New telegraph monday, february 29, 2016 binder1

Telecoms: NCC resumes N45bn spectrum auction

lGlo, MTN fined N34m for porting infractions Kunle Azeez

T

he Nigerian government has resumed the process of auc-

tioning the 2.6-gigahertz frequency spectrum band in the nation’s telecommunications market, New Telegraph gathered yes-

terday.

As such, the telecoms industry regulator, the Nigerian Communications Commission (NCC),

will soon release a new guideline or Information Memorandum (IM) on the spectrum to guide its eventual licensing.

The IM will define the process that the commission has decided to adopt for the licensing of 2x70 Megahertz (MHz) paired

spectrum available in the 2.6GHz band.

It is also expected to provide information on the CONTINUED ON PAGE 4

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Monday, February 29, 2016

Noah's Ark, Tower of Babel in Ile-Ife – Ooni }38

/newtelegraph /newtelegraph

Vol. 3 No. 740

Ogunwusi

N675m fraud: FG arraigns ex-minister, Moro, today }6

Moro

@newtelegraph1 www.newtelegraphonline.com @newtelegraph1 www.newtelegraphonline.com

EFCC seizes assets of NAMA top officials }2

Abdulsalam

Robbers attack hospitals, injure patients, workers }9

N150

Mimiko

Why Osinbajo, Saraki, Tinubu, APC leaders met

lPresidency's frosty relationship with judiciary, INEC, PDP, economy, court rulings top agenda }2 Fuel scarcity is back

Queues at various filling stations in Lagos… yesterday.

PHOTOS: Suleiman Husaini and TONY EGUAYE

How PDP leaders shared N300m car gift lMetuh: I have no case to answer on N400m

}4

Overweight adults have poor memory –Study }7

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NEWS

MONDAY, february 29, 2016 NEW TELEGRAPH

Why Osinbajo, Saraki, Tinubu, APC leaders met Ayodele Ojo

F

acts have emerged on what leaders of the All Progressives Congress (APC) and Vice-President Yemi Osinbajo discussed when they met last week Wednesday at the Presidential Villa, Abuja.

Impeccable sources told New Telegraph that the meeting held at the Conference Room of the Vice President centred on the current political development in the country, anti-graft war, Supreme Court rulings on Rivers, Akwa Ibom and Taraba governorship elections and the Independent National Electoral Commission (INEC).

Also, the meeting, which had in attendance Senate President Bukola Saraki; former Vice President Atiku Abubakar; APC National Leader,

Asiwaju Bola Tinubu; APC National Chairman, Chief John Odigie-Oyegun; Secretary to the Government of the Federation (SGF), Babachir Lawal; former APC Interim National Chairman, Chief Bisi Akande, and Deputy Speaker of the House of Representatives, Hon. Yusuff Lasun, reviewed the unfolding events in the Peoples Democratic Party (PDP), state of the economy, finances of APC and the forthcoming party activities.

It was further learnt that the party leaders expressed concerns over the structure of the electoral umpire, the INEC. A source privy to the meeting told New Telegraph that Osinbajo and the APC leaders felt that INEC leadership is properly constituted, but that its operations are largely controlled by the PDP.

“While the leadership of INEC is properly constituted, the body’s bureaucracy, which does most of the work, are largely controlled by the opposition PDP. Don’t forget that most of the staff was employed during the PDP administration. As such, their loyalty is still to the PDP and those who recruited them into INEC,” a source said.

The SGF and the Head of Service of the Federation (HoSF) were mandated to handle the ‘situation.’

The unfolding events in the opposition PDP were also discussed. New Telegraph was told that a report on the infiltration of PDP by APC agents was considered.

The ‘Infiltration Report’ stated the progress made so far in the PDP and that “some of the key players are working for the APC.” PDP is in crisis over the emergence of Senator Ali

Modu Sheriff as its national chairman.

It was learnt that those charged with infiltration agenda were asked to “step up and sustain” their activities.

The idea of infiltration came about as a counter arrangement to PDP’s plot to “take over” the structures of APC in some states.

Another issue that dominated the discussion was the state of the economy.

The APC leaders concluded that “the state of the economy is worrisome.”

New Telegraph gathered that the party leaders advised the administration to strengthen the National Economic Team and, as a matter of urgency, appoint a Special Adviser on Economic Matters.

The president has reportedly appointed Dr. Oluyemi Dipeolu as Special Adviser on Economic Matters.

L-R: (Front row) Minister of Finance, Mrs. Kemi Adeosun and Qatar’s Minister of Finance, Ali Shareef Al Emadi.

(Standing) President Muhammadu Buhari and and the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani, during the signing of an agreement on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes Income in Doha, Qatar… yesterday

22

The life expectancy of women at age 60 years of Cape Verde in 2010-2015.

Source: Un.org.

17

The life expectancy of men at age 60 years of Guyana in 2010-2015.

Source: Un.org.

Dipeolu was a director in the United Nations Economic Commission for Africa (UNECA).

The finance of APC was also considered. The ruling party is broke as there is no money to meet its financial obligations.

A source at the meeting said that party leaders were not impressed with its finances. Consequently, the National Working Committee (NWC) was mandated to give a financial report of the party from November 2014 till date. They were given two weeks to submit the report.

Also, New Telegraph learnt that the APC leaders decried the relationship between the Buhari-led executive and the judiciary.

The submission was that the Presidency was too far from the judiciary.

The APC leaders advised that the executive should carry the judiciary along in its major policy decision, not to pervert justice.

On the anti-graft war, the leaders stated that the executive ought to have shared its vision with the judiciary, so that they can have a collective vision in the fight against corrup-

EFCC seizes assets of NAMA top officials Wole Shadare

T

he Economic and Financial Crimes Commission (EFCC) has begun the seizure of assets of some top officials of the Nigerian Airspace Management Agency (NAMA), some of who are still being questioned over N5 billion alleged sleaze.

This is coming after New Telegraph exclusively reported the freezing of the accounts of the NAMA managers, penultimate week, after huge sums of money and assets worth billions of naira were allegedly traced to them.

Some of the assets seized are petrol stations, and other investments in Lagos.

Three petrol stations belonging to one of the NAMA officials were seized on Friday in Lagos with the inscription

“Under Investigation by EFCC”.

A source said the EFCC has concluded plans to arraign the officials this week. They are being held over allegations of financial impropriety.

The NAMA officials, which are still in EFCC custody, are to be arraigned in Lagos to answer charges that border on graft.

Meanwhile, while the duo of Acting General Manager (Electromagnetic Services), Atiku Abubakar, and Project Manager, Felicia Agubata were released last week with a condition that they report to the EFCC every week, NAMA’s Managing Director, Ibrahim Abdulsalam; Director of Finance and Accounts, Mrs. Clara Aliche; Acting General Manager (Procurement), Muyiwa Adegorite, General Manager (Finance), Segun Nurudeen Agbo-

lade; General Manager (ICT), Akinribido Bolaniran are still being held by the agency.

The arrests of top NAMA chiefs, penultimate week, had sent shock waves down the spines of top officials of the Federal Airports Authority of Nigeria (FAAN), the Nigerian Civil Aviation Authority (NCAA), Nigerian Meteorological Agency (NIMET) and the Nigerian College of Aviation Technology (NCAT).

FAAN is the cash cow of the aviation industry.

These arrests were made to explain how Abdulsalam and his predecessor both singlehandedly signed off payments of over N3 billion on ‘questionable contracts’ between 2013 and 2015.

Documents obtained showed that the bulk of these payments were for clearing of containers

and Customs duties, which amounted to N2,101,689, 304.14 within the period under review.

Most of these clearing/ Customs duties payment were said to be non-transparent, as the agency had never really undertaken any “major importation that warrants payments in tens of millions of naira at different times as claimed by the management.”

The trail of approvals and payments, according to sources, revealed a lack of due process and transparency in approving the sums involved, which, in most cases, were said to be above the approval limits of the Managing Director of NAMA and should have either been referred to the board or the Minister of Aviation.

An example was a request for payment by Delosa Limited of N39,650,000 for ‘cost of customs clear-

ing and haulage’ of 10×40 FT ZIMU 1169653, ZIMU 4029722, ZCSU 2985348 and GSLU 2025405, TRLU 9623242. Others are CLHU 9634293, FSCU 2596026, TGHU 4687174, ZCSU 2596026, and EMCU 5201729 STC Wire Managers Scale Electronics addressed to the MD in a letter dated October 16, 2014.

Of the total amount in the letter, N25,941,750 was submitted as payment for duty, while the balance of N13,708,250 was for agency fee.

Of the N3,147,866,524.14 paid out by the different chief executives of the agency, the sum of N748,139,386 was expended as ‘expenses made through special officers as mandated to the banks’ while another N298,037,834 was spent on ‘overseas travels’ through a travel agency owned by the wife of one of the arrested officials.

tion.

They also agreed that it was a tactical error for the Presidency to have accused the judiciary of frustrating the anti-graft war.

“One of the critical issues examined at the meeting was the frosty relationship between the Buhari-led administration and the judiciary. Both arms are not on the same page, especially on the fight against corruption.

“Don’t forget that President Buhari and his vice, Osinbajo, have accused the judiciary of sabotaging the graft war. The president openly stated that the judiciary was his headache in the fight against corruption. The vice president also made a similar remark about the judiciary.

“So, we agreed that this was a tactical error. We concluded that the relationship between the executive and the judiciary must be cemented for quality governance,” a source familiar with the meeting told New Telegraph.

It was learnt that the rulings of the Supreme Court on Rivers, Akwa Ibom and Taraba governorship elections were extensively discussed at the meeting.

APC leaders, including the national chairman, Oyegun, had openly condemned the rulings, which went against the governing party in favour of the opposition PDP. At the meeting, the APC leaders rued the judgements. They, however, attributed the outcomes to many factors – the negative disposition of the executive to the judiciary and Rotimi Amaechi’s attitude to the bench.

New Telegraph was told that the relationship between the judiciary and Amaechi, former Governor of Rivers State and Minister of Transportation, was partly responsible for the loss of Rivers.

APC and its governorship candidate in Rivers, Dakuku Peterside, won at the tribunal and Court of Appeal as the courts ordered a fresh election, but lost at the apex court.

Peterside is a protégée of Amaechi.

Rivers State judiciary was shut down for almost a year in the last days of Amaechi.

A source told New Telegraph that Amaechi, as a creation of the judiciary – he became governor through the court – did not show respect to the judiciary and that this partly affected the party in court.

The leaders thus sounded a note of caution on how to handle the judiciary.

Buhari was on foreign trip when the meeting was held.

MONDAY, february 29, 2016 NEW TELEGRAPH

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NEWS

MONDAY, february 29, 2016 NEW TELEGRAPH

How PDP leaders shared N300m car gift Onyekachi Eze and Tunde Oyesina ABUJA

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he 23 exotic cars given to the Peoples Democratic Party (PDP) by businessman, Mr. Jide Omokore, was not for the party's campaign after all.

The car gift is, however, the reason for the arrest and detention of PDP Deputy National Chairman, Prince Uche Secondus, last Tuesday.

The former Acting National Chairman of the party is still in the custody of the Economic and Financial Crimes Commission (EFCC) five days after his arrest.

He handed over only last Monday to Senator Ali Modu Sheriff as substantive national chairman after nine months in acting capacity.

But contrary to the claims, the cars, mostly Hyundia brand, valued

at N300 million, were not meant for PDP campaigns.

The vehicles were given to the PDP leadership over two years ago when Alhaji Adamu Mu'azu was still the National Chairman of the party.

A source at the party's national secretariat, who pleaded anonymity, said Secondus received the cars on behalf of the National Working Committee (NWC) members.

"They shared them among themselves. Some NWC members got two cars each," the source disclosed.

PDP has about 12 NWC members.

According to the source, some NWC members in turn gave them out as gifts to their aides

3.12%

and relations.

For instance, one of the principal officers allegedly gave one of the cars given to him to his aide and the other to his sister.

Secondus has opted to return the vehicles in exchange for his freedom, but the anti-corruption agency has rejected such offer.

Instead, the EFCC wants him to pay N300 million, which it computed to be the monetary value of the vehicles.

"The cars have depreciated in value. They have been driving them since the last two years. That may be why the EFCC refused to accept the cars back," the source argued.

He said that the option may be to compel the

The percentage of the individuals using the internet in Jamaica in 2000.

Source: Itu.int.

NWC members who benefited from the gift to pay the monetary equivalent to get the Deputy National Chairman off the hook.

PDP leaders have been guests of the EFCC since last year.

The party's National Publicity Secretary, Chief Olisa Metuh, is currently standing trial in connection with N400 million he allegedly collected from the office of the National Security Adviser (NSA), Col. Sambo Dasuki while the former acting Chairman, Board of Trustees (BoT), Dr. Haliru Bello, is standing trial.

Meanwhile, the National Publicity Secretary of the PDP, Chief Olisa Metuh, has said that the EFCC failed to establish the essential ingredients

189

The number of deaths (per 100,000) due to Alzheimer’s Disease in District of Hawaii State in 2010.

Source: Alz.org

President, Dangote Group, Aliko Dangote (right), exchanging pleasantries with one of the cement distributors in the Northern part of Nigeria at a customers’ forum meeting in Kano …at the weekend

Telecoms: NCC resumes N45bn spectrum auction CONTINUED FROM PAGE 1

Nigerian telecommunications market, details of the spectrum to be made available, pre-qualification process, the auction process and indicative timetable, among others.

It was gathered that the auction, which had been postponed twice since December 2014, is expected to generate a minimum of $224 million (about N44.8 billion) into the government coffer.

Sources at the commission told our correspondent yesterday that the renewed vision by the NCC to resume the auction was consequent upon clearance with the National Frequency Management Council (NFMC).

The ‘official clearance’ came 14 months after the

planned 2.6Ghz spectrum has been entangled in an ‘administrative cobweb,’ putting the commission at a fix to seamlessly auction the spectrum band.

“The NCC, on behalf of the Federal Government of Nigeria, hereby informs parties interested in participating in the Auction of Frequency Spectrum Licensees in the 2.6 GHz band that the process of the auction has resumed,” Executive Chairman of the NCC, Prof. Umar Danbatta, said in a document yesterday.

The document entitled: ‘Resumption of 2.6GHz frequency spectrum auction,’ added that “further details will be published in due course in print and electronic media, as well as on the commission’s website,” while advising

interested participants “to be on the watch.”

In November 2014, the commission had, unexpectedly, truncated the plan to auction the spectrum band, initially slated for auctioning in early December of that year.

After four months of moratorium, the commission auspiciously announced its resumption of the much-sought-after auction, which, it said, would take place from May 5-8, 2015.

However, on March 30, 2015, the industry witnessed a second shocking postponement when the regulator suspended the proposed auctioning of the telecoms band ‘till further notice.’

The 2.6Ghz spectrum band is useful for the deployment of high-speed

Internet broadband in the nation’s telecoms sector, where voice market has grown significantly with broadband being recognised as the next growth frontier for the country.

On assuming office last year, Danbatta had expressed his resolve to accelerate broadband development in the country through releasing more spectrum bands for players in the industry.

Such spectrum frequency spectrum bands include the 2.6-gigahertz spectrum, the 5.4-gigahertz spectrum band and the 70/80-gigahertz bands.

According to official data, Nigeria currently has about 10 per cent broadband penetration, up from less than six per cent in 2013.

CONTINUED ON PAGE 6

of the offences with which he was charged before the Federal High Court sitting in Abuja alongside his company, Destra Investments Limited.

Metuh, who had through his counsel, Onyechi Ikpeazu (SAN), filed a no case submission, said that the charges as constituted, did not disclose any prima facie case against him.

Metuh is charged with criminal breach of trust, corruption and money laundering for allegedly receiving N400 million from the Office of the National Security Adviser (ONSA). He pleaded not guilty to the offences.

However, after the prosecution closed its case, Metuh was called upon to enter his defence, he chose to raise a no case submission.

If the no case submission succeeds, the trial terminates there.

In count one of the seven-count charge, Metuh was charged with taking “possession of N400 million paid into the account of Destra Investment Limited with Diamond Bank Plc Account No 0040437573 from the account of the ONSA with the Central Bank of Nigeria without contract award when you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col Mohammed Sambo Dasuki (rtd), the then National Security Adviser (To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15(2),(d) of the Money Laundering (Prohibition) Act 20111 as amended in 2012 and punishable under Section 15(3) of the same Act." In the no case submission, Metuh argued that for the prosecution to establish a prima facie case, it must be established that he took possession or control of funds, knowing that such funds formed part of the proceeds of an unlawful act or reasonably ought to have known that such funds formed part of the proceeds of an unlawful act.

According to him, there was no evidence by any witness that at the time the sum of N400 million was paid into the account of his company, he was notified directly or indirectly that the said money was paid from the account of ONSA. He also said that the prosecutor failed to lead evidence to show that the defendants were notified

by ONSA that money was paid into their account by

ONSA for whatever purpose.

Metuh further stated that following a presentation to the then former President, Goodluck Jonathan on how to shore up the image of the PDP and inexorably Nigeria, he expected payment to execute the presentation, but not from the ONSA. He argued that the idea that he ought to know that the funds formed part of the proceeds of an unlawful act did not arise.

In addition, he stated that the EFCC admitted that he had no business dealing with the ONSA, no contract and wondered how the commission expected him to have known that funds paid to him was for illegal purpose.

According to him, "On yet another counter pane, section 15(2)(d) of the Act requires proof that the money must be proceeds of an unlawful act. In this case, it has not been established that the defendants knew that the ONSA engaged in any unlawful act.

An unlawful act must be an act which is not authorised or approved and which has been found to be illegal."

He said the EFCC failed to establish the unlawfulness of the act in question.

"Put another way, with respect to the issue of no case submission, that essential element of the offence (which is the unlawfulness of the act) must first be established against the persons who perpetrated it. The prosecution cannot put the cart before the horse, which is what they are doing in this case," he added.

In his response, the prosecutor, Sylvanus Tahir, disagreed with Metuh. He said that he led an overwhelming evidence against him and expressed surprise that he (Metuh) was raising a no case submission.

He said that the EFCC received a complaint from the ONSA that money was paid under the immediate past NSA to individuals and companies without any document supporting such payments and that the commission investigated the petition.

According to him, a charge was filed against Metuh after a prima facie of money laundering was established against him.

He urged the court to dismiss the no case submission and ask the defendants to enter their defence, adding that they had an explanation to make.

The trial judge, Justice Abang Okon has fixed March 9 for ruling on the no case submission.

NEWS

MONDAY, february 29, 2016 NEW TELEGRAPH

Nigeria, Qatar sign bilateral air service agreement

5

lBuhari: Crude oil prices totally unacceptable

Anule Emmanuel Abuja

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he Federal Government has signed a bilateral air services agreement (BASA) with the State of Qatar to pave the way for direct flights within major cities of the two countries.

The agreement is also to assist in checking the issue of double taxation and tax evasion among air operators within both countries.

President Muhammadu Buhari witnessed the signing of the agreement in Doha alongside the Qatar leader on the sideline of his state visit to the country.

Minister of State for Aviation, Senator Hadi Sirika, representing Buhari, signed the air services agreement on behalf of the country while Qatar’s Minister of Transportation and Communications, Jassim Bin Saif Alsulaiti, signed on behalf of the Emir of Qatar, Sheikh Tamim Bin Hammad AlThani.

The agreement is expected to operate on the principle of reciprocity by the designated airlines on behalf of the countries.

Minister of Finance, Mrs. Kemi Adeosun, also signed the agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes income with her Qatari counterpart, Ali Shareef Al Emadi.

It is also expected that the agreement on bilateral air service will promote

trade, commerce and tourism between the two countries just as Nigeria has also commenced discussions on partnerships towards establishing a national airline for Nigeria.

The agreement on the avoidance of double taxation, which had been negotiated since February 2015, will no doubt bring in more investments and businesses between Qatar and Nigeria.

Meanwhile, Buhari has described as unacceptable the continued fall in the price of crude oil at the international market.

The president, while speaking at a bilateral meeting with the Sheikh Tamim Bin Hammad AlThani, the Emir of the State of Qatar in Doha, urged members of the Organisation of Petroleum Exporting Countries (OPEC) to collaborate and stabilise the price of the product.

He said both OPEC and non-OPEC members must cooperate to find a common ground to stabilise crude oil prices.

The president described the current market situation in the industry, which has seen oil prices plummet by 70 per cent since mid-2014, as “totally unacceptable.”

According to him, "as members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people.

"The current market sit-

uation in the oil industry is unsustainable and totally unacceptable.”

"We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market, which will be beneficial to our nations,” the president said on the second day of his state visit to Qatar.

The president used the occasion of his address to the Emir to commend the existing cordial bilateral relations between both countries and invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance.

He assured prospective investors of government protection of their persons and investment, noting that in the course of his visit, the delegations from Nigeria and Qatar would formalise at least two bilateral agreements to boost economic cooperation between both countries.

Buhari also weighedin on the situation in the Middle East, commending the role Qatar is playing in resolving the present Syrian crisis, the Palestinian cause and efforts in reconstructing Gaza.

Buhari also called for a lasting solution to the Israeli–Palestinian conflict, saying “we in Nigeria, like the State of Qatar, favour a ‘Two State’ solution, with the State of Palestine living side by side with the State of Israel.”

Presidential poll: FG donates vehicles, motorcycles to Benin

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he Federal Government has donated 15 Hilux operational vehicles and 100 motorcycles to the Commission Electorale Nationale Autonome (CENA) of Benin Republic to enable it conduct credible presidential election.

The Permanent Secretary, Ministry of Foreign Affairs, Ambassador Bulus Lolo, who presented the items in Cotonou, said that free, peaceful and credible election in Benin was of interest to Nigeria.

The presidential elections will be held in Benin on March 6 and 36 candidates have been cleared to contest the election.

Lolo encouraged the people of Benin and the electoral commission to conduct the elections in peaceful, transparent and credible manner.

“Nigeria and Benin are neighbours; what happens

in Benin is of immediate impact and interest to Nigeria and what happens in Nigeria has impact and is of interest to Benin.

“Besides, we are one and the same people separated by colonial rule and because of this separation with a borderline, we tend to think that we are different people.

“Therefore, our being here today to support the electoral process in Benin is a clear demonstration of our solidarity, brotherhood and friendship,” he said.

According to him, Nigeria wants to share its experience with Benin to encourage the people of the country that there is no alternative to democratic governance.

Responding, the President of CENA, Tiando Emmanuel, commended Nigeria’s support to Benin at all times, saying that the

donation would assist the electoral body to enhance its performance.

“This gesture will allow CENA to reach the farthest parts of Benin during the election and will reinforce our democracy in Benin and democratic values in Africa,” Emmanuel said.

Nigeria’s Ambassador to Benin, Dr. Lawrence Obisakin, commended the leadership quality of President Muhamadu Buhari, who had supported democracy in Africa since he assumed office.

Obisakin said Buhari had further re-asserted Nigeria’s continental leadership.

The Ambassador of Benin to Nigeria, Mr. Oyedekpo Laleye, lauded the cooperation between the two countries, pledging that the donation would be used for the betterment of the people.

BENUE STATE UNIVERSITY MAKURDI,NIGERIA Office of the Vice-Chancellor

BSU/R/TB/57

23rd February, 2016

INVITATION FOR THE PRE-QUALIFICATION/TENDER OF CONTRACTORS FOR ENTREPRENEURSHIP INTERVENTION YEAR 2013/2014 (MERGED) 1.0 INTRODUCTION

The Benue State University, Makurdi has received an Allocation from the Tertiary Education Trust Fund and desires to apply the funds in the following projects:

Lot 1: Supply and installation of various fashion designing equipment

Lot 2: Supply and installation of professional audiovisual equipment

Lot 3: Supply and installation of various barbing saloon equipment

Lot 4: Supply and installation of hair treatment equipment.

Lot 5: Supply and installation of printing press equipment 2.0 PRE-QUALIFICATION REQUIREMENTS

Interested and competent contractors with experience in executing works of similar nature are requested to submit pre-qualification documents, neatly bound, paginated and arranged in the following order for consideration: i. Evidence of registration and incorporation of company with Corporate Affairs Commission (CAC) ii. Company Income Tax Certificate for the last three years (CTC) iii. Company Audited Accounts for the last three years (CAA) iv. List of key staff with evidence of proficiency and experience. v. Evidence of financial capacity and bank support. vi. Verifiable list of similar works as successfully completed in the last 3 (three) years with names of client, evidence of award and completion certificates. vii. VAT Registration and evidence of VAT remittances. viii. Evidence of current PENCOM Compliance Certificate. ix. Evidence of compliance with the provision of section 16 (c) of Industrial Training Fund (ITF) Act on 1% Contribution of any employer having 5 or more employees in his establishment. (Registration and Remittances). x A sworn affidavit indicating the authenticity and verifiability of all submissions. xi A sworn affidavit indicating that none of the directors of the company had been Convicted for any criminal offence either at home or abroad 3.0 FINANCIAL BID REQUIREMENT Interested bidders are to collect tender documents from the Procurement Unit of the Benue State University at a non-refundable tender fee of Fifty Thousand Naira (N50, 000.00) only payable to Benue State University in bank draft. A copy of payment receipt MUST be attached to the financial tender document.

4.0 SUBMISSION OF TENDER DOCUMENTS a) Two copies of all Pre-qualification Tender documents to be submitted must be in a sealed envelope and marked at the top-right hand corner of the envelope Pre-qualification for (Project Name/ Lot No.); b) One copy of Financial Tender document (priced bill of quantities) to be submitted must be in a sealed envelope and marked at the top-right corner of the envelope Financial Tender for (Project Name/ Lot No.)

All envelopes for both the Pre-qualification Tender documents and Financial Tender documents should be placed in a bigger envelope and addressed to:

The Registrar,

Benue State University

Makurdi

The tender document must be dropped into the big box in the Registrar’s office, Benue State University, Makurdi on or before 12: Noon, Tuesday, 12th April, 2016.

5.0 NOTE a) The technical and financial bids will be opened on the same day Tuesday, 12th April, 2016 at 2:00 pm in the Senate Chambers of Benue State University in the presence of bidders/representatives. b) Late submission will be rejected. c) That this advertisement is not a commitment on the part of the Benue State University nor shall it entitle any person to make any claim whatsoever and or seek any indemnity from the University by virtue of such person having responded to the advertisement. d) That after the pre-qualification exercise, only tenders from pre-qualified Contractors for contracts and jobs will be used and the University shall not enter into any correspondence with unsuccessful applicants.

Dr. T. I. Utile Registrar and Secretary to Council

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NEWS

MONDAY, february 29, 2016 NEW TELEGRAPH

N675m recruitment fraud: FG arraigns ex-minister, Moro, today Emmanuel Onani Abuja

T

he Economic and Financial Crimes Commission (EFCC) is set to arraign the immediate

past Minister of Interior, Comrade Abba Moro, before a Federal High Court sitting in Abuja today.

Moro will be arraigned on an 11-count charge bordering on alleged procurement fraud, obtaining by false pretence, as well as

money laundering.

New Telegraph gathered from informed sources that the Chief Judge of the Federal High Court, Justice Ibrahim Auta, has since assigned the case to Justice A. Chikere, to handle.

Moro, who was taken in last Monday by operatives of the EFCC, will stand trial for supervising the 2014 botched Immigration recruitment, which claimed the lives of some applicants.

About 676,000 appli-

Porting: Glo, MTN fined N34m for infractions CONTINUED FROM PAGE 4

The country, however, targets a broadband penetration of 30 per cent by 2018 with increased impact on the nation’s economy to boost Gross Domestic Product (GDP) contribution of the telecoms sector from 11 per cent to 25 per cent by 2020.

The successful auctioning of the 2.6Ghz spectrum will further boost the contribution of telecoms to the government coffer.

In 2013, the regulator said it had contributed N300 billion into the government coffers from licensing of various frequency bands since 2001.

Spectrum is a frequency band that is licensed to telecoms operators, which they, in turn, use to deploy wireless services to telecoms consumers.

In February 2014, the regulator increased the spectrum auctions’ proceeds to over N302.4 billion, with the licensing of the 2.3-gigahertz spectrum band to Bitflux, a broadband company, at a total cost of $23.2 million (about N2.4 billion).

Speaking on the resumption, President, Association of Telecoms Companies of Nigeria (ATCON), Mr. Lanre Ajayi, described the latest intention of the regulator as a welcome development.

He said: “We hope that the coast is now clear even as we expect that the disruptions the initial postponements had caused to investors’ business plan and roadmap would not be witnessed again.”

Meanwhile, the NCC has imposed a combined N34 million on MTN and Globacom for breaching the business rules of Mobile Number Portability (MNP).

The sanction, which was imposed on the telecoms networks ‘silently’ by the regulator in the last quarter has, however, been settled, by the two erring telecoms operators.

“During fourth quarter, Globacom Limited and MTN Nigeria Communications Limited were fined the sum N22 million and N12 million respectively for non-compliance with the MNP Regulations.

Both companies have paid up the fines,” the commission said in a document providing information on

its enforcement activities in the last quarter of 2015.

The commission had, earlier in its third quarter report of its enforcement activities, last year threatened to take serious measures to monitor and sanction mobile network operators in the country, with regards to mobile number portability, saying some of the operators were flouting the processes.

The regulatory body said the measures will address the increasing cases of port request rejections.

Specifically, the regulator said MTN, Globacom and Etisalat violated Mobile Number Portability (MNP) process time obligations in the third quarter of 2015.

NCC said its ‘2015 3Q Compliance Monitoring and Enforcement Report’ revealed that there was a timer deactivation violation by Etisalat, regarding a Corporate Port request of over 63 lines belonging to Neoconde Energy Limited.

The commission said Neoconde Energy Limited had initiated a corporate port out request from Etisalat to Airtel on August 7, 2015 at 9.13a.m., but was partially completed as at 1.52p.m. on the same day.

This, the commission said, resulted in 63 subscribers unable to receive calls from Etisalat’s network.

The commission also said it noticed a deactivation violation from MTN, regarding a Corporate Port request of over 109 lines belonging to Nigerian Breweries Plc. According to NCC, the company initiated a corporate port out request from MTN to Glo via lead MSISDN: 07036735494 on August 11, 2015 at 1.20p.m., but was partially completed as at 11.22a.m. on August 14, 2015.

Also, a timer validation violation by MTN regarding four individual port requests from MSISDNs: 08139382308, 08143810152, 08135485305 and 08162108093.

“MTN breached the timer of two hours for validation of four port requests from the NPC as stated in the MNP Business Rules,” it said.

For Globacom, the telecoms regulator said that a timer validation violation

was also observed regarding 11 individuals and one corporate port request.

NCC, therefore, said that Glo had breached the two hours allowable for validation of six port requests from the NPC, as stated in the MNP Business Rules.

It explained that Globacom validated one of these port requests over nine hours after receipt from the MNP administrator.

According to the regulator, Glo also breached the one allowable hour for

the donor to deactivate 147 ported out lines belonging to Reckitt Ltd. consistent with provisions of the MNP Business Rules.

NCC said all the timer violations are currently undergoing enforcement actions.

The regulator had introduced the MNP scheme three years ago.

The essence of the MNP is to give the subscriber a right to port from one network operator to another and still retain his number.

cants took part in the tragic exercise, upon payment of N1,000 each.

The anti-graft agency may prosecute the former Interior Minister alongside Anastasia Daniel Nwobia (former permanent secretary), F. O Alayebami, Mahmood Ahmadu (At large) and Drexel Tech Nigeria Ltd. It is the contention of the EFCC that Moro and others allegedly contravened the Public Procurement Act, No. 65 of 2007 in the award of the contentious recruitment contract.

It was gathered that the extant procedures for award of contracts, were allegedly breached, even as "the award of the contract to Drexel Tech Nig Ltd had no prior advertisement, no needs assessment and a procurement plan was not carried out before award of the contract."

Another source said:

"The contract was awarded through selective tendering procedure by invitation of four firms without seeking approval of Bureau for Public Procurement, contrary to sections 40, 42 and 43 of the Public Procurement Act, No. 65 of 2007 and punishable under section 58 of the same act."

The source further alleged that: "There is no budgetary provision for the exercise in the 2014 federal capital budget, hence the applicants were made to bear the responsibility of funding the project without approval of the board, contrary to section 22(5) of the Independent Corrupt Practices and other Related Offences Act 2000."

Efforts to reach the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, for official reaction were unsuccessful.

A cross section of hunters resting with their dogs on Maiduguri Bye-Pass in Bauchi … yesterday.

PHOTO: NAN

€77.8m

The estimated transfer value of Anthony Martial of Manchester United in 2016.

Source: 101greatgoals.com.

£18.67m

The amount of money received by Liverpool as merit payment for the 2014/2015 season.

Source: Goal.com.

Budget: Dogara to sanction erring committee chairmen Philip Nyam Abuja

S

peaker of the House of Representatives, Hon. Yakubu Dogara, is poised to punish chairmen of eight standing committees that failed to conclude work with ministries, departments and agencies (MDAs) before the Committee on Appropriation closed the collation of reports on the 2016 budget last Friday.

The eight committees that failed to submit their reports as mandated by the House leadership are: Public Accounts Committee (PAC), Loans, Aids and Debts, Gas Resources, Public Service

Matters, Maritime and Safety, Interior and National Security.

Although, chairman of the House Committee on Media and Public affairs, Hon. Razaq Namdas, had said the House may not punish chairmen of the committees that could not round off their assignment on time, New Telegraph gathered that the speaker is not happy with the erring committees and may either change the leadership or suspend them.

According to our source, “the speaker is not happy that some committees could not meet up the time appointed to them and he is bent on issuing punitive measures

to serve as deterrent to others.”

But Namdas, at a press briefing at the weekend, said the leadership of the House may not punish the chairmen that defaulted in concluding their assignment on time, but instead look for a way to move forward.

Chairman, Committee on Appropriation, Hon. Abdulmumini Jibrin (APC-Kano) yesterday said that the committee would appropriate funds to ministries, departments and agencies (MDAs) supervised by substantive committees that failed to present their 2016 budget defence reports.

He said that only 60 substantive committees

met the February 26 deadline of presenting their budget defence reports and recommendations, covering improvements, shortcomings and actions to be taken in their respective MDAs. “Due to pressure of time, we have to tidy up the final report with the Senate. The Committee on Appropriation will have to take over the work of committees that failed to present their reports by appropriating funds for the MDAs that they supervise.

“The committee will also interface with officials of the Ministry of Finance, Budget Office on March 3 to finetune the reports,” the lawmaker said.

News|NATIONAL

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Fuel scarcity may linger till next week Adeola Yusuf

T

he long queues for Premium Motor Spirit (PMS) also know as petrol in filling stations across the country may linger till next week as the plans by the Nigerian National Petroleum Corporation to get more fuel for March loading is yet to yield result.

The NNPC, which has 78 per cent fuel imports permit for the first quarter allocation is in talks with refiners abroad to swap more oil duel to the shutdown of refineries.

Checks by New Telegraph revealed that the talks are yet to yield results while the March loading supply schedule is still grossly below the demand.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, however blamed the shortage on sharp practices by depot

owners and some marketers.

In a statement by the Nigerian National Petroleum Corporation (NNPC), Kachikwu warned depot owners against selling petrol above the approved exdepot price of N77 per litre.

The warning comes against the background of repeated complaints by marketers of sharp practices at the depots.

The statement quotes the minister as warning that depot owners found to be involved in selling prod-

ucts above the approved ex-depot prices would be severely sanctioned.

Meanwhile, the product at the weekend sold at N120 per litre in Lagos and Ogun state as the scarcity of the product bite harder.

Long queues for the product, which started last Thursday in Lagos, lingered at the weekend with more filling stations shutting their gates against motorists.

New Telegraph observed that a few marketers who sold the product gave it

out at N120 per litre.

The gates of the Nigerian National Petroleum Corporation (NNPC) mega stations in Abule Egba and Casso were under lock and kwy when this newspaper visited. However, the Conoil and Oando filling stations in Agege sold the product at N100 per litre.

MRS filling station in Sango Ota sold the product at N120 per litre while A resident of Abeokuta, Mr. Tokunbo Peter, who bought the product at N120 per litre at Bayak filling

station in the Ogun state capital said that he had searched for the product at different stations for hours.

He therefore expressed disappointment at the level at which the scarcity is lingering.

“Halleluyah! After searching for hours, I just got fuel at N120 per litre at Bayak filling station along Oke Ata Housing Estate Road, Abeokuta. I can now fuel my generators, I don’t have to worry about the unending blackout. This CHANGE is wonderful!”

Lagos State Governor, Mr. Akinwunmi Ambode (third right); Country Senior Partner, Nigeria & Regional West, Pricewater HouseCoopers, Mr. Uyi Akpata(third left) and some of the old students of Federal Government College, Warri, during one of the programmes lined up for the 50th Anniversary of the School, …at the weekend.

£23m

The amount of money spent by Bournemouth in the summer 2015 transfer window.

Source: 101greatgoals.com.

115.1m The estimated total population of Central America in 1990.

Source: Un.org.

7

Dep Speaker decries lack of opportunities for Nigerian graduates Philip Nyam

Abujs

T

he Deputy Speaker of the House of Representatives, Hon. Sulaimon Lasun Yussuff, yesterday lamented a situation whereby less than 10 percent of Nigerian graduates are given opportunity to be in control of the economic sector of the country.

He reasoned that no nation can develop if its people are not allowed to be in control of the economy, rather than allow foreigners that are in control of the economic sector like oil, construction and technology.

Lasun made this observation when representatives of the Obafemi Awolowo University alumni association paid a courtesy call on the Deputy Speaker in his office.

He decried a situation whereby Nigerian graduates are not given opportunity to prove that they are as competent as the foreigners, who he said are in total control of oil and construction sectors of the country.

Overweight adults have poor memory –Study Daar Communications records N3.4bn loss igeria’s only publicly the Daar Communications in 2013 and 2014 of N5.6 took part in a memory test said author Dr. Lucy Cheke. Nquoted broadcasting Group, Chief Raymond billion and N6.9 billion reAppolonia Adeyemi known as the ‘Treasure‘We know that to some company and pioneer Dokpesi Jnr. said though spectively. These achieve-

B

eing overweight can have a significant impact on a person’s mental well-being.

This is the findings of a new research published in the Quarterly Journal of Experimental Psychology.

Overweight and obesity are defined as ‘’abnormal or excessive fat accumulation that presents a risk to health’’. A BMI of 18-25 is considered healthy, 25 to 30 is overweight, and over 30 obese.

Researchers from the University of Cambridge tested 50 participants aged 18 to 35, with body mass index (BMI) ranging from 18 through to 51.

These participants

Hunt Task’, where they were asked to hide items around complex scenes, for example, a desert with palm trees.

They were then asked to remember which items they had hidden, where they had hidden them, and when they were hidden.

A report in Mailonline stated that overall, the research team found an association between higher BMI and poorer performance on the tasks.

‘Understanding what drives our consumption and how we instinctively regulate our eating behaviour is becoming more and more important given the rise of obesity in society,’

extent, hunger and satiety are driven by the balance of hormones in our bodies and brains, but psychological factors also play an important role. We tend to eat more when distracted by television or working, and perhaps to ‘comfort eat’ when we are sad, for example.

‘Increasingly, we’re beginning to see that memory - especially episodic memory - is also important.

‘How vividly we remember a recent meal, for example today’s lunch, can make a difference to how hungry we feel and how much we are likely to reach out for that tasty chocolate bar later on.’

Marafa: Senate opts for political solution Chukwu David Abuja

A

fter experiencing political instability for eight months, occasioned by tussle for leadership positions, the Senate appears to have quietly resolved to adopt political solution in tackling what would have been another round

of public disgrace in the lingering internal crisis in the Upper legislative Chamber.

Our correspondent however, reliably gathered that majority of the Senators had had a rethink about the lingering crisis bedeviling the Eight Senate and resolved to cease from washing their dirty

leanings in public domain.

Although no Senator volunteered to speak openly on the matter, one of the Senators told New Telegraph that time had come when the Upper Chamber had to tackle its internal problems internally without allowing external influences to interfere and ridicule the Chamber.

private broadcast medium - Daar Communications Plc, has recorded a profit after tax loss of N 3.4 billion, the result of the Company’s 2013 and 2014 operating years has shown.

The development and the settlement of the Company’s contingent liabilities has impaired profit taking and dividends for shareholders of the Group.

Addressing shareholders at the joint Annual General Meetings ( AGM) for the two years yesterday in Abuja, the Chairman of

the company recorded a 33 per cent and 23 per cent respectively for the two years in question, tax commitment and other contentious liabilities eroded the gains of the growth.

He deplored the harsh operating climate in the country in the period under review, pointing out that it had negative impact on the company’s revenue inflow as it hampered clients’ patronage level.

Dokpesi said : “ In the light of the above operating challenges, your Company recorded modest improvement in earnings

ments translated to earnings growth of 33 per cent and 23 per cent respectively over earnings recorded in their preceding years.”

He continued : “ Regrettably, the Company recorded loss after taxation of N3.4 billion in 2013. However, there was improvement in operation in 2014 as the loss after taxation was drastically reduced to N0.107 billion . These losses arose from increasing cost of operation which was not matched with corresponding growth in earnings due to dwindling advertising budgets.

PDP chairmanship: Civil societies back Sheriff Philip Nyam Abuja

A

non–governmental organisation, Coalition for Civil Society and Media Executives has thrown its weight behind the candidature of former Borno State Governor, Ali MOdu Sheriff as the national chairman of the party, saying he is the best candidate for now.

In statement jointly signed by the national pres-

ident, Comrade Innocent Okadigbo Ebirim and the national secretary, Princess Evelyn Honesty Eyo Ogbogu, the group said the tilting of Nigeria’s political system to one-party dictatorship has called for the strengthening of PDP as a vibrant and strong opposition party and a dynamic leadership for the party.

It said: “The emergence of Ali Modu Sheriff, former Senator, and former Governor, Former Board

of Trustees Chairman of ANPP, a political strategist and tactician is seen by many as a strong step in the right direction, even though there are pockets of opposition against his emergence by some PDP top notch.

The group urges PDP stewards to fully embrace Ali Modu Sheriff for the good of democracy in Nigeria and condemns the pockets of opposition against Sheriff as follows:

8

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Suspected members of Awawa group

Access to girls lured me into cultism –Awawa member Juliana Francis

A

member of the dreaded Awawa Confraternity at Agege and its environs has confessed that most of the male members joined because of the promise to have access to female members.

The suspect, simply identified as Lukmon, who is among 46 members of the cult group arrested by operatives of the Rapid Response Squad (RSS),

said: “I decided to join the Awawa Confraternity because I wanted to be very powerful among my peers. They promised me that I would have free access to girls who are members of the group.”

The 46 suspects, comprising 40 men and six ladies, with ages ranging from 15 to 22, were arrested on Saturday on Lateef Jakande Road, Agindigbi, Ikeja and Agege.

Lukmon added: “One thing is certain, once you join the

group, it would be very difficult to leave. And you must also be part of their operations anytime they set out. We loot, rape and rob innocent members of public every time we go for operations. We don’t fear anybody even police because we are always in hundreds.”

Operatives of the RRS, led

by Assistant Superintendent of Police (ASP) Timothy Ojetunde, on Saturday morning rushed to Agidingbi, Agege and Ogba after they received

distress call that the cultists were snatching belongings and maiming people.

The suspects allegedly attacked the policemen with bottles and stones when they attempted to arrest them.

It was gathered that Saturday was not the first time RRS had received such reports about the Awawa gang members. After receiving a series of reports, RRS put surveillance teams in place to monitor the activities of the group

at Agege, Ogba, Ifako-Ijaiye, Iyana-Ipaja and Abule-Egba.

A police source said: “The investigations have revealed that the Awawa Confraternity is a fearless cult group, terrorising people living in Agege and Ikeja axis. Investigations further showed that the Awawa members move in hundreds, committing all manners of atrocities on their way.”

Another police source said: “Apart from incessant complaints from residents which we received on daily basis, alleging that the group was making life difficult for them, they were equally accused of raping, looting, snatching and dispossessing law-abiding citizens of their belongings.”

Among the 46 arrested and taken to RRS headquarters in Alausa, some allegedly brazenly threatened the police. They reportedly said: “No one can arrest us and go scot-free.”

Confirming the arrest of the suspects, the state Police Public Relations Officer, (PPRO), Dolapo Badmus, described the Awawa Confraternity as a violent group whose activities were under the close watch of the police.

She said: “The state will not condone their activities.

They are threatening the peace in the city. We are after them. Their financiers and leaders are our targets; with those in our dragnet, the tide is against them.”

The suspects were handed over to Environmental Task Force, Alausa for prosecution.

The RRS, a week ago, arrested 15 Awawa cult members at their hideouts at Agege.

City Briefs

Vehicle crashes into joint, kills one Uchenna Inya ABAKALIKI

O

ne person was at the weekend killed while two others were seriously injured at No 3, Ejiofor Street, New Layout, Abakaliki, Ebonyi State when a Toyota Tundra rammed into a drinking joint.

A witness and a resident of the area, who gave his name simply as Augustine, said the accident occurred about 10:40p.m.

He said the driver lost control of the vehicle before ramming into the popular drinking joint where the victims were enjoying themselves.

Augustine explained that the Toyota Tundra skidded off the road, crashed into a parked Toyota Lexus ‘Jeep’ with registration number FKJ654DM before it rammed into the drinking joint.

According to him, the driver was drunk and was negotiating a bend when he lost control of the vehicle.

He said: “The driver was very drunk and he was on top speed while trying to negotiate the bend when he lost control of the vehicle and the next thing we heard was a horrifying bang.

“He smashed into a Lexus Jeep which was parked by the roadside before ramming into the restaurant next to our building where people were drinking.

Augustine disclosed that the accident would have been worst if not that the vehicle hit the Lexus jeep.

Meanwhile, the driver of the Tundra ‘Jeep’ has been arrested by the police.”

An accident scene

One arrested for car-snatching Charles Onyekwere ENUGU

P

olicemen attached to Ogui Police Division in Enugu State at the weekend apprehended a suspected robber, who specialised in snatching cars.

The suspect, Chijioke John, an auto electrician who hails from Ikwo Local Government Area of Ebonyi State and resides at Mgbemena Street, Awada Layout, Onitsha, Anambra State, was arrested as he was working on a stolen vehicle in a shop in Onitsha.

He is now helping the police in their investigations.

On February 20, a Toyota Highlander with registration number ENU 358 NK was allegedly snatched at Onuike Top Land, Awkunanaw by some hoodlums.

Policemen, working on a tip-off, swooped on the suspect and recovered the vehicle.

METRO

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

9

Three men gang-rape Cuddling female breasts excites robbery suspect teenage girl Juliana Francis

A

Dominic Adewole ASABA

P

olice in Delta State have arrested three men, Kenneth Okoro (58), Ability Ogwu (65) and Ogwe Paul (70), for allegedly gang raping a 15 year-old-girl.

The suspects, according to the victim’s mother, Mr. Patricia Oroyelu of Aliesime in Agbor, Ika South Local Government Area of the state, took advantage of her daughter’s ill health.

On February 19, Oroyelu reported at the police station in the locality that the suspects had defiled the victim (name withheld).

Based on the report, the state Police Public Relations Officer (PPRO), DSP Celestina Kalu, said in Asaba yesterday that “detective swung into action and arrested the suspects for investigation.”

She said the suspected

Kalu

rapists would soon be charged to court.

Kalu also disclosed that a patrol team attached to Agbor Division foiled an attempt by two armed men to snatch a motorcycle from one Arinze Obagher.

According to her, the police arrested one Oghenero Ipopo in connection with the robbery attempt.

She listed the items recovered from suspected robbers to include one cut-to-size single-barrelled gun and live cartridge.

suspected robber, who has penchant for fondling the breasts of his female victims before robbing them, is now in the custody of the police in Lagos.

The suspect, Abdullah Isiaka, and his partners in crime, identified simply as Governor, Abel and Brigadier, used to operate at Ebute-Metta, Lagos State.

According to police investigators, the suspects used to sleep at the railway axis in order to catch victims during the early hours of the day.

After their arrest, however, the suspects explained that every morning, while people were getting ready to go to their different offices, they too would bathe and dress like they were going to their own offices.

They were, however, going to Ebute-Metta area, to waylay and rob victims.

According to the police, their modus operandi was

for two of the gang members to be at the back and two in the front. They would ensure that a victim is dragged into their middle before robbing the person. They also have a motorcycle for operation which is used to aid their escape from crime scene.

A police source said: “They target lone figures, put the person in their middle and rob the person. Once they get a victim, Brigadier would bring out gun and order the victim to cooperate with them. Isiaka targets women. Once they catch a female victim, Isiaka would start fondling her breasts. He said that caressing breasts before robbing the person used to make him feel happy.”

Further confessing to detectives of the Federal Special Anti-Robbery Squad (FSARS), Isiaka said that he and his gang members once robbed a victim who had dollars in his possession.

He said: “I used my share of the money to buy motorcycle. After I

IG, Arase

bought the motorcycle, I and Abel, started our own operation. I later heard that Governor had been arrested. We used to go to Ebute-Metta, Apapa Wharf and other places to rob. Sometimes we go to Ikeja. I handle the guns.”

The suspects met their waterloo when they went to Ijora Badia area to operate.

The gang, now comprising Isiaka and Abel,

choose a wrong day to go to Ojora Badia to operate.

They went on a day policemen were clamping down on motorcycle riders.

Isiaka and Abel of course didn’t know this; as soon as the policemen sighted them, they flagged them down. Isiaka bolted, leaving Abel. The policemen, however, pursued and arrested him. They recovered a gun from the suspects.

Thief locks himself inside victim’s car UI retirees protest non-payment of pension Juliana Francis Sola Adeyemo Ibadan

A

bout 2,000 retirees of the University of Ibadan (UI) at the weekend protested their inability to access their January pension, which they ought to have received through their bank since the first week of February.

Led by their Chairman, Mr. Abel Olupitan, the retirees besieged the office of the Oyo State Correspondents’ Chapel, Mokola, Ibadan.

The protesters said they had become helpless after endless excuses by the management of the bank and Pension Transitional Arrangement Directorate (PTAD) handling the remittance.

Olupitan, who was flanked by his colleagues, however absolved the management of UI, disclosing that a senior official of the institution had once helped them trace

University of Ibadan

the unpaid pension to their bank, but met with a brick-wall.

Lamenting that most of his colleagues could not participate in the protest because they had no transport fare; the spokesman disclosed that they were fed up as they were always being told all sorts of ludicrous stories by the bank management.

He said: “We use the bank (name withheld) for the payment of our pension. Our January pension ought to have been paid since first week in February. The management of PTAD in Abuja said they had released our money but we have been unable to access it in the bank…

“What is bothering us is that some of us who use other banks in Ibadan have been paid. While the PTAD in Abuja is saying they have paid, our bank is saying our accounts have not been credited by the Central Bank of Nigeria (CBN).”

D

etectives attached to the Federal Special Anti-Robbery Squad (FSRAS), Ikeja, Lagos State Police Command, have arrested a burglar, who mistakenly locked himself inside a victim’s car.

The suspect, Jamiu Anisoro, used to burgle cars with an iron rod, sharpened and shaped into a key. He burgled a car on premises of Mainland Hotel, Oyingbo, Oto Railway Ebute-Metta and got trapped inside the car, leading to his arrest. When the car owner came out, he saw Anisoro inside his car and alerted the police.

Although the key had opened many car boots and doors, it, however, had a clause. Once it has

opened a door, the door would become faulty. The master or normal key wouldn’t be able to operate the door again.

A police source said: “Anisoro specialises in opening vehicles with a master key. He got a rod and sharpened it into the shape of a key. His modus operandi is to watch motorists coming to Oyingbo Market. After the person parks, he would find out where the person is going. He monitors where the person is heading. He would go back to where the victim’s car is parked.

“But before heading to the targeted car, he would carry two bags, filled with used papers. He would use the master key to open the car door, pretending to be the owner or driver. He

would pick phones, money and other valuables. He would drop the bags filled with old newspaper into the car and leaves. People watching him would think he came to drop some items he bought inside his car; they wouldn’t know he is a burglar.”

Anisoro confessed to the police that he targeted victims in the morning and evening. He usually steals phones, wallets and other valuables inside parked vehicles.

According to him, he used to sell some of such stolen items at Computer Village, Ikeja.

“There was a time he saw nylon inside a car at Ido, Oyingbo. The nylon was under the seat of a car he burgled. He found N150,000. He used the mon-

ey to rent a house. He used the balance to buy tools for cobbling. He wanted to start cobbling which was his professional job,” the police source added.

Anisoro, however, soon ran out of money. He decided to go for the last operation. The last operation was the one that landed him in police net.

On the fateful day of his arrest, he had tailed a car owner who drove into Mainland Hotel, Oyingbo.

Immediately the man stepped out of his car, Anisoro followed him closely.

Anyone watching would think he was the man’s driver or came with the man.

As the man walked into the hotel, Anisoro went him into the hotel reception.

Robbers attack hospitals, injure patients, workers Babatope Okeowo

S

uspected armed robbers invaded two private hospitals at Okitipupa, the headquarters of Okitipupa Local Government Area of Ondo State, injured patients and medical workers.

The two attacks, sources in the town said, were carried out on Sunday and Monday last week.

One of the patients in the hospital told our correspondent yesterday that the armed men who attacked the hospi-

tals between 10p.m. and 11.30p.m. on the fateful days collected some undisclosed amount of money from nurses and other staff of the hospitals.

The robbers, he said, also forcibly collected some amount of money from the patients on admission while they mercilessly beat patients and nurses who had no money to give them.

“The hoodlums were four in number and wore masks. They came to the hospital on motorcycles.

They threatened to shoot

whoever did not cooperate with them. So, all of us lied down and allowed them to do their operation without any hindrance.

“They were asking everybody, including the patients, to bring out money. Those who did not have money to give them were serious beaten. It was very unfortunate. We tried all our efforts to call the police but we did not succeed because they also collected our phones and other valuables,” another victim said.

File: Suspected robbers

10

News|NATIONAL

Violation of Procurement Act: Reps summon FIRS, Pencom, Customs, MDAs Philip Nyam Abuja

W

orried by the gross violation of the Public Procurement Act by the various Ministries, Departments and Agencies (MDAs) of the Federal Government, which had caused the nation several trillions of naira over the years, the House of Representatives has summoned the heads of some of the affected MDAs retired or serving over the ugly development.

The affected MDAs include the Federal Inland Revenue Service (FIRS), Industrial Training Fund

(ITF), Ministry of Defence comprising of the Army, Navy and the Air Force, Nigerian Security and Civil Defence Corps (NSCDC), Nigeria Immigration Service (NIS) and the Nigeria Prison Service, (NPS).

Others are the Nigeria Oil and Gas Local Content Monitoring Board, National Health Insurance Scheme (NIHS), Pension Commission, Nigeria Customs Service (NCS), Nigeria Energy Regulatory Commission (NERC), Energy Commis-

sion of Nigeria (ECN), the Nigeria Police Force (NPF), Federal Ministry of Power, Works and Housing, Nigeria Railway Corporation (NRC) and NAFDAC, among several others.

Chairman of the House Committee on Public Procurement, Hon. Wole Oke, who confirmed this during a committee meeting in Abuja at the weekend, said the action became necessary in order to arrest the situation and prevent future occurrences in the MDAs,

26.82%

The percentage of the individuals using the internet in United Kingdom in 2000.

Source: Itu.int.

where trillions of naira had gone down the drain.

Oke, who said already letters of invitation had been dispatched to all the affected MDAs, vowed that all identified culprits during the committee’s investigations, would be handed over to the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for diligent prosecution to serve as deterrent to others.

N10.94m The total capital importation value of the Electrical sector in 2013.

Source: National Bureau of Statistics.

L-R: National Treasurer, Yoruba Council of Elders (YCE), Chief Mrs. Bola Doherty; Secretary General, Chief Idowu Sofola; Kwara State Governor, Dr. Abdulfatah Ahmed; President, YCE, General Adeyinka Adebayo and others, during a courtesy visit to the governor in Ilorin.... at the weekend

Manufacturers earn $10m exporting materials for NLNG ships Adeola Yusuf

N

igerian manufacturers have earned $10 million exporting materials for Nigerian Liquefied Natural Gas (NLNG) ships.

Managing Director and Chief Executive Officer of NLNG, Babs Omotowa, declared this at a ceremony in Geoje Island, South Korea, when the wife of the President, Mrs. Aishat Buhari, named a new ship, LNG Abuja II, owned

by Bonny Gas Transport (BGT), a subsidiary of

Nigeria LNG Limited (NLNG), in her capacity as the vessel’s godmother.

Making this known in a statement signed by the General Manager, External Relations Division of NLNG, Kudo Eresia-Eke, the chief executive officer said Nigeria and the LNG business are both experiencing some difficult times, he added that it “is altogether fitting and symbolic that our country and our company are by this ceremony, reaffirming our faith and confidence in a bright and

prosperous future for our country as well as our industry.

“This new vessel bearing the name of Nigeria’s capital city is a sign of that confidence and that is what this ceremony represents for us.”

According to him, the company took pride in the fact that LNG Abuja II is truly Nigerian.

“Based on Nigeria LNG’s local content aspirations, we have become the first Nigerian company to incorporate unique local content component

into the construction of our vessels. Courtesy of this local content programme, over 600 young Nigerians acquired specialised skills in shipbuilding.

“Some of them participated in the building of the vessels here in South Korea. Furthermore, the cables, anodes, furniture and paints used in building this ship were made in Nigeria. Nigerian manufacturers earned over $10 million exporting materials for this and her sister ships,” he said.

No secrecy in National Assembly budget, says senator Chukwu David Abuja

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senator of the federal republic, Senator Rose Oko, yesterday said there was no secrecy in the National Assembly budget as is widely believed by many Nigerian commentators and public affairs analysts.

Speaking to journalists in Abuja in respect

of the heavy criticisms trailing the upper chamber’s budget, Oko said the senate’s budget was not only open, but is accessible to all, contrary to claims in some quarters that the budget was shrouded in secrecy.

The politician, who represents Cross River North on the platform of the Peoples Democratic Party (PDP), wondered

why there was so much focus on the National Assembly budget while nobody was concerned about the budgets of other agencies in the executive arm of government.

The lawmaker, who is the Chairman, Senate Committee on Diaspora and Civil Society Organisations, implored Nigerians to direct their searchlight on the larg-

er chunk of the budget rather than that of the legislature, which she said, was only N115 billion.

She said: “The National Assembly budget is a one-line budget like that of the judiciary, like that of INEC, like even some of the statutory allocations to agencies like TETFUND, UBEC, among others.”

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

FG saves N2.2bn from 23, 846 ghost workers Abdulwahab Isa Abuja

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ith the aid of the Biometric Verification Number (BVN) and the Integrated Payroll and Personnel Information System (IPPIS), the Federal Government has detected 23, 846 ghost workers on its payroll.

The figure translated to a reduction in the 2016 February wage bill to the tune of N2.293 billion compared to the December 2015 figure, when the BVN exercise started.

The updates were contained in a statement issued yesterday by the Special Adviser on Media to the Minister of Finance, Festus Akanbi.

The government in a statement added that it will employ all legal means to recover whatever balances were left in the bank accounts of the ghost workers and the pension contribution, working in collaboration with the

concerned banks and the National Pension Commission (PenCom).

This comes with the rejection by government of calls by the leadership of the Association of Senior Civil Servants of Nigeria (ASCSN) that the panel to investigate indicted civil servants be chosen from both the government and labour.

In rejecting ASCSN suggestion, government said such offences were criminal in nature and can only be handled by an appropriate investigative organ.

The statement added that further investigation would be carried out in conjunction with the Economic and Financial Crimes Commission (EFCC) to detect other suspected cases.

On military pension, the statement said the amount payable by the board as pension contribution on a monthly basis has been revised by N575 million, following the annual verification exercise for military retirees.

Support me with prayers, Buhari tasks religious leaders Yekeen Nurudeen Abuja

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resident Muhammadu Buhari has charged religious leaders in the country to do more to support his administration’s efforts at transforming the country by praying for him.

He stressed the need to create the culture of good governance and also overcome the security challenges facing the country.

The President, who made this charge yesterday

while speaking at the Eagle Square, Abuja, venue of this year’s JIBWIS Annual Convention, noted that religious leaders have a duty to support the government in sustaining the current peace and tranquility being enjoyed across the country.

Represented by the FCT Minister, Malam Muhammad Musa Bello, President Buhari commended the Jama’atul Izalatil Bid’ah WaIkamatis Sunnah for uniting the Muslim community.

Fani-Kayode: I’m not losing sleep over Sheriff’s threat Onyekachi Eze ABUJA

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ormer Minister of Aviation, Femi Fani-Kayode, yesterday said he is not disturbed by the threat by the National Chairman of the Peoples Democratic Party (PDP), Senator Ali Modu Sheriff, to sue him to court.

Sheriff has in a newspaper advertisement threatened to drag the former Director, Media and Publicity of PDP Presidential Campaign Organisation to court for his statement concerning the sponsorship of Boko Haram.

But Fani-Kayode said though he is yet to be served with any court order, he is not losing any sleep because of the threat.

In a statement yesterday by his spokesman, Jude Ndukwe, the former minister said he stands by everything he said concerning the

national chairman.

“We read the newspaper advert in Thisday newspaper in which Ali Modu Sheriff has threatened to sue Chief Femi Fani-Kayode.”

“Though we have not received a formal letter from his lawyers to that effect, we wish to inform him and members of the public that we stand by everything that we have said about Sheriff; we have briefed our lawyers, we welcome the suit and we shall gladly meet him in court.

“The days of silencing people with arrogant threats and frivolous litigation are long over. We cannot be silenced by Modu Sheriff’s threat to sue and we are not losing any sleep over it.

“Such a course of action will prove not only to be counter-productive for him, but by the time it is all over, he will get the shocker of his life,” he added.

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MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Interview PDP administration extension of military regime – Amaechi

Politics ONYEKACHI EZE writes on the unsuccessful bid to stop Senator Ali Modu Sheriff as the National Chairman of the Peoples Democratic Party (PDP) by former ministers who served in the immediate past administration

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The ‘botched coup’

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ntil the recent controversy over the emergence of Senator Ali Modu Sheriff as National Chairman of the Peoples Democratic Party (PDP), nobody has heard of PDP Former Ministers' Forum. What have been in existence, or well publicised are PDP Governors' Forum and PDP National Assembly Caucus.

That notwithstanding, neither PDP Governors' Forum nor National Assembly Caucus are recognised organs of the party. They are just associations formed for the protection and interest of their members.

The organs of the PDP and which is recognised by the party's constitution, and the processes which resolutions for the advancement of PDP are reached, are the National Caucus, Board of Trustees (BoT), National Executive Committee (NEC) and the National Convention, which is the highest decision making organ of the party.

The PDP Former Ministers' Forum was a product of necessity. Sometime last year, ministers who served in former President Goodluck Jonathan's cabinet, issued a statement condemning what they believed was a witchhunt against them and the administration they served by the All Progressives Congress (APC)-led Federal Government.

The statement, which signed by the immediate past Minister of National Planning, Dr. Abubakar Suleiman, noted that the "Ministers who served under the President Goodluck Jonathan administration, have watched with increasing alarm and concern, the concerted ef-

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Secondus (right) handling over to Sheriff

fort by the Muhammadu Buhari administration and members of the All Progressives Congress (APC) to condemn, ridicule and undermine the efforts of that administration, in addition to impugning the integrity of its individual members.

"While we concede that every administration has the right to chart its own path as it deems fit, we nevertheless consider the vilification of the Jonathan administration, to be ill intentioned, unduly partisan, and in bad faith," he stated.

He regretted that effort has been made to portray every member of the Jonathan's administration as corrupt and irresponsible, an action he said, has resulted to vicious trial by media and a lynch mentality.

"Contrary to what the APC and its agents would rather have the public believe, the Jonathan administration did not encourage corruption, rather it fought corruption vigorously, within the context of the rule of law and due process," he added.

The statement enumerated the mechanisms adopted by the past administration to curb corruption in the public service

All organs of the party... have agreed to stand by our national chairman to ensure that our party moves forward

and plug revenue leakages, to include "development of the Government Integrated Financial Management Platform, The Single Treasury Account (TSA), and the Integrated Personnel and Payroll Management Systems (IPPIS), in addition to the biometric registration of civil servants and pensioners which saved the country over N100 billion paid to ghost workers and ghost pensioners."

It also described as sad and ironic that the chief beneficiaries of that same legacy are the most vociferous in condemning President Jonathan and his team, and challenged the APCled Federal Government to be sincere enough to publish the details of the hand over notes they received.

The statement, no doubt, achieved the intended target.

The heat was taken off the former ministers, and except the former National Security Adviser (NSA), Col. Sambo Dasuki (rtd) and former Minister of State for Finance, Bashir Yuguda, there was no other member of the Jonathan cabinet arrested so far for corruption.

There have been at least four

sets of ministers since Nigeria returned to civil rule in 1999 but none have come together after their service except the last set. The success of what many believed is an amorphous association might have encouraged the widening of the group to include former ministers who served in government since 1999.

Chief Femi Fani-Kayode, who left office since 2007 as Minister of Aviation under Chief Olusegun Obasanjo administration, in a statement last week, convened a meeting of former ministers who served in government since 1999.

As chairman of the contact group, Fani-Kayode noted that membership of the PDP Ministers’ Forum, contrary to media report, is not restricted to only ministers that served between 2011 and 2015. He added that the meeting that held on Tuesday was not just for the ministers that served under President Goodluck Jonathan.

"The meeting is for all PDP ministers that are still in the party and that served between CONTINUED ON PAGE 14

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POLITICS \ MONDAY INTERVIEW

MONDAY, FEBRUARY 15, 2016 NEW TELEGRAPH

PDP administration extension Chief Mbazulike Amaechi is a foremost nationalist and parliamentarian.

In this interview with TEMITOPE OGUNBANKE, the First Republic Minister of Aviation speaks on the state of the nation, role of military in Nigerian politics and anti-corruption war, among other issues As one of the nationalist, who fought for Nigeria’s independence, what is your view on the present state of the nation, considering the sacrifices of the founding fathers?

I was part of those who struggled for Nigeria’s independence and during the struggle, three major political parties; National Council of Nigeria and Cameroon (NCNC), Northern People Congress (NPC) and Action Group (AG) took part in the election held in November 1959 that preceded the independence. In that election, people voted for nationalists who led the struggle for independence to go into government to govern them.

The NPC and the NCNC formed a coalition government at the centre.

Dr. Nnamdi Azikiwe of the NCNC was appointed Governor-General but when Nigeria became a republic in 1963, he became the President of the country. Alhaji Abubakar Tafawa-Balewa of the NPC was appointed Prime Minister and the Action Group led by Chief Obafemi Awolowo moved into opposition.

The government made up of nationalists raised the hope of Nigerians that the nation with its enormous gift of natural and mineral resources, will give leadership to the rest of Africa. They governed the country then without the benefit of oil wealth; there was no oil then and the economy was based on the export of agricultural products; groundnut in the North, palm produce in the East and cocoa in the West. The nationalists in government also set up many industries before the military staged a coup d’etat in 1966 and killed the prime minister, premiers of the Northern and Western regions as well as the Federal Minister of Finance, among others. Since then things had not been the same.

Is it right then to say that the 1966 changed the story of Nigeria?

The reverse which Nigeria has gone into was brought about by military intervention. The military coup led to a civil war; a war that was fought for 33 months and in which more than two million people were killed. Since then, one military regime took over from another. They accused the civilian government of the founding fathers of corruption but the military themselves came into government and also accused one another of corruption. As soon as the civil war ended, General Murtala Mohammed took over from General Yakubu Gowon and Muhammed was killed after 200 days in office by

a ‘mad man’ soldier called Dimka.

When Mohammed died, General Olusegun Obasanjo took over the government and handed over to a civilian government in 1979. In 1983, there was another military coup and General Muhammadu Buhari took over from Alhaji Shehu Shagari. In 1985, General Ibrahim Babangida took over from Buhari while General Sani Abacha took over after Babangida left office. Abacha died in office and General Abdulsalami Abubakar took over and he eventually handed over to a civilian administration in 1999. So, if the army and the coup makers’ alleged that the founding fathers were corrupt, why does it take about seven military officers to take over from one another? It shows that there is no sense and logic in the allegations against the founding fathers.

When the army came to power, they over stayed in government and no one can give what one does not have. The army is not trained to govern. The army all over the world is trained to fight either in defence or attack to conquer. They are trained to destroy, vandalise and that is what the military did to Nigeria when they stayed in government for 38 years. The military stayed in government for 38 years and they introduced stealing, corruption and vandalised the country.

It is the military that put the country in the pitiable and painful position we find ourselves now.

But it is over 16 years that civilians’ have been at the helms of affairs but Nigeria seem not to be where the it ought to be based on the visions of the founding fathers?

The first eight years of the 16 years was a government of a soldier in civilian dress. It is not a dress that makes an army; it is persons that make the army. So, the first eight years was a soldier in civilian dress.

There were agents and surrogates of the military among the members of the National Assembly and governors. The people who worked with the military and amassed wealth through the military were those who won elections and controlled the parliaments and states.

So, the military might have gone but their influence and remnants are still in place. If nationalists, who fought for independence and took over government, had been in power, they would have gradually gotten young elements from among them to pass through their tutelage and their own training and orientation into government. But this important link was cut off for a whole 38 years and it will take some time to clear the mess.

Among the people who ran the government of the First Republic, I am by the grace of God, one of the few survivors. I challenge anybody who thinks he can compare the extent of the rot between our era and the present era, to show me where Dr. Nnamdi Azikiwe, who was premier of the Eastern Region for five years and president of the country for six years, had one house in Abuja, Lagos or Enugu? The Sardauna of Sokoto, who was the premier of the North for about nine years, did not own a single plot of land in Kaduna; the same thing about Michael Opara, Tafawa-Balewa and Oba-

Amaechi

femi Awolowo. They were nationalists who came into government to build Nigeria but the military took over and destroyed what they built. The difference between the nationalists and the present regime of politicians; who are products of the military, is that the new regime only came to politics for what they can get.

They are trained to destroy, vandalise and that is what the military did to Nigeria when they stayed in government for 38 years

What about the eight years after the exit of ex-President Olusegun Obasanjo?

The last eight years before President Muhammadu Buhari was sworn into office was a pure civilian government. But it was a civilian government nominated or more or less imposed on the country by the military in civilian dress.

When they got to government, they continue with the free for all looting. We are seeing many things now and the revelations being made about corrupt practices were not only about politicians but even public servants; permanent secretaries, directors of government agencies. People now talk of somebody stealing billions. How can that be?

What are they going to do with it?

And when they steal the money, the money is not kept in Nigeria, most of it is sent to America, Britain, Dubai, Saudi Arabia and all parts of the world and the people of those

countries use our wealth to develop the economy of their own countries while the people of Nigeria wallow in abject poverty.

The system has destroyed the middle class. So, what we have now is the super-rich and the superpoor; the rich getting richer and the poor getting poorer. There is mass unemployment; there is no security and the country cannot even provide common essential services like electricity and water. The roads are not in good condition; they are built at fantastic prices but not maintained. The railway system, which we inherited and promoted as a cheap means of transport in the country was allowed to collapse.

I founded the Nigerian Airways as Minister of Aviation but it was killed and all the aircraft were sold.

The buildings and the hangers we set up were vandalised and sold by the military. And so we find ourselves in a wretched condition that is hopeless; hopeless because I see no immediate hope. There are federal universities in every state and states also have their own universities but most of the graduates produced by the universities are half educated and almost illiterates.

They are not acceptable in any part of the world because they no longer measure to the standard of university graduates.

POLITICS \ MONDAY INTERVIEW

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

of military regime – Amaechi also justified their actions; it is now left for the court to decide whether they are right or wrong.

But is it morally right to use public funds to finance a personal election?

It is wrong; you can’t use public funds to finance election. It is stealing and that is what I am talking about. But we have only heard from the prosecuting side; let us hear from the defence side. When the prosecutor has finished his case, the defendant will open his case and the court will decide.

You have raised a lot of issues bordering on corruption, unemployment, poverty, insecurity especially during the 16 years of the Peoples Democratic Party (PDP) reign in Nigeria politics....

The PDP government was an extension of the military regime and therefore they are not clean from the rotten military that we had.

One of the reasons the military gave for overthrowing the First Republic was corruption and since then successive governments have claimed to be fighting corruption with little or no success. Again, the Muhammadu Buhari government has renewed that fight. So far, how would you assess his anti-graft war?

Buhari’s fight against corruption so far would appear to be one sided but it is too early to assess that. Don’t forget that not a single accused thief had been successfully prosecuted in Nigeria, including governors, who have been accused of corruption over seven years ago. They are still moving around as senators. The Economic and Financial Crimes Commission (EFCC) has not been able to prosecute a single corrupt politician in the country because of the nature of our courts.

So, even though Buhari’s fight against corruption may appear

now to be one sided, it is too early to condemn it because Buhari is not doing it himself. It is the EFCC, Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Police that are doing it. The pace is slow and it is only when there are convictions that we can assess the anti-graft war.

The anti-corruption agency is only investigation one man, Sambo Dasuki (former National Security Adviser). They are saying Dasuki gave Raymond Dokpesi, Olisa Metuh and other people money from the fund meant for procurement of arms. That is the only thing that is going on now. They have not gone to states where governors considered themselves as sole administrators, ignoring the Houses of Assembly and running government like their personal properties. The anti-corruption war so far may appear to be one-sided but let us give them a fair chance to finish with what they are doing now.

How do you see some prominent politicians and elder statesmen been linked to arms deal scandal?

The issue is about election. For example, Chief Olu Falae said he was asked to bring his party to be in alliance with the PDP for the presidential election. That is what the man said and other people have

Nigerian politics is change of dress and change of name. So, let us watch and see how the devils in the PDP will become saints after crossing over to APC

As a former parliamentarian and minister, what is your take on the padding of the budget by the various agencies of government?

The whole system is rotten.

When we were ministers, such a thing never happened. During our time, it was the Minister of Finance who presented the budget but this time it is the president going to present the budget. Every ministry will bring its budget and it would be submitted before the Council of Ministers and the Prime Minister’s office, and it would be printed out.

The padding of the 2016 Budget shows the rot in the system. The people who constituted the thieves of yesterday are still in government both in the legislative and executive arms of government. Even the present executive contains some people whose absolute honesty is liable to question.

Are you saying nothing has changed about governance in Nigeria?

We are hoping there would be a change, nothing has changed.

So there is no difference between the PDP and All Progressives Congress (APC)...

One is APC, the other is PDP; the difference is clear. There is a difference between the two. The PDP ran the government for 16 years and APC had not stayed in government for up to nine months. So, how can we compare the two? Let us give APC a chance and see what they can do. Even they are yet to have their first budget. Up till now, the country has no budget for 2016.

You described the PDP government as an extension of military government but recently, a lot of the party’s chieftains have defecting to the ruling APC. What is your take on that?

Nigerian politics is change of dress and change of name. So, let us watch and see how the devils in the PDP will become saints after crossing over to APC. What is likely to be the effect of the defection on the polity?

APC has its own policy and PDP also has its policy. The PDP people coming into APC will accept the policy of the APC. But it is not just policy on radio, television and newspaper; let us see the implementation of the policies.

The new PDP national chairman, Senator Ali Modu Sheriff boasted recently that his party will send APC and Buahri packing from Aso Rock in 2019. What do you make of that?

That is the statement of politicians. Every politician says ‘I will take over and I will rule.’ Even the political party that has three or four

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members in the House of Representatives still boasts that it will rule Nigeria. In the last presidential election, apart from the APC and PDP, there were other 14 political parties that presented candidates.

They do that so that the Independent National Electoral Commission will give them the amount usually devoted for political parties that present candidates and they will take the money and share it.

But INEC is not giving subvention to political parties again and that is why there is a reduction in the number of political parties because many of them cannot survive without the subvention...

Before, there were about 53 registered political parties in the country and about three years ago, I advocated the deregistration of many political parties. I believe that any political party that has less than five members in the House of Representatives and the Senate should be deregistered. But nobody listened to me.

Would that not deny some credible people the opportunity to contest for public offices since the leading parties charge exorbitant fees for nomination forms?

If you don’t have money, you can’t win any election in Nigeria and people spend so much money.

People are prepared to kill because being a legislator, minister, commissioner or head of a parastatal in Nigeria is a crooked road to wealth.

It is biggest access to public wealth.

Therefore, people are prepared to kill in other to get to positions. That is the irony and pain of Nigerian politics.

How do you think we can solve the issue of money-politics considering the fact that public office holders rendered selfless services in the First and Second republics unlike today’s politicians?

The change would definitely come either through a revolution or evolution. It depends on the people of the country. A revolution in the sense that the public might get to a stage that they can no longer bear the suffering they are being subjected to by the government and there would be an unplanned revolution. People would just say no because when you push people to the wall and there is nowhere to fall back to, the natural tendency is to fight back forward. The change may also be through evolution by having a government that would be bold enough to introduce honesty in public office, supervise it and effectively carry it out.

The leadership tussle in Ohanaeze Ndigbo seems to have been resolved following the intervention of Governor Rochas Okorocha of Imo State, who reconciled the two factions. What is your take on the development?

It is good for the Igbo nation.

Don’t forget that Ndigbo by their own nature are republicans and there is bound to be disagreement here and there. But eventually whenever there is a crisis situation, they have tendency to come together.

I heard that a committee has been set up made up of representatives CONTINUED ON PAGE 15

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POLITICS

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

1999 and 2015… crucial decisions, which will undoubtedly affect and shape the future of our great party will be taken at the said meeting," Fani-Kayode stated.

Incidentally, Tanimu Turaki, who was Minister of Special Duties under Jonathan, was chosen as chairman of the Forum.

The meeting was enriched by the wisdom and experience of elder ministers who served during the first term of the Obasanjo administration, the likes of Profs Jerry Gana, ABC Nwosu and Tunde Adeniran.

They were also the likes of Chief Ojo Maduekwe, Dubem Onyia, Mrs. Josephine Anenih, Hajia Inua Ciroma, Mr. John Odey, Mike Onolomemen, Boni Haruna, Bala Mohammed, Edem Duke and Abubakar Suleiman, among others.

Shortly before the meeting went into close door session, Turaki who presided said the forum was formed to protect the achievements and legacies of the PDP government since 1999.

"We will ensure that the narrative is not nagetively changed," he said, and added that the meeting was convened to discuss serious concerns that have arisen from the decisions of the National Executive Council (NEC) of the PDP to appoint a person that will complete the chairmanship tenure of the North-East.

His words: “We are here to discuss this very important issue and I urge on us to discuss freely to say our mind because what is at stake is something that affect all of us. If we take decision today we are going to safe our party. In saving PDP we are saving democracy, in saving democracy, we are saving Nigeria," he said.

The Ministers Forum chairman defended the formation of the association, directing people who said it is not a recognised organ of PDP, to the party's constitution.

"We are national members of the national caucus of this par-

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Fani-Kayode

Jubrin

How plot against Sheriff failed ty. The primary function of national caucus is to ensure harmony and ensure that all organs of our party work together in the overall interest of our party.

So, we are stakeholders.

"Beyond that all of us are well respected leaders in our various constituencies, so must take more than personal interest in what happen in our party," he said.

Disagreement among members was said to have robbed the forum of chances reaching an acceptable resolution. The meeting, which began around 11.30am, lasted for nearly five hours.

Contrary to the statement by the chairman that there was no preconceived resolution, a member was said to have brought out an already prepared communiqué to be adopted by members.

This was rejected.

There was also a move to adopt former Minister of the Federal Capital Territory, Senator Bala Mohammed as the forum's choice candidate for the PDP chairmanship position.

But a communique issued at the end of the meeting and signed by Turaki, said the forum “rejects Alhaji Ali Modu Sheriff as National Chairman of the PDP due to the illegitimacy of the process that purportedly brought him in.”

The former ministers also insisted that the PDP must conduct congresses at all levels of the party, leading to a National convention that should be held before March 28 “to return power to the people in tandem with the constitution of our party and as encapsulated in our party’s motto: ‘Power to the People.”

The communiqué further read: “The forum condemns all acts of impunity in the running of the affairs of the party, at all levels and implores all members to respect the constitution of the party and that of the Federal

Unless there are new reasons for us to reconsider our position we stand on our ground

Republic of Nigeria.”

But while the former ministers were locked in a heated debate, the rug was pulled from under their feet. Various organs of the party, including the Board of Trustees (BoT), at the invitation of the PDP Governors' Forum, met at Ondo Governors' Lodge in Abuja and agreed to support Sheriff as national chairman of the party. He is to serve for three months and organise a National Convention.

Chairman of the PDP Governors' Forum, Governor Olusegun Mimiko who addressed journalists after the meeting, said "all organs of the party, the Governors Forum, National Assembly Caucus, BoT have agreed to stand by our national chairman to ensure that our party moves forward.

"We have put behind us all the controversies in the last few days and I want to assure you that we are together as a party.

"We have also mandated the National Working Committee (NWC) to put in motion immediately the processes of ensuring that within three months the national convention of our party is called.

"We will brief all our manners within the next two weeks; the timetable will be out all culminating in the national convention. I want to assure all of you that PDP is ready. Let them know that as one big family we are set and ready to move forward and ensure that we give good governance to the country," he said.

Governor Mimiko added that the former ministers as members of their various states’ caucus were represented at the meeting by their state chairmen.

The PDP BoT Acting Chairman, Senator Walid Jubrin corroborated Mimiko’s position.

The volte face by the PDP BoT on Sheriff caught the former ministers unawares. Some of them were taken aback when

they got to know the resolution of the organs of the party to accept Sheriff as chairman.

But Turaki was later to explain that at the time they took their position members were guided by their conscience.

"We felt that the process deployed to appoint national chairman was flawed. In the first instance the person who presided over the meeting was barred by court injunction and to the best of our knowledge that injunction has not been lifted.

"We believe that we should not give room for impunity; if the BoT chairman changes the position of BoT, it will not change our position. We stand by them and we still feel the way we feel.

"Unless there are new reasons for us to reconsider our position we stand on our ground.

But there will still be room for consultation," he further explained.

Speaking on the position of the former ministers, Lagos PDP deputy chairman, Chief Sikiru Apena, described them as jesters because they were just staff of the former president.

He also insisted that there is no organ of the party known as Former Ministers.

“They were appointed at the pleasure of Mr. President and some of them were even technocrats. So, how can technocrats tell us how to run a political party? If they had done what is necessary as ministers in their states, we won’t have all these issues in our hands,” he told New Telegraph in an interview.

The dismissal of the Former Ministers Forum, notwithstanding, its members are not giving up on their position, but there is no doubt that they are fighting a lost battle as it is unlikely they will have their way when the governors are the ones who have control of the party’s machinery.

POLITICS

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

15

How Ekweremadu saved PDP Ephraim Oyeleye

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he nation was caught in the web of political confusion in 2009/2010 following the protracted illness and consequent long absence of late President Umar Yar’Adua without transmitting a letter to the National Assembly, so as to enable the then Vice President, Dr. Goodluck Jonathan, to steer the ship of state in an acting capacity. Nigeria was in a fix.

Then came the Senate with the Doctrine of Necessity, a novel term at the time in our political lexicon. The Doctrine of Necessity is the basis on which extralegal actions by state actors, which are designed to restore order, are found to be constitutional. It is used to define and validate extraconstitutional issues and actions that fall outside the purview of the constitution, but which are necessary to preserve political stability, as it did for Nigeria at the time.

However, it was not until the dinner event hosted by senators in honour of former Minister of the Federal Capital Territory, Senator Bala Mohammed, at the Transcorps Hilton Hotel, Abuja in May 2010 that Senator Ike Ekweremadu was revealed as the real brain behind the Doctrine that bailed the water. Senator Mohammed described Ekweremadu as the author of that Doctrine of Necessity, noting that Ekweremadu’s ability to think outside the box pulled the nation back from the brinks of disaster.

When it comes to political stratagem and thinking outside the box, Ekweremadu, is one man that is highly respected. His ability to pick the 2015 Peoples Democratic Party (PDP) sensorial ticket at the expense of an incumbent Governor of his State as well as his return as the Deputy Senate President against all permutations, remain clear pointers to that.

So, it did not come to many as a big surprise when Ekweremadu brought his political brinkmanship to bear in the crisis that erupted in the main opposition party following the emergence of the former two-term governor of Borno State, Ali Modu Sheriff, as National Chairman of the PDP. While the governors were said

Ekweremadu

to be the mastermind of Sheriff ’s emergence, other critical stakeholders in the party, notably the Board of Trustees (BoT) and forum of former ministers under the PDP were conspicuously miffed at his choice. The PDP Rescue Group led by a founding member of the party and aspirant to the chairmanship position, Wilberforce Juta, also lambasted those behind Sheriff ’s emergence, insisting that “the decision by the NEC was against the will and wishes of the generality of faithful”. It demanded Sheriff to “do the needful by stepping down honourably.”

But thank God for what the media now refer to as the Ekweremadu formula, which has so far doused the palpable tension. Media reports have it that the decision to allow Sheriff a short spell as chairman was brokered last Monday by Senator Ekweremadu at his Abuja residence.

According to the reports, Ekweremadu, who is the highest elected public office holder in the PDP, met separately with aggrieved ex-ministers led by the former governor

When it comes to political stratagem...

Ekweremadu is one man that is highly respected

of Kano State and ex-Minister of Education, Ibrahim Shekarau.

It was gathered that the exministers who attended in their numbers collectively stated that Sheriff was the wrong choice for the post of chairman of the party, complaining about the credibility burden and alleged imposition.

But in response, Ekweremadu was said to have told them that while the feelings of various critical stakeholders of the party could not be brushed aside, it would not be in the interest of anyone to allow the extreme positions they hold to destroy the party.

He was reported to have reminded them that the mistake of the past in which a whooping five governors and their supporters were allowed to leave the party due to poor crisis management mechanism was responsible for the party’s woes today.

He, therefore, canvassed a middle ground, which was to ensure that the constitution of the party was upheld, in which case, Sheriff would only complete the remaining lifespan of the present National Working Committee (NWC), which ends in about two months.

That period would also allow the party to conduct the congresses and national convention for a full transition into another NWC. A particular report quoted Ekweremadu as saying, “If that is the case, sacrifice is expected on both sides – by those who are pro-Sheriff and those who are anti-Sheriff. A little over a month or at most two to three months should not be allowed to destroy the party.”

The same suggestion, which was said to have softened the ex-ministers was also tabled by Ekweremadu in a meeting with the BoT at his residence the same Monday night, paving the way for the larger meeting of all stakeholders of the party at the Ondo State governor’s lodge where a threemonth stint was handed to Sheriff.

Thus, by a dint of right-thinking and compromise by critical stakeholders, an amicable resolution of what detractors had earnestly hoped would be the end of the PDP, was resolved amicably. And this is to the credit of all the stakeholders.

Whatever the misgivings, one thing that is clear is that the PDP

cannot afford the luxury of another bout of internal crisis. Historically, it is crystal clear that the APC decimation of the PDP in the 2015 election could not have been possible without the breakaway of the five governors. Sadly, the grass turned out not to be green on the other side, as the discrimination, persecution, and indignity suffered by the exPDP family within the APC have shown. They were not considered for anything, from Presidency to the Deputy Speaker of the House of Representatives. And what they got for themselves by deft political moves typical of the PDP breeds has never gone down well with entrenched forces within the APC. Truly, PDP’s unity is even most imperative now in the face of a tyrannical federal administration that entertains no form of opposition. It doesn’t need any crisis in the face of a government which anti-graft crusade is clearly a clear vendetta and onslaught against the PDP and perceived enemies. Importantly, as in the military era of General Sani Abacha, when their founding fathers (G34) stood against brazen despotism, the nation looks up to the PDP to galvanize a responsible and vibrant opposition to all forms of civilian dictatorship, with attendant self-confessed disdain for the rule of law.

Therefore, PDP needs to build more selfless statesmen and deep thinkers like Ekweremadu to lead the party. Given some brilliant stunts pulled by its young leaders from May 29, 2015 till today, such as its determinant role in the emergence of the leadership of the 8th National Assembly to the extent that one of its own also emerged as the Deputy Senate President; the vibrant opposition provided by the one man riot squad called Ayo Fayose; the huge victories scored in Bayelsa under the gallant Seriake Dickson, who rallied the Ijaw nation to refuse to be undone in their home; the fear-no-man leadership of Nyesom Wike in Rivers State; the resounding successful defence of the people’s mandates in Akwa Ibom, Abia, Delta, Taraba, etc, it is crystal clear that the PDP fortunes could have been different if its leaders had listened to the right people.

•Oyeleye writes from Akure

It’s too early to condemn Buhari’s anti-graft war – Amaechi C O N T I N U E D F R O M PA G E 1 3

of the two factions, representatives of the South-East governors and the present executive to run Ohanaeze till the end of the year, when there would be an election. If that is accepted, it is commendable.

What split Ohanaeze last time was that the then leadership of the group tried to push the organisation towards the presidential candidate of the PDP and then president, Dr. Goodluck Jonathan. I didn’t like it personally and as the chairman of Ohanaeze Council of Elders, I said no, you cannot say all Igbo should vote for one man; Ndigbo are free minded people and they should be allowed to make their choices. So, I set up a caretaker committee and we issued an advertorial, telling Igbo all over the world not to listen to people

who are saying that they should support one man. We asked them to go to the poll and vote according to their conscience.

But the South-East voted massively for Jonathan in the last presidential election and many people have attributed that decision to the perceived marginalisation of the region by Buhari’s administration in terms of appointments?

The president of the country said so in America.

Against this backdrop, what would be your advice to president?

When you win election as president of the country, you become the father of the country. A father must love his children equally. Majority might have voted for you while minority might did not have

vote for you. But once you assume office as president, you become father to all of them; there should be no discrimination.

There may be a soft place in your heart for dear sons but it must not be exposed.

You should even try to win those who are opposed to you.

Why are Igbo leaders silent on the pro-Biafran agitators and the ongoing trial of the leader of Independent People of Biafra (IPOB), Nnamdi Kanu?

I don’t know. How would I enter into the mind of every Igbo man? We are in a democracy and everybody has the right to express their views. They are provided for in the constitution. If they feel rightly that they are part of the country and they are being marginalised over a long period, they have right to say so in a democracy.

But do you think the agitation for Biafra is really necessary?

How would I know? I am one man, a very old man. In my own time, I believed in one Nigeria and we practised it because the region where somebody comes from did not matter to us. I have strong belief in Nigeria. I was raised to believe in Nigeria and that has been in me; it hasn’t departed me because I believe in one strong big country where there would be justice and equity.

Do you think there is that justice and equity in the country?

At the moment there is none. At the moment, people from my part of the country are being treated as slaves. We are being treated as second class citizens of the country.

16

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Opinion

The logic that defied suppression Dominik Umosen

E

ven before the National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun assured Nigerians that this year would be tough with unpleasant decisions by the Federal Government, many were hardly surprised because is either that the ruling party grossly underestimates the agony ordinary folks are facing or has not identified sufficiently with the remedy recommended as solution to the country’s enduring fundamental challenge.

I make this responsible claim based on the party’s response to the call for an alternative development concept, including re-structuring which many say is the required tonic for national restoration.

This unmistakable ambivalence to public opinion is baffling, unless the administration is determined to prove right United States of America (USA), Democratic presidential candidate, Mrs Hillary Clinton’s conviction that the largest black democracy is afraid to take tough decisions to stabilize its nationahood.

Utterances made on its behalf, including the valid assurance of the president, suggest lack of confidence in what has been described as the most pragmatic road map for the country’s sustainable development. Who can forget when tension between federating nationalities rose sharply and forced the President of the 7th senate, BRIG-Gen David Mark (rtd), to defend the national conference as a painful but necessary recourse to prevent national disintegration. Yet, Pres Muhammadu Buhari scoffs at the national conference report, insisting that he is not favourably disposed to re-structuring which many misconstrue as synonymous with disintegration.

The president’s avowal of love for the country and his reluctance to take a leap of faith do not mix. Before the erroneous impression of an elaborate deceit is sustained, it is not difficult for the messenger of change and beneficiary of people’s

power to demonstrate that it is not afraid of re-structuring which is the expressed wish of the people.

Even within the context of Oyegun’s disturbing prognosis, Nigerians accepted, with regret, that it has become the responsibility of the Minister of Works, Housing and Power minister and former Lagos State governor, Mr Raji Fashola to defend the 45 per cent tariff hike by the Nigerian Electricity Regulatory Commission (NERC). Thankfully, the Senate ordered the commission to stop the plan which have complicated prevailing misery. The anti-people veterans stepped up the blackmail, alleging possible nation-wide power outage because of the reversal.

It is a fact that re-building usually requires greater effort and time but the party’s promise to re-build the country may go up in smoke without an alternative development framework to replace and compensate for the foolishness of blind reliance on crude oil. Besides being compelling, an alternative strategy to inspire growth forms part of the enormous responsibilities if change is not to become mere slogan.

That is why the ruling party can not afford to shoot itself in the foot by trampling on public opinion, especially as it relates to re-structuring the polity to wean it of residual rascally tendencies that have since become a distinguishing tattoo on our brand of federalism. The party dusted this tendency up recently in Akwa Ibom when it went against the consensus to rotate power among the three senatorial districts in the state and paid dearly for it by sensationally losing the gubernatorial election.

While the presidents shops round the world for goodwill, the party should assemble brilliant and apolitical minds to advise the FG on an alternative framework to drive development; where productive enterprise, not crude oil, shall drive national aspirations for the desired new Nigeria. And to demonstrate that its readiness for change, the ruling party should convince the government it controls that

It is a fact that rebuilding usually requires greater effort and time

ideas that will turn the country around can originate from anywhere.

It is baffling to imagine that the wish of the people which the party claims to chant as it mantra of relevance could be difficult to observe as such. If there is nothing good in the wish of the people, those who have absorbed the pains of government reluctance to embrace common sense might not have demanded for it.

Successive Nigerian regimes have undermined attempts to deliver a level playing field for all federating nationalities but none has been ready to do what is needful to redress these wrong .

Who was it that said that the country might become a playground for sybarites. But instead of sybarites, what I see obstructing the view of those eager and desperate to help the situation is the assurance that every one who helped to restore normalcy would be repaid just as silently. If you expend the dollar as at when applied, why waste our time thinking that President Buhari can wriggle with what is beyond his control?

That could be why the Presiding Pastor of Latter Rain Assembly, Pastor Tunde Bakare, is emphatic that his former principal risks completing his tenure without impacting meaningfully unless he re-structured the Nigerian behemoth for efficiency. But if the president is not favourably disposed to oing the needful, how can we expect pleasant result from re-hashing blunders?

Northern governors made the strongest argument for re-structuring with their denial of Senate’s charge of committing illegality by obtaining loans from Saudi Arabia.

They said thery committed no crime because their trip as sanctioned by the Presidency.

Chairman of the forum and gov of Borno, Alhaji Kashim Shettima attributed criticism of the Saudi loan by Chairman of Senate Committee on Foreign and Domestic Debts, Sen Shehu Sani to ignorance, describing it as unfortunate. Perhaps now that northern govs have justified economic autonomy for federating units, we can table re-structuring for discussioin.

• Umosen (dominik.umosen@gmail.com) wrote in from Lagos.

Why Oba of Benin is number one (7) Odia Ofeimun CONTINUED FROM THURSDAY

T

hose who are not Oramiyan’s children may well kick and seek another ranking that puts them in the picture. But they have no locus because it is actually Oramiyan’s children who built the empires that survived the ravages of history. Among those children, as has always been accepted by ALL AUTHORITIES, the Benin Monarch came first. To do a somersault about it and seek to make Eweka appear like the third in the hierarchy is simply jiggery pokery, rigging, and sheer distortion of History.

When Ade Ajayi says that Oba Erediauwa’s “own father used to attend and meet at the conference of Yoruba obas regularly during colonial rule”, he is quite right.

Ajayi adds, truculently however

that Oba Akenzua, Erediauwa’s “own father did not object to this but he (Erediauwa) from his own point of view of politics thinks it is a departure from his own status .....” and “ that Ife monarchy is derived from Benin monarchy”.

The truth of the matter is that even if anyone rejects the fact “that Ife Monarchy is derived from Igodo monarchy”, it changes nothing about the reality that the Monarchy in Benin City is still Number One among Oduduwa’s children. I mean: let it be assumed that Oduduwa came from Egypt, Mecca, Sudan, Ethiopia (where the Oromo Region has a nationality fraction called Oromiyas) or from Orun, as heaven or a place we do not know, with a chain made of iron if not some other metal, it does not change the fact that the dumb one who learnt to talk by naming himself OWOMIKA, ‘my hand has stuck it’, the first Benin monarch after the Ogisos, was the first child of Oramiyan whose children built the

empires that our part of the world remembers.

No question about it: there is the other significant issue that whoever becomes the Ooni of Ife is closest to the Opa Oranyan, and therefore must be deemed the preserver of the family grain, the shrine of nativity.

A special place may therefore be reserved for him in the celebration of the family business which monarchy always is, in every culture where it exists. It does not however remove from the eldest child the imprimatur that age provides.

At any rate, Edo culture has been, for centuries, a strict upholder of the principle of primogeniture and therefore some remove from parleying with those who have no respect for the firstborn adult male in the matter of monarchical rule. The reality is that whenever the Oba of Benin sat among Yoruba obas, he knew he was the eldest. He did not have to say it for it to be true. Those who deny him his place may stand

on ethnic arrogance, which is hollow. The rest of the world knows that if there are other forms of prowess that can grant suzerainty, superiority or primacy to a king, the Edo king had and has it. In a century when governance is based on democracy by numbers, it may well be argued that the Edo people do not have as much population as the Yoruba to decide the matter. But matters pertaining to monarchies are not resolved by a democracy of numbers.

A king is a king because he is the child of who he is. Or if he can impose his will, by rod and staff. If the latter is the tack of those who continue to engage in the ranking of Yoruba obas, the average Edo can then invoke the Edebiri principle which advises that the Oba of Benin is not a Yoruba and therefore cannot be placed on a list of Yoruba Obas.

Concluded • Ofeimun wrote in from Benin City

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was not involved. Wya said it was routine investigation, explaining that possibly because he was close to one of the plotters, Lt.Col Ayuba Tense, the investigators only wanted to find out how much he knew.

Unfortunately, he was found guilty by the military tribunal and faced a firing squad.

Three months after the execution, precisely in June 1976, Marie was involved in a car crash. Reports said she ran her vehicle under a truck and was crushed.And the verdict was suicide, because she could not live with the fact that her innocent husband was killed for a crime he did not know anything about. The suicide story stuck.

However, 40 years later, the world now knows the truth.

Mrs. Wya did not commit suicide as widely believed. She was involved in a crash quite alright and that was what happened. The family has come out to correct the impression that the woman took her life.

The report was so dishonourable that the Roman Catholic church to which the Wyas belonged was almost not going to accord her a befitting funeral.

It was a terrible situation for the family, especially the

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Let the truth prevail

here is no greater pain than living with lies and half truth in a situation that should indeed evoke emotion or even compliment.

It is said that those who do not know history are forever condemned to repeat it. The case of Mrs Marie Wya is an example of history being turned upside down.

She got married to Abdul Wya, a young Nigerian Army officer in the early 1960s. Originally from outside the African continent, it was probably because of her that the husband’s promotion to the rank of Captain was facilitated by his then Commanding Officer, Lt. Col. Alexander Atta Madiebo of the Artillery Corps.

By 1976, Wya was a Colonel and commanding the Artillery Corps. On February 13 of that year, there was a military coup led by Lt.Col. Bukar Sukar Dimka of the Army Physical Training Corps. The Head of State, General Murtala Ramat Mohammed, was assassinated in Lagos, on his way to work. The Governor of Kwara State, Col. Ibrahim Taiwo also lost his life.

Col. Wya was picked up and, in his wildest of imaginations, did not believe that he would not come back to his wife and children. In a letter he wrote from detention, the officer assured her that there was nothing to worry about since he

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four children. A few days after Col. Wya’s death, his younger brother, a naval officer, also died mysteriously. The family was ejected its their official quarters in Lagos by the Military Police. Even in death, Mrs Wya knew no peace. Now the records have been set straight. She could not have contemplated suicide when she had four young children.

This is also the kind of misinformation that has condemned Yakubu Danjuma as the man who killed General Johnson Aguiyi -Ironsi. Of course, Major Danjuma led troops to abduct his Commander-in-Chief. He lost control as the ill-mannered subordinates reprimanded him for playing gentleman with a man who ‘at the strike of his crocodile staff, could disappear’ to Umuahia Ibeku.’

The same misinformation that credits Ibrahim Babangida as the man who dislodged Bukar Dimka from Radio Nigeria in 1976. The man who did the job, Chris Ugokwe, is less known by various accounts.

Babangida met Dimka quite alright and they had time to chat.

Dimka even taunted the former not to play the game of Chukwuma and Nwawo, apparently

Mrs. Wya did not commit suicide as widely believed

referring to the January 1966 coup when Nzeogwu’s teacher, kinsman and confidant, Col. Conrad Nwawo, was used to effect his arrest.

Fellow officers like Muhammadu Magoro and Garba Duba believe Babangida should be hailed as a hero because only a brave man could have summoned courage to confront a drunk soldier like Dimka with his smiles. That to them was a huge risk.

Forty years after the Wyas lost their parents, it is now clear that Marie did not commit suicide. She was involved in a road accident. We hope that this true position of what happened will let her soul rest in peace and also save the family the stigma imposed by distorted history.

It also moves to the fore, the need to bring back the study of History in schools across the country. Truth is constant and history bears testimony to truth. Our future lies in our past and if the younger generation does not understand how we came to where we are today, the task of building a united Nigeria will get more difficult.

Someday, one fundamentalist could come up with the claim that Nigerians descended from the caves around Atlas Mountains or the lost continent of Atlantis. It would be his word against ours.

18

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

19

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Interview

Law

Uche: Buhari’s graft war has no regard for rule of law

News Lalong seeks lawyers’ support for graft war

20 23

Card reader Lawyers tackle Supreme Court

Should the Independent National Electoral Commission (INEC) continue with the use of card reader machine in subsequent elections even as the highest court in the country-the Supreme Court-ruled that the machine is unknown to law? Lawyers say no, yes. SOLA ADEYEMO, BIODUN OYELEYE, TUNDE OYESINA, ADEOLU ADEYEMO and AKEEM NAFIU write

A

lthough Section 153 of the Electoral Act vests in the Independent National Electoral Commission (INEC) the power to issue regulations, guidelines and manuals for the purpose of giving effect to the provisions of the Electoral Act and for its administration, such powers may not have covered the use of card reader in election if the verdict of the Supreme Court in four governorship elections is anything to go by.

Card reader was introduced by the INEC to tackle the malaise brought by nation’s history of electoral malfeasance and manipulation of elections by desperate politicians.

Its introduction was however not without resistance. In the end, its opposition lost the battle as the INEC employed it for the 2015 general elections.

Months after its use for the conduct of the elections, it became a subject of litigation at the Election Petitions Tribunal.

At the tribunal, many petitions were dismissed on the grounds of card reader.

In Rivers, Akwa Ibom, Abia and Ebonyi States, the governorship elections were nullified on the grounds that the election did comply substan-

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An INEC official checking a card reader

tially with the Electoral Act especially where card reader became the sole issue for determination.

The four sitting governors—Nyesom Wike, Udom Emmanuel , Okezie Ikpeazu and David Nweze Umahi pursued their appeal up to the Court of Appeal.

Again, the Court of Appeal nullified their elections on the grounds of partial compliance with the Electoral Act. But the Supreme Court upheld their appeals while declaring that the grounds by which the lower courts predicated their verdict—card reader was unknown in laws.

It ruled that the use of card reader remains unknown in the nation’s extant laws.

Specifically, it said it is bizarre to put unknown law above voter’s register which has become a key element in the conduct of any elections in Nigeria.

The court said: “While we commend the introduction of the card reader, the innovation, however cannot supersede the voter’s register.

“The extant laws of the federation provide for the use of voter’s register but the card reader irrespective of its importance does not have a place in any extant law of the land.

“I do align myself to earlier decision of the apex court that the provision of the law recognizes the voter’s register as the only key element to conduct any elections.”

Did the apex court misinterpret the law when it said that card reader was not known to nation’s extant laws, hence it could not supersede voter’s register?

Even if it misinterpreted the law, its decision is final, a lawyer said.

Nevertheless, lawyers could not agree on the significance of the use of card reader for the conduct of subsequent elections especially since the highest court in the land has described its relevance as immaterial and inconsequential.

While some said card reader has come to stay in regardless of the Supreme Court’s decision especially as it only strengthened the provision of Section 49 of the Electoral Act, others said otherwise.

For instance, an Ibadan based activist lawyer, Comrade Femi Aborisade said the Supreme Court was in order as it declared the card reader as unknown to Nigeria’s extant laws just as he said that it would be difficult to trust the use of card reader under a lawless electoral umpire.

He said: “To the extent that the card reader is meant to curb election rigging at the point of voting, it would remain relevant and imperative. But I do not think there is opposition in principle, from any quarters to the use of the card reader. My understanding is that there are genuine concerns as to the stage of our electoral experience when the card reader (to read the PVCs) should be used.

“For example, as at 23rd March 2015, that is, about 5 days to the Presidential and National Assembly elections, of about 69million registered voters, only about 56million (or 82%) had collected their Permanent Voter’s Cards. From the public admission of INEC, not all PVCs were actually produced.

“Where it is appreciated that the right to vote in choosing those who rule is a constitutionally guaranteed

right, no credible election can be considered to have been held with the disenfranchisement of a high proportion of the electorate who are deprived the opportunity to vote by logistics problems of the electoral umpire.

“Thus, the card reader is important and critical but it should only be used when it can be made available in sufficient quantity and when (and if) the degree of its reliability, predictability and consistency in successful operation can be assured. The public should be assured that the card reader is not subject to manipulation by its operator. But where the failure rate is embarrassingly high as it happened in the 2015 elections, then, there can be no objective rationale to advocate for its use as the main tool in determining the authenticity of the PVC presented by the intending voter.

“Besides, in the context of an electoral umpire, INEC, under the leadership of Prof. Mahmoud Yakubu, who takes delight in disobeying court orders mandating him to restore the status of the Peoples Redemption Party (PRP) and other parties as registered parties, Nigerians cannot trust the use of the card reader under a lawless electoral umpire.

“Lastly, as the Supreme Court has correctly pointed out, the card reader is for now unknown to law. The use of the card reader in the 2015 elections was introduced by the INEC in its Guidelines and Regulations. The INEC Guidelines and Regulations are no binding law in the context of the Electoral Act. Guidelines remain what they are – administrative guiding frameworks, not law. Indeed, in the 2015 elections, INEC prevaricated on the use of the card reader.

While the card reader was not made mandatory for the Presidential and National Assembly elections, it was made mandatory for the Governorship and House of Assembly elections, through Press statements issued by INEC. “The said press statements explained that INEC relaxed the use of the card reader only with respect to the Presidential and National Assembly elections, but maintained that it was mandatory for the Governorship and House of Assembly elections.

Such an inconsistent attitude cannot enhance public confidence in the electoral process.

“It is therefore important for the card reader to be introduced by an amendment of the Electoral Act, which would stipulate objective and verifiable technical conditions that could guarantee reliability and consistency before the card reader may CONTINUED ON PAGE 24

20 Law|Interview

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Uche: Buhari’s graft war has no war is being fought so that it doesn’t lose its appeal because you must remember that whatsoever the government is doing must be for the welfare of the people. Nobody is supporting corruption but we must do these things in the manner prescribed by law. The Constitution is the highest legal document, what we call the ‘ground norm’. And the Constitution says that every person is presumed innocent until the contrary is proved.

And the law has made provisions to grant bail to persons who are charged before the court for offences but then when ‘powersthat-be’ oppose and insist that such people are not granted bail or when they are granted bails, steps are taken to frustrate their being released on bail. You now begin to see that it is not all about justice.

Uche

of these things, it becomes clear that there is an ulterior motive behind the entire exercise.

He is a titled chief and Senior Advocate of Nigeria. Chris Uche, in this interview with TUNDE OYESINA speaks on President Muhammadu Buhari’s graft war, court orders, bail, Pro-Biafra and sundry issues President Buhari seems to be on the right track in his war against corruption, what is your own assessment of the government’s graft war?

Well, it is really not surprising because it is not as if previous administrations have not carried on with the fight against corruption. We must all remember that it was in preceding administrations that most of the legislations relating to the fight against corruption were enacted.

For instance, the Economic and Financial Crimes Commission (EFCC) Act under President Olusegun Obasanjo’s government and before then we had the ICPC Act, the Criminal Code was there and the Penal Code was there.

All these legislations relate to the fight against corruption. And lately this administration came into power with a lot of promise to fight corruption.

Interestingly, its method of fighting corruption is one that is beginning to worry a lot of people because Nigerians are saying that notwithstanding that corruption is an evil that has eaten so deep into the body polity and

the social fabric of the country, Nigeria is still operating a constitutional democracy in which case any such fight against corruption be carried out within the ambits of the rule of law.

In other words, the fight must be fought within the provisions of the law.

You don’t simply because you want to eradicate corruption; you begin to eradicate the citizens of the country by convicting people even before they are tried. When you begin to abuse the rights of people all in the name of fighting corruption, it now throws up different other challenges that will at the end of the day undermine the fight against corruption. Because again of the way it is being carried out, many people are beginning to feel that the war is targeted against people of other political persuasions and other political parties. Whether this is true or not, many Nigerians will be in a better position to say.

But the point we are making is that the law has made provisions for investigation and prosecution of anybody suspected to have committed an offence and when you over dramatise some

Buhari’s method of fighting is one that is begining to worry a lot of people

Nigerians share your view on the graft war especially when the Peoples Democratic Party (PDP) image maker, Olisa Metuh was brought to court in handcuffs, what do you make of this?

The recent incident of handcuffing the National Publicity Secretary of the Peoples Democratic Party (PDP), Olisa Metuh was completely unwarranted.

The day he (Metuh) was arraigned before the Federal High Court, he was not in handcuffs.

But the day he was coming for his application for bail from the prison, he was handcuffed. It was not as if he exhibited any act of violence or even attempting to escape. And how could he have done that when he was coming to the court for bail. And when that happened, people protested all over the nation.

Yet, two days after when he was also brought before the High Court of Federal Capital Territory, surprisingly he was also handcuffed. And people are now beginning to see this for what it is, which humiliation of the man is and what he represents because he is seen as the spokesperson, as the symbol of the opposition party. And now it appears the war against corruption is now a war against opposition.

So, the government must be very careful about the way this

What are the implications for the government’s alleged disregard for court orders?

It is very unfortunate because you cannot on the one hand say you are a government and you want to play by the rules and you are fighting corruption, then you turn around to disobey the same laws that will help you to fight corruption. Some of these things are also manifestations of the same corruption they claim to be fighting. When you now want to use your influence because you are in authority to achieve a desired end, it is also another form of corruption.

So, a situation whereby you begin to see some of these agencies as even being higher than the courts; the courts that are supposed to be the arbiters, they now do certain things to intimidate, obstruct and undermine the course of administration of justice.

It is exceedingly unfair because the consequences will then be that these cases are not heard on time. But they don’t understand a situation where somebody is granted bail and you refused to release him on bail, what opportunity do you want him to have to prepare his case? How would he relate with his counsel? It will lead to an adjournment because on the day the matter will come up for hearing, he is not prepared to go on. What do you do? You want to jail him without hearing him or might as well tie him to a stake and shoot him so that people will hail you. Justice does not operate that way.

The Dasuki case shows that it is not all about justice; otherwise the government should be more interested in having the case heard. How do you get the case heard? You must produce the accused person; it is a cardinal principle and demand of criminal jurisprudence that you must not proceed with a case in the absence of the accused person.

So, when you refuse to produce the accused person, the cause cannot go on. And I think they know this much. It is not all about over dramatizing this fight; keeping the man (Dasuki)

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

regard for rule of law there, punishing him, humiliating him. It is not about finding whether he actually committed the offence, otherwise the government should be more interested in having the case proved, and if the man is found guilty, he should be sentenced and made to pay the penalty for having committed the offence. But not to begin to punish before conviction; it is against the spirit of the Constitution.

What are your thoughts on the bail conditions so far given by the courts to defendants in the ongoing Dasukigate’s trial?

You see, the law is that when bail conditions are excessive, it amounts to denial of bail to the accused persons. Some of the bail conditions are very excessive and oppressive. And sometimes these things also work against the administration of criminal justice because options open to such an accused person or defendant is to either go on appeal to seek a variation of these excessive and oppressive bail conditions.

What should be paramount is not trying to keep the man there; it’s making sure that the case is tried. When an accused person is intimidated, he begins to have that fear that he is not going to obtain justice at the end of the day, and that also leads to frustration and stalling of trial because if it is on a little issue of bail, he is harassed, intimidated, things are made so difficult for him, then at the end of the day he would say, ‘well, if it just bail and it is like this, when it gets to sentencing who knows how it will be? Then the confidence, the trust in the system is eroded.

That is why those in authority must be very careful in the manner they talk to the judiciary.

When you begin to say certain things that can intimidate judges,

then you are not helping the matter. Judges have sworn to an oath of office under the Constitution to dispense justice without fear or favour and they must be allowed to operate under that clime.

But when you now begin to give the impression that once an accused person is set free, then it means that the judge is corrupt; it is blackmail, it is not right. And they go ahead selling this impression. And the judges are intimidated. So, a judge may now be very careful because when a corruption matter is brought before him, he will be more concerned about what the public impression, what the executive arm would think, and because this is Nigeria even when he does the right thing and he is punished, people will not be there to defend him. So, everybody is scared.

So, if you operate a state where people are scared, there is a palpable state of fear. You cannot obtain justice; fear does not produce justice. There has to be that level of confidence in the system.

Justice Minister and Attorney-General said recently that corrupt judges will go to jail and their property confiscated, how would you look at this, coming from the nation’s chief law officer?

I think that was an unfortunate statement to make because the Constitution has already put in place a mechanism for disciplining any judge or judges who are either found to be corrupt or inept or people who undermine the system. And that is why the Constitution set up a body called the National Judicial Council (NJC); it is their responsibility to discipline erring judges. This council is made up of eminent people presided over by the Chief Justice of Nigeria (CJN). So, this council has a duty and they have been working; any case of any misconduct

Uche

Government must understand that this is a civilian administration and should be able to accommodate dissent

by any judge is handled by them, and when they find any such person wanting, they apply the disciplinary sanctions as provided by the law.

So, it doesn’t need a minister to threaten the judges that they would be sent to jail and their property confiscated before people would know that judges are supposed to live above board. And one must say this that judges in Nigeria are doing their work well.

It is natural for people to make speculations and that is where also this fight against corruption must be carefully fought.

For example, many years ago when it was the time of drug offences and all that, you remember how people were sent to jail and killed, and the judges had no choice but to oblige the executive.

The judges had to apply the laws as they were made then.

There was no freedom. Now when you begin to scandalise a judge because he has given fair judgment by refusing to do what you want him to do, then you begin to say, ‘who knows whether he (judge) has collected money.’ I think judges in the country should be allowed to do their work as provided for by the Constitution and the statutes that they apply. And wherever a judge is found wanting, the matter is referred to the NJC and the

Law|Interview 21 judge is disciplined. Many judges have been dismissed; some have been retired while some are on suspension.

I don’t think judges deserve to be intimidated, hounded and harassed. I think that is more of harassment and intimidation and I don’t think it is good for the proper and due administration of justice.

When prosecution becomes oppressive as it is being done in the present clime, such prosecution becomes persecution.

Now, like in this Chief Olisa Metuh’s case, this second case which has been completely taken to a different court is a little offshoot of a case that is pending at the Federal High Court.

The statement that is said to have been torn is a statement that forms part and parcel of the proof of evidence in the case at the Federal High Court.

If they had thought it necessary to charge him for destruction of that statement even though the charge itself is one that is extremely obnoxious, what they would have done was to simply add the count in the charge before the Federal High Court.

But because what they are doing is more than prosecution, then they have now contrived the situation where they drag him (Metuh) from that court to another court; a different system of court. One is Federal High Court, the other is FCT High Court so that they can take him through another process of arraignment and prosecution whereby he would be required to go through the process of bail again and being kept in custody while the terms of the bail are being complied with.

So, when a prosecution goes out of his way to do things like this, you now know that there is more to it than mere fight of the war against corruption.

That is why you see some of these agencies go out of their way; sometimes they duplicate offences so that charges that would have just been 3, 4 counts of charges, you see a hundred count charge against an individual.

Tell me how do you prove a hundred count charge? Tomorrow they would blame defence lawyers for the delay in trial.

I have done a lot of defence of anti-corruption cases and we know in so many situations, the delay is not caused by the defendant.

First, there is no proper investigation, everything has been rushed because there is need for a media event; there is a need to make a statement, people are rushed to court. Sometimes, it is when the matter had been charged to court that accused persons are interrogated; statements are now being taken. It is wrong! It is because of this that the courts have gone the extramile of producing what we call the practice direction.

The FHC has it, the Court of Appeal has it, and the Supreme Court has it. So that in every situation, similar cases relating to corruption matters, kidnapping and allied offences are given speedy hearing; that is why one of the provisions of this practice direction is that before you charge any person to court, you must include an affidavit in the

proof of evidence that all investigation in the matter has been concluded.

But sometimes, these things are on paper. They just put it there, then tomorrow they want to re-arrest or re-arraign the person, whereas they (prosecution) had already sworn to an affidavit that all investigation has been completed, which means they want to do more than prosecution.

So many times, they oppose bail when they ought not to oppose bail because refusal or denial of bail is not supposed to be used as a mechanism for punishment; it is only to guarantee that the accused person will be turning up for his trial that is all that bail is about. To keep a man in jail when you are still trying to try the case to find out whether he should go to jail in the first place, is a travesty of justice and that is what is going on.

Now, the law requires that seven days before you bring a suspect to court, you should give him the proof of evidence and the charges against him so that he would prepare for his trial. But they (prosecution) don’t do this; it is on the night preceding the eve of the arraignment that they now bring the charge. Why do they do that? To make it difficult for the person to even prepare for trial; to make it difficult for the person to prepare his application for bail. Why should that be a worry to them?

Until we fight the war against corruption in the way the law has provided for, we will not achieve results; and that is why we keep going round and round, and before you know it, it becomes a mere instrument of oppression of those who they feel are not a part of them. And once there public perception of that fight as being one that is slanted and also when those in the other party who the public can perceive that are not saints and are yet nobody is prosecuting them, then people begin now to ask: ‘is this really a war against corruption or a war against opposition. So, that is the dilemma.

Although the prosecution of ProBiafra’s actors is ongoing, what do you make of the incessant bloody encounter of security operatives with agitators in the South-East?

Just like the encounter of the military with the Shiite Islamic sect in Zaria, I think government must understand that this is a civilian administration and should be able to accommodate dissent.

It should be able to accommodate open and free speech. So, they must exercise some restraint when dealing with civilians; people should not be mowed down on the slightest excuse.

The government should apply a little more restraint. And people must understand that these are very terse moment, particularly with the current state of insecurity in the country.

So, I must admonish both sides to exercise restraint in the way things are being done.

These are trying periods for the country; we had really never had it this bad when it comes to issue of security. Both the government and the armed forces and the civilians must be alive and sensitive to the type of times we are in the country.

22 Law|news

UK lawyer seeks review of arbitration Act He plies his law trade in the United Kingdom. Kadiri Momoh, believes that Nigeria may not have an effective arbitration law and practice unless there was a review of the Arbitration and Conciliation Act of 1988. FOLUSO OGUNMODEDE reports

K

adiri Momoh, a United Kingdom (UK) based lawyer has reviewed the nation’s arbitration law and practice and concluded that until there was a review of the 1988 Arbitration and Conciliation Act, foreign direct investment (FDI) may become a mirage.

Besides, he carpeted ex-President Goodluck Jonathan’s government on Nigeria, United Kingdom’s prisoner exchange programme, describing it as misleading.

Momoh told New Telegraph this way: “This is one area I think the Jonathan administration was simply mislead or not properly advised.

There are consequences flowing from Nigerian prisoners who are removed, deported or transferred from the UK to Nigeria to serve custodial sentences. I seriously doubt the quality, if at all, of any legal advice that was sought or given prior to the Nigerian government going into that arrangement.

One must ask: how many UK citizens are living in Nigeria that are or have been so deported or removed from Nigeria in consequence of the bilateral arrangement? It could be that the arrangement is one-sided.

Government must endeavour to seek expert opinion on such bilateral matters. Also, government agencies must provide a platform where would-be travellers from Nigeria to the UK and elsewhere are better informed and educated on how to conduct themselves and how to stay legal and lawful in diaspora.

Also, Momoh told New Telegraph that there was the need to review the 1988 Act if Nigeria must attract foreign direct investment (FDI) just as he canvassed a dynamic legal framework that would meet international best practices.

He said: “Arbitration is evolving and the law regulating practice of arbitration in Nigeria can be no exception. The legal framework of arbitration in Nigeria, that is to say the Arbitration and Conciliation Act 1988, Cap18A, Laws of the Federation of Nigeria 2004, is outdated and out of touch in many respects with international best practice.

“First, the law came into operation in 1988 which is nearly three decades ago. Secondly, of significant mention is the fact that the Act aforesaid, was greatly influenced and hinged on the then UNCITRAL model law 1976.

“The said UNCITRAL model law has itself, undergone several progressive changes and amendments over the years in a bid to make it conform to modern, dynamic realities. Therefore, the pending Arbitration Bill before the National Assembly, amongst others, is aimed at reforming and ensuring the extant arbitration law and

practice in Nigeria reflect some of the modern changes and marked development since 1988 to date.

“I believe that the current state of arbitration law and practice in Nigeria could be better improved through law reform to ensure that it meets present and future expectations in alternative dispute resolution.

Besides, Momoh thumped up Lagos Court of Arbitration, saying that although it served as a model for others, it had a semblance of a modern court of arbitration.

He said: “The Lagos Court of Arbitration is a laudable initiative. It is a private initiative which draws some semblance from what a modern court of arbitration should aspire to be both in terms of facilitating settlement of disputes and promotion of the use of arbitration and other ADR processes.

“It would need to appeal to users within and outside Nigeria over some years for one to be able to assess how it compares with other established arbitration centres and institutions in Africa such as Mauritius, Kigali, Cairo.

“To be a fully utilised, it must seek to have global appeal both in terms of number of its users and the quality and value of matters that are brought before it for resolution. The facilities, rules and panel of arbitrators must be in tune with international best practice in order to ensure that it remains popular and responsive to future needs.

On training for arbitrators in Nigeria, Momoh said “generally speaking, quite a number of arbitrators, like my humble self, trained abroad. Some having so trained abroad now also train others in Nigeria. I have also been opportune to train many Nigerian lawyers, Judges and others in London on various aspects of commercial and investment arbitration.

“We regularly organise the training events in London during the summer every year under the auspices of “Arbitration London” and we focus on emerging trends and sharing our international experiences both as counsel or arbitrators.

“We also discuss mediation and other less frequently used ADR processes and how they can effectively be used to facilitate settlement of disputes. I can

Kadiri

The judges, lawyers or arbitration practitioners need training and retraining on the importance of arbitration

therefore attest to the fact that some Nigerians go abroad for training, seeking to improve and enhance their knowledge in the practice of arbitration. Having said this, it seems that many trainers of a number of the training bodies in Nigeria also need training and retraining in view of the dynamic jurisprudence in arbitration.

He however called for regular training and retraining of lawyers if the nation could make significant improvement in the area of foreign investment.

Momoh said: “Nigeria can make significant improvement in both the number and quantum of inward foreign investment or FDI by embracing and developing arbitration. This requires having a legal framework that is both dynamic and meets international best practices.

“The judges, lawyers or arbitration practitioners need training and retraining on the importance of arbitration not just to aide FDI but more importantly to enhance effective dispute resolution and administration of justice.

Many civil cases that end up in Nigerian court are matters that can and should be settled via arbitration, mediation, conciliation, early neutral evaluations do other less known ADR processes.

“Effective adoption of such methods would free-up judges’ dockets and allow them focus on matters that need judicial attention and resolution. We also need to develop existing and more arbitration institutions that have

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

global appeal and capacity to administer diverse commercial and international disputes.

On why arbitration cases taken abroad when parties are Nigerian including arbitral issues, Momoh said there was nothing unusual as parties could enter into an agreement on jurisdiction since arbitration remains consensual and base on party autonomy. Therefore, parties can, by agreement, decide to have their arbitration where they so stipulate.

He went on: “Therefore, for such arbitration to be taken abroad, the seat of the arbitration agreement must so indicate.

I think the real question and concern is why Nigerian parties find it convenient to have their disputes resolved under foreign arbitral seats, rules and even at time foreign arbitrators.

There are multiplicities of factors that collocate to create the challenge.

First, arbitration is largely although in my humble view, seen as pre-litigation by some lawyers and others involved in the administration of justice in Nigeria.

“Therefore there is a cultural and perception ch a l l e n g e, which training and better capacity building sip ugh as the one we organise can help overcome.

Secondly, there is the issue of mistrust about effective resolution of disputes in Nigeria, especially delays and other attendant challenges with litigation in Nigeria. Thirdly, where the stakes are very high and the issues require certain desirable expertise, some parties prefer to look outside the shire of Nigeria for both counsel and arbitrators.

I think the trend should change given time and better development of arbitration in Nigeria.

He also dwelled on arbitral awards, arbitration in Nigeria in comparison with the United Kingdom and other jurisdiction, urging Nigerians seeking arbitral award must be ready for its consequential benefits.

“Parties seeking to entice arbitral awards outside Nigeria need to carefully consider any consequential benefits and practical desirability of so doing.

“Generally, arbitral awards are recognised and enforceable in other jurisdictions pursuant to the New York Convention on Recognition and Enforcement of Awards 1958. Therefore, a successful Nigerian party would have to consider, where the respondent has assets or carries on business to determine how best to seek enforcement within jurisdiction.

“As stated earlier, we need to develop our domestic legal framework regulating arbitration; develop stronger arbitral institutions; improve capacity of practitioners and lawyers and improve on judicial and court support for recognition and enforcement of arbitral awards.

Law|News 23

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NBA Presidency: Kano NBA chair, nine others debunk Gadzama’s adoption

Foluso Ogunmodede

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ontrary to speculation that an umbrella body of lawyers from the northern extraction under the aegis of Arewa Lawyers, at its meeting has adopted a Senior Advocate of Nigeria, Chief Joe-Kiyari Gadzama as its candidate for the Nigerian Bar Association (NBA) presidential election, the chairman of the Kano NBA, Dr. Mamman Lawan Yusufari and nine other lawyers have debunked Gadzama’s adoption.

Yusufari along side others said there was no meeting held where such adoption took place, insisting that the Arewa Lawyers never backed Gadzama for the topmost post of the NBA presidency.

A forthnight ago, there were speculations that the northern lawyers had backed Gadzama for the July election of the lawyers’ association.

But Yusufari alongside nine others told New Telegraph in a statement that the group was yet to endorse any candidate for the NBA presidential election.

The lawyers’ biannual election takes place in July. Two Senior Advocates of Ni-

Mahmoud

Gadzama

geria, Gadzama and A. B. Mahmoud are jostling for the NBA topmost post from Arewa Lawyers Forum.

However, Yusufari, Salisu Hamisu Danjidda, Nuhu Suleiman Tafida, Waziri Alhaji Bukar, A. Y. Musa, Murtala Kassim, Liman Salihu, Y. Latong, Bello Idris Galadi

and A. Y. Abubakar said the “Forum never backed Gadzama. Neither the meeting of 30th January 2016 nor any other meeting of the Forum resolved to back him”.

They said: “We wish to state categorically that the Forum never backed Gadzama. Neither the meeting of 30th January

2016 nor any other meeting of the Forum resolved to back him.

“The Forum at its inappropriately rescheduled meeting in October 2015 in Bauchi constituted a Committee to screen members intending to contest for various national offices in the 2016 NBA elections and to submit a report.

The Committee’s report (which was not printed and circulated to members prior to or at the meeting of 30th January), was verbally read out by the Committee chairman at the Kaduna meeting and was tabled for discussion and/or approval by the Forum.

The report received severe criticisms and disapproval from majority of members present at the meeting. This therefore led to calls for caution in treating the report.

Further discussion was suspended, the report was altogether set side and a committee of seven elders was resolved to be constituted with A. B. Mahmoud SAN and J. K. Gadzama SAN appointing three members each and the leadership of the Forum appointing the chairman of the Committee.”

Lalong seeks lawyers’ support for graft war

Foluso Ogunmodede

N

otwithstanding the corruption tag on the nation’s judiciary, Plateau State Governor, Simon Bako Lalong has tasked the Nigerian Bar Association (NBA) on President Muhammadu Buhari’s anti-corruption war, urging the association and its members to support the president’s determination to rid the country of corruption.

He said although there were flaws, Lalong told his colleagues not to constitute a clog in the wheel of anti corruption war. Governor Lalong made the statement while declaring open the quarterly National Executive Committee of the Nigerian Br Association(NBA) held in Jos, the State capital.

He said: “As an All Progressives Congress (APC) Governor and lawyer, the Bar and the Bench have a critical role to play in making the anti corruption war a success. We have a duty to ensure we at least get to a stage where our common wealth are not flagrantly and arrogantly pilfered, by those who should be held to the highest threshold of accountability.

Mr President’s body language is clear and it is that, it will not be business as usual, and he is fully committed to bringing to book all those who are found guilty.

“While we submit that the rule of law must be respected in the prosecution of this war, lawyers as practitioners in the Temple of Justice and patriotic citizens must ensure that individually and collectively, we do not constitute ourselves into clogs in the wheel of the progress that is being made, in saving our country from

Lalong

the labyrinth of the plunderers of our common wealth.

The sense in this call is that, with our resources rightly mobilised and applied to the assessed needs of our people, not only will we be surmounting the challenges of health care and under-development we are battling with, but we will also be opening up our country, to the multiple opportunities that abound for our socioeconomic well being.

“I must therefore add that we must ensure through the National Judicial Council (NJC), the Bar and Bench, to enforce the necessary discipline needed to put a check on the compromises and culpability of our learned jurists and colleagues at the Bar, who should out of conscience, professionalism and a conscious concern for posterity lead the pact in the fight for the soul of

our Nation”.

In his speech, NBA President, Augustine Alegeh ( SAN) commended the Federal Government on the war against corruption and promised to collaborate with the Federal Government in the fight within the ambit of the law.

He therefore called for caution because any conviction without following due process will be set aside.

Alegeh said: “The war against corruption is raging on several fronts. The NBA restates its zero tolerance for corruption policy as well as its commitment to work with the Federal Government of Nigeria and all willing Federal Government agencies to contribute its quota in the battle to kill corruption before corruption kills Nigeria. “ We must also stress that the war against corruption must be fought within the ambit of the law and the rule of

law must at all times be given primacy. The war against corruption can be won within the ambit of the law. There is no need to resort to any other means other than legal means to win the war against corruption. There appears to be the need to draw attention to the essential elements of a proper trial in accordance with the law. There must be a prosecution and a defence. If one is absent there cannot be a fair trial. The duty of the Prosecution is to prosecute not persecute. The prosecution has a duty to the temple of justice to bring all facts before the court even if some may aid the defence. “ Where the prosecution is found to have withheld any such evidence, any conviction obtained is liable to be set aside. The duty of the defence is to present the defence of the defendant and not to make up a defence for the defendant.

Where this happens, counsel risks disciplinary sanction, if reported. I have labored to draw attention to this position in view of the erroneous view being wrongly peddled by some persons that lawyers in defending persons accused of corruption are aiding corruption. Far from it. Counsel have a duty and are trained to prosecute or defend. Whichever position they may take they are carrying out legitimate duties and cannot be wrongly classified as persecuting or aiding corruption. It is laughable that an agency of Government would retain Counsel to prosecute persons accused of corruption but frown at Counsel representing such persons. What is good for the goose is also good for the gander. Finally, the constitu-

tional guarantee of innocent until proven guilty remains alive and well. A person accused of corruption must be presumed innocent until a conviction is secured. This fine constitutional point appears lost to a few persons who seem to believe that persons that are accused are already convicted. If it is appreciated that persons accused are constitutionally presumed innocent then their dignity and their human rights must be guarded jealously. We continue to collaborate as it is apparent that there is work to be done on all fronts in the fight against corruption.”

In his speech, the AttorneyGeneral and Commissioner for Justice, Plateau State, Mr. Jonathan Mawiyau thanked the NBA for holding its NEC meeting in Jos at this time. He said: “This is coming at a point when the State Governor, Rt. Hon Simon Bako Lalong, himself a lawyer has worked and made sure that peace, the twin sister of tourism with which the State is known, has returned to the State. Doubtless today we are all credible witnesses to the fact that , having tasted of it . In deed today on the Plateau State, the Lion and the Lamb are pasturing together and romancing one another.

“The above feat has been achieved largely through the free flow of justice resulting from Gov. Simon Bako Lalong’s administration’s observance and strict adherence to the rule of law . I express my gratitude to the Governor who has presented me the framework with which to establish an effective justice system in the State” Mawiyau stated.

24 Law|news

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The card reader debacle

C O N T I N U E D F R O M PA G E 1 9

be used. Reliability and consistency of the card reader that I advocate can be likened to a time measurement instrument such as a wrist watch or clock. An acceptable time measuring tool, the watch or the clock, measures time correctly in a way that is verifiable; but it must also measure time correctly on a consistent basis.

Unless the card reader can read PVCs correctly and consistently like the clock, it would be foolhardy to introduce it into our electoral system.”

A Senior Advocate of Nigeria, Mr. John Bayeshea believes the Supreme Court was in error over the use of card reader, saying that the significance of card reader could not be wished away. He backed INEC to continue with its use in subsequent elections.

He said: “The card reader has become a very important part of our developing electoral process, notwithstanding the setback by the judgment of the Supreme Court.

You can see that the judgment has been greeted by so much criticism.

I believe that one day the judgment will be revisited by the Supreme Court. Meanwhile nothing stops INEC from continuing to use it in subsequent elections to check electoral fraud.”

Bayeshea was echoed by the Secretary of the Oyo branch of the Nigerian Bar Association (NBA), Mr. Jide Olanipekun, who simply said there was no basis for the INEC to discontinue the use of Card reader for subsequent elections.

Olanipekun said “the card reader should be used for subsequent elections in Nigeria as the Supreme Court has not said the usage is illegal rather, the apex court said it cannot be the only means of accreditation for the electorate.

He went on: “Every Nigerian knows that the advent of the card reader brought sanity to the conduct of the 2015 elections but the failure of the card reader to read some finger prints after recognising the card, led to the usage of the conventional manual accreditation which eventually led to the dispute whether the card reader is the sole way of accrediting eligible voters.

“What the Supreme Court judgment on the issue portrays is that the card reader having not been provided for in our electoral law as the sole way of accrediting the prospective voters, cannot be elevated to be so by the regulations or directives of the INEC. But that does not mean the card reader is not relevant again in the Nigerian democratic process.

The card is more than relevant to the conduct of free and fair election in Nigeria.

“What the INEC needs to do is to improve the technology and elevate it to the level the ATM machine/ Cards are in our banking industry.

If we have not jettisoned the usage of ATM card and machine due to the teething problem that Nigerians encountered at the inception, there is no reason for us to jettison the usage of the card reader because of what I can call the teething problem of its usage during the 2015 elections, hence, because the Supreme Court has not declared the usage of the card reader illegal, INEC should improve the technology and go ahead with the usage in subsequent elec-

Mohammed

tions and whenever the technology has been improved up to the level of ATM card/machine, the National Assembly can then amend the Electoral Act to make the usage the only means of accreditation, then the card reader will be known to our law.”

Another lawyer, Mr. Jiti Ogunye described the apex court’s decision as ‘grossly mistaken’.

He said: “My view on the spring of decisions by the Supreme Court on the card reader is that with due respect to their Lordships, they were grossly mistaken. They also misconceived the issue of legality and necessity of the card reader and other such ICT innovations in our electoral system. All counsel that appeared in the cases before them didn’t quite canvas the case of the card reader in their larger implications and their ramifications.

If the notion of not allowing the card reader and other such innovations to be a decisive aspect of our electoral system as far as the issue of accreditation and authentication of voters before they are permitted to vote are concerned is because the law does not provide for it, then, I say that the notion is wrong.

“Look, in this country, Appropriation Acts of the National Assembly were made in 2012, 2013, 2014 and 2015 not only for the Permanent Voter’s Card (PVC) but also the card reader. In other words, the law provided for both the card reader and the PVC. There were Appropriation for them and those Appropriation Acts were laws lawfully enacted by the National Assembly. No court of law, therefore, can come out and say it was not provided for by law. If the Appropriation Act provided for both PVC and the card reader, why are they then supposed to be done away with?

So, it is very wrong to say that because the card reader is not provided for by the Electoral Act and the Constitution, therefore, it should not be used. You are aware that at a particular stage, computers were introduced to all our courts. If you go to the Lagos High Courts, you will see our judges using their computers. Sometimes, they even deliver judgements from their computers without printing out the judgement first. The question now remains, was computer put in our Constitution?

Ogunye

Yakubu

Even in our various High Court laws, do you see computer there? Are they not being used right now? Why are we not still using the Olympian Typewriter? So, the reason they have adduced is not genuine. I am saying this with all sense of responsibility.

You can’t say those things were not provided for by law. They were provided for by the Appropriation Acts which were Acts of the National Assembly. They were laws.

“Therefore, in my view, it cannot be right for our courts to jettison or encourage the jettisoning of the card reader and all other innovations that can only amplify the credibility of our electoral process on the grounds that it was not provided for by the Electoral Act. “The Electoral Act provides that the polling officer shall authenticate that this potential voter is the one whose name is in the electoral register. He shall satisfy himself that this is the person. So, if there is a device that will help him with his assignment, how can you say he should not use it because the law does not provide for it?

“One thing that I believe is that in the fullness of time, maybe, in three to four years’ time, when all these cases are being reviewed, we might have some clues as to how the Supreme Court arrived at its decision. But, for now, if a court is not anti-science, antitechnology, anti-innovation and it believes that our democracy needs to be improved upon and enhanced, then, the use of innovations will not be discouraged.

If politicians keep indulging in electoral malpractices, how are we going to checkmate them?

Was it not the same Supreme Court that almost overturned Yar’adua’s election by saying that a ballot paper that is not serialized cannot be called a ballot paper? The question is, where is it in the Electoral Act that serialisation of ballot papers is mentioned? What we are saying is that the law will not make provision for everything but it is the interpretation that will make it functional.

“So, the Supreme Court’s interpretation of the law is too narrow.

More so, when it is trite in law that when there are two concur-

ring decisions of the lower court, except there is something exceptional, the Supreme Court will not counter those decisions of the lower courts. The amendment of the Electoral Act is not the answer.

In the alternative, I will suggest a situation whereby the AttorneyGeneral of the Federation will go back to court on the issue. He is not going back to the Supreme Court to disturb the effect of its decision or to prevent the beneficiaries of the judgements from enjoying it but the issue of card reader is so important to the survival of democracy in Nigeria, so it must be revisited.”

Dayo Abegunde believes there was the need to distinguish between accreditation and voting process, saying the Supreme Court judgement on card reader was uncalled for as the machine had not in any way violated any known law but rather strengthened the provision of Section 49 of the Electoral Act. Innocent Obizue was not different.

He said: “From the last election, as an independent observer, it was discovered that the card reader verification of identity helps to objectively satisfy the presiding officer to qualify the voter at the time of accreditation to be issued a ballot paper so that he or she can cast a ballot at the time of voting.

“It is a condition precedent to voting as stated in Section 49 of the Electoral Act and not the actual voting as has been interpreted wrongly.

Section 49 talks of the satisfaction of the presiding officer and issuing ballot to a voter to proceed and vote. But its common knowledge that accreditation usually precedes voting and all the processes regarding accreditation are contained in the guidelines and manuals.

“Frankly, in terms of legality, I don’t see where any confusion should come in. INEC introduced this process of verification because it is an operational process during an election; it doesn’t need to go back to the National Assembly to seek approval for the development of an operational process for voter identification, since the National Assembly, by the instruction of the Act, has already said the Presiding Officer should be satisfied that the voter is authentic.”

25

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Moneyline Devaluation won’t boost forex supply –Analysts

Business What's news Nigeria’s sugar imports to hit N127.8bn in 2017

Interview CBN has no reason to devalue naira –Nnanna

27 34

Rates Dashboard INFLATION RATE January 2016.............................9.6% December 2015........................9.6% November 2015........................9.4%

LENDING RATE Interbank Rate....................12.57% Prime Lending Rate...........17.93% Maximum Lending Rate...26.83%

EXCHANGE RATE

EXCHANGE RATE

(BDC as at Feb 25)

(Interbank as at Feb 25)

USD . . . . . . . . . . . . . . . . . . . . . . N320 Pounds . . . . . . . . . . . . . . . . . . . N450 Euro . . . . . . . . . . . . . . . . . . . . . . N370

l Foreign Reserves – $27.807bn as at 25/2/2016

USD . . . . . . . . . . . . . . . . . . . . . N200 Pounds . . . . . . . . . . . . . . . . . . N307 Euro . . . . . . . . . . . . . . . . . . . . . N224

Source: CBN

L-R Head, Products & Market Support, Keystone Bank, Temitayo Olutoye; Executive Director, Keystone Bank, Innocent Ike; Irish Amabassador to Nigeria, Sean Hoy; Enterprise Ireland, Thessa Brongers Bagu; General Counsel/ Secretary to the Board, Keystone Bank, Michael Agamah and Head, Marketing & Corporate Communications, Keystone Bank, Omobolanle Osotule, during a courtesy visit by the ambassador to Keystone Bank head office in Lagos

p.26

1,239,969 departures processed from Lagos Airport in 2015 –NIS p.26

NNPC, Shell lose N9bn as export shut-in exceeds 10 days RESOLUTION The Business Desk Ayodele Aminu

Deputy Editor (Business)

Erha crude grade resurfaces in market, suggesting resolution of NNPC, ExxonMobil bickering

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Adeola Yusuf

T

he losses incurred by the Nigerian National Petroleum Corporation (NNPC), and the Shell Joint Ventures (JV) partners on the production shut-in of some 150, 000 barrels per day Forcados export has hit N9 billion ($45 million), New Telegraph has learnt.

The cumulative loss, according to data available to this newspaper, amounted to 1.5 million barrels in just 10 days between February 14 when the shut-in began to take effect and February 24.

The Shell Petroleum Development Company (SPDC), operator of the forcados terminal and other installations, had also on February 22, declared through a force majeure that it would not be able to meet up with contractual agreement with buyers

of the crude grade.

Checks, however, revealed that with full production capacity of 150,000 barrels per day, an estimated 1.5 million barrels of crude are affected from the over 10 production days shut-in at forcados.

This volume, based on $30 per barrel price at the global market, translated to $45 million loss between February 14 and 24 alone.

With 55 per cent stake in the production, NNPC is expected to incur 55 per cent of the loss (subject to the corporations’ financial commitment to the stake).

Similarly, about 15 March-loading Nigerian crude cargoes are still looking for buyers, as crude sale remains bearish for Nigeria.

This force majeure declared on February 22 on Forcados exports, traders added, was doing little to boost differentials for most grades.

While Asian traders were mopping up Angola’s crude oil, Nigeria’s crude remains in ample supply, languishing, as it waits buyers.

A crude loading schedule for March seen by this newspaper showed that Nigeria’s Erha programme surfaced after weeks of delays that traders said related to a disagreement between the NNPC

1.5m barrels Being the cumulative loss incurred

by NNPC and Shell between February 14 when the shut-in began and February 24

and the field operator, ExxonMobil.

Programmes for Erha were issued after several weeks of delay.

Four cargoes will be loading in March and three in April, the schedule showed.

NNPC also issued its official selling price for Erha in March at nine cents above dated Brent, up from a 17 cent discount in February.

Bonny Light for April loading was offered at dated Brent plus $1.50 per barrel and Bonga at a $1 premium.

“NNPC is in discussions over long-term agreements to exchange crude oil for imported oil products, but fresh deals are unlikely to be finalised this week. The delays have put the country at risk of gasoline shortages,” it added.

According to the report, Sonangol only had an end-month Dalia for sale having already sold five spot cargoes including Sangos, Gimboa, Palanca and Dalia, while China’s Sinochem took six term cargoes under term agreements. But Unipec took four.

It also revealed that Asian buyers snapped up spot cargoes, but traders said US firm, Phillips66, had also taken at least two April cargoes, inCONTINUED ON PAGE 26

26

BUSINESS |news

Drawback Poor infrastructure has hampered local production of sugar in the country Bayo Akomolafe

N

igeria is expected to raise its sugar imports from 1.3 million tons to 1.7 million tons by 2017, as demand for the commodity continues to surge due to decrease in local production.

The import, according to investigation

by New Telegraph, will hit N127.8 billion ($412,250,000) at the 2016/2017 price of $242.5 per metric ton.

Already, local production has dropped to 70,000 metric tons, a decline of over seven per cent from the 2015 estimate of 75,000 tons.

It is feared that the decline in local production, which was linked with poor infrastructure, would prevent local supplies from meeting the rising sugar consumption in the country over the next five years.

Checks by this newspaper revealed that the current domestic supply have not met the rising demand in the country despite the incentives offered by the Federal Government to boost local production.

Gover nment had revised the sugar tariff structure to boost domestic raw sugar production and employment by offering a zero per cent import duty on machinery and spare parts for local sugar manufacturing firms.

Also, it granted a five-year tax holiday for investors in the sugar value chain; 10 per cent import duty and 50 per cent levy on imported raw sugar; 20 per cent duty and 60 per cent levy for imported refined sugar.

In addition, threeyear concessionary tariff of a five per cent import duty and five per cent levy on imported raw sugar was imposed between 2013 and 2015 on the refineries that signed-on to the government’s Backward Integration Programme (BIP).

In 2015, raw sugar imports were estimated at 1.345 million metric tons, an increase of 5,000 metric tons over that of 2014.

Brazil is the largest raw sugar supplier to Nigeria, whose sugar requirements are mainly met through the importation of raw sugar that are refined locally.

A data from United

Nigeria’s sugar imports to hit N127.8bn in 2017 As local production falls to 70,000 tons

States Department of Trade (USDT) revealed that the Nigeria imported 1,470,000 metric tons of sugar in 2015.

In the last seven years, the country has imported 9,975,000 metric tons of sugar through the Lagos Ports Complex.

A data obtained through the Nigerian Ports Authority (NPA)’s shipping position, revealed that in 2008, some

1,485,000 were ferried to the country; 2009 - 1, 185, 000 metric tons; 2010 1,431, 000 metric tons; 2011- 1,495, 000 metric

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

tons; 2012 - 1,399,000 metric tons; 2013 -1,450,000 metric tons and 2014, 1,470,000 metric tons.

Meanwhile, a study by the National Sugar Development Council revealed that Nigeria would need $1.238 billion to meet 49 per cent or 860,000 metric tons of the total sugar demand by 2020.

The country still depends on refined imported raw brown sugar from Brazil worth over $500 million annually.

L-R: Finance Director, SIMBA Group, Mr. Sohan Sharma; Finance Controller, SIMBA Group, Mr. Vipul Pushkarna and Business Relationship Officer, Corporate Banking, Sterling Bank Plc, Mr. Muyiwa Oyatokun, during a courtesy visit by the bank to SIMBA Group.

1,239,969 departures processed from Lagos Airport in 2015 –NIS Fugitive The command recorded just one stowaway incident within the past year Wole Shadare

T

he Nigeria Immigration Service, NIS, Murtala Muhammed International Airport (MMIA), Lagos Command, processed a total of 1,239,969 departures from the terminal in 2015.

Also, the command within the same period, handled 1,097,250 arrivals.

Comptroller of Immigration, MMIA Command, Mrs. Chizoba Dibi disclosed these to New Telegraph.

In the past year, she said that the command refused 424 departures from the country, while regular deportees were 4938 and special deportees recorded 884.

She added that the

command also repatriated five foreigners out of the country while a total number of 2,176 Nigerians were returned from several countries around the world to the command.

The Comptroller also said that the command recorded just one stowaway incident within the past year.

She said that airlines operating within the command owed the immigration a total of $1,302,000 and sought the permission of the minister to withdraw their services to the airlines.

Dibi explained that in a bid to curb corruption among its staff, the command has tagged all the desks of its officers, stressing that in case of any sharp practices, passengers would be able to identify such officers easily.

She said: “I believe that if we receive the approval of the ministry to withdraw our services to these airlines, the debtor airlines would pay their debts to the command.

As at now, there are 25 airlines operating in and out of this terminal excluding those operating from Quits Aviation Service and Caverton Helicopters.

“We are very committed to ensuring total security at this command.

We have our fraud units and in September 2015, the United States assisted us to train 50 of our officers on fraud detection.”

This is coming at a time the Minister of Interior, Abdulrahman Dambazau, while touring the Lagos airport, said that apart from winning the war against Boko Haram in the area, it was pertinent for every Nigerian to cooperate with the government to bring a lasting peace to the North East.

He, however, said that for Nigeria to win the peace in the North East, all the country’s borders including land, sea and air must be well secured especially by Immigration personnel.

The minister lament-

ed that all the weapons used by insurgents got into the country through borders and charged immigration personnel at all borders to carry out their duties diligently without trampling on the rights of travellers.

He said: “We all have the responsibility to win the peace in the North East. One aspect is to win the war, but we need to win the peace in that part of the country too. To do this, we have to secure the borders to prevent people from interfering in the peace we have at the moment.

“As we all know, all the weapons that are circulating through Nigeria come through the borders and the immigration is in charge of all the borders we have in this country. We have designed a programme to visit the borders in the North East and there is a strategy to ensure that this lasts. We also want to introduce some certain technologies that would aid the immigration’s work.”

NNPC, Shell lose N9bn CONTINUED FROM PAGE 25

cluding a Plutonio and a Hungo.

Total sold a spot cargo of Pazflor to Asia though the buyer was not immediately clear.

Offers for other April loading cargoes were firming with Sonangol offering Dalia at dated Brent minus $3.20.

It would be recalled that Royal Dutch Shell on Sunday February 14 declared that its Joint Venture (JV) and third party have suspended production into the 150,000 barrels per day Foracdos terminal over an oil spill.

The company, which said this through its subsidiary in Nigeria, SPDC, maintained that this was a precautionary measure.

SPDC, in a statement by Precious Okolobo, added that it was investigating the source of a crude oil spill, which was observed on water around Forcados Terminal on Sunday (February 14).

BUSINESS | MONEYLINE

MONDAY FEBRUARY 29, 2016 NEW TELEGRAPH

27

Devaluation won’t boost forex supply –Analysts Counsel

of the slide in the oil price from US$110/b to US$35/b.

At the same time, import demand has eased rather than crashed. This is evident from the huge unmet weekly demand for fx at the CBN sales.”

In a recent report, Renaissance Capital’s Head of Research in Nigeria, Adesoji Solanke, stated that as a result of the forex scarcity, the country’s banks are struggling to access enough foreign exchange to facilitate imports, settle accounts with correspondent banks, keep up with customers’ use of credit cards internationally and meet ma-

International Monetary Fund’s (IMF) recent call on Nigeria to lift foreign exchange curbs and let the naira reflect “market forces” more closely, the analysts, in a note made available to New Telegraph, pointed out that the Fund’s statement echoes the reasons given

by JP Morgan in September for “delisting” FGN bonds from its indices.

They, however, stated that, “We cannot see how devaluation will somehow unlock fx supplies on a scale to meet demand.

Annualised fx inflows have tumbled by about US$50billion as a result

Annualised fx inflows have fallen by about $50bn Tony Chukwunyem

E

ven in the event that the Central Bank of Nigeria (CBN) heeds calls to devalue the naira, such a move would not raise foreign exchange supplies to a level that would meet the high demand for forex, analysts at FBN Quest have said.

Commenting on the

turing debt obligations.

According to him, the biggest lenders have about 3.4 billion euros ($3.7 billion) in bonds and are faced with coupon payments of 1.5 billion euros this year.

The acute shortage of forex in the system has fuelled naira volatility on the parallel market in recent weeks sparking calls for the naira to be devalued.

The IMF, after consultations with top officials in Nigeria, had issued a statement last Wednesday, calling on the country to remove forex curbs.

According to the Fund,

Moody’s: Global banks’ credit risks to oil slump rising

T

he deepening oil price slump will intensify pressure on banks globally, with those in major net oil-exporting countries most exposed to credit risks in the nearterm, said Moody’s Investors Service.

In a new report on global banks’ credit risks from falling oil-prices, Moody’s said there is a substantial risk that any price recovery may evolve much more slowly in the medium-term, noting there is some risk that prices could fall even further.

On 21 January 2016, the ratings agency reduced its forward-looking price estimates in light of continued over supply and tepid demand growth in global energy markets.

Moody’s expects the

banks in oil-exporting regions will likely see increased risk to creditors as banks’ adjust to this new normal,” said Moody’s Managing Director Frederic Drevon.

Moody’s noted thatbanks’ corporate lending exposures and capital markets-related activity and exposures could drive downward pressure on their credit profiles, particularly banks in net oil exporting regions.

Moody’s analysts also noted that a decline in consumer spending or pressure on GDP growth driven by low oil prices could result in pressure

credit risk for banks in regions which are net oilexporting will increase as their direct and indirect exposures to low oil prices raise the potential for asset quality deterioration.

Still, the ratings agency said that while loweroil-price implications for global banks’ earnings and solvency appear broadly manageable, low oil prices could still test the creditworthiness of some banks across its global rated portfolio.

“We believe the ‘lowerfor-longer’ scenario for oil prices is the base case scenario, and expect that

on banks’ asset quality and earnings.

While banks in countries where the oil industry is largely government-owned and/or governments are reliant on oil-related revenues might be less exposed to loan delinquencies given government support to the oil & gas industry, Moody’s noted that governments’ flexibility and/or willingness to support banks that are suffering oil and gas-related losses may decline as the countries fiscal position continues to deteriorate with lower oil prices.

Economic Indicators As at M2* CPS* INF

N19,142,526.05m N18,579,219.49m 9.6

Mar, 2015 Mar, 2015 Jan, 2016

MPR 91-day NTB Bonny Light Ext Res**

11 10.77 US$32.89 US$28,807,658,280

24/01/2016 Mar 2015 26/1/2016 25/2/2016

Source:CBN

Description 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 12.50 22-JAN-2026 12.1493 18-JUL-2034

FGN Bonds

TTM

Price 105.17 114.90 111.22 118.97 111.06 103.36 100.41

1.17 3.34 3.96 5.92 8.04 9.90 18.39

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 1.1500 7.6588 9.0713 10.3698

Bid Yield 10.24 10.57 11.90 11.83 12.01 11.91 12.09

Change (%) 0.01 ▲ 0.52 ▲ 0.70 ▲ 0.47 ▲

Change (%) 0.89 ▲ 0.04 ▲ 0.20 ▲ -0.04 ▼ 0.08 ▲ 0.00 ▲ 0.04 ▲

Price 106.17 115.90 112.22 119.97 112.06 104.36 101.41

Tenor (Months)

Offer Yield 9.36 10.24 11.60 11.62 11.83 11.74 11.95

Change (%) 0.87 ▲ 0.04 ▲ 0.20 ▲ -0.04 ▼ 0.08 ▲ 0.00 ▲ 0.04 ▲

NITTY

1 2 3 6 9 12

Treasury Bills

Rate (%) 3.7601 3.9784 3.9889 6.6996 7.7017 8.4732

Change (%) 0.73 ▲ 0.78 ▲ 0.41 ▲ 0.38 ▲ 0.18 ▲ 0.24 ▲

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 3.31 3.34 0.17 ▲ Open-Buy-Back (OBB) 1.00 26-May-16 3.81 3.85 0.17 ▲ 01-Sep-16 6.77 6.27 6.48 0.41 ▲ Overnight (O/N) 1.33 7.01 0.42 ▲ 16-Feb-17 8.34 7.84 8.49 0.33 ▲ 9.08 0.33 ▲

Spot($/N)

Bid 199.24

FX

Offer 199.34

Change (%) -0.01 ▼

NIFEX

Spot($/N)

Bid 199.0000

CBN Clearing Rates of January 7, 2016 Spot($/N)

196.00

197.00

0.00 ↔

Offer 199.1000

Change (%) 0.29 ▲ 0.33 ▲

Change (%) 0.00 ↔

“The exchange rate should be allowed to reflect market forces more and restrictions on access to foreign exchange removed, while improving the functioning of the interbank foreign exchange market.”

Currency curbs had “significantly” affected parts of the private sector

and the economic outlook for Africa’s top oil producer was “challenging”, it said.

President Muhammadu Buhari has rejected calls that the naira should be devalued and backed forex restrictions imposed by the CBN to prevent a collapse of the naira.

Sterling Bank explains investment in capacity building initiatives

T

he Executive Director, Finance & Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman, has advised banks in the country to invest more in capacity building initiatives for staff in the industry to compete favorably with their peers in both local and international markets.

Mr. Suleiman who gave the advice at an interactive session where he shared the Bank’s various people led initiatives with reporters in Lagos explained that the decision of the lender to invest in capacity building initiatives was hinged on the need to have a pool of staff who are technically sound and equipped with latest development in the global market to enable them compete with their peers anywhere in the world.

The Sterling Bank Director who attributed the accreditation of the Bank’s training school by the Chartered Institute

of Bankers of Nigeria (CIBN) to the quality of facility put in place and products from the school, maintained that financial institutions must continue to see the need to put in place staff oriented policies that would encourage staff to be more committed, dedicated and result oriented.

Apart from providing a robust training programme and the competitive remuneration for its employees, Mr. Suleiman disclosed that the Bank has also introduced an initiative that would provide an alternative career path and help them when they eventually leave the banking sector.

His words: “At Sterling Bank we place value on our staff as they gracefully retire from the system. We have put a system in place to train those about to go on retirement on various programmes that would enable them stand on their own after retirement.

Skye Bank renovates school in Abuja

S

kye Bank Plc has renovated three blocks of 12 classrooms at Government Day Secondary School, Wuse 11, Abuja, under its “School adoption” and financial literacy mentorship series in line with the Central Bank of Nigeria (CBN)’s “Adopt a school project”.

The renovated classrooms were handed over to the authorities of the FCT Department of Education and the Principal of the school, Mr. Joseph Akor, in Abuja recently.

Speaking at the occasion, the Executive Director, Abuja /Northern Directorate, Skye Bank Plc, Mr. Idris Yakubu, said the bank was committed to creating a conducive atmosphere for students and teachers to learn and teach respectively.

Yakubu said the bank

had made substantial investment in corporate social responsibility in the education sector, adding that the bank would continue to support the school and help it achieve its objective of producing high quality graduates The bank director appealed to parents to save for the education of their children as a way of overcoming the challenges of funding their wards’ education, noting that savings ensured that parents were not put under pressure over payment of school fees.

The Principal of the school, Mr. Joseph Akor, thanked Skye Bank for its support and interest in the school in the last three years, saying the intervention of the bank had brought about a positive transformation of the school.

28

BUSINESS | Movers, Shakers and Appointments

Ecobank assigns MD for subsidiaries

E

cobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced a leadership change in its most profitable subsidiary, Ecobank Ghana Limited.

In a statement, the firm said Mr. Samuel Ashitey Adjei, the current Managing Director of the Ghana subsidiary, has been appointed Managing Director for the group’s recently combined region, Central, Eastern, and Southern African (CESA) countries, consisting of 18 subsidiaries.

The Ecobank Group Chief Executive officer, Ade Ayeyemi, said: “Over the last several years, and more so in the last 10 years, as managing director, Ajei had taken our Ghana Subsidiary to unprecedented leadership heights, and has given us a franchise that is well positioned for continued and sustainable success.

“The last 10 years have seen this subsidiary grow exponentially. It has become the most successful and profitable subsidiary, both internally within the Ecobank Group, and externally in the Ghana banking industry.

We are confident that Sam will exemplify this success in his new role as Regional Executive for our newly created CESA Region.”

He noted that Adjei would step down as managing director of Ecobank Ghana on the 30th of March, 2016.

Adjei, who is credited with the bank’s outstanding performance in the last several years, assumed the position of managing director for Ecobank Ghana in 2006, and has since built the bank from eight to 78 branches, and to an enviable position of the leading bank in Ghana.

Adjei runs the group’s West African Monetary Zone member countries. A renowned banker in the Ghana banking industry, the statement said that he has influenced policies and industry transformation, and is a well-respected banking professional across the market.

Adjei, who started his banking career over 25 years ago, has spent the significant part of his career with Ecobank.

According to the statement, he joined Ecobank in 1990 and held several business leadership positions until his

appointment as Managing Director. Prior to the managing director role, he was deputy managing director for a year, and was an executive director, and head of Corporate Banking & Treasury.

Also, Adjei said: “I have spent the last 25 years of my life, contributing to and helping to build this great institution of ours – Ecobank. But the real credit goes to the many great men and women alongside whom I have worked in Ecobank Ghana, the West African Monetary Zone region, and Ecobank overall. I have had the privilege of working with the best and brightest in the industry.

“Together, my leadership team and the respective boards of directors, have been the pillar of success at Ecobank Ghana, and the West African Monetary Zone region. I leave my customers and my partners in the industry with a heavy heart, but I continue to believe that it is the overall franchise that has contributed to their respective journeys with Ecobank, and I wish them all well with continued success.”

New executive director for Tiger Brands

T

he daughter of Aliko Dangote, Halima Dangote, has been appointed an executive director of Tiger Brand Consumer Goods (TGBC) Plc., formerly known as Dangote Flour Mills.

Already, the Nigerian Stock Exchange (NSE) has been in-

Dangote

formed by the company of her appointment, which took effect this month.

A statement said she has been a member of the board of executives of the Dangote Industries Limited since 2008 and had proven to have the skills for business.

Dangote will be tasked with the responsibility of project management and new business development while working with every member of the executive team, particularly the President/CEO, to develop expansion plans for the company.

Tiger Brand sold its stakes in its unprofitable Nigerian business to Dangote last year after buying it from him in 2012.

Halima, according to the statement, has a Master’s in Business Administration from Webster Business School, London, United King-

dom and a Bachelor degree in marketing from American Intercontinental University, London, UK. She started her career as a business analyst with KPMG, where she worked for a year and proceeded to become the special assistant to the President and Chief Executive of Dangote Industries Limited, a position, which she holds to date.

She is currently a trustee of the Dangote Foundation, CEO/ Managing Director of MHF Properties Limited, Executive Director Commercial (EDC) NASCON, a subsidiary of DIL and an Executive Director at Dangote Industries Limited.

Halima also currently runs Cupcake Factory in Lagos, which specialises in unique cake designs.

Halima is a mother of two and has been married to Suleiman Sani Bello since 2008.

Bharti Airtel announces chair, COO

B

harti Airtel limited has appointed its Africa’s Managing Director and Chief Executive, Christian Defaria, as the designated executive chairman, Airtel Africa.

This, according to a statement from company, is the second time the telecom firm would restructure its Africa operations since the Indian company acquired the assets in 2010.

While Defaria would lead all matters relating to legal, regulatory affairs, shareholders and mergers and acquisitions, Bharti’s director, customer experience for India and South Asia, Raghunath Mandava, will

take over as chief operating officer, Airtel Africa - responsible for all commercial operations in Nigeria and 14 other operating firms in Africa.

Mandava joined Bharti in 2003 and had held several top positions, including director, operations (India) and chief marketing officer (India).

According to the statement, Bharti Airtel’s Delhi circle chief executive officer (CEO), Sarang Kanade, will take over Mandava’s current position and will report to Gopal Vittal, CEO, India and South Asia.

Also, the company has changed its organisational structure in Africa. According

to the new cluster-based design, the 15 African operating firms will be classified into eight clusters, with cluster heads reporting to Mandava.

The last time Bharti restructured its Africa operations, it categorized the countries of operation based on where they were market leaders and where they were not, keeping Nigeria and Democratic Republic of Congo as a third category.

When Bharti took over the Africa assets in 2010, the 17 countries were categorised based on language spoken— anglophone for English speaking and francophone for French speaking.

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

SIFAX Group appoints three directors

Brinkmann

A

multinational corporation with diverse interests in maritime, aviation, haulage & logistics, oil & gas and hospitality, SIFAX Group, has appointed three directors.

Mr. John Jenkins, according to a statement from the company, is the new Group Managing Director, while Alhaji Mohammed Bulangu assumes office as the acting Managing Director, Ports & Cargo Handling Services Limited.

Also, Mr. Markus Brinkmann was named the Group Executive Director, commercial and off-dock.

The company’s media manager, Mr. Muyiwa Akande, said that the company’s Group Executive Vice Chairman/CEO, Dr. Taiwo Afolabi, disclosed that the new appointments were made to reposition the group for its next growth phase.

He noted that the appointment was an indication of “the company’s resolve to deepen its commitment to the growth of the country’s economy through its business expansion strategy.”

Jenkins, who joined the group as managing director, Ports and Cargo Handling Services Limited, in 2011, has over 37 years’ ports operation experience, according to the statement.

He began his maritime career in 1979 with Stena Line at Harwich International Port, Essex, United Kingdom. Between 1995 and 1998 and he was also Container Terminal Manager, Hull, Humberside Sea and

Bulangu

Jenkins Land Services.

He has been general manager, Ghana Ports and Harbour Authority, Tema; general manager, Twllogistics-Mistley, Quay & Forwarding, UK, ports operations manager, Port Sultan Qaboos, Ports Services Corporation, Oman and terminal unit manager, English Welsh and Scottish Railways, Paddington, among other key positions.

Bulangu, who was, until his new appointment, the executive director, Commercial Services, has over 34 years cognate experience with the Nigerian Ports Authority (NPA) before joining the group in 2015.

A graduate of Economics from the Ahmadu Bello University, Zaria, he rose through the ranks at NPA to become the general manager in charge of Western Ports and later, Marine & Operations.

Bulangu is a fellow of the Chartered Institute of Logistics and Transport; member, Institute of Shipping Technology and a chartered member of the Institute of Management.

His expertise lies in transport pricing, port management, trade facilitation and negotiation, ports trade fair and exhibition, tariff formulation, commercial services and ports marketing.

Before assuming this new role, Brinkmann was in charge of one of the company’s subsidiaries, SIFAX Shipping Company Limited.

He is an accomplished manager, skilled ship broker, qualified master mariner, experienced negotiator with strong optimisation skill. His skills and expertise had been put to use in Africa, Europe and Middle East.

With over 10 years’ experience, Brinkmann had served in various capacities with UASC agencies Nigeria as General Manager; Maersk Broker as Ship Broker; SPS London Ltd as Ship Broker and Opus Marine GmbH, Germany, as project Manager, among other responsibilities.

BUSINESS |Stock Watch

MONDAY FEBRUARY 29, 2016 NEW TELEGRAPH

29

PZ: Exchange rate, others deplete earnings The struggle by manufacturing industry with operational challenges has weighed down on PZ Cussons’ profit margin, Chris Ugwu reports

causing only limited disruption to business.

Most of PZ’s Nigerian factories are located in the south, while the conflict that has left thousands dead is mostly confined to the north east of the African nation, according to Chief Financial Officer, Brandon Leigh.

“It does impact business, but it doesn’t impact all of the business,” Leigh said recently after the company reported a drop in firsthalf sales and profit.

Analysts at FBN Capital believe naira’s devaluation during the quarter more than offset any benefits accruing from subdued crude palm oil prices (CPO), a key raw material.

They noted that the decline in y/y sales and profits in Nigeria were mainly due to difficult trading conditions, insecurity in the North and naira devaluation.

According to the analysts, these factors continue to offset meaningful growth in the south of the country, especially in the electrical goods business and food segment joint ventures.

T

he year 2015 is on record as one of the worst years for all the sectors in the country including manufacturing as the stock prices and earnings fell massively. So far, 2016 appears not to be different for the sector either, as the stocks have already lost significant percentage of its value.

Obviously, the problem that faced the sector in the past year still lingers in the current year.

Since the current administration came into power, the exchange rate volatility and drop in oil price have negatively affected businesses. The increase in exchange rate has forced manufacturers to borrow at a high rate, thereby increasing cost of productions. The situation has been made worse by infrastructure deficiency, which has inevitably transferred the high production cost to consumers. It has also made manufacturers less competitive, shrinking their profit margins, as naira’s depreciation takes its toll on imported raw materials.

Besides the increased cost of raw materials, some manufacturers, especially multinational consumer goods companies that have taken up foreign currency liabilities, are also groaning under the pressure of increased cost of accessing foreign exchange.

Some of these companies plan their cash flows well in advance and they can’t easily adjust to currency fluctuations. The exchange rate volatility and difficulty in accessing dollars have resulted in companies making less profit while the marginal operators are suffering.

Also, challenges of erratic supply of public electricity, weak logistics, insecurity and other high costs of operations attributable to poor infrastructure have continued to make the business operating environment difficult especially for the real sector.

Given headwinds such as weak demand on the back of squeeze on household wallets, most consumer goods companies in Nigerian have continued to find it difficult to weather the storm.

One of the companies adversely affected is PZ Cussons, which has seen continuous decline going by drop in oil price and insecurity some parts of the country leading to a decline in sales in the affected region.

Market watchers, who had predicted that the company was likely to further record downswing in profits, came near to expectation as the financial report for the second quarter ended November 2015 showed a drop of 46 per cent.

Just as other quoted firms in Nigeria are facing depression in share prices, market sentiments

Jamodu

for the shares of PZ Cussons, one of Nigeria’s leading personal and household companies listed on the floor of the Nigeria Stock Exchange, have dwindled relatively due to the challenging environment faced by the real sector of the economy.

The share price, which closed at N27.80 per share in March 31, 2015, has recorded a dip in growth that when the closing bell rang on Friday, the share price stood at N21.90, representing a decline of N5.9 or 21.22 per cent year to date.

Financials PZ Cussons ended the full year ended May 2015 with a 10.07 per cent decline in net earnings.

The soap maker’s profit after tax fell to N4.570 billion during the period under review against the N5.082 billion recorded the previous year, representing a decline of 10.07 per cent.

Profit before tax stood at N6.556 billion as against N6.949 billion posted the previous year, accounting for a drop of 5.66 per cent.

Turnover increased marginally by 0.30 per cent to N73.126 billion during the period, compared with N72.905 billion in the same period of last year.

The company began the new financial year in the red as the Q1 2016 (ended August 2015) figures recently released showed a 37.32 per cent decline in profit before tax, from N872.291 million the previous year to N546.792 million during the period under review.

Profit after tax stood at N427.851 million during the first quarter as against N641.698 million posted a year earlier, representing a drop of 33.33 per cent.

The company’s revenue also dropped by 0.44 per cent to N14.953 billion as against N15.049 billion reported the previous year.

The trend of decline in profit continued during the second quar-

Share price movement of PZ Cussons’ 2015

It is important for the company to continue to manage its cost base tightly

March 31

N27.80

April 30

N28.50

May 31

N29.18

June 30

N30.45

July 31

N27.55

August 31

N24.15

September 30

N26.20

October 30

N24.00

November 31

N25.46

December 31

N25.70

January 29

N21.00

February 25

N21.90

ter as PZ Cussons posted a 46 per cent decline in profit after tax for the second quarter 2016 ended November 2015.

In a filing from the NSE, the unaudited consolidated statement of profit or loss and other comprehensive income for the period ended showed profit after tax of N779.452 million as against N1.441 billion recorded in 2014, accounting for a drop of 45.92 per cent.

Profit before tax was equally down by 40.64 per cent from N1.941 billion posted the previous year in contrast to N1.152 billion recorded during the period under review.

The company’s revenue declined by 3.29 per cent to N30.619 billion as against N31.659 billion in 2015.

Reasons for downswing Giving reasons for the declines, the company said the violence affecting parts of the country was

Future outlook The Chairman of the company, Chief Kola Jamodu, speaking at the 2015 Annual General Meeting (AGM), said events and developments post-election period had strengthened the company’s confidence and increased its level of optimism.

“We are geared towards meeting our stakeholders’ expectations by deploying the right strategic and tactical plans to deliver a strong performance in the coming years.

“The optimisation of our supply chain processes will continue leading to improvement in operational efficiencies. We will also continue to invest in core brands and growth categories through our planned extension into new routes to market, ensuring a minimisation of our cost base.

“Additionally, as we are part of a global business, we are adapting our management structure to reflect a consumer led organisation.

“The impact of this is that brands which have a global presence will be managed centrally, thus reducing the cost of implementing consumer relevant product innovations and offerings, and a similar approach will be adopted for regional brands.

“The supply chain is being integrated into a single structure across the globe and the sales function will align across defined route to market strategies with consistent ways of working. Although we are ‘centralising’, local insights will have a significant bearing on the New Product Developments (NPDs) to ensure that our consumer needs in local markets are the driving force of our investments,” he said.

Conclusion Though high cost of operations has remarkably weighed down on the manufacturing sector, it is important for the company to continue to manage its cost base tightly to deliver moderate operating margins improvement for growth and profitability.

30 INTERVENTION The regulator had to intervene in the management of the underwriting firm when discrepancies were discovered in its operations Sunday Ojeme

T

he National Insurance Commission (NAICOM) has announced the dissolution of the interim board of Goldlink Insurance Plc. Following the dissolution, the regulatory body has reconstituted a three-man Interim management to oversee the affairs of the company.

He said that Goldlink intended to be a major player in underwriting these sectors, adding that the company was fast overcoming the regulatory challenges that had confronted it in the past three years.

NAICOM had in 2012 taken over the management of the firm to pave the way for effective management and reposition, having accused the former board of unethical practices.

The constitution of the interim board was as a sequel to the resignation of members of the board of directors of the company following anomalies/misstatements discovered in the audited financial statements of the company for the year ended December 31, 2011.

The interim board was charged with the responsibility of carrying out full investigation of the financial reports and corporate governance failures observed in the course of reviewing the company’s financial statement.

The interim board had Mr. James O. Ayo as Chairman and Mr. Gbolahan Olutayo as Managing Director.

Goldlink recently held its annual general meeting to announce its three-year financial performance.

Despite the assurance by the outgone chairman of the company at the AGM that the company was fast overcoming the regulatory challenges that had been confronting it in the past three years, details from the 2015 half year performance of the underwriting proved otherwise as it recorded major losses during the period.

According to the result, the underwriting firm recorded a loss in

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Insurance

NAICOM dissolves board of Goldlink Insurance profit during the half year ended June 30, 2015.

A notice to this effect sent to the Nigerian Stock Exchange (NSE) revealed that profit before tax depreciated to N731.47 million within the period.

The gross premium also declined to N1.394 billion from N1.723 billion recorded in the same

period of 2014, representing a drop of 19.1 per cent.

At the annual general meeting, the chairman had hinged the company’s strength on its ability to have paid claims between 2012 and 2014.

He pointed out that the firm paid a total of N4.42 billion claims within the period.

He said that despite the loss of virtually all lucrative oil and gas accounts and other ancillary businesses from the oil and gas sector due to inability to meet up with the bid documentation requirements and out right refusal of some organisations to do business with the company, the man-

agement and the interim board still held its ground with a moderate market share and considerable goodwill of clients.

He said: “The company has remained a good brand, the company’s gross written premium grew at a cumulative average growth rate of 5.14 per cent between 2011

and 2013 with resultant figures of N3.99 billion, N5.40 billion and N4.35 billion for the years between 2011, 2012 and 2013 respectively.”

The company’s gross written premium accounted for 2.3 per cent and 1.7 per cent of the entire market income in 2012 and 2913 respectively.

Speaking on the future, he said that in the face of the reality of the dwindling national income from oil , the only sectors of the economy that have real prospect for growth has remained the power, agriculture and communication sectors.

L-R: Facilitator, British American Tobacco Nigeria Foundation (BATNF) Stakeholders Engagement Workshop, Prof Femi Ajibola; member, Technical Committee, BATNF, Mr Thomas Omofoye; Executive Director, Seyi Ashade; member, Technical Committee, Prof Chidi Ibe; General Manager, Abimbola Okoya and Technical Committee member, Mr Fatai Afolabi, at the Foundation’s workshop in Ibadan

NAICOM to review licences for micro-insurance, takaful operations

T

he National Insurance Commission (NAICOM) has commenced the process of reviewing the micro insurance guidelines.

The move, according to the Commissioner for Insurance, Mohammed Kari, is to pave the way for issuance of licences for operation at different strata of the economy.

Kari said that the move would help reduce the licensing fee and accommodate more players in the business, adding that operators could be issued licences to operate within a locality without necessarily running around the nation in search of business.

He said that the commission has issued one standalone micro insurance licence and that another applicant had just been interviewed.

He said: “We have at

the first level of implementation, allowed micro insurance and takaful be sold through windows, the next level is to see if we can let them stand alone and we are in the process of reviewing the guidelines for micro insurance and takaful.

“For micro insurance, we have nine companies that are presently selling the products through the convention access and we have three firms selling takaful products through windows.

“We have got applications for standalone and one of them had been published and the second one has just been interviewed. We have also published one takaful licence.

“What we are trying to do for the special classes, is to see if we can stagger the licence, this is be-

cause what our law provides for now, is just a licence, which by implication is just a national licence or a licence that gives operators access to operate anywhere. And with paid up capital of N200 million, most operators may not be able to operate in more than two units.

“We are encouraging investors to come and get smaller type of licence that would enable them operate in small areas. We hope to bring down the licence fee and issue people licences to operate either on national, state or as a unit. An operator could be issued a licence to operate within a market that would enable the operator to be closed to the consumers. We are looking at this as a way to increase participation and deepen the market.”

Insurance brokers sympathise with Nolywood

I

nsurance brokers under the aegis of the Nigerian Council of Registered Insurance Brokers (NCRIB) have joined scores of other Nigerians in sharing the grief of the Nigerian film industry over the demise of no fewer than four of its brightest actors and actress within the last one month.

The actors included Mike Odiachi, Sikiru Adesina, popularly known as Arakangudu, Festus Aguebor as well as a Kano-based actress of Kannywood (Kano sub-sector), Aisha Dankano.

In a statement signed by the President of NCRIB, Mr. Kayode Okunoren, the Council described the death of four prominent actors within a month as a colossal loss to the nation.

The Council lamented that the actors, who had liven up the entertainment space, had departed at a time when their values was most desired in the country.

While praying for the repose of the souls of the departed, the NCRIB lamented the poor acceptance of insurance by the actors, a situation that usually leave the families in precarious financial state after the painful of their loved ones and bread winners.

The Council advised the leadership of the film industry to synergise efforts with the insurance industry in order to arrange for suitable insurance covers capable of mitigating material or human losses in the event of the actors challenging pre occupations.

BUSINESS | Insurance

MONDAY FEBRUARY 29, 2016 NEW TELEGRAPH

31

NCRIB advises members to file documents promptly CRISIS Some brokers recently had issues with the regulatory body over failure to update their operational documents Sunday Ojeme

T

he President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has advised insurance brokers to file necessary documents

with the regulatory authorities in time to forestall sanctions.

Speaking at the February edition of Members’ Evening in Lagos, he said that it was unprofessional for any practicing broker to wait till certificate lapsed before filing necessary documents with the authorities.

The evening was hosted by Universal Insurance.

Okunoren said the Council had succeeded in getting the National Insurance Commission (NAICOM) to address some issues affecting the broking fraternity, adding that the Commission has

acceded to the request for a joint committee to review the list of requirements expected from Brokers for rendering returns to the Commission on a yearly basis.

“I am sure that many of you would be hitching to hear from us on efforts made on the recently lapsed Certificates of some of our members by the National Insurance Commission late last year.

“It is an unfortunate incident. We have made concerted efforts to ensure that we get the understanding of the Commissioner for Insurance, Alhaji Mohammed Kari, on the development and

happily, that has crystallized in the called for reapplication by the companies concerned. Whilst still making efforts to continually enlist the understanding of NAICOM on issues relating to our members, I am happy to note that the Commission has acceded to our request for a joint committee to review the list of requirements expected from Brokers for rendering returns to the Commission on a yearly basis.

“It is believed that the joint ad hoc committee will pave the way for better and early compliance of our members. It is, however, expedient

L-R: Special Adviser to the Minister of State for Aviation, Capt.

Musa Nurudeen; Director of Legal Services, Nigerian Airspace Management Agency (NAMA), Mrs. Anastatia Gbem and Commissioner/Ceo, Accident Investigation Bureau (AIB), Dr. Felix Abali, during the stakeholders’ Workshop, on proposed Amendment to Accident Investigation Regulations, in Ikeja, Lagos.

PHOTO: TONY EGUAYE

of me to state, without any contradiction, that it is unprofessional for any practicing Broker to wait till its certificate is lapsed before filing necessary documents with the authorities.

“The Governing Board has considered the retention of the Help Desk earlier established as a standing body to assist members in addressing areas that portend challenges for our members with regards to compliance with regulatory institutions,” he said.

He also called on the government to urgently diversify the economy to address the present economic challenges.

“This event provides me an auspicious occasion to join the Council’s voice to the economic challenges being faced by our country at the moment. It is most disheartening that the value of the naira has continued to take a downward plunge against the dollar, pound sterling and other currencies, to the detriment of the nation’s economy.

Insurer launches auto insurance campaign

F

BN General Insurance Limited has unveiled a marketing campaign to enable motorists understand the benefits of buying original, qualitative auto insurance policy.

Speaking on the initiative, the Head of General Business, FBN General

RIMSON parleys LCCI on risk management

T

he Risk Managers Society of Nigeria (RIMSON) and the Lagos Chamber of Commerce and Industry (LCCI) have agreed to partner on how to educate the public on risks management and control.

The agreement was reached today when the management of RIMSON paid a courtesy visit to the LCCI in Lagos.

President of RIMSON, Jacob Adeosun, said the partnership has become necessary due to misconceptions by entities on risk which have resulted in lopsided approaches to their management, stressing that some people believe risk is only concerned with insurance, health safety and environmental issues.

He noted that RIMSON is determined to expand the frontiers of

risk management practice within the public and private sectors in Nigeria, adding that the small, medium and large scale enterprises in the private sectors and their managers require risk management to remain competitive and to excel.

“We need to get everyone on board the risk management flight to actualise the Nigerian dream. We shall continue to advise all stakeholders on this aspect as our contribution to national economic growth and development,” he added.

He noted that RIMSON is optimistic that the LCCI, as one of the most Cardinal institutions, has what is required to galvanize the public on the need to embrace risks management approaches.

“There are lots of

misconceptions by entities on risks which have resulted in lopsided approaches to their management. For instance, some people believe that risk is only concerned with insurance; several others feel that health, safety and environment treatment resolves risk problems.

The truth is that these treatments are partial leaving several other critical risks unattended until they manifest into catastrophic losses.

“It is in this vein that we have identified the LCCI as one of the most cardinal institutions that could assist in achieving our goals. Our belief is that the LCCI being a galvanizing force in the Commerce industry has the capacity that can be deployed towards the actualization of this initiative.

“We would appreci-

ate a synergy with your Chamber to highlight the importance of Risk Management to business growth and development.

“It has often been lost on most business analysts and policy makers that there could not be genuine economic growth and development without due cognizance paid to Risk Management. This knowledge gap would be eliminated if our request to partner with your Chamber is granted,” he said.

Director-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, applauded RIMSOM for the initiative to partner the chamber, stressing that since risks cut across all sphere of human endeavour, the chamber would engage RIMSOM in educating members of the cham-

“The resultant effect of this is negative on the nation’s economic revival efforts. Aside from the possibility of stagnating industrial development and favourable trade, the situation is already causing increasing inflationary rate that is affecting the common man in the street.

“The mono economy has left the country helpless, considering also the continuous downward slide in the price of crude oil in the international market, upstaging the budgetary anticipations of government. Definitely, the insurance industry is not insulated from these grievous indices of economic recession. It is a tough time we must all admit,” he said.

The Managing Director, Universal Insurance, Benedict Ujoatuonu, lauded brokers’ supports to the firm and pledged to enhance the relationship.

He noted that the firm has been transformed, adding that the management is working assiduously to place the firm amongst top ten in the industry.

ber on how to effectively manage their risks.

He urged the leadership of RIMSOM to take the awareness to schools, adding that risk management ought to be included in the education curriculum.

He said risk management should be in the front burner especially now that the economy is faced with enormous challenges.

Established in 1985, RIMSON is an Association of Corporate bodies and individual professionals dedicated to the advancement of Risk awareness and Risk management culture in Nigeria. It is a self-financing society with members cutting across all facets of the economy: Energy, Banking and Finance, Insurance, Manufacturing, Government Parastatals, Construction etc.

Insurance, Olasupo Sogelola, said the lackadaisical attitude of Nigerian road users towards insurance had been the bane of many automobile owners.

He said: “A lot of our people would rather not buy auto insurance because they do not think it’s necessary. Some even call it ‘police-let-me-go’, an unfortunate confirmation of the wrong perception of the populace towards auto insurance policies. This has led many to buy fake -and literally worthlessauto insurance policies.

However, auto insurance could be the only resort for anyone who ever finds himself involved in a motor accident.”

On his part, the Managing Director, FBNInsurance, owners of FBN General Insurance, Val Ojumah, said: “Anyone who drives an automobile should buy original and qualitative auto insurance from FBN General Insurance. People have had their damaged cars replaced or repaired by us and other 3rd party damages taken care of as well.

It is high time we looked beyond auto insurance as something we do because it is mandated by law.”

All through the period of the campaign, various freebies will be given out

by FBN General Insurance via a social media engagement.

32

BUSINESS | Financial Market News

MONDAY, FEBRUARY 15, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

26-Feb-16

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

NA

NA

Description 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 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493

581.39 480.13 20.00 100.00 300.00 351.30 233.90 531.93 605.31 719.99 95.84 75.00 150.00 200.00 591.57 1075.92

TOTAL OUTSTANDING VALUE

6,112.28

TOTAL MARKET CAPITALISATION

6,386.82

Rating/Agency

Description

Issuer

Maturity Date

TTM (Yrs)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

0.47 1.17 1.41 1.51 2.26 3.34 3.66 3.96 5.92 8.04 9.90 12.75 13.23 13.73 14.40 18.39

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

6.51 10.24 10.19 10.40 10.49 10.57 11.44 11.90 11.83 12.01 11.91 12.14 12.15 12.17 12.00 12.09

4.42 9.36 9.42 9.67 9.99 10.24 11.07 11.60 11.62 11.83 11.74 12.00 12.00 11.99 11.84 11.95

102.99 105.17 99.55 98.56 100.38 114.90 87.00 111.22 118.97 111.06 103.36 118.29 102.14 75.74 86.39 100.41

103.99 106.17 100.55 99.56 101.38 115.90 88.00 112.22 119.97 112.06 104.36 119.29 103.14 76.74 87.39 101.41

6067.277269

Issue Date

Coupon (%)

03-Apr-12

17.25

#

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.50

03-Apr-17

0.55

2.94

10.01

103.81

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 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21 09-Dec-21 16-Feb-22 27-Feb-22 30-Mar-22 31-Mar-22 27-May-22

0.34 0.34 1.14 0.87 1.84 1.44 1.45 1.64 1.64 1.83 2.04 3.74 2.11 4.75 4.84 2.88 2.91 3.97 3.69 3.55 4.03 6.46 3.81

4.46 3.48 1.00 4.44 3.21 1.00 1.00 3.82 2.64 1.00 2.02 1.98 4.35 1.27 3.76 3.76 1.00 1.52 3.67 1.00 2.52 1.79 3.04

9.44 8.46 10.47 12.92 13.65 11.24 11.27 14.24 13.06 11.44 12.48 13.62 14.82 13.45 15.93 14.34 11.58 12.55 15.19 12.17 13.98 13.87 14.85

101.45 102.28 99.48 100.60 100.51 103.46 103.44 100.30 101.27 106.39 105.08 102.45 99.87 100.11 96.87 100.30 107.91 107.70 103.42 111.61 109.30 112.56 105.70

29-Sep-16 25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 30-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20 14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

0.59 0.66 0.78 1.14 1.36 1.59 1.05 1.12 1.28 1.28 2.59 1.39 1.72 1.85 2.44 4.72 3.22 5.73 5.84 6.21 4.38 8.59 8.59 9.67

1.00 1.34 1.00 2.56 1.08 2.36 1.88 3.15 6.35 1.00 1.00 5.27 6.11 3.28 4.47 1.00 3.55 1.81 1.00 3.90 2.77 1.00 1.00 1.00

8.26 8.92 9.11 12.03 11.11 12.77 11.08 12.54 16.18 10.83 11.54 15.39 16.53 13.72 14.99 13.19 14.35 13.90 13.08 15.99 15.00 13.21 13.21 13.08

102.65 103.32 105.04 104.60 106.58 100.29 107.34 103.38 101.97 105.89 105.35 100.34 102.08 103.49 99.98 107.02 102.76 101.30 113.41 101.81 102.96 115.52 100.18 109.41

10-Oct-20

2.64

3.37

13.91

101.73

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.50

TOTAL MARKET CAPITALISATION

1.56

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

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA *BAUCHI *OYO *BENUE *PLATEAU KOGI *CROSS RIVER

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-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 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

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 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 15.50 BAUCHI 9-DEC-2021 16.50 OYO 16-FEB-2022 16.50 BENUE 27-FEB-2022 17.50 PLATEAU 30-MAR-2022 17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

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 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

1.30 2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68 13.87 80.00 22.72 87.50 5.00 4.03 4.04 14.37 4.39 4.75 27.10 3.00 7.68

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

453.21 463.89

Corporate Bonds A+/Agusto; A-/GCR A-/Agusto Nil Nil Nil A/GCR BBB-/GCR Nil A-/DataPro†; CCC/GCR AAA/DataPro†; B/GCR A+/Agusto; A/GCR BBB+/Agusto; BBB+/GCR† BBB-/DataPro†; BB/GCR Nil A-/GCR A+/Agusto; A-/GCR A-/GCR BBB/GCR A/GCR BBB/GCR A-/GCR A/GCR A/GCR AAA/GCR

NAHCO FSDH ***LCRM UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA#{r} *FCMB NAHCO *TRANSCORP HOTELS PLC *FCMB UBA FIDELITY *TRANSCORP HOTELS PLC STANBIC IBTC STANBIC IBTC *NMRC

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 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 30-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

29-Sep-11 25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 30-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 06-Nov-15 14-Nov-13 04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14 29-Jul-15

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

15.00 5.53 112.22 116.70 66.49 20.00 0.46 4.50 2.18 0.60 35.00 1.80 0.27 4.50 23.19 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.94

TOTAL OUTSTANDING VALUE

540.23

TOTAL MARKET CAPITALISATION

565.04

Sukuk BBB-/Agusto

10-Oct-13

14.75 OSUN II 10-OCT-2020

*OSUN

14.75

9.77

TOTAL OUTSTANDING VALUE

9.77

TOTAL MARKET CAPITALISATION

9.94

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.96

1.00

9.35

101.47

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.18

1.00

10.82

101.12

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 25.27 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

8.27

7.98

93.96

95.06

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

6.76

6.30

96.47

97.44

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

8.48

8.27

88.61

89.70

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,395.21

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

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

10.57

10.57

99.31

99.31

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

9.34

9.34

97.31

97.31

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

18.09

16.80

80.43

82.41

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

9.43

9.43

92.00

92.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

10.80

10.80

88.13

88.13

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

14.21

13.81

86.22

87.15

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

07-Aug-13 24-Jun-14 23-Jul-14

8.25 9.25 8.00

300.00 400.00 450.00

07-Aug-20 24-Jun-21 23-Jul-21

14.63 13.73 15.32

14.63 13.37 15.32

79.00 82.96 73.00

79.00 84.14 73.00

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,650.00 3,169.00 Description

Issuer

Issue Date

Yield @ Issue (%)

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP II 4-MAY-16

04-Nov-15

13.25

7.23

04-May-16

68

6.03

9.68

9.51

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

2.77

29-Jul-16

154

6.18

12.08

11.50

TOTAL OUTSTANDING VALUE

10.00

**TREASURY BILLS^ DTM 20 27 34 41 48 55 62 69 83 90

Money Market

FIXINGS Maturity 17-Mar-16 24-Mar-16 31-Mar-16 7-Apr-16 14-Apr-16 21-Apr-16 28-Apr-16 5-May-16 19-May-16 26-May-16

Bid Discount (%) 2.88 3.26 3.39 3.76 3.58 3.72 3.54 3.95 4.29 3.81

Offer Discount (%) 2.38 2.76 2.89 3.26 3.08 3.22 3.04 3.45 3.79 3.31

Bid Yield (%) 2.88 3.26 3.40 3.77 3.59 3.74 3.56 3.98 4.33 3.85

Tenor

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 1.1500 7.6588 9.0713 10.3698

NITTY

Rate (%)

OBB

1.00

O/N

1.33

Tenor Call 1M 3M 6M

REPO

Rate (%) 1.67 3.58 4.30 5.17

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M 6M 1Y

199.24 199.27 199.61 200.61 201.22 205.92 213.53 220.77

199.34 199.58 199.93 200.95 201.64 206.47 214.45 222.58

FMDQ Daily Quotations List

26-Feb-16

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

MONDAY FEBRUARY 29, 2016 NEW TELEGRAPH NA

BEARISH Consumer Goods Industry led activity TOTAL MARKET CAPITALISATION chart with 3.331 billion shares Agency Bonds TOTAL OUTSTANDING VALUE

NA

Description 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 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493

581.39 480.13 20.00 100.00 300.00 351.30 233.90 531.93 605.31 719.99 95.84 75.00 150.00 200.00 591.57 1075.92

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

0.47 1.17 1.41 1.51 2.26 3.34 3.66 3.96 5.92 8.04 9.90 12.75 13.23 13.73 14.40 18.39

6.51 10.24 10.19 10.40 10.49 10.57 11.44 11.90 11.83 12.01 11.91 12.14 12.15 12.17 12.00 12.09

4.42 9.36 9.42 9.67 9.99 10.24 11.07 11.60 11.62 11.83 11.74 12.00 12.00 11.99 11.84 11.95

102.99 105.17 99.55 98.56 100.38 114.90 87.00 111.22 118.97 111.06 103.36 118.29 102.14 75.74 86.39 100.41

103.99 106.17 100.55 99.56 101.38 115.90 88.00 112.22 119.97 112.06 104.36 119.29 103.14 76.74 87.39 101.41

BUSINESS | Financial Market News

Equities market reports 0.83% loss 6,112.28

6067.277269

6,386.82

Similarly, all other billion shares valued at 1.008 billion shares worth Outstanding Value indices finished higher Description N9.641 billion that exbillion in (₦’bn) 8,730 Rating/Agency Issuer Issue DateN3.752 Coupon (%) during the week, with the changed hands the previ- deals. The third place was Nil 17.25 NSE FMB II 03-APR-2017 FMBN 03-Apr-12 occupied 17.25 exception of Premi- ous week in 13,712 deals.

by Oil and1.50Gas TOTAL OUTSTANDING VALUE 1.50 um Index, NSE 30 Index, Further analysis Industry with a turnover TOTAL MARKET CAPITALISATION 1.56 Chris Ugwu NSE Banking Index, NSE showed that Consumer of 55.332 million shares Sub-National Bonds million Insurance 14.00 Index and NSE Goods Industry (mea30-Jun-11worth N416.383 14.00 1.30 BENUE 30-JUN-2016 BBB+/Agusto *BENUE 30-Jun-09 15.50 2.05 15.50 IMO 30-JUN-2016 A/Agusto *IMO ransactions on LAGOS the Pension Index that depre- sured by volume) led the 19-Apr-10 in 1,024 deals.

10.00 57.00 A+/Agusto; A+/GCR 10.00 LAGOS 19-APR-2017 30-Jun-10 13.75 16.45 A-/Agusto *BAYELSA 13.75 BAYELSA 30-JUN-2017 floor of the Nigericiated by 0.83 per cent, 3.01 activity chart with 3.331 Trading in the25.00 top 31-Dec-10 14.00 A-/Agusto EDO 14.00 EDO 31-DEC-2017 30-Sep-11 14.00 27.25 A/Agusto; A+/GCR *DELTA 14.00per DELTA 30-SEP-2018 three equities namely – an Stock Exchange per cent, 0.35 cent, 2.45 billion shares valued at 04-Oct-11 14.00 4.91 A-/Agusto; A-/GCR *NIGER 14.00 NIGER II 4-OCT-2018 14.50 10.98 ‡ /Agusto; A-/GCR† *EKITI 14.50per EKITI 09-DEC-2018 in Tiger Branded (NSE) at the weekend per cent, 1.25 cent and N5.695 billion traded 09-Dec-11 Consumer 12-Dec-13 14.00 8.14 A-/Agusto *NIGER 14.00 NIGER III 12-DEC-2018 closed the week lower 1.25 per cent 2,511 deals; thus contrib14-Feb-12Goods Plc, 15.50 FCMB Group 21.68 A-/Agusto; A-/GCR *ONDO 15.50respectively ONDO 14-FEB-2019 .

02-Oct-12 15.50 13.87 A-/GCR *GOMBE 15.50 GOMBE 02-OCT-2019 asBBB+/Agusto; the NSE All-Share A turnover of 4.476 biluting 74.42 per cent and Plc and FBN Holdings 14.50 LAGOS 22-NOV-2019 Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 12-Dec-12 14.75 22.72 OSUN 12-DEC-2019 BBB-/Agusto; BBB+/GCR† *OSUN Index and Market Capilion shares14.75 worth N11.742 48.50 per cent to the total Plc.(measured by volume) 27-Nov-13 13.50 87.50 13.50 LAGOS 27-NOV-2020 Aa-/Agusto; AA-/GCR LAGOS 31-Dec-13 15.00 5.00 15.00 KOGI 31-DEC-2020 A-/Agusto; BBB+/DataPro KOGI talisation depreciated by billion in 14,124 deals was equity turnover volume accounted for 3.736 billion 31-Dec-13 14.50 4.03 14.50 EKITI II 31-DEC-2020 ‡ /Agusto *EKITI 06-Jan-14 shares worth 15.00 4.04bilA-/GCR 15.00 NASARAWA 06-JAN-2021 0.83 per cent to close*NASARAWA at traded by investors on the and value respectively. 09-Dec-14 N4.872 15.50 14.37 A-/Agusto *BAUCHI 15.50 BAUCHI 9-DEC-2021 24,228.79 and N8.336 trilfloor of the Exchange The Financial Services 2,443 deals,4.39 con17-Feb-15lion in 16.50 A-/Agusto *OYO 16.50 OYO 16-FEB-2022 in 27-Feb-15 16.50 4.75 Bbb-/Agusto *BENUE 16.50 BENUE 27-FEB-2022 lion respectively. a total of30-MAR-2022 1.202 Industry followed with cent 30-Mar-15tributing 17.5083.47 per27.10 Bbb+/Agusto *PLATEAU contrast to17.50 PLATEAU

and 41.49 per cent to the Risk Avg. Life/TTM total turnover volMaturityequity Date Premium (Yrs) (%) ume and value respec03-Apr-17 0.55 2.94 tively .

Twenty-one equities appreciated in price last week, 22 eq30-Jun-16lower than 0.34 4.46 30-Jun-16 0.34 3.48 uities the1.14 previous 19-Apr-17 of 1.00 30-Jun-17 0.87 4.44 week.

Thirty-five equi31-Dec-17 1.84 3.21 30-Sep-18 1.44 in price, 1.00 ties depreciated 04-Oct-18 1.45 1.00 09-Dec-18 lower than 37 1.64 equities 3.82 of 12-Dec-18 1.64 2.64 the previous week, while 14-Feb-19 1.83 1.00 02-Oct-19 2.04 2.02 one 134 equities 22-Nov-19 3.74remained 1.98 12-Dec-19 2.11 4.35 unchanged, higher than 27-Nov-20 4.75 1.27 31-Dec-20 4.84 3.76 131 equities recorded in 31-Dec-20 2.88 3.76 06-Jan-21 2.91 1.00 the previous week.

09-Dec-21 3.97 1.52 Also traded3.69last week 16-Feb-22 3.67 27-Feb-22 3.55 1.00 was a total of 14,844 units 30-Mar-22 4.03 2.52 #

T

A-/Agusto A-/GCR

KOGI *CROSS RIVER

17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

OER shareholders approve business arrangement with Oando

01-Apr-15 27-May-15

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

NAHCO FSDH

***LCRM

Chris Ugwu

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 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 30-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

29-Sep-11 25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 30-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 06-Nov-15 14-Nov-13 04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14 29-Jul-15

the final approval of the Plc holds more than 90 Supreme Court of Brit- per cent of the common ando Energy Re- ish Columbia at a hear- shares.

UBA sources Inc. (OER) ing scheduled to be held Completion of the ar*LA CASERA *CHELLARAMS on February 26, 2016 and rangement, including the has disclosed *DANA subject to satisfaction or delisting of the common that its shareholders *FCMB NAHCO at a special meeting *TRANSCORP ap- waiver of various other shares and warrants from HOTELS PLC *FCMB proved the previouslyUBA an- conditions specified the facilities of the TSX, FIDELITY in OER’s management nounced plan of arrangewill be subject to, among *TRANSCORP HOTELS PLC information circular other things, approval by ment with Oando Plc and STANBIC IBTC STANBIC IBTC dated January 19, 2016. the syndicate of lenders Oando E&P Holdings *NMRC TOTAL OUTSTANDING VALUE Limited (the Purchaser), The parties have agreed in OER’s $450 million seTOTAL MARKET CAPITALISATION which will culminate in to extend the outside date nior secured facility. the purchaser acquiring to March 25, 2016.

In a notice to NSE Sukuk 14.75 OSUN II 10-OCT-2020 BBB-/Agusto *OSUN all of the issued and outin December 2015, the10-Oct-13 As part of this transTOTAL OUTSTANDING VALUE standing common shares action, the company had Board of Directors of TOTAL MARKET CAPITALISATION notified the TSX and ap- OER unanimously (with ofSupranational OER. Bond Oando in a statement plied for 10.20 theIFCdelisting Messrs. Tinubu and11-Feb-13 11-FEB-2018 AAA/S&P IFC 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P *AfDB of the Common Shares Boyo abstaining) deter-10-Jul-14 obtained from NSE webTOTAL OUTSTANDING VALUE site atMARKET the weekend said upon completion of the mined that the plan of TOTAL CAPITALISATION arrangement was fairIssue Date in respect of the specific arrangement.

In addi- Description Rating/Agency Issuer voting results regarding tion, in accordance with to shareholders (excludFGN Eurobonds approval of the special Section 720 of the TSX ing Oando Plc and the 6.75 JAN 28, 2021 BB-/Fitch; B+/S&P 07-Oct-11 resolution in connec- Company Manual, the institutional shareholdBB-/Fitch; FGN 5.13 JUL 12, 2018 12-Jul-13 BB-/S&P company has applied tion with the plan of ers) and it would be in BB-/Fitch; 6.38 JUL 12, 2023 BB-/S&P arrangement, a total of to voluntarily delist the the best interests of the12-Jul-13 TOTAL OUTSTANDING VALUE 550,456,175 votes were common share purchase company to enter into the TOTAL MARKET CAPITALISATION cast by shareholders, warrants issued from arrangement agreement.

Corporate Eurobonds representing 69.15 per the facilities of the TSX7.50 MAY 19, The 2016 determination of19-May-11 B+/Fitch; B+/S&P GTBANK PLC I 7.25 JUL 25,board 2017 B+/S&P of the total issued ACCESS BANK PLC cent upon completion of the6.88 the was made upon25-Jul-12 MAY 09, 2018 B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 and comarrangement and an6.00 NOV the of08-Nov-13 08, recommendation 2018 B+/Fitch;outstanding B+/S&P GTBANK PLC 6.25 APR 22, 2019 B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 exemption from the re- 8.75 May mon shares. a 21, special committee of21-May-14 2019 B/Fitch; B/S&P DIAMOND BANK PLC 8.25 AUG 07, 2020 B-/Fitch; B/S&P FIRST BANKquirement PLC 07-Aug-13 independent directors, It noted that 100 per for security 9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 USD SWAP+6.488 JUL 23 2021 B-/Fitch; of B/S&P the votes cast FIRST BANKholder LTD and after consideration23-Jul-14 cent approval of 8.00/2Y such 8.75 AUG 14, 2021 B-/S&P ECOBANK NIG. LTD 14-Aug-14 were in favour of the delisting is available of the advice of legal and TOTAL OUTSTANDING VALUE pursuant Section 604(f) financial advisors to the resolution.

TOTAL MARKET CAPITALISATION The plan of arrange- of the TSX Company independent committee Rating/Agency Issuer Issue Date because Oando Description ment remains subject to Manual and the company.

UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER#

O

#

#{r}

17.00 17.00

3.00 7.68

of Exchange Traded Valuation Yield(ETPs) valued at Products Modelled Price (%) N14.134 million executed 103.81 in 10.01 29 deals, compared with a total of 93,518 units valued at N1.158million transacted the101.45 previous 9.44 8.46 102.28 week 10.47in 48 deals.

99.48 12.92 100.60 A13.65 total of 4,990 units 100.51 11.24 103.46 of Federal Government 11.27 103.44 14.24 valued 100.30 Bonds at N5.799 13.06 101.27 million was traded 11.44 106.39 in two 12.48 105.08 deals to a total 13.62compared 102.45 14.82 99.87 of 150,000 units of Fed13.45 100.11 96.87 eral15.93 Government Bonds 14.34 100.30 11.58 at N169.326 107.91 valued million 12.55 107.70 transacted the103.42 previous 15.19 12.17 111.61 week in two deals.

13.98 109.30

31-Mar-22 27-May-22

6.46 3.81

1.79 3.04

13.87 14.85

112.56 105.70

29-Sep-16 25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 30-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20 14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

0.59 0.66 0.78 1.14 1.36 1.59 1.05 1.12 1.28 1.28 2.59 1.39 1.72 1.85 2.44 4.72 3.22 5.73 5.84 6.21 4.38 8.59 8.59 9.67

1.00 1.34 1.00 2.56 1.08 2.36 1.88 3.15 6.35 1.00 1.00 5.27 6.11 3.28 4.47 1.00 3.55 1.81 1.00 3.90 2.77 1.00 1.00 1.00

8.26 8.92 9.11 12.03 11.11 12.77 11.08 12.54 16.18 10.83 11.54 15.39 16.53 13.72 14.99 13.19 14.35 13.90 13.08 15.99 15.00 13.21 13.21 13.08

102.65 103.32 105.04 104.60 106.58 100.29 107.34 103.38 101.97 105.89 105.35 100.34 102.08 103.49 99.98 107.02 102.76 101.30 113.41 101.81 102.96 115.52 100.18 109.41

‘Harsh operating milieu affected Daar Communications’ revenue’ 453.21 463.89

Corporate Bonds

A+/Agusto; A-/GCR A-/Agusto Nil Nil Nil A/GCR BBB-/GCR Nil A-/DataPro†; CCC/GCR AAA/DataPro†; B/GCR A+/Agusto; A/GCR BBB+/Agusto; BBB+/GCR† BBB-/DataPro†; BB/GCR Nil A-/GCR A+/Agusto; A-/GCR A-/GCR BBB/GCR A/GCR BBB/GCR A-/GCR A/GCR A/GCR AAA/GCR

33

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

15.00 5.53 112.22 116.70 66.49 20.00 0.46 4.50 2.18 0.60 35.00 1.80 0.27 4.50 23.19 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.94

Abdulwahab Isa Abuja

T

he prevailing harsh operating climate in the country has impacted on the revenue flow of Daar Communications Plc for the 2013 and 2014 operating 540.23 year, its 565.04 Chairman, Chief Raymond Dokpesi Jnr, said 14.75 9.77 at the weekend.9.77 Addressing 9.94 shareholders at the company’s Annual 10.20 General Meeting 12.00 11.25 12.95 (AGM) in Abuja,24.95 Dokpesi said the harsh operating 25.27 environment duringValue the Outstanding Coupon (%) two-year under($’mm) review impacted negatively on 6.75 500.00 the company’s revenue 5.13 500.00 inflow as it hampered 6.38 500.00 clients’ patronage.

1,500.00 He said the settlement 1,395.21 of the huge tax commitment7.50of N3.4 billion to 500.00 the 7.25 Nigerian 350.00 govern6.88 300.00 ment6.00 impaired400.00profit 6.25 500.00 taking for shareholders.

8.75 200.00 8.25 300.00 that Dokpesi noted 9.25 400.00 8.00 450.00 although the company 8.75 250.00 recorded a 33 3,650.00 per cent and 23 per cent growth 3,169.00 in earnings Outstanding respectively Value Yield @ Issue (%) for the two years(₦’bn) in ques-

tion, the resolution of a holistic review of opthe tax and other conten- erations of the company tious liabilities eroded with a view to ensuring the gains. total restructuring of the He said: “In the light company for efficiency of the above operating and economy in its opchallenges, your com- erations. It is also expectpany recorded modest ed that the restructured improvement in earn- company will be able to create greater domiings in 2013 and 2014 of N5.6 billion and N6.9 bil- nance in the advertising lion respectively. These revenue in the industry achievements translated and consequently better to earnings growth of 33 financial performance 10-Oct-20 2.64 3.37 in 13.91 the coming101.73 years. I per cent and 23 per cent respectively over earn- irrevocably promise ings recorded in preced- you that all necessary measures have ing years. 1.96 11-Feb-18 1.00 9.35 101.47 been 01-Feb-21 3.18 1.00 10.82 101.12 taken to return your “Regrettably , the company recorded loss after company to sustainable taxation Bid of Yield N3.4 billion profitability , Offer which will (%) Offer Yield (%) Bid Price Price Maturity Date in 2013. However, there ultimately translate to & Yields better returns on your was improvement in op-Prices 28-Jan-21 8.27 7.98 93.96 95.06 eration in 2014 as the loss investment.”

12-Jul-18 6.76 6.30 96.47 97.44 after taxation was drasAccording to him, 12-Jul-23 8.48 8.27 88.61 tically reduced to N0.107 apart from the89.70 tax combillion. These losses mitment which the comarose from increasing pany has cleared, the cost of operation which lingering debt imbroglio 19-May-16 10.57 10.57 99.31 99.31 25-Jul-17 9.34 9.34 97.31 was not matched with between Daar97.31 Commu02-May-18 18.09 16.80 80.43 82.41 corresponding growth nications and92.00 Fidelity 08-Nov-18 9.43 9.43 92.00 22-Apr-19 10.80 10.80 88.13 88.13 in earnings due to Bank Plc in respect of 21-May-19 14.21 13.81 86.22 87.15 07-Aug-20 14.63 14.63 79.00 79.00 dwindling advertising a loan for the hosting of 24-Jun-21 13.73 13.37 82.96 84.14 23-Jul-21 15.32 73.00 the73.00 2009 U-17 World Cup budgets. 15.32 14-Aug-21 12.23 84.88 86.63 equally been settled “I want to assure 11.76 you has that the new Board of and has received a letyour company underRisk my Valuation ter ofYield non-indebtedness DTM Maturity Date Discount Rate (%) Premium (%) the bank. chairmanship has taken from (%) #

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP II 4-MAY-16

04-Nov-15

13.25

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

7.23

04-May-16

68

6.03

9.68

2.77

29-Jul-16

154

6.18

12.08

10.00

9.51 11.50

26-Feb-16

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or Money Market **TREASURY BILLS^ FIXINGS Foreign Exchange (Spot & Forwards) investment advice.

Information is accurate; however, the Information is provided “AS IS” (%) and on an Bid “ASYield AVAILABLE” basis and may not be accurate or up to date. guarantee the accuracy, timeliness, completeness, performance DTMWe attempt to ensure theMaturity Bid Discount (%) Offer Discount (%) Tenor We do notRate (%) NIBOR 20 17-Mar-16 2.88liability for the results of any 2.38 or fitness for a particular purpose of any of the Information, neither do we accept action taken on the 2.88 basis of the Information.

OBB 1.00 Tenor Bid ($/N) Offer ($/N) 27 34 41 48 55 62 69 83 Rating/Agency 90 97 104 111 118 125 139 146 153 160 167 174 188 NA 209 223 230 237 251 279 293 314 328 342 356

24-Mar-16 31-Mar-16 7-Apr-16 14-Apr-16 21-Apr-16 28-Apr-16 5-May-16 19-May-16 Issuer 26-May-16 2-Jun-16 9-Jun-16 16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16 21-Jul-16 28-Jul-16 4-Aug-16 11-Aug-16 18-Aug-16 1-Sep-16 NA 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16 3-Nov-16 1-Dec-16 15-Dec-16 5-Jan-17 19-Jan-17 2-Feb-17 16-Feb-17

FGN Bonds

TOTAL OUTSTANDING VALUE

3.26 3.39 3.76 3.58 3.72 3.54 3.95 4.29 Description 3.81 4.50 13.05 16-AUG-2016 4.52 ^15.10 27-APR-20174.80 4.61 9.85 27-JUL-2017 4.25 9.35 31-AUG-2017 5.44 6.58 10.70 30-MAY-2018 6.22 ^16.00 29-JUN-20196.51 6.12 7.00 23-OCT-2019 6.38 ^15.54 13-FEB-20206.77 ^16.39 27-JAN-20227.37 6.44 ^14.20 14-MAR-20247.74 ^12.50 22-JAN-20267.36 15.00 28-NOV-2028 7.24 7.58 12.49 22-MAY-2029 7.77 8.50 20-NOV-2029 8.00 ^10.00 23-JUL-2030 7.90 8.11 ^12.1493 18-JUL-2034 8.34

2.76 2.89 3.26 3.08 3.22 3.04 3.45 3.79Date Issue 3.31 4.00 16-Aug-13 4.02 4.30 27-Apr-12 4.11 27-Jul-07 3.75 4.94 31-Aug-07 6.08 30-May-08 5.72 29-Jun-12 6.01 5.62 23-Oct-09 5.88 13-Feb-15 6.27 6.87 27-Jan-12 5.94 14-Mar-14 7.24 6.86 22-Jan-16 6.74 28-Nov-08 7.08 22-May-09 7.27 7.50 20-Nov-09 7.40 23-Jul-10 7.61 18-Jul-14 7.84

3.26 3.40 3.77 3.59 3.74 3.56 3.98 4.33 (%) Coupon 3.85 4.55 13.05 4.58 4.87 15.10 4.68 9.85 4.31 5.56 9.35 6.76 10.70 6.39 16.00 6.70 6.29 7.00 6.58 15.54 7.01 7.69 16.39 6.70 14.20 8.14 7.73 12.50 7.61 15.00 8.05 12.49 8.29 8.59 8.50 8.50 10.00 8.78 12.1493 9.08

Bonds

*for the Amortising bonds, the average life is calculated and not the TTM

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

Modified Duration Buckets

FMBN

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR ‡ /Agusto; A-/GCR† A-/Agusto A-/Agusto; A-/GCR

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO

Outstanding Value (₦’bn) NITTY Tenor 581.39 1M 2M 480.13 3M 20.00 6M 9M 100.00 12M

O/N Tenor Call 1M 3M (Yrs) TTM 6M

Maturity Date Rate (%) 16-Aug-16 3.7601 3.9784 27-Apr-17 3.9889 27-Jul-17 6.6996 7.7017 31-Aug-17 8.4732

300.00 30-May-18 351.30 29-Jun-19 233.90 NIFEX 23-Oct-19 531.93 Current Price ($/N)13-Feb-20 BID($/N) 605.31 199.0000 27-Jan-22 OFFER ($/N) 199.1000 719.99 14-Mar-24 95.84 22-Jan-26 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34

1.33

REPO

Rate (%) 1.67 3.58 4.30 Bid Yield 5.17

(%)

Spot 7D 14D 1M 2M 3M Offer Yield 6M 1Y (%)

0.47 6.51 4.42 1.17 10.24 9.36 :Benchmarks 1.41 10.19 9.42 * :Amortising Bond µ :Convertible Bond 1.51 10.40 9.67 AMCON: Asset Management Corporation of Nigeria 2.26 10.49 9.99 FGN: Federal Government of Nigeria 3.34Mortgage Bank of 10.57 10.24 FMBN: Federal Nigeria IFC: International 3.66 Finance Corporation 11.44 11.07 LCRM: Local Contractors Receivables Management 3.96 Aviation Handling 11.90Company 11.60 NAHCO: Nigerian O/N: Overnight 5.92 11.83 11.62 UPDC: UAC Property Development Company 8.04 12.01 Company 11.83 WAPCO:West Africa Portland Cement 9.90 11.91 11.74 12.75 12.14 12.00 13.23 12.15 12.00 13.73 12.17 11.99 14.40 12.00 11.84 18.39 12.09 11.95

NOTE:

6,112.28

199.24 199.27 199.61 200.61 201.22 205.92 213.53 Bid Price 220.77

102.99 105.17

199.34 199.58 199.93 Price 200.95 201.64 206.47 214.45 Offer 222.58

NA :Not Applicable 99.55 ^ : Market Prices # : Floating98.56 Rate Bond ***: Deferred coupon bonds 100.38 DTM: Days-To-Maturity 114.90 TTM: Term-To-Maturity ‡ : Bond rating 87.00under review †: Bond rating expired 111.22 N/A :Not Available {r} :Issuer118.97 in receivership NGC: Nigeria-German Company 111.06 UBA: United Bank for Africa

103.36 118.29 102.14 75.74 86.39 100.41

Price

103.99 106.17 100.55 99.56 101.38 115.90 88.00 112.22 119.97 112.06 104.36 119.29 103.14 76.74 87.39 101.41

6067.277269

Outstanding Value Issue Date Coupon (%) FMDQ FGN BOND INDEX (₦’bn)

Description

Issuer

Agency Bonds Nil

Rate (%) 1.1500 7.6588 9.0713 10.3698

6,386.82

#

Rating/Agency

Tenor O/N 1M 3M 6M

Porfolio Market Value (₦’bn)

17.25 FMB II 03-APR-2017

<3 3<5 >5 Market

1,455.75 1,519.77 1,591.37 4,566.90

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

Total Outstanding Volume (₦’bn)

Weighting by Outstanding Volume

1,323.36 1,325.30 1,667.49 4,316.16

30.66 30.71 38.63 100.00

03-Apr-12

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12

Weighting by Mkt Value

17.25

31.88 33.28 34.85 100.00

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50

Bucket Weighting

1.50

1.500.31 0.31 1.560.39 1.00

1.30 2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68

Maturity Date % Exposure_ Mod_Duration

03-Apr-17 14.08 27.77 58.14 100.00

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

Avg. Life/TTM (Yrs) Implied Yield

0.55

11.20 11.94 12.06 11.91

0.34 0.34 1.14 0.87 1.84 1.44 1.45 1.64 1.64 1.83

#

Risk Premium (%)

Implied Portfolio Price

2.94

139.6597 151.7206 118.6309 135.2389

4.46 3.48 1.00 4.44 3.21 1.00 1.00 3.82 2.64 1.00

Valuation Yield (%) INDEX

10.01

1,270.58 1,315.33 1,430.22 1,287.83

9.44 8.46 10.47 12.92 13.65 11.24 11.27 14.24 13.06 11.44

Modelled Price YTD Return (%)

103.81 14.6888 29.8996 42.0252 22.0477

101.45 102.28 99.48 100.60 100.51 103.46 103.44 100.30 101.27 106.39

34

BUSINESS | Interview

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

CBN has no reason to devalue naira â&#x20AC;&#x201C;Nnanna

Unfortunately for Nigeria, we produce what we do not consume and we consume what we do not produce

The price of crude oil has fallen by 42 per cent in the past year and decimated Nigeriaâ&#x20AC;&#x2122;s revenues.

The currency has been pegged at N197-199 per dollar since March, last year, while in the unofficial parallel market, naira is 34 per cent weaker and traded at about 300 per dollar last Friday.

Also, the level of foreign direct investment has dropped off a cliff and may not recover any time soon until policies around the naira change.

Foreign reserves with which the Central Bank of Nigeria (CBN) uses to defend the value of the naira have been drawn down to $27.12 billion from $33 billion early last year.

But with the naira heading southward as a result of daily free fall against major currencies, the Deputy Governor, Financial System Stability, CBN, Dr. Okwu Joseph Nnanna, who spoke on many economic issues, insist that the local currency will eventually stabilize. He spoke with Abdulwahab Isa

Nnanna,

BUSINESS | Interview

MONDAY FEBRUARY 29, 2016 NEW TELEGRAPH

As a central banker, what is your take on the free fall in the value of naira against major international currencies?

At the moment, what you see in the parallel market is speculation. Nigerians are taking positions against their currency, which is very unfortunate. If you look at the purchasing power parity, which is the true determinant of the value of currency, you will agree that one naira will buy more items than one dollar will buy in America.

With one naira you can buy may be two corns in a corn season, but with one dollar you cannot buy a corn in America. In that comparison, which one is a stronger currency? The money that can buy two corns or the one that can buy a single corn? You can buy two corns for one naira in harvest season and corn is a seasonal food. Is that not true?

If our people didn’t go to farm to plant corn, can we have corn to buy? If corn is off-season, one naira will not buy you a corn; it becomes more expensive. I just use this illustration to tell you a country’s currency is a measurement of the total product of that country. If we don’t produce anything, there is no way our currency can be strong. And, unfortunately for Nigeria, we produce what we do not consume and we consume what we do not produce. That is why everybody is looking for the dollar for import and when you do that importing, you are actually creating job over there and creating unemployment here in your country. When people say, ‘oh the naira has continued to fall,’ what we are saying is that our productivity has continued to decline.

But the news out there is that the scarcity of dollars at the parallel market is as a result of short supply from CBN. Do you agree with this?

Well, we hear of such assertion that dollar is scarce, but we don’t use dollars in Nigeria, we use naira. Is naira scarce? Naira is not scarce. The reason they are looking for dollar is because they want to import. They are importing things we don’t have, but those things they are importing are the things we can produce.

I go back to my first analysis. A currency is as strong as the Gross Domestic Product (GDP) of that country. So, if we can produce those things, which I know we have the capacity and resources available to produce locally, we don’t need dollar. But because we are not producing, that is why people need dollars to import.

The call for naira devaluation has gained ground and it’s of immense support. Why will CBN hold onto a position seen as invalid, given the present situation facing the local currency?

We don’t see any need to devalue the naira as of now. If the time to devalue naira comes we will do so. But for now, there’s no reason for that. As for the socalled parallel market, where dollar sold for N375, how many people are patronising that market? If you make your money in genuine way, you will not spend your money to buy a dol-

35

lar at that high rate?

Analysts have advised CBN to take a second look at its policy, which placed a ban on some 41 items from accessing its window for foreign exchnage. When will CBN review its stand?

We didn’t ban any item. This CBN you see here has no power under the constitution to ban any item, neither the laws of CBN allow it to ban any item.

All what I said is simple. We don’t have dollars and these items like toothpick, eggs and textiles that we can produce in Nigeria, we don’t have dollars to give to you to import them. If you want to use toothpick, use broomstick. If you want to eat egg, go to the poultry and buy egg. Our egg is very good; if you want to eat rice, please go to Nassarawa State or Abakiliki in Ebonyi State, go to Kebbi State or any other state where rice is produced. That is what we are saying, but if you have your own dollar and you want to bring in those goods, we endorse it and we clap for you. But it has to be with your own dollars and not the one provided by the Federal Government.

You challenged the chieftains of Development Financial Institutions (DFIs) to review their strategy for

granting credit facilities to the real sector because what came from them in 2015 was too meagre.

What is responsible for these constraints?

It suggests that DFIs really need to be recapitalised. In fact, government should do what it takes to recapitalise DFIs -give them more monies. Their board needs to be straightened, they should imbibe good corporate governance principles and, above all, government, in its wisdom, can recapitalise them and tell them to lend to businessmen and women in Nigeria at low interest rate. That is how it is done in other countries.

You don’t have to lend at 28 per cent. With government’s money, tax money given to them, government can direct them – Bank of Industry, Bank of Agriculture, Federal Mortgage Bank of Nigeria and NERFUND - to lend to the genuine business men and women in the country at three per cent, five per cent and they will do it. Subsidy for production is very good, but subsidy for consumption is terribly bad.

What will be the frequency of interaction going forward, especially to tackle some of the challenges you enumerated?

Today is just the maiden edition, but we are proposing to have it at least twice a year.

Twice a year, everybody will come together and tell us the problems and challenges affecting them and what CBN can do to help.

Nnanna,

CV

Subsidy for production is very good, but subsidy for consumption is terribly bad

The Institution: Central Bank of Nigeria Founded: 1959 Birth place: Atani village Education: Le Salle University (Extension programme), Chicago, Illinios, William Paterson University, Wayne, New Jersey, University of Houston, Houston Texas.

Career: Adjunct Assistant Professor, University of Houston; Staff Economist, Central Bank of Nigeria; Lecturer, Federal Polytechnic, Akure; Staff Economist and Desk Officer, Africa Department, International Monetary Fund (IMF); Special Adviser to CBN Governor; Ag. Director and later Director of Research and Statistics, Central Bank of Nigeria.

Total pay: Nil Training: M.A, (Public Policy), M.A (Economics) and LL.B in Law, PhD in Public Policy.

36

BUSINESS | Capital Market

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Daily Summary as of 26/02/2016

Printed 26/02/2016 14:36:25.025

Daily Summary as of 26/02/2016 Printed 26/02/2016 14:36:25.025

The Nigerian Stock Market Exchange as at February 25, 2016 Daily Summary (Bonds)

Daily Summary (Equities)

No Debt Trading Activity

Activity Summary on Board EQTY

Daily Summary (Equities)

HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals

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

Symbol OKOMUOIL PRESCO Symbol LIVESTOCK

No. of Deals Current Price 12 30.00 7 34.00 19

Quantity Traded 74,223 22,510 96,733

Value Traded 2,313,530.75 828,844.60 3,142,375.35

No. of Deals Current Price 20 1.14 20

Quantity Traded 2,014,275 2,014,275

Value Traded 2,256,367.30 2,256,367.30

2,111,008

5,398,742.65

Quantity Traded 14,023 800 1,753,708 577,334 2,345,865

Value Traded 10,657.48 2,728.00 1,976,981.80 11,482,623.05 13,472,990.33

2,345,865

13,472,990.33

AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. CHELLARAMS PLC. Daily Summary as of 26/02/2016 TRANSNATIONAL Printed 26/02/2016 14:36:25.025 CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals

39 Symbol AGLEVENT CHELLARAM TRANSCORP UACN

No. of Deals Current Price 3 0.80 3 3.58 57 1.13 35 19.90 98

Daily Summary (Equities)

98

Page

1

of

Symbol JBERGER

No. of Deals Current Price 7 41.50 7

Quantity Traded 44,444 44,444

Value Traded 1,902,060.08 1,902,060.08

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals

Symbol UAC-PROP

No. of Deals Current Price 8 5.10 8

Quantity Traded 9,054 9,054

Value Traded 46,191.93 46,191.93

53,498

1,948,252.01

CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

Daily Summary as of 26/02/2016

Printed 26/02/2016 14:36:25.025

Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC

Activity Summary on Board EQTY

15 Symbol CHAMPION GUINNESS INTBREW NB

No. of Deals Current Price 3 2.83 49 113.00 4 19.50 107 101.77 163

Quantity Traded 51,500 70,957 6,100 814,493 943,050

Value Traded 138,535.00 8,142,560.44 120,377.00 81,481,998.71 89,883,471.15

Symbol 7UP

No. of Deals Current Price 12 170.00 12

Quantity Traded 26,908 26,908

Value Traded 4,570,685.00 4,570,685.00

Symbol No. of Deals Current Price DANGSUGAR 19 5.50 Daily Summary (Equities) 95 FLOURMILL 17.43 HONYFLOUR 13 1.39

Quantity Traded 134,292 751,612 116,501

Value Traded 758,277.38 13,172,914.89 160,970.42

Page

Published by The Nigerian Stock Exchange ©

CONSUMER GOODS Food Products NASCON ALLIED INDUSTRIES PLC TIGER BRANDED CONSUMER GOODS PLC U T C NIG. PLC. Food Products Totals

2

CUTIX PLC. Electronic and Electrical Products Totals

Published by The Nigerian Stock Exchange ©

OIL AND GAS Petroleum and Petroleum Products Distributors Petroleum and Petroleum Products Distributors Totals

Symbol CADBURY NESTLE

No. of Deals Current Price 6 17.20 46 715.00 52

Quantity Traded 7,733 40,572 48,305

Value Traded 134,045.96 28,938,972.29 29,073,018.25

Household Durables VITAFOAM NIG PLC. Household Durables Totals

Symbol VITAFOAM

No. of Deals Current Price 6 4.60 6

Quantity Traded 44,982 44,982

Value Traded 196,572.81 196,572.81

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

Symbol PZ UNILEVER

No. of Deals Current Price 20 21.90 15 29.00 35

Quantity Traded 135,890 112,592 248,482

Value Traded 3,075,279.81 3,250,982.80 6,326,262.61

5,205,091

148,191,171.81

Quantity Traded 47,793,279 3,871,062

Value Traded 193,079,731.31 5,296,825.32

Activity Summary on Board EQTY Published by The Nigerian Stock Exchange ©

FINANCIAL SERVICES Banking ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services

Daily SummaryAIICO as of INSURANCE 26/02/2016 PLC. Printed 26/02/2016 14:36:25.025REINSURANCE PLC CONTINENTAL

AXAMANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC.

Page Symbol ETI FIDELITYBK GUARANTY SKYEBANK STERLNBANK UBA UBN UNITYBNK WEMABANK Symbol AIICO CONTINSURE MANSARD MBENEFIT

No. of Deals 11 69 248 72 27 161 16 6 31 817

Current Price 15.96 1.14 15.90 0.97 1.70 2.91 5.30 0.67 0.96

No. of Deals 10 4 2 1

Current Price 0.80 0.90 1.95 0.50

3

Quantity Traded 42,678 13,372,911 22,630,003 5,729,711 2,557,022 10,205,843 142,310 56,648 7,334,278 113,735,745

Value Traded 661,371.64 15,343,467.88 361,932,852.93 5,584,207.03 4,306,696.70 29,619,427.77 755,091.42 37,397.20 6,988,135.32 623,605,204.52

Quantity Traded 321,500 155,000 133,742 400

Value Traded 256,470.00 139,544.80 260,796.90 200.00

Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

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

119,999

1,256,389.53

Quantity Traded 37,253 41,175 1,261,000 4,100 388,899 1,732,427

Value Traded 894,072.00 1,540,293.00 11,014,525.00 14,350.00 31,414,348.48 44,877,588.48

Page

10 6 of Value Traded 31,800.00 31,800.00

No. of Deals 1 1

Current Price 1.58

Quantity Traded 20,000 20,000

Symbol BETAGLAS

No. of Deals 1 1

Current Price 50.00

Quantity Traded 10,000 10,000

Value Traded 475,500.00 475,500.00

1,762,427

45,384,888.48

92 Symbol JAPAULOIL

No. of Deals 1 1

Current Price 0.50

Quantity Traded 20,000 20,000

Value Traded 10,000.00 10,000.00

Symbol OANDO

No. of Deals 122 122

Current Price 3.20

Quantity Traded 4,574,017 4,574,017

Value Traded 14,850,405.64 14,850,405.64

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 5 7 7 11 3 9

Current Price 18.34 1.90 342.00 150.00 47.18 145.00

Quantity Traded 15,250 173,104 9,028 404,711 33,050 14,111

Value Traded 286,485.50 325,742.32 2,933,197.20 59,605,985.82 1,481,631.50 2,058,789.08

Daily Summary (Equities)

Page

7

of

Symbol

No. of Deals 42

Current Price

Quantity Traded 649,254

Value Traded 66,691,831.42

Symbol SEPLAT

No. of Deals 6 6

Current Price 340.00

Quantity Traded 11,271 11,271

Value Traded 3,828,606.23 3,828,606.23

5,254,542

85,380,843.29

171

Quantity Traded 28,825 52,000 80,825

Value Traded 112,417.50 66,040.00 178,457.50

Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals

Symbol IKEJAHOTEL

No. of Deals 2 2

Current Price 3.02

Quantity Traded 10,000 10,000

Value Traded 30,200.00 30,200.00

Printing/Publishing

Symbol LEARNAFRCA UPL

No. of Deals 2 2 4

Current Price 0.90 5.70

Quantity Traded 52,000 3,383 55,383

Value Traded 46,800.00 18,335.86 65,135.86

Symbol No. of Deals Current Price Daily Summary (Equities)

Quantity Traded 15,000

Value Traded 33,300.00

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC

10

AIRSERVICE

5

2.29

No. of Deals 11 16

Current Price 4.00

Activity Summary on Board EQTY

Published

by The Nigerian Stock Exchange © SERVICES

Transport-Related Services NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Page Symbol NAHCO

SERVICES Totals

EQTY Board Totals

Daily Summary (Equities)

8

of

Quantity Traded 187,955 202,955

Value Traded 749,559.27 782,859.27

27

349,163

1,056,652.63

2,070

221,574,386

1,024,835,042.66

10

Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals

Symbol ZENITHBANK

No. of Deals 414 414

Current Price 11.35

Quantity Traded 27,493,869 27,493,869

Value Traded 309,768,991.72 309,768,991.72

Symbol FBNH

No. of Deals 238 238

Current Price 3.80

Quantity Traded 29,185,509 29,185,509

Value Traded 101,947,729.71 101,947,729.71

56,679,378

411,716,721.43

Quantity Traded 2,137,178

Value Traded 288,519,507.38

FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC

Daily Summary as of 26/02/2016 Printed 26/02/2016 14:36:25.025 Published

by The Nigerian Stock Exchange ©

652 Symbol DANGCEM

No. of Deals 49

Current Price 135.00

Page

9

of

10

Daily Summary (Equities) Activity Summary on Board PREMIUM INDUSTRIAL GOODS Building Materials Building Materials Totals

Symbol NEM NIGERINS SOVRENINS STDINSURE WAPIC

No. of Deals 7 1 1 1 3 30

Current Price 0.72 0.50 0.50 0.50 0.50

Quantity Traded 949,104 50,000 500 300 Page 38,767,487 40,378,033

Value Traded 691,905.92 25,000.00 250.00 150.00 4 of 10 19,383,743.50 20,758,061.12

Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

Symbol NPFMCRFBK

No. of Deals 4 4

Current Price 1.03

Quantity Traded 61,000 61,000

Value Traded 60,470.00 60,470.00

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals

Symbol AFRIPRUD CUSTODYINS FCMB ROYALEX STANBIC UCAP

No. of Deals 28 1 194 1 6 53 283

Current Price 2.56 4.00 0.79 0.50 14.25 1.32

Quantity Traded 3,159,519 1,294 40,705,572 500 2,178,400 3,777,646 49,822,931

Value Traded 8,087,121.75 5,279.52 33,029,031.77 250.00 31,050,300.00 5,059,044.05 77,231,027.09

203,997,709

721,654,762.73

ETF Board Totals

Quantity Traded 400

Value Traded 200.00

ETP Activity Totals

FINANCIAL SERVICES Totals

Published by The Nigerian Stock Exchange ©

Value Traded 1,256,389.53 1,256,389.53

Current Price 3.80 1.21

UNIVERSITY PRESS PLC. Printing/Publishing Totals

Activity Summary on Board EQTY

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC.

Quantity Traded 119,999 119,999

No. of Deals 3 2 5

Daily Summary (Equities)

FINANCIAL SERVICES Insurance Carriers, Brokers and Services N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. Published byWAPIC The Nigerian Stock Exchange © INSURANCE PLC Insurance Carriers, Brokers and Services Totals

1,090,349.20

Symbol REDSTAREX TRANSEXPR

Daily Summary as ofAFRICA 26/02/2016 LEARN PLC Printed 26/02/2016 14:36:25.025

10

of

375,084

Symbol CUTIX

OIL AND GAS Totals

Printed 26/02/2016 14:36:25.025

No. of Deals Current Price 142 4.02 34 1.36

Current Price 24.00 35.78 8.70 3.36 84.52

Value Traded 676,898.50 341,138.57 57,189.65 14,922.48 1,090,349.20

Activity Summary on Board EQTY

Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

Symbol ACCESS DIAMONDBNK

Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals

Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. Daily Summary ofPLC. 26/02/2016 FORTEas OIL MOBIL OIL14:36:25.025 NIG PLC. Printed 26/02/2016 MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC.

Value Traded 204,625.00 3,844,349.30 25.00 18,141,161.99

Daily Summary (Equities)

No. of Deals 10 7 38 1 34 (Equities) 90

Quantity Traded 277,290 13,795 61,407 22,192 375,084

Activity Summary on Board EQTY

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

Quantity Traded 28,500 2,862,409 50 3,893,364

FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC

Daily Summary

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

No. of Deals Current Price 3 7.00 54 1.32 1 0.50 185

453

Current Price 10.47

Symbol ASHAKACEM CAP CCNN PORTPAINT WAPCO

INDUSTRIAL GOODS Totals

Symbol NASCON TIGERBRANDS UTC

CONSUMERasGOODS Totals Daily Summary of 26/02/2016

No. of Deals 1 1 1

INDUSTRIAL Published

by TheGOODS Nigerian Stock Exchange © Electronic and Electrical Products

10

of

Symbol NCR

ICT Totals INDUSTRIAL GOODS Building Materials Daily Summary asASHAKA of 26/02/2016 CEM PLC Printed 26/02/2016 CAP 14:36:25.025 PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals

Current Price 2.44 24.98 0.94 0.66

40

ICT IT Services NCR (NIGERIA) PLC. IT Services Totals

10

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals

No. of Deals 16 9 10 4 40

HEALTHCARE Totals

Activity Summary on Board EQTY Published

by The Nigerian Stock ESTATE Exchange © CONSTRUCTION/REAL

Symbol FIDSON GLAXOSMITH MAYBAKER NEIMETH

1,134 Symbol EVANSMED

No. of Deals 1

Current Price 0.50

Page

5

of

Symbol

No. of Deals 49

INDUSTRIAL GOODS Totals

PREMIUM Board Totals Equity Activity Totals

Current Price

Quantity Traded 2,137,178

Value Traded 288,519,507.38

49

2,137,178

288,519,507.38

701

58,816,556

700,236,228.81

2,771

280,390,942

1,725,071,271.47

Daily Summary (ETP) Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals

Symbol NEWGOLD VETBANK VETGOODS VETINDETF

No. of Deals 1 1 1 1 4

Current Price 2,338.00 2.28 6.06 18.11

Quantity Traded 5 10 90 10 115

Value Traded 11,690.00 22.80 545.40 181.10 12,439.30

4

115

12,439.30

4

115

12,439.30

10

Published by The Nigerian Stock Exchange ©

Page

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News|NATIONAL

monDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Wike must tell the truth concerning his victory – Rivers APC

T

he Chairman of the Rivers State Chapter of All Progressives Congress (APC), Chief Davies Ibiamu Ikanya, has urged Rivers people and Nigerians to ignore the numerous campaigns by Gov. Nyesom Wike under the guise of thanksgiving service to mark his victory at the Nigerian Supreme Court. Rather, he said Nigerians but should ask the governor to provide further explanations to his confessions of how he got his victory at the Supreme Court.

Reacting to Saturday’s PDP thanksgiving service at the Liberation Stadium, Elekahia, and the comments of Wike, Ikanya wondered why Wike has refused to address key issues he raised in his confession concerning how he got victory at the Supreme Court.

“For example, Gov.

Wike told the world while speaking on live television that he got his victory at the Supreme Court because Dr. Peter Odili directed him on who to meet and what to do. Let Wike also explain to the world who and who Dr. Peter Odili directed him to meet and where and where the former governor directed him to go that brought about victory for him at the Supreme Court,” Dr. Ikanya demanded.

719,406 The number of fixed-telephone subscriptions of Nigeria in 2011.

Source: Itu.int

Abia North rerun: I’ll rebuild Isukwuato Power Plant – Kalu

F

ormer Governor of Abia State and the candidate of the Progressive Peoples Alliance in the Abia North’s senatorial rerun election, Dr. Orji Uzor Kalu, has reaffirmed his commitment to influencing meaningful development to Abia North as he is hopeful that he would be elected on Saturday 5, 2015.

He made this reiteration when he was fielding questions during a town hall meeting with the people of Umuokogbue Eluama community in Isukwuato Local Government Area.

Kalu presented himself to the people as the capable candidate who deserves the votes of the people as he was ready to bring about expected positive change in the district. He stated that at the senate, influence was a fundamental criterion for the attraction of dividends of democracy to constituencies.

In his words: “I am the only man who can bring Buhari to the south east, and I am going to bring him to commission the Isukwuato power plant. A legislator has no budget. I will need to be part of the next budget planning to be

able to influence the commissioning of that power plant. I will work with the ministry of power to ensure that that project is commissioned with the first two years of my election as senator.”

He said that within his brief stint at the legislative arm of government in 1992 during which he was a member of the House of Representative representing Arochukwu/Ohafia Federal Constituency, he was able to influence the dual citizenship bill which was assented by the then President Ibrahim Babangida.

37

“It was during my stay at the House of Representative that I was able to successfully move the dual citizenship bill which Nigerians in the Diaspora enjoy till today.”

That same way, I am going to influence a lot of bills that will better the lots of my people. It was a result of my good representation in the federal House of Reps that made my people to massively vote for me to be their governor and today, they are happily pushing for me to represent them at the senate”.

“I have all the qualities to be there and if I am there, Abia North will have one of the ranking senators in the house as I have been a member the House of Representatives.”

50

The density of Western Asia in 2012.

Source: Un.org

PUBLIC NOTICE

HEAVEN ON EARTH CHRISTIAN ASSEMBLY The general public is hereby notified that the above named has applied for registration with the Corporate Affairs Commission Abuja, Under Part “C” of the Companies and Allied Matter Act 1990 (as amended).

The Trustees are: 1. Pastor Paul Diseyi Emmanuel 2. Pastor (Mrs.) Florence Diseyi-Emmanuel 3. John Ejovwoke Onojeharho 4. Rev. Dumeanyam Prince 5. Ikpewuju Uzoma Godwin 6. Dr. Peter .A. Ekunwe 7. Osagie Vincent

- – – – – – -

President Gen. Secretary Member Member Member Member Member

Sokoto State Governor, Aminu Tambuwal, with former Governor Aliyu Wamakko, at the flag off of APC local government election campaign, at Tureta …yesterday

AIMS AND OBJECTIVES

1. To preach the gospel of God to the generations by demonstrating God’s Love through faith.

2. To impact and equip destinies for the fulfillment of the purpose of life.

3. To prepare the mind of the people for the second coming of our Lord Jesus Christ, living already as heaven on earth.

Any objection to this registration should be forwarded to the Registrar-General Corporate Affairs Commission, Plot 420 Tigris Crescent off Aguiyi Ironsi Street, Maitama, Abuja within 28 days from the date of this publication.

Signed: Pastor Paul Diseyi Emmanuel – President

Change of names

CHUKWU

I formerly known and addressed as ESTHER OYENYIRICHI CHUKWU Now wish to be known and address as IYANDA ESTHER CHUKWU. All former Documents bearing my former name remain valid.

Banks and general public, please take note.

Botimi

I, formerly known and addressed as Miss Happiness Omiela Neverdie now wish to be known and addressed as Mrs. Happiness Botimi. All former documents remain valid. First bank Plc and the general public should please take note.

Okpala

Daniel

I formerly known and addressed as Ebohon Ehis Lucky Now wish to be known and address as Daniel Ehis Lucky. Former Documents remain valid. General public both National and Foreign take note.

Ebilambonumugha

I, Gboun Ebilambonumugha do hereby confirm that the name Gboun Ebilambo refers to one and same me. I now wish to be known and addressed as Gboun Ebilambonumugha.

All former documents remain valid. The general public should please take note.

Enieniya

I, formerly known and addressed as Vivian Ifunanya Nwosu and Vivian Ifunanya Omereoha now wish to be known and addressed as Mrs. Ifunanya Okpala.

All former documents remain valid. The general public should please take note.

I, formerly known and addressed as Oluwaseun Abiodun Abu now wish to be known and addressed as Obuks Caryl Enieniya. All former documents remain valid. The general public should please take note.

Mongo City

Clarkson

I, formerly known and addressed as Mongo Park Ezowei now wish to be known and addressed as Mongo City. All former documents remain valid. The general public should please take note.

Benike

I, formerly known and addressed as Lucky Endurance now wish to be known and addressed as Benike Endurance. All former documents remain valid. First bank Plc and the general public should please take note.

I, formerly known and addressed as Elisberth Koroyou now wish to be known and addressed as Elizabeth Clarkson. All former documents remain valid. Access bank Plc and the general public should please take note.

Ojo

I,Mrs. Mary Omolayo Ojo who at some time in the past also used to bear Oyekanmi Ojo now and henceforth wish to be called Mrs. Mary Omolayo Ojo. All former documents remain valid. The general public should please take note.

Buhari seeks better condition for pilgrims Anule Emmanuel Abuja

P

resident Muhammadu Buhari has advocated better terms and conditions for Nigerians on pilgrimage in Saudi Arabia.

The President, following the completion of talks with rulers of the Saudi Arabian Kingdom, directed the Ministry of Foreign Affairs and the National Hajj Commission, NAHCON to sit down with the Saudis to negotiate improved terms

and conditions for pilgrims performing the Umrah and the annual Hajj.

A statement by Garba Shehu, Senior Special Assistant on Media and Publicity to the President, said this followed the acceptance by the Saudi government to freely and openly discuss outstanding issues with Nigeria.

President Buhari, among other things, requested the Saudis to conclude all issues with the Nigerian Hajj Commission, such as the undetermined outcome of their investiga-

tion into the stampede at Muna last year, where Nigerian officials believe that 274 Nigerian lives were lost.

There is also the case of compensation for six Nigerians killed in the crane incident in the precincts of the Kaaba and 35 others from the stampede whose DNA profile is feared to be missing.

President Buhari equally charged the Ministry and the NAHCON to seek a reduction of fees associated with the Umrah Visa.

Among the 17 issues tendered at the initial meeting

between the officials of both countries, Nigeria appreciated the increase offered for Umrah pilgrimage but asked that the 76,000 seats maintained for the Hajj be similarly increased.

The meeting was led by Nigeria’s Minister of State, Mrs Fatima Abba Ibrahim and the the Chairman of NAHCON, Abdullahi Muhammed, on the Nigerian side while the Saudi side was led by their Minister of Hajj Affairs, Dr Bandar bin Muhammad al-Hajjar. It is expected to follow up I’d the issues in the coming weeks.

Union faults NAPIMS on stoppage of Bristow’s contracts Wole Shadare

I

n response to the call

by Nigeria’s National Petroleum Investment Management Services (NAPIMS), a corporate services unit of the Nigerian National Petroleum Corporation (NNPC), for the termination of Bristow Helicopters contracts in the country following the emergency landing of a Bristow-operated

Sikorsky S-76C helicopter on Feb. 3, 2016, aviation union has called for restraints.

NAPIMS stated that the accident and recent incident have called into question Bristow’s maintenance and inspection programs, prompting the call for its joint partners to terminate all Bristow helicopter services contracts.

But the Air Transport

Services Senior Staff Association (ATSSSAN) has asked President Mohammadu Buhari to call the National Petroleum Investment Management Services (NAPIMS) to order over its directive to terminate all contracts with Bristow helicopters over the ditching of her Sikorsky type machine.

In a statement issued by the National president of ATSSSAN, Okewu

Benjamin, the association questioned the authority and grounds of which NAPIMS gave that directive.

Okewu argued that the technical audit of the Nigerian Civil Aviation Authority (NCAA) was carrying out its standard procedure used all over the world when an airline or operator was involved in two or more air accidents within a spate of time.

38 News|south-west

Lagos inducts 39 doctors Muritala Ayinla

T

he Lagos State Government has inducted no fewer than 39 new doctors over the weekend.

Speaking at the 10th Induction Ceremony, the Vice Chancellor of the Lagos State University, Prof.

Olanrewaju Fagbohun, commended the State Government for providing the necessary resources both human and capital to facilitate the successful training of the new doctors.

According to him, without the unflinching support of the state government the exercise would not have being ac-

complished.

He urged the newly inducted doctors to be of good conduct at all times, saying that the journey outside is very rough but they should put all they have learnt in the college to practice.

Noting that with the kind of training they have received in the Lagos State College of Medicine (LASCOM), the new doctors can compete with their peers anywhere in the world.

Earlier, the Provost of the College, Prof. Gbadebo Awosanya, charged the doctors to see their profession as an endowment from God to care and look after other fellow human beings.

Osun Assembly to partner NDLEA on Illicit drugs Adeolu Adeyemo Osogbo

M

embers House of Assembly in Osun State at the weekend assured management of the state Command of the Nigeria Drug Law Enforcement Agency (NDLEA) that they would partner with the agency to wage war against drug abuse in the state.

Speaker of the state House Of Assembly, Hon. Najeem Salaam, gave the assurance in a

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Ark of Noah, Tower Babel in Ile-Ife – Ooni Adeolu Adeyemo Osogbo

T

he Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, at the weekend declared that the Ark of Noah, which the entire world has been searching for resides in Ile-Ife, the cradle of the Yoruba nation.

Speaking at the official declaration and proclamation of the historic town as tourism zone for the entire world, the monarch noted that, the Tower of Babel also resides in Ife. The royal father, who described the cradle of the Yoruba as pacesetting when it comes to tourism ,argued that

many mystical signs, pre-medeval artifacts and ancient relics also abound in the town.

He noted that the entire land of Ife was full of mystery.

His words: “We want to bring out the mysteries for the whole world to see.

God thrives on mystery and every inch of Ile-Ife the land of expansion is full of mystery. God has blessed us with some mysteries and we need to bless the world likewise.

“For instance, there was a barren twin in Ife who turned herself into a river in order to bless the town. It remains the first wife of any monarch in this town. If you dare the water and fall into it deliberately, as small as it is, you will

never return. But if you fall into it by mistake, it will protect you and drop you at the nearest bank of a river where your relatives can see you.

“This river is Yeyemoolu. There is nothing you ask from it that Yeyemoolu will not give you. This is another tourist attraction, a mystery river that the world can explore.

“The historical asset of Ile-Ife was enough to empower Nigeria and Africa at large and we charge all tourist across the world to trill themselves with old artifacts available in Ife. “The Ark of Noah which the entire world has been searching for is in Ile-Ife. The Ark of Noah has been in exis-

tence and it is in Ife land.

“Both anthropology and archaeological findings attest to the origin of mankind from Africa and there are more than enough evidence to show that the actual origin of creation is Ile-Ife.” The Ooni urged the African-Americans to visit Ile-Ife to discover their root just as he called on the entire world to explore the tourism potential of the ancient town.

He, however, frowned at the neglect of culture and affirmed that African endowments and culture are gradually being threatened with extinction and called on Africans to come together to salvage their heritage.

statement made available to newsmen in Osogbo by the Chairman House Committee on Information and Strategy, Hon. Olatunbosun Oyintiloye.

Oyintiloye, quoted the speaker to have given his words when the agency paid a courtesy call on the state Assembly.

The Speaker stressed that “the lawmakers would work with the state executive and relevant Federal Government agencies to fight drug abuse.”

L-R: District 9110 Secretary, Rotarian Femi Adenekan; Sir Mobolaji Johnson’s Overseas Associate, Rotarian Jan Hetherington; her husband, George; District 9110 Chief of Staff to the District Governor, Rotarian Otunba Segun Ogunye and the District Governor, Rotarian (Sir) Bola Onabadejo, when the District 9110 Governor and his delegation paid a condolence visit to Sir Mobolaji Johnson’ family on the death of his wife, Adefunmilayo at his Ilupeju residence, in Lagos

Defectors’ll return to PDP – Chairman Babatope Okeowo Akure

T

he Peoples Democratic Party (PDP) in Ondo State, has predicted that former members of the party who defected to the All Progressives Congress (APC) and Social Democratic Party (SDP), would return to the party.

Making the declaration, the state chairman of the party, Mr. Clement Faboyede, listed the names of the defectors as former governorship candidate of the party, Chief Olusola Oke; former Speaker of the state House of Assem-

bly, Mr. Victor Olabimtan, Dr. Pius Osunyikanmi, Senator Ayo Akinyelure and former Minister for Power and Steel, Dr. Olu Agunloye.

This development came as about 2,000 members of PDP and All Progressives Congress (APC) members dumped their parties for the Social Democratic Party (SDP) in Irele in Irele Local Government Area of the state.

The defectors said they dumped their former political parties, in order to help Dr. Agunloye, realise his ambition of governing the state next year.

N’Assembly pledges legislation against students’protests – Famurewa Adeolu Adeyemo Osogbo

A

member of the Federal House of Representatives, Hon. Ajibola Famurewa, at the weekend pledged that the National Assembly would do its best to enact laws aimed at reducing students unrest and violence in Nigerian tertiary institutions.

Famurewa made the promise during his visit to the violent protest of

students of the Southern Nigeria Institute of Innovative Technology (SNIIT), Ifewara, Osun State where school buildings were razed.

“There are many ways to address issue and seek redress than to embark on violent protest. I think it is high time we sit down and enact a law that will specifically address these issues so that such occurrence will not repeat itself again.

Be installed as Olubadan, risk jail term, says Oyediji Sola Adeyemo Ibadan

A

head of the planned 4, 2016 installation of the Olubadan-designate, High Chief Saliu Adetunji, which has elicited a legal tussle for the Olubadan of Ibadan stool, the Head of the Seriki Line, Chief Adebayo Oyediji, has said that the coronation of the monarch designate would amount to contempt of court of an Oyo State High Court, hearing a case on the issue.

Oyediji, whose suit fixed for March 8, 2016 is before Justice Mukthar Abimbola of the High Court 1, Ibadan, is praying the judge to compel Adetunji and the Olubadan-in-Council, to obey the 2008 injunction restraining them from el-

evating any High Chiefs to the position of the Olubadan of Ibadan.

He has also applied to the Senior Registrar of the High Court for Form 48, which would justify Adetunji for contempt of court and liability to be committed to prison if he was eventually installed as the next Olubadan, after late Oba Samuel Odulana Odugade.

Odugade passed on January 19, at the age of 101 years.

Acting through his counsel, Abideen Adeniran, Oyediji, noted that the Olubadan-in-Council had cheated him and the Seriki Line since November 21, 2008, by disobeying the order of Justice M.O. Ishola, which had granted an interlocutory injunction restraining the State Governor, the Attorney General,

the late Oba Odugade and six other High Chiefs from the Ekerin Olubadan, Ashipa Olubadan, Osi Olubadan, Otun Olubadan, as well as its equivalent in the Balogun Line “from selecting, appointing or promoting any of them to the stool of Olubadan pending the hearing and final determination of the originating summons”.

While addressing journalists at his Monatan office at the weekend, Oyediji, who sued along with six other chiefs, said that the court order was sequel to the Memorandum of Understanding reached between the Seriki Line and the Otun with Balogun Lines which allowed Seriki Chief to move into the Olubadan Line, if there were two consecutive vacancies in both lines.

Ali Modu’s emergence, strategic for PDP - Rep Sulaiman Salawudeen Ado-Ekiti

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Member of the House of Representatives, Hon. Segun Adekola, has described the choice of the former Governor of Borno State Alhaji Ali Modu Sheriff as the new acting National Chairman of the PDP as strategic for the party’s progress.

Adekola, also commended the leadership of the party, saying the development “would strengthen the PDP especially at this crucial period”.

In a statement to journalists in Ado-Ekiti, the state capital, Adekola, said the choice of an astute politician like Ali Modu with strong grassroots links would support the repositioning drives of the party.

The politician described as unfortunate the latest leadership challenge confronting the nation.

News|south-EAST

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Group seeks detail on Imo bailout funds Steve Uzoechi OWERRI

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group, Imo Bilie Initiative for Good Governance (IBIN) has written to Governor Rochas Okorocha of Imo State demanding the details of the bailout fund received from the Federal Government to enable the government offset outstanding workers’ salaries.

The group is also demanding the detail of the contract for the construction of the 27 General Hospitals being

21.1m

undertaken by the state government.

In separate letters addressed to the government through its Lawyer Mr. Chijioke Emenalo, the group sought to know the reason for which the bailout loan was requested; the amount approved for the state, the amount assessed so far and how the funds were disbursed.

On the construction of the 27 General Hospitals, the group is demanding evidence where the project was captured in the budget, how much was allocated to the project, evidence

The total number of subscribers of EMTS Limited (Etisalat) as at December 2014.

Source: Ncc.gov.ng.

of bidding by contractors as contained in the Procurement Act, the Bill of Quantity, names of contractors for each of the hospitals, amount appropriated for each hospital and the extent of work done on each hospital so far.

The letter urged the government to provide the group with the information within 14 days to help them appraise the issues appropriately.

Speaking to newsmen, the leader of the group, Comrade Aku Obidinma (Abdul), said the demand became necessary, following what it described as

£1m

The amount of money received by Bournemouth in the summer 2015 transfer window.

Source: 101greatgoals.com.

the secrecy in which the issues were shrouded, and lack of openness in government businesses in the state.

He decried the alleged waste of scarce resources by the government on irrelevant and white elephant projects that have no direct impact on the living condition of the people.

Aku said with the number of substandard and incomplete projects littering the state, it has become a source of embarrassment and should prompt Imo people to demand reason s for such development.

$14

The share price on the New York Stock Exchange of Manchester United in February 2016.

Source: Goal.com.

Enugu earmarks N100m each for LGAs’ development Charles Onyekwere ENUGU

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nugu State Government, has earmarked the sum of N100 million for the execution of developmental human-oriented projects in each of the 17 Local Government Council Areas of the state.

Governor Ifeanyi Ugwuanyi, disclosed this during his visit to Akwuke, Enugu South Local Government Council to inspect the dilapidated Akwuke Health Centre.

Addressing the people shortly after inspecting the health centre, Ugwuanyi, said that the implementation of his administration’s year 2016 budget, would com-

Igbeaku Orji UMUAHIA

bia State Government has ordered the management of the rubber company operating in the Ameke and Ndi Oji Abam in the Arochukwu Council Area of the state, to pay the arrears of salary being owed to workers within two working days.

The state commissioner for Agriculture, Chief Uzor Azubuike, handed down the order when he visited the two Rubber Estates housing the private company managing the Abia Rubber Company, till Tuesday to clear

UMUAHIA

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bia State Government has given its assurance to the contractors handling various projects in the state of prompt payment to enable them complete all on-going road projects across the state.

The state Commissioner for Works, Hon Eziuche Ubani, who gave the assurance while inspecting on going road projects at the

the arrears.

Azubuike, also ordered that no new rubber lump should be carried out of the premises until all outstanding debts were cleared.

He expressed disappointment that for over one year, the company has remitted funds to the state government what was due to it, even as it has not also failed to keep to the terms of the agreement with the government, including replacing the ageing rubber stands with new ones.

According to the commissioner, the state government would not allow anyone, to frustrate its effort of using agriculture to revive the state economy.

My support for Buhari, not for APC, says Umahi Uchenna Inya

Abia assures on payment of contract fees Igbeaku Orji

mence in five months time.

He urged the people of the area to identify their area of needs for prompt government actions.

He reminded the people that they have vital roles to play by preserving and protecting government installations and equipment sited at their area and to expose hoodlums and vandals for arrest and prosecution.

In his remark, the former Commissioner for Works, Abia State, Hon. Ejike Uche Edozie, observed that Governor Ugwuanyi’s laudable projects in the state were big challenge to other governors of the SouthEast states and Nigeria in general, urging him not to relent.

Govt orders company to pay workers’ outstanding salaries A

L-R: Chief of Staff, Ebonyi State Government House, Chief Emmanuel Offor; Senator Obinna Ogba; Governor David Umahi and Senator Sonny Ogbuoji, at a grand reception for the governor by the Old Afikpo Union at the Government College, Afikpo …at the weekend

39

7km Bende-Idima Abam Road, and the 34 km Ozu Abam-Ndi Oji-Ndi Okereke-Arochukwu Road with a bridge, among others, said that government would execute the projects simultaneously with other road projects in the Abia North zone, Umuahia as well as Aba areas.

Although the Commissioner was not specific on the deadline given to the contractors on the delivery of the projects, he, however, assured that much would be achieved

before the commencement of the rainy season.

He said the state government regarded the Abam-Arochukwu Road as strategic and would be given priority.

He further explained that until Arochukwu was connected with good road, the governor would not be satisfied as he had promised to connect all parts of the state through good road network.

Ubani, expressed satisfaction with the performance of the contractors

and urged them to speed up the job and consolidate what they have achieved before the rain sets in. He assured them that funds would be released to the contractors without delay.

The contractor handling the Ozu AbamArochukwu Road, Engr Ugochukwu Ohuabunwa, explained that with funds available, the bridge would be open for use before the Easter festive period and the entire road project delivered as soon as possible.

ABAKALIKI

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overnor Dave Umahi of Ebonyi State, yesterday said his support for the President Muhammadu Buhari-led Federal Government should not be mistaken to be the support for the All Progressives Congress (APC).

Umahi, who is of the Peoples Democratic Party (PDP), stated this at the Government College, Afikpo in Afikpo North Local Government Area of the state during a civic reception, noted that he would continue to support the president, who he said’ meant well for the country.

He commended him for all he has been doing for the

people of the state. ‘’My relationship with Mr. President should not be mistaken for support to another party. PDP remains a strong party and party to beat.’’

He called on the people to continue to support President Buhari to reposition the country.

On his emergence as governor of the state, he said, “if we were not here, our destination would have been in prison and I say this with gratitude to God because those who fought this battle with us have no mercy.

“If it were otherwise, they will send us to prison but God frustrated the efforts of our adversaries and gave us this victory.’’

40 News|south-SOUTH

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Why Buhari is fighting corruption, by Okunbor Cajetan Mmuta BENIN L-R: Special Adviser to Bayelsa State Governor on Media Relations, Mr. Francis Agbo; Governor Seriake Dickson; his deputy, John Jonah; Special Adviser on Security, Boma Spero-Jack and his counterpart on Treasury, Revenue and Accounts, Timipre Seipulou, after their swearingin at the Government House, Yenagoa

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APC to officials: Stop campaigning for aspirants Cajetan Mmuta BENIN

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head of preparations for the governorship primary elections in Edo State, the State Working Committee (SWC) of the All Progressives Congress (APC), at the weekend, warned leaders of the party at various levels against joining the campaign team of any of the governorship aspirants in the state.

The warning was is-

sued at the end of the party’s regular monthly meeting held in Benin, the state capital.

Publicity Secretary of the APC in the state, Godwin Erhahon, in a statement, said the state working committee resolved to enforce its earlier order forbidding all party officials from campaigning for aspirants and to punish any official violating the order.

Erhahon said: “The committee, which is the highest party organ in the state, said the restriction order has become

necessary so that the neutrality and credibility of party executives at all levels will not be jeopardised.”

The SWC also advised all aspirants to caution their supporters against any form of hostility towards other contestants in the party, stressing that as members of one political family, whoever emerges as gubernatorial candidate will need the support of those he defeated at the primaries to enable him win the governorship election.

According to the party scribe, “The committee commended the sagacity and patriotism of the governor by which he has continued to pay salaries and pensions promptly and keep development going at an impressive pace.”

He said: “It (SWC) equally hailed the good people of Edo State for their overwhelming show of appreciation and support for the good work of the APC led government in the state despite dwindling financial resources.”

Army trains 200 soldiers for marine operations Emmanuel Masha Port Harcourt

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he Nigerian Army yesterday said in Port Harcourt, Rivers State, that it has trained 200 soldiers in survival techniques in swimming and endurance, to equip them for special marine operations and rescue missions in the fight against oil theft in the Niger Delta.

According to the Commander, 2 Brigade Nigerian Army, Brigadier-General Stevenson Olabanji,

Dominic Adewole ASABA

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elta State Governor, Ifeanyi Okowa, has challenged the management of the Central Bank of Nigeria (CBN) on the establishment of an entrepreneurial development centre as a means of job and wealth creation for Nigeria youths.

The governor observed

who made this known during the graduation ceremony of soldiers of 73 Regular Recruit Intake in Harry’s Town, Degema Local Government Area, Rivers State, the training would boost the troop’s readiness in the fight against oil theft in the region.

Olabanji said the training would help the soldiers better navigate the creeks and waterways of the Niger Delta, just as he said that they would also be useful in the North-East and other parts of the country.

He said: “To this end, the training began in December 14, 2015 with 200 young soldiers fresh from the Nigerian Army Depot in Zaria, with the aim of familiarising them with their operating environment.

“The soldiers were trained in basic unit regimentation, covering field craft and minor tactics, internal security operations, general service knowledge, range classification and swimming, among others.

“The young soldiers also received special train-

ing in basic swimming lessons owing to the peculiar nature of our operating environment.

“This swimming exercise was aimed at equipping the young soldiers with necessary survival skills as they will be operating in coastal areas,” he said.

He added that the training would help end oil theft and attacks on oil installations in the region, pointing out that the current dynamics in the country has forced the army to become more professional in its operations.

Okowa tasks CBN on development centres that with the devastating effect of the fall in the price of oil on the nation’s economy, it was important for the country to diversify its sources of revenue.

He specifically requested the apex bank to establish such a centre in Delta State, being the leading state in microcredit and entrepreneural

skills, maintaining that his administration has partnered with the apex bank in different empowerment programmes to create jobs and wealth.

Speaking at the award ceremony in Asaba, where Jos branch of the bank bagged second place, while Kano branch of the CBN took the third

position, Okowa said his SMART agenda was predicated on empowering Deltans to be wealth creators.

He reiterated that his administration has reawakened the interests of youths in agriculture and skill acquisition with a bid to create alternative means of generating revenue.

usiness mogul and politician, Hosa Okunbor, yesterday gave reasons why President Muhammadu Buhari, is desirous of fighting corruption in the country.

He said the President is angry with the rot he met in the system, insisting that the ongoing war against corruption remains the only possible option to get the nation out of the woods and restore the citizens’ confidence in the economy.

Okunbo spoke shortly after he was conferred with the Worthy Ambassador of Unity Award from his alma mater, Federal Government College, Warri, at its golden jubilee celebration held at the weekend.

He said the second coming of President Buhari was due to the obvious failure of the middle class to give back to the country that produced

them, particularly, in the face of the massive loot and corruption in government.

He called on Nigerians to rally round the government of President Buhari in the fight against corruption, rather than criticising his administration blindly, saying that nothing was selective in the administration’s fight against corruption.

According to Okunbo, “That is why we are happy that somebody like President Buhari decided to come back to save Nigeria. President Buhari is like a man who started business at the age of 21 and when he got to 45, his children told him, father rest, we can make this business work and at 73, he is being called back to repair the business he left at 45, of course he will be an angry man to see a rotten business that was doing well when he left it.

Council poll: We’ll play only advisory role – A’Ibom monarch Tony Anichebe Uyo

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he paramount ruler of Mkpat Enin Local Government Area of Akwa Ibom State, Etebom Akpan Akpan Ekpene, yesterday said traditional rulers in the state will only play advisory role in the coming local government election in the state.

The monarch, who stated this while addressing Mkpat Enin state constituency elders’ meeting, said as traditional fathers, who are custodians of the people’s customs, they are

not supposed to play partisan politics.

Ekpene spoke ahead of the forthcoming local government election in the state. He said politicians should allow the people choose their leaders, saying traditional fathers will only give their blessing to the choice of the people.

The monarch, however, warned that politicians must ensure that only credible people, who will have the interest of the people, including that of the traditional rulers at heart, are chosen to lead the people.

Emmanuel warns against illegal structures Tony Anichebe Uyo

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kwa Ibom State governor, Udom Emmanuel, has warned residents of the state against putting up illegal structures indiscriminately, saying any such structure would be pulled down for the development of the state.

He specifically said illegal structures; including makeshift shrines and tombstones that littered the entire stretch of the Etinan/Ndon Eyo road that has been slated for dualisation, would be pulled down.

Akwa Ibom State Commissioner for Works, Mr. Ephraim Inyang-Eyen,

who frowned at the development, described such act as unpatriotic and deceitful.

He warned those erecting tombstones, shrines and shanty structures to desist from such act or risk losing it as the government will not be manipulated or coerced into paying for such structures as they are illegal.

Insisting that only old structures that were duly marked and assessed will be compensated, Inyan-Eyen said the state governor, Mr. Udom Emmanuel, has zero-tolerance for fraud and corruption and therefore ‘the compensation process must be fool-proof so that some people would not use it to fleece the government.’

News|NORTH

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Al-Makura’s aide commends labour for suspending strike Cheke Emmanuel LAFIA

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pecial Adviser to Governor Tanko AlMakura of Nasarawa State, Moses Utondu, at the weekend applauded labour organisations in the state for suspending its three-week old industrial crisis.

He gave the recommendation in an interview with newsmen in Lafia, the state capital.

Utondu, who is the President of Tiv Development Association in the state further commended traditional rul-

ers and members of the state House of Assembly and the Elders Intervention Group for their role in resolving the industrial dispute between organised labour and the state government.

He said there was the need for all hands to be on deck for government to achieve the needed industrial harmony, considering the current economic crunch in the country.

According to him, the situation in the country requires the understanding of all to support government in overcoming the current economic challenges.

Zamfara to fight malnutrition with N100m Idris Salisu Gusau

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etermined to eradicate malnutrition among children in Zamfara State, the state House of Assembly Committee on Finance and Appropriation, has approved N100 million to fight the menace in the state.

Chairman of the committee, Hon. Aliyu Ango Kagara, made this known while responding to a request filed by the coalition of civil society organisations working on maternal, newborn and child health in the state.

The occasion was the 2016 state Ministry of Health budget defence held at the assembly complex in Gusau. He also spoke on the need for the assembly to increase funds to the health sector as against what has been proposed for the 2016 fiscal year by the state government.

Kagara said the house has considered the interest of the citizens, particularly caregivers for adequate allocation of funds to complement the efforts of development partners; Save the Children and UNICEF in fighting malnutrition among children in the state.

Farmers-herdsmen’s clash: Ortom sues for peace Cephas Iorhemen MAKURDI

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enue State Governor, Samuel Ortom, yesterday appealed to the people of the state to remain calm and allow the government find a lasting solution to clashes between herders and farmers in the state.

He also assured the people that his recent meeting with Vice-President Yemi Osinbajo was already yielding results as the Presidency had deployed a delegation to ascertain the level of the carnage in Agatu Local Government Area of the state between herdsmen and farmers with a view to ending the clashes.

Addressing the people of Nongov at Saghev in Guma Local Government

Area of the state, Governor Ortom further said the state government would soon enact a law to stamp out kidnapping and other forms of violence in the state, stressing that development could only thrive in an atmosphere of peace.

He thanked the people of Nongov for the support given to him as governor and restated the commitment of his administration to construct roads in the area, building primary health centres and numerous other projects for the people.

He said he had returned home to present himself to the District Head of Saghev, Chief Uwouku Abanka and the entire people of the area for their blessing as he had promised them before the 2015 elections.

188.89m

The total number of connected lines of Nigeria in December 2014.

Source: Ncc.gov.ng.

Earlier, Chief Abanka commended Governor Ortom for the efforts his administration was making in the area of security and education, and assured him of the people’s continued support, calling on him to address the problem of roads and security in the area and other parts of the state.

The Governor’s Special Adviser on Sustainable Development Goals (SDGs), Dr. Magdalene Dura, in a remark, described Governor Ortom as a leader who had shown the commitment to match his words with action in all sectors of the state’s economy.

Meanwhile, thousands of fleeing refugees from Agatu Local Government Area of Benue State yesterday lamented their ordeal in the hands of their

13.9

The annual mortality rate (per 100,000) due to Alzheimer’s Disease in Hawaii State in 2010.

Source: Alz.org.

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Fulani herdsmen attackers and called for the intervention of the Federal Government in the crisis.

It will be recalled that people in the local government were attacked last week by suspected Fulani herdsmen, who sacked them from their communities and set their houses on fire. In the attack, no fewer than people and domestic animals were killed while many churches were also set ablaze and farmlands destroyed.

Speaking to New Telegraph at Och’Idoma Square in Otukpo, one of the camps where thousands of the displaced persons are taking refuge, a victim, Elder Sani Echioda, an indigene of Ayila, lamented the condition in the camp, saying they are finding it difficult to feed and lack beds to sleep.

£23m

The net amount of money spent/received

by Bournemouth in the summer 2015 transfer window.

Source: 101greatgoals.com.

Sokoto immunises one million children

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okoto State government at the weekend said it has immunised one million children against measles and other child killer diseases across the state in the last three months.

Determined to also improve the quality, efficacy and storage of vaccines, the government said it will provide cold stores in rural areas to ensure that children at the grassroots level get vaccinated on time.

Briefing Governor Aminu Tambuwal on the progress of the ongoing immunisation efforts in

the state, Commissioner for Health, Dr. Shehu Kakale, said renewed commitment by the government has resulted in reaching many remote locations for the administration of vaccines on children.

A statement issued

by Governor Tambuwal’s spokesman, Malam Imam Imam, quoted Kakale as saying that stakeholders in the health sector have commended the state government and have now adopted the ‘Tambuwal Initiative’ in enhancing the work of health field officers in their localities.

APC wins Kebbi Assembly rerun poll he All Progressives der a peaceful atmosphere Congress (APC) has while also commending the T won the Kebbi State House ad-hoc staff for a job well of Assembly rerun poll in Arewa Local Government Area of the state last Saturday.

Declaring the result yesterday, INEC the returning officer, Usman Umar Kardi, said the APC candidate, Hon. Ismail Shalihu Bui, scored 20, 577 votes while the Peoples Democratic Party (PDP) candidate, Suliman Yeldu, scored 10, 362.

According to him, the election was conducted un-

done. He also attributed the success of the exercise to the patience and understanding of the electorate.

“It’s a huge success as there were no report of violence, law and order during the exercise,” he added.

Kardi noted that in every election there must be a winner and a loser, therefore, he urged the loser to take heart and work together for the progress of the local government.

A cross-section of refugees at the Och’Idoma palace in Otukpo, Benue State... yesterday.

PHOTO: CEPHAS IORHEMEN

Suspected Lassa fever patient dies Idris Salisu Gusau

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n isolated bleeding patient at the Federal Medical Centre (FMC) Gusau, Zamfara State, who was suspected to have contacted Lassa fever, died in the early hours of yesterday while on medical watch.

Speaking to New Telegraph, Head of Clinical Unit of the FMC, who doubles as the state Chairman, Nigerian Medical Association (NMA), Dr. Hamza Gar-

ba, said a bleeding patient from ’Yar Tukunya village in Gusau Local Government Area was admitted under isolation at the Intensive Care Unit (ICU) of the hospital on medical watch.

Garba, who insisted that he was not in a position to speak on the matter, stressed that only medical doctors identified as Bashir Kanoma and Habib Yalwa, of the state Ministry of Health, can confirm the status of the patient.

“We really have received a patient from ’Yar Tukunya village,

who was suffering from a severe fever and was eventually bleeding, a development which generated suspicion that led to his isolation for due medical watch, but we cannot confirm positive what the patient is exactly suffering,” the clinical head said.

A source close to the hospital management, who did not want his name in print, further revealed that a medical plan has already been concluded by the hospital management to extend the watch on relatives and even imme-

diate neighbours, who stayed with the patient closely while he was sick at home.

As at the time of filing this report, another source from FMC called to inform that the suspected Lassa fever patient has just died while receiving medical treatment at the Intensive Care Unit of the hospital.

When contacted, Dr. Habib Yalwa of the Ministry of Health declined having knowledge of the case, saying that the ministry has not received any case of that nature yet.

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WORLD \ NEWS

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Egyptian lawmaker hits colleague with shoe

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n Egyptian lawmaker hit a fellow parliamentarian with his shoe yesterday over the latter’s meeting with the Israeli ambassador to Egypt.

Yesterday’s parliament session was adjourned for 10 minutes as the two lawmakers were kicked out, the state-run MENA news agency reported.

Tawfiq Okasha, a popular TV talk show host and parliament member, has been engulfed in controversy since Thursday when Israeli ambassador Haim Koren posted a picture

on the embassy’s Facebook page of the two of them meeting Wednesday evening.

The parliament formed a committee to look into parliamentarian Kamal Ahmed’s assault against Okasha during yesterday’s session, according to the parliament’s website.

But Ahmed himself was unrepentant and some parliamentarians were openly supportive of the attack. “I delivered the Egyptian people’s message, and Egyptian martyrs, and the Palestinian people’s rights, and our historical symbols such as

Gamal Abdel Nasser,” Ahmed told the YouTube channel Parlamany, which tracks Egyptian parliamentary affairs. “As a parliamentarian and as an Egyptian citizen, I think that Kamal Ahmed’s shoe will enter history books, and that it represents the Egyptian people’s rejection to normalization with Israel,” said MP Osama Sharshar in an interview with Parlamany.

Egypt has full diplomatic relations with Israel, but directly dealing with Israelis remains deeply taboo in Egyptian society even after the two countries

signed the 1979 U.S.-sponsored peace treaty. Following the shoe beating, Okasha spoke with the Parlamany channel saying of Ahmed, “If he hit me 30 times with a shoe on my head, he is still like my father.” Okasha said he met with Koren in order to serve Egypt’s interests. That included a discussion of Ethiopia’s under-construction Grand Renaissance Dam. Cairo fears the dam may cut into Egypt’s vital share of the Nile waters.

“They (Israel) are the ones building the Renaissance Dam, are we fooling ourselves?” Oka-

sha asked, making reference to a widely-believed conspiracy theory that Israel is supporting Ethiopia’s dam in an attempt to harm Egypt’s interests.

Emmanuel Nahshon, spokesman for the Israeli Foreign Ministry, said the meeting had taken place at Okasha’s invitation. “The importance of the meeting was in the fact that it took place,” he said. Koren spoke with Israeli Army Radio yesterday morning before the shoe assault, saying he would meet again with the Okasha, if invited, despite the uproar.

Britain’s ruling Conservatives call for truce in EU campaign

S Smoke rises over the Syrian town of Tel Abyad following clashes between Islamic State fighters and Kurdish forces.

Baghdad market blasts ‘kill 24’

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ombings claimed by the Islamic State group killed at least 24 people in a Shiite area of Baghdad yesterday, the deadliest attacks to hit the Iraqi capital this year.

IS also attacked an army position west of Baghdad, temporarily holding it and killing at least eight security personnel over the course of the day.

The two blasts near a market in the Sadr City area of northern Baghdad, at least one of which was a suicide bombing, also wounded at least 64 people, security and medical officials said. IS, which overran swathes of territory north and west of Baghdad in 2014,

claimed the attacks in a statement online that said two suicide bombers had detonated explosive belts in Sadr City. IS considers Shiite Muslims, who make up the majority of Iraq’s population, to be heretics and frequently targets them with bombings and other attacks.

Suicide bombings are a tactic almost exclusively used in Iraq

by IS. The jihadist group claimed twin suicide bombings targeting Shiite worshippers, Thursday that killed at least nine people in Shuala, another Shiite-majority area in northern Baghdad. IS also launched an attack on an army position in the Abu Ghraib area west of

the city yesterday, security officials said. The jihadists attacked the position early in the morning, seizing it until governments reinforcements arrived and took it back later in the day, the officials said.

The Abu Ghraib violence killed at least eight people, including both members of the security forces and allied paramilitaries, and wounded at least 22.

While attacks are still common in Baghdad, violence in the city has decreased significantly since IS launched a sweeping offensive in June 2014, after which many of its militants became occupied with fighting elsewhere.

Blame-trading tests Syria’s fragile truce

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ey players in Syria’s war traded accusations yesterday over violations of the first major ceasefire in the five-year conflict, but the truce remained largely intact on its second day.

Aid groups hope to use the lull in fighting that has claimed 270,000 lives and displaced more than half the population to deliver desperately needed supplies. A successful truce would also create a more favourable backdrop for peace talks that collapsed in acrimony in early February as a Russia-backed regime offensive in northern Syria caused tens of thousands to flee. The main opposition grouping Sunday described

the ceasefire as “positive” but vowed to lodge a formal complaint with the United Nations and foreign governments about breaches on the first day.

“We have violations here and there, but in general it is a lot better than before and people are comfortable,” said Salem al-Meslet, spokesman for the Saudi-backed High Negotiations Committee.

He said the HNC had recorded 15 violations by regime forces and allied groups Saturday around the country, but insisted rebel groups did not return fire. Meslet said the HNC had not received any maps outlining which areas were included in the ceasefire

or documents explaining the monitoring mechanism. Syria’s Al-Watan daily, which is close to the government, said yesterday that those maps were still being “kept secret”. The ceasefire does not apply to territory held by the Islamic State jihadist group and Al-Qaeda affiliate Al-Nusra Front.

Saudi Arabia, a staunch opponent of Syrian President Bashar al-Assad, accused Russia of flouting the ceasefire and targeting “moderate opposition” groups. “Things will become clearer in the coming days on whether the regime and Russia are serious or not about the ceasefire,” Saudi Foreign Minister Adel Jubeir said.

enior ministers called yesterday for a truce in a heated debate on Britain’s membership of the European Union, saying the ruling Conservative Party must be civil if it wants to stay in power.

The party is deeply split over whether Britain should vote to stay in the EU at a referendum on June 23, and several allies of Prime Minister David Cameron, who supports EU membership, are campaigning to leave the 28-member bloc.

Some lawmakers have criticized Cameron for accusing London Mayor Boris Johnson, a leading Conservative, of putting his

own ambition above his beliefs by backing the “Out” campaign.

They said the thinly veiled attack last week on Johnson, the most prominent party member in the “Out” camp, violated an unwritten rule that both sides respect each others’ opinions.

“There are different opinions in the party. Everyone has to go out of their way to make sure that the debate within the Conservative Party is a constructive one, an amicable one and one that doesn’t involve attacks on each other,” said Christopher Grayling, leader of the House of Commons (the lower house of parliament) who supports leaving the EU.

Gambian President, Jammeh, eyes fifth term in office

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ambian President Yahya Jammeh, who has been in power for 21 years, will run for a fifth term in office when the country holds presidential elections in December, public television said.

Jammeh, a 50-year-old military officer, has ruled this tiny West African country with an iron fist since seizing power in a coup in 1994. His candidacy was approved at a meeting of his Alliance for Patriotic Reorientation and Construction party on Friday.

The presidential election will take place December 1 and will be followed by general elections April 6, 2017. Jammeh lashed

out at suggestions his term in office should be limited, and pledged to continue serving the people of Gambia. The smallest country in mainland Africa and flanked on both sides by Senegal, the Gambia is frequently criticised for human rights abuses and has a chequered recent diplomatic record.

“This is a democracy and yet they speak of term limitations. Whichever western head of state or other leader wants to speak about term limitations let them come to Gambia to talk to me,” he railed in reference to criticism by western leaders and rights groups.

Iranian president’s allies lead elections after Tehran rout

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eformist allies of moderate President Hassan Rouhani won all 30 parliamentary seats in the Iranian capital, a major boost yesterday that pushed them into a nationwide lead in crucial elections.

Combined with results coming in from more than half the 290 seats up for grabs nationwide from Friday’s polls, the pro-Rouhani List of Hope was outpacing its conservative rivals overall. A clean sweep in Tehran was followed by steady gains elsewhere, according to

preliminary results, in a major fillip for the president, signalling overwhelming public backing for his landmark nuclear deal with world powers last year that ended a 13-year standoff. The election outcome is vital to Rouhani’s chances of introducing domestic reform in the form of legislation capable of delivering even limited social, political and economic changes. The coalition of moderates and reformists representing the president’s hopes was on course to wipe out conservatives in Tehran with 90 percent of ballots counted.

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MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Sport News

Sport

Ujah scores, Mikel shines in Europe

Did you know?

The first modern Olympic Games were held in Athens, Greece in 1896.

There were 311 male athletes but no female competitors.

International Sport United's Rashford dents Arsenal's title

44 45

Eguavoen: Eagles need NFF’s best to excel l Says Eagles can beat Egypt convincingly

Charles Ogundiya

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former Super Eagles coach, Austin Eguavoen, has called on the Nigeria Football Federation to sit up and do the right thing for the national team to excel.

Speaking exclusively to New Telegraph at the weekend in Uyo, Eguavoen said the constant complaints by coaches and players of various national teams should come to an end for Nigeria to become the giant they are in football.

The former Enyimba of Aba coach said the federation should come out if they were having difficulties with funds instead of making coaches who try to cry out scapegoats.

“Coaches have been complaining that the players have not been taken care of moneywise, only God knows what is really going on,” he said.

"I have not been to the Glass House for a while now, the fact is if we have financial problem, the NFF president should cry out because you want to keep a position does not mean you should take anything, the actors are not supposed to suffer.

“Siasia is there now and we are all going to give him the support needed, but we should

remember the last time he cried out due to the treatments meted out to him and his team before the tournament in Senegal, what did he get? He got a query; he was on the verge of losing his job all because he spoke out.

“He was lucky that God was with him and he won the cup, the boys fought for their lives and the coach.

Now that if he has been drafted to the main team and he cries out again, what will happen to him?”

The former international said everyone cannot be the same, so the NFF should stop disrespecting the coaches.

He added that if anything goes wrong now, the new Super Eagles coach would still cry out and should not be persecuted for doing that.

Meanwhile the former Gombe United coach has said

the Eagles have what it takes to defeat the Pharaohs of Egypt convincingly in the AFCON 2017 qualifiers in March.

He said: “Egypt game is one we can win convincingly in Kaduna, I am not saying 1-0 but 2-0 upward, but the approach must be serious-minded.

“We have the players to do the job for us. Let me start from the goalkeeping department, Carl Ikeme has been doing well for us as our first choice goalkeeper, the backup I am not too comfortable.

“The Backline too are solid, I am not trying to draw a lineup for the coach or to criticize Oliseh, all I am saying is that we have the players that can get the victory, we have pool of strikers that we can call upon, but the approach must be right.”

Victory over Burkina Faso excites Egypt coach Emmanuel Tobi

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The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent Nigeria's Mikel Obi against Swaziland's Tsabedze Tony during the Russia 2018 World Cup qualifier match between Swaziland and Nigeria

© Daily Telegraph Publishing Company Limited

An Egyptian player running with the ball

gypt coach Hector Cuper has expressed his team’s readiness to battle Nigeria after leading the Pharaohs to a 2-0 victory over Burkina Faso on Saturday.

Nigeria will host Egypt on March 25 in the first leg of the 2017 Cup of Nations qualifiers, while the return match will be played at the Borg El-Arab Stadium in Alexandria on March 29.

"I am satisfied with the Burkina Faso game and I will work to avoid the mistakes made in the friendly when we face Nigeria," Cuper said during the post-match briefings.

"Egypt's national team also played with localbased players like Burkina Faso did."

"We almost reached the final lineup with the start of the Nigeria game," the Argentine coach said.

"We build our squad depending on the players' performance in the recent games.

"The Nigeria game is a test to determine our real abilities, and we will do our best during this game.

"I understand the criticism after facing minor teams since we didn't reach the high performance we all look for but we will when we play against Nigeria," Cuper added.

The Egyptians who are topping Group C with six points, two ahead of Nigeria, have played three friendly matches losing 1-0 to Jordan and defeating Zambia and Burkina Faso 3-0, 2-0 respectively.

Confederation Cup: Fans, officials lament Akwa United’s ouster }47

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SPORT NEWS

Eagles focus: Ujah scores, Mikel shines Ajibade Olusesan

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u t - o f - f avo u r Super Eagles striker, Anthony Ujah, scored his ninth goal of the season as his relegation-troubled Werder Bremen played a 2-2 home draw with Darmstadt on Saturday.

Ujah scored in the 33rd minute in the Bundesliga contest at a packed

Weserstadion but it was not enough to guarantee maximum points as goals from Sandro Wagner and Aytac Sulu briefly threatened to give the visitors the win.

In England, West Ham managed a 1-0 victory against Sunderland but their Nigerian striker, Emmanuel Emenike, did not score in the encounter.

Emenike who scored a

brace in their 5-1 FA Cup win over Blackburn two weekends ago started his first English Premier League match but could not score his first EPL goal before he was substituted in the 60th minute. His compatriot, Victor Moses, also came on in the 65th minute.

Odion Ighalo ended the month of February without a goal as he

World Table Tennis Team event

Nigeria will gain promotion – Abiodun Ajibade Olusesan

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igeria top star, Bode Abiodun, said that the country would get promotion into the top division and enhance their chances of making it to Rio 2016 Olympics as the pingponger combined well with Aruna Quadri and Segun Toriola to win their first match in the ongoing ITTF World Team Championship in Kuala Lumpur, Malaysia.

The Nigerian men’s table tennis team is in the second division of the world championship and boosted their chances of making in to the elite division by beating Turkey 3-0 in their first game in Malaysia.

“I was a bit nervous when I started the game

having flown for hours from Portugal. But as the game progressed I got my rhythm to win convincingly against the Turkish.

We are a strong side and I believe in my teammates that we can gain promotion to the Championship division,” he said.

Nigerian men face Switzerland and India to-

day as they bid to finish strongly and Abiodun said there was no cause for alarm.

“We are not bothered about the pedigree of our opponents and we are not going to play to the gallery against any team because every team in the group are very strong,” he said.

Quadri

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

fired blanks in Watford’s goalless draw with AFC Bournemouth at Vicarage Road. The Super Eagles star was involved for 90 minutes. Mikel Obi starred in Chelsea’s come-from -behind 2-1 win against Southampton at St Mary’s. For the eighth time in nine EPL games, the 29-yearold was on from start to finish.

NPFL RESULTS Rivers Utd 2 - 0 IfeanyiUbah Heartland 0 - 1 Abia Warriors Kano Pillars 2 - 1 Wikki Plateau Utd 2 - 1 Wolves Rangers 2 - 1 Tornadoes Ikorodu Utd 1 - 0 Lobi

Ujah

Micho favourite to coach Eagles

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ganda coach Sredojevic Milutin aka Micho is in line to be named Nigeria’s next coach after the temporary coaching crew led

by Samson Siasia has completed their mandate.

The Nigeria Football Federation has already opened up discussions with experienced Serbian coach Micho and his representatives since the CHAN in Rwanda.

Top sources informed AfricanFootball.com that Technical Committee chairman Chris Green met with Micho in Rwan-

da over the Eagles top coaching post and everything is now pointing to the former Rwanda and Orlando Pirates of South Africa coach to take over the Eagles after the twomatch mandate given Siasia and his assistants.

“Green met with Micho at CHAN and it is like it is already a done deal. The plan was to appoint Shuaibu Amodu for the Egypt matches and after those games, a substantive foreign coach will be named with Micho already in pole position,” a top official told AfricanFootball.com

“But Amodu declined the post due to health reason and so the temporary arrangement of Siasia and co, who have been clearly told they would revert to their previous posts after the matches against Egypt.”

Micho

Confederation Cup: Nasarawa chairman aims high CAF CL: Enyimba beat Vipers, qualify for next round C

Charles Ogundiya PORT HARCOURT

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igeria Professional Football League champions Enyimba are through to the first round of the CAF Champions League following a 2-0 win against Vipers Sports Club of Uganda on Sunday at the Adokiye Amiesimaka Stadium, Port Harcourt.

The People's Elephant secured their passage on a 2-1 aggregate scoreline.

The hosts were frustrated in the opening part of the game as Vipers who were determined to preserve their slim 1-0 first

leg lead kept them at bay.

Mfon Udoh broke the deadlock in the 32nd minute from the spot to calm frayed nerves inside the stadium.

Vipers resulted into time wasting in the second half looking to take the game into a penalty shoot-out.

Their resolve was however broken when Udoh grabbed his second of the evening to send his side through to the next round.

Stephen Chukwude and Razak Aliyu, who came in for the impressive Ikechukwu Ibenegbu, wasted clear cut opportunities to increase Enyimba’s lead late in the second half.

Udoh

hairman of Nasarawa United FC, Isaac Danladi, has told thenff.com that his players have garnered enough confidence from holding their own against AS Academie Generation Foot in Dakar on Saturday to start thinking of going all the way in this year’s CAF Confederation Cup competition.

“Perhaps, it is too early

to start talking about winning the title, but I can tell you that we have learnt a lot on how to hold our own on the road and we will now take every match as it comes,” Danladi said.

After his boys played a 0-0 draw with the Senegalese team to win 2-1 on aggregate and qualify for the second round of the competition.

After a narrow 2-1 win

Globacom calls for fair play at NOGIG Games

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ponsor of Nigerian national teams and main sponsor of 2016 NOGIG Games, Globacom, has advised contingents participating in the 2016 Nigeria Oil and Gas Industry Games to adhere to the principle of fair play and make healthy rivalry their watchword.

Globacom who made this remark in a press statement on Sunday said that the essence of the games which comes up in Lagos between February 28 and March 5 was to promote bonding, friend-

ship and camaraderie.

The company added that the NOGIG games nurtures the culture of participation and brotherhood rather than the rabid spirit of participating to win at all costs.

“As ardent believers in the axiom that a sound mind resides in a sound body, we urge contingents participating in the 2016 Nigeria Oil and Gas Industry Games to give it their best shot and make fair play and healthy rivalry their watchword,”Globacom said.

in Abuja in the first leg, many were those who thought the Solid Miners had come to the end of the road, particularly with the brilliant display of the visitors. But on Saturday, Nasarawa United proved too strong for the Senegalese, and will now play Constantinois of Algeria in the second round, with the first leg in Abuja on March 13.

“We will keep our

heads at the level and approach it one match at a time. Our objective will always be to earn a good result from every game,” Danladi added.

He praised the efforts of officials of the Embassy of Nigeria in Dakar “They were very supportive and even mobilized the Nigerian community in Dakar to come and support us during the match.”

LMC, TUC to partner on players' welfare

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he League Management Company and the Trade Union Congress have met in Abuja with a resolve to collaborate in seeking ways of ensuring better working conditions to secure welfare of players in the Nigeria Professional Football League.

The resolution was reached during a courtesy visit by a delegation of the TUC led by its President, Comrade Bobboi Kaigama, to Chairman of the LMC, Shehu Dikko.

The TUC President commended the LMC for

repositioning the NPFL and by extension Nigerian Football through the adoption of policies that has led to improved welfare of football players and coaches.

He said the implementation of documented contracts for players was one policy that has ensured that players' entitlement cannot be denied and gave the assurance that "the TUC is willing to support the LMC in reaching all state governments whose clubs are indebted to the players and coaches to resolve the such pending matter."

INTERNATIONAL SPORT

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Real out of title race – Zidane

United's Rashford dents Arsenal's title hopes

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Manchester United teenager Marcus Rashford (left) celebrating with Juan Mata after scoring

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eenage sensation Marcus Rashford scored two goals on his Premier League debut to help fire Manchester United to a 3-2 win over Arsenal.

The 18-year-old was thrust into the starting XI for Thursday's Europa League last-32 second-leg clash with Midtjylland when Anthony Martial pulled up injured in the warm-up.

Two goals in that 5-1 win helped United into the next round and Rashford showed no signs of slowing down against the title-chasing Gunners.

He scored twice in the space of three first-half minutes – netting his first Pre-

mier League brace at exactly the same age as club captain Wayne Rooney when he registered his (18 years, 120 days).

Former United man Danny Welbeck pulled one back for Arsenal before the interval but Ander Herrera made it three in the 65th minute with Rashford providing the assist.

Ozil once again reduced the deficit four minutes later, but Arsenal left empty-handed and now sit five points behind leaders Leicester City, while United climb back to fifth.

Welbeck, who was deemed surplus to requirements by Louis van Gaal at United, came into the Arsenal starting

line-up, while the Dutch manager – who is desperately short of attacking options due to an injury crisis - was once again forced to deploy Rashford.

The first chance of the match came courtesy of an unlikely source, though, as Nacho Monreal fired straight at the returning David de Gea after being played in by Ozil.

Rashford threatened the Arsenal defence with an early surge into the box. He won a free-kick on the edge of the area after being brought down by Gabriel Paulista, but Memphis Depay could only fire the set-piece straight at goalkeeper Petr Cech.

eal Madrid cannot win La Liga after Saturday's 1-0 defeat to rivals Atletico Madrid, according to coach Zinedine Zidane.

Antoine Griezmann's secondhalf goal secured a narrow 1-0 victory against the hosts to wrap up their third consecutive victory against their rivals at the Santiago Bernabeu.

Defeat leaves Zidane's side nine points behind league leaders Barcelona, who are yet to play Sevilla on Sunday evening and could go 12 points clear at the top with a win.

And the 43-year-old concedes they are now too far behind to stand a chance of catching the Catalans, but still states his men will not put any less effort in.

"Before you ask, the league is over," the Frenchman told reporters in his press conference. "It was always difficult. I

Wawrinka wins Dubai tourney

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wiss World No.4 Stan Wawrinka won the Dubai Tennis Championships 6-4, 7-6 (13) after an hour and 54 minutes against World No.57 Marcos Baghdatis from Cyprus here.

The Swiss needed four matchpoints in the tiebreak of the second set to bring victory home on Saturday, reports Xinhua.

The players, both 30, started at almost the same level and dared some spectacular shots but the Cypriot committed more unforced errors than the World No.4. However, Baghdatis had more support from the audience in the not-completely sold-out Aviation Club. "Marcos!

Marcos!" many were shouting while the few Swiss fans were rarely audible.

His first break at 3-2 was quickly re-broken by the Swiss as Wawrinka who showed more precision and endurance in standard situations. Both EPL RESULTS West Ham 1 - 0 Sunderland Leicester City 1 - 0 Norwich Southampton 1 - 2 Chelsea Stoke City 2 - 1 Aston Villa Watford 0 - 0 Bournemouth West Brom 3 - 2 Palace Man United 3 - 2 Arsenal Tottenham 2 - 1 Swansea City

elite players appeared to be exhausted, the Cypriot in particular as he needed three sets against Spaniard Feliciano Lopez to win Friday's second semi-final.

Followed by Argentine football legend Diego Maradona from the tribune of honour, the match remained on a medium level with rare breathtaking shots.

Wawrinka

told the players yesterday that if we lose points it will be more difficult.

"We are not going to throw the league away though, whatever happens."

Atletico played out a 0-0 draw with PSV in the Champions League on Wednesday while Madrid had not played since a 1-1 draw with Malaga in La Liga on Sunday.

The fact los Blancos had the entire week to prepare for the derby left Zidane underwhelmed by the result, claiming his side did not exploit any potential fatigue in their opponents.

"I'm not happy with the match and I'm not happy with the result," he continued. "The important thing for me and the team is to think about the next game.

"We didn't play the game how we prepared, so it's here we had to work more.

Blatter warns Infantino: Friends become rare at FIFA

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ormer Fifa president Sepp Blatter has warned successor Gianni Infantino that friends will become increasingly difficult to come by in the corridors of power.

Infantino was elected in Zurich on Friday, replacing Blatter, who saw his reign come to an end amid allegations of corruption at Fifa and is now serving a reduced six-year ban from the sport.

Blatter expressed delight at Infantino's election in the aftermath of the vote, but says his compatriot faces a tough road ahead.

"I congratulate you, but remember that this position you wanted will not be easy," Blatter wrote in an open letter published

by French newspaper Journal du Dimanche.

"Miracles will be expected. I had these expectations

Iheanacho wins Capital One Cup with Man City Emmanuel Tobi

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uper Eagles youngster, Kelechi Iheancho and his Manchester City teammates celebrated victory on Sunday after defeating Liverpool to win the Capital One Cup at the Wembley Stadium.

City’s goalkeeper Willy Caballero was the hero as the Citizens clinched

the first silverware of the season after they edged out Liverpool 3-1 on penalties to win the Cup. The Argentinian made three saves in the shoot-out to win it for City after the match had finished 1-1 after extra-time.

Fernandinho put City ahead early in the second half with a shot that squeezed

under Simon Mignolet but Philippe Coutinho equalized with seven minutes to go.

It was Iheanacho’s first silverware too after gaining first team shirt.

The victory gave City a second League Cup win in three seasons and denied Juergen Klopp a trophy in his first season in charge at Liverpool.

NPFL: Ikorodu end Lobi’s unbeaten run Charles Ogundiya

I

t was first home victory for Ikorudu United on Sunday when the newly promoted team defeated Lobi Stars 1-0, ending the visitors 100% start to the new season.

A first half goal was

45

enough to give the Lagosbased side the victory.

In Kano, former champions, Kano Pillars, handed Wikki Toutists of Bauchi their first defeat of the season as Abia Warriors were too good for Heartland in Owerri, beating the home team 1-0, making

it the only away win of the weekend.

Rangers made it back-to-back home win as they sent Niger Tornadoes back to Minna empty handed with a 2-1 victory in Enugu.

It was also a home victory for Plateau United in Jos against

Iheanacho

CAF Champions League campaigners, Warri Wolves, the homers won the game 2-1.

Earlier on Saturday, Shooting Stars handed MFM FC a thrashing in Ibadan. It was a harsh welcome for the new side as they lost the game 3-0.

Blatter

for the last 18 years at Fifa, which I served for 41 years."

He continued: "The miracles will be aided by the vote overwhelmingly taken for the reforms which I had also started.

"If by chance, you want an opinion or advice, do not hesitate. For now, stay calm. You have two months to implement the decisions taken."

EPL TABLE TEAM

P

1 Leicester

27 56

PTS

2 Tottenham

27 54

3 Arsenal

27 51

4 Man City

26 47

5 Man United

27 44

6 West Ham

27 43

7 Southampton

27 40

8 Stoke City

27 39

9 Liverpool

26 38

10 Watford

27 37

11 Chelsea

27 36

12 Everton

26 35

13 West Brom

27 35

14 Crystal Palace

27 32

15 Bournemouth

27 29

16 Swansea

27 27

17 Norwich

27 24

18 Newcastle

26 24

19 Sunderland

27 23

20 Aston Villa

27 16

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FEATURES

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

Confederation Cup

Fans, officials lament Akwa United’s ouster

Akwa United's Ubong Friday battling Sunshine Stars' Stanley Dimgba during a league match

Charles Ogundiya WHO WAS IN UYO

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he fans of Akwa United have turned the name of the Nest of Champions to Nest of Failure after their darling team, Akwa United, crashed out of the CAF Confederation Cup, losing 6-5 on penalties to Vita Club Mokanda of Congo.

Akwa United had won the first leg of the preliminary round 1-0 in Congo and were expected to

finish the job in Uyo, but failed to rise up to the occasion.

Playing in front of their fans, the expectation was high especially when the team was awarded a penalty towards the end of the first half of the game, but Moses Ekpai contrived to miss the glorious opportunity, making it very easy for the goalkeeper to catch the ball. Ekpai also lost during the sudden death as the team exited the championships they were participating in for the first time.

Expressing his disappointment, Paul Bassey, a consultant to the Akwa Ibom State government on Akwa United, said the day was the darkest of his life in relation to football.

Bassey said the players failed to see the importance of the game as they already believed that they had done the work away from home.

He said: “When I came into town on Friday, I perceived an aura of overconfidence enveloping the players and I sounded it out that they had not won the game,” the CAF Instructor said.

“They went into the game with over-confidence and we paid dearly for it. Starting from the penalty that was given and a player decided to go for personal glory, he is not the regular penalty taker of the club and I don’t see the reason why he should take the penalty.

“Even after losing it, the team lost the midfield to the opponents, psychologically they were not in the game anymore.”

Bassey further blamed the technical crew for its inability to prepare for penalties, despite been told the rules of the game that if the match ended square, it would be straight to penalties.

According to him, the game was lost from the bench and called for a psychologist to lift the players up ahead of their midweek game in the NPFL. He said: “This is one of the saddest moments of my life as far as football is concerned. We were

given an opportunity on a platter of gold and we threw it away.

“From nowhere we won the Federation Cup, we did well in the away game and suddenly we lost it. Seriously, I did not see a match strategy, no game plan, we lost it. Imagine Nasarawa that we thought were out, qualified and Akwa United lost it.”

Some of the fans were calling for the head of Ekpai, as they all blamed him for the ouster with others pointing accussing fingers at the coach, Maurice Coreman, for recruiting the former Kano Pillars striker.

“We are not leaving here unless you produce that Ekpai,” a fan said.

“We have been winning games before he was recruited and now he has cost us a very big opportunity to move to the next round of the competition.

“Let him go back to Kano Pillars because we don’t want him again in our team.”

Ekpai got the only goal in Congo and has now turned from hero to villan after his penalty miss that cost the team qualification.

A female fan, Eno Obong, who spoke with New Telegraph, said it was very unfortunate that Akwa United crashed out after a good away result in the first leg.

According to her, she had not been going to the stadium for a while now because she did want to develop high blood pressure, but after their victory in Congo she decided to

watch their home game.

The undergraduate said: “The players played as if each of them had one leg and I can say they deserved to lose and the better team on the day won.

“They should just find a way of redeeming themselves or else the fans will turn against them because they have really let us down.”

Ekpai took to the social media to apologise with some of the fans still threatening him in some of their comments.

One of the fans who commented on Ekpai’s wall, Enyene Tha Vincent, asked the player not to come near the team for now unless he redeemed himself.

Vincent said: “Your stupidity cost me my joy this weekend, our team and its fans are not happy. You don’t know how painful that loss is to many people in the state.

“Akwa United is worth more than money to me. I want Akwa to be bigger and more popular but unfortunately Ekpai did not share the same vision.

“We have lost a lot in finance and exposure and I dont know when we will get such an opportunity again to play on the continent.”

The Promise Keepers as Akwa United is fondly called will now turn their attention to the Nigeria Professional Football League as they target another foray on the continent.

Two players, one goal for Rio 2016

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weden’s Lina Nilsson and Norwegian Elise Thorsnes have several things in common. Both represent their national teams, wear the No.16 shirt, played at the FIFA Women’s World Cups in 2011 and 2015 and have participated in a Women’s Olympic Football Tournament.

Nilsson was in the Swedish squad for London 2012 while Thorsnes played for Norway at Beijing 2008 – an honour neither of them will ever forget.

“Being able to take part in the 2012 Olympic Games in London was a unique experience,” recalled the Swede. “It’s a big tournament and I’m very proud to have been part of it.” The Norwegian striker echoed her view. “It was the coolest thing that’s happened in my career so far,” she said. “When we were walking around Beijing, for example, everyone knew we were athletes and wanted our autographs. That’s unusual, particularly in women’s football.”

Strengths and weaknesses Listening to their stories, it is no surprise to learn that both players also share the common goal of reaching the Olympics again. The pair will discover whether the dream will come true for either of them at the qualification tournament in the Netherlands between 2 and

9 March, as Norway, Sweden, Switzerland and their Dutch hosts battle it out for the final place at Rio 2016. Nilsson and Thorsnes will go toe-to-toe in their first match knowing that only a win will do.

“There’s no doubt that the first game is important,” said Nilsson, “but we mustn’t forget that Switzerland and the Netherlands are also very good teams. Norway have good players and work together as a unit. We can’t focus on just one or two individuals [Editor's note: such as Ada Hegerberg or Elise Thorsnes]. We have to think about the entire team and their strengths while at the same time trying to exploit their weaknesses.”

Thorsnes is also keeping her cards close to her chest ahead of the encounter. “We’re generally focusing on our game rather than individual players,” she explained. “We’re always strong against Sweden. I think we have a psychological advantage. We’ve got to concentrate on ourselves and study the footage of their most recent matches, of course. We’re up to the task,” she concluded confidently.

'It will be a close race' With two further games to play after their Scandinavian showdown, victory in the opening match would only be

the first step on the road to Rio. “I think it’ll be very tough and a close race,” said the Norwegian midfielder. “We’re all similarly strong, so each of us will have to be in absolute top form. We’ll definitely need a dash of good luck too and will have to prepare well for each fixture. We’ve got plenty of key players who’ll need to be at their best for us to reach our goal,” she continued. “We’ve worked so hard to win this short tournament.”

The Swedish defender also expects their rivals from Switzerland and the Netherlands to compete on an equal footing.

“We’ve already played both sides and they really are very good,” she confirmed. “We’ll have to play at our highest level against them both. It’ll be a difficult but inspiring week for us. With four very strong teams and just one place up for grabs, one goal could mean the difference between going to Rio and going home empty-handed. It’ll ultimately come down to which team can deliver the most consistent performances.”

The stage is set, then, for several fascinating duels in Rotterdam and The Hague – and Nilsson and Thorsnes are fully aware that none of the teams can afford to slip up.

• Source: fifa.com

Norway's Elise Thorsnes...Inset Sweden’s Lina Nilsson

SPORT

MONDAY, FEBRUARY 29, 2016 NEW TELEGRAPH

47

Pat Ekeji’s Corner patrick.ekeji@yahoo.com 08159364282 (sms only)

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Special athletes deserve better

n the beginning, the Federation was known as ‘Special’ Sports Association until 2002 when the Council on Sports rose from its deliberations in Benin with part of its communiqué being the change of reference of National Sports Associations to National Sports Federations.I proposed and drove this for two reasons; (a). to clearly differentiate all National Sports Associations from State Sports Associations, and (b). to flow with global trend in the nomenclature for national sports bodies.

The essential mandate of the Special Sports Federation is to collate the sporting interest of Athletes with disabilities. On our return after Athens 2004 Olympic Games, I ensured the creation of the Nigeria Paralympic Committee, again to bring Nigeria’s body for ‘Special Sports’ at par with global trends. Hitherto the NIGERIA OLYMPIC COMMITTEE represented, processed and packaged all international matters on their behalf. The International Paralympic Committee frowned at this.

The PARALYMPIC GAMES, is the global sporting event for the best in the sporting ‘world of special athletes’. At these games, performances by these athletes are‘a spectacle to behold.All competing athletes require one form of special equipment or the other whether to run, throw, or lift. Their efforts at manipulating equipment while executing skills are indeed a test of will power.

In every sense of the events proper, athletes from advanced countries, against who our own must compete, enjoy the advantage of technology and science which to us are still just news, yet our physically challenged athletes go out there and ‘’stand their ground’’ to the amazement of their contemporaries who boast of cutting edge technologies in their countries.

They are not intimidated like their ‘able-bodied’ counterparts that represent us at the Olympic Games.

Since our special sports first represented us in Barcelona Spain in 1992, they have not let Nigeria down. They won three gold medals. Indeed it is more of a miracle that our representatives win medals at all these games. They deserve better deals. Details of their exploits are very well documented yet not enough policy efforts have been mulled to advance the status of this class of athletes.

Worse still is our general perception of their successes at global

events. I recall one of such. I attended one wedding event in Owerri in 2012 shortly after our return from London Paralympics. In announcing my presence, the Master of Ceremony rounded up my arrival with the recall of the Olympic athletes zero medal return but we had to ‘’manage’’ with the results by the ‘disabled’ athletes at the Paralympic Games.That of course drew some laughter from the audience.In my response, I reminded the audience that disability is not by choice but circumstantial and that all of us present are ‘potential candidates’ for disability which could arise from a car accident,drug effect from some innocuous ailment or even inappropriate handling of a child at birth etc.

So how can the administration of ‘Special Sports’ be redefined? An arms-length department for the advancement of sports for the physically challenged should be created and funded very well by government. I have no doubts in my mind that such adepartment would enjoy patronage from international donors and indeed the business community.

Within this would be embedded all the opportunities for this class of athletes to be prepared for “Life after sports” In other words, such department must of necessity provide opportunities for proper education that includes skills acquisition and other areas of academic pursuit.This would be the enabler needed for our sons and daughters in this category to look forward to fulfilled life. At the moment, most physically challenged athletes that have won laurels for Nigeria at all the known global events literarily take to the streets or ‘perch’ around various stadia in the cities and solicit for handouts, yet these were and or are world champions in their own classes.

As one of these athletes moaned recently to an interviewer on NTA, ‘’they remember us only when there is competition’’.

From my interactions with this category of athletes, they are ingenuous and dogged. With the right policies, and the will to implement same,we can turn theiringenuity,and doggedness into that destination which every podium performance attracts. After all, article 7,(vii) of the APC is; “TO PROTECT THE INTEREST OF...PWDs IN NIG. AND TO FAITH FULLY STRIVE TO OBTAIN FOR THEM THE GREATEST POSSIBLE RETURN FOR THEIR LABOUR AND FULL PARTICIPATION IN THE NIGRIAN PROJECT.” All of these are achievable.

Athletes at the Access Bank Lagos Marathon

Access Bank Lagos Marathon

Running every kilometre back-to-back P

anting and sweating profusely, Silas Ibekwe, a youth corps member, wiped out his perspiring face with his hand and still managed to fill it with a big smile after completing a 42.5km race at the last Access Bank Lagos City Marathon. The last three hours or so had been quite testing but exciting for him. Running 42km is by no means easy, however after finishing it, he could feel the sense of pride and fulfillment, the emotion couldn't be replaced by any other feeling.

The marathon distance is not for the faint of heart.

There's a reason it is on many people's bucket lists; it's a monumental accomplishment. In addition to the physical difficulty involved in running 42.5 consecutive kilometer, many soon-to-be marathoners are most intimidated by the mental aspect.

They find themselves asking: Am I really capable of running that far? But Ibekwe just did that, he completed the race, it was another feather to his cap.

Lagos State government in partnership with a leading financial institution, Access Bank, staged what could easily be described as the best race in the country. After 30 years, marathon returned to the city, and the aims and objectives of the Access Bank Lagos City Marathon fittingly tally with the Mega City vi-

sion of the state government and the ideals propagated by the sponsoring company.

It is exciting to see best of the world’s marathon stars descend on the Lagos road to display their skills and personalities. Abraham Kipton, Hosea Kipkembe, Debebe Toise were some of the IAAF labeled runners that featured in the maiden edition of the race.

However, Ibekwe was not the overall winner; he was not Kipton, the Kenyan that carted away the $50,000 prize money. In fact, he is not Sharabutu Philibus, the first Nigerian to cross the line and won N1million but what motivated him was certainly not what could be quantified in monetary terms, he has just achieved another major goal by being one of those that reached the finish line.

“Participating in the marathon is an experience I would cherish for a very long time,” Ibekwe told the New Telegraph. “I hold it really dear to my heart and the opportunity I will forever value.

I ran ahead of my friends and enjoyed the provisions made by the bank for runners”.

As runners moved from the National Stadium Surulere which is the flag-off point through the Ikorodu Road to link Oworonsoki, Third Mainland Bridge linking the Victoria Island and ended at the Eko Atlantic, Ad-

The starting point of the Access Bank Lagos Marathon

Completing the race fills me with a sense of joy and pride

eronke Aderinto, who was also in the processions looked around at her fellow runners and the multitude standing on the sidelines cheering them on, she felt an immense sense of belonging.

All around her were an enthusiastic bunch of people running for their varied personal reasons, united in a common act.

It is instructive to note that the physical benefits of the marathon were immense but the impact it had on runners' characters and personality is profound. Marathon teaches one the virtue of patience, focus and perseverance which many of the 20,000 runners, including Aderinto demonstrated.

“Completing the race fills me with a sense of joy and pride because I now have a bragging right that none of my friends have," Aderinto said. "More so, with or without a certificate or medal showing that I concluded the race, I feel a deep sense of accomplishment within me that I participated in the same race as world champions, and concluded just as they did, even though the completion time was different because they are professionals."

For Ibekwe, Aderinto and many other participants, the valuable lessons they learnt from featuring in the Access Bank Lagos City Marathon will help them in their future engagements and will certainly look forward to taking part in the next edition.

On Marble

Leaders come in many forms, with many styles and diverse qualities. There are quiet leaders and leaders one can hear in the next county. Some find strength in eloquence, some in judgment, some in courage.

– John W. Gardner

World Record

Sanctity of Truth

John D. Rockefeller is held to be the world’s first official billionaire, achieving that status in 1916 largely through his ownership of Standard Oil.

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

MONDAY, FEBRUARY 29, 2016

N150

Moving forward… Strengthening intervention funds Guest Columnist A bout a week ago, I published the first part of a series of essays focused on the grave and crippling challenges facing the Nigerian economy. I must say that I was surprised but gratified at the positive feedback received, and by the interest generated from diverse stakeholders, both at home and abroad.

Many respondents were pleased that these issues were being addressed openly and objectively, contrary to the norm. Not a few expressed concern at the likely repercussions of spotlighting controversial subjects relating to powerful individuals and interest groups in Nigeria. My standard retort is that Nigeria is staring down an economic abyss that requires urgent structural reform and wholesale restructuring, backed by this administration’s anticorruption drive. Consequently, for the greater good, Nigeria needs genuine patriots to step up and confront the existential crisis that we are facing in our economy. Without sounding paranoid, we believe that our corporate stance will attract public attention and may well come at a price since these entrenched, ‘powerful’ interests will most likely come after us and our businesses at BUA Group. We know that they will not relent and, as such, we anticipate their pushback. Nevertheless, we realise that we owe it as a duty to our country and as responsible citizens to engage as many stakeholders as possible through this medium so that Nigeria may prosper and be better for it.

ON INTERVENTIONS… Recently, there have been calls for new intervention programmes as a policy response. Whilst interventions, in my opinion, are an excellent way to stimulate the economy during a recession, my experience as the former Chairman of the Board of the Bank of Industry (BoI) taught me that these intervention funds would need to be disbursed equitably to facilitate the desired outcomes. Not long ago, one such programme had about N200billion disbursed at 7% - 9% interest rate with a tenor of 10 - 15 years to only 3 companies – a fertiliser plant in Port Harcourt, a sugar plant in Lagos, and a petrochemical plant and refinery in Lagos. Whilst these projects are no doubt highly commendable and may go a long way in promoting economic development, would the country have been better served if these cheap, long-term funds had been apportioned to dozens of smaller, viable companies or projects requiring venture capital, thereby impacting more sectors of the economy?

I highlight this point because I also be-

Abdulsamad Rabiu (CON)

lieve that some of the companies that have accessed these funds in the past did not need it as much as others.

Furthermore, monitoring and scrutinising of invoices of imported equipment and machinery related to these funds are also critical. One scenario which I remember vividly occurred in early 2015. To his credit, the former Minister for Agriculture did his best to sanitise the agriculture industry in Nigeria, create more opportunities, and foster accelerated growth through the Agric Fund. However, there were certain disturbing incidences which, if uncurbed, were capable of disrupting reforms. For instance, there was a request that came to the Board of the BOI from the ministry to open a Letter of Credit (LC) of about $85million for the importation of rice mills from an Indian firm. Subsequently, a pro-forma invoice was sent by the ministry to that effect. This money was from an Agric intervention fund for which BOI was a custodian on behalf of the ministry.

When this was tabled before the Board for review and approval, the Board declined. As a board, we declined simply because I was privy to the fact that the costs of the mills in question were inflated by over $70million. Incidentally, I had in my possession a quotation from the same Indian company for a similar capacity rice mill at a cost of $1.2million per mill, as against about $7million in the pro-forma BOI received. I shared this fact with the board and, as a result, we held our ground even though the Bank of Industry was obliged to release funds to the ministry upon request.

Shortly afterwards, I met the erstwhile Minister for Agriculture at a public function and brought up this issue. He showed genuine surprise and was unequivocal in his support of BOI’s due diligence necessary to protect government funds and to attain best value for money. We were yet to conclude this deal when the new government came into office, and all boards were dissolved.

After the new administration was sworn-in, but before the new ministers came on board, the permanent secretary in the ministry issued a directive that the pending LC be opened by the

BOI. I got wind of the situation and immediately sought audience with President Muhammadu Buhari, to whom I presented the transaction with all accompanying facts and documentation.

In response, he promised to investigate and take immediate action. Within a short period of time, I was able to confirm that the president had directed that the transaction be stopped and the funds returned to the CBN - and that was exactly what happened. (I however understand that even though it was stopped, there are moves by certain persons connected to the previous request to revive the transaction at the same inflated price).

Had the president not intervened, then the LC would probably have been opened and Nigeria would have lost close to $70million on that deal alone.

Worse still, the off-takers of the mills; that is, the primary beneficiaries, were not willing to take the mills at that price from the government, yet the ministry still insisted that the LC be opened. This might have led to a situation whereby the mills would be left to rot in storage, and the nation would not have benefitted in any way from the purchase of those equipment.

As I stated earlier, I am in support of a stimulus package for key sectors of the economy but I also believe that the funds should be disbursed equitably and judiciously – targeted at the right sectors and the right people. Also, such funds should be used to encourage smaller businesses to grow which will, in turn, lead to faster development and wider employment opportunities in the long run. This is because, if the larger companies like ours continue to be the biggest beneficiaries of these intervention funds – even where we may not really need these funds, then the big will only get bigger with the smaller companies unable to compete.

Appropriate mechanisms and processes must also be put in place to monitor the application of funds and to check over-invoicing and abuse.

Finally, on the issue of FX which was largely covered in my last essay, I was astonished to learn, over the course of discussions with several stakeholders in the past week, that more than $3billion had been remitted out of the

country through Form As over the past few years to establish cement operations in other African countries. For clarification, a Form A is used for invisible transactions that do not require shipment of any goods into Nigeria. It was further revealed that some of the transactions in question were traced to a company in Dubai with close ties to the Nigerian company. Whilst these allegations are difficult to ascertain without official confirmation, they are weighty and perplexing nonetheless. If true, it represents a huge drain on our resources and it is my sincere hope that incidents like this are not allowed to go unchecked henceforth, as Nigeria can ill-afford to bolster other economies to the detriment of our domestic economy.

At this juncture, Nigeria literally needs all hands on deck – big or small, blue-chip or SME, private investor or public servant, young or old, to work together to secure our economic future as a nation. Expectedly, this will be difficult to achieve as vested interests will most certainly fight back.However, we must work in concert - in an atmosphere of utmost integrity whilst we move ahead with purpose and a steely resolve to do right by our country – whether in our personal lives or in business. Nigeria can only come out better and stronger. Nigeria needs us.

Thank you.

•NOTE: This is the second part of a series of essays by Abdulsamad Rabiu CON, billionaire industrialist and chairman of one of Nigeria’s largest Foods & Infrastructure conglomerates, BUA Group.

HIGH CHIEF

FRAUDSTERS TURN ACTORS IN POLICE CUSTODY – News

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