24, 2014

Ayodele Aminu

T

rading activities at the Nigerian money market stood still last Thursday in reaction to the suspension of Sanusi Lamido Sanusi as the governor of the Central Bank of Nigeria (CBN).

The Financial Market Dealers Association, which is the platform of the money market bond trading, experienced market shutdown.

Interbank rates Money market rates commenced last week marginally higher than the last trading day of the preceding week. Rates commenced the week at an average 14.1 per cent but subsequently slipped moderately to an average 12.3 per cent across various tenors.

At the commencement of trading last Friday, rates dropped lower across all maturities to an average 11.7 per cent at the end of the week.

Consequently the FMDQ OTC figures showed that while the call tenor closed at 11.08 per cent last Friday, as against the 13.71 per cent it stood the preceding Friday, the 7-day tenor also dropped to 11.45 per cent, from 13.87 per cent.

In the same vein, just as the 30-day tenor reduced to 11.71 per cent last Friday, from 14.12 per cent the preceding Friday, the 60-day tenor also fell to 12.04 per cent.

The 90-day, 180-day and 365-day tenors all closed lower at 12.29 per cent, 12.54 per cent and 12.87 per cent respectively.

Also, the open-buy-back rate declined by 2.5 per cent week-on-week to close at 10.7 per cent.

On the other hand, treasury bills rates commenced last week with a broad decline of 0.1 per cent across tenors. Reopening of the market on Friday saw rates in the bond market spiked across all maturities to close at an average of 13.9 per cent.

According to a report by Afrinvest Securities Limited, the two-month treasury bills rates spiked by the highest percentage (0.5per cent), while the 12-months rate led the rate chart, holding at 14.7per cent. Afrinvest Securities anticipated further increase in rates this week.

Stock market The news of the suspension of the governor also affected the trading on the Nigerian capital market as both the NSE All-Share Index and Market Capitalization depreciated by 1.22 per cent and 1.01 per cent to close on at the end of trading last Friday at 38,295.74 and N12.301 trillion respectively.

Similarly, all of the NSE sector indices depreciated last week with the exception of one. The NSE 30 depreciated by 1.49 per cent to close at 1,715.95, NSE Insurance was down by 1.30 per cent to close at 141.72, while NSE Lotus II fell by 0.99 per cent to close at 2,811.18.

The NSE Consumer Goods index depreciated by 1.20 per cent to close at 984.06, NSE Banking index edged lower by 2.50 per cent to close at 359.34, the NSE Industrial Goods index sheds 0.72 per cent to close at 2, 532.30. However, the NSE Oil/Gas rose by 1.68 per cent to close at 305.58 while the NSE-ASeM closed flat.

31

Money market 'honours' Sanusi

Nigerian currencies

Forex Market At the Retail Dutch Auction System (RDAS) arm of the market, the CBN offered a total of $1 billion at last week.

A total of $600 million and $400 million were offered at the Monday and Wednesday auctions respectively.

The CBN sold a total of $599.9 million at the Monday auction and $306.8 million at the Wednesday auction. The significant increase in the amount offered was used to cushion the excessive demand for the green back. The marginal rate at both auctions was N155.75/$1.

The foreign exchange market was shut intermittently when the naira spiked to an all time high of N169/$1 at the interbank market.

The acting CBN Governor, Dr. (Mrs.) Sarah Alade subsequently attempted to calm nerves, assuring the market of the CBN’s commitment to stability. However, market analysts anticipated an additional two per cent depreciation of the naira this week.

Bond market The selling pressure witnessed the preceding week eased up until last Wednesday before the suspension of the CBN Governor-spurring a sell-off by foreign portfolio investors.

The bond market was however, also shut on Thursday and re-opened on Friday with rates well-guarded. Consequently, yields contracted 0.1 per cent week-on-week compared to 0.2 per cent upside recorded the preceding week.

However, the 4.00 percent FGN APR 2015 FGN Bond was the only advancer, adding 0.2 per cent week-on-week to close at 13.8 per cent.

“We expect yields to cross the 15 per cent mark in the coming week as investors weigh in on the decision of the Federal Government on the suspension of the CBN. This development is likely to lead to an increase in the country's risk

premium, thus requiring a re-pricing of yields to incentivise investors,” Afrinvest Securities noted in a report.

Revocation of 83 MFBs’ licenses The Central Bank of Nigeria (CBN) announced the revocation of licenses of 83 Microfinance Banks (MFBs) operating in the country.

The closure of the affected institutions, according to the apex bank took effect from December 20, 2013.

In view of the closure, the Nigeria Deposit Insurance Corporation (NDIC) appointed the provisional liquidator for their wind down.

Findings revealed that the NDIC has commenced the process of winding up of the affairs of the affected MFBs. The corporation said a public announcement would soon be made to communicate the process of verification and payment of insured deposits in the affected MFBs. Although the NDIC failed to state the reasons why the licences were revoke, investigations revealed that their inability to recapitalise was responsible for the closure.

The CBN had given MFBs till December 31 to recapitalize.

The CBN, which several months ago asked the MFBs to recapitalise, had categorised them under different amounts of capital base requirement.

Draft on e-card issuance The CBN released an exposure draft on the guidelines for electronic card issuance.

In the 14-page document posted on its website, the apex bank requested for input from stakeholders on the policy, on or before February 27, 2014.

It stated that the guidelines were developed to provide minimum standards and requirements for the issuance and usage of payment cards in Nigeria. The guide-

lines are also expected to enable issuing banks, financial institutions, processors and cards schemes upgrade and maintain their card operations to ensure optimum security, efficiency, cost effectiveness and customer friendliness.

According to the document, only banks licensed by the CBN with clearing capacity shall issue payment cards to consumers and corporations in Nigeria.

“Banks without clearing can issue in conjunction with those with clearing capacity. All banks shall seek approval from the CBN for each card brand and type they wish to issue.

“The payment cards to be issued can be a “pay now” such as debit and prepaid or a “pay later” such as credit. These can be operated in different forms, including but not limited to: plastic cards; virtual card numbers (VCN). The usage channels, limits and frequencies shall be defined by the issuing banks,” it added.

Financial world’s reaction The financial world angrily reacted the sack of Sanusi , describing the action as unthinkable and absurd action that could not find space in serious economies.

The president’s controversial action left foreign investors and other international business partners stunned with many wondering if they can truly bank on Nigeria.

According to the Financial Times Danbisa Moyo, a former Goldman Sachs economist, who sits on the board of several multinationals, she had been contacted by a number of US and European funds, saying they would be seeking to reduce their exposure to Nigeria, as a result of Sanusi’s suspension.

“Given the situation already, investors exiting emerging markets, the timing of this decision is particularly bad”, she said, adding that “A turmoil in Nigeria is likely to focus further attention in frontier markets”.

32

business | INSURANCE

Sanctity of Truth

Monday, February 24, 2014

Probe: House Committee silent on ailing insurance sector STANDSTILL House Committee on Finance fails to probe ailing insurance sector Sunday Ojeme

T

wo years after collating documents from insurance operators in a bid to initiate probe into the ailing sector’s activities, the House of Representatives Committee on Finance has remained silent on the matter, spurring fears that infractions, government’s indebtedness to the sector, amounting to over N20 billion, and low penetration

might continue for long.

Shortly after the successful probes of the banking sector and the Securities and Exchange Commission between 2011 and 2012, the committee had summoned the Commissioner for Insurance, Mr. Fola Daniel, alongside the chief executive officers of the insurance and brokerage firms.

During the parley, Chairman, House Committee on Finance, Honourable Abdulmumin Jibril, said proper look at the industry and the need to play the statutory oversight role by the lawmakers were the two basic issues on the front burner. He subsequently directed the operators to for-

ward some documents to the committee to enable it deal with the challenges facing the sector.

The documents, which were to be forwarded within two weeks from the day of the meeting in April 2012, included a list of all Federal Government assets being handled by the various firms from 2007, history of claims and remittances on such claims, compliance with Reinsurance Treaties as stipulated by the National Insurance Commission, and evidence of submission of audited accounts to NAICOM. Others are list of arbitration in the last five years, tax clearance certificates, records

of compliance with the rules of reinsurance, and specifications of premiums on government assets.

Jibrin said: “All of you need to submit these documents to enable us know what has really been happening in the sector.

And let me make it clear that those who have been doing the right thing have nothing to fear. We cannot sit as lawmakers and allow the role of insurance in the economy of the country remain a shadow of itself. We are going to look at the Insurance Act and apply it to guard against fraud.”

It was however gathered from some industry sources that the committee appeared to have forgotten everything about the probe, which they had believed would inject sanity into the sector by whipping the recalcitrant operators into line.

One of the sources said, “We were happy when invited for that meeting last year

(2012). We believed the Commissioner for Insurance had done the right thing to have intimated the committee of the various misconducts by some operators who see themselves as untouchable. My thinking was that the probe would commence as soon as the documents were forwarded to the committee, but up till now nothing has been heard so far.

“Well, I am of the opinion that other matters have been weighing down on the committee members but my fear is that if the probe has not been carried out till now, I doubt the possibility of doing that this year since most of the lawmakers would be more engaged with lobby and underground campaigns for 2015.”

Efforts by New Telegraph to reach the Chairman, House Committee on Finance, were futile as several calls made to his telephone line were not answered and text messages were also not replied.

Insurance firms are statutory compliant, says regulator

By Abdulwahab Isa

E L-R: Former President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Michael Olawole Cole; President and Chairman of Council, Mr. Ayodapo Shoderu; and Group Managing Director/CEO,Niger Insurance Plc, Mr. Kola Adedeji;at the Bi-monthly Members Evening in Lagos last week.

NAICOM to approve operators’ accounts within one week

lLosses trail sector’s 2012 performance Sunday Ojeme

T

he National Insurance Commission (NAICOM) has resolved to henceforth give speedy clearance to any account forwarded to it by any insurance company within a week. This is to ensure that the delay experienced by the operators in conducting their 2012 annual general meetings does not repeat itself.

Most insurance companies have been struggling with

their 2012 accounts due to their inability to comply with the financial rules of the International Financial Reporting Standard in time. Only one has so far submitted its 2013 performance sheet to the regulator for approval.

The Commissioner of Insurance, Mr. Fola Daniel, who disclosed this on the sidelines during an event organised for Business Editors in Lagos, said that there was need to prove to the operators that

the Commission could approve their accounts within a short period if they were submitted in time and with minimal errors.

The Commissioner, who lamented that only one company had submitted its 2013 accounts details for approval, said that the insurance operators had themselves to blame for their late compliance with the IFRS, which has resulted in delayed annual general meetings.

xisting insurance firms in the country are 100 per cent complaint to the statutory capital requirement of the sector, Commissioner of Insurance and Chief Executive Officer, National Insurance Commission (NAICOM) Mr. Fola Daniel has said.

He also said that every insurance firm presently carrying underwriting transaction has a valid operating certificate authorizing it to do so.

Fola, spoke to the New Telegraph in Abuja while giving update on government's directive last year suggesting a merger amongst weak and strong insurance to avert liquidation.

Minister of State for Finance, Dr. Yerima Ngama, had while inaugurating a new board of NAICOM last year in Abuja headed by former Deputy Speaker of the House of Representatives, Chibudom Nwuche, said that any new investor interested

in the sub-sector of the financial industry, should buy distressed or moribund insurance companies, recapitalise and run them.

Ngama decried existence of too many distressed insurance companies. He said both local and foreign investors were encouraged to buy two or three of the distressed insurance companies, merge, recapitalize and run them.

He had said: "We have so many insurance companies that are just on the shelf, distressed. But it is either we liquidate them or get some serious people to take them over. It is just like the banking system.

If we have so many distressed banks, why should we issue a new licence to a bank? Why not buy one of the distressed ones and restructure it?

"That is why the sector does not have a single distressed bank. So the same thing with insurance. We have so many of them. Anybody that is interested in investing in them, you are welcome."

BUSINESS | MARKET REPORT 33

Sanctity of Truth

Monday, February 24, 2014

Stock market tempo slows on Sanusi’s suspension Chris Ugwu

I

n spite of the three-day gain recorded in the Nigerian stock market last week, the bullish tempo retreated in the last two trading days of the week, as gains recorded in the previous days were totally submerged following upset in the financial market arising from the suspension of the Central Bank of Nigeria (CBN) governor over allegations of various acts of financial recklessness and misconduct.

The suspension, which is now being contested in the court, sent a shock wave to both local and foreign investors and created uncertainty in the investment environment - leading to a retreat on the part of the bargain hunters.

Consequently, both the NSE All-Share Index and Market Capitalization depreciated by 1.22 per cent and 1.01 per cent to close on at the end of trading last Friday at 38,295.74 and N12.301 trillion respectively.

Likewise, all of the NSE sector indices depreciated last week with the exception of one. The NSE 30 depreciated by 1.49 per cent to close at 1,715.95, NSE Insurance was down by 1.30 per cent to close at 141.72, while NSE Lotus II fell by 0.99 per cent to close at 2,811.18.

The NSE Consumer Goods index depreciated by 1.20 per cent to close at 984.06, NSE Banking index edged lower by 2.50 per cent to close at 359.34, the NSE Industrial Goods index sheds 0.72 per cent to close at 2, 532.30. However, the NSE Oil/Gas rose by 1.68 per cent to close at 305.58 while the NSEASeM closed flat.

The market had staged a recovery to open the week last Monday on a positive note as both performance indicators im¬proved by 0.04 per cent.

The NSE All Share Index rose by 0. 51 per cent or 197.46 basis points while market capitalisation increased by N100 billion or 0. 81 per cent following admission of more than two billion shares of Oando on the back of its recent special placement deal.

Inves¬tors staked N8.03 billion on 5.1 billion shares in 5,999 deals as 24 equities appre-

NSE trading floor

ci-ated compared with 36 that shed weight.

Leading beer maker, Nigerian Breweries, appreciated the most by N3.00 to N145.00 per share; integrated oil and gas company, Oando, rose by N1.86 to N20.06; while banking giant, Zenith Bank, inched up

by N0.40 to N20.50 a share.

On the losers’ side, contrarily, Guinness Nigeria shed N9.42 to close at N192.00; petroleum marketer, Mobil Nigeria, slid by N3.00 to N122.00; while major oil palm processor, Presco, lost N2.18 to close at N41.58 a share.

On Tuesday, the market remained on the green territory as bargain hunting activities continued with the NSE All Share Index recording marginal gain of 0.02 per cent or 7.81 basis points while market capitalization equally recorded 0.02 per cent or N3 billion to close at N12.530 trillion.

Financial stocks were placidly upbeat as the barometer that measures them, the NSE Banking Index and NSE Insurance Index rose by 0.13 per cent and 1.26 per cent respectively.

However, the NSE Industrial Index, consisting of blue chips, fell by 1.18 per cent.

Investors exchanged 475.5 volume of shares valued at N4.2 billion in 6,074 deals.

Nigerian Breweries Plc added N2.00 to close at N147.00 a share while its industry competitor, International Breweries, advanced by N1.25 to close at N28.00 a share.

Building materials giant, Dangote Cement, gained N1.30

Five most capitalised firm @ 21/2/2014 Dangote Cement Plc

N4 trillion

Nigeria Brewery Plc

N1 trillion

Nestle Nig Plc N871 billion GTB Plc

N696 billion

Zenith Bank Plc

N624 billion

to N235.00 while shares of integrated energy solutions provider, Oando, rose by N0.74 to close at N20.80.

On the downward side, Guinness Nigeria dropped by N9.60 to N182.40 a share.

Lafarge Cement Wapco and Cement Company of Northern Nigeria, tumbled by N4.35 and N0.40 to N105.10 and N8.20 respectively; while oil palm processors, The Okomu Oil Palm Company and Presco, weakened by N2.00 and N1.58 to close at N39.00 and N40.00 respectively.

The Nigerian stock market was reinforced on positive trajectory last Wednesday as the bullish momentum on the equities continued- impressively leading to market capitalization to gain N124 billion to close at N12654 trillion while the ASI appreciated by 424.53 basis points or 1.077 per cent to close at 39,397.09 index points, from the opening index of 38.972.56.

Investors staked a total of 303 million shares valued at

N3.8 billion in 5,911 deals just as the market closed with 33 gainers as against 19 losers.

On the gainers’ side, Nigerian Breweries and International Breweries appreciated

by N4.50 and N1.15 to close at N151.50 and N29.15 respectively, while Dangote Cement and Ashaka Cement, firmed up by N3.00 and N0.69 to close at N238.00 and N18.69 respectively.

On the flip side, major marketers - Total Nigeria and Oando, depreciated by N6.99 and N0.55, to N173.00 and N20.25 respectively. Also, shares of personal care and household care products manufacturer, Unilever Nigeria, dropped by N1.30 to close at N50.00.

Heat on banks’ share The stock market tempo, Thursday slowed down significantly to what market pundits attributed to upset in financial market arising from the surprise suspension of the Central Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido Sanusi, by the Federal Government.

Specifically, almost the entire bank’s stocks closed in the red leading to the twin stock market performance measures, the NSE ASI and market capitalisation dipping by 1.5 per cent.

The ASI shed 580.9 basis points to close at 38,816.19 index points as against the opening index of 39,397.09 while the market capitalization lost N186 billion to close at N12,468.19.

Dangote Cement grew by

N1.92 to close at N239.92 a share, P.Z. Cussons Nigeria, appreciated by N1.86 to N39.12 apiece., Drugs manufacturer, Neimeth Pharmaceuticals, rose by N0.10 to N1.84; risk underwriter, Oasis Insurance, rallied by N0.05 to N0.63, among others.

Guinness Nigeria, depreciated by N8.90 to close at N171.10 - leading the losers’ chart while Nigerian Breweries, followed with a loss N4.89 to N146.61 a share. Unilever Nigeria fell by N2.00 to close at N48.00, while other top tier deposit money banks, Guaranty Trust Bank and Zenith Bank, lost N1.29 and N0.81 to close at N24.62 and N19.99 respectively.

The removal of the CBN governor, which threw Investors into panic mode, erasing previous gains in the equities market continued as the market closed the week on the negative note - signaling uncertainty in the financial market.

Both performance indices, the ASI and market capitalization was down by 1.4 per cent as panic sales gripped investors.

The market capitalization lost N167 billion to close at N12.301 trillion from N12.468 trillion, while the ASI plunged by 520.8 basis points from 38,295.74 index points to 38,818.19.

Investors staked a total of 520.4 million shares valued at N3.5billion in 5107 deals as 13 stocks appreciated as against 39 that shed weight.

Oando led the pack of gainers with N0.67 to close at N19.63, UAC Property followed with a gain of N0.49 to close at N20.00 while ETI added N0.28 to close at N13.80.

On the flip side, Dangote Cement, depreciated by N4.92 to N235.00 a share. Guinness Nigeria and Nigerian Breweries plunged by N2.20 and N1.61 to N168.90 and N145.00 respectively; while UAC of Nigeria, dropped

by N1.99 to N67.01 a share.

The Managing Director Crane Securities Limited, Mr. Mike Eze, who reiterated that the stock market anywhere in the world is driven by information, said the uncertainty surrounding the market over the suspension of Sanusi may be over this week. The Finance Minister, Dr. Okonjo has also assured the investing public of continuous convivial investment climate.

34

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, February 24, 2014

Forte Oil: Investors position for proposed dividend Chris Ugwu

M

arket sentiments for the shares of Forte Oil Plc has remained positive as investors take position and bet on significant full year 2013 results.

Stockbrokers attributed investors’ sustained confidence in the stock to the recent announcement of its full year results, which showed a 467 per cent increase in profit before tax to N6.524billion for the period ending December 31, 2013.

The brokers said wary investors were taking positions in the shares of the company because of its proposed dividend payout of N4.31 billion, translating to N4 per share to shareholders.

The share price, which closed at N7.73 per share in January 2, 2013 when the stock market opened for the year ranked number five in the oil and gas subsector after Total Nigeria, Mobil Nigeria, MRS Oil and Conoil.

Investors’ appetite for the stocks following incline of appreciable results has positioned the stock among the three top gainers in its category - overtaking Conoil, its co- indigenous integrated energy providers and MRS Oil to stand at N93.04 per share at the time of filing this report last Friday.

For the first time in eight years, the company brought a very considerable result, culminating in the payment of N4.00 dividend to shareholders.

As a result of that, investors are now inclined towards buying the shares in anticipation of the dividend payout.

The financials The company’s result showed a considerable leap in key profitability indices as revenue grew 41 per cent to N128billion compared with N91 billion recorded same period in 2012, while profit before income tax increased 467 per cent to N6.52billion compared with N1.15billion recorded in 2012.

Also, profit after income tax increased 397 per cent to N5.00 billion from N1.01billion recorded in 2012, while Earn-

Akinfemiwa

ings per Share (EPS) grew 365 per cent to N4.32 compared with N0.93 during the comparable period.

This means the company achieved a 1164.55 per cent share price growth to emerge the best performing and investment stock on the NSE in 2013.

The company during the period under review, undertook a capital reorganisation to offset accumulated losses of more than N55.98 billion against share premium.

New businesses It also diversified into Nigeria’s power sector with the acquisition of 414MW Geregu power plant under the FGNled privatisation programme and introduced new synthetic lubricant - Synth10000. Besides, it re-packaged its entire lubricants range to offer customers additional value

among others.

The company’s growth in revenue is attributable to the significant increase recorded in the sales of its fuel products segment, comprising Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Aviation Turbine Kerosene (ATK); as well as production chemicals; lubricants and greases. The newly acquired power plant also contributed significantly to the revenue stream. The group’s profitability was enhanced by interest income earned on bank deposits, following the implementation of efficient cash management strategies.

Growth strategies Speaking on the strong performance, Mr. Julius Omodayo-Owotuga, the Group Chief Financial Officer, Forte Oil PLC, said the growths were by-products of a well executed business transfor-

mation strategy in the last 24 months covering corporate governance, risk management and controls, business revitalization, development and expansion.

He said: “Our 2013 PBT of NGN6.52billion is a clear demonstration that Forte Oil Plc is on a clear path to dominate our primary market; the downstream petroleum marketing sector.

“Our capital reorganization approved by our esteemed shareholders during the year, has also put us in a position to continually guarantee distribution to our shareholders without jeopardizing growth opportunities.

“We shall continue to pursue initiatives that spur business growth and efficiency, liquidity management and aggressive diversification into related high margin business that would continue to increase shareholder value and distributions on an annual basis”.

Omodayo-Owotuga said the company consolidated the operations of its newly acquired power plant in the 2013 financial statement and expect the subsidiary to be its major growth driver going forward.

He noted that the organization’s unflinching commitment to financial and business disclosures has resulted in the filing of the companys audited December 2013 financial statements in the month of January 2014, which has now set a 50year record on the Nigerian Stock Exchange (NSE).

“If you may recall, we were and still is the first company to present audited half year results in the downstream petroleum sector. The timely presentation of our financial is hinged on our drive to create value to the ultimate benefit of the investment community,” he said.

Also speaking, Group Chief Executive Officer, Forte Oil PLC, Mr. Akin Akinfemiwa said: “We are very pleased with our business performance in 2013. It is indeed a true test of our commitment to our three-year strategic business transformation initiative, which commenced in 2012 aimed at repositioning the business on the solid foundations of strong cor-

porate governance and business ethics, enhanced safety health and environmental practices, effective business controls across all business lines as well as superior customer service delivery.The implementation of these without a doubt has impacted the bottom line and this is expected to continue in line with our mission of building a long-term successful company through positive actions that boost investor confidence and thus make Forte Oil the Investment of choice globally.

He noted that the company’s firm belief in its vision of being Nigeria's integrated energy solutions provider can be seen in the strategic acquisition of retail assets to consolidate market position and grow profitably through increased revenue, enhanced superior customer delivery and cost leadership.

He said the firm’s short-medium term focus on planned expansion into the upstream oil & gas sectors through participation in Government bids rounds and acquisition of marginal fields from IOCs, remains on track.

Monthly share price movement of Forte Oil Plc 2013 Jan 31

N15.19

Feb 28

N12.88

March 31

N13.65

April 30

N14.24

May 31

N14.00

June 30

N17.02

July 31

N43.95

Aug 31

N38.87

Sept 31

37.39

Oct 31

N67.65

Nov 30

N114.00

Dec 31

N97.75 2014

Jan 31

N90.20

35

business | CAPITAL MARKET

Sanctity of Truth

Monday, February 24, 2014 Daily Summary as of 21/02/2014 Printed 21/02/2014 14:35:15.015

The Nigerian Stock Market Exchange as at February 21, 2014

Daily Summary as of 21/02/2014

Printed 21/02/2014 14:35:15.015

Daily Summary (Equities)

Activity Summary on Board EQTY

Daily Summary (Bonds)

HEALTHCARE

Pharmaceuticals EVANS MEDICAL PLC. Daily Summary as of 21/02/2014 FIDSON HEALTHCARE PLC Printed 21/02/2014 14:35:15.015 GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC.

No Debt Trading Activity

Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals

Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 1 20 19 40

Current Price 0.50 38.40 40.20

Quantity Traded 3,000 216,196 64,864 284,060

Value Traded 1,500.00 8,276,312.04 2,600,804.86 10,878,616.90

Fishing/Hunting/Trapping ELLAH LAKES PLC. Fishing/Hunting/Trapping Totals

Symbol ELLAHLAKES

No. of Deals 1 1

Current Price 4.26

Quantity Traded 1,000 1,000

Value Traded 4,050.00 4,050.00

Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol LIVESTOCK

No. of Deals 27 27

Current Price 3.95

Quantity Traded 885,631 885,631

Value Traded 3,320,098.45 3,320,098.45

1,170,691

14,202,765.35

Quantity Traded 74,642 1,500 5

Value Traded 124,698.38 1,815.00 25.30

AGRICULTURE Totals Daily Summary as of 21/02/2014 Printed 21/02/2014 14:35:15.015 CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC.

68 Symbol No. of Deals AGLEVENT 9 JOHNHOLT 1 Daily Summary (Equities) SCOA 1

Current Price 1.67 1.27 5.32

Activity Summary on Board EQTY

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

Page Symbol TRANSCORP UACN

No. of Deals 195 20 226

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

Current Price 3.66 67.01

226

1

of

HEALTHCARE Pharmaceuticals PHARMA-DEKO PLC. Pharmaceuticals Totals

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals IT Services COMPUTER WAREHOUSE GROUP PLC NCR (NIGERIA) PLC. IT Services Totals Processing Systems Published by The Nigerian Stock Exchange © CHAMS PLC Processing Systems Totals

Daily Summary as of 21/02/2014 Telecommunications Services Printed 21/02/2014 14:35:15.015 IHS PLC Telecommunications Services Totals

13

Quantity Traded 21,533,259 219,889 21,829,295

Value Traded 79,790,981.79 14,589,210.95 94,506,731.42

21,829,295

94,506,731.42

Current Price 1.73

Quantity Traded 1,192,950 1,192,950

Value Traded 1,963,777.23 1,963,777.23

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

Symbol JBERGER

No. of Deals 7 7

Current Price 75.00

Quantity Traded 20,250 20,250

Value Traded 1,442,812.50 1,442,812.50

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED

Symbol UAC-PROP

No. of Deals 22 22

Current Price 20.00

Quantity Traded 492,160 492,160

Value Traded 9,572,657.10 9,572,657.10

Symbol UPDCREIT

No. of Deals 1 1

Current Price 10.00

Quantity Traded 100 100

Value Traded 950.00 950.00

CONSTRUCTION/REAL ESTATE Totals

Daily Summary (Equities)

61

1,705,460

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 21/02/2014 MULTI-TREX INTEGRATED FOODS PLC NATIONAL SALT CO. NIG. PLC Printed 21/02/2014 14:35:15.015 UNION DICON SALT PLC. U T C NIG. PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC.

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

Electronic and Electrical Products AUSTIN LAZ & COMPANY PLC CUTIX PLC. NIGERIAN WIRE AND CABLE PLC. Daily Summary as of and 21/02/2014 Electronic Electrical Products Totals Printed 21/02/2014 14:35:15.015 Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals

No. of Deals 1 79 29 126 235

Current Price 14.51 168.90 29.45 145.00

Symbol 7UP

No. of Deals 17 17

Current Price 82.64

Quantity Traded 39,362 39,362

Value Traded 3,396,256.86 3,396,256.86

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MULTITREX NASCON UNIONDICON UTC

No. of Deals 34 60 49 33 2 35 1 3 217

Current Price 9.50 10.74 82.50 3.50 0.50 12.90 12.45 0.58

Quantity Traded 232,891 874,918 200,410 1,043,490 1,168,087 359,738 60 1,590 3,881,184

Value Traded 2,182,387.04 9,435,690.30 15,717,218.32 3,698,937.35 584,043.50 4,620,709.41 709.80 890.40 36,240,586.12

No. of Deals 17 31

Current Price 90.78 1,100.00

Quantity Traded 68,923 36,953

Value Traded 5,944,608.75 40,731,399.20

Symbol

NESTLE

Activity Summary on Board EQTY

Page

Published by The Nigerian Stock Exchange ©

CONSUMER GOODS Food Products--Diversified Food Products--Diversified Totals

3

of

INDUSTRIAL GOODS Totals

No. of Deals Current Price Quantity Traded 48 105,876

Value Traded 46,676,007.95

Household Durables VITAFOAM NIG PLC. Household Durables Totals

Symbol VITAFOAM

No. of Deals Current Price Quantity Traded 26 4.10 9,710,242 26 9,710,242

Value Traded 39,875,536.26 39,875,536.26

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

Symbol PZ UNILEVER

No. of Deals Current Price Quantity Traded 43 39.12 140,942 48 48.00 277,345 91 418,287

Value Traded 5,329,339.57 12,858,838.85 18,188,178.42

FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC Daily Summary as of 21/02/2014 GUARANTY TRUST BANK PLC. Printed 21/02/2014 14:35:15.015 SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC

634

16,579,791

433,150,973.87

Symbol No. of Deals Current Price Quantity Traded ACCESS 117 7.91 11,237,896 DIAMONDBNK 104 6.10 11,590,873 ETI 79 13.80 3,330,787 FIDELITYBK 97 2.09 29,323,081 GUARANTY 564 23.67 35,392,530 SKYEBANK 184 3.30 22,653,258 STERLNBANK 33 2.20 5,069,232 400 6.70 88,024,690 Daily UBA Summary (Equities)

Value Traded 88,903,203.12 70,676,905.04 44,945,834.63 61,538,496.12 833,425,048.61 76,422,118.36 10,887,354.11 591,231,497.11

Page

Value 4 Traded of 250.00 550.00 6,160.00 50,000.00 862,556.15 51,695,847.68

No. of Deals 1 2 2 2 58 283

Current Price 0.50 0.50 0.50 0.50 0.90

Quantity Traded 500 1,100 12,320 100,000 969,018 73,323,240

Mortgage Carriers, Brokers and Services ABBEY BUILDING SOCIETY PLC Mortgage Carriers, Brokers and Services Totals

Symbol ABBEYBDS

No. of Deals 2 2

Current Price 1.49

Quantity Traded 3,000 3,000

Value Traded 4,260.00 4,260.00

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

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 112 23 673 73 13 28 182 1,104

Current Price 3.70 2.00 11.99 3.30 0.58 19.50 2.50

Quantity Traded 15,556,224 5,627,940 39,004,789 3,649,354 2,568,706 688,873 26,925,975 94,021,861

Value Traded 56,861,172.20 11,253,028.54 462,342,343.39 11,858,037.63 1,489,850.68 13,241,550.32 65,380,193.92 622,426,176.68

458,567,990

2,796,483,279.70

FINANCIAL SERVICES Totals

Published by The Nigerian Stock Exchange ©

3,412

Page

6

of

Current Price 1.52

Quantity Traded 20 1,139,800

Value Traded 30.40 4,254,886.57

1,139,800

4,254,886.57

64 Symbol COURTVILLE

No. of Deals 1 1

Current Price 0.81

Quantity Traded 15,000 15,000

Value Traded 11,550.00 11,550.00

Symbol CWG NCR

No. of Deals 1 1 2

Current Price 5.85 16.83

Quantity Traded 1,765 5,098 6,863

Value Traded 9,813.40 81,517.02 91,330.42

Symbol CHAMS

No. of Deals 1 1

Current Price 0.50

Page Quantity Traded 2,000 2,000

Symbol IHS

No. of Deals 4 4

Current Price 3.90

Quantity Traded 2,016,000 2,016,000

Value Traded 7,863,340.00 7,863,340.00

2,039,863

7,967,220.42

Daily Summary (Equities)

8

Page

7Value Traded of 13 1,000.00 1,000.00

8

of

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM FIRSTALUM IPWA PORTPAINT WAPCO

No. of Deals 40 2 14 16 24 2 5 1 39 143

Current Price 17.96 9.50 47.10 8.00 235.00 0.50 0.58 5.30 105.10

Quantity Traded 527,728 17,100 59,096 189,627 46,508 4,000 209,900 14,000 155,465 1,223,424

Value Traded 9,479,023.33 154,413.00 2,667,207.93 1,519,982.36 10,931,828.50 2,000.00 121,643.00 70,560.00 15,926,871.73 40,873,529.85

Symbol AUSTINLAZ CUTIX NIWICABLE

No. of Deals 2 3 1 6

Current Price 2.00 2.00 0.50

Quantity Traded 250 71,500 100 71,850

Value Traded 525.00 142,960.00 50.00 143,535.00

Symbol BETAGLAS

No. of Deals 3 3

Current Price 20.39

Quantity Traded 19,280 19,280

Value Traded 373,646.40 373,646.40

1,314,554

41,390,711.25

Daily Summary (Equities)

152

13

No. of Deals 34 34

Current Price 0.53

Quantity Traded Page 2,917,761 2,917,761

Value Traded 9 of 13 1,557,413.33 1,557,413.33

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

Symbol OANDO

No. of Deals 239 239

Current Price 19.63

Quantity Traded 4,423,697 4,423,697

Value Traded 84,919,658.27 84,919,658.27

Petroleum and Petroleum Products Distributors BECO PETROLEUM PRODUCT PLC CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Symbol BECOPETRO CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 1 17 37 5 18 1 6 85

Current Price 0.50 51.70 3.80 93.04 122.00 54.44 173.00

Quantity Traded 2,000 62,035 1,390,998 6,734 33,277 4,000 5,932 1,504,976

Value Traded 1,000.00 3,047,599.28 4,977,075.66 595,218.26 4,056,569.32 206,880.00 981,702.52 13,866,045.04

8,846,434

100,343,116.64 Value Traded 929,789.49 929,789.49

358 No. of Deals 21 21

Current Price 1.30

Quantity Traded 738,559 738,559

Symbol RTBRISCOE

Symbol REDSTAREX TRANSEXPR

No. of Deals 6 2 8

Current Price 4.40 2.55

Quantity Traded 49,970 4,375 54,345

Value Traded 214,922.00 10,631.25 225,553.25

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Symbol CILEASING

No. of Deals 18 18

Current Price 0.51

Quantity Traded 5,254,311 5,254,311

Value Traded 2,683,326.72 2,683,326.72

Hotels/Lodging IKEJA HOTEL PLC TOURIST COMPANY OF NIGERIA PLC. Hotels/Lodging Totals

Symbol IKEJAHOTEL TOURIST

No. of Deals 5 2 7

Current Price 0.69 4.08

Quantity Traded 48,000 150 48,150

Value Traded 34,020.00 582.00 34,602.00

Printing/Publishing LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol LEARNAFRCA UPL

No. of Deals 3 8 11

Current Price 1.79 4.10

Quantity Traded 52,000 119,148 171,148

Value Traded 96,220.00 482,343.80 578,563.80

Symbol ABCTRANS

No. of Deals 5 5

Current Price 0.87

Quantity Traded 200,000 200,000

Value Traded 174,000.00 174,000.00

Symbol NSLTECH

No. of Deals 2 2

Current Price 0.50

Quantity Traded 22,000 22,000

Value Traded 11,000.00 11,000.00

Daily Summary (Equities)

Activity Summary on Board EQTY

Published by The Nigerian Stock Exchange © SERVICES Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Road Transportation Daily Summary as of 21/02/2014 ASSOCIATED BUS COMPANY PLC Printed 21/02/2014 14:35:15.015 Road Transportation Totals

Specialty SECURE ELECTRONIC TECHNOLOGY PLC Specialty Totals

Page

Daily Summary (Equities)

Page

Published by The Nigerian Stock Exchange ©

Activity Summary on Board EQTY SERVICES Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Symbol AIRSERVICE NAHCO

No. of Deals 10 41 51

SERVICES Totals

EQTY Board Totals Daily Summary as of 21/02/2014 Printed 21/02/2014 14:35:15.015

Daily Summary (Equities)

Current Price 2.47 5.58

Quantity Traded 88,500 659,129 747,629

10

11

of

of

13

13

Value Traded 222,830.00 3,695,469.49 3,918,299.49

123

7,236,142

8,555,134.75

5,106

520,430,020

3,513,835,016.80

Current Price

Quantity Traded

Value Traded

Current Price 1.50

Quantity Traded 59 59

Value Traded 84.37 84.37

1

59

84.37

1

59

84.37

Activity Summary on Board ASeM CONSUMER GOODS Food Products

Symbol SOVRENINS STDINSURE UNIC UNIVINSURE WAPIC

No. of Deals 1 64

Symbol JAPAULOIL

Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Activity Summary on Board EQTY FINANCIAL SERVICES Carriers, Brokers and Services PublishedInsurance

by The Nigerian Stock Exchange © SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. UNIC INSURANCE PLC. UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals

OIL AND GAS Energy Equipment and Services Published by The Nigerian Stock Exchange © JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

OIL AND GAS Totals Daily Summary as of 21/02/2014 Printed 21/02/2014 SERVICES 14:35:15.015

13

Symbol

CONSUMER GOODS Totals

Value Traded 840,457.57 832,210.00 1,592,504.40 655,134.20 319,500.00 15,050.00

Activity Summary on Board EQTY

2 of 13 Value Traded 27,580.00 46,992,736.66 17,386,029.95 224,368,061.65 288,774,408.26

Symbol CHAMPION GUINNESS INTBREW NB

Daily Summary (Equities) CADBURY

Quantity Traded 327,001 294,000 22,708 319,921 174,000 2,150

Activity Summary on Board EQTY

12,980,196.83

Page Quantity Traded 2,000 278,315 595,255 1,549,270 2,424,840

ICT Totals

Published by The Nigerian Stock Exchange © INDUSTRIAL GOODS

Activity Summary on Board EQTY CONSUMER GOODS Published

by The Nigerian Stock Exchange © Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals

Symbol PHARMDEKO

HEALTHCARE Totals

No. of Deals 31 31

Real Estate Investment Trusts (REITs) Totals

Current Price 2.57 2.80 69.00 2.01 1.90 7.36

Activity Summary on Board EQTY

Symbol COSTAIN

Real Estate Development Totals Daily Summary as of 21/02/2014 Printed 21/02/2014 14:35:15.015 Real Estate Investment Trusts (REITs) UPDC REAL ESTATE INVESTMENT TRUST

Symbol No. of Deals EVANSMED 5 FIDSON 11 GLAXOSMITH 12 MAYBAKER 15 NEIMETH 19 NIG-GERMAN 1 Daily Summary (Equities)

13

Symbol No. of Deals Daily Summary (Equities)

Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

Symbol MCNICHOLS

No. of Deals 1 1

CONSUMER GOODS Totals

ASeM Board Totals Published

by Activity The Nigerian Stock Exchange © Equity Totals

Page 3,513,835,101.17 12 of 13 520,430,079

5,107

Daily Summary (ETP) Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) Exchange Traded Fund Totals

13

Symbol NEWGOLD

No. of Deals 1 1

Current Price 2,105.00

Quantity Traded 100 100

Value Traded 210,500.00 210,500.00

ETF Board Totals

1

100

210,500.00

ETP Activity Totals

1

100

210,500.00

Published by The Nigerian Stock Exchange ©

Page

13

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13

36

BUSINESS | MARKET NEWS

Stalemate Investors in quoted firms are divided over the suspension of the former CBN Governor Sanusi Stories by Chris Ugwu

S

ome shareholders of quoted companies have expressed mixed feelings over the Federal Government’s decision to suspend the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi ,last Thursday.

Among the reasons stated in the letter announcing Sanusi’s suspension was that his tenure had been characterised by “various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline.”

Reacting to this development, the President of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, told the New Telegraph that the removal was long overdue

Sanctity of Truth

Monday, February 24, 2014

Shareholders express mixed reactions over Sanusi’s ouster

going by the damage some of the apex bank’s policies and actions under Sanusi’s leadership had inflicted on the economy.

“The economy has been in shambles since his emergence as the CBN governor, the shareholders have been calling for his removal but the authorities did not listen. Is it now that he has opened the can of worms on petroleum scam that made the government think of his removal?” he queried.

Okezie noted that some of Sanusi’s policies and actions as the head of the apex bank raised a lot of corporate governance concerns.

He said that his association – having won the case in court demanding that the money Cecilia Ibru of Oceanic Bank looted be added to the shareholders’ funds, which the apex bank refused to obey.

“Sanusi removed banks management without recourse to their boards, every move the

Sanusi

management team he appointed to head the banks made further brought down the banks’ fundamentals.

It was a breach of corporate government and impunity but the government did not call him to order. However, the authorities would have left him to serve to complete his term. This

is because it will be very hard to reverse some of the damaging policies he made,” he said.

Okezie called on the government to revisit the issue of banking reforms and bring the banks taken over by Sanusi’sadministration back to shareholders.

However, a founding mem-

ber of Solidarity Shareholders Association of Nigeria, Alhaji Gbadebo Olatokunbo, said the that Nigerians need to know the offence Sanusi committed that led to the hazy-decision of suspending him less than three months into the end of his tenure in June.

He noted that it was a bad and dangerous signal to the nation's economy, stressing that the government should have waited for the governor to retire and then go after him if he has questions to answer.

“But now that the action has been taken against him, citizens need to know all that happened behind close-doors that led to the government to this hazy decision. We must know, because this singular action could affect our welfare positively or negatively. We should start praying for the economic-stability given his development,” he said.

IOSCO focuses on stronger regulatory capacity

T

he Board of the International Organization of Securities Committees (IOSCO) said it has intensified commitment to regulators in growth and emerging markets in building resilient capital markets to withstand volatility in global markets while supporting sustained economic growth.

The board met in Kuala Lumpur to drive its work on key issues facing global financial markets and securities regulators.

In a release obtained from IOSCO website, the Malaysian Prime Minister Najib Razak, who delivered a special address at the IOSCO Board dinner, emphasized the key role IOSCO plays in shaping long term architecture of global capital markets.

IOSCO, established in 1983, is the acknowledged international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. Nigeria’s Securities and Exchange Commission is a member.

The body said its board

agreed to measures that deliver on its commitments to the G20/FSB reform priorities and to focus on supporting market-based financing as a driver of economic growth.

It also said the panel made progress on organizational and cooperation initiatives designed to ensure that IOSCO has the funding, organizational framework and outlook needed to anticipate and respond to issues in emerging and advanced securities markets through to 2020.

Greg Medcraft, the Chair of the IOSCO Board, said the meeting reinforced IOSCO's role as the key global reference point for securities regulators, industry and policy makers in supporting the accelerating importance of market-based finance.

He listed the board’s four dimensional approach to include delivering on the G20 reform agenda, deepening capacity building in growth and emerging markets, defining the regulatory priorities and developing standards and principles to support growing role market-based finance will play in financ-

ing economic growth on an ongoing basis.

The meeting highlighted how the co-operation and engagement, which are at the core of IOSCO will drive these outcomes.

Ranjit Ajit Singh, the IOSCO Board vice Chair and the GEM Committee Chair, said that it was encouraging that key global stakeholders have positive views on the overall outlook for emerging markets.

He noted that as the world

shifts towards more marketbased financing, the significance of emerging markets will grow, along with potential opportunities for capitalraising and investment in their economies.

“Investors are increasingly recognizing sustained efforts at enhancing market structures, operational efficiencies and institutional development, and at strengthening fundamentals. These efforts promote confidence and lead

to more stable long-term capital flows,” Singh said.

“Emerging markets must remain vigilant to current market pressures, and continue to focus on ensuring strong investor protection and proper governance and market conduct. In this regard, strong regulatory frameworks which meet international standards and principles are essential to the sustainable growth of emerging capital markets.”

UBA partners Parolz.com on payment scheme

U

nited Bank for Africa (UBA) Plc has sealed a partnership deal with Parolz.com, an online platform, which offers exclusive discounts and benefits from top outlets in Nigeria.

The joint venture according to a statement from the bank, is to help actualize the Central Bank of Nigeria’s (CBN’s) cashless initiative, The offers range from dinning to lifestyle, hospitality, transportation and gift items. Only recently, Parolz.com extended its offerings to include Jumia

and Metro Taxi.

This implies that UBA cardholders get exclusive discounts from Jumia, Metro Taxi and the over 200 merchants listed on Parolz. com.

This development according to the statement, comes on the heels of UBA’s nomination as the financial institution with the most benefits to cardholders under the card benefit category in the card and ePayment Africa Awards.

UBA noted that it had launched several initiatives aimed at rewarding loyalty

whilst encouraging card usage.

Dr. Yinka Adedeji, UBA’s Divisional Head, e-Banking, said packages offered cover travel, lodging, lifestyle and entertainment. He added that UBA’s card loyalty strategy cuts across the various card schemes under the bank’s e-banking portfolio.

He noted that there were ongoing deals for MasterCard, Verve and VISA cardholders, adding that no other financial institution comes close to providing the many benefits the bank provides to its cardholders.

37

business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, February 24, 2014

FMDQ Daily Quotations List

21-Feb-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement.

Bonds

Price

FGN Bonds Issuer

Rating/Agency

NA

FGN

Description 10.50 18-MAR-2014 10.75 31-MAR-2014 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 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Issue Date

Coupon (%)

Outstanding Value (N'bn)

18-Mar-11 31-Mar-07 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 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

10.50 10.75 9.20 9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 15.00 12.49 8.50 10.00

320.00 35.00 45.00 100.00 535.00 292.47 452.80 20.00 100.00 300.00 351.30 233.90 600.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Bid Price

Offer Price

0.07 0.10 0.35 0.60 1.17 2.48 3.18 3.43 3.52 4.27 5.35 5.67 7.93 14.77 15.25 15.75 16.42

13.71 13.76 13.97 13.99 14.00 13.71 14.07 13.88 13.88 13.89 13.96 13.89 13.94 13.61 13.59 13.57 13.60

6.73 9.11 12.48 13.07 13.84 13.63 13.96 13.76 13.76 13.79 13.89 13.80 13.88 13.57 13.54 13.51 13.54

99.74 99.63 98.34 97.35 89.55 98.65 102.50 89.27 87.71 89.94 107.45 73.54 111.50 108.69 92.94 67.32 76.55

100.24 100.13 98.84 97.85 89.70 98.80 102.80 89.57 88.01 90.24 107.75 73.84 111.80 108.99 93.24 67.62 76.85

Maturity Date

TTM (Yrs)

18-Mar-14 31-Mar-14 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 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

4,402.04 Description

Issuer

Agency Bonds AMCON FMBN

NA

Bid Yield (%)

Offer Yield (%)

***LCRM

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

#

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

0.69 1.25 1.61 2.80 3.16 3.37

1.00 2.63 2.27 2.00 1.49 1.00

15.03 16.68 16.16 15.84 15.36 14.88

90.51 81.80 101.63 88.80 85.83 84.35

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 06-Jan-21

0.45 0.65 1.52 0.89 1.42 1.43 3.16 1.99 3.86 2.63 4.62 2.83 2.83 3.41 3.30 5.75 3.36 4.16 6.76 4.17 4.20

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 1.44 1.95

18.80 20.00 18.36 17.35 18.43 17.45 19.46 21.31 15.67 15.61 14.89 14.84 15.05 14.88 16.34 15.83 16.62 16.63 14.88 15.33 15.84

97.94 96.46 92.51 96.32 94.92 97.93 78.38 88.64 95.24 96.73 97.05 99.42 103.33 99.05 98.09 95.02 95.47 94.69 94.16 100.94 100.58

07-Oct-14 18-Dec-14 31-Dec-14 17-Aug-15 09-Dec-15 06-Jan-16 29-Sep-16 25-Oct-16 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 22-Sep-18 18-Oct-18 17-Feb-19 14-Nov-20

0.62 0.82 0.86 1.01 1.08 1.17 2.60 2.67 3.61 2.22 2.13 2.29 2.29 4.58 2.40 2.74 6.73

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 3.06 2.29 6.11 2.76

15.00 19.30 22.81 19.04 15.13 16.72 14.81 15.16 18.40 15.63 17.21 18.96 18.82 16.95 16.06 19.94 16.65

97.95 95.71 95.60 92.18 97.22 97.52 96.18 98.00 86.17 105.39 98.11 98.35 101.85 90.81 99.63 94.36 94.40

11-Feb-18

3.97

1.00

14.88

86.31

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

1,304.32

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

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

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 06-Jan-14

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

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 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

TOTAL OUTSTANDING VALUE

567.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb+/Agusto A-/Agusto BBB-/GCR A+/Agusto; A-/GCR A-/Agusto A+/GCR BBB-/GCR BBB+/DataPro; BB+/GCR A-/DataPro; A-/GCR AAA/DataPro; A-/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro; BBB-/GCR A+/Agusto; A-/GCR

LAFARGE WAPCO GTB µ NGC *UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# NAHCO

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11 18-Dec-09 01-Apr-10 17-Aug-10 09-Dec-10 06-Jan-11 29-Sep-11 25-Oct-13 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 22-Sep-11 18-Oct-13 17-Feb-12 14-Nov-13

11.50 13.50 17.00 10.00 12.00 14.00 13.00 14.25 13.00 18.00 16.00 18.00 16.00 14.00 15.75 17.00 15.25

11.80 13.17 2.00 15.00 37.50 1.50 15.00 5.53 20.00 0.94 8.01 3.63 1.00 35.00 3.00 0.54 2.05

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

Maturity Date

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.85

5.71

105.03

105.85

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

5.00

4.80

100.49

101.28

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

6.35

6.23

100.17

101.03

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds Afren PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.92

3.53

113.96

114.75

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.04

4.35

105.11

106.62

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.32

6.13

98.72

99.49

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.25

7.00

100.00

100.75

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.34

7.90

94.88

96.38

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.22

4.86

114.55

115.35

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.25

6.82

103.73

105.42

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.64

6.43

99.92

100.79

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

TOTAL OUTSTANDING VALUE

2,960.00

**Treasury Bills DTM 13 20 27 34 41 48 55 62 76

FIXINGS Maturities 6-Mar-14 13-Mar-14 20-Mar-14 27-Mar-14 3-Apr-14 10-Apr-14 17-Apr-14 24-Apr-14 8-May-14

Bid 13.40 13.20 13.20 13.30 13.30 13.40 12.60 13.20 13.50

Offer 13.15 12.95 12.95 13.05 13.05 13.15 12.35 12.95 13.25

^Yield (%) 13.46 13.30 13.33 13.47 13.50 13.64 12.84 13.50 13.89

Money Market

NIBOR Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS 365 DAYS

Rate (%) 11.0833 11.4583 11.7083 12.0417 12.2917 12.5417 12.8750

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.67

Tenor

Bid ($/N)

Offer ($/N)

10.83

Spot 7D 14D 1M 2M 3M 6M

165.56 165.35 165.61 166.17 167.39 169.95 172.65

165.66 165.62 166.00 166.84 168.68 172.59 176.73

O/N Tenor Call 1M 3M

REPO

Rate (%) 10.67 11.75 12.50

***LCRM

0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

20-Apr-12 06-Jul-12

0.00/16.50 0.00/16.50

116.70 66.49

TOTAL OUTSTANDING VALUE

20-Apr-17 06-Jul-17

3.16 3.37

1.49 1.00

15.36 14.88

85.83 84.35

1,304.32

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

38

KWARA NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS *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 He NIGER saidIII 12-DEC-2018 that government 14.00 15.50 14-FEB-2019 has noONDO biased intention in the 15.50 GOMBE 02-OCT-2019 establishment of the cement 14.50 LAGOS 22-NOV-2019 factory in12-DEC-2019 Guyuk Local Gov14.75 OSUN 14.75 OSUN IIArea, 30-SEP-2020 ernment but regretted 13.50 LAGOS IV 27-NOV-2020 that government’s good in14.50 EKITI II 31-DEC-2020 tention was misunderstood, 15.00 NASARAWA 06-JAN-2021

05-Aug-09 14.00 15-Oct-09 14.00 31-Aug-10 12.50 30-Sep-10 13.00 30-Jun-11 14.00 30-Jun-09 15.50 19-Apr-10 10.00 30-Jun-10 13.75 30-Dec-10 14.00 30-Sep-11 14.00 04-Oct-11 14.00 09-Dec-11 14.50 pany12-Dec-13 and that the state 14.00 has no 14-Feb-12commitment 15.50 to the financial 02-Oct-12 15.50 project, adding that the state 22-Nov-12 14.50 will however benefit from the 12-Dec-12 14.75 30-Sep-13 14.75Operate project under a Build 27-Nov-13 13.50 and Transfer arrangement.

31-Dec-13 14.50 06-Jan-14 He expressed 15.00 the hope

17.00 05-Aug-14 0.45 6.00 15-Oct-14 0.65 8.50 31-Aug-15 1.52 16.50 30-Sep-15 0.89 13.00 30-Jun-16 1.42 18.50 30-Jun-16 1.43 57.00 19-Apr-17 3.16 50.00 30-Jun-17 1.99 25.00 31-Dec-17 3.86 50.00 30-Sep-18 2.63 9.00 04-Oct-18 4.62 20.00 09-Dec-18 2.83 fore signing12-Dec-18 the MoU on2.83be12.00 27.00 3.41 half of the14-Feb-19 state, secretary 20.00 02-Oct-19 3.30 to the state22-Nov-19 government,5.75 Mr. 80.00 Kobis Ari Thinmu, that 30.00 12-Dec-19 noted3.36 11.40 30-Sep-20 had taken 4.16 several activities 87.00 27-Nov-20 6.76 place after 31-Dec-20 signing the 4.17 first 5.00 5.00 4.20 MoU about 06-Jan-21 five years ago.

4.88 18.80 97.94 5.99 20.00 96.46 4.44 18.36 92.51 3.23 17.35 96.32 4.46 18.43 94.92 3.48 17.45 February97.93 Monday, 24, 2014 5.59 19.46 78.38 7.60 21.31 88.64 1.79 15.67 95.24 1.80 15.61 96.73 1.00 14.89 97.05 1.00 14.84 99.42 and the investors 1.21support15.05 103.33 to 1.00 out their 14.88functions 99.05succarry 2.46 16.34 98.09 cessfully.

1.94 15.83 95.02 Speaking16.62 earlier, 95.47 repre2.74 2.74 94.69 Insentative of16.63 Knowledge 1.00 14.88 94.16 vestment Limited, Alhaji 1.44 15.33 100.94 1.95 15.84thanked 100.58 Jingri Lawal, Gov-

particularly as it relates to improving the well-being of LAFARGE WAPCO 7-OCT 2014 its11.50 citizens.

13.50 GUARANTY TRUST 18-DEC-2014 The governor stressed that 17.00 NGC 31-DEC-2014 the introduction 10.00 UPDC 17-AUG-2015 of politics 12.00the FLOURMILLS into matter9-DEC-2015 informed gov14.00 CHELLARAMS 06-JAN-2016 ernment’s decision to discon13.00 NAHCO 29-SEP-2016 tinue the 25-OCT-2016 project.

14.25 FSDH 13.00 30-SEP-2017that the estabHe UBA explained 18.00 C&I LEASING 30-NOV-2017 lishment of Guyuk Cement MPR+7.00 DANA 9-APR-2018 Industry was9-SEP-2018 muted about 25 MPR+7.00 TOWER years ago, but9-SEP-2018 efforts to actuMPR+5.25 TOWER 14.00the UBA IIproject 22-SEP-2018 alise by successive 15.75 LA CASERA 18-OCT-2018 administrations failed.

MPR+5.00 CHELLARAMS II 17-FEB-2019 He, therefore, appealed to 15.25 NAHCO II 14-NOV-2020 stakeholders in the area to cooperate and support the new investors to make the project 10.20 IFC 11-FEB-2018 a reality.

The governor expressed confidence inDescription the ability of the new investors to exploit the full potentials of the 6.75 JAN 28, 2021 project, adding that it will cost over N26 billion and will 5.13 JUL 12, 2018 be executed under a built, 6.38 JUL 12, 2023 operate and transfer (BOI) arrangement. The project is expected to be completed in 30 months. 11.50 FEB 01, 2016 MAY 19, 2016 Governor7.50 Nyako disclosed 6.00of NOV the 08, 2018 that the cost project 7.25 JUL 25, 2017 would be borne by the com6.88 MAY 09, 2018

that the project, when com- 567.90 The SSG expressed optipleted, will not only enhance mism that the new investors 07-Oct-11 11.50 0.62 the socio-economic status of 11.80 will be able 07-Oct-14 to see the project 18-Dec-09 13.50 0.82 the state, but will provide job 13.17 to its logical18-Dec-14 conclusion to en01-Apr-10 17.00 2.00 31-Dec-14 0.86 opportunities for its teaming 15.00 able the citizens ben17-Aug-10 10.00 17-Aug-15reap its 1.01 09-Dec-10 12.00 37.50 09-Dec-15 charge 1.08 un-employed. efits. He, therefore, the 14.00 1.50 06-Jan-16to cooperate 1.17 In06-Jan-11 his remarks shortly be- host community

ernor Nyako for finding the company worthy of handling 15.00 assured 97.95that the1.00project and 5.21 19.30 95.71 it will be executed according 8.71 22.81 95.60 to 4.88 specification and92.18 com19.04 1.00 15.13the stipulated 97.22 pleted within 2.63 16.72 97.52 period.

BUSINESS | FINANCIAL MARKET NEWS

Sanctity of Truth

Adamawa signs fresh MoU on Guyuk cement project FINANCE

A new investor has sealed a deal with the Adamawa State Government for the establishment of a ceTOTAL OUTSTANDING ment company VALUE Corporate Bonds A+/Agusto; AA/GCR

LAFARGE WAPCO GTB µ Yola Nil NGC Bbb+/Agusto *UPDC A-/Agusto *FLOURMILLS BBB-/GCR *CHELLARAMS fter three failed earlier A+/Agusto; A-/GCR NAHCO attempts, a fresh MemoA-/Agusto FSDH randum of UnderstandA+/GCR UBA BBB-/GCR & I LEASING ing (MOU) between*CAdamawa BBB+/DataPro; BB+/GCR *DANA# State Government and a GerA-/DataPro; A-/GCR *TOWER# man firm, Knowledge InvestAAA/DataPro; A-/GCR *TOWER# A/Agusto; A/GCR UBA signed ment Limited, has been Bbb+/Agusto; BBB+/GCR *LA CASERA for the establishment of Guyuk BBB-/DataPro; BBB-/GCR *CHELLARAMS# Cement Factory .

The project is A+/Agusto; A-/GCR NAHCO

Clement Ekong Aa/Agusto

A

TOTAL OUTSTANDING VALUE estimated to cost N26 billion.

The MoU signing ceremoSupranational Bond ny which took place AAA/S&P IFC at Government House, Yola, TOTAL OUTSTANDING VALUEat the weekend, has, however, nulIssuer lified Rating/Agency an earlier MoU entered into with some German inFGN Eurobonds vestors. The project take-off BB-/Fitch; B+/S&P had been delayed due to some BB-/Fitch; political intrigues amongFGN the BB-/S&P host communities.

BB-/Fitch; BB-/S&P Governor Murtala NyaOUTSTANDING VALUE koTOTAL in his speech attributed the delay in the take-off of Corporate Eurobonds the project B-/S&P; B/Fitch to petty Afrenpolitics PLC I GTBank PLC I among leaders of the comB+/S&P; B+/Fitch GTBank PLC II munity and some elected B+/S&P Access Bank PLC politicians.

29-Sep-11 13.00 25-Oct-13 14.25 30-Sep-10 13.00 30-Nov-12 18.00 09-Apr-11 16.00 09-Sep-11 18.00 09-Sep-11 16.00 22-Sep-11 14.00 18-Oct-13 15.75 n efforts to maintain 17-Feb-12 17.00 drive to be a modern 14-Nov-13 15.25

15.00 5.53 20.00 0.94 8.01 3.63 1.00 35.00 3.00 0.54 2.05

29-Sep-16 25-Oct-16 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 22-Sep-18 18-Oct-18 17-Feb-19 14-Nov-20

2.60 2.67 3.61 2.22 2.13 2.29 2.29 4.58 2.40 2.74 6.73

1.00 14.81 96.18 1.34 15.16 98.00 4.52 18.40 86.17 1.88 15.63 105.39 3.48 17.21 98.11 5.20 18.96 98.35 issue 5.06 and one 18.82 government 101.85 3.06 issue. 16.95 90.81 bond 2.29 16.06 99.63 Adonri noted that the Ex6.11 19.94 94.36 change needs to be drawn 2.76 16.65 94.40 to

Operator tasks regulators on bond market Chris Ugwu

I

its establishment that competes 175.67 effectively in the global exchange marketplace, 11-Feb-13 10.20 an in12.00 11-Feb-18 3.97 vestment expert has stressed 12.00 the need for the revival of Date Coupon (%) Issue Value ($'mm) Maturity Date Bid Yield (%) bondIssue market in the country.

Mr. David Adonri , Managing Director, Lambeth Trust 07-Oct-11 6.75 500.00 28-Jan-21 5.85 & Investment Company 18-Dec-09 12-Jul-18 5.00 Limited, in a chat5.13 with our 500.00 correspondent, tasked the 01-Apr-10 6.38 500.00 12-Jul-23 6.35 market regulators to ensure 1,500.00 that stock market serve as a DG, NSE, Oscar Onyema balanced investment outlet.

11.50 01-Feb-16 3.92 In01-Feb-11 2013, the bond mar- 450.00 19-May-11 19-May-16 5.04isstate and municipal bond ket was stagnant 7.50 in terms 500.00 08-Nov-13 6.00 400.00 08-Nov-18 6.32 isof market capitalisation at sues, one corporate bond 25-Jul-12 7.25 350.00 25-Jul-17 7.25 N5.8509-May-13 trillion with 6.88 four new 300.00 sue, one supra-national bond 02-May-18 8.34

the fact that inactivity of its secondary market bond trading1.00 platform14.88 has diminished 86.31 its capacity to serve as a balanced investment outlet.

Offer He Yield (%) Bid that Price OfferrevivPrice noted the al of the bond secondary Prices & Yields market is a major task that 5.71 105.03 105.85 should engage the attention 101.28 of 4.80 both the 100.49 NSE and SEC. Speaking on bickering 100.17 6.23 101.03 that led to zero allocation to SEC, Adonri said that the zero budgetary allocation 114.75preto 3.53 SEC has113.96 so far not 4.35 106.62 vented SEC105.11 from effectively 6.13 98.72 99.49 discharging its regulatory 7.00 100.00 100.75 functions.

7.90 94.88 96.38

B/S&P; B/Fitch

Fidelity Bank PLC

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.22

4.86

114.55

115.35

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.25

6.82

103.73

105.42

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.64

6.43

99.92

100.79

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

2,960.00

21-Feb-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 **Treasury Bills FIXINGS Money Market Foreign Exchange (Spot & Forwards) to the FMDQ OTC PLC Terms of Use and Disclaimer Statement.

DTM 13 20 FGN Bonds27 34 41 Rating/Agency 48 55 62 76 83 90 97 104 118 NA 125 167 195 286 321 335 349

Maturities 6-Mar-14 13-Mar-14 20-Mar-14 27-Mar-14 Issuer 3-Apr-14 10-Apr-14 17-Apr-14 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14 FGN 26-Jun-14 7-Aug-14 4-Sep-14 4-Dec-14 8-Jan-15 22-Jan-15 5-Feb-15

Bid 13.40 13.20 13.20 13.30 Description 13.30 13.40 10.50 18-MAR-2014 12.60 10.75 31-MAR-2014 13.20 9.20 29-JUN-2014 13.50 9.25 28-SEP-2014 13.50 4.00 23-APR-2015 13.30 13.05 16-AUG-2016 13.20 15.10 27-APR-2017 13.30 9.85 27-JUL-2017 13.30 13.30 9.35 31-AUG-2017 13.20 10.70 30-MAY-2018 13.00 16.00 29-JUN-2019 12.50 7.00 23-OCT-2019 13.00 16.39 27-JAN-2022 12.95 15.00 28-NOV-2028 12.90 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Offer 13.15 12.95 12.95 13.05 13.05 Issue Date 13.15 18-Mar-11 12.35 31-Mar-07 12.95 29-Jun-07 13.25 28-Sep-07 13.25 23-Apr-10 13.05 16-Aug-13 12.95 27-Apr-12 13.05 27-Jul-07 13.05 13.05 31-Aug-07 12.95 30-May-08 12.75 29-Jun-12 12.25 23-Oct-09 12.75 27-Jan-12 12.70 28-Nov-08 12.65 22-May-09 20-Nov-09 23-Jul-10

^Yield (%) 13.46 13.30 13.33 13.47 13.50(%) Coupon 13.64 10.50 12.84 10.75 13.50 9.20 13.89 9.25 13.93 4.00 13.75 13.05 13.68 15.10 13.82 9.85 13.90 13.93 9.35 14.05 10.70 13.97 16.00 13.86 7.00 14.68 16.39 14.70 15.00 14.72 12.49 8.50 10.00

TOTAL OUTSTANDING VALUE *from Rating/Agency the Amortising bonds, the average life is calculated and not the duration Description Issuer #

Risk Premium is a combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills Agency Bonds ^Bid yield 0.00 AMCON 31-OCT-2014 (SR.5 TR.1) AMCON 0.00 FMB 24-MAY-2015 FMBN 17.25 FMB II 03-APR-2017 NA 0.00/16.00 LCRM 09-DEC-2016 ***LCRM 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

NIBOR Tenor Rate (%) CALL 11.0833 7 DAYS 11.4583 30 DAYS 11.7083 Outstanding Value 60 DAYS 12.0417 Maturity Date (N'bn) 90 DAYS 12.2917 320.00 18-Mar-14 180 DAYS 12.5417 35.00 31-Mar-14 365 DAYS 12.8750 45.00 29-Jun-14 100.00 28-Sep-14 NITTY 23-Apr-15 535.00 292.47 16-Aug-16 Tenor Rate (%) 452.80 27-Apr-17 1M 13.2742 20.00 27-Jul-17 2M 13.6783 3M 13.6975 100.00 31-Aug-17 6M 13.8694 300.00 30-May-18 9M 14.1157 351.30 29-Jun-19 12M 14.6501 233.90 23-Oct-19 600.00 27-Jan-22 75.00 28-Nov-28 150.00 NIFEX 22-May-29 200.00 20-Nov-29 Current Price ($/N) 591.57 23-Jul-30 BID($/N) 166.2000 4,402.04 OFFER ($/N) 166.3000

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 FMDQ0.00/16.50 FGN BOND 0.00/16.50

Weighting by Outstanding Vol 05-Aug-09 15-Oct-09 45.35 31-Aug-10 33.70 30-Sep-10 20.95 30-Jun-11 30-Jun-09 100.00 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

Weighting by Mkt Value 14.00 14.00 45.10 12.50 13.00 38.32 14.00 16.58 15.50100.00 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75

TOTAL OUTSTANDING VALUE Sub-National Bonds Bbb-/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR Bb+/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

Modified Duration Buckets KWARA NIGER <3 KADUNA 3<5 *EBONYI *BENUE >5 Market *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN

Issue Value (N'bn)

978.35 24.56 6.00 112.22 116.70 INDEX 66.49

Tenor

Rate (%)

OBB

10.67

Tenor

Spot O/N 10.83 7D Offer Yield 14D TTM (Yrs)REPO Bid Yield (%) (%) Tenor Rate (%) 1M 0.07 13.71 6.73 Call 10.67 2M 0.10 13.76 9.11 1M 11.75 3M 0.35 13.97 12.48 3M 12.50 6M 0.60 13.99 13.07 6M 12.83 1Y 1.17 14.00 13.84 2.48 13.71 13.63 NOTE: 3.18 14.07 13.96 :Benchmarks 3.43 13.88 13.76 * :Amortising 3.52 Bond 13.88 13.76 µ :Convertible 4.27 Bond 13.89 13.79 AMCON:5.35 Asset Management13.96 Corporation of13.89 Nigeria FGN: Federal Nigeria 5.67 Government of 13.89 13.80 FMBN: Federal 7.93 Mortgage Bank 13.94of Nigeria 13.88 IFC: International Finance Corporation 14.77 13.61 13.57 LCRM: Local Management 15.25 Contractors Receivables 13.59 13.54 NAHCO:15.75 Nigerian Aviation Handling Company 13.57 13.51 NGC: Nigeria-German Company 16.42 13.60 13.54 UBA: United Bank for Africa UPDC: UAC Property Development Company WAPCO:West Africa Portland Cement Company

Bid ($/N)

Price

Offer ($/N)

165.56 165.66 165.35 165.62 Offer Price 165.61 166.00 Bid Price 166.17 166.84 99.74 100.24 167.39 168.68 99.63 100.13 169.95 172.59 98.34 98.84 172.65 176.73 97.35 97.85 180.39 188.88 89.55 89.70 98.65 98.80 102.50 102.80 89.27 89.57 NA :Not Applicable # :Floating 87.71 Rate Bond 88.01 ***: Deferred 89.94 coupon bonds 90.24 107.45 107.75 73.54 73.84 111.50 111.80 108.69 108.99 92.94 93.24 67.32 67.62 76.55 76.85

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

0.69 1.25 1.61 2.80 3.16 3.37

1.00 2.63 2.27 2.00 1.49 1.00

15.03 16.68 16.16 15.84 15.36 14.88

90.51 81.80 101.63 88.80 85.83 84.35

1,304.32 Porfolio Market Total Outstanding Value(Bn) Volume(Bn) 14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 1,231.74 1,280.27 12.50 KADUNA 31-AUG-2015 1,046.47 951.30 13.00 EBONYI 30-SEP-2015 452.85 591.57 14.00 BENUE 30-JUN-2016 2,731.05 2,823.14 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

Bucket Weighting 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

0.45 0.34 0.21 1.00

% Exposure_ Mod_Duration 05-Aug-14 15-Oct-14 22.28 31-Aug-15 38.58 30-Sep-15 39.15 30-Jun-16 30-Jun-16 100.00 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

Implied Yield 0.45 0.65 13.96 1.52 0.8913.95 1.4213.60 1.4313.81 3.16 1.99 3.86 2.63 4.62 2.83 2.83 3.41 3.30 5.75 3.36 4.16

Implied Portfolio Price 4.88 5.99 100.0155 4.44 116.7958 3.23 82.3852 4.46 3.48 101.9756 5.59 7.60 1.79 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74

INDEX 18.80 20.00 1,011.70 18.36 988.98 17.35 997.34 18.43 17.45 992.36 19.46 21.31 15.67 15.61 14.89 14.84 15.05 14.88 16.34 15.83 16.62 16.63

YTD Return (%) 97.94 96.46 1.1704 92.51 - 96.32 1.1017 - 94.92 0.2661 - 97.93 0.7636 78.38 88.64 95.24 96.73 97.05 99.42 103.33 99.05 98.09 95.02 95.47 94.69

business | GLOBAL NEWS

Sanctity of Truth

Monday, February 24, 2014

39

Govt grills UK bank chiefs on small business lending practices

B

G20 Finance Ministers and Central Bank Governors at the meeting

G20 supports target for global growth T he world’s top economies may agree to set an ambitious target for faster global growth at a weekend meeting in Sydney, where major central banks are also being urged to coordinate policies to avoid “surprises” that could further roil emerging markets.

Opening the two-day meeting of the Group of 20 finance ministers and central bankers on Saturday, Australian Treasurer, Mr Joe Hockey said the support was building for setting a firm goal for growth.

The IMF has forecast global growth of 3.75 per cent for this year and 4 per cent in 2015.

“I have a great sense of hope that this G20 meeting will be able to lay down a real and tangible framework for an increase in the growth of the global economy over the next five years,” said Mr Hockey, who is hosting the Sydney gathering.

If adopted, the plan would be a departure for the G20, as previous attempts to set fiscal and current account targets have faltered. And while Canada’s Central Bank Chief, Mr Stephen Poloz called the goal “aspirational” and doubts remain about its implementation, it would give the group fresh focus and mark a sea change from recent meetings where the debate was all about growth versus budget austerity.

France’s finance minister, Pierre Moscovici, welcomed a goal of lifting world growth by a total of 2.5 percentage points over five years, calling it ambitious but “not unrealistic.”

A G20 source said Germany had dropped its opposition to setting an overall target, as long as there were no goals imposed for individual states.

However, not all the German camp seemed to be happy, with Jens Weidmann, head of the country’s central bank, calling quantitative targets “problematic”.

And Nhlanhla Nene, South Africa’s deputy finance minister, said the target would be meaningless unless issues faced by emerging economies such as inequality, high unemployment, and volatile global financial conditions were addressed.

The plan borrows wholesale from an International Monetary Fund paper prepared for the Sydney meeting which estimated that structural reforms would raise world growth by about 0.5 percentage point per year over the next five years, boosting global output by $2.25 trillion.

The laundry list of reforms run the usual gamut of liberalising product and labour markets, lowering barriers to trade, attracting more women into the workforce and boosting investment in infrastruc-

ture.

Still there were no details on how or whether the G20 would police each country’s progress on the reforms, many of which would likely be politically unpopular at home.

Even Indonesia, one of the “Fragile Five” major emerging economies, said the Fed’s gradual withdrawal of stimulus was not to blame for all the ills of developing world.

ritain's biggest bank chiefs will face a grilling from politicians after an influential panel of lawmakers revealed that it has launched an inquiry into the groups' lending practices to small businesses.

According to a statement by Andrew Tyrie, chairman of the Parliamentary Commission on Banking Standards and Treasury Committee, the UK Government will grill all bank chiefs, after a report by Dr Lawrence Tomlinson suggested that the Royal Bank of Scotland pushed businesses into default after moving them into its Global Restructuring Group (GRG).

"SMEs report that they are struggling to secure adequate access to finance, from banks and elsewhere," said Tyrie.

"It is vital to a sustainable economic recovery in the UK that this market be restored to working order."

He added that the inquiry will on "access to finance for firms, scope for opening up the sector to more competition and the treatment of SMEs by banks."

Tomlinson, an adviser to Britain's business secretary Vince Cable, claimed that RBS pushed businesses into default after moving them into its GRG. He added that the 81per cent gover nment-owned RBS also profited from their struggles as by moving them into GRG, this can create more revenue for the bank through higher fees and

margins.

It can also result in the purchase of devalued assets by its property division, West Register.

Tomlinson runs LNT Group, based in the north of England which has annual revenue of £100million (€122million, $167million) and has interests in construction, software, car manufacturing, and care homes.

After the release of Tomlinson's report, RBS drafted in heavyweight lawyers to review the treatment of SMEs and denied wrongdoing.

However, the Financial Conduct Authority (FCA) kicked off its own independent review into RBS's treatment of business customers in financial difficulty by appointing the Promontory Financial Group and Mazars to conduct the report.

It added that the groups will also consider allegations of poor practice set out in the report by Tomlinson and referenced in Sir Andrew Large's report.

"We welcome confirmation of the FCA's review and will support the process in every way we can," said RBS Head of Conduct and Regulatory Affairs, Jon Pain.

"The full investigation of these issues is vital in order to protect the trust our customers place in us.

"In addition to the FCA review RBS has commissioned the law firm Clifford Chance to conduct a further independent investigation into these issues.

Citigroup CEO gets $14 million pay package

C

itigroup's Michael Corbat received more than $14 million in total compensation last year, according to a new SEC filing.

Corbat, who took the helm of Citi (C, Fortune 500) from Vikram Pandit in October 2012, earned a base salary of $1.5 million last year, a cash bonus of just over $5 million, as well as nearly $3.8 million in both deferred stock awards and shares tied to the bank's performance.

Most of his compensation package was already known.

The bank disclosed late Thursday in a Securities and Exchange Commission filing that he had received the deferred shares.

Corbat's $14 million in pay is more than 20per cent higher

than the $11.5 million he took home in 2012, when Corbat spent the first nine months of the year as head of Citi's operations in Europe, the Middle East and Africa.

It's also in line with what his peers raked in last year. Bank of America (BAC, Fortune 500) CEO Brian Moynihan was rewarded with $14 million in 2013, which amounted to a 17per cent pay bump.

In the same vein, JPMorgan Chase CEO Jamie Dimon will be paid $20 million for last year, up 74per cent from his pay in 2012. That year, Dimon was docked due to the $6 billion loss attributed to a trader known as the London Whale.

The bank gave Dimon the big raise for 2013 despite all the legal fees the bank faced.

Wall Street firms have clawed their way back from the depths of the financial crisis, and are much healthier now. Their stock prices have roared back since the market bottomed in 2009 and boards apparently are awarding their CEOs for that.

However, Citi's most recent quarterly earnings weren't as strong as analysts had hoped.

The bank's fourth quarter profit and revenue missed Wall Street's expectations, as higher interest rates slowed its mortgage financing business and took a hit on bond trading.

Citi shares are down more than 7per cent this year. But they are still up more than 30per cent since Corbat was named CEO.

40

BUSINESS | GLOBAL NEWS

Sanctity of Truth

Monday, February 24, 2014

business Shortage of skilled personnel hits Big hits back on minimum wage Indian aerospace industry B S hortage of skill-based workforce is posing a challenge to the growth of the Indian aerospace industry in the absence of synergy between policy, industry and academia.

The Hindustan Aeronautics Limited (HAL) Chairman R.K. Tyagi said at the weekend.

At the first aerospace round table conference hturday, the chairman explained India needs better training and education infrastructure with a pragmatic policy-industryacademia ecosystem to tap the huge employment potential in the aerospace industry, In a keynote address on "Challenges and Opportunities for Talent Management in the Aerospace Industry", Tyagi said due to lack of vocational skills, the aspiring youth required extensive training to match the high standards of the industry.

"For instance, in the Light Combat Aircraft (LCA) Tejas project, we had build technologies from scratch and build an industrial base due to technology denial and shortage of vocationally skilled workforce," he said.

The Hindustan Aeronautics Limited (HAL) is the sole manufacturer of the fourth generation fighter Tejas, designed and developed by the Aeronautical Development Agency (ADA) of the Defence Research and Development Organisation (DRDO).

The multi-role supersonic fighter secured initial operational clearance Dec 20 for induction into the Indian Air Force after three decades of design, development and extensive field trials.

Noting that a mere two percent of Indian population had vocational skills

Detroit workers and retirees protested possible pension cuts last fall.

as against the ratio of 75 percent in Germany, 96 percent in Korea, 80 percent in Japan and 68 percent in Britain, Tyagi said coordination, direction and role definition were some of the human resource challenges HAL had faced during the LCA's development.

"Though we had to involve multiple agencies to build a talent pool for the LCA project, absence of large trained workforce poses HR challeng-

es to the medium multi-role combat aircraft (MMRCA) project in terms of supply chain and technology," Tyagi observed.

Outlining the challenges faced by his company in executing multiple projects, he said besides skill up gradation and cross training, specific education to maintain aerospace life-cycle at the entry level was imperative.

"Leadership development for mid-level management,

succession planning across levels, attrition and retention are some of the HR challenges we face on the research and development (R&D) and offset fronts," Tyagi pointed out.

In this context, he said global aerospace majors were citing capability and capacity within the Indian industry as impediments to meet offset commitments and seek international certificates for indigenous products and overseas marketing.

Shell in $2.6bn Australia asset sale

O

il giant Royal Dutch Shell has agreed to sell its Australian downstream business to oil trading firm Vitol for $2.6bn (ÂŁ1.6bn).

The sale includes Shell's refinery in Geelong, 870 service stations, its bulk fuels and chemicals unit and part of its lubricants business.

However, Shell's aviation business is excluded from the deal.

Shell is looking to dispose off assets as part of a strategy that

will see the company "changing emphasis" in 2014.

The asset sales also come at a time when its profits have been declining.

Last month, Shell posted 'clean' profits - which strip out the impact of oil price movements - of $2.9bn for the October-to-December quarter, down from $5.6bn during the same period a year ago.

"Australia remains important to Shell, but we are mak-

ing tough portfolio choices to improve the company's overall competitiveness," Ben van Beurden, chief executive of Shell said in a statement.

Recent disinvestments by Shell include the sale of refineries in the UK, Germany, France, Norway and the Czech Republic.

The firm has also offloaded its downstream businesses in Egypt, Spain, Greece, Finland and Sweden.

HSBC to announce bonuses totaling $4 billion

H

SBC will announce staff bonuses totaling just under 2.4 billion pounds ($4 billion) globally for 2013 and is expected to report a significant rise in pretax profit, Sky News reported on its website on Saturday without citing its sources.

Europe's biggest bank is expected on Monday to announce the size of its bonus pool, a sensitive issue as many Britons still blame banks for the 2008

financial crisis after which the state was forced to bail out RBS and Lloyds.

Earlier this month Barclays prompted an angry reaction from politicians and labor unions after it increased its bonuses by 13 per cent to 2.4 billion pounds even as it announced plans to axe 12,000 jobs.

Sky quoted an unnamed source saying the rise in variable pay at HSBC would be

smaller than its likely increase in earnings.

A spokesman at HSBC declined comment when contacted by Reuters.

If made, the bonus payments would be marginally higher than the bank's 2012 bonus pool of 2.2 billion pounds and would come only a year before a new EU bonus cap which Britain is resisting through the courts.

The new rules would mean from 2015 bonuses cannot be more than fixed salary, or double this amount if a bank obtains shareholder approval.

Banks including HSBC, Barclays and Goldman Sachs are among the banks expected to raise the non-bonus part of remuneration with, for example, monthly or quarterly "allowances".

ig business is striking back hard against President Obama's efforts to raise the minimum wage, using a government report released just Tuesday that said the effort would both lift people out of poverty and spur job losses.

The commercial opposing President Obama's effort to hike the minimum wage touts the report by the Congressional Budget Office released Tuesday, saying "up to one million jobs will disappear" if the minimum wage increases.

The report said that gradually raising the federal minimum wage to $10.10 from $7.25 would boost the incomes of most low-wage workers and lift 900,000 out of poverty while resulting in job losses of around 500,000.

The commercial is sponsored by the Employment Policies Institute, a group backed by the restaurant industry and business groups. The ads will run nationally on Fox, as well on cable systems in the Washington, D.C., area, where they'll appear on stations including CNN, a representative confirmed Friday. It will start airing on national television during the Sunday morning talk shows.

"This is intended to provide a clearer representation of how, when the minimum wage goes up, what some of the consequences are," said group's research director Michael Saltsman.

The group plans to spend between $500,000 and $1 million on an "educational campaign" on the minimum wage.

Who's behind the ads is a bit of a mystery. But the group's research director, Michael Saltsman, said the institute has ties to the restaurant industry and other business groups.

Last year, a group run from the same office as the Employment Policies Institute -- called the Enterprise Freedom Action Committee -- campaigned against a New Jersey effort to hike the minimum wage, according to New Jersey Election Law Enforcement Commission records. They spent nearly $1 million

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, FEBRUARY 24, 2014

Business prospects: Expanding your Capacity Dr. Chris Williams, the convener of the widely endorsed business boot camp - HEAD 2 HEAD WithGurus, is the President of a Lagos-based personal development and enterprise expansion institute - Headstone Academy.

Contact: www.facebook.com/HeadToHeadWithGurus Twitter: @HeadstoneNG Tel: +234 809 896 9266

S

tatistics show that 90 percent of start-up businesses close shop within the first five years of doing business in Nigeria.

Over 50 percent call it quits in the first one year. Unbelievable, right?

You only need to travel around the country to believe the veracity of these statistics. Many business owners hire business premises, remodel it and move in, only to evacuate the building as soon as the rent expires. It is not uncommon to see a sign post today, and another belonging to another organisation, tomorrow.

What’s the problem?

As an entrepreneur who comanages a business many believe is successful, I dare say, learning from our failure, the reason is not farfetched ; many business owners don’t really know how to build or run a business. Let us look at some of the reasons why these businesses

close shop: They don’t plough back profits If the average business man makes a profit of Five Million Naira, in our clime, you can be sure that the bulk of the money will go into financing personal needs. The “I have arrived” syndrome still eats deep into the fabric of our enterprise. Whoever desires to grow his or her business must make it a habit to re-invest in the business that gave birth to the profit in the first place. Eating the whole harvest is a foundational problem for many entrepreneurs and I dare say, even bigger businesses. This is what I always suggest; plough back a minimum of 20 percent of the profit into the business. Notice I said 20 percent. You can and should do more than that.

Your business needs and your vision must be among key considerations when deciding what to plough back and what to spend.

Leslie George, a business capacity developer, is the Lead Strategist at ORIZON BOON. Email: lesliegeorge@orizonboon.com, Linkedin: Leslie George, Facebook: Facebook.com/ LeslieGeorge

They don’t hire neither do they train staff Most business owners would rather do the work themselves. The thought of paying another person or set of people extra money to do jobs, makes them really sad. Yet they are constantly overworked an unable to meet up with client deadlines. I have heard many people say that they end up doing the work themselves even after hiring people, and my answer has always been the same; you either hired the wrong people or you don’t really know how to hire. It is unfortunate that many employers still choose to hire prospective employees themselves. So what is the job of a recruitment agency, I ask? Even if you desire to hire, yourself, why don’t you learn the rules for hiring. Every aspect of business has a set of rules you should follow if indeed you really want to make a difference. Sometimes when employers get it right, they refuse to train their hires.

Continuous training and development of your people is non –negotiable for any visionary business.

Vision and mission statements are not properly engineered I can’t deny the impact of the Bible in my life and business. As a matter of fact, it has become my daily business manual. One of the principles from this great book, states, “… people perish for lack of knowledge.” If we put this thought side-by-side our understanding of business, it perhaps will be safe to say that “businesses are destroyed for lack of knowledge.”

Does your business have a vision and mission? Is this mission and vision

clearly written out? If it is, are your people daily living it? Enough of scribbling down a few catchy words and enfolding it in a very expensive frame.

Sometimes, I’m tempted to believe that business owners value the frame on which the statement is enclosed than the words written on it. At least so it seems. If what you have on the wall of your reception is a joke, please go back and craft something real and practical. Your vision statement and mission statement is basically about who you are as a business, where you really want to be, the kind of people you need and the manner you intend to arrive at your corporate destination.

The people who are with you need to learn this, not only by heart but craft it into their every day activity. Vision casting is not what you do in just one day; it’s a forever thing. Never get tired of letting your employees know why you exist.

Of course there are lots of reasons why businesses fail to attain the next level status. What I have offered is just a few. If you are indeed the entrepreneur you say you are, I challenge you to research other reasons why small businesses never get big and why big businesses never make it to the bigger stage.

That’s how to grow; from learning from the mistakes of others. Real entrepreneurs are proactive and not reactive. Let me end with a little story. It actually happened to me. Starting out in a business, there was need to get some cabinets for storage and display. Off we went to hire someone considered to be good at such CONTINUED ON PAGE 42

Factors of production: Are you really entreprising?

T

he road to building a successful business starts with understanding the basic foundation. Architects, builders and designers of great buildings know that if the foundation is not right, the building can never be right. Rather than spend time discussing strategy and how to make bil-

lions of Naira, why don’t you spend time understanding the foundation upon which your business is built. Perhaps we may need to get off the huge air-conditioned office we are currently occupying as C.E.O. and take a mental journey back to our high school days where we were taught the factors of

production in the business studies class.

Back to school You would remember the factors of production were introduced as the resources needed to produce goods and services; they are generally categorised into four major groups:

42 BUSINESS | ENTREPRENEUR

Monday, February 24, 2014

Factors of production: Are you really enterprising?

Land (including all natural resources) Labour (including all human resources) Capital (including all man-made resources) And finally, Enterprise, which brings all the other factors together to generate the goods and the services that we require to be productive.

Let’s talk about enterprise When we say that a certain individual is enterprising, what exactly do we mean? Of course there are lots of business people that we can mention just off the top of our heads that can be aptly described as being enterprising; the Mike Adenugas, the Fola Adeola and the Dangotes will readily come to mind. So if we say these individuals are enterprising, what exactly do we mean? Enterprise is a set of entrepreneurial activities, accompanied by initiative and resourcefulness. For you to be enterprising, you need to be able to look inwards for ideas that help you mould the environment in which you find yourself, into business solutions. The enterprising mind has resources at its disposal, and can either adopt their use in generating goods or services, or adapt them in such a way that a new perspective of a business

Enterprise is a set of entrepreneurial activities, accompanied by initiative and resourcefulness solution is created.

The resourceful individual may just have one factor of production at his disposal and with one factor, beat a path to all the other factors he requires for productivity. The potency of the entrepreneurial mind is its major asset.

Today, beyond all the many challenges entrepreneurs add to the reason for failing, the chief problem is actually lack of individuals who are resourceful. Being resourceful or enterprising means we have to be able to make the very best of whatever situations we find ourselves. Solutions are scarce, so many have resorted to all sorts of short cuts. This weakens the entrepreneurial resolve and exposes the business to a plethora of possibilities for failure.

Live ready: Anticipating situations A business-minded individual needs to constantly anticipate situations (positive and negative), and be readily armed with solutions. Enterprise is maximizing the use of land, labour, capital and not just the creation of products. Again, it is the ability to constantly generate solutions. To create solutions, we have to see problems in the right perspective. So how do we see problems? By paying attention to the business environment and constantly asking questions. They say problems are where the money is. I totally agree. Being enterprising transcends goods and services; it is solutions-oriented. And who has the right to solutions? People that are mentally agile (being able to move quickly, with ease and control; readily adaptable)it is what makes the enterprising individual a solutions generator.

Let us stop glorifying failure. It is not a part of the process of success.

Failure is what happens when the process goes wrong. No one gives you an award for failure, but they do give you one for success. So dig deep and reach for your resourcefulness. When you have found it, bring it to bear on business situations that require them.

MENTOR’S QUOTE

“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”

- Jeff Bezos, Amazon founder and CEO

MENTOR’S QUOTE

“You don’t need to have a 100-person company to develop that idea.”

- Larry Page, Google Co-founder

BUSINESS OPPORTUNITY

30 SECONDS LECTURE

“N14.6 Billion.”

Money Nigerians spend on vehicle repairs monthly

Business prospects: Expanding your Capacity C O N T I N U E D F R O M PA G E 4 1

crafts. When he was done, people came around our office to ask for the phone number of the designer of the beautiful cabinet. “Sorry, we can’t give it to you,” was our response. “Why?” they asked.

We replied with yet another question, “…

I have worked hard most of my life and I believe I have been very fortunate; although I must say I am a great believer in the man who said, The harder you work, the luckier you get Dr. Mike Adenuga Chairman, Mike Adenuga Group

can you fight?” We had to ask that question because we practically “fought” and “begged” the cabinet maker to deliver the cabinet. What would ordinary have taken two weeks to produce, took well over 3 months. Yes, he was good but he was also suffering from what many en-

trepreneurs fail to do - hire extra hands to grow their business. When you refuse to expand your business when it’s time to do so, you make nonsense of attributes people celebrate you for. An organisation will never grow beyond its capacity to take advantage of opportunities.

Step up your game: Take advantage of e-Business Increased hours of operation: Web-sites offer 24 hours and beyond-weekday services to your current and would be customers

Broader information through research: Research tools help you to access more ideas and leverage insights that can help grow your business

Ease in finding new markets: This isn’t the usual brick and mortar approach.

It is digital and today, digital means quick.

Strengthened marketing potentials: You can reach and serve your target audience better.

Reduced cost of doing business: This includes online payment and banking provisions. Storage and postal costs are also reduced

by Emmanuel E-Bright Quicker and easier communications: Anyone who has used the net to communicate can testify to this.

The social media brings an exciting dimension to it.

BUSINESS | ENTREPRENEUR

Monday, February 24, 2014

DRAWBACK

The greatest challenge our industry is facing is human resources and expertise 1. Tell us, who is Sunmbo Ajaba Adeoye?

Mrs. Adesunmbo Ajaba Adeoye, is the Managing Director and Chief Executive Officer, Esob Ventures. I’m a Graduate of Accountancy and Finance and a certified entrepreneur from EDC Pan Atlantic University, Lagos. I’m an ALUMNI of Lagos Business School and a Goldman Sachs international scholarship awardee under the Goldman Sachs 10,000 Women Initiative. I am an ex-banker; I have put in close to a decade in the banking industry. You could say I’m a multi-passionate entrepreneur as I am also the Founder of Esob Heroes, the training academy of our event management company, Esob Events. Adesunmbo is fervent about philanthropy.

2. What propelled you to go into the business?

Beyond my passion and knack for planning, the people I spend time with just seemed to notice my love for putting things together, particularly events and projects. My resolve to make a difference and the continuous push of those I’ll call supporters inspired me to go into the events planning business.

3. How would you rate the industry against the industry abroad?

Abroad, event planning certification programmes are offered as courses. Some universities even position it as a major field of study. It says a lot about how the profession is viewed abroad. Though it’s been here for some years, given the gaps that need to be filled, one can still say event planning is relatively new in Nigeria. I’m aware that majority of our industry pioneers started out of passion for planning events and thereafter grew on their experience from helping family and friends put parties together. Today, they are more experienced and many have had occasion to travel abroad and experience firsthand how events are managed. But even at that, there’s still more to innovate and that’s why people like us are here; to bring positive twists to old and less functional ideas. Access to cable television, the internet and frequency of travel has also exposed many clients to foreign standards. Today’s clients

43

Event planner, Adesunmbo Adeoye: I’m giving back to the society are very knowledgeable about events. Even though they may not be able to fully express it, they can’t tell what they want when they see it. Rather than spend money and energy, many clients have learnt to spend money and conserve energy; which is great for both event planners and clients. I must commend those who had the foresight to establish some form of academy or workshop to shape the direction of the industry. I’m confident that soon, our tertiary institutions; universities, polytechnics, monotechnics will begin to offer courses on event planning and management. That way up and coming practitioners would enjoy the benefit of studying, professionally, key aspects of the business like; creativity, logistics and greater tips on how to handle events, like we are currently doing at our Lagos training school.

4. What would you consider as the greatest challenge your industry is facing?

The greatest challenge our industry is facing is human resources and expertise. This generation is too much in a hurry to set up businesses.

Many would have registered their business name and even moved into an office space before considering how they intend to run the business.

Just because your close friend is into events business and is successful doesn’t mean you should go into the same business. Like I always advice those who come to me; gain an appreciable level of expertise before diving in. Other challenges include inability to develop Individual Intellectual Capital and failure to capitalise on ever-changing trends.

Creativity is constantly evolving, trends are ever-changing and a professional event planner who does not keep up with these changes will not only be left behind; he or she would be aptly tagged “old school” 5. How would you say your job complements other industries?

Anyone who has been hired to put an event together knows how much stress goes into making sure every element comes together on time and as discussed. I’m yet to see any industry that does not organise one event or the other.

Pick up a newspaper or maga-

ENTREPRENEUR OF THE WEEK

Adesumbo Ajaba Adeoye

There’s no end to what we can do as business to help the society zine, it’s basically about people and events. A venue must be booked, speakers must be available, participants must seat comfortably, food must be ordered and just as it is delivered, it must be picked up effectively coordinated.

Not to mention entertainment, guest list and all other little details that must come together on time to make the event work. In short, anytime people gather together for a successful event, you can be sure someone has been hired to oversee all details to that’ll ensure the event not only happens but it is also a success. A list of everyday events would include; companies annual general meetings, awards dinners, fundraisers, exhibitions, fashion and musical shows, festivals etc All these require the help of a planner. So you’ll

agree with me that the role of an event planner is as important as the money needed to roll-out the event. In short, we collaborate and make progress happen.

6. Lots of entrepreneurs seem to leave the subject of corporate social responsibility to the big companies, what’s your take on this?

Corporate Social Responsibility is a culture that every business owner must imbibe.

Every business, big or small, must endeavour to give back to the society, one way or the other. It is not limited to giant companies only. For example, sometime in March, we will be hosting a free conference tagged “Inspiring Change with Adesunmbo Adeoye” and our focus is simply to empower the girl child by helping them revive enterprise consciousness in them. We’ll be exposing them to power of mentorship, experience sharing and capacity building just to list a few.

When you educate a girl-child, for example, you not only educate a nation; you move the nation forward. There are widows a small business can choose to empower; you may

wish to help the course of orphans; the physically handicapped etc. There’s no end to what we can do as businesses to help the society. For as long as there are problem, there’ll always be need to help. It is imperative that we give back to the society voluntarily.

7. What woulld you say are the benefits of entreprenuring and what benefit do you enjoy the most?

The benefits of entrepreneuring are enormous. Firstly, it is the driving force that fuels the economy. It gives you a security blanket and the boldness to take up new risks fearlessly, with the consciousness that you’ll make it. Success is timing, and the benefit I enjoy the most is the liberty it affords me. The liberty to use my time productively. This constantly helps to bring out potentials I never knew existed in me.

8. What is your turning point in business?

Every ambitious business owner knows he or she shouldn’t take” no” from a person who isn’t in the position to say “yes.” So as entrepreneurs, CONTINUED ON PAGE 44

44 BUSINESS | ENTREPRENEUR

Monday, February 24, 2014

Doing Business in Nigeria BUSINESS SCHOOL Remi Dairo is the President, School of Productivity and CEO , Solvere Word Consult.

He is a facilitator at Nigeria’s foremost entrepreneurship school, Fate Foundation. +234 (0) 803 590 0175 info@schooofproductivity.org me@remidairo.com

E

ntertainment and music is big business in Nigeria; communication gadgets are flooding the nation, who provides it? Who repairs it? You can be a distributor, you can be a middle man, you can even buy and pay later (here’s where your integrity capital

comes in) All I’m saying is that you need to open your eyes to see the needs of the people and provide goods and services to meet those needs. You will never be out of business if you can just open your eyes and meet the needs of the people in this large country.

C O N T I N U E D F R O M PA G E 4 3

we persist diligently till we experience the big breakthrough we’ve always longed for.

My turning point in business was when we had the opportunity to plan and coordinate the National Dialogue Steering Committee meeting of delegates from across the nation. Of course, we had done several big events in the past, but this was different.

We had the company of past governors, elder statesmen from across the country, law makers etc. and we dished out the quality service. It remains a unique experience for us at Esob events. As a service custodian in an African community, it is somewhat difficult to cross-sell because service is an experience so an opportunity to serve is what a

Let me tell you a story about Tade. Tade is a friend who became a millionaire in Iyana Ipaja area of Lagos State. He discovered the often irregular power supply in that area. He also took notice of the way people were scrambling for candle sticks as alternative power supply. Straightaway, my friend wrote to a candle factory in India, asking to be a major distributor in Nigeria.

They obliged him, and today, my friend is not only a major distributor of candle in Iyana Paja; my friend supplies an even bigger population in Lagos State. Tade opened his eyes and today, he is a millionaire!

Open your container The starting point when it comes to doing business in Nigeria is to have what to offer.

There can’t be business without value exchange and there

can’t be value exchange if the businessman does not discover what he can offer. This brings to fore the need for you to go back to your closet and find out what exactly your potentials are? What are your strengths, and what makes you tick. If you tell people you’re an expert in general business, you may not be able to do much or sustain any business. There’s need for you to find the path that gives you opportunity to earn your market share. You need to discover who you are and what you can offer to have access to that market. The journey of self discovery, which leads to business discovery, is very important here. People everywhere have needs; it is the discovery of who you are and your type of business that gives you leverage in the marketplace.

If you are a quiet and reserved person, there are count-

less problems and needs in Nigeria waiting to be solved by your kind of person. If you are an outgoing and outspoken person, there are businesses you can do in this nation. Nobody is useless. It is what you discover that you can deploy.

No business idea is bad. You only need to find those who need what you carry. So it is your responsibility to find out what you carry and if you don’t know how to do that, don’t be shy to get in touch with business consultants who specialise in this. It is not just your destiny but the destiny of others that is at stake here.

The starting point when it comes to doing business in Nigeria is to have what to offer CONTINUED NEXT WEEK

Entrepreneur of the week serious minded event planner should look out for, as far as leaving a lasting impression goes. That’s how to get clients to constantly do business with you.

9. If you had an opportunity to speak to the president one on one, what questions would you ask him?

What efforts has he put in place to ensure that public offices are no longer shortcuts to “wealth” but entrepreneurship is the only way forward towards a better Nigeria 11. Where do you see the industry in the next 5 and 10 years In years to come, I see a more sophisticated than ever industry with professional plan-

ners becoming “Programmers of Human Interaction” where ideas bubble up from conversations that will change the world.

12. What’s your advice to someone planning to go into your kind of business?

Events planning is an exciting, lucrative and interesting career choice but it is not for everyone. Ask yourself; am I really skilled and passionate about planning?

In this business, you can’t do without expertise and field experience from professional planners. You must be comfortable with self promotion; you should enjoy talking to and socializing with strangers.

Be very innovative, learn to think on your

toes, have a lot of energy, be well organised and able to multi-task. Finally, you must have eyes for details.

Only then will you enjoy the career.

BUSINESS OPPORTUNITY “N447.8 Billion.”

Money Nigerians spend on recharge cards monthly

What are you reading this week?

BUSINESS L I B R A RY Entrepreneurs who lead, read. Here are two books you should read this week.

Brick by Brick:

How Lego Rewrote the Rules of Innovation and Conquered the Global Toy Industry

By David C. Robertson with Bill Breen If your business is experiencing hard times, this is the book to go for. The story of Lego is the story of a resolute comeback. Ten years ago it was on the verge of bankruptcy. Today, it rules the toy industry. Brick by Brick tells the surprising saga of how the company’s management innovated its way to success with lessons that can be applied to all sorts of businesses.

The Billionaire and the Mechanic:

By Julian Guthrie Stories Tolu Adams

It is not so much of going into partnerships as it is deciding what kind of partnerships to go into. The book is an engaging story of billionaire Larry Ellison’s pursuit for the America’s Cup, including his partnership with a Croatian immigrant radiator-shop owner. What an unlikely partnership! In the book, Ellison is described as one who pursues the sport with the same persistent competitiveness he displayed in the software business.

For feedback and information, please contact the Project Coordinator: ENTREPRENEUR Phone: +234 (0) 803 721 9064 | Email: mailyourthoughts@gmail.com | www.book-brands.com

METRO

uary 24, 2014

45

21

We’re waiting for government intervention –Akute school pupils DASHED HOPES?

The hope of the pupils of Akute Community High School to pass this year’s WASCE may not be realised

Muritala Ayinla

O

gun State government is yet to respond to the plight of the pupils of the stateowned Akute Community High School.

When NT Metro visited the school again on Thursday, the situation has not improved. Rather, it was worsened by dirt and wastes which littered the school premises.

The pupils are still lumped together under The pupils inside their makeshift classroom. a shed which serves as their classroom in the primary school where they are temporarily ac- the staff room for the 52 teachers in the school, commodated. while about 800 pupils are still under the shed.

Instead of JSS 1 or SS1 class, the pupils deriHowever, the pupils have appealed to the sively refer to their classes as JSS1 or SS1 bus government to relocate the school to an area stop because of its nearness to the road and bus suitable for learning. stop.

The pupils, particularly the SS3 students exDuring the visit, the school was so dusty that pected to sit for the West African Senior School the pupils were covered with dust.

Certificate in April, said the situation in the The corridor of the host primary school, Zu- school had affected their preparation.

According to them, they are yet to cover the muratul Islamiyyah II, has been converted to

‘I didn’t collect N20m from Iponri market traders’ Muritala Ayinla

A

lthough the Abibatu Mongaji Model Market, Iponri, Lagos has been reopened, the controversy trailing its closure is yet to die down.

The market was shut on February 8, by the state Market Board headed by the President-General of the Association of Market Women and Men, Mrs Folashade Tinubu-Ojo. But Tinubu-Ojo has debunked allegations that she demanded money from the traders before shutting the market.

Briefing journalists at the weekend at a joint press conference organised by the Lagos State Market Board in conjunction with the Abibatu Mongaji Model Market Traders Association, the Iyaloja-General said the market was shut in line with the constitution of the association.

She said there was no way she could have decided to shut the market in order to coerce traders to register as members of the All Progressives Congress (APC) as being insinuated in some quarters.

Tinubu-Ojo also refuted allegation that she collected N20 million from the traders before reopening the market, saying traders in the market were educated and could not be forced to do anything against their wish.

She said: “I wonder why the entire issue was politicised. It is in our constitution that once a market is shut, such market will be fined to serve as deterrent to others. It was toward enforcing discipline in the market.

“On the APC registration allegation; it is bad that some people are malicious in spreading false rumour. It is sad that such

Tinubu-Ojo flanked by Koiki and the Secretary-General, Association of Market Women and Men, Deacon Lanre Ajayi, at the press briefing.

We were never forced to register as APC members and we did not bribe anyone before the market was reopened is being published in some media. What is the population of Iponri market? If we had wanted to do that, I would have gone to Alaba-Rago market. I would have also gone to Mile 12, Mushin, Daleko and Oshodi

markets. I would have also gone to Lagos Island markets.”

On her part, the outgoing Secretary-General of the market, Alhaja Sikirat Koiki, said one of the major issues which led to the crisis was the increment of their monthly rent per shop from N500 to N10,000 by the Surulere Local Government.

She said: “We were never forced to register as APC members and we did not bribe anyone before the market was reopened. We want to set the record straight. What happened was internal crisis which the market leadership at the state level has resolved.”

syllabus.

When contacted, the school principal, Mr T. Lasilo, said he had nothing to say.

He, however, gave assurance that measures were being taken to relocate the pupils.

But the pupils were not convinced that anything was being done to attend to their plight.

Some of them said the situation would impact on their performance in the examination.

One of the SS3 pupils, who simply identified himself as James, said they were far behind their colleagues in other schools.

James said many topics they ought to have been taught were yet to be introduced to them, with less than 45 days to the examination.

He said: “In Mathematics, we have not been taught Surds, Quadratic Equation, Set Bearings and other common topics in the WAEC syllabus.

“By April 10 we are expected to start the exams. We don’t even know how to prepare for the examination with the kind of distractions going on around us; noise pollution, dirty and dusty environment and so on. We jokingly refer to our classes as bus stops; SS3 and SS2 bus stops.”

According to another SS3 pupil, Kafilat Jamiu, the situation in the school is appalling.

She said: “See where our learning and teaching take place; look at other schools in the state and other private and public schools in Lagos State, the Federal Capital Territory (FCT) or anywhere in the country.

“We are expected to sit for the same examination with the same standard like others. In other schools, they have laboratories, libraries and conducive learning environment. All the facilities that will make learning easy are provided. Here, we are languishing under a shed we call school. Can we really pass any exam here?”

When contacted on telephone, state Commissioner for Education, Mr. Segun Odubela, said the government was planning to relocate the primary school to the premises of Zumratul Islamiyyah 1 at Denro/Isashi area.

He said: “Go and ask the commissioner for information. All I know is that we are relocating the primary school to another place so that the secondary school will remain there. We are moving the primary school to school 1.”

When asked if the present situation in the school is conducive for learning, Odubela said: “There is nothing wrong in that environment; don’t forget it is a developed area. If we say we want to go and build another school, there is no vacant land and where we found is very far.”

46

Sanctity of Truth

Monday, February 24, 2014

New owner takes over $201m Sapele Power Plc Adeola Yusuf

S

ix months after failing to meet the deadline, CMEC/Eurafric Energy Limited has completed the acquisition of majority equity in $201m Sapele Power Plc. The Bureau of Public Enterprises (BPE) confirmed this in a statement made available to new Telegraph at the weekend.

“Consequently, the privatisation agency on Friday handed over the power generation company situated in Sapele, Delta State, to the core investor,” the statment signed by Head of Public Communications at the privatisation agency, Mr. Chigbo Anichebe read.

The core investor, An-

ichebe continued, had emerged the preferred bidder for Sapele but by August 21, 2013 was unable to meet the deadline for the payment of $201m it had bid for the company.

It was rather able to a total of $129,436,656.55 in two tranches.

CMEC/EURAFRIC requested for extension of the payment deadline.

This request was considered and the Attorney General’s advice sought following which the National Council on Privatisation gave its approval.

Consequently, BPE wrote to CMEC/Eurafric conveying the approval but reminded the company that the extension was subject to its payment of the penalty, which is inter-

est on the outstanding balance with effect from the day of default.

The company was also warned that the extension, which elapsed on January 29, 2014, was final. According to BPE, the core investor met the final deadline and this informed the handover on Friday.

Speaking at the handover ceremony in Sapele, Director General of BPE, Mr. Benjamin Dikki, said the privatisation of the power sector had been successful but advised Nigerians to be patient in order to reap the fruits of the privation exercise.

Dikki attributed the successes recorded in the power sector reform and privatisation to the leadership provided by President

Goodluck Jonathan and Vice President Namadi Sambo.

He said the Jonathan administration had made a conscious effort to make the private sector the driver of economic growth in Nigeria; adding that the power sector reform was part of the administration’s commitment to make Nigeria better than it met it.

He assured Nigerians, especially the host community that Sapele Power Plc would soon achieve the maximum installed capacity and begin to expand capacity, creating more jobs and opportunities for all Nigerians.

The BPE boss enjoined Nigerians to be patient, adding that in a few years,

L-R: Rivers State Commissioner for Works, Mr. Victor Gaidon; Mrs. Comfort Nwideeduh; Mrs. Bariyaah Abe; Senator Magnus Abe; and Gbenemene Bangha 11 of Khana Local Government Area of Rivers State, King Suanu Baridam, during the thanksgiving graduation service at Chapel of the Annunciation Catholic Chaplaincy, University of Port Harcourt... yesterday

the successes recorded in the telecomm reforms would pale in significance when compared to the opportunities expected in the power sector reform.

The BPE boss noted that Nigerians were more than ever before, closer to a new dawn where power would be taken for granted.

The handover marked the concluding stage of the transaction for five genera-

tion companies and 10 distribution companies.

Eighteen electricity firms were carved out from the Power Holding Company of Nigeria as part of the process to reform the electricity industry. These included the Transmission Company of Nigeria, 11 distribution companies based on geographical coverage and six generation companies.

Sack Obasanjo’s loyalists, Ogun PDP urges Jonathan CONTINUED FROM PAGE 4

that had hitherto accrued to “Obasanjo and his cohorts”, courtesy of the PDP-led Federal Government, adding that, “To do otherwise would be tantamount to arming your opponents”.

It urged the leaders of the party such as President Goodluck Jonathan, the National Chairman of the PDP, Alhaji Adamu Muazu; the Chairman, Board of Trustees (BoT), Chief Tony Anenih; and the Political Adviser to the President, Alhaji Ahmed Gulak, to wade into the matter and urgently address it, stressing that it was already fuelling disaffection among members of the party.

“We are aware of their efforts in wooing stalwarts of our party into the APC while leveraging on the resources and privileges afforded them by the PDP-led Federal

Government. The other day, former Governor Olagunsoye Oyinlola led a delegation to woo Cross River State Governor, Senator Liyel Imoke, to defect to the APC. They claim to have been sent by Obasanjo,” the party said It noted that while it was ready for reconciliation, the leadership of the party must be firm and strong, “otherwise these people will continue to pretend to be with us while they are actually playing the spoiler’s role from.”

The party described them as “inconsequential politicians with doubtful followership. They merely used the name of the PDP to rise to political prominence. Devoid of the platform, they have become like fish out of water, panting for survival. They are looking for people to go with them on the dark, lonely path they have chosen for themselves.”

Donation to Buhari landed Sanusi in trouble CONTINUED FROM PAGE 5

to remit to the Federation Account.

“Fortunately, discerning Nigerians are not hoodwinked by the Presidency’s choreographed mudslinging against a whistle blower, and the sponsored campaign that amounts to shooting the messenger just because his message is not palatable.

“While the Presidency has chosen to pull the wool over the eyes of Nigerians over the missing oil funds, we call on the National Assembly to get to the bottom of Sanusi’s allegation and save Nigerians from a rapacious and a rampaging cabal that is hell bent

on bringing Nigeria to its knees through runaway corruption,” APC said.

The party said the questions that are begging for answers include: What happened to the missing $20 billion? If indeed a part of the funds has been used for kerosene subsidy, who authorized the spending of money that was not appropriated, in violation of the nation’s constitution?

Who reinstated the subsidy that had been removed by a presidential directive?

If $8.76 billion of the missing money was used for kerosene subsidy, who and who are the beneficiaries, since it is clear that Nigerians are not enjoying any subsidy on kerosene for

which they are shelling out at least N150 per litre?

APC re-stated its earlier stand that Sanusi’s suspension is unlawful and that it is another dangerous turn in the Jonathan administration’s journey of impunity, lawlessness and double standard.

Mohammed said the drop in the value of the Naira and the fact that the banking sector and other stocks spiralled into the negative, in the aftermath of the ego-driven and illegal suspension of Sanusi, have shown the dangers inherent in politicizing an office that should be insulated from political pressure Former Lagos State

Commissioner of Police, Alhaji Abubakar Tsav, also decried the suspension of Sanusi from office, accusing the Jonathan-led administration of paying lip-service to the anti-corruption war.

His words: “It is strange and inconceivable that everyone who has condemned corruption or attempted to fight against it in Nigeria ended up being disgraced, removed or forced to flee for his safety like: Nuhu Ribadu, El-Rufai, Farida Waziri and now Sanusi.

“On the other hand, convicted criminals on corruption-related offences receive Presidential pardon and unrepentant

ex-Militants are appointed Presidential advisers.

Mallam Sanusi had only about four months to disengage as CBN governor, but in order to ridicule him, President Jonathan released a letter suspending him from office, while on official engagement in Niger Republic.

But the Peoples Democratic Party (PDP) has thrown its weight behind Jonathan on Sanusi’s suspension.

The party, in a statement made available to New Telegraph yesterday by its National Publicity Secretary, Chief Olisa Metuh, also condemned the politicisation of the suspension by individuals

and groups.

The party stated that it has “implicit confidence in President Jonathan and his efforts to ensure the stability and growth of the economy.”

It stated emphatically that the decision was in the best interest of the nation.

While dismissing insinuation that the action was to silence a whistle blower and promoting corruption, the PDP said the findings of the Financial Reporting Council revealed series of administrative recklessness in the CBN which are “very weighty and cannot be swept under the carpet of politics and sentiments.”

NEWS

Sanctity of Truth

Monday, February 24, 2014

SERAP faults AG over nonremittance of missing $20 billion

S

ocio-Economic Rights and Accountability Project (SERAP) has faulted the legal advice provided last week by the Attorney General of the Federation and Minister of Justice, Mr. Mohammed Adoke to the effect that the Nigerian National Petroleum Corporation was empowered by the Nigerian National Petroleum Corporation (NNPC) Act to remit only to the federation account its net earnings, after deducting cost of its operations.

The organization in a statement released today and signed by its executive director, Adetokunbo Mumuni said “the advice by Mr Adoke is patently inconsistent with the letter and spirit of Section 162 of the Nigerian Constitution, which is to establish a dedicated account into which all public revenue by the Federal Government shall be paid as well as to remove any arbitrary and non-transparent and non-accountable spending of public revenue.”

“In the first place, the use of the words ‘all public revenue’ in Section 162(1) suggests that the constitution allows for no distinction between net revenue and gross revenue. Secondly, the NNPC Act relied upon by Mr Adoke cannot override the clear provisions of Section 162, and the sacred principle that the Constitution is the supreme law of the land,” the organization stated..

The organization also argued that, “being the supreme law of the land, the Constitution is not a document to be read with levity or disdain; every section must be given its meaning i.e. every section has meaning and not devoid of adequate interpretation.”

47

SGF hails The Sun newspaper award KUDOS Anyim says organisation should be emulated

S

ecretary to the Government of the Federation, Sen. Anyim Pius Anyim has enjoined Nigerians to emulate the Sun Newspaper award initiative to honour and motivate great achievers

in the country.

Disclosing this over the weekend, during the 2013 edition of the Sun Newspapers Awards held at Eko Hotels and Suites, Victoria Island, Lagos he said the award was a way of honouring Nigerian patriots, whose public conducts and actions inspire hope for a better society.

Anyim, who was the Chairman of the Award ceremony, lauded the management of Sun Newspa-

pers for initiating such award, aimed at honouring great achievers in the country.

He therefore congratulated award recipients for their achievements.

The Managing Director, Sun Publishing Limited, Mr. Femi Adeshina, had earlier said the award was a special annual event, aimed at honouring great achievers. ``We are here to rec-

ognize personalities, who have shown exceptional qualities in governance and outside it. `Those, who have rekindled our hope in Nigeria as a country blessed with both human and natural resources. `The Sun Awards has become a major item in the event calendar of the country; every February, it has become a major landmark for those who love quality

entertainment and outing,’’ he said.

He also described this year’s award, the 11th in its series as being very significant and congratulated athe winners.

A former governor of Abia, and Publisher of The Sun Newspapers, Dr Uzo Orji Kalu said the Sun Awards, which debuted in 2003 was the most valuable one in Nigeria.

More youths join Kwara APC Biodun Oyeleye Ilorin

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L-R:Delta State Governor, Dr. Emmanuel Uduaghan; Former Abia State Governor, Dr. Uzor Orji Kalu; Publisher, Thisday, Nduka Obaigbena: Former Ogun State Governor, Aremo Olusegun Osoba; Kano State Governor, Alhaji Rabiu Kwankwaso; Former Cross Rivers State Governor, Dr. Donald Duke; Akwa-Ibom State Governor, Dr. Godwill Akabio and Fomer Oyo State Governor, Otunba Alao Akala at the Sun Award held at Eko Hotel, Victoria Island, Lagos.

8%

N2,709b

The total export value of oils obtained from bituminous minerals, crude in the second quarter of 2013.

Source: National bureau of statistics

CHIDED Judges who grant orders restraining law officers get knocks

Babatope Okeowo

Akure

A

retired jurist, Justice Dare Aguda has chided serving judges for granting interim orders restricting law enforcement agents from performing their constitutional duties.

Aguda, who is a former Chairman of the Ondo State Law Commission, was particularly worried

The drop in profit of Coca-Cola plc in 2013.

Source: nigeriastat.gov.ng

50m

The total number of passengers that boarded LAGBUS in 2013.

Source: LAGBUS management

bout 4,142 youths from Ilorin East/South constituency of Kwara state over the weekend joined the All Progressive Congress (APC).

Leader of the youths, Abdulfatai Yahaya Seriki told newsmen during a ceremony to announce their decision to join the APC said it was due to the quality leadership of Senator Bukola Saraki.

Seriki, a former state Assembly candidate for Ilorin South/ East constituency under the platform of Democratic People's Party(DPP) in 2011 general elections said, his supporters who intend to come with him into the APC are spread across the 12 wards in Ilorin East and 11 wards in Ilorin South area of the state.

Sanusi: Justice Aguda berates judiciary over exparte orders that corruption would fester. if State Security Service (SSS), Economic and Financial Crimes Commission (EFCC) and the Police were usually restrained by the law courts from performing their lawful duties.

Suspended Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi had obtained an ex-parte order that prevented security agencies from arresting him, pending the hearing of the suit challenging his removal as the head of apex bank in the country.

Similarly former governors, ministers and government officials had at one time or the other obtained similar order, preventing security agencies from arresting or prosecuting them.

However, the retired jurist, who is a younger brother to Late Justice Akinola Aguda told New Telegraph over the weekend that such orders by serving judges as well as the introduction of plea bargaining allow corruption to fester in the country.

His words, “Recently I

read in the papers that a judge made an ex-parte order, closing down somebody’s office, locking it up, I had to call some senior lawyers to ask if it were possible. That is one incident I have written about it before, that is an abuse of judicial power. No judge as I said in the article has the jurisdiction inherent or statutory power to grant Ex-parte order that someone should not be arrested.

If a person is wrongly arrested, he can sue for damages. Ex-parte means

you don’t hear the other side, which is an exception to the rule in Nigeria judicial system that is, you must hear the other side.

Continui9ng, he said, “There are situation, whereby it is not in the interest of the judges to wait until the other party is heard. For instance, if the government wants to bulldoze your farm you can’t go to the court and serve other party, meanwhile they would have done it.

48 news BE CAREFUL Oil workers caution new Executive Secretary PPPRA on pitfalls.

Adeola Yusuf

W

orkers in the Nigeria's oil and gas industry had, over the weekend, cautioned the new Executive Secretary of the Petroleum Products Pricing and Regulating Agency (PPPRA), Mr. Farouk Ahmed, on pitfalls that might end his career.

Sanctity of Truth

Monday, February 24, 2014

Corruption, fuel imports allocation, pitfalls for new PPPRA scribe-Oil workers They declared that controversy dogging fuel imports quota allocation and high level of corruption were some of the pitfalls that had been associated with the office of the new executive secretary. Ahmed emerged the new PPPRA scribe as a result of the sacking of erstwhile Executive Secretary, Reginald Stanley by the Presidency.

The General Secretary, Petroleum and Gas Senior Staff Association of Nige-

ria (PENGASSAN), Comrade Sina Olowoshile, said that it was unfortunate that Ahmed came at a time the agency was under pressure as a result of scarcity of premium motor spirit (PMS) otherwise called petrol, but advised him to tackle corruption.

"We know that he is a product of the NNPC and he understands the sector very well, but it is quite unfortunate that he is coming when the PPPRA is critically chal-

lenged considering the current fuel scarcity and long queues occasioned by non-release of the first quarter allocations to marketers," he said.

"The sector he is working in is very critical to the amelioration of the plight of the masses, and he has to be focused and deliver his duty diligently."

Another marketer, who pleaded anonymity, called on Ahmed to weather the storm at his agency, say-

ing that Farouk was a no nonsense man, who he said would surely deliver.

"I remembered his tenure at the Petroleum Product Marketing Company (PPMC). He is a straight forward person who abhors corruption. But his success depends on the forces at the PPPRA, . Stanley is supposed to leave in May, but it was the cabals that were responsible for his early de-

parture. I wish he stays focused and delivers his mandates," he said.

An increase in the price of petrol last week had caused scarcity of the commodity at major filling stations in Lagos and Ogun States. Many of the stations in both states, last Tuesday, had long queues of vehicles waiting to buy the scarce product at N100, instead of the government regulated price of N97 per litre.

Buildings collapse : Engage professionals, Lagos tells property developers Muritala Ayinla

T L-R: Akwa-Ibom State Governor, Dr. Godwill Akabio; His wife, Unoma Ekaette and Wife of Delta State Governor, Roliy Sheila at the Sun Newspaper Award held at Eko Hotel, Victoria Island, Lagos.

N5,341.1b The total value of Nigeria’s external merchandise trade in the second quarter of 2013.

Source: nigeriastat.gov.ng

6.81% $117.6b The growth rate of the real GDP in the third quarter of 2013.

Source: GMD of NNPC, Mr. Andrew Yakubu Source: National bureau of statistics

The record amount by which Foreign Direct Investments (FDI) into China rose in year 2013.

Source: National bureau of statistics

‘Buhari has to contest in 2015' ELECTION Associate says General has assured he will run in 2015

A

close political associate of General Muhammadu Buhari, Hon. Farouk Adamu Aliyu, in Kano, over the weekend said that Gen. Muhammad Buhari, had accepted to contest the 2015 presidential elections, and is set to declare openly.

The Two time Gov-

ernorship candidate in Jigawa state said, in a radio programme in Kano, that he personally met Buhari recently, and after long deliberations in which he told the General that no politician in the north could get up to the 12milion votes the General scored in 2011, Buhari told him that he would contest.

He said that the General told him a story of how somebody came to his house, pulled out a knife, cut his body to persuade him to contest. He then told Buhari that people like him were prepared to take their

life or embark on hunger strike if he does not contest the 2015 presidency.

Farouk recalled that in 2011, during a campaign in Maiduguri a motorcyclist stopped Buhari and handed him a paper and disappeared, and when the General opened the paper there was N200, and a note that reads “sir this is all I can afford as my contribution to your campaign, may God make you president of Nigeria.” Buhari has put the note and the money in a glass but he could locate the man.

He stated that the people

saying that Buhari too old to contest the presidency in 2015, were not fair. “Buhari is strong, alert and agile, if he refuses to contest in 2015, I Farouk Adamu Aliyu will leave politics for life. This is a man, who was a former Governor, former petroleum minister, former GOC, and later head of state and PTF chairman, yet he has no foreign account, properties in Lagos or Abuja, but a house each in Kaduna and Daura.

To me, he is close to a saint.”

he Lagos State Government, yesterday, warned property owners and developers of all buildings under construction in the state to engage the services of qualified professionals in the construction work, saying that anyone found wanting in standard of construction would be ruthlessly dealt with.

The state Commissioner for Physical Planning & Urban Development, Mr Toyin Ayinde, who gave the warning, said it had been discovered that most developers and builders tend to

rush construction work during the dry period to beat the rainy season thereby neglecting to do the needful.

He said: "As the rainy season is beginning, it is pertinent to advise developers at this time against using sub-standard construction materials capable of bringing about a collapse.

"The developers and building contractors must build right and employ the services of qualified professionals in the construction industry to supervise their works and test their materials before putting them to use".

Hospital raises alarm over increasing cases of cancer

A

uthorities of University of Benin Teaching Hospital (UBTH) have raised an alarm over increased number of cancer patients in Edo and Delta. The Coordinator of Cancer Registry in the hospital, Prof. Michael Okobia, made the disclosure in an interview on Sunday in Benin.

Okobia said that ongoing studies on the prevalence of the disease in Edo and Delta states showed that the number of sufferers was on the increase.

He explained that a study in 2009 showed that

there were 1,090 patients of various types of the disease in the two sister states then.He noted that 707 of the sufferers were females, while 383 were males.

According to him, cancer was preventable and efforts should be made to prevent the disease, pointing out that it was expensive to manage it in developing countries.

“Cancer is preventable and the road to cure is early detection and prompt treatment, so policies should made to encourage prevention and early detection.

africa | FOREIGN

Monday, February 24, 2014

49

China-Africa trade surpassed $200 billion in 2013

C

hina-Africa trade totalled more than $200 billion last year, Chinese President Xi Jinping said, highlighting the Asian powerhouse's burgeoning trade and investment ties with the continent.

"In 2013, Chinese-African trade surpassed the $200 billion mark for the first time, making China Africa's biggest trading partner," Xi told visiting Senegalese President Macky Sall, adding that Chinese direct investment in Africa grew 44 percent.

"That all stands witness to the endlessly renewed vitality of Sino-African friendship, to the scale of the potential for co-operation and the excellent outlook for the new kind of Sino-African strategic partnership," Xi said at Beijing's Great Hall of the People. Xi did not give an exact total.

But China-Africa trade has boomed in line with the Asian country's rise to become the world's second-biggest economy, which has been accompanied by a thirst for African natural resources to help fuel its growth.

Underscoring the continent's importance, Xi visited Tanzania, South Africa and the Republic of Congo as part of his first overseas tour after he become president in March last year.

But China's growing role has also sparked tensions in some countries.

In February last year, for example, the Zambian government seized control of a Chinese-owned coal company due to poor compliance with safety and environmental standards, its mines minister said.

Desperate Muslims fleeing CAR despite militia roadblocks

Zimbabwean president Mugabe launches 90 birthday balloons

T

housands turned out yesterday Sunday to wish happy birthday to Zimbabwe's President Robert Mugabe, who threw 90 balloons into the air to mark his 90th year and continuing hold on power.

Fresh off the plane from Singapore, where the nonogenarian president had travelled for eye surgery, Mugabe arrived early at Marondera stadium to start his birthday celebrations.

Dressed in a black suit, red tie and white shirt, he moved

Tough security operation continues in Mogadishu on second day

S

omalia government security forces continue tough operation to tighten the security of the capital, Mogadishu on the second day following a surprise attack by Al Shabab militant group on the presidential compound.

The operation started on Friday afternoon after suicide car bomb exploded at the back gate of the presidency and then ground armed men marched into the state house killing at least five people including the Prime Minister’s Permanent Secretary.

The operation persisted on several main districts in the capital, leading to the arrest of

dozens of young people for suspect to be Al Shabab members.

The operation has had a severe impact on the local transportation and access to downtown for the ordinary citizens as the security forces restricted the use of vehicles including public buses during the operation.

The National Security Minister Abdikarim Hussein Guled has vowed the operation will last until “all anti peace elements” will be eliminated from the country.

He said the operation will be the start for liberation campaign against Al Shabab controlled areas in the country.

around the venue on the back of a truck waving his fist to a crowd made up largely of school children bussed in for the occasion, according to an AFP journalist on the scene.

Huge cakes were on display in the centre of the stadium, while the crowd wore red scarfs, as is traditional on the president's birthday, and waved national flags.

A series of speakers led the

crowd in chanting slogans of Mugabe's Zanu-PF party, which has ruled Zimbabwe with an iron fist ever since the former rebel led the country to independence from Britain in 1980.

Other chants denounced the opposition MDC, which has spent years unsuccessfully trying to overturn Mugabe's rule in the face of catastrophic economic decline.

Senior government officials,

security chiefs and Mugabe's children were also among the well-wishers yesterday.

Tutu urges Uganda’s Museveni against anti-gay bill

S

outh Africa’s retired Archbishop Desmond Tutu has urged Uganda’s President Yoweri Museveni not to sign into law the harsh AntiHomosexuality Bill that would give up to a life sentence in jail for some same-sex relations.

Tutu, a Nobel peace prize winner, said in a statement yesterday that Museveni a month ago had pledged not to allow the anti-gay legislation to become law in Uganda. But last week Museveni said he had reconsidered and would consult scientists on whether homosexuality is determined by genetics or by a person’s choice.

Tutu said he is “disheartened” by Museveni’s change because there is “no scientific

basis or genetic rationale for love ... There is no scientific justification for prejudice and discrimination, ever.”

Tutu urged Museveni to strengthen Uganda’s “culture of human rights and justice.”

Last week, the President had insisted he would approve the legislation, prompting widespread condemnation from Western governments.

U.S. President Barack Obama said in a statement that the bill signals a "step backward for all Ugandans" and warned that enacting it would "complicate" the East African country's relationship with Washington.

The bill is widely popular in Uganda, where it has been championed by Christian cler-

ics and politicians who say it is necessary to deter Western homosexuals from "recruiting" Ugandan children.

It originally proposed the death penalty for a category of offences called "aggravated homosexuality," defined to include repeated sex among consenting adults as well as sex acts involving minors or a partner infected with HIV. Amid international pressure, including the threat to withdraw aid by European countries such as Sweden, the death penalty was removed.

The bill before Museveni sets life imprisonment as the maximum penalty and imposes a 14-year jail term for first-time homosexual offenders.

50 FOREIGN | WORLD NEWS

Monday, February 24, 2014

Ukraine crisis: UK warns of â&#x20AC;&#x2DC;many dangers' EURO SPRING UK Foreign Secretary seeks peace in troubled Kiev

U

nited Kingdomâ&#x20AC;&#x2122;s Foreign Secretary, William Hague, has said that unrest in Ukraine poses "many dangers", but there is an oppor-

tunity to unite a "very divided country."

He tsaid that Russia's reaction was still "uncertain", adding that he would hold talks with Russian Foreign Minister, Sergei Lavrov yesterday.

Thousands of anti-government demonstrators remain in the centre of Ukrainian capital, Kiev.

Opposing sides must form a

"government of national unity", Hague said.

On Saturday, the Ukrainian parliament voted to dismiss President Viktor Yanukovych in what he described as a coup.

His whereabouts are unknown. MPs are meeting to discuss setting up a new administration.

Yanukovych's main rival, former Prime Minister Yulia Ty-

moshenko, was also freed from jail and urged protesters to stay.

The health ministry says 88 people, mostly protesters, are known to have been killed since 18 February in demonstrations against Yanukovych's government.

Hague said that the situation remained "desperately difficult".

But he also said: "There's an

opportunity now in Ukraine, after those terrible scenes and the horrific bloodshed of a few days ago."

Protesters are still camped out in central Kiev following the disappearance of Yanukovych He added: "There are many dangers but it's urgent that they get on to form that inclusive government, a government of national unity in effect.

Shun gossips, intrigue, Pope tells cardinals HOMILY Pope Francis reminds his cardinals of their calling

P Joaquin "Shorty" Guzman (middle) being escorted by soldiers during a presentation

Mexico captures most wanted drug kingpin NABBED Game over for drug baron, 'EI chapo' Guzman

M

exico recorded a major breakthrough in its antidrug war with the capture at the weekend of its most wanted drug cartel kingpin, Joaquin "Shorty" Guzman. Shorty was captured on Saturday with help from the United States war.

Guzman, 56, known as "El Chapo" (Shorty) in Spanish, has long run Mexico's notorious Sinaloa Cartel and has, over the past decade, emerged as one of the world's most powerful organized crime bosses, even making it onto Forbes' list of billionaires.

He was caught in his native northwestern state of Sinaloa in an early morning operation without a shot being fired, Attorney General Jesus Murillo Karam said.

It is a political triumph for President Enrique Pena Nieto, who took office in late 2012. Pena Nieto confirmed the capture via Twitter earlier on Saturday and congratulated his security forces. The U.S. government also applauded the arrest.

Guzman's cartel has smuggled billions of dollars worth of cocaine, marijuana and methamphetamines into the United States, and fought vicious turf wars with other Mexican gangs.

He pioneered the use of sophisticated underground tunnels to smuggle drug shipments across the border and also became a major narcotics exporter to Europe and Asia in recent years.

Nearly 80,000 people have been killed in the last seven years with much of the violence in western and northern regions that have long been key smuggling routes.

Many of the victims are tortured and beheaded and their bodies

dumped in a public place or in mass graves. The violence has ravaged border cities and even beach resorts such as Acapulco.

Guzman was captured in a pre-dawn raid on a seaside condominium in the northwestern tourist resort and fishing and shrimp-processing center of Mazatlan, around 135 miles from Guzman's suspected base in Culiacan.

He was then flown to Mexico City. Wearing a cream shirt and dark jeans and with a black moustache, he was frogmarched in front of reporters on live TV, bound for prison.

It was the first public glimpse of the elusive kingpin since he escaped from prison in 2001.

The five-foot-6-inch (1.7-metre) Guzman looked briefly toward TV crews on the tarmac at the Marines' hangar at Mexico City's airport.

His head was shoved back down by a soldier wearing a face mask.

ope Francis yesterday urged cardinals, who make up the top echelon of the Roman Catholic Church, to shun the intrigue, gossip and cliques typical of a royal court.

Since his election nearly a year ago, Francis has often told his top aides not to live or behave like a privileged class. The eight-year papacy of his predecessor, Benedict, was marked by mishaps and missteps, which were often blamed on a dysfunctional Vatican bureaucracy and intrigue befitting a Renaissance court.

Yesterday, Francis celebrated a mass with 18 of the 19 new cardinals who were elevated to that rank on Saturday. One could not attend because of illness.

"A cardinal enters the Church of Rome, not a royal court," Francis said in his sermon, welcom-

ing the men into the elite group that helps him run the Church in the Vatican and around the world.

"May all of us avoid, and help others to avoid, habits and ways of acting typical of a court: intrigue, gossip, cliques, favoritism and preferences," he said during a solemn ceremony in St. Peter's Basilica.

"Jesus did not come to teach us good manners or to behave as if we were at a social gathering," Francis told them.

It was the second consecutive day that Francis had warned cardinals to shun worldly temptations in the corridors of clerical power, either at home or in the nerve center of the 1.2 billion-member Church.

At the induction ceremony on Saturday, which was attended by ex-pope Benedict, Francis urged the cardinals to avoid rivalries and factions. It was the first time Francis and Benedict, who resigned on February 28, 2013, had been together for a liturgical celebration.

Francis asked the new

cardinals to remain united among themselves and with him as they advise and help him run the Church in the Vatican and beyond in a spirit of simplicity and service.

Later, addressing thousands of people in St. Peter's Square for his Sunday blessing, Francis said Catholic leaders should "not consider themselves holders of special powers or bosses, but place themselves at the service of the community.|â&#x20AC;?

They should be "good servants, not good bosses," he said.

Since his election last March as the first non-European pope in 1,300 years, Francis has attempted to infuse the Vatican and the Church with his simple style.

Last month, when he announced the names of the new cardinals, he quickly followed up with a letter to each asking that they not see their appointment as a promotion and not to waste money holding celebratory parties.

Several die as car bomb hits Syrian hospital

S

everal people were yesterday killed by a car bomb near a field hospital in northern Syria, close to the border with Turkey.

Activists said the blast happened in the rebel-held town of Atmeh, which hosts a camp for thousands of people displaced by Syria's civil war.

It was not immediately clear who had carried out the attack.

On Saturday, the UN

Security Council unanimously approved a resolution on access to humanitarian aid in Syria.

It was the first time the council has united on the issue.

Witness Abdallah Saleh said Sunday's blast damaged the hospital and caused 50 casualties, although it was not clear how many people had died.

The Turkish Anadolu news agency said several people were killed and

wounded and one unconfirmed report said nine people had died.

Other reports said Turkish ambulances had raced across the border to help the wounded.

According to UN figures, 6.5 million Syrians have been displaced by Syria's civil war and 2.5 million are registered as refugees.

Lebanon has taken the highest number of refugees, followed by Jordan and Turkey.

Charles Ogundiya

T

he Athletic Federation of Nigeria has stated that lack of funds is delaying its preparation for the Commonwealth games in Scotland later in the year.

The Technical Director

Funds threaten AFN programmes of the federation, Nesiama Omatseye, said the AFN had to decamp the athletes due to financial problems.

“The only problem we are facing is that of funds. To keep

the athletes in camp we need funds. The one we got was just enough for the conditioning period, but the AFN is discussing with the sports ministry.

The NSC and the minister are

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

working hard and very soon, immediately the budget is approved we will go back to camp for the next stage of our preparation,” he said.

CONTINUED ON PAGE 55

Did you know?

NEW TELEGRAPH

newtelegraphonline.com/sports

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

Monday, February 24, 2014

That Cameroun defeated Nigeria three times in the final of the Nations Cup (1984,1988 and 2000).

Cameroun have won the title four times

another bonus war looms in Eagles zz Players set for showdown to press demands }p-53

Victor Moses (left) chasing after Zambia’s Joseph Musonda at the 2013 Africa Cup of Nations in South Africa. Inset: Super Eagles players and officials celebrating a goal.

Surpassing 2013 success our target –Amadu

}p-52

51

No Automatic ShirtS For Eaglets –Manu

NSC MOVES TO RESOLVE HANDBALL CRISIS

}p-53

}p-53

52 SPORT | INTERVIEW

Sanctity of Truth

Monday, February 24, 2014

Surpassing 2013 success our target –Amadu Secretary General of the Nigeria Football Federation, Musa Amadu, in this interview with our Abuja correspondent, Jude Opara, speaks on NFF’s plans for the national teams especially the Super Eagles as the team prepares for the 2014 World Cup in Brazil.

Super Eagles... with the Nations Cup trophy

Amadu... NFF Secretary-General

2014 is a very busy year for Nigeria, how prepared is the NFF for the challenges ahead?

I want to state that we are into different phases of football development in Nigeria, because we do not only promote the development of the game but we also participate in competitions.

I am happy to say that the first programme of the federation for the year 2014, the NFF U-13 National Championship ended, on a brighter note.

This is where the best of U-13 boys in Nigeria are brought together and I am happy to say that this year’s edition was very successful. Don’t forget that this U-13 is the bedrock of our national U-17 team that represented Nigeria at the last FIFA U-17 World Cup. Kelechi Ihenacho, who emerged as the best player at the last U-17 World Cup was actually a product of this U-13 championship.

We had a successful outing at the CHAN tournament in South Africa, where the home-based Super Eagles won the bronze medal.

Similarly, the national U-17 women team are in camp here in Nigeria but will proceed on a two or three weeks training tour before they finally go to Costa Rica for the U-17 World Cup next month.

The same goes for the U-20 girls who are also play-

ing in the qualifiers for the World Cup to be hosted by Canada.

For the FIFA World Cup coming up in June, we will ensure that the Super Eagles make an appreciable impact and not just to complete the numbers. There will be friendly matches and training camps before the final selection of players for the tournament.

We are also working on the qualifiers for the 2015 African Nations Cup in Morocco which will also start this year. The Super Falcons will also feature in the Africa Women Championship in Namibia in October. There are also qualifiers for the CAF U-17 Championship in Niger Republic, as well as the U-20 Championships. All of these are on the cards and we are poised to face all these challenges.

What is the federation putting in place to avoid a repeat of the bonus crisis at the World Cup? Everybody, including the Federal Government is concerned about the bonus issue. And that is why everyone felt something had to be done after the row that happened in Namibia during the World Cup qualifier.

The federation will sit down and agree on the bonuses with the different teams for the different competitions.

NFF will be ready to pay whatever that is agreed with the players. It is only expected that both parties will henceforth respect this.

How do you intend to fund all of the programmes you have enumerated?

Funding is quite critical to the execution of our programmes and I am quite happy to say that we have been able to do our best. The government has also funded the federation even as we know that government has other challenges in other key sectors of the

economy.

But we believe that government has seen what football can bring to the citizenry, the happiness and the employment it can create. We also believe that having qualified for a lot of major tournaments including the World Cup; we will get the usual support from government.

However, we are not solely relying on government. We are also trying to increase our sponsorship base.

Many stakeholders believe that the NFF is heavily undervalued. What are you doing to ensure that both the NFF and the Super Eagles in particular attract Kelechi Iheanacho MVP UAE 2013 right valuation?

I agree with you, but you know that Nigeria is a very peculiar country. When we won the 2013 Nations Cup in South Africa, everybody was all over us; they wanted to be part of the success.

But since that period, we have identified who our real friends are.

We have seen the reluctance of sponsors to identify with football, but we have tried to court and nurture more business relationships.

A brand like tom-tom has been with us through difficult times even after some people tried to discourage them. Today, they are reaping the benefit of their investment and dedication.

What are you doing to change this ugly tide?

We will revalue and place proper market value on our properties. We will also get our partners and sponsors to appreciate that the brands they are partnering and sponsoring is much bigger than it was before.

Several quality players were discovered at the last U-17 FIFA World Cup, what measure is the federation putting in place to ensure that these boys are properly guided to the next level?

The federation does not have the power to stop players from moving to any professional clubs, but we can advise them when the need arises. We can help them to look at the best means to make use of their talents.

Of course, the Golden Eaglets that won the FIFA U-17 World Cup and those that were dropped due to the Magnetic Resonate Imaging will graduate to the U-20 level so as to continue with their development.

But whether they will be able to replicate what they did at the U-17 level is not the issue, the most important thing is that we must nurture and develop them properly so that at the end of the day, they will become materials for the Super Eagles.

That is when Nigeria will truly enjoy the progression of these boys from the U-13 to U-17 to U-20 and to the senior level.

SPORT 53

Sanctity of Truth

Monday, February 24, 2014

Manu rules out automatic shirts for Eaglets

Manu

Ifeanyi Ibeh

N

ewly-appointed coach of the Nigeria U-20 men’s national team, Manu Garba, on Thursday said that there would be no automatic shirt for any player in the new look Flying Eagles.

Garba led Nigeria’s U-17 side to victory at last year’s World Cup in the United Arab Emirates and it is expected that will include his wards from the victorious U-17 side in his plans as he attempts to win a first ever U-20 World Cup title for Nigeria.

However, the coach believes every member of that U-17 team keen on featuring for the Flying Eagles will

Foreign deals won’t affect my World Cup dream -Uzoenyi

have to prove himself all over again.

Garba said, “There will be no automatic shirts for any of them; they will have to show me that they deserve to be in the team.

“They all know the kind of coach I am and how difficult it was for them to get into that (Golden Eaglets) team.

“It was a very difficult process getting into that team and they should not expect anything less this time around, because I can assure anyone thinking of getting into this team that the process will be tougher because this is the U20s and not U-17s.”

The Flying Eagles were silver medalists in 1989 in Saudi Arabia and 2005 in the Netherlands. The team also finished third in 1985, in the former Soviet Union and Garba is hoping the Flying Eagles can go all the way in New Zealand.

But first, Nigeria will have to secure a place at next year’s African U-20 Championship, coming up in January, in Senegal. The tournament will serve as the qualifiers for the

Uzoenyi

Ajibade Olusesan

S

uper Eagles winger, Ejike Uzoenyi, has said that issues surrounding his transfer to Mamelodi Sundown of South Africa will not distract his dream of making the squad to the World Cup. The player dazzled at the last African Nations Championship where he emerged as the Most Valuable Player. He attracted interest from a number of foreign clubs, especially in South Africa, he had to stay back after the tournament to complete transfer negotiations, but he returned home without a deal.

However, Sundown announced on Friday that they have signed a four-year contract with the striker, a position that has been disputed by his Nigeria Premier League club, Enugu Rangers.

But in an exclusive interview

with New Telegraph the player said he remains un-wavered in his determination to play at the World Cup regardless of what happen to his dream to play abroad.

The CHAN MVP said, “I will do my best to make the team. I don’t believe that I will not make it because I am not playing in Europe or elsewhere. I went to the Nations Cup even though I was a player playing at home. So who says I cannot make it to the World Cup because I am not playing abroad?

“I know the coach will give everybody the chance to prove himself.”

Mario Balotelli shooting past Azubuike Egwuekwe, during a Nigeria/Italy friendly tie.

Another bonus war looms in Eagles Tobi Emmanuel

T

he Super Eagles have expressed their resolve to embark on strike again if issues relating to their winning bonuses during friendly matches and at the World Cup proper are not sorted out.

The Eagles last year threatened not to play at the FIFA Confederations Cup, demanding that all their bonuses be paid, but a timely intervention from President Goodluck Jonathan saved the nation the embarrassment.

The Nigeria Football Federation had stated that it was financially handicap to meet the demands of the players.

New Telegraph can authoritatively reveal that the issues will top the agenda when the team converge next month for the international friendly against Mexico in USA. Some top players who craved anonymity maintained that all the players are keeping tabs with development in the country while also mapping out strategies to achieve their objectives.

“We will not hesitate to embark on a strike action again to press home our demand just as we did during the Confederations Cup,” one of the players said.

When reminded of the great privilege of representing the country at the biggest football competition, the player added that: “Nigeria only

remembers a player when he is still active and we will not be deceived into accepting the fact that we need to be patriotic when our leaders are not patriotic in their spendings.”

Another player said; “We are not against the Code of Conduct, but we want a great sense of reasoning when it comes to our welfare. A lot of us have sacrificed for the country in the past with very little to show for it. We are still into consultations and hope to open discussion when we resume camp for the Mexico friendly.”

Another key figure in the team was, however, emphatic in his summation while maintaining that embarking on a strike action tends to put things in the right shape.

“A lot of us get injured while playing for the Eagles and thereby losing our places with our respective clubs but we have realised that it is only a strike action that make things work in our country. We will also explore other options like we did when they reduced our winning bonuses.

“When it gets to the World Cup proper, you will see different set of delegations and officials who have no business with the team always wanting to visit the players just as it happened at the 2013 Nations Cup in South Africa,” he added.

Nigeria will compete for honours at the mundial against Iran, Bosnia-Herzegovina and Argentina.

‘Don’t expect anything from Cricket World Cup’ Ajibade Olusesan

T

he Technical Director of the Nigeria Cricket Federation, Olisa Egwuatu, has said that the country should not expect anything from the national cricket team at the World Cricket League in Malaysia.

The team is preparing for WCL Division 5, holding from March 4 to 14, but Egwuatu told New Telegraph in an interview that the country does not deserve much from the team.

He said despite the effort of the federation to bring honour to the country, government has not supported the team as expected.

“Nigeria should not expect anything from the team because nobody has done anything to support cricket. Nothing has been done to improve cricket facilities.

“You can see that we have done so well to bring honour to this country through cricket, but nobody is appreciating that. ” Nigerian cricket team travelled to Sri Lanka on Friday for a training tour but our correspondent learnt that the team travelled even with severe cash crunch.

A source in the team told our correspondent that the federation almost cancelled the trip but for last minute financial support from ‘friends’ of the federation.

The team qualified for the WCL, Division 5, after it emerged second at the Division 6 in Jersey in 2013.

Other countries that will take part in the competition are: Jersey, Tanzania, Cayman Island, Guernsey and host country, Malaysia.

54 SPORT | EURO FOOTBALL

Sanctity of Truth

Monday, February 24, 2014

Emenike, Ike Uche return to action

Ajibade Olusesan

S

uper Eagles striker, Emmanuel Emenike, is expected to return to the starting line-up of Fenerbahçe as the Yellow Canaries take on Elazıspor today in the Turkish Super Liga.

Emenike was side lined for three weeks due to injury, he returned last week for the match against Kamparisa but was an unused substitute in his club’s 2-1 win.

However, the striker could be thrown into action today by Coach Ersun Yanal as they hope to consolidate on their leadership on the table.

The Canaries’s drop in form coincides with Emenike’s absence. The club managed to get three points out of possible nine when the Nigerian striker was on the side line but will be hoping to reclaim their form with the return of their prized striker.

Fenerbahçe are still topping the table but PREMIER LEAGUE Results

Liverpool 4 – 3 Swansea Newcastle 1 – 0 Aston Villa Chelsea 1 – 0 Everton Arsenal 4 – 1 Sunderland Cardiff 0 – 4 Hull Man City 1 – 0 Stoke West Brom 1 – 1 Fulham West Ham 3 – 1 S’ampton C/ Palace 0 – 2 Man Utd LA LIGA

Vallecano 0 – 1 Sevilla Real Madrid 3 – 0 Elche Celta Vigo 1 – 1 Getafe R/Sociedad 3 – 1 Barcelona Almeria 0 – 0 Malaga Valladolid 1 – 1 Levante SERIE A

Inter 1 – 1 Cagliari Sampdoria 0 – 2 AC Milan Udinese 1 – 1 Atalanta Bologna 0 – 1 Roma

they would become more comfortable at the summit if they manage to get the result today.

The former Spartak Moscow player has scored eight goals in 17 games for the club and he is the second highest goal scorer at the club behind Dirk Kuyt who has scored one goal more.

In a similar vein, national team outcast, Ikechukwu Uche, is also expected to feature for his Spanish side, Villarreal when they face Espanyol today.

BUNDESLIGA

Freiburg 2 – 4 Augsburg Hamburg 3 – 0 Dortmund Gladbach 2 – 2 Hoffenheim Nurnberg 2 – 1 B’chweig Stuttgart 1 – 2 Hertha Wolfsburg 3 – 1 Leverkusen Schalke 0 – 0 Mainz LIGUE 1

Toulouse 2 – 4 PSG Marseille 1 – 0 Lorient Bastia 0 – 2 St. Etienne Bordeaux 2 – 1 Evian Guingamp 1 – 0 Nice Montpellier 2 – 0 Ajaccio Valenciennes 2 – 2 Sochaux Monaco 3 – 2 Reims EREDIVISIE

Ajax 4 – 0 Alkamaar Vitesse 3 – 1 Waalwijk

Martino accepts blame for Barca loss

T

ata Martino has taken responsibility for Barcelona’s defeat to Real Sociedad, insisting he ‘read the game wrongly.’

The 3-1 defeat at Anoeta on Saturday night leaves Barca three points behind Real Madrid, who saw off Elche at Santiago Bernabeu.

Atletico Madrid play at Osasuna on Sunday night and could also move three points ahead of the champions.

“I’m left with the pain of losing,” Martino told his post-match Press conference.

“La Real played well and I misread the game. I thought our performance should have been similar to the one we put in against La Real in the Copa del Rey semifinals.”

Martino was sent to the stands during the game but declined to discuss the incident in great detail.

“I’ve nothing to say,” the Coach added.

Barcelona’s Lionel Messi runing with the ball against Real Sociedad’s Mikel Gonzalez Martinez (L) during the La Liga match at Anoeta Stadium in San Sebastian, Spain on Saturday. Real Sociedad won 3-1

Mourinho sweat on Mikel, Dortmund coach blasts players Luiz for Galatasaray

C

helsea manager, Jose Mourinho, is hoping at least one of David Luiz or John Obi Mikel is fit to face Galatasaray on Wednesday.

Luiz and Mikel were both absent through injury for Saturday’s dramatic 1-0 Premier League victory over Everton, which saw captain John Terry mark his return from a muscle strain with an injurytime winner.

With January midfield recruit, Nemanja

Matic, ineligible for the UEFA Champions League, Mourinho is keen that his options are not further depleted when Chelsea travel to Turkey for the first leg of Wednesday’s last-16 tie.

“We have three days so let’s see,” said Mourinho after the Everton game.

“With Mikel and David Luiz, I don’t know if they can recover. It’s important we have at least one of them because we don’t have Matic for the Champions League.”

Mourinho also offered an update on minor injuries to Oscar and Ramires.

The latter was introduced as a half-time substitute against Everton, after Oscar failed to shake off a pre-game complaint.

J

urgen Klopp believes his Borussia Dortmund side massively underestimated strugglers Hamburg after losing 3-0 on Saturday.

Die Rothosen came into the match on an eight-game losing streak and were overwhelming underdogs against a side that had rediscovered their form and had won three on the trot.

But things did not go according to plan for Klopp’s men at the Imtech Arena, and the German tactician admits the attitude of his players left a lot to be desired.

“There’s an old saying that a good horse only jumps as high as he has to,” Klopp said.

“Well I hate this saying more than anything. I think a horse should jump as high as it can.

“We looked at how high we had to jump today and, when we realised that it wasn’t so high, we had already fallen behind.”

Pirlo rules out Juve exit A

ndrea Pirlo has revealed that he is almost certain to extend his stay at Juventus with his current deal set to expire at the end of the season.

The 34-year-old joined the Bianconeri in 2011 after 10 successful years with AC Milan and has been at the heart of their back-to-back Scudetto wins.

The World Cupwinning midfielder is reportedly a target for Real Madrid

which would see him reunite with former boss Carlo Ancelotti, while a surprise return to the Rossoneri has also been mooted.

But Pirlo insists his priority is to remain at the Juventus Stadium, and is confident he and the club will soon reach an agreement in that respect.

“I just want to be a protagonist, as long as I feel up to it, which I hope is as long as possible,” he explained.

“I’ve talked to Juve and we’ll meet up to define the details, but there are so many games at the moment, so it’s better to focus on them.

PREMIER LEAGUE SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

TEAM Chelsea Arsenal Man City Liverpool Tottenham Man United Everton Newcastle Southampton West Ham Hull City Swansea City Aston Villa Stoke City Crystal Palace Norwich City West Brom Sunderland Cardiff City Fulham

P

PTS

27 27

60 59

26 27 27 27 26 27 27 27 27 27 27 27 26 27 27 26 27 27

57 56 51 45

45 40 39 31 30 28 28 27 26 26 25 24 22

21

SPORT 55

Sanctity of Truth

Monday, February 24, 2014

NSC moves to resolve handball crisis Mercy Jacob

A

fter almost a year of crisis, peace may soon return to the Handball Federation of Nigeria following moves by the National Sports Commission to resolve the lingering crisis in the body.

The HFN has been experiencing one form of dispute or the other ever since the last board elections, which returned Yusuf Dauda as the federation’s president. A peace meeting was held in Abuja with a pressure group, Mega Handball Veterans, insisting the process which returned the incumbent was flawed.

The MHV called for the election results to be nullified but this was rejected by the leadership of the HFN. As a result, the MHV took the issue to a civil court which, subsequently, annulled the result of the elections.

Dauda, however, refused to acknowledge the court’s verdict and remains insistent on being HFN’s president, thus prolonging the crisis.

NSC’s Director-General, Gbenga Elegbeleye, said he held a meeting with the warring parties on Wednesday, stressing that the crisis has finally been resolved.

The said meeting, which was held at

Handball action from the last sports festival, Eko 2012

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ROBIN VAN Persie So great to meet my hero again the best ever, Diego. Manchester United forward, Robin van Persie, couldn’t hide his delight after meeting up with Argentine football legend, Diego Maradona. He even posted a picture.

Funds threaten AFN programmes UI flops at 2014 NUGA games C O N T I N U E D F R O M PA G E 5 1

Some of the programmes on AFN’s calendar for 2014 includes; NUGA Games in Ile-Ife (February), IAAF World Indoor Cham- p i onships, Sopot, Poland (March), Okpekpe 10km Road Race, Edo State,

@Persie_Official

Yaya Toure Agbim

Great win, well done city.

Manchester City and Cote d’Ivoire midfielder, Yaya Toure, shows his delight after his side edged Stoke City 1-0 on Saturday.

@Toure_yaya42

Sergio Aguero Feeling very good about my last week of recovery work. If I keep it up next week I’ll train with the team!

@aguerosergiokun Ramires Very happy for helping the team to get another win! Thank you, God!

@Rami7oficial Daniel Sturridge Who God blesses, no man curses.

@D_Sturridge

the federal secretariat, Abuja, had in attendance five representatives from the MHV including its Vice-President, Seidu Jubiril. The HFN board was represented

by Duada and the federation’s technical director, Musa Hamza.

Surprisingly, when the Veterans were contacted by our correspondent, they refuted the claim that the crisis had been resolved, instead, disclosing that another meeting has been scheduled for Tuesday between the warring parties and the NSC’s boss.

“It has not been resolved yet,” Aminu Ibraheem, member of the Veteran’s executive, said; “But there have been moves by the NSC to resolve the crisis. We just held a meeting with the NSC DG and we are meeting again on Tuesday and that meeting will determine whether we are going to withdraw the case from court or not.

“But above all, they must accept our conditions, which are the nullification of the last elections and for new elections to hold. This is because we are not happy with the way the elections were conducted; there were too many irregularities. So long as new elections are going to hold, we are ready to accept whoever emerges the winner,” Ibraheem said.

Jude opara Abuja

T

h e Chairman of the Gombe State Sports Commission, Alhaji Farouk Jarma, has said that Super Eagles goalkeeper, Chigozie Agbim, was signed by Gombe United Football Club because of the potentials the team saw in him.

Speaking to New Telegraph Sport in Abuja during the week, Jarma said despite the immense criticism that greeted Agbim’s performance at the just concluded African Nations Championship, the club decided to sign him because the goalkeeper was improving with every match during the championship which was won by Libya.

Jarma said, “Many people criticised Agbim for the goals he conceded especially at the beginning of the championship but we also noticed that before the event, he did not play a lot of matches, he was match rusty which may have

Africa Youth Games in Gaborone (May), National Athletics Championship/Commonwealth Games Trials in Calabar (June), Youth Olympic Games in Nanjing, China (August) and Aba Half Marathon (December).

Why we signed Agbim -Jarma affected his performance but he also improved as the championship progressed.

“We saw what he did against Morocco as well as in the third place match where he made some impressive saves that helped Nigeria to win the bronze on her first outing in CHAN.” The Gombe sports boss said he was sure that the club would get brilliant results with Agbim adding that the team had its own targets which also included a continental ticket and to ensure football developed better in the state.

“Gombe United is a place a player can go without much pressure on him, but we hope to improve on what we did last season and to end at least among the first three teams on the table or to win the Confederations cup so as to qualify to represent the country in the continent come next year. We are also of the view that a goalkeeper like Agbim will be very instrumental to our achieving that goal.”

… as UNIPORT tops medals table Mojeed Alabi

A

fter 10 days of intensive competition among 41 universities across the federation in the just concluded Nigerian University Games, hosted by Obafemi Awolowo University, OAU, Ile-Ife, Osun State, the medals’ table has revealed a very poor outing by the nation’s premier university, the University of Ibadan.

UI, which ranked 27th on the table, won no gold medal, managed to win six silver and 24 bronze medals to record one of its poorest outings since the commencement of the competitions more than four decades ago.

The event was held between Wednesday, February 12 and Saturday, February 22, 2014.

Meanwhile, the University of Port Harcourt, UNIPORT, Rivers State, won the games grabbing 63 gold, 41 silver and 16 bronze medals, making its total haul to be 120 medals.

The university, which participated in almost all the 15 sporting events, including track and field, badminton, basketball, chess, cricket, handball, hockey, judo, soccer, squash, swimming, table tennis, taekwondo, tennis, and volleyball, was regarded as the best in the 24th edition of the competition and was followed by the University of Lagos, UNILAG, Akoka, which recorded a total of 30 medals with 13 gold medals.

The host university, Obafemi Awolowo University, OAU, Ile-Ife, came third in the competition with 36 medals with 12 gold medals.

On Marble

World Record

Always forgive your enemies; nothing annoys them so much – Oscar Wilde

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, FEBRuary 24, 2014.

politics Most local investors understand that what is happening is all politics, so they are scarcely distracted

T

he headlines in the emerging market investment space are all about the suspension of Mallam Lamido Sanusi, governor of the Central Bank of Nigeria (CBN). This comes as a result of a bold executive order issued by the country’s president, Goodluck Jonathan.

And while politics will always just be politics, we would like to focus on what this really means for the CBN, Nigeria’s financial sector and the impact the event will have on markets.

The sacking of Sanusi will probably have a negative impact in the short term but we don’t believe it will derail the development of Nigeria’s capital markets. We’ll probably see some negative price action, but we expect it to be transient as locals and long term investors step in to pick up attractive valuations.

The global finance community may be confused about what is happening here because it holds Sanusi in high esteem. He built a strong reputation by overseeing a number of positive developments while he was at the helm of the CBN. He especially earned much respect for his decisive actions that helped Nigeria pull its finance sector back together after it was hit hard by the global financial crisis.

He can also claim that under his watch, the CBN evolved into a highly functional and reputable institution.

And while Sanusi got applauded around the world, his determination and outspoken nature ruffled many political feathers back home.

Let’s not lose sight of the fact that Sanusi was already scheduled to step down as the head of the central bank on 1 June so it is unlikely that his ‘sudden’ departure will compromise the CBN’s functionality or independence. With this in mind, a transition has probably already been in the making for some time. Regardless of how this story evolves during the next few days, this succession was a bridge that we were going to cross anyway.

The reality is that Sanusi did not leave the CBN ‘steerless’ because deputy CBN governor Dr. Sarah Alade is now running the institution as the interim governor. Alade is no stranger to the African investment community and she regularly

N150

Kevin Fast (Canada) pulled a CC177 Globemaster 111, weighing 188.83 tonnes, a distance of 8.8m at Canadian forces Base in Ontario on September 17, 2009

Will Sanusi’s suspension impact Nigeria’s market?

Guest Columnist Malick Badjie

Malick Badjie is the director and head of investment solutions at Silk Invest and is responsible for leading investment solutions and strategy for the firm, working closely with frontier governments to develop and deepen the capital market base in frontier.

Sanusi

interacts with the world regarding CBN policy. Having joined the CBN in 1993, she is certainly not a newcomer.

In fact, she was expected to become Governor Charles Soludo’s successor in 2009 but lost the bid to Sanusi, her contender at the time.

Alade has the credentials and the credibility to assume the position but she probably won’t be as vocal as her predecessor.

The sacking of Sanusi will probably have a negative impact in the short term but we don’t believe it will derail the development of Nigeria’s capital markets

And then there are the politics. Most local investors probably understand that because of the intensifying presidential election campaigns that will build up towards the end of the year, we are probably going to see many more big headlines in Nigeria’s notoriously outspoken media. From the outside, it may even be interpreted as instability, causing a temporary disconnect between domestic and foreign sentiment. This in turn could continue to put further pressure on Nigeria’s currency, the naira.

However, The CBN has the FX reserves, a strong balance sheet and an experienced team in the cockpit to manage the naira’s fluctuations so the current concerns around Sanusi’s suspension may be quite overblown.

So, if you believe in Nigeria’s long term value, now is a great time to be on the lookout for opportunities…

NB: Nigeria’s FX reserves cover the country’s total external debt by 500%. This is very high when compared to most developing nations.

As a point of comparison, Turkey’s coverage ratio stands only at around 40%.

Looking at the politics Another thing to bear in mind is that Nigeria’s capital markets are mainly driven by local investors who weren’t too surprised by the president’s move. If you have been following Nigerian finances, you will be aware of the fact that the president already ordered Sanusi to step down in December 2013.

In addition, the fact that Sanusi wasn’t seeking a second five-year term already forced most habitual investors to start thinking about a CBN without him. This also implies that some of the ‘short term’ money may have already traded out of the market well before this debacle.

It’s also worth noting that during the past few years, Nigeria’s capital markets have demonstrated a low correlation with political events so the most experienced emerging market investors have learned to profit from these shortterm sell-offs.

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