New telegraph monday, october 12, 2015 binder1 by Newtelegraphonline

Boko Haram: Army to try 50 officers, soldiers - Investigation }6 NNPC makes $3.42bn, pays $607.8m to FAAC in 8 months 'Use disposable lWestern oil groups warn against contracts overhaul items to Adeola Yusuf curb germs, infection' }7 T he Nigerian National Petroleum Corporation (NNPC)

declared at the weekend that its total export crude oil and gas receipt between January and August 2015 peaked at $3.420 billion, a sharp decline of more

than 67 per cent from September 2014, when the receipt was at its peak, to July, 2015. The corporation also revealed that $607.8 million

has been paid so far to the Federation Accounts Allocation Committee (FAAC) in 2015 from crude export. These details were contained in NNPC’s monthly

publication of Financial and Operational Report. Group Managing Director, NNPC, Dr. Ibe Kachikwu, had in August, promCONTINUED ON PAGE 4

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Monday, October 12, 2015

The late Alamieyeseigha

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APC, PDP, Kalu, Police arrest Atiku, Fayose, Falae’s kidnappers, others mourn recover ransom Alamieyeseigha }7 }10

Falae

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145 Nigerians died in Makkah stampede –NAHCON }7

Ministerial screening:

DSS, Police, CCB conclude background checks }2

lEx-senators, Amaechi, Fayemi, Ogbeh face Senate Tuesday lNominees storm Abuja, lobby Saraki, lawmakers

L-R: President, Dangote Group, Alhaji Aliko Dangote; President, Republic of Tanzania, Dr. Jakaya Kikwete; Kaduna State Governor, Mallam Nasir el-Rufai and Regional Commissioner for Mtwara, Ms. Halima Dendego, at the inauguration of Dangote Cement's Tanzania plant in Tanzania…at the weekend.

Tinubu: I’ve not spoken with Saraki since June 9 lSays, I won’t undermine Buhari

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MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

DSS, Police, CCB conclude background checks Onwuka Nzeshi and Chukwu David ABUJA

he ministerial nominees billed to be screened and confirmed by the Senate tomorrow have passed through the mandatory background checks in the hands of the Department of State Services (DSS), the Police and the Code of Conduct Bureau (CCB) to ascertain their fitness for the job. Investigations revealed that they have also submitted copies of their curriculum vitae, tax clearance certificates to the Presidential Liaison Office at the National Assembly for onward distribution to all the senators ahead of the exercise. New Telegraph learnt that most of the nominees have been in Abuja in the last four days and some had their turns with the security agencies on Friday while others passed through the same process on Saturday. Former Governor of Rivers State, Mr. Chibuike Amaechi, it was gathered, will conclude his security screening today while the former Governor of Lagos State, Mr. Babatunde Fashola, who has been away on an overseas trip will present himself for the screening today. President Muhammadu Buhari had, last week, directed the ministerial nominees to submit themselves for background checks as a prelude to their confirmation by the Senate. The directive was an indication that no such screening had been done on any of them before now, contrary to media reports in the last couple of weeks. A former governor confirmed to New Telegraph that most of the ministerial nominees have concluded the security screening. “About 10 of the ministerial nominees did their security screening on Friday. Others did theirs on Saturday while a few others will complete their background checks this morning. “The DSS, Police and CCB have done their findings. We have submitted our documents and questions have been asked. Questions about our neighbours and academic qualifications have been asked and answers provided. “Some of us have been contacted to appear before the Senate on Tuesday,” the ministerial nominee said. A senior party official also confirmed that he has passed through all the security checks. “I have done all the security checks and I’m ready for the screening either Wednesday or Thursday,” the nominee said.

The report will be submitted to President Buhari and the Senate. Insider sources in the National Assembly disclosed to one of our correspondents that a schedule has been drawn by the Office of the Senate President for the screening. According to the schedule, seven nominees would be presented for screening each day until the list of 21 nominees have been exhausted on Thursday. Tomorrow's screening will commence with Senators who made it to the ministerial list namely, Hadi Sirika (Katsina), Aisha Al-Hassan (Taraba), Chris Nigige (Anambra) and Udoma Udo Udoma (Cross River). They will be followed by the ex-Governors Kayode Fayemi (Ekiti) and Chibuike Amaechi (Rivers). Former National Chairman of the Peoples Democratic Party (PDP) and Second Republic Minister of Agriculture, Chief Audu Ogbeh (Benue) will take his turn on Tuesday. New Telegraph authoritatively gathered that all the nominees billed to be screened tomorrow have been contacted by the Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang who has been working behind the scene to ensure a hitch free exercise. A good number of the nominees have commenced intense lobby of members of the upper chamber of the National Assembly, following speculations that some of them might face an uphill task during the screening, particularly in states not controlled by the All Progressives Congress (APC) and where the sitting senators belong to the opposition party. A plethora of petitions flooded the Senate last week from across the states where some interest groups are opposed to the nomination from their state. In Rivers State, the PDP is opposing the nomination of Amaechi as minister designate from that state due to allegations of

unlawful sale of state assets and misappropriation of public funds. Amaechi is reportedly disturbed that his nomination might be annulled if the three Senators from Rivers State make good their threat to oppose his nomination on the floor of the red chamber. One of the conditions set by the Senate for the screening exercise is that a ministerial nominee must have the support of at least two senators from their state of origin before they could be screened. Since Thursday last week, some of the nominees were seen within the National Assembly Complex to cross check their curriculum vitae submitted to the Senate, to ensure that there would be no discrepancies in the documents when standing before the Senate. It was also learnt that the nominees at the same time, took advantage of their presence at the complex to familiarize themselves with the senators as well as to lobby them to be cooperative and lenient with them during the screening exercise. Some of the nominees sighted at the Senate wing of the legislative complex by our correspondent in-

cluded the former governor of old Abia State, Dr. Ogbonnaya Onu; former governor of Anambra State and member of the immediate past Seventh Senate, Senator Chris Ngige, and Senator Udoma Udo Udoma. Others are Chief Audu Ogbe, Senator Hadi Sirika, Lt.-Gen. Abdurahman Dambazau, Dr. Osagie Ehanire, and Sulaiman Adamu, among others. New Telegraph learnt that the nominees were in Abuja at various locations holding meetings with the senators to put final touches to ensure that the screening exercise would be conducted without hitches. President of the Senate, Senator Bukola Saraki, has met with a large number of PDP senators to resolve some of the emerging challenges on the path of some nominees. Saraki is also expected to meet with the APC Caucus later today (Monday) to appeal to them on the need to conduct the screening according to the rules. It was gathered that Saraki has been making frantic efforts to use the opportunity of the ministerial screening to pacify both the Presidency and the APC over the wrath he

incurred when he defied the decision of the party to emerge as the President of the Senate. A source told our correspondent that Saraki must take advantage of the screening exercise to get himself off the hook of the political quagmire he entered into as a result of his emergence as the President of the Senate and his subsequent refusal to allow Senator Ahmad Lawan to take the slot of Senate Majority Leader. "This is a golden opportunity that Saraki has to do a trade off with his party and the Presidency in particular. If he plays his card very well by allowing the nominees of the President to scale through, I am sure that the so-called charges against him by the Code of Conduct Bureau will be dropped. That is where you will see political solution in action," the source said. Meanwhile, the Majority Leader in the House of Representatives, Hon. Femi Gbajabiamila has described the rule stipulating that two senators must endorse the nomination of a minister designate or lose the nomination as unconstitutional. Gbajabiamila argued that the rule by the Senate cannot pass the test of

constitutionality as it runs contrary to the provisions of the 1999 Constitution. "Whilst Section 60 of the constitution gives the Senate the right to its own rules of business, Section 1(3) of the same Constitution expects such rules not to conflict with any provision in the constitution and declares that where there is any such conflict, the constitution will take pre-eminence and such rule will be null and void. “Indeed Section 60 where the Senate derives the powers to formulate its rules declares that such powers are subject to the provisions of this constitution. Furthermore, the rules envisaged in section 60 are those codified in the Senate Rule Book and I am not aware that there is anything like the two senators’ endorsement rule in the book. It is only when there is no provision or a lacuna exists in the rulebook in a given situation that the Senate is allowed by its rules to fall back on a convention. The convention so envisaged is the convention and practice in other legislatures and over time. The two senator rule is not a legislative practice in any part of the world and not in Nigeria for that matter," Gbajabiamila said.

L-R: Swedish Finance Minister, Hon. Magdalene Anderson; President, African Development Bank (AfDB), Dr. Akinwumi Adesina; Deputy Managing Director, International Monetary Fund (IMF), Min Zhu; Chairman, Heirs Holdings, Mr. Tony Elumelu; Nobel Laureate in Economics, Prof. Joseph Stiglitz and World Bank Managing Director, Mr. Bertrand Badre, at the 2015 World Bank/IMF Annual Meetings in Lima, Peru… at the weekend.

Corruption: Buhari won't defend Amaechi, Fashola, others –APC Johnchuks Onuanyim Abuja

he All Progressives Congress (APC) has defended President Muhammadu Buhari for appointing former Governors Rotimi Ameachi and Babatunde Fashola as ministerial nominees. Deputy National Chairman (North) of the party, Senator Lawal Shuaibu, stated that their appointments would not in any

way stop the corruption probe against the duo. The two former governors who have been accused of corruption are part of the 21 ministerial nominees awaiting screening and confirmation by the Senate. According to Shuaibu, "if corruption investigation against any of the nominees lead to conviction in courts, the president will not intervene. "You see the president has said several times that

he believes in the rule of law. Anything that is not in line with the constitution and the extant laws of this country, he would not go for it. When it comes to the issue of the choice of people who will serve as ministers in his administration, I believe until one is convicted in the law court, we will be chasing shadows on the basis of suspicions and assumptions. "If he decides to interpret the laws in the case

of people facing investigation, I think he is quite free to go ahead with it. Quite frankly, he is not going to stop any investigations against any member of his cabinet. But should that investigation lead to conviction in courts, I assure you even before President Buhari ask them to resign, such a person would have brought a letter of resignation. I assure you, the president will not intervene in a matter before the court on behalf

of anybody including his own child." Shuaibu also stated that the anti-corruption crusade of the administration is not biased in approach. On the expectations from the APC administration, he said: "As soon as the ministers are sworn in, the business of governance will fully commence in earnest and actual implementation of the programmes of government will start off.

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

News

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

Tinubu: I’ve not spoken with Saraki since June 9 Wale Elegbede

he National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, yesterday revealed that he has not spoken with Senator Bukola Saraki since his emergence as Senate President on June 9. Tinubu noted that by virtue of office President Muhammadu Buhari occupies, he is required to discuss with Saraki, but he is free of such constraints. The former governor insisted that the emergence of Saraki as Senate President was in breach of “party discipline” and a display of disloyalty. He also reaffirmed his loyalty to Buhari, denying any rift with the president. Tinubu stated that he would not engage in any action that may undermine Buhari’s government. In a statement issued yesterday from Conakry, the capital of Guinea by his media adviser, Sunday Dare, the former governor of Lagos State said: “The idea of an alleged conspiracy between Tinubu and Saraki against the president is an execrable lie.” A national newspaper (not New Telegraph) had,

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over the weekend, reported a strain in relationship between Buhari and Tinubu over list of ministerial nominees, alleging that the Presidency had subsequently beamed a security searchlight on the former governor. But the Presidency, in a swift reaction on Saturday by the Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu, noted that there was no iota of truth in the story, adding that Tinubu is not of any particular interest to any arm of the security services and that relationship between the two leaders cannot be better than it is at the moment. Tinubu said he would “not toss aside a lifetime’s labour because of an alleged slight and certainly would not join with Senator Saraki in stymying this government which may just be the nation’s last best chance to salvage itself.” The former governor said there is no truth in the allegation of conspiracy against the president between him and Saraki. His words: “Given the exigencies of his position, President Buhari is placed in an unenviable position to some degree. The du-

ties of his office give him no choice; necessity constrains him, requiring that he discourse with Senator Saraki. As party leader, Asiwaju is free of such constraints. On these matters, I know where Asiwaju Tinubu stands. He remains glued to the party decision that the manner by which Saraki captured his current seat travestied party discipline. It was a crass act of disloyalty showing that

Saraki may have joined the APC on paper, but has remained true to the malpractices and wrong aims of the reactionary PDP in his soul. “The alleged conspiracy is a figment. It takes at least two people to make a conspiracy. There has been no substantive communication between Asiwaju and Saraki since the latter decided to foul the integrity of the Senate and the party.

“To be truthful, I don’t think Saraki would care to hear what Asiwaju would have to say to him. He would admonish the senator to treat the nomination process with dispatch, justice, fairness, transparency, and most of all with the greatest patriotism.” While counselling Saraki to shelve his personal situation for the moment and concentrate on the people’s business, he noted

that: “It would be a grave mistake and abuse of office for Saraki to directly or indirectly inject his personal matter into the approval process. Saraki should not link the approval of a single minister to his desire for extrajudicial treatment of his issues.” On his purported surveillance, Tinubu said, “If adhering to the decisions of the party, supporting the CONTINUED ON PAGE 6

L-R: United States Secretary of Treasury, Mr. Jacob Lew; Managing Director, International Monetary Fund (IMF), Ms. Christine Lagarde and Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, during the 2015 World Bank IMF Annual Meetings in Lima, Peru…at the weekend.

Western oil groups warn against Nigerian contracts overhaul CONTINUED FROM PAGE 1

ised to publish monthly publication of Financial and Operational Report in a bid to guarantee a new era of transparency in NNPC. “A further breakdown indicates that the total export crude oil and gas receipt for the period of January – August 2015 is $3.420 billion. Of the total receipts, the sum of $0.61 billion was remitted to Federation Account as dollar proceeds while the balance of $2.815 billion was used to fund the JV Cash Call for the period,” the corporation said in a statement yesterday. “The report notes that the receipts witnessed a sharp decline of more than 67 per cent from September 2014, when the receipt was at its peak, to July 2015 with dire consequences to the federation. “The NNPC informed that the continued decline in oil price led to insufficient cash available to meet monthly JV Cash Calls obligations of about $615.8 million as appropriated by the National Assembly. “To mitigate this effect, NNPC was compelled to sweep all the export receipt to JV Cash Call funding implying a zero dollar proceed remittance to the Federation Account since

the month of April 2015,” the statement, signed by Group General Manager, Group Public Affairs division, Ohi Alegbe, showed. Alegbe added that the sum of N723.82 billion for Domestic Crude Oil and Gas Sales proceeds has been paid to the Federation Account from January to August 2015 as naira proceeds. The publication provides an overview of NNPC’s operations across the oil and gas value chain (Upstream, Midstream & Downstream) as well as NNPC’s agency function on behalf of government of the federation from the period January to August 2015. Specifically, the report provides detailed and unprecedented statistical insight into crucial aspects of the corporation’s activities ranging from National Crude Oil and Natural Gas Production, Lifting and Utilisation; Refineries Plants Operations; and Petroleum Product Supply and Distribution to NNPC Budget Performance Report and Federation Crude Oil and Gas Revenue. Illustrated with tables, graphs and charts, the report vividly throws light into aspects of NNPC’s operations that were once described as ‘opaque.’ Issues like the status of the

once misunderstood JP Morgan Foreign account, management and custody of revenue from crude oil sales, actual production capacity of the refineries, dollar accruals to NNPC/ FGN from export crude oil and gas, as well as receipts and payments are laid bare. Meanwhile, western oil executives have warned Nigeria against sweeping changes to commercial contracts that could lead to the government taking a bigger share of revenues from the country’s vast deepwater fields, Financial Times reported. NNPC had indicted of its plans to renegotiate production-sharing agreements with oil majors. The decision, which NNPC says will affect companies such as Royal Dutch Shell, Chevron, Eni and ExxonMobil “in the weeks and months ahead,” has stoked concern among western industry officials. Several sources said that they knew nothing of the details, others said that they had not been contacted, and one executive, who declined to be named, said: “Don’t mess with the fiscal terms.” Stephane Foucaud, analyst at First Energy Capital, said: “If the PSCs (production-sharing contracts) start changing,

that might seriously make people rethink their investment exposure to Nigeria. Companies don’t like uncertainty. In the context of the majors cutting capital spending, there are many more opportunities for capital deployment.” The scale of changes planned by NNPC, under the Ibe Kachikwu leadership following the election of President Muhammadu Buhari this year, remains uncertain. However, NNPC has made it clear that it wants to review all its production sharing contracts with the majors, the aim being to boost government revenues after the collapse in crude prices. Western companies would be almost certain to resist changes to the terms of existing agreements, many of which date back to the 1990s, while the development of eight planned deep water projects, due by 2020, could be put back. The new projects would contribute one million barrels a day of output. “With oil prices being about half what they were a year ago, there is less capital to go around. I think Nigeria is focused in the right place. Let’s make sure we have a stable environment, so when we do have a project that is

competitive, those funds go to those projects,” said another executive. Chairman of Shell Nigeria, Osagie Okunbor, said neither NNPC nor the international oil groups wanted the negotiations “to have an adverse impact on investment in the country”. He added: “We’ll have to look at several clauses and then take a position.” Shell has deferred until next year a final investment decision on its multibillion-dollar Bonga South West project in light of the oil price collapse and has said it will approve only two developments globally this year. Industry insiders believe Nigeria would find it difficult to agree bigger government revenue take at a time when the big oil and gas groups are slashing spending in an effort to shore up cash flow and protect dividends. A solicitor with Nigeriabased ACAS-Law, Felicia Kemi Segun, said NNPC was entitled to broach a review of existing PSCs, but warned: “There will no doubt be great resistance from the international oil companies to a renegotiation of fiscal terms that see their profits further shaved to the extent that the government is able to extract any additional commercial benefit.”

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

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MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

Boko Haram: Army to try 50 officers, soldiers –Investigation Our Correspondent

here are strong indications that the Nigerian Army may inaugurate a new General Court-Martial (GCM) to try about 50 officers and soldiers, over operation-related offences in the ongoing counterinsurgency operations in the North-East and other disciplinary cases. This is as former Commander of the disbanded Multinational Joint Task Force (MNJTF) in Baga, Borno State, BrigadierGeneral Enitan RansomeKuti, will continue his defence before the Major

General Ekanem-led GCM today. Investigation by New Telegraph showed that the officers to be tried include Colonels, other lower ranks and many private soldiers. A highly placed source, who spoke on the condition of anonymity, said the Convening Order for the inauguration of the new GCM, and the arraignment of the accused officers and soldiers, was dated September 28. If the inauguration proceeds as planned today, it will be the first courtmartial to be set up by the new Chief of Army Staff

(COAS), Lt.-Gen. Tukur Buratai. The COAS, who is currently on a tour of duty to all the six Divisions of the Nigerian Army, had while at the 81 Division registered his displeasure over the attitude of some soldiers in Geidam, Yobe State, when suspected Boko Haram fighters attacked the town. According to the source, "I have sighted a Convening Order, which indicates that a new court-martial will be inaugurated at the Army Headquarters (AHQ) Garrison on October 12. "I think about 52 offi-

cers and soldiers will be arraigned for trial on offences ranging from operation in the North-East, and others, which have nothing to do with that, but purely disciplinary in nature. "You may be surprised that this is coming under our new COAS. Look, this three-star General is a stickler for discipline and professional conduct, and since he is showing exceptional leadership, which has boosted the fighting spirit of troops, no soldier should be seen trying to reverse the gains recorded since his emergence a few months ago," he noted. He drew attention to the

motivational and moraleboosting visits General Buratai had undertaken to various units and battalions in the theatre of operation, and concluded that: "No soldier should be seen not to commit his all towards the defeat of Boko Haram.” Meanwhile, BrigadierGeneral Ransome-Kuti will continue his defence today, before the GCM sitting at the AHQ, Abuja. Ransome-Kuti, who was the Commander MNJTF in Baga, Borno State, has since opened his defence to offences relating to alleged loss of service property as well as failure to perform military duty. The offence originated from the January attack on the JTF base by Boko Haram fighters.

The continuation of his defence today, followed the dismissal of his "no case submission” to the charge preferred against him. When asked to comment on the report, the Acting Director, Army Public Relations (DAPR), Colonel Sani Usman, referred New Telegraph to the Deputy Spokesman (AHQ Garrison), Colonel Yusuf. According to Usman: "The Army is vast and wide; Divisions are allowed to take certain levels of administrative decisions. "Look for Colonel Yusuf, let him confirm or deny it." A call to Yusuf's phone, was not answered, even as he had yet to send a reply to a text message sent to him, as at the time of filing this report.

Tinubu: I won’t undermine Buhari CONTINUED FROM PAGE 4

Delta State Governor, Mr. Ifeanyi Okowa (left), with the Olu of Warri-designate, Eroro Emiko, during the governor's condolence visit over the passage of the Warri monarch, Ogiame Atuwatse II, in Warri...at the weekend.

World Bank pledges $29bn for climate financing Tony Chukwunyem

he World Bank has pledged to increase climate financing to $29 billion annually with the support of its members. The decision is expected to boost global efforts to help countries tackle the impacts of climate change and move toward low-carbon growth. The announcement was made at the weekend during the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Lima in a private meeting of ministers who gathered to talk about climate financing ahead of the 21st Conference of the Parties (COP21). The climate meeting, which will be held in Paris at the end of November and December, aims to strike a global agreement on climate, which includes delivering on a promise to provide developing countries with $100 billion a year in climate financing by 2020. The World Bank Group’s announcement was in responce to developing countries’ calls for new

resources to help address climate challenges. World Bank President, Jim Yong Kim, said that while 21 per cent of the Bank Group’s current funding is climate related, the figure could rise to 28 per cent in 2020 in response to client demand, representing one-third increase in climate financing. He stated that the World Bank Group now provides an average of $10.3 billion a year in direct financing for

climate action. If current financing levels were maintained, this would mean an increase to $16 billion in 2020, he added. Kim also disclosed that the Bank plans to continue current levels of leveraging co-financing for climate-related projects at current financing levels, that could mean up to another $13 billion a year in 2020. Kim said: “We are com-

mitted to scaling up our support for developing countries to battle climate change. As we move closer to Paris, countries have identified trillions of dollars of climate-related needs. The Bank, with the support of our members, will respond ambitiously to this great challenge.” The World Bank Group’s climate finance pledge is dependent on client demand and on maintaining current financial capacity.

Shell confirms attack on Kolo Creek oil facility Adeola Yusuf

hell Petroleum Development Company (SPDC) yesterday confirmed that its flow station in Bayelsa State was attacked by suspected gunmen, killing a local guard, identified as Mr. Austin Igwe, on Friday. Shell’s spokesman, Mr. Joseph Obari, who confirmed the attack in a statement, said that investigation into the incident was underway. “There was an armed attack on a Joint Task

Force (JTF) sentry post at Kolo Creek Flow Station on October 9, 2015, in the Eastern Niger Delta. “Regrettably, a community guard at the flow station lost his life in the incident. We are saddened at this loss of life and our thoughts are with the bereaved family. The security agencies are investigating the incident,” he said. The guard, who was killed by the gunmen, was on duty when they struck. It was gathered that much havoc would have been done to the facility

and personnel but for the prompt response by the JTF. It was gathered that the sound of the gunshots fired by the gunmen alerted armed security team stationed to guard the oil installation whose reaction repelled the gunmen to beat a retreat. The Kolo Creek flow station in Bayelsa has always been subject to attacks. It resumed operations in July following the resolutions of the rift between Shell and its host communities in Ogbia Local Government Area.

government’s progressive plank and working for the good of the people qualifies Tinubu for surveillance, then he will accept that. “However, we know that any such surveillance is not from state security organs. Such activity would come from the insecurity agencies of the Peoples Democratic Party (PDP) and its mercenary allies elsewhere who would seek to fragment the true core of the APC so that they may scuttle the Buhari reform programme and return the nation to the misgovernance of the past. They hope to delude the APC into attacking itself. “By so doing, they believe they can regain through stealth, the reins of government the people seized from them through elections. They seek to break the hearts and hopes of the people. Asiwaju Tinubu would never team with anyone to gain such an inhumane objective.” Tinubu’s statement also affirmed his loyalty to the president. He said: “For the record, the Buhari Presidency was brought to life by the votes of millions of Nigerians who desire change. Such a collective and historic achievement is not one that anyone who worked to bring it to life would easily seek to deconstruct. “This government is for the betterment of the people and the national purpose is bigger and more important than any individual’s desires. “In our journey to national betterment, plans and policies will be made, then amended. Mistakes will occur and then corrected. Achievements will be had and replicated. Through it all, Asiwaju will remain true to the progressive ideals that fuelled the creation of the APC.

“He has devoted his political life to achieve what has been achieved. His heart is too much of the people and his mind too fixed on establishing a positive historic legacy to suffer such a cynical policy or engage in the destructive pettiness of which he is accused.” Speaking on the ministerial list for the first time after the nominees was made public, Dare stated: “Like the rest of us, Asiwaju Tinubu waited for the president to select his cabinet. The majority of the selections have been made. There is nothing to do but congratulate the appointees and pray for them. Their responsibilities are vast; the future of the nation now rests on their shoulders. The challenges before them are manifold and daunting. Those who want the best for Nigeria can only hope that these people succeed. “The only intervention that Asiwaju Tinubu would make is one of encouragement. He would charge them to remain true to the progressive vision of the party and our president. None should allow themselves to be enticed to join league with those who would cast us back into the old mould of PDP governance: to pilfer, destroy and pillage. Instead, they should cohere faithfully to the enlightened programmes and promises made by our party and this government.” He stressed that the only intervention he can make is to encourage the wouldbe ministers that the responsibilities on their hands are vast and the future of the nation now rests on their shoulders. “Other than voice this encouragement, Bola Tinubu will never say a negative word or lift a finger to forestall anyone’s approval before the Senate,” he said.

NEW TELEGRAPH monday, october 12, 2015

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Tributes pour in for Alamieyeseigha Our Correspondents

igerians from across different divides yesterday paid tribute to the late former Governor of Bayelsa State, Chief Diepreye Alameiyeseigha, who died on Saturday. Some of those who paid tribute to the late politician, who died at 63, included the Peoples Democratic Party, PDP; the ruling All Progressives Congress; Governors Olusegun Mimiko and Ayo Fayose of Ondo and Ekiti states and former Governors Orji Uzor Kalu, Godswill Akpabio and James Ibori of Abia,Akwa Ibom and Delta states respectively. Also, former Vice President, Atiku Abubakar and former Senate President, Senator David Mark also commiserated with his family and the government of Bayelsa State. The PDP described Alamieyeseigha as an

outstanding party-man, who, despite his travails, remained loyal to the PDP at state and national levels to the very end. The party, in a statement yesterday by its National Publicity Secretary, Chief Olisa Metuh, said it was still in shock over the news of the sudden death of the former governor, describing the development as deeply saddening. “Chief Alamieyeseigha was a true democrat; humble leader, brilliant administrator who had extraordinary love for his people,” it said. The APC also condoled with the family and friends of Alamieyeseigha. In a statement issued in Abuja yesterday by its National Publicity Secretary,

Alhaji Lai Mohammed, the party also condoled with the Bayelsa State government over the death of its former governor. In a statement signed by his media team, Kalu said, “I was shocked when I heard the news of the passing of my former colleague, DSP Diepreye Alamieyeseigha (rtd) . He was a politician who cared for the well being of his people, especially the Ijaw nation. He was gentle and easy going. Our prayers and thoughts are with his loved ones at this period of grief”. Ibori described Alamieyesiegha as a "victim of great hypocrisy masquerading as nationalism and anti-corruption fight." In his tribute, Fayose described the death of

Alamieyeseigha as painful and unfortunate. Reacting to Alamieyeseigha’s death through his Special Assistant on Public Communications and New Media, Lere Olayinka, the governor commiserated with the deceased family, former President, Dr Goodluck Jonathan as well as the Governor of Bayelsa State, Hon Seriake Dickson and the entire people of the state. Akpabio said it was a loss of a political colossus to, not only the people of Bayelsa, but the Niger Delta region and Nigeria. In a release by his media aide, Jackson Udom, Akpabio said, " the sudden death of DSP Alamieyeseigha, has robbed the Niger Delta region of a committed and dedicated

indigene, who was always in the forefront of the struggle for the emancipation and development of the Niger Delta region." Also, the Ijaw National Congress (INC) Worldwide described the late politician as a vocal and irrepressible Pan Ijaw nationalist. “We hereby announce seven days of mourning beginning from Monday October 12, 2015. During this period, the Ijaw nation's flag will fly at half mast. The Ijaw National Congress will liaise with the Alamieyeseigha family and the Bayelsa State Government to plan a befitting burial for our great leader and hero”, said Boma Obuoforibo, President, Ijaw National Congress(INC) Worldwide.

Corruption: Lawmaker asks Buhari to increase civil servants’ pay Philip Nyam Abuja

s a measure to help fight corruption in the country, a member of the House of Representatives, Hon. Sergius Ogun (PDP, Edo) has asked the President Muhammadu Buhari-led administration to increase the salaries and allowances of civil servants. He said the increment was important so that they will not be tempted to steal from the government coffers. Ogun observed that corruption is a worldwide phenomenon and cannot be wiped out in a day but the government needs to pay an attractive salary to deter public servants from engaging in corrupt activities. He said: "We blame civil servants, we call them evil servants. What is their take home? We should stop deceiving ourselves; you have a director in the ministry, he is retiring in two years time, what is his annual pay?

L-R: Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo; Executive Director, Credit and Risk Management, Zenith Bank International Plc, Ebenezer Onyeagwu; Executive Director, Lagos and South West Bank, Nneka Onyeali-Ikpe and Head, Main Board, Listings, Sales & Retention, Business Development, Nigerian Stock Exchange, Tony Ibeziako, when Fidelity Bank sounded the gong to mark the close of business on the floor of the Exchange in Lagos.

'Use disposables to curb germs, infections' Appolonia Adeyemi

oing by the traditional tropical season, the August break is over; yet both the rain and associated cold season remain. How the populace copes with current cold and flu is a big issue. Medical experts have recommended the use of disposable products temporarily in homes to check the spread of infections, especially when some family members become burdened with cold and flu.

In this season when most Nigerians suffer cold and catarrh which come with fever, sneezing and runny nose, the use of disposables in bathrooms, kitchens and other parts of the home will suffice, experts stated. According to them, when someone in the home is sick, switching to disposable products in your bathroom until they get better is a simple way to stop the spread of germs among family members. “Replace cloth hand towels with paper

ones, and bring in paper or plastic cups,” they added. The United States (U.S) Centre for Disease Control (CDC) similarly, has recommended regular hand-washing as one of the best ways to remove germs, avoid getting sick, and prevent the spread of germs to others. “It's quick, it's simple, and it can keep us all from getting sick,” the body stated on their website, adding, “hand-washing is a win for everyone, except the germs.” Speaking further on

345 Nigerians affected in Makkah stampede — NAHCON Yekeen Nurudeen Abuja

he National Hajj Commission of Nigeria (NAHCON) has said that a total of 345 Nigerians were affected in the September 24 deadly stampede in Mina when pilgrims

were going to perform the stoning of devil for this year’s hajj. It also said that the death toll has risen to 145, the injured being 35 and those still missing at 165. The Commissioner Planning, Research Statistic Information and Library Service

(PRSILS) of the Commission, Dr. Saleh Okenwa, told reporters yesterday in Makkah ,that seven Nigerians remain admitted in hospital and are responding to treatments. He was speaking at a joint press conference of the top management of the commission’s opera-

tional activities of the 2015 Hajj exercise and the update on the stampede with the Chargé d’Affaires Nigerian Embassy in Riyadh, Ambassador Tijjani Hammanjoda, and the Nigerian Consul-General to Saudi Arabia Ambassador Ahmed Umar.

the positive impact of hand-washing in promoting good health, a public health physician who spoke on condition of anonymity said, “Use the soap often and scrub well. It's a key way to lower your odds of getting a cold or the flu. You pick up germs on your fingers and can get them in your mouth or eyes. Many viruses spread that way.” In addition, they recommend that people should pay attention to symptoms as well as using the right medications. Whether it is a cold or flu? There's no surefire way to tell the symptoms apart. Even your doctor may not be sure which one you have without testing. “Usually, colds are milder. You might have a runny or stuffy nose,” he noted. According to him, the flu is usually more severe and comes on suddenly. It will probably knock you off your feet for a few days.

Ministry, ICPC, UNDP meet to end corruption in aviation Wole Shadare

he Federal Ministry of Aviation, Independent Corrupt Practices and Other Related Offences Commission (ICPC), and United Nations Development Programme (UNDP) have all unanimously agreed to take concerted efforts to exterminate corruption from the aviation industry. This was demonstrated in an inception meeting for stakeholders on Corruption Risk Assessment (CRA) project in the Aviation Sector held at the NCAA Annex training facility in Lagos. Delivering her keynote address, the Permanent Secretary, Ministry of Aviation, Hajia Binta Bello, said that as part of the overall efforts to engender growth, confidence and transparency in the aviation industry, it was imperative to collaborate with the ICPC to drastically reduce the incidents of corruption in the sector. Bello, however, added that this fight was made possible by signing the Memorandum of Understanding (MOU) between the ministry and Anticorruption agency in 2014.

Crashed fighter jet buried into the ground — Locals Ibrahim Abdul

Yola

he ill fated F 7NAF 801 fighter jet that crashed on Saturday in Song Local Government of Adamawa State was reportedly buried into the ground, after efforts by the pilot to get soft landing, locals have said. A local farmer, who simply identified himself as Moses David, said the crash occurred at Didango village, about 20kilometres away from Song Local Government headquarters as according to him,the incident might have been caused by bad weather following heavy windstorm in the area. "The fighter jet plummeted to the ground around 4:30pm Saturday. In fact, we saw the pilot parachuting out of the jet but could not land to safety as he lost control and rammed into a tree as a result of the heavy windstorm leading to his instant death. "The fighter jet sunk into the ground and got missing completely."

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

Metro

We don’t sell guns in our church, says member

The suspects

Taiwo Jimoh

he Christ Evangelical Ministry International Church has finally reacted to the arrest of four of its security guards,’ stressing that the church doesn’t sell guns. The church, located at 4 Adio Balogun Street, Fagba, Lagos State, said it was shocked over

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

the arrest of its Chief Security Officer(CSO). The pastor of the church wasn’t around when our correspondent visited the church, but one of the members, who spoke on the condition of anonymity said: “We don’t sell guns in our church! We employed Joel Ojo when he came to meet our General Overseer that he didn’t have work and needed a job to take care of his family two years ago.” It would be recalled that last week Tuesday, the Lagos State Commissioner of Police, Mr. Fatai Owoseni, paraded four men, alleged to be armed robbers. Two pump action rifles and two pistols were recovered from the suspects’ Honda Accord car. According to Owoseni, the suspects were arrested on September 28, 2015, at about 11pm during police ‘Stop and Search,’

at Abattoir, Agege. The police chief said that a police identity card was recovered from him. Ojo was alleged to be the leader of the gang. Ojo and three others, who were arrested in his company, denied being the owners of the rifles. Ojo said: “We’re not robbers! As I speak with you, I’m having headache and cannot speak much. It was one of my police friends who gave me the guns and identity card. The rifles were given to me to repair by a Chief Superintendent Police (CSP), Muhammed, working at Force Headquarters, Abuja.” Speaking further, the church member said that the arrest of Ojo and gang was a surprise to him and the church. He added: “I know Ojo as a security guard in our church. He however didn’t use gun for his

job here. I was shocked when I heard that two rifles were recovered from him. In our church, he works only during the day. Where did he get those guns?” The man explained that after the arrest of Ojo and others, policemen stormed the church and carried out thorough search on the church premises. He said they found nothing. He recalled that Ojo was employed to man the church because members felt that he needed a job in order to take care of his kids. A resident in the area, identified as Tunde said: “Nobody believed that such an elderly person could be involved in such an act! I see him at the church whenever I’m going to work. He used to play with everybody on the street. Police should do their investigation properly!”

NDLEA arrests cultists in hotel, recovers pistol Juliana Francis

peratives of the National Drug Law Enforcement Agency (NDLEA), Abia State Command have arrested some suspected cultists and recovered a pistol and wraps of Indian hemp. NDLEA detectives nabbed them in a hotel room and recovered from them a pistol, rounds of live ammunition, 13 grammes of dried Indian hemps and shirts with the inscription, Welcome To Taliban Zone. The state commander, Mr Dele Akingbade gave the names of the suspects as follows; Valentine Obinna, 23, Amadi Amaechi, 24, Okonkwo Pascal, 30, Dike Chizoba, 30, Prince Lucky Chukwu, 25, Chimezie Kingsley, 24, Emmanuel Kanu, 21 and Nwanakwere Peter, 22. Akingbade said that the case was being investigated. According to NDLEA spokesman, Mitchel Ofoyeju said: “The raid operation was conducted following a tip-off. The NDLEA will investigate the unlawful possession of drugs and transfer the suspects to Department of State Service (DSS) for further investigation. It has not been established if the suspects are linked to any revolutionary group.” Chairman of the NDLEA, Ahmadu Giade commended the officers for the arrest and pledged to work assiduously towards promoting national security. He added: “This arrest further validates the fact that people take drugs for Dutch courage to perpetrate crimes. The Agency will continue to promote national security through intelligenceled operations.”

The suspected cultists

Metro

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Seventy women, students benefit from lawmaker

Gas explosion: Five-month-old baby, two others hospitalised in Lagos Camillus Nnaji

Hon. Olugbenga making presentation during the empowerment programme

Babatope Okeowo Akure

lawmaker, representing Akoko Northwest Constituency 11, Ondo State House of Assembly, Otunba Olugbenga Araoyinbo, has given grants to women and indigent students in tertiary institutions. In all, 70 women, three students and some physically challenged individuals benefitted from the empowerment programme instituted by the lawmaker. Speaking during the distribution of the cash and cheques to the beneficiaries in Irun Akoko, in Akoko Northwest Council area, Araoyinbo said the empowerment programme was part of his promise to put smiles on the faces of the people of his constituency. According to him, the empowerment programme would be organised periodically. He said all women across the constituency would benefit from the scheme. He also stated that the next phase of the programme will be for the youths and students. He added: “During my campaign, I promised that I will at all times, stand on all my promises to be a good ambassador and chief servant to the great people of this constituency. I also promised that I will at all times embark on programmes which will make life better for you!”

five –month old baby and two others are currently hospitalised after a gas explosion rocked L and K area of Oworoshoki, Lagos State. According to eyewitnesses, the explosion which shook and collapsed some shops and residential buildings, occurred at about 10am, yesterday. The explosion was traced to a yet to be opened shop at No. 88 Oworo Road, where gas refrigerator cylinders are locked up. A five-month-old baby, the landlord’s son, Mr. Monsure Angulo, occupants of a building beside the shop, sustained injuries. The other injured person was a motorcycle rider. He was said to have

been hit by some objects during the explosion. A resident, Funsho said: “We were inside our own apartment when we heard a loud noise. The noise shook our own building. We initially thought it was a bomb. We noticed smoke all over the place after we peeped outside. We discovered it was from a shop where refrigerators and gas cylinders are kept.” Many buildings on both sides of the road were badly damaged. Head of Department Disaster Management of Nigeria Civil and Security Defence Corps (NCSDC), Kosefe division, Mr. A.O. Odusina said that Police Anti- Bomb Detectors had earlier arrived and concluded it was not a bomb explosion. “The truth is that the damages to houses and

injuries to people were much, but we couldn’t trace this incident to a bomb. It came from refrigerator gas cylinders kept in a shop,” said Odusina. The hospital spokesman, Mr. Shina Olaokpa, of Folabi Medical Center, where those injured were rushed to, said: “A fivemonth-old baby and two male adults were rushed to this hospital. They had injuries sustained during the explosion. The baby was referred to Gbagada General Hospital, while the two men are responding to treatment in the hospital.” General Manager Lagos State Emergency Management Agency, LASEMA, Mr. Michael Akindele, also said that it was not a bomb explosion as feared by many.

team of operatives from the Department of State Security Services (DSS) and other law enforcement agents, including the police, army and navy, on Saturday, stormed suspected oil vandals’ hideouts in Isawo, Ikorodu area of Lagos State. The operatives stormed the community at about 5am, armed to the teeth. They positioned themselves at different

70,000 drivers’ licenses yet unclaimed in Lagos/ Ogun Camillus Nnaji

he Federal Road Safety Commission, (FRSC) zone 2, comprising Lagos/Ogun states has revealed that over 70,000 drivers licenses are yet to be claimed by their owners. Assistant Corps Marshal (ACM), Mr. Nseobong Akpabio, Zonal Commander disclosed this in Lagos. Akpabio said that a large number of drivers are plying the roads without drivers licenses, while those who have enrolled and done the physical capturing had refused to come for collection. He added: “ In all 25 centers in Lagos and nine in Ogun, about 70,000 valid drivers’ licenses are yet to be collected by their owners. If the licenses are not necessary, why did they enroll for it?” The commander said that the corps has embarked on public information and phone calls inviting the applicants to come to the commanding units, where they were captured, for collection. On traffic offences, Akpabio stated that the zone has prosecuted 310 drivers in the just concluded quarter of the year. The offences ranged from dangerous driving, over speeding, answering calls on steering, wrongful overtaking, overloading and other. He further said that the corps would soon launch the ‘ember months’ campaign on safety measures for road users.

Musa Pam Jos

The scene of the explosion at Oworo road, Oworonsoki in Lagos…yesterday. PHOTO: GODWIN IREKHE.

DSS officials

City Briefs

Rotary offers free health services

DSS, other security agents storm vandals’ hideout

Taiwo Jimoh

strategic locations within the area. This combine operation came three weeks after some vandals opened fire on DSS officers, killing over eight of them, taking away their corpses and guns. Five of the DSS men were alleged to have been taken alive. Prior to the attack on the DSS men, the vandals had also attacked and killed policemen and officials of Nigeria Security and Civil Defense Corps (NSDCS) at the

same location, disappearing also with their corpses and rifles. When our correspondent visited the area on Saturday, some operatives of the DSS and Special Anti- Robbery Squad (SARS) were seen patrolling the Majidun River waterways with the assistant of naval personnel. The Lagos State Commissioner of Police, Mr. Fatai Owoseni, who was in the area, told residents not to panic over the presence of the law enforcement agents, as they were there to root out vandals in the community. He said: “The presence of the DSS, policemen, army and navy is neither to harass nor to intimidate anybody. What they came to do is to restore sanity in the community. You may hear gunshots, but don’t panic!” Owoseni implored shop owners in the area to close early. Tricycles and motorcycles operators were also told to leave the road for successful casualty free operation. Motorists were subjected to ‘Stop and Search’ by the army.

Mr. Shina Ajao, a resident, said: “I was surprised when I saw heavy presence of combined team of DSS, navy, police and army on Saturday morning as I was going to office. I was in my office when my wife called me that I should return home early to avoid being arrested by the army. She said that residents had been warned to remain indoors until after the operation.” Ajao said that he was happy with the new development, adding: “We cannot sleep with our eyes shut due to the activities of the vandals. The vandals have killed many innocent souls, including DSS and policemen.” A tricycle operator, Idowu said, Isawo and Oke- Oko communities where the vandals’ use as hideouts, should be turned into a barrack. He added: “The vandals are deadly whenever they are going on operations. They kill anyone they come across. They wear army uniforms to deceive people that they are military personnel.”

ive Rotary clubs in Jos, Plateau State capital during the weekend, offered free health care services to residents of Jos North and Jos South Local Government Areas of the state in collaboration with District 9125, Nigeria. The district-wide free health services tagged, ‘Rotary Family Health Days,’ saw residents getting diagnostic services in HIV testing and counseling, eye cataract test and treatment, polio immunization, family counseling, condom promotion and distribution. Plateau State Governor, Simon Lalong, who was represented during the flag-off of the programme by the Permanent Secretary Ministry of Health, Pharmacist Abel Habila, commended Rotary in Jos for carrying out free medical service in the two local government councils of the state. Lalong promised to collaborate with Rotary and other organisations towards providing the dividend of democracy. Lalong said: “Healthcare delivery is a team work! We’re in an era where government is sensitive to the needs of people. We place high premium on health issues. Our doors are open for credible partnership in the provision of healthcare services. Beneficiaries of the services should mobilise neighbours to come and benefit from the free services.” The Plateau State Coordinator 2015 Rotary Family Health, Rotarian Arthur Ophiohonren said the aim of the free medical service was to provide health services toward assisting the rural communities.

10 News

national

Falae: IG’s team arrests kidnappers, recovers ransom Juliana Francis and Babatope Okeowo Akure

ix suspected kidnappers, out of nine, who abducted the former Secretary to the Government of the Federation, Chief Olu Falae on September 21, 2015, have been arrested by the Inspector General of Police’s Special Intelligence Team in Ondo State. A source in Ondo State said that following the kidnap and subsequent release of Falae, the Inspector General of Police, Mr Solomon Arase and his men didn’t relent in trailing the suspects. The suspects were said to be nine, but six are currently in the custody of the police in Ondo State. The suspects were grabbed in three different states; Niger, Ondo and Ekiti states. Three of the suspects, were arrested in Niger State while the other three were picked up in other parts of the country. It was further gathered that some of the ransom money were recovered by plainclothes detectives who were put on covert operations by Arase. The suspects are expected to be moved to Force Headquarters soonest in order to be debriefed by Arase. The source added: “When Falae was released,

we wanted to relax, but the IGP ordered us to continue with our investigation. We finally nailed six of the kidnappers. We’ll soon get others.” On September 21, 2015, Falae was kidnapped on his farm, in IIado in Akure North Local Government Area, Ondo State, on his 77th birthday, with the kidnappers demanding N100 million ransom for his release. After the kidnap of Falae, Arase had coordinated the Chief’s rescue operation. Speaking in Owo while re-uniting Falae with his family, the Arase said: “Those who think Nigeria

uyo

he Governor of Akwa Ibom State, Mr Udom Gabriel Emmanuel, has ordered immediate commencement of operation Zero pot hole on all roads in Uyo metropolis. The governor spoke through the Commissioner of works, Mr Ephraim Akparawa Inyang-Eyen, during the ministry’s supervision tour of the entire capital city to ascertain the level of damage done on roads in the city following the massive rain fall so far recorded in the state . During the tour, the commissioner and his team stopped –over to examine seriously damaged spots like Ukana Offot , Abak Road ,IBB way , Nkemba ,Effiong Udo Akpan , Nsentip , Nsit , Atang , Esuene , Udo Edouk , Urua Ekpa and Urua Udofia Streets, among others. The governor also ordered work to start on the

lae’s for identification. The State Police Command are yet to confirm the arrest, but family sources confirmed it. The family source said three of the abductors were apprehended in Niger State while three others were picked up from different hideouts. Similarly, security source said the suspects are currently being detained at the Special Anti-Robbery Squad (SARS) Section in Akure, the state capital. Four of the suspects were arrested last week Sunday while other two were picked up during the week. It was further learnt that

acting on a tip off, detectives from the police headquarters, in collaboration with the police in the state, stormed the kidnappers’ hideouts. The first three suspects that were arrested, were used as baits to catch others. The suspects were said to have made useful confessional statements. Police spokesman, Mr Femi Joseph, said that the kidnap of Falae “is a national issue. It has been taken over by the IGP. All the issue that has to do with Chief Falae is being handled by the IG himself. I’m sure that the IG will brief the Press tomorrow (today) on the development as regards the kidnap of Chief Falae.” A visit to the Police Command showed that security in SARS had been re-enforced.

Youth group defends nomination of Audu Ogbeh Johnchuks Onuanyim Abuja

s the Senate commences the screening of ministerial nominees this week, a youth group under the All Progressives Congress has risen in strong defence of Chief Audu Ogbeh, as a nominee. The nomination of Ogbeh by President Muhammadu Buhari has received criticisms from some Nigerians. But the youth group, League of Patriotic and Progressive Youths, who defended him in a statement made available to the press by its Acting National Coordinator, Comrade Dominic Alancha, described the nomination of Ogbeh "as a preference for experience over experimentation by Buhari as he seeks to turn around the fortune of the nation. "Chief Ogbeh has the experience and capacity that President Buhari needs urgently to drive governance with precision and commitment."

NBTE trains 160 quality assessors Oluwole Ayodele Kaduna

T L-R: Senior Special Assistant to President on National Assembly Matters, Sen. Ita Solomon Enang; Senate Minority Leader, Sen. Godswill Akpabio and Clerk of the National Assembly, Salihu Maikasuwa, during a familiarisation visit to the Senate Press Corps in Abuja

Akwa Ibom declares operation zero pothole in Uyo Tony Anichebe

is lawless, should have a rethink as the Nigeria Police Force and other sister agencies are everywhere to deal decisively with those miscreants who intend to test the capabilities of the Force.” It was however learnt that the security operatives were on the trail of three other members of the kidnappers. The kidnap of Falae made several interest groups, including Afenifere and Yoruba Unity Forum to ask the Fulani herdsmen to vacate all parts of southwest geopolitical zone. A family source said those arrest by the police have been brought to Fa-

monday, october 12, 2015 NEW TELEGRAPH

IBB way underground drainage that will take out flood water from IBB way, Ukpon Ebet to Ukana Offot and empty it the through the channelization underground drainage of Nkemba Street and connect it to the Itam junction underground drainage that will empty it to the River basin . Inyang says the governor wants the entire streets in Uyo to be free from pot holes before the festive period sets in.

Wole Shadare

irline operators have petitioned the Ministry of Aviation over the menace of bird strikes that have cost them a loss of revenue of as much as N100 million a month when just one aircraft remains on ground. Chairman, Air Operators Association of Nigeria (AOAN), Captain Mohammed Joji, in a position paper made available to New Telegraph which had been sent to the Presidency via the Ministry of Aviation,

Bird strike: Airlines groan over N25bn losses annually lamented that an airline loses over N1OO million each time a bird strikes the engine of airplane. The implication is that put together, the carriers lose over N25billion annually from the menace of bird strikes. The figure according to Joji could be more considering that Arik Air record over six bird strikes a year. Virtually all the carriers complain of damage to their equipment, just

Group petitions CCB over update on Obasanjo’s asset Wale Elegbede

non-governmental resource centre, Human and Environmental Development Agenda (HEDA), has petitioned the chairman of the Code of Conduct Bureau (CCB), to demand an update on an earlier request made to the bureau over actions of former President Olusegun Obasanjo while in office be-

tween 1999 and 2007. The latest petition signed by the centre’s chairman, Olanrewaju Suraju, is requesting information from an earlier petition written by HEDA and dated July 25, 2013, adding that it was expecting response from the CCB seven days after the receipt of the update petition. “In a petition dated the 25th day of July, 2013, we complained about the fol-

lowing actions of Chief Olusegun Obasanjo while he was President of the Federal Republic of Nigeria from 1999-2007 namely; one, Use of his position to solicit for monetary gifts, benefits and donations from government contractors, federal parastatals, oil companies, politicians, government functionaries that cut across all tiers of government.

as they have called on the Federal Airports Authority of Nigeria (FAAN) to ensure birds are reduced or kept away from the aerodromes. Joji noted that the Nigerian Civil Aviation Regulation 2006/2009 part, 18 offences-paragraph 23 (1) states that an aerodrome operator can be liable to a fine of N2.5million in case of a bird strike. His words: “We plead with the authority to calculate the total amount due to airlines at every bird strike for the past 25 years. This amount can then be deducted from what the airline owed FAAN.” From there on, the airline owner will start counting his losses. He will lose millions of Naira in revenue as long as the aircraft is grounded, which could be N12 million every day for a Boeing 737 aircraft and this could last for about one to two weeks if there is no spare engine in the store.

he National Board for Technical Education (NBTE) has, in collaboration with other partnering agencies, trained 160 quality assessors on National Vocational Qualifications (NVQs) to improve the national vocational quality and occupational standard in Nigeria, the Executive Secretary of NBTE, Dr Mas'ud Kazaure has said. Addressing the opening of three week training for 40 internal quality managers (internal verifiers) at the NBTE Centre for Excellence for TVET, Kaduna at the weekend, Kazaure, who was represented by Director of Human Resources, NBTE, Malam Sheriff Sani, said the quality managers would assess the assessors already trained. The 40 participants for the quality managers training were drawn from various institutions such as NBTE, National Business and Technical Education Board (NABTEB), Industrial Training Fund (ITF), National Power Training Institution of Nigeria (NAPTIN), National Automotive Design and Development Council (NADDC), National Institution of Hospitality and Tourism (NIHOTOUR) and Wavecrest College of Hospitality among others.

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Ministerial fallout

The big losers, big gainers

12, 13

Legacy parties

Buhari’s sharing formula

14, 15

Politics Unlike before, the Federal Executive Council (FEC) of President Muhammadu Buhari will witness the highest number of lawyers. Already, eight of the 21 ministerial nominees have distinguished themselves in the legal profession, writes TUNDE OYESINA

A cabinet of lawyers

Fashola

Malami

Mohammed

Udoma

Al-Hassan

Shittu

Kachikwu

Dalong

fter months of waiting for the ministerial list, the Senate on Tuesday, October 6, unveiled President Muhammadu Buhari’s ministerial list of 21 nominees for screening and confirmation. One curious thing about the list is the preponderance of lawyers. Of the 21 ministerial nominees due for screening from tomorrow, eight are lawyers. There are also medical doctors, former governors, ex-senators, former commissioners, lecturers, erstwhile Chief of Army Staff, an ex-minister and politicians. There has never been a time when a large number of members of the Federal Executive Council (FEC) were lawyers. There is the likelihood that the figure will go up given that there are no fewer than 15 ministers still to be appointed by the president. The vice president, Prof. Yemi Osinbajo, is a Senior Advocate of Nigeria (SAN). Two of the would-be ministers are Senior Advocates of Nigeria (SANs) – Babatunde Fashola and Abubakar Malami. Others who are lawyers are Alhaji Lai Mohammed, Senator Udo Udo Udoma, Senator Aisha Al-Hassan, Mr.

AYODELE OJO

DEPUTY Editor, POLITICS ayodele.ojo@newtelegraphonline.com

Adebayo Shittu, Dr. Ibe Kachikwu and Mr. Solomon Dalong. Babatunde Fashola (SAN) The immediate past governor of Lagos State gained admission to study Law in the University of Benin, where he obtained Bachelor of Laws (LLB) degree in 1987. He was called to the Nigeria Bar in November 1988 after going through the Nigerian Law School. After his call to the bar, Fashola engaged in private law practice for many years, and his excellence in advocacy occasioned his elevation to the position of a Senior Advocate of Nigeria (SAN). His legal career of over one and a half decades, commenced in the law firm of Sofunde, Osakwe, Ogundipe and Belgore, where he cut his legal teeth as a litigator over such wide-ranging areas of specialisation as, intellectual property (registration of trade marks), commercial law, covering general contracts, company activities, mergers, acquisitions, right issues, ownership of shares and equity of corporations, as well

Buhari’s professionals Babatunde Fashola, Abubakar Malami, Lai Mohammed, Udoma Udo Udoma, Adebayo Shittu, Aisha Al-Hassan, Ibe Kachikwu and Solomon Dalong Medical Doctors Chris Ngige and Osagie Ehanire Engineers Ogbonnaya Onu and Sulaiman Adamu Geographer Ibrahim Usman Jibril Pilot/Aviation Hadi Sirika Finance Kemi Adeosun Advocacy Kayode Fayemi and Amina Mohammed Politicians Rotimi Amaechi, Audu Ogbeh and Ahmed Ibeto Military Abdulraham Dambazau

Lawyers

as land disputes, criminal law and chieftaincy matters. Fashola, a Notary Public of the Supreme Court of Nigeria, served as Chief of Staff to former Governor of Lagos State, Bola Tinubu, before becoming governor. He is unlikely to serve as AttorneyGeneral of the Federation and Minister of Justice. He will serve in A-rated ministry. Abubakar Malami (SAN) The ministerial nominee for Kebbi State and a Senior Advo-

cate of Nigeria (SAN) is a 1991 Law graduate from Usmanu Danfodiyo University, Sokoto and completed the Nigerian Law School in 1992. He earned Master’s Degree in Public Administration (MPA) from the University of Maiduguri in 1994. He worked as Magistrate II, Kebbi State Judiciary between 1995 and 1996. He was a member of the Local Government Election Tribunal for the 2003 Election and National Publicity Secretary, Muslim Lawyers Forum of Nigeria, 2002 - 2004. He later worked as a lecturer at the Usman Dan Fodio University, Sokoto. Malami joined Buhari in the Congress for Progressive Change (CPC), and served as the party’s National Legal Adviser. In the run to the 2015 general elections, he contested for the gubernatorial primaries in the APC, but lost to Governor Atiku Bagudu of Kebbi State. Ibe Kachikwu Dr. Kachikwu, the 17th Group CONTINUED ON PAGE 14

Politics

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

LOSERS

Osinbajo

Tinubu

Edun

Falana

Ministerial fallout

The big losers, big gainers FELIX NWANERI reports on the big losers and gainers over the 21-man ministerial list recently forwarded by President Muhammadu Buhari to the Senate for consideration as ministers

t is a season of mixed bag for politicians, following last week’s unveiling of President Muhammadu Buhari’s ministerial list by the Senate. While the 21 nominees who made it after the long wait are getting set for the next hurdle – Senate screening those who lost out, and some chieftains of the ruling All Progressives Congress (APC), who failed to push their preferred choices are still counting their losses. Among the big losers are VicePresident Yemi Osinbajo; the National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu; former Lagos State Commissioner for Finance, Mr. Wale Edun; Oyo State governor, Senator Abiola Ajimobi; professor of Political Economy at the Lagos Business School, Pat Utomi and Lagos lawyer, Mr. Femi Falana (SAN). On the other hand, the big gainers are former Governors Babatunde Fashola (Lagos), Kayode Fayemi (Ekiti), Chibuike Amaechi (Rivers), Chris Ngige (Anambra), Ogbonnaya Onu (Abia); Ogun State governor, Ibikunle Amosun; former Ogun State Commissioner for Finance, Kemi Adeosun and Senator Udoma Udo Udoma and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu. Bola Tinubu There is no doubt that Tinubu is one of the biggest losers in the battle for who gets what in President Buhari’s cabinet as none of his ministerial choices was considered. Tinubu was said to have rooted for his former Commissioner for Finance, Mr. Wale Edun, as Fi-

nance Minister but Buhari looked the other way, opting for the immediate past governor of Lagos State and Tinubu’s successor, Mr. Babatunde Fashola as Lagos representative in the yet-to-be constituted cabinet. Though Fashola and other nominees are yet to scale the Senate screening, it is incontestable that his nomination did not receive the blessing of the APC national leader. Tinubu’s camp had launched a cold war against Fashola immediately it became clear that the president is likely to pick the former governor of Lagos State for a ministerial appointment. Another attempt was made to get Buhari to consider Edun, who hails from Ogun State, after the initial bid failed. Governor Amosun, who enjoys a close relationship with Buhari, however, resisted the move to have the ex-banker pick his state’s slot. Besides Fashola, Tinubu also failed to stop former Ekiti State governor, Dr. Kayode Fayemi from being nominated. The APC national leader was said to have rooted for one of his loyalists to pick Ekiti State slot, but again, Buhari opted for Fayemi, who was Director of Policy and Strategy of the APC Presidential Campaign Organisation. The APC national leader is yet to comment on the ministerial list, but the development is not

Utomi

Popularity and performance, most times, do not determine who gets what in politics

one he will accept given the role he played in Buhari’s emergence as president. His contribution, both material and otherwise cannot be quantified. Tinubu’s support for Buhari come to the fore during the party’s national convention where he mobilised other party stakeholders and APC governors to ensure that the former head of state was not muscled out by other presidential aspirants with huge financial war chests, especially, former Vice-President Atiku Abubabkar. The former Lagos governor also jettisoned his vice presidential ambition, but nominated his former Attorney-General and Commissioner for Justice, Prof. Osinbajo for the position. He later deplored his political machinery to ensure victory for the APC in five of the six states of the zone in the presidential election. The party won in Lagos, Ogun, Osun, Oyo and Ondo states, losing only in Ekiti. Given his role in Buhari’s victory, Tinubu was expected to have a say in the choice of party members from the zone who would be joining the president’s cabinet in whatever capacity as he has over time demonstrated an uncanny ability to identify political as well as administrative assets. That calculation is not playing out. Yemi Osinbajo Though the vice president is not known to be deeply involved in the power game that ensued among his party’s members since the APC-led government was inaugurated, the professor of Law failed in his bid to get his professional colleague, Mr. Femi Falana and Prof. Utomi into the cabinet. The vice president was said to have made several efforts to convince his principal to give his two choices a chance without success. Some analysts say that Osinbajo’s failure to get any of his nominees on the ministerial list speaks volume of what is in the offing. The argument in some quarters is that it is unclear how the vice president would be carried along in policy formulation and implementation. An erudite scholar and brilliant legal practitioner whose expertise

has been called to play in many legal battles before he became the vice president, the rejection of his nominees may not be unconnected to his closeness to Tinubu, who some hawks in the APC insist must be cut to size to curb his growing political influence. Osinbajo’s failure to have any nominee in the cabinet speaks volume of his ‘weight and influence’ in the APC-led government. Wale Edun No one ever believed that the former Lagos Commissioner of Finance would be left out of the Buhari’s cabinet given his closeness to Tinubu. Indications that Edun would be considered to head the Finance Ministry emerged when he led the APC delegation to the World Bank/ IMF Spring meetings in Washington after the emergence of Buhari as President-elect. Edun was with the then Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, during the meetings as the head of APC delegation. Edun’s choice of the headship of the delegation was not a surprise. He is familiar with the workings of the world financial body as a former employee. He joined the bank in 1986 through the elite Young Professionals programme, and worked on economic and financial packages for several countries in Latin America and the Caribbean, including the Dominican Republic and Trinidad as well as Indonesia and India. However, President Buhari’s insistence on appointing former Governor Fashola into his cabinet blurred Edun’s chances. Many had thought that the Ogun State-born banker would bring his experience to bear in the nation’s ailing financial sector. Femi Falana The Ekiti State-born lawyer and human rights activist was touted to be the next Attorney-General of the Federation and Minister of Justice but was shockingly dropped. His name was among the first to be bandied by the media as possible ministerial nominee but the bookmakers were proved wrong. The belief was that Falana, a Senior

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GAINERS

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Fayemi

Advocate of Nigeria (SAN), has what it takes to head the Justice Ministry, which has a crucial role to play in the Buhari administration’s anti-graft war. The former president of West African Bar Association (WABA), was dropped for a former governor of his state, Dr. Fayemi. Pat Utomi A professor of Political Economy at the Lagos Business School, Utomi was initially speculated to be on the ministerial list, but his name was missing when it was unveiled by the Senate. The former presidential candidate had earlier served on the transition committee set up by the president and it was against this backdrop that many thought that he would pick Delta State’s slot in the cabinet. Some stakeholders say that the input that the management expert would have made in the Buhari government will be greatly missed. Utomi’s positions on growth economics, comparative development, leadership, oil, China’s economic surge and growing influence in Africa are outstanding, He is the founder of Centre for Value in Leadership (CVL) and the African Democratic Congress party. He has also served in senior positions in government, as a Special Assistant to former President Shehu Shagari and the private sector, as Chief Operating Officer for Volkswagen of Nigeria. He was also vice-chairman of former Platinum-Habib Bank. Abiola Ajimobi To say that the Oyo State governor is happy over the nomination of his kinsman, Alhaji Adebayo Shittu, for ministerial appointment, would be an understatement because there is no love lost between them. Buhari had ignored the governor in handing his state’s ministerial slot to the former Oyo State Attorney-General and former governorship candidate of the defunct Congress for Progressive change (CPC). Ajimobi is not pretending over his displeasure. Both men have never been on the same page since 2011, when they contested the Oyo governorship election, which Ajimobi won. Even the formation of the APC, which brought them together could not settle the rift. Shittu, who is a long-time ally of Buhari had intended running for governorship against Ajimobi for a second time in the last elections but was prevailed upon by the president to shelve the ambition.

Amosun

Ngige

The gainers Babatunde Fashola Top on the gainers list is the immediate past Lagos governor, Fashola, who survived strong opposition to his nomination. Many believe that the camp of Fashola’s benefactor and predecessor, Tinubu, worked for his exclusion from the ministerial list by sponsoring several allegations against his administration, but the APC national leader came out to deny a rift with his political godson. Though his inclusion could not be faulted given his performance as helmsman in the Centre of Excellence, popularity and performance, most times, do not determine who gets what in politics. Besides Fashola’s achievements in office, which continue to serve as a benchmark in governance, the former governor likely warmed himself into Buhari’s heart with the way he coordinated affairs of the APC Presidential Campaign Fundraising Committee during the elections. Kayode Fayemi The former Ekiti State governor was the chairman of the APC Convention Planning Committee that organised one of the best party presidential primaries in recent times; and that increased his profile within the party’s national leadership. Despite this, there was initial fear that he would not be considered for a ministerial post because of his strained relationship with Tinubu after the June 21, 2014 Ekiti State governorship election, which he lost to Ayodele Fayose of the PDP. Fayemi’s opponents had argued that the loss showed how unpopular he was at home and that it was high time that the APC looks for another personality, who would rebuild what was left of the party in the state. The argument, notwithstanding, the former governor added great value to the Buhari presidential project. Apart from working tirelessly as the chairman of the 24-member National Convention Planning Committee of the All Progressives Congress (APC), he equally proved his worth as Director of Policy of the party’s Presidential Campaign Organisation. Chibuike Amaechi It is undisputable that it would have been politically disastrous for the former Rivers State governor, if he had not been considered by Buhari for ministerial appointment. Amaechi, who served as Speak-

Amaechi

er of Rivers State House of Assembly and governor for two terms, on the platform of the PDP before he defected to the APC in November 2013, practically staked all he has for the Buhari presidential project. He opposed and worked against the return of his kinsman, former President Goodluck Jonathan to power, even when the consensus in his native South-South zone, was that all should work for the second term bid of the outgone president irrespective of party differences. Amaechi even shelved his vice presidential ambition and accepted the position of Director General of the APC Presidential Campaign Organisation, thereby saving the party an implosion that would have rocked its chances in the presidential election. He also mobilised resources to support and took the party’s presidential campaign to the doorsteps of most of his kinsmen though they never shared in his vision.

Her name did not only appear on the ministerial list, but equally on the list of commissionernominees released by the governor

Chris Ngige The former governor of Anambra State, who was instrumental to APC’s inroad into the South-East, had been jeered by some of his kinsmen, when no indigene of the area was considered in the initial appointments made by President Buhari. His nomination as minister is therefore a reassurance to members of the party in the zone that the Buhari government will carry them along. Ngige’s nomination also brings him back to political reckoning after his defeat in the senatorial election. He would have emerged as a principal officer in the Senate if he had secured a return ticket. Ogbonnaya Onu No doubt, the nomination of the former governor of old Abia State is one that has been commended by many. Onu was earlier tipped to emerge as the Secretary to the Government of the Federation (SGF) but Mr. Babachir Lawal was picked ahead of him. His kinsmen, who had hoped that one of their own would make the president’s kitchen cabinet were then left disappointed. Perhaps, the displeasure was as a result of Onu’s consistency. He has always been with the All Nigeria People’s Party (ANPP) on whose platform Buhari contested the 2003 and 2007 presidential elections. When others jumped ship, Onu demonstrated rare political discipline and consistency, by remaining one of the very few founding leaders of the party who remained

until it merged with others to form the APC in 2013. Ibikunle Amosun The Ogun State governor is, no doubt, one of the few governors consulted by Buhari before he came up with the ministerial list. Apart from the president and the governor being elected on the APC platform, Amosun is one the few among his colleagues that is close to Buhari. The relationship dates back to their days in the ANPP. The practice in the past is that governors usually forward two or three names to the president, from which he makes a choice. But Buhari made it clear shortly after assuming office that the governors will play little or no role in the composition of his cabinet. But no one would doubt that the president made a detour in the choice of Kemi Adeosun, the immediate past Commissioner for Finance in Ogun State. Amosun was almost the only governor who has his nominee in the federal cabinet. Udoma Udo Udoma From the blues, Udoma, who represented Akwa Ibom South Senatorial District on the platform of the PDP between 1999 and 2007, emerged as his state’s ministerial nominee. Some people have argued that there is no justification for the inclusion of the former Chief Whip of the Senate in the ministerial list, claiming that he worked against the APC’s interest in the last elections. While such claim is yet to be substantiated, only Buhari can explain the choice of the former Chairman of the Securities and Exchange Commission (SEC) ahead of several APC chieftains in the oil-rich state. Kemi Adeosun The immediate past Commissioner for Finance in Ogun State is a double winner. Her name did not only appear on the ministerial list, but equally on the list of commissioner-nominees released by the governor of her home state, Amosun. Ibe Kachikwu Another double winner is the newly appointed Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). Kachikwu, who is not known to have worked for the APC in any way during the elections, has ended up adding the Delta State ministerial slot to his kitty, when known party chieftains in the state are yet to be considered for any appointment.

Politics

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

Buhari’s sharing formula WALE ELEGBEDE writes on the sharing of ministerial nominees among the party blocs that formed the All Progressives Congress (APC)

he consummation of the All Progressives Congress (APC) on February 6, 2013, by a coalition of four political parties, namely, Action Congress of Nigeria (ACN), All Nigeria People’s Party (ANPP), Congress for Progressives Change (CPC), New Peoples Democratic Party (nPDP) and a fraction of the All Progressives Grand Alliance (APGA), had only one tenet – to wrest power from the then ruling PDP. With about 2.7 million more votes against President Goodluck Jonathan, President Muhammadu Buhari emerged victorious at the March 28 election; hence, the party’s primary target was met and the pre-election alliance paid off. Coming into power without any terms of reference on how to formally share political offices and positions, the various power blocs took on each other in the struggle for power and this came to the fore in the June 9 National Assembly leadership election. Similar to the jostle for the leadership of the legislature, the four blocs that made up the party, made spirited efforts, overtly and covertly, to have members of their caucuses on the ministerial list. However, upon the release of the 21-man ministerial nominees list, the president ensured due diligence by including the entire bloc but in different proportion. As it stands, the struggle for power within the party is revolving around three political power blocs: the Buhari-led defunct CPC caucus; Bola Tinubu-led defunct ACN caucus and the Atiku Abubakar-led nPDP caucus. Sixteen of the 21 ministerial nominees have party affiliation while five nominees are apolitical. The ACN bloc In the president’s ministerial list, the ACN bloc grabbed six of the 21 ministerial nominees. The ACN beneficiaries are three former governors – Babatunde Fashola, Kayode Fayemi and Chris Ngige. Others are Chief Audu Ogbeh, Alhaji Lai Mohammed and Solomon Dalong. Fashola governed Lagos State between 2007 and 2015 elected on the platform of the Action Congress (AC) which later transformed to ACN. At a time, he was the only governor elected on the

ACN platform. Fayemi was a former governor of Ekiti State between 2010 and 2014 elected on AC (later ACN) platform. He is from the Tinubu’s ACN bloc. After losing out in the June 21 governorship election in Ekiti State, he moved into the mainstream of party politics and was subsequently appointed as the chairman of the 24-member National Convention Planning Committee of the party. Though Ngige was elected governor of Anambra State on the platform of the PDP, the various intrigues that played out within the party forced him to move his political interest to the ACN in 2009. He made a second attempt to return to the governorship seat in 2010 on the platform of the defunct ACN but failed, but he later won a senatorial seat in the 2011 polls. Through him, the APC tested its strength in the South-East in 2013 when he contested the Anambra governorship election. Although Ogbeh, 68, was the National Chairman of the PDP between 2001 and 2005, he resigned from the party and pitched his tent with the ACN. Ever since, the former Minister of Agriculture, has remained an influential member of the party even with its merger in 2013. Mohammed, 63, was Tinubu’s Chief of Staff until 2002 when he resigned to contest the Kwara State governorship election on the platform of the defunct Alliance for Democracy (AD). He served as the national publicity secretary of the defunct ACN before the party metamorphosed into APC functioning in the same capacity. Dalong, a former chairman of Langtang South Local Government Area of Plateau State, was in the PDP before he defected to

Buhari

the ACN. He remained in ACN till the APC merger. CPC bloc The CPC, Buhari’s former party on which he contested the 2011 presidential election, has five nominees – Hadi Sirika, Abdulrahman Dambazau, Abubakar

Malami, Adebayo Shittu and Osagie Ehanire – on the ministerial list. Senator Sirika, 51, is a former pilot. He represented Katsina North on the CPC platform between 2011 and 2015. He is a close ally of the president. Dambazau, a former Chief

Cabinet: President appoints C O N T I N U E D F R O M PA G E 1 1

Managing Director of the Nigerian National Petroleum Corporation (NNPC) and former Executive Vice Chairman and General Counsel of Exxon Mobil (Africa), graduated from the University Nigeria, Nzzuka with First Class in Law. He was the best graduating student from the Nigerian Law School, winning seven of the available nine prizes in 1979. He proceeded to Harvard where he obtained an LLM with distinction in 1980 with specialisation in Energy, Petroleum Law and Investment. Kachikwu has a doctorate with specialisation in Petroleum and Investment Law Strategies from Havard. He has lectured in Nigeria, at Harvard and various institutions around the world as either a visiting lecturer or professor in Law. Kachikwu, 58, has to his credit, three published law books in investment law and contracts and numerous articles in various journals. He is touted as Minister of State for Petroleum Resources with President Buhari as Minister of Petroleum Resources.

Udoma Udo Udoma He bagged a B.A (Jurisprudence) in 1976 and BCL (1977) from St. Catherine’s College, Oxford University and graduated from the Nigerian Law School in 1978. Between 1979 and 1980, he was lecturer in Law, University of Lagos. He is the founding partner of Udo Udoma & Bello-Osagie. Udoma has been involved in a plethora of general corporate transactions, and has developed particular specialisations in oil and gas, mergers and acquisitions and capital markets transactions. In the course of his legal practice, he has been invited to advise and participate in legal and regulatory reviews as well as the review of public policy and implementation of reform programmes across several sectors of the Nigerian economy, including petroleum and solid minerals, industrial policy as well as revenue allocation and fiscal issues. He has served on several national committees and as the non-executive Chairman of the Securities and Exchange Commission (SEC). A two-term senator, Udoma represented Akwa Ibom South Senatorial District on the platform of the Peoples Democratic Party (PDP) between 1999 and 2007. He has held public positions, such as Chief Whip

of the Senate and Special Adviser to the Minister of Petroleum Resources. Aisha Al-Hassan Senator Aisha Jummai Al-Hassan graduated with a Law degree from Ahmadu Bello University, Zaria in 1985 and attended the Nigerian Law School in 1986. She started as Magistrate Grade II in the Kaduna State Judiciary and rose to the position of Chief Registrar of the High Court of the Federal Capital Territory (FCT). Al-Hassan retired from the civil service in 2003 and went into business. The ministerial nominee also served as Commissioner for Justice and Attorney General in Taraba State. She was the Taraba State governorship candidate of the All Progressives Congress (APC) in the April 11 poll. Al-Hassan is 56 years old. Lai Mohammed The National Publicity Secretary of the APC has degrees in French (1976) and Law (1985) from the Obafemi Awolowo University and University of Lagos respectively. He was at the Nigerian Law School in 1986. For almost 10 years, he worked with the Nigerian Airports Authoritys now Fed-

Politics

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

john Odigie-Oyegun, APC National Chairman

Onu

Abubakar

APC

ACN

CPC

nPDP/PDP

Babatunde Fashola

Abubakar Malami

Rotimi Amaechi

Kayode Fayemi

Adebayo Shitu

Ahmed Ibeto

Audu Ogbeh

A. Dambazau

Aisha Al-Hassan

Chris Ngige

Hadi Sirika

Udoma Udo Udoma

Lai Mohammed

Osagie Ehanire

Solomon Lalong

of Army Staff between 2008 and 2010, was the head of the Security Committee of Buhari’s presidential campaign on two occasions.

ANPP Ogbonnaya Onu

NO PARTY AFFILIATION Ibe Kachikwu Kemi Adeosun Amina Mohammed Sulaiman Adamu Ibrahim Usman Jibril

He was the Chairman of the Security Committee of the defunct CPC in 2011 and also played similar role as the Chairman, Security

eight lawyers eral Airports Authority of Nigeria (FAAN) as spokesman. He later co-founded the legal firm of Edu & Mohammed as a Senior Partner in 1989. Mohammed was a governorship candidate in the April 2003 in Kwara State. He was the Chief of Staff to Tinubu while he held forth as Lagos governor. Fashola took over from him. Adebayo Shittu Abdul-Raheem Adebayo Shittu studied Law in the University of Ife (now Obafemi Awolowo University) between 1974 and 1978. At 26, Shittu was voted as a member of the Oyo State House of Assembly. He had served as Commissioner for Information, Culture and Home Affairs and Commissioner for Justice and Attorney General in Oyo State. In 2011, he contested the governorship poll on the CPC platform. Shittu has been in active legal practice for close to four decades. Solomon Dalong The Plateau State ministerial nominee is also a lawyer. As an official with the Prisons Service, he enrolled to study Law at the University of Jos. In 2000, he proceeded to the Nigerian Law School, Abuja and was called to the Bar in 2001. In 2004, Dalong took up a lecturing appointment at the Faculty of Law

of the University of Jos. In 2007, he earned an LLM in Law. He was appointed the chairman of Langtang South Local Government Area the same year. Mixed reactions Speaking on the development, an Abujabased lawyer, Sir Emeka Ejimofor, applauded the nomination of more lawyers in the cabinet. “I think it is intentional that the president added eight lawyers to his cabinet. To my mind, the inclusion of more lawyers in this government will go a long way to add more credibility to governance,” Ejimofor said. But, Charles Ogbein, a lawyer, noted that the inclusion of lawyers in the cabinet does not make any difference. Ogbein said: “Whoever that is in the cabinet is not going to display his profession but rather the initiative and new ideas that can bring about a change to the country. “I am looking at it from the angle of personality and not profession. Yes, lawyers are expected to be knowledgeable on every field but all lawyers do. So we should look beyond the profession of who are coming but rather concentrate on what they are bringing. “Well, one cannot condemn it in totality. Law is a noble profession. Having the highest number in the cabinet is a plus to legal practice.”

Committee of the APC Presidential Campaign Council during the 2015 general elections. Malami (SAN) was the National Legal Adviser of the CPC. He was on the Presidential Transition Committee earlier constituted by Buhari and has been closed to the president since the CPC days. He is the ministerial nominee for Kebbi State. Ehanire, a medical doctor from Edo State, is also of the CPC extraction. He served as Edo State Coordinator of General Muhammadu Buhari Campaign Organisation during last general elections. Shittu, a former Commissioner for Justice and Attorney General in Oyo State, was the 2011 governorship candidate of the CPC. New PDP bloc Only four former members of the PDP made the ministerial list – Rotimi Amaechi, Aisha AlHassan, Ahmed Ibeto and Udoma Udo Udoma. Although, former members of the PDP head the two chambers of the National Assembly. Senator Bukola Saraki is the Senate President while Hon. Yakubu Dogara is the Speaker of the House of Representatives. After falling out with the wife of former President Goodluck Jonathan, Patience, and the PDP, Amaechi alongside former VicePresident Atiku Abubakar and five other governors walked out on the PDP to form a faction of

Mohammed

the party, New PDP. The movement later fused into the APC. The former governor of Rivers State was the Director-General of the Presidential Campaign Organisation. Senator Al-Hassan was among the legislators that left the PDP to form the New PDP before collapsing into the APC. The Seventh Assembly senator was the APC governorship candidate in Taraba State and she narrowly missed becoming the country’s female democratically elected governor. The former Deputy Governor of Niger State, Ahmed Ibeto, defected from PDP to APC in the build up to the 2015 general elections after he failed to get the PDP governorship ticket. Udoma represented Akwa Ibom South Senatorial District on PDP platform between 1999 and 2007. Some groups in the Akwa Ibom APC has rejected his nomination, arguing that he is still a card-carrying member of the PDP. ANPP bloc The former governor of old Abia State, Dr. Ogbonnaya Onu, is the only member of the defunct ANPP that made the ministerial list. As National Chairman of the defunct ANPP, he was central to the formation of the APC alongside Buhari and Tinubu. Onu was earlier tipped to emerge as the Secretary to the Government of the Federation (SGF) but it never came to pass. No party affiliation Five of the ministerial nominee have no party affiliation. Dr. Ibe Kachikwu, the 17th Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), is the Delta State nominee. He is without party affiliation. Ms. Amina Mohammed, the Special Adviser to the United Nations Secretary-General on Post2015 Development Planning, is expected to represent Kaduna in the cabinet. She is a technocrat. Mrs. Kemi Adeosun, the immediate past Commissioner for Finance in Ogun State, is not a known politician. So also Ibrahim Usman Jibril (Nasarawa) and Engr. Sulaiman Adamu (Jigawa).

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

Opinion Time to snap from this reverie Dominik Umosen

ven if former United States president, Ronald Reagan never really had Nigeria in mind when he drew the symbiosis between the two oldest professions in the world (politics and prostitution), their shared depravity makes this symbiosis relevant. This shared depravity is a common denominator that qualifies for consideration. I am not unmindful that some prostitutes may be morally superior. At least, I remember those who aided the biblical spies in the Bible to capture Jericho. Notwithstanding, some people still argue that there is little morality to cheer in prostitutes. So we shall restrict ourselves to just the depravity shared by both. There is little consideration for morality in both. A politician may not be the most morally-stable person but this does not qualify as an index for disqualification. Rather, it is a factor for advancement. Before, political position qualified you as stable and dependable. But it does not appear to be so any longer. A state governor recently volunteered information that was not only repudiated subsequently but considered far less than the truth. The issue in dispute concerns the need or otherwise for a second bridge over the strategic River Niger at Onitsha. The governor who should otherwise be believable, alleged that the money provided for the project is missing but less than a few weeks after, those responsible for the money lampooned the claim and dissociated themselves from the allegation which was described as unfounded. What is unfortunate is that any one who offers a contrary opinion, no matter how well-meaning, (including this writer), gets mobbed by suffocating partisanship. So instead of addressing the funda-

mental issues involved, I was accused of being a hungry writer, instead of a conscientious whistleblower. I do not know how Gov Nasir El-Rufai of Kaduna is feeling right now. But I know that if I were the former minister (of the Federal Capital Territory), I would certainly cringe that after alleging that the administration of Dr Goodluck Jonathan spent some billions on independence anniversary celebrations during its tenure, I was reminded that my claims were gross exaggerations and falsifications of fact. If the governor does not feel any of these, I would not be surprised. After all, that is perfectly in tandem with these times of suffocating partisanship- a perfect barometer for rating occupants of exalted political office. This attitude also informs my reaction to the embarrassingly-hilarious report in a national newspaper about primary school pupils in the oil-rich town of Eket, Akwa Ibom State receiving lessons from the floor, instead of chairs and desks. You can tie your dismay with suffocating claims of uncommon transformation by the last administration in that state. I am aware that Gov Udom Emmanuel has been under immense pressure to break free and reject the yoke allegedly hung on him by his predecessor- in line with natural rebellion against godfathers. But that is discussion for another day because I do not want to dabble into details of alleged arm-twisting that preceded the pretence by the incumbent to be comfortable with the alleged imposition of over Seven members of the previous administration in the state on him. I sincerely hope that President Muhammadu Buhari will succeed in his self-appointed task of refixing the country. But re-fixing Nigeria will require sincerity of purpose, not declaration of good intentions. That is why I have always been cautious of the mantra of

change, especially when the president insists that he is not favourably disposed to implementing the report of the National Conference which Nigerians say is the road map away from anarchy for the troubled country. I hope the president will eventually be persuaded by the counsel of patriots like the Emir of Ilorin, Justice Sulu Gambari who advised last week that the fundamental challenges facing the country, including insurgency, require re-structuring as agreed upon by Nigerians at the conference which he is not interested in. “Nigerian people gathered for a purpose, the people have spoken through their representatives. So the parliament would have to endorse it for necessary criteria that had been drawn up in the constitution. “Having done that, it will now be passed as a bill and people of Nigeria can now say they have given unto themselves this piece in the constitution,” the eminent monarch told members of the National Union of Journalists (NUJ), who paid him a visit.. He also said that the constitution in operation was given to the people of Nigeria by the military. “The military only gave us that one to guide and rule us. Men are not supposed to be made for law, but rather, laws are supposed to be made for men. Men should be supreme and the constitution of Nigeria is the ground norm; the highest law in the land,” the ranking monarch said. This is wise counsel and if the country really means to change fundamentally from this unworkable system that we have been operating, there is no alternative than to appraise change from the prism of the political reality recommended by the citizens themselves- unless we want to relapse into an unworkable reverie that patriots say could snap with disastrous consequences. • Umosen wrote from dominik.umosen@gmail.com

Re-‘Beyond bailout for state governments' Semiu Okanlawon

n Editorial Comment is a piece that represents the opinion of its editors. Every newspaper reserves the right to express its opinion on any national issue. Such opinions are usually products of thorough research, intellectualism, savvy, shrewd and suave in presenting all the facts before arriving at decisions. Readers have most often relied on such editorial opinions to make vital business and economic decisions while the academic community usually take cognisance of the position a respectable news medium takes on such national issues. The editorial comment of Monday, October 5, 2015 not only stands logic on its head, it exposed the pattern of joining a mob to do evil. There is no gainsaying the fact that Nigeria’s development promises have been stunted by corruption of a mind-boggling dimension by the immediate past ruling Peoples Democratic Party (PDP) which leaders are now facing international investigations and prosecutions, your Editorial Comments ought to be addressing such instead of playing the partisan card of addressing the smoke leaving the fire. It is mind boggling to discover that a newspaper that hopes to thrive on public approval and acceptance would neglect the financial crimes that necessitated the bailout in the

first place blame state governments for the resultant effects of the unbridled lawlessness. It was former President Goodluck Jonathan who voluntarily told the whole world that not less than 400,000 barrels of oil were being stolen daily from Nigeria. At an average open market cost of $60 per barrel, Nigeria was losing $24 million every day throughout the Jonathan years. If Jonathan’s last tenure was the only full period of reckoning and based solely on his own open declaration, it shows that under the four years of Jonathan, a gargantuan sum of $8.76 billion was lost to crude oil theft alone. Your claim on the Sovereign Wealth Fund is laughable. Your editorial comment ought to have reflected the regrettable disaster that befell the SWF under the last administration which Governor Rauf Aregbesola doggedly but democratically ensured was voted out by Nigerians. It simply appeared that this comment bemoaned the exit of PDP from power as well as going after those who brought its defeat about. Since he assumed office, President Muhammadu Buhari had opened several cans of worms on crude oil theft. The United States Government went ahead to expose dirtier oil deals that are now subjects of international inquiry. This colossal loss of the nation’s patrimony should be factored into the gory story of Nigeria’s mis-

placed and aborted dream. Your editorial comment looked away from several cases of felonious mismanagement of the past government only to single out Osun for the inglorious mention all in a bid to get even with Ogbeni Rauf Aregbesola who joined hands with other patriots to achieve the true change Nigeria needs. Your editorial team could not have simply forgotten what happened in the months leading to the August 9, 2014 re-election of Governor Aregbesola when in July, 2013, revenue allocation to the State of Osun fell by more than 60 per cent when in fact the national oil revenue fell by only 25 per cent. Recall also that there was no imaginable impediment that the then PDP controlled Federal Government did not put on the way of Governor Aregbesola to stultify his administration’s giant strides in implementing populist programmes. The entire Federal Government arsenal of might and fury especially financial strangulation, political emasculation, military and security lockdown and treasonable but undemocratic threat to Nigeria’s Republican Constitution, 1999 were deployed in their designed strategies to take Osun at the poll by ungodly stratagem. Your Editorial Comment closed its eyes to all these so as to get even with Aregbesola. It is not only unimaginable but also implausible that an editorial team of a credible newspaper would base its

official commentary and position on defamatory propaganda of Nigeria’s sinking opposition. How would New Telegraph defend this unprovoked and misplaced aggression against the Governor of Osun who has, since taking his oath of office, pursued people-centred policies and programmes? What would you have given as explanation to your comment that Governor Rauf Aregbesola was mainly parroting the change mantra while continuing an imagined fiscal irresponsibility? The paper’s Editorial Comment was simply a court accusing, trying, pronouncing guilt and convicting Aregbesola, all by itself without obeying the golden rules of Nemo Judex in Causa Sua (you cannot be a judge in your own cause) and Audi Altera Partem (the other side must be heard). Accusing Governor Aregbesola of fiscal recklessness fits the usual false claims of the opposition. The demands of honour and integrity would have involved an editorial team to check, cross-check and double check before going to town. The partisan slant was not hidden in this matter. Aregbesola is open and ready to bare it all. Your team are free to examine the books and form your opinion. This was a road not taken but went on to throw your hat in the ring. •Okanlawon is Director, Bureau of Communications & Strategy, Office of the Governor, Osogbo.

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t began in 1973 and continued in 1991 when the country was thrown into mourning. Compatriots are bereaved once more following yet another pilgrimage induced monumental tragedy . So far 64 Nigerians are among the 990 dead in Saudi Arabia during a stampede on Thursday September 23rd as pilgrims performed the usual stoning of the devil at al-Jamarat in Mina near Mecca. Among the dead is veteran journalist Bilikisu Yusuf, one of the leading gender activists in our environment. She would have turned 63 in the next couple of weeks but instead of a birthday party well deserved, her family has been forced to open a Condolence Register. Also confirmed dead are Professor Tijanni el-Miskeen, a renowned Islamic scholar and Justice Abdulaziz Juga of the Appeal Court. About 244 Nigerian pilgrims are still missing. Pilgrimage to Mecca is one of the tenets of Islam which accounts for the influx of faithfuls from all over the globe . However, there are growing concerns over the handling of such grandiose event by the Saudi government. Complaints about tardy management are in the air especially following reports that it was in the bid to protect one of the Royals that some gates were shut against the swarming pilgrims. It is unacceptable that people

performing the hajj continue to be lost in avoidable tragedies.This is the second in this particular pilgrimage. Earlier, 76 persons lost their lives when a hostel collapsed in Mecca. In the latest stampede,990 persons died while 615 are yet to be accounted for. We condemn the response of the Saudi authorities who blamed the disaster on the impatience of pilgrims from Africa. That was a most undiplomatic reaction from a Kingdom that has made so much money from the pilgrims but does not put the resources accruing from the hajj into developing it. We also appreciate the harsh words coming from Iran whose citizens account for a large percentage of the casualty figures. The Saudis must as a matter of respect for the dead retract their words and apologise to humanity. It is difficult to ignore the hard fact that the land has become a mass burial ground. In 1990, a stampede in a tunnel in Mecca consumed 1,426 pilgrims. That remains a reference point in a long list of tragedies. In 1987, the death toll was 402. One pilgrim was killed by bomb blast in 1989. In 1994, 270 pilgrims died, 340 perished in 1997, 180 in 1998, 35 dead in 2001 and 244 in 2004. That means over 3,000 Muslims have been lost as a result of all these in the Holy Land.

Nigerians have not forgotten the January 22, 1973 disaster that consumed 176 passengers and crew when a Nigeria Airways Boeing 707 crashed at the Kano airport. The flight from Jeddah operated by Alia was supposed to terminate in Lagos but changed course due to bad weather. When it touched down in Kano, there was difficulty with the landing gear. The plane burst into flames after skidding off the runway, killing 176 of the 202 persons on board. At the time, it was the worst aviation accident . There was another tragedy, the July 11,1991 air crash that left 247 passengers and 14 Canadian crew members dead. The DC-8 Flight 2120 was officially designated as a Nigeria Airways flight. But it was operated by NationsAir of Canada and chartered through Hold - Trade Air Services. A few minutes after leaving the King Abdulaziz International Airport Jeddah, for the Sadik Abubakar International Airport, Sokoto,the plane burst into flames. It was a sad story. One of the ground crew had noticed that some tyres were under inflated and complained. A superior officer bent on the aircraft keeping to time ignored the warning. As fire raged in the air bodies were falling off. One crew member was Nicholas Nkeolisakwu Azinge, 37,who left behind parents, wives and

three children. Bilikisu was at the time an active journalist. She could have edited the story.She was indeed the first female Editor of the New Nigerian newspapers. From there she moved to the Triumph before eventually co- founding Citizens magazine. A graduate of the Ahmed Bello University, Zaria, Bilkis as she was fondly called earned a Masters degree from the University of Wisconsin, USA. Left behind to mourn her are a husband and two children. Sokoto suffered the greatest loss as many pilgrims from the state died leaving governor Aminu Tambuwal with the heavy burden of trying to account for all under his watch that travelled to Saudi Arabia. Other states are also counting their losses in a journey that should have brought with it joy after atonement. Death is inevitable even if it is in the course of hajj. However, when it is avoidable there is sorrow even among believers. We agree with President Muhammadu Buhari in the efforts to account for the Nigerian dead and missing. However, we demand that like Iran, the Federal government must come out with a strong condemnation of the official Saudi reaction to the tragedy. At the same time, another look should be taken at hajj operations.

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Kashamu: Court fines NDLEA, adjourns suit to October 22

Media, NBA and the challenge of outdoor advertising

Law

Alison-Madueke’s UK trial, Alamieyeseigha’s trouble Notwithstanding an amnesty granted on a former Bayelsa State governor, Chief Diepreye Alamieyeseigha by the Goodluck Jonathan administration two years ago, lawyers were unanimous that the Federal Government must yield to a request by the United Kingdom (UK) that the former governor must be extradited to London for an alleged money laundering offence. FOLUSO OGUNMODEDE, SOLA ADEYEMO, BIODUN OYELEYE, TUNDE OYESINA and AKEEM NAFIU report

ays after the immediate past Petroleum Resources minister, Mrs. Diezani AlisonMadueke was arrested and quizzed by the United Kingdom National Crime Agency for an alleged financial crime, anxiety may have enveloped a pardoned former governor of Bayelsa State, Chief Diepreye Alamieyeseigha. Reason: The Government of the United Kingdom (UK) is in talks with President Muhammadu Buhari on a mutual mechanism that would facilitate the former governor’s extradition to London with a view to facing criminal trial over an alleged money laundering. Already the Federal Government may this week begin a court process to facilitate Alamieyeseigha’s extradition to UK if information reaching New Telegraph is anything to go by. Like Ali-Madueke, Alami-

FOLUSO OGUNMODEDE JUDICIARY Editor

foluso.ogunmodede@ newtelegraphonline.com

eyeseigha would be made to face “an outstanding” case of money laundering in the UK. According to the British High Commissioner to Nigeria, Andrew Pocock, Alamieyeseigha, who was pardoned by former President Goodlcuk Jonathan, has an outstanding case of money laundering to answer in the UK. Pocock insisted that the UK government would not give up until Alamieyeseigha was brought to justice. Pocock said: “The former governor skipped bail in the UK on a charge of money laundering and returned to Nigeria. So, he has an outstanding charge in the UK, which is there for him to answer. We have already discussed it and the Nigerian government knows our views. But we would like to see him return and answer the charge in the UK.” While Alison-Madueke’s trial began last week, the United Kingdom police have stepped up effort to extradite Alamieyeseigha as their officials have begun talks with the President Muhammadu Buhari-led Federal Government on how to make Alamieyeseigha face trial in UK. The UK police had allegedly approached President Buhari with an extradition request. The former governor was first arrested in London in 2005 but allegedly jumped bail. He was released in 2007, after receiving a two-year sentence in Nigeria.

Alison-Madueke

President Muhammadu Buhari-led government would do well by extraditing Alamieyeseigha to UK

Alamieyeseigha

Six years after, Alamieyeseigha was granted state pardon by the Goodluck Jonathan administration. Ten years after he allegedly jumped bail in London and two years after pardon, the heat is on the former governor to face trial in UK following last week arrest of Alison-Madueke in UK over allegation of financial crime. Can Alamieyeseigha be made to face trial in the UK after being granted a State pardon by the Nigerian government? Does the UK government have any legal power to seek the former governor’s extradition to London when he is already enjoying presidential pardon in Nigeria? Lawyers say yes save Chief Mike Ozekhome who believes the plot to extradite the former governor would amount to double jeopardy. First to fire the shot is a foremost lawyer and Chairman, Presidential Advisory Committee on Corruption, Prof. Itse Sagay, who responded in affirmative that the Bayelsa former governor must be made to face trial within the armpit of law. According to Sagay, a Senior

Advocate of Nigeria, the UK government had the legal rights to request for the extradition of the former governor to London for the alleged crime in regardless of whether there was a sitting Attorney-General and Minister of Justice. The Senior Advocate insisted that since the alleged crime was committed in Britain and not in the country, the UK government had every legal right to ensure that justice was done in the matter. This, according to him would demonstrate President Buhari’s avowed war against corruption should the Federal Government yield to the request of the UK government with a view to making Alamieyeseigha’s extradition to London possible. President Muhammadu Buhariled government would do well by extraditing the former governor to the UK, Sagay said. He went on: “Alamieyeseigha allegedly committed a separate crime by laundering money in Britain and that is not a crime in Nigeria but a crime against British Criminal Law and so, Goodluck CONTINUED ON PAGE 22

20 Law | News

MONDAY, october 12, 2015 NEW TELEGRAPH

CJN, Ekpo, others task Buhari on transparency, accountability Tunde Oyesina Abuja

ajor stakeholders in the nation’s justice administration are pushing for ‘integrity, honour, transparency and accountability’ in public service, urging President Muhammadu Buhari to take the bull by the horns. They said the country’s lost glory could be restored only if the culture of accountability and transparency were entrenched. This, they said would revive the nation’s economic woes and instill confidence in governance should the President hearken to their plea and institutionalize

‘open and transparent’ government that would ensure future socio-economic stability. They said this at the 2ndAnnual Colloquium of Awomolo Associates entitled “Accountability and Integrity as Pillars of National Development” held in Abuja. Specifically, they canvassed ‘integrity, honour and accountability’, saying the nation would benefit immensely if they were properly entrenched into the nation’s public sector. At the event are the Chief Justice of Nigeria (CJN), Justice Mahmoud Mohammed, Justice Ibrahim Tanko Mohammed of the Supreme Court, the Chief Judge of the FCT High Court, Justice Isaq Bello and Chair-

man of the National Human Rights Commission (NHRC), Professor Chidi Anslem Odinkalu. Others include Professor Bolaji Owasanoye and the ICPC’s boss, Mr Nta Ekpo All spoke at the 2ndAnnual Colloquium of Awomolo Associates. The CJN who spoke through Justice Celtus Nweze of the Supreme Court called for collaborative efforts among stakeholders to arrest all the social vices hampering the country’s advancement to greatness. Particularly, the CJN tasked major stakeholders to strive by emulating some of the values adopted by developed countries with a view to repositioning Nigeria on the path of greatness,

adding,various tiers and arms of government must imbibe the virtues of integrity and accountability. Also Justice Ibrahim Mohammed Tanko of the Supreme Court who spoke at the event, said the time tested virtues of integrity and accountability were needed for Nigeria’s economic and political development. He however described the chief host, Chief Awomolo (SAN) as a man of immense knowledge whose quest for legal knowledge had no limits. He was echoed by the Chief Judge of the Federal Capital Territory (FCT), Justice Ishaq Bello who said no country could prosper without integrity and accountability, national development

as their absence would make such a country a mirage. Justice Bello called for the need to improve the standards of living of people in the country. “It is corruption that threatens economic and political fortunes the most. “Institutions must develop the ethical value of integrity”, Justice Bello said. The Chairman of the Governing Council, National Human Rights Commission (NHRC), Prof. Chidi Odinkalu who was the keynote speaker, lamented gross underdeveloped in the country following the absence of integrity as there were no role models for the country’s youths any longer. Odinkalu said:

L-R: Prof. Tunde Fagbohun, Justice Abdul Ganiyu and Justice Ibrahim Buba at the One-day Summit on Human Rights Organised by the Ikeja NBA Human Rights Committee.

“Change from where we are to where we have to get to involves a discursive process of leaders talking to Nigerians. “We need change in order to achieve integrity, we need change for accountability, and we need change for a developed country. We need a leadership that will not take Nigerians for granted. We need a leadership that will trust our people. Speak to us as if we own this country. “Our integrity systems are compromised”. Speaking in a similar vein, the Executive Secretary of the Presidential Advisory Committee on Anti-corruption, Prof. Bolaji Owasanoye said the character of persons who occupy public offices in the country was questionable. He said over 15 per cent members of the current National Assembly members had cases of corruption hanging over their necks. Owasanoye alleged that lawyers and the judiciary colluded with politicians to erode integrity and accountability in the country. He queried the process of conferring National Honours on persons with questionable reputations. In his remarks, the Chief Host, Chief Adegboyega Awomolo thanked the attendees for the honour done him. He explained that the essence of the colloquium was to engage Nigerians in an intellectual discourse about the lack of integrity and accountability in private and public lives in the country, and the need to entrench the values for the nation’s development.

Kashamu: Court fines NDLEA, adjourns suit to October 22 Akeem Nafiu

orried by its plan to delay hearing in a suit challenging its powers to confiscate vast estate belonging to Senator Buruji Kashamu, Justice Ibrahim Buba of a Federal High Court in Lagos has berated the National Drug Law Enforcement Agency (NDLEA), ordering it to pay N20, 000 fine. Kashamu had sued the National Drug Law Enforcement Agency (NDLEA) and the Attor ney-General of the Federation (AGF),

seeking an order restraining the Federal Government from seizing his assets. The NDLEA had asked the judge to disqualify himself from presiding over the suit and also discharge an order restraining it from arresting Kashamu. Hearing of the suit was stalled following a plea by the NDLEA lawyer, J.N. Sunday, for an adjournment to enable him regularise his processes. He said there were “blunders” in the agency’s application before the court that needed to be corrected. The lawyer disclosed that the agency did not

intend to delay the case by seeking an adjournment saying “the applicant has already tied our hands with the order. We have no reason to delay this matter”. However, Kashamu’s lawyer, Ifeoma Esom, who stood in for Ajibola Oluyede, in his submissions expressed his readiness to proceed with the matter. Justice Buba while expressing his displeasure at the turn of events awarded N20,000 cost against NDLEA, and later adjourned the matter till October 22 to allow the agency rectify the “blunders in their processes.” The judge awarded

the cost in favour of Kashamu without being prompted. Justice Buba noted that the NDLEA appeared to be asking for two contradictory reliefs. According to him, “in one of the prayers, it is asking for the restraining order against Kashamu’s arrest to be vacated and at the same time is asking the judge to disqualify himself from adjudicating the case. The two cannot go together. I cannot vacate the order and at the same disqualify myself ”. In the suit, Kashamu is praying the court to restrain the Federal

Government from seizing his assets over drug trafficking allegations. He sought an order of perpetual injunction restraining NDLEA and the Attorney-General of the Federation from taking possession of his property. Kashamu said he learnt of the moves by the NDLEA and the AGF to seize his properties, including a 24-flat housing estate at Egbe and several hectares of land in Lekki Peninsular, Lagos worth over N20billion. According to him, he acquired the properties by dint of hard work and through his legitimate

business. He said contrary to NDLEA’s alleged claim, the properties were not proceeds of drug trafficking. He added that his rights to own property as guaranteed by Sections 43 and 44 of the 1999 Constitution will be breached if the respondents were not perpetually restrained. Justice Buba had on June 29, granted an interim order of injunction restraining the respondents and their agents from interfering with Kashamu’s right to own property either in Nigeria or anywhere else pending the final determination of his suit.

Law | Interview 21

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Ubani: Ribadu’s exit nailed corruption war Monday Onyekachi Ubani in this interview with AKEEM NAFIU speaks on EFCC,ICPC’s merger, corruption, President Muhammadu Buhari’s ultimatum to the military and sundry issues Many Nigerians want Mr. President to save costs by merging some parastatals, ministries and departments. Would you also join the fray especially on the planned EFCC, ICPC merger? Well, what we are looking for is an efficient outfit that will tackle corruption. Both the EFCC and the ICPC have not been impressive in the fight against corruption. I made a prediction when Nuhu Ribadu was removed as the EFCC Chairman that we have come to the end of the fight against corruption in Nigeria. The moment a leader who was also the President of a country and the political elite came together to crucify a man that gave us a small fight against corruption in Nigeria, then, we have come to the end of the fight against corruption. Tell me in concrete terms what has happened since Nuhu Ribadu was removed as EFCC Chairman? Even with the coming on board of President Buhari, we have had no prosecution. All we have seen so far is only newspaper noise. My own take in all these is that we need to build a country where there is some level of sanity and whosoever is given any responsibility should be aware of the expectation of the masses and the need for him to deliver. As far as I am concerned, we need an agency that will strictly specialise in the fight against corruption and I don’t care if EFCC and ICPC are merged. The ICPC has even performed so poorly when compared with the EFCC. I can’t recollect when last the ICPC secured any conviction from the court. They are the worst and every year monies were allocated to them. So, merging both of them will surely save some costs and helps in making the fight against corruption more efficient. Are you saying President Buhari’s corruption so far is no cheery news? That is a statement of fact. If you see how many people have died in this country today as a result of corruption, they are many. All the accidents on the road, many people that are dead at the hospitals, it’s all due to corruption. If you go to the Eastern part of the country, they even bury people now on Sundays. There is no sacred day again. This is because there is no medical care. So, corruption is indeed the worst form of human rights abuse. The money that could have been used to rescucitate our medical care have been stolen. Have you heard about the amount spent for the last election? They were just dipping their hands into the treasury. That is why corruption must be fought to a standstill in this country. President Buhari has ordered the military to rid the northeast of insurgency within three months, is this feasible considering the magnitude of their encroachment in the region? Yes. The point is that there must be a deadline for any job a boss has assigned to his juniors. You must give directives. It is a timeline within which it can be achieved or not. If

it is achieved, fine, but if otherwise, you will review your activities and make corrections. So, I think what the President has done is a normal thing. If the deadline is December and the result is not achieved, then, we can now begin to do an assessment of what needs to be done to achieve results. All the same, I believe it is something that is achieveable. For over 100 days the President had no ministers, would you say Mr. President has done well in the last five months? Well, I must be very sincere with you, I am seen a return to sanity in this country. I just came back from Abuja and there are things that I saw there that really gave me hope that the country is on course. There were certain things that this country is known for. Instances are the issue of impunity, lawlessness and persons being above the law. However, the body language of the man that is now in charge of Nigeria is clearly understood by all that it is not business as usual. With the streamlining of the Federal Government’s account which according to them was even initiated by the Yar’adua’s administration but was never implemented. President Buhari came in and put a stamp that it must be implemented and within a space of two months, we have over N2 trillion in that account despite the fall in oil price. We now have a proper procedure for monitoring revenues that accrue to the Federal Government unlike before where everyone was doing what they likes. There is no free money and no free lunch again, even in Freetown because a new Sheriff is in town. So, with the understanding that a new Sheriff is in town, you can see that so many things are changing. Look at the level of stability in power supply now. It is not that Buhari has put any single kobo in the power sector but because everyone now behaves. This is what we have been lacking before. The level of insanity and lawlessness in the system was so much that if Jonathan has come back, Nigeria would have collapsed and it will not take too long. However, we thank God that someone else has come and he is against all those insanities and we are all now trying to come back to our senses. We voted for change and my observation is that the President cannot singlehandedly drive it. So, he needs people who are committed to the same thoughts and philosophy that we cannot continue with our past lives to drive the process to a logical conclusion and now evolve a new culture. This is to put a structure in place after Buhari might have left for whoever comes in to build on. This will help Nigerians to begin to carry a new level of orientation on the proper way to behave in the society. I believe Buhari has come at the right time and God knows why they really fought against his emergence all to no avail. The devil even came from hell to plot the fall of Buhari in the last election. But God over-

Ubani

We need an agency that will strictly specialise in the fight against corruption

ruled all his adversaries because He knew that we needed this man to be at the helm of affairs at this time more than before. Even though he has not done much in the area of forming his cabinet and all that but his body language and the process he is taken to sanitise the system is quite commedable. If you follow up, you will see that he has been inviting Permanent Secretaries of each Ministry for briefing so that by the time he is appointing Ministers he will know where they will start from. This is a departure from the old norms whereby we have been appointing Ministers who don’t even know what is expected of them. With all these briefings, President Buhari now has a fair knowledge of the position of each Ministry even before Ministers are appointed. This is the way to run a government. I also believe that there is nothing wrong if we take our time to build a solid foundation for a new nation with a great level of sanity where there is orderliness and things are done properly. So, I want to say that this slow and steady approach by President Buhari to lay a solid foundation is something that is commendable because it will surely pay off at the end of the day. Now, on the issue of appointments made so far by the President, I want to say that Nigeria is polarised dangerously along ethnic and religious lines because we are not yet a nation. Sequel to this fact, whoever has assumed the leadership of this country will have to deal with it until Nigeria is restructured. This means the President must be very sensitive. He came in with a mandate, we

voted him for a change and a new order and ways of doing things in Nigeria. I appreciate the fact that he has to work with people with competence but in doing that in a polarised and heterogeneous nation like Nigeria, it will not be correct for the President to choose certain persons from one particular region of the country irrespective of how competent they might be. Even though the President might have his reasons to appoint certain persons, I expect him to widen his search for the people with the same philosophy with him beyond a particular region of the country. They are everywhere in the country. But because they have no money and resources, their voices have not been heard. So, using one ethnic group to fill all the strategic positions in an heterogeneous country is very dangerous. This is because the President will be seen as hating other ethnic group. These groups might result to spreading bad gossips about the President. So, I want to say that the President should be sensitive in appointments to avoid all these. These appointments being made has consequences. This is because if there were institutions established by law where persons have to meet, a major ethnic group might be left out due to the fact that no one is representing them there. This might give room for suspicion and distrust. We must know that by the time we have a leader that takes the entire country as his constituency and spreads infrastructural developments evenly across the country, then overtime, no one will care again about where CONTINUED ON PAGE23

22 Law

MONDAY, october 12, 2015 NEW TELEGRAPH

‘Amnesty can’t stall Alamieyeseigha’s UK extradition’ C O N T I N U E D F R O M PA G E 1 9

Jonathan cannot pardon him for that.” Although Sagay agreed that the absence of a substantive Justice Minister may stall the UK extradition plot, he believes ministerial list unveiled last week by the National Assembly would soon solve the temporary hitch as nothing would hinder Alamieyeseigha’s extradition once a prima facie case had been established against him. Sagay said: “Certainly, the case can be stalled but there is a pact between Britain and Nigeria which obliges us to extradite offenders who they are looking for. There is a process. A judge will give consent once there is evidence that there is a prima facie case against him in England. “This is the new defence for criminal prosecution which is being drummed up in Nigeria. It does not exist in law. Witch-hunt has never been a defence in court. The plea is guilty or not guilty. You are a real witch-hunt if you are guilty and should be hunted. “We have an extradition Act which has very comprehensive provisions on extradition and since Britain is a fellow commonwealth country, there is a special arrangement under which commonwealth countries can extradite people in demand from one commonwealth to the other”. Also Prince Lateef Fagbemi, Chief Awa Kalu, Chief Adeniyi Akintola, Dayo Akinlaja, Kehinde Eleja, a former president of the Nigeria Bar association, Mr Oluwarotimi Akeredolu, John Bayeshea and Norrison Ibinabo Quakers, all Senior Advocates of Nigeria said Alamieyeseigha’s amnesty had nothing to do with his alleged breach of the UK laws. For instance, Fagbemi said amnesty granted the former governor could not deter his trial in UK if a prima facie case had been established against him by the government. He said: “If the United Kingdom said they wanted the former Bayelsa State governor, they have the right to ask him to answer to any form of allegations they have against him. The power to grant anybody pardon by the Nigerian government only relates to offences committed in Nigeria. It does not affect offences committed outside Nigeria, like in the instant case as being raised by the United Kingdom government. “The fact that he was granted pardon by the Nigerian government does not create any inhibition for the UK government to call him to question if such occasion

Buhari

Akeredolu

Akintola

Fagbemi

arises because he does not have any diplomatic immunity. That however does not mean or suggest that he is guilty”. Kalu said: “That should be set out in the request for extradition, if it is an offense committed here in Nigeria, arising from the same fact on account of which he received pardon, then the extradition request will be denied. But if it is an offense against the law of the UK, the Federal Government will look at the request and deal with it in accordance with the law relating to extradition”. Akinlaja said: “If it is appreciated that the British Government is minded to prosecute him for the alleged breach of their own

law, then it would be obvious that the pardon from the Nigerian government pales into insignificance. Of course, he can no longer be tried in Nigeria by reason of our Constitution which forbids that. But our Constitution does not extend to or bind the British Government. Nigerian Government cannot grant pardon over offence committed against the British Government or nation. Akinlaja, Fagbemi and Kalu were echoed by Bayeshea, who blamed the rot in the system to complacency. He said: “My own take if it is true is that it is good news. It is a good thing to happen. You know that the problem with our system here is that we are too

complacent but the British system is not; you have to account for your deeds no matter how long. And you know it is our money that was laundered but if it were here they will not be able to do anything to him. I just pray that we are able to get to that point when we can see the system operating as it ought to be so that we can all enjoy the benefits. While Eleja called for an inquiry into how Alamieyeseigha’s controversial return to Nigeria, he said Alamieyeseigha’s amnesty had nothing to do with the UK extradition request. Eleja said: “Attention must be drawn to the controversial circumstances under which he left the UK as he jumped bail. That

alone would constitute an offence under the law which Nigerian government will have no authority to pardon. The Nigerian authorities must have been convinced there are good reasons for his extradition before granting consent as nothing untoward about the extradition order being sought. Akeredolu said: “Who granted him amnesty? If at all he was granted amnesty in Nigeria, it has nothing to do with the United Kingdom government trying him if he has charges against him. If there is extradition order from London that he should be taken to the UK, Nigerian government cannot stop that. He has to be released to go and answer whatever charges the UK government has for him. “The fact that Nigeria granted him amnesty does not prevent his being called upon to go and answer charges over there provided the offences were committed there”. Akintola said: “Britain is not an extension of Nigeria. If an offence is committed in one place and he is pardoned there, that only affects such jurisdiction. If it is committed in another place, it is treated separately in that place or country. There is no limitation to trial of allegation of criminal misconduct. No one can run away from criminal liability because anytime he is caught he can be made to answer it. It may be ten years, twenty years or even thirty years that the offence has been committed. Once the suspect is apprehended, he can be charged like in the case you have just mentioned. “So, if the UK government wants to try him on any previous criminal misconduct, it has the power to do so. And if they ask for his extradition, there is nothing stopping it. The amnesty granted him only covered offences he might have committed in Nigeria and not in the UK”. To Quakers, nothing must hinder the extradition of the former governor to the United Kingdom if there was any need for Nigeria to do so. He said: “Yes, he can be extradited to the United Kingdom because the pardon granted him by the Nigerian government will not wipe off the offence he allegedly committed in the UK. The two countries have a mutual legal agreement and so once a request is made for the extradition of someone who had breached the law in the United Kingdom, the government of the country where the accused person resides is duty bound to release him in line with the law. So, the pardon should not stop his extradition because the alleged crime was not committed in Nigeria but in the UK.

Law | News 23

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Akeem Nafiu

ustice Okon Abang of a Federal High Court in Lagos has directed the Zamfara State government to pay a judgment sum of N3, 159, 017, 940.71 to Ecobank Nigeria Plc., being the outstanding indebtedness to the bank. The judge gave the order yesterday while delivering judgment in a suit filed by the bank against the Zamfara state government. Apart from Zamfara State Goverment, other defendants in the suit are; Zamfara State Attorney-General, Zamfara State Ministry of Finance; AccountantGeneral of the Federation; Attorney-General of the Federation and Central Bank of Nigeria. Ecobank Plc. in the suit listed as ‘undefended’ and marked FHC/L/CS/872/2015, had dragged the Zamfara state government before the court over a loan of N1.5 billion obtained from Oceanic International Bank in May 2009. The bank in an affidavit in support of the suit deposed to by Oluwafunmilola Salami, a lawyer in the law firm of Kunle Ogunba and Associates, averred that Zamfara State Government through the Ministry of Finance, had in May 2009 received an extended facility of N1.5 billion from the defunct Oceanic International Bank Limited which has now been consolidated with

Court orders Zamfara to pay Ecobank N3.1bn debt

Ecobank Nigeria Plc. The deponent averred that the major security for the disbursement of the said loan facility was a conditional Irrevocable Standing Payment Order (ISPO) from the State government Valued Added Tax (VAT) domiciled with First Bank Plc. She added that the facility however suffered a setback when First Bank Plc. stopped warehousing the State’s Federation Account Allocation Committee (FACC) and consequently declined further remittance for the payment of the indebtedness that arose from the loan. The deponent also averred that due to the above, an agreement was reached to restructure the debt in November 2010 following which Zamfara Government honoured rentals for a few months. She added that the Zamfara State Government till date had not paid the rentals despite the fact that such had fallen due. The deponent further averred that upon the restructure, all relevant council and House resolutions were obtained by the bank alongside another Irrevocable Standing Payment Orders (ISPO) on the main Federation

L-R: Justice Doris Okuwobi, Lagos Chief Judge, Justice Olufunmilayo Atilade and a Senior Advocate of Nigeria, Mrs. Funke Adekoya

Account Allocation Committee (FACC) account domiciled with the then Intercontinental Bank Plc. now Access Bank Plc. Despite the restructure and the documentations as security between the bank and Zamfara State Government in respect of the loan, Zamfara State Government was said to have failed and neglect to liquidate the indebtedness leaving a huge sum of outstanding and yet to

be liquidated. Consequently, Ecobank Plc. through its lawyer, Kunle Ogunba (SAN) approached the court seeking judgment against the Zamfara State Government, the state’s Attorney-General and Ministry of Finance, jointly and severally in the sum of N3, 159, 017, 940.71, being the outstanding indebtedness and yet to be liquidated sum on the facility of extended to the Zamfara

State Government by the legacy Oceanic International Bank Plc. Besides, the bank is also claiming for an interest on the said sum at the rate of 30 per cent per annum from the March 1, 2013, till the day judgment, and 10 percent rate per annum until final liquidation of the judgment. The plaintiff also claimed the sum of N50 million as the cost for the prosecution of the suit

and an order directing the fourth to seventh defendants to deduct the judgment sum and interest thereon from the Finance accruable to Zamfara State Government from the Federation account. However, Justice Abang, while granting all the plaintiff claims, only awarded the sum of N50, 000, 000, as the cost for prosecuting the suit against the first to third defendants.

Buhari’s corruption war is media noise, says ex-NBA chair

Buhari’s slow and stedy approach is commendable as it will help to lay a solid foundation for Nigeria’s stability Ubani C O N T I N U E D F R O M PA G E 2 1

an appointee of the President comes from. The Section of the Constitution that talks about appointments is not enforceable. Section 14(3) of the Constitution that

talks about Fundamental Objective and Directive Principle of State Policy cannot be enforced in any court of law because it is advisory. The Constitution does not even allow any court to adjudicate on

the issue. No one can successfully take the President to court on the issue of appointments. If you now judge the President by saying he has breached any part of the Constitution in making appointments when all vacancies have not been filled, then, you will be hasty. I don’t expect the trend to continue and as such I believe other regions of the country will be taken into consideration when all other appointments are made. I hold the President in high esteem and I believe he will not let millions of Nigerians who went out of their way to vote for him in the last elections. The problem we are facing now was the consequence of the refusal of ex-President Goodluck Jonathan to relinquish power to the North after completing the first term of Yar’dua’s Presidency. I predicted that if Jonathan refused to hand-over to a Northerner in 2011, there will be dire consequences for Nigeria that will take us many years to recover. Then, I was making an allusion to the fact that if there is an internal arrangement within the Peoples Democratic Party (PDP) for power to rotate between South and

North, it is only logical to allow the North have their own 8 years in power since the South has had its own share. Let me tell you, the results of Jonathan’s refusal to yield power to the North is what we are witnessing at the moment even with Buhari’s administration in the area of appointments of individuals into key positions in government. But one thing we must know is that President Buhari did not just emerge because he is a Northerner but because God wants him to be there. Therefore, he must now work in consonance with God’s purpose for him by building a new nation and restore the confidence of all ethnic groups in the country. But if he refuses to do God’s will, there are consequences for him. So, the President must be wary of wrong groups that may want to advise him wrongly. This is because the hope we have now is that Buhari has God’s mandate to restructure this nation and return its glory even in the comity of nations. Many Nigerians are in support of this government and are after the success of President Buhari so that the country can move forward.

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

Operational Parameter Crude Processed (M/tons) Crude Loss/Consumed (M/tons) Product Yields(M/tons) Capacity Utilization Planned Yield (M/tons) % Loss/Consumption Yields Efďż˝iciency (%)

Jul

WRPC Aug

122,118 6,997

115,121 23.11%

528,505 5.73%

94.27%

140,778 10,726

130,052 26.64%

528,505 7.62%

92.38%

Jul

PHRC

122,141 6,119

116,022 13.76%

887,889 5.01%

94.99%

KRPC

Aug

Jul

263,537

12,058

10,069

253,468 29.68%

887,889 3.82%

96.18%

3,232

8,826

2.59%

887,889 26.80%

73.20%

Aug

48,837

19,341

29,496

10.50%

887,889 39.60%

60.40%

YTD 2015 919,889 79,658 840,231 10.04% 14,247,818 8.66% 91.34%

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

26 Money Line

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

CBN unveils guidelines on dormant accounts’ management

Stock Watch

PZ Cussons' earnings hit by economic woes

Insurance

NAIC grows premium income by 50% to N1.2bn

‘Biometric data harmonisation’ll reduce corruption’

34-35

Interview

Business What's news

Operators doubt stock market recovery in Q4 As the challenges faced by the economy are likely to persist for some time, a section of stock market operators have expressed doubts over possible recovery of the capital market during the last quarter of the year.

p.33

L-R: Business Executive, Commercial Banking, Sterling Bank Plc, Mr. Obi Egbarin; Executive Director, Sterling Bank Plc, Mr. Lanre Adesanya; General Manager, Lagos Waste Management Authority (LAWMA), Abdulwahab Ogunbiyi and Assistant General Manager, Admin. and Human Resources, Mr. Segun Adeniji, during the bank’s courtesy visit to the executives of Lagos State Waste Management Authority (LAWMA), in Lagos. Photo: Suleiman Hussain

Broadband: Experts list ways to unlock N400bn market HURDLES

The Business Desk Ayodele Aminu

Deputy Editor (Business)

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

Telecoms sector faces obstacles on its way to accelerated broadband infrastructure deployment Kunle Azeez

elecoms experts in Nigeria have suggested various ways through which the country can unleash the unbridled potential of broadband, whose market value is estimated at N400 billion by 2018. Speaking in separate interviews, the experts say that for Nigeria to achieve its auspicious target of deepening broadband penetration by 30 per cent by 2018, many steps needed to be

Finance Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

taken by government. With broadband penetration currently standing at 10 per cent, up from six per cent in 2013, the National Broadband Policy (NBP) 2013-2018 aims to accelerate ubiquitous access to broadband. The industry experts listed promotion of mobile broadband, rather than fixed broadband, availability of more spectrum licenses, reduction in cost of borrowing, tackling of vandalism and multiple taxations, among others, as areas that should be given attention towards acceleration of broadband market growth. According to Chief Executive Officer, MainOne, Ms Funke Opeke, there is a need for us to tackle the issues around right of way (RoW). Opeke decried a situation

whereby it is taking telecoms companies several months before getting the RoW permits to lay their fibre infrastructure. “We have said it several times that it costs telecoms companies more to take capacity from Lagos Island, to another point in Ikeja, for instance and lesser to take capacity from Nigeria to London,” she said. Closely linked to the problem of delay RoW is multiple taxations where all forms of government agencies impose different kinds of level on operators with

50% Being the concession on right of way (RoW) to telecoms operators by Lagos State

occasional stoppage of on-going telecoms infrastructure projects. “Multiple taxation is an issue that is affecting broadband infrastructure deployment in Nigeria and, in fact, other aspects of networks expansion by telecoms firms. There is a need for government to create a single window for the payment of all levies and taxes by operators to accelerate their rollout,” says President, Association of Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo. According to him, the country has reached a level where the payments needed to be made by the operators. “We also expect that all the state governments would also emulate Lagos State CONTINUED ON PAGE 27

Rates Dashboard INFLATION RATE August 2015 ...........................9.3% June 2015.................................9.2% May 2015.................................9%

LENDING RATE Interbank Rate....................12.57% Prime Lending Rate...........17.93% Maximum Lending Rate...26.83%

EXCHANGE RATE (BDC as at Oct 9)

USD . . . . . . . . . . . . . . . . . . . . . . N225 Pounds . . . . . . . . . . . . . . . . . . . N345 Euro . . . . . . . . . . . . . . . . . . . . . . N252

l Foreign Reserves – $30.226bn as at 8/10/2015

Source: CBN

EXCHANGE RATE (Interbank as at Oct 9)

USD . . . . . . . . . . . . . . . . . . . . . N225 Pounds . . . . . . . . . . . . . . . . . . N350 Euro . . . . . . . . . . . . . . . . . . . . . N255

Business | News

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

SHIPPING Merchants seek preferential treatment from Nigeria Bayo Akomolafe

ice exporters in India are mounting pressure on their home government to intervene in facilitating a market access to Nigeria and China, the large buyers. The rice merchants had complained over a sluggish trend in non-basmati rice shipments and stiff competition from Thailand and Vietnam. This pressure is coming at a time the Central Bank of Nigeria (CBN) was planning to support local rice farmers through some of its funding programmes such as the Commercial Agriculture Credit Scheme and the N220 billion Micro Small and Medium Enterprises Development fund. Already, Nigeria, one of the large buyers of Indian cereal, has stopped official importation of rice since 2014 due to government policy, which encourages local patronage. India was a big-time supplier of par-boiled rice to Nigeria with shipments exceeding one million tons valued at N82.65 billion ($375.71 million) in 2014. If the pressure by Rice Exporters Association (REA) and All India Rice Exporters Association failed to yield result,

Rice: Indian exporters target Nigerian, Chinese markets analysts said that the importers could exploit another option of shipping the commodity through Cotonou Port, now that the Nigeria Customs Service (NCS) has removed rice from import restriction list and the re-introduction of import duty payment at land borders. This, a freight forwarder, Mr. Sam Elems, said

government, which, last year, reduced the cost of RoW by over 50 per cent for telecoms companies in the state. Also, President, Association of Telecoms Companies of Nigeria (ATCON), Mr. Lanre Ajayi, said that the current delay by the Nigerian Communications Commission (NCC) in licensing more spectrums to the industry is antithetical to the growth of broadband. “Broadband is the next frontier for growth in the industry. Our approach should be mobile and not fixed. With more than 90 per cent services bring delivered through wireless means, this also suggests that we need more spectrum for deploying mobile broadband services across the nooks and crannies of the country,” he said. Ajayi urged the regulator to fast-track the licensing process of the 2.6 gigahertz

cation would enjoy preferential levy that would attract only duty rate of 10 per cent with 20 per cent levy on rice importation. Before the ban on rice importation, customs had placed different rate of levy on rice imports; 30 per cent levy was placed on rice millers and 70 per cent for rice importers.

He noted that the essence of the different rates of levy was to encourage local production. However, in the last three years, Nigeria has spent a whopping $2.41 billion on rice importation. According to the Governor of Central Bank of Nigeria, Godwin Emefiele, the amount was

spent between January 2012 and May, 2015. Unfortunately, he noted that the trend had resulted in huge unsold stock of paddy rice cultivated by Nigerian farmers and low operating capacities of many integrated rice mills in Nigeria. Meanwhile, China has closed its borders for the non-basmati rice. President of Rice Exporters Association (REA), BV Krishna Rao, urged government to intervene and assist the exporters in seeking a market access to the two large buyers.

L-R: Member, Nutrition Society of Nigeria (NSN) Professor Lilian Salami; President, Dr. Ngozi Nnam and the Senior Brand Manager Maltina, Mr. Adewole Adedeji, at the Nutrition Society of Nigeria's presentation of endorsement certificate to Maltina, at the opening session of the 45th annual general meeting and scientific conference 2015 in Lagos.

Experts list ways to unlock N400bn market CONTINUED FROM PAGE 26

would create revenue for the neighbouring country. Last week, the Comptroller-General of Customs, Col. Hameed Ali (rtd), said that all rice imports through land borders would attract the prevailing import duty of 10 per cent with 60 per cent levy. He added that rice millers with valid quota allo-

spectrum and others needed to deepen broadband penetration. Meanwhile, the Chief Executive Officer of Etisalat Nigeria, Mr. Matthew Willsher, also explained that the high cost of borrowing is another factor affecting the operators. According to him, the level of deployment of broadband is directly proportional to the level of liquidity of operators, saying telecoms is capital-intensive and with broadband, “it is even more so.” He said: “Broadband equipment is largely manufactured outside the country and the recent devaluation of Naira has greatly increased the cost of importing equipment. Related to this was the recent closure, by the Central Bank of Nigeria (CBN), of the Wholesale and Retail Dutch Auction windows, where telecoms operators would previously have sourced foreign exchange to fund equipment purchases at lower rates.

$300bn pharmaceutical deal, others lift manufacturing PARADIGM SHIFT Govt plans to cut dependence on oil Dayo Ayeyemi

takeholders have stated that Nigeria’s manufacturing sector may be on its way to recovery with the $300 billion fresh investment in machinery and quality upgrades by pharmaceutical manufacturers as a way of ending drug importation. This was corroborated by the investment banking group, FBN Capital through its Purchasing Managers Index (PMI) that Nigeria’s manufacturing sector may be recovering soon. The PMI as described by FBN Capital considers the temperature of Nigeria’s manufacturing sector as an indicator of the economic health of the manufacturing sector. FBN Capital PMI report shows that headline reading rose to 51.6

per cent from 49 per cent for September 2015. This shows a steady recovery of business activities and confidence in the manufacturing sector, while forecasting a modest improvement in the final quarter. The report also noted that the reading in the manufacturing sector picked up from 47 in August to 52 in September 2015. In sustaining a boost in the manufacturing sector, the report described a shift in focus towards light manufacturing such as textiles, apparel and footwear, which could boost job generation because of Nigeria’s comparative advantages in the area. Nigeria’s manufacturing sector, the report noted, has previously experienced a shortfall, but while announcing huge 2015 profits, the National Cashew Association of Nigeria (NCAN) said that current global market trends showed an increase in demand for cashew. Meanwhile, a report by Venture Africa noted that cashew processing would further boost the sector following the commit-

ment expressed by NCAN to rejuvenate cashew plantations and increase the area of land under cashew production in the country. In February 2015, NCAN signed a $5 million export deal with shipping companies to export 6,700 containers of cashew nuts to Vietnam, India and other Asian countries. Also, in the last year, experts said that Nigeria’s pharmaceutical manufacturing sector has remained focused on the growth and expansion of drug manufacturing in the country. According to them, the sector has invested $300 billion in machinery and quality upgrades as a way to end drug importation. Speaking recently, Managing Director of Evans Medical and West African Pharmaceutical Manufacturers Association’s President, Bunmi Olaopa, said that due to the upgrade of pharmaceutical companies in Nigeria, many manufacturers are presently elevating the standards of their factories, while others are on the lookout for partners.

Business | Money Line

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

CBN unveils guidelines on dormant accounts’ management

Caveat Dormant accounts to earn interest

Tony Chukwunyem

According to the apex bank, the essence of the guidelines is “To curb possible abuses in the operation of dormant and inactive accounts, set operational standards for banks and other financial institutions in line with best practices and to reinforce the rights of deposi-

he Central Bank of Nigeria (CBN) at the weekend unveiled guidelines on the management of dormant accounts and other unclaimed funds by banks and other financial institutions in the country.

tors and/or customers.” Significantly, the guidelines stated that, “An account shall become inactive if there has been no customer or depositorinitiated transaction for a period of six months after the last customer or depositor initiated the transaction.

During the inactive period, the bank shall elevate controls on the account in line with its precautionary policies which may include surveillance procedures and second level authorization. Also the customer shall not be required to activate the account. Simple deposit

Fayose to commission Sterling Bank’s E-Library

he Governor of Ekiti State, Mr. Ayodele Fayose will on Wednesday commission the e-library built by Sterling Bank Plc for the College of Education, Ikere-Ekiti, Ekiti State. The project is part of the lender’s contributions to improve the nation’s education sector under its ‘One Education’ initiative. A statement signed by Mr. Shina Atilola, Group Head, Strategy & Communications and made available to newsmen over the weekend also confirmed that in sustenance of its strategic focus on clean environment as one of its Corporate Social Responsibility (CSR) priorities, the Bank will also present 1000 units of branded highway managers’ and sweepers’ kits to the

Governor. The reflective kits will be used by the beneficiaries engaged by the State Government to clean various highways and major streets in the state. It would be recalled that Mr. Atilola at the signing of a Memorandum of Understanding (MOU) between the Bank and the authorities of the College assured that the project would be completed in a record time. Disclosing that the e-library is equipped with 80 computers, three servers and fibre optic cabling to provide power, he added that the Bank would sub-

scribe for education materials on behalf of the school locally and internationally on an annual basis. “This is to ensure that the students have access to updated materials to develop their academic career”, he explained. His words: "Sterling Bank is known for innovation in several areas. As it concerns Education which has become the major focus of the Bank, we believe our business is to enrich lives in innovative ways. When you invest in people especially young people, you are enriching their lives and they will in turn enrich the society”.

On the Bank’s choice of the e-library project, he cited the need for private sector participation in education based on research. “Research shows that Nigeria needs one billion dollars investment annually for the education sector to be at par with the least developed country in advanced nations”. The Sterling Bank’s chief strategist was optimistic that this project and other investments in the education sector will lay a solid foundation for education and technology development in the country.

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

N19,142,526.05m N18,579,219.49m 9.3 13 10.77 US$48.67 US$30,226,519,265

As at Mar, 2015 Mar, 2015 August, 2015 4/6/2015 Mar 2015 9/10/2015 8/10/2015

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 10.00 23-JUL-2030 12.1493 18-JUL-2034

FGN Bonds

TTM

Price 100.62 103.32 101.93 105.81 95.88 68.00 82.17

1.57 3.74 4.37 6.32 8.45 14.81 18.79

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 4.5417 14.5656 15.7347 16.8788

Bid Yield 14.62 14.79 14.90 14.92 15.07 15.59 15.00

Change (%) -1.29▼ 0.37 ▲ 0.19 ▲ 0.26 ▲

Change (%) -0.27 ▼ -0.22 ▼ -0.14 ▼ -0.13 ▼ -0.04 ▼ 0.00 ↔ -0.03 ▼

Price 100.77 103.62 102.23 106.11 96.18 68.30 82.47

Tenor (Months)

Offer Yield 14.51 14.68 14.81 14.85 15.01 15.51 14.95

Change (%) -0.27 ▼ -0.22 ▼ -0.14 ▼ -0.13 ▼ -0.04 ▼ 0.00 ↔ -0.03 ▼

NITTY

1 2 3 6 9 12

Treasury Bills

Rate (%) 7.4929 8.7156 10.8086 12.3632 12.8671 14.6059

Change (%) -0.73 ▼ -1.49 ▼ -0.14 ▼ -1.04 ▼ -1.18 ▼ -0.03 ▼

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 10.61 10.92 0.38 ▲ Open-Buy-Back (OBB) 4.17 07-Jan-16 10.86 11.18 0.38 ▲ 12.18 12.96 -0.32 ▼ Overnight (O/N) 4.92 31-Mar-16 12.43 13.25 -0.32 ▼ 12.24 13.79 -0.08 ▼ 01-Sep-16 12.49 14.11 -0.08 ▼

Spot ($/N)

Bid 198.95

Offer 199.05

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 198.67

Offer 198.77

Change (%) -1.25 ▼ -1.00 ▼

Change (%) -0.14 ▼

CBN Clearing Rates of September 30, 2015 Spot ($/N)

195.95

196.95

-0.03 ▼ Source: FMDQ

or withdrawal shall suffice to activate the account.” The guidelines further stated that an account shall be classified as dormant, “If there has been no customer or depositor initiated transaction in it for a period of one (1) year after the last customer or depositor-initiated transaction. “When the account becomes dormant, the bank shall institute controls consistent with its precautionary policies which may include surveillance procedures and second level authorization. To make such account active, the customer is to provide satisfactory evidence of account ownership, means of identification and present place of residence.” Interestingly, the guidelines also stipulated that, “Interest bearing accounts shall retain their interest earning status

during the period of dormancy.” Other provisions of include that, three months to dormancy banks are to notify the account holder of the status of the account, revalidation of inactive/dormant accounts shall not attract any cost to the account holder and dormant account balances shall be covered by Deposit Insurance. In addition, the guidelines defined unclaimed funds as, “Proceeds of stale local and/or foreign currency drafts not yet presented for payment by beneficiaries; funds received from a correspondent bank without sufficient details as to the rightful beneficiary and/or a recall of funds made to the remitting bank to which the Nigerian bank's account had not been debited; and a judgment debt for which the judgment creditor has not claimed the amount of judgment award.”

CBN commends Access Bank on PCI-DSS certification Tony Chukwunyem

he Central Bank of Nigeria (CBN) has urged participants in the country’s financial system who were yet to take the step, to emulate Access Bank Plc by getting certified under the new Payment Card Industry Data Security Standard (PCI DSS) 3.1. The Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, stated this at the ISO27001:2013, ISO22301 and PCIDSSv3.1 certificates presentation to Access Bank in Lagos last Friday. Fatokun who was represented at the event by the Deputy Director, Banking & Payment

System Department, Mr. Musa Jimoh, said that Access Bank’s “pro-activeness” in getting certified under the PCI DSS 3.1 was a, “confirmation that Nigerian banks are committed to ensuring that they are not the weak link in the global electronic payments infrastructure.” “I therefore commend Access Bank Plc for the bold initiative to re-certify and congratulate the bank on its eventual certification,” he stated. He emphasised that Nigeria pays premium on the need to secure its national payments system, pointing out that country adopted the PCI DSS in 2011 and mandated certification by all banks and payments services providers.

Interbank rates fall to 0.75% on excess cash

nterbank lending rates fell further to an average of 0.75 per cent last Friday, down from 1 per cent the previous day and from 3 per cent a week ago, after the Central Bank of Nigeria (CBN) injected a lot of cash into the banking system, Reuters reported traders as saying. The cost of funds fell to 1 per cent for overnight lending and 0.5 per cent for the secured Open Buy Back (OBB) on Friday after additional cash in banks' deposits with the central bank were refunded on Friday. Banking system credit

opened at N1.20 trillion on Friday, compared with N1.05 trillion on Thursday and N189 billion last week Friday. "The market is very liquid and the central bank has refused to issue fresh open market operations (OMO) bills to mop up the excess liquidity in the system," one dealer said. Traders said they expected system liquidity to drop marginally late last Friday after some banks transfer government revenue to the Treasury Single Account (TSA) with the central bank before close of business.

Business | Movers, Shakers and Appointments

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Dangote Cement appoints new regional CEOs T

wo new Regional Chief Executive Officers have been appointed for Dangote Cement’s African market. The company explained in statement that, while Arvind Pathak would serve as the new regional Chief Executive Officer of Nigeria, Vivek Chawla would serve as the new Regional CEO for West and Central Africa. Chawla has over 30 years of experience in the cement industry, working across functions, including management, operations, sales and marketing,

projects and commercial. Prior to the new post, which became effective since August 17, 2015, he was the President of Hindalco Industries Limited, Hirakud, a flagship company of The Aditya Birla Group. Besides, Chawla also worked as Chief Executive Officer, East Region of ACC Limited, where he managed the P&L account of the region and pioneered large scale transformation programmes in the areas of sales, logistics and manufacturing and successfully executed the largest EPC Chawla Project in the region.

MD for Zenith Capital

enith Capital Limited has appointed Mr. Jubril Enakele, as the chief executive officer and managing director. He will report to the Board of Directors. The managing director began his career in banking in year 2000 in Nigeria before joining Citibank Nigeria in 2004 and Citibank Global Markets London as a vice president in 2008. Enakele has over 15 years of international and local experience across various aspects of banking, including banking operations, credit analysis, risk management, client coverage, investment banking, corporate finance and derivatives across Europe, the Middle East and Africa. He is expected to focus on investment banking, asset management and the securities trading side of the business, as well as overseeing a world class team based in Lagos. The new managing direc-

tor moved to Standard Bank, London, in 2010 as a director and led its Commodity Derivatives - Energy Sales business for West Africa - before joining Deutsche Bank AG London in 2011 as the Director for Capital Markets & Treasury Solutions for sub-Saharan Africa (excluding South Africa). During the course of his career, Enakele was involved in several landmark transactions across sub-Saharan Africa, including raising financing from international capital markets for various African sovereigns such as Nigeria, Ethiopia, Ghana, Zambia and Ivory Coast, including raising finance for indigenous corporate and financial institutions in Nigeria and subSaharan Africa. Enakele is a graduate of Economics from the University of Calabar. He has a masters degree in public policy from the University College, London and attended London Business School and University of Oxford. He is an Associate Member of the Chartered Institute

for Securities and Investment, UK (CISI). Announcing the appointment, Zenith Capital Limited’s Chairman, Mr Jim Ovia, said: “Choosing a new MD/CEO was not an easy feat, but we are confident that Jubril Enakele is the right candidate for this role and exactly what we need to continue down this road to sustainable growth. “His appointment re-articulates our commitment to delivering value on behalf of all our stakeholders as Jubril brings his extensive experience and stellar track-record to bear for Zenith Capital Limited,” Ovia said. Enakele said: “I am pleased to be part of Zenith Capital’s growth story in Nigeria and immensely proud to be part of the world-class team transforming it into a leading investment banking institution in West Africa, an employer of choice, and a trusted financial advisor and partner to key stakeholders. Our future is bright and I look forward with optimism and anticipation.”

PBN rewards excellence

Fasoto

he President, Association of Professional Bodies of Nigeria (APBN) has given an award of excellence to the former President, Institute of Chartered Accountants of Nigeria, Balogun Omidiora, Kaduna State Governor, Malam Nasir el-Rufai, Dr. Nosike Agokei and a former Minister of Health and Social Services, Prince Julius Adelusi-Adeluyi. President of the association, Mr. Foluso Fasoto, has urged its members to be visible and to play an active part in the evolution of good governance. Speaking at APBN’s

31st Annual General Assembly and Awards in Lagos, Fasoto said that entrenching good governance in any nation could not be overemphasised. He said: “APBN therefore calls for total focus on governance having relevance to the welfare of the people, peace and progress as well as the development of the nation.” Using Public Practice Partnership as a growth strategy, he called on government to deeply involve professionals in the scheme of things to gainfully harness the potential of the country.

Ajumogobia is Asseco Nigeria’s chairman

ne of the leading and fastest-growing European software companies, Asseco Nigeria, a subsidiary of Asseco Poland S.A, has appointed a former Minister of Petroleum Resources, Odein Ajumogobia, as chairman. The Asseco Group is listed on the Warsaw Stock Exchange, the New York, and Tel Aviv Stock Exchange, employing about 20,000 people in over 40 countries, Nigeria being its hub for West Africa. According to the Chief Executive Officer, Asseco Nigeria, Simon Melchior, “Asseco’s success around the world has led it to become the fastest growing of the Top 10 European software companies for the past three consecutive years. This has been due to its strategy of international expansion and empowering its subsidiaries to add value locally. Asseco has been pres-

ent in Nigeria since 2013 and invested in 2014, forming Asseco Nigeria. As such, Asseco is currently one of the largest Polish investors in Nigeria, focused on adding value locally in Nigeria. “I am delighted to represent Asseco Nigeria as its chairman. Technology is the driving force of many sectors and its effective use in Nigeria will elevate the country economically. Asseco is focused on building a sustainable software business in Nigeria by developing local talent to provide advanced technology solutions much needed in both private and public sectors across the country. I believe that Asseco’s presence and growth in Nigeria will be a significant contribution to the drive for increased transparency, automation, security and economic development through the use of technology,” Ajumogobia said.

Ajumogobia

AP gets new CEO

frican Petroleum (AP) has appointed Jens Pace as its new Chief Executive Officer following Stuart Lake’s decision to step down with immediate effect, citing health reasons. Pace is currently serving as AP’s chief operating officer. He joined the company in 2012 and has previously held exploration leadership roles in Africa and other regions for British Petroleum (BP). As part of his new role as CEO, it is anticipated that Pace will join the board of AP in due course. AP Chairman, Mr. Charles Matthews, said:

“It is with regret that Stuart is leaving us and we wish him a speedy and full recovery. He has been a great leader for African Petroleum and has enabled the company to take great strides forwards. “Fortunately, African Petroleum has the strength and depth within the existing management to be able to make the required changes internally. Jens and the rest of the experienced management team have been working very closely with Stuart during our on-going partner negotiations and we remain confident in our ability to successfully conclude transactions in the near future.”

Business | Stock Watch

As the manufacturing sector continues to struggle with operational challenges, PZ Cussons Plc, like its peers, has experienced pressure on its financial performance. Chris Ugwu reports

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

PZ Cussons' earnings hit by economic woes

hallenges of erratic power supply, weak logistics, insecurity and other high costs of operations attributable to poor infrastructure have continued to make the business operating environment in the country difficult especially the real sector of the economy. Also, domestic constraints such as depletion of fiscal buffers, dwindling foreign reserves, among others have remain a cankerworm to the business operations. Given headwinds such as weak demand on the back of a squeeze on household wallets, most consumer good companies in Nigerian have continued to find it difficult to weather the storm. PZ Cussons Plc like others have seen a continuous decline going by drop in oil price and continued unrest in northern Nigeria that has resulted in sales decline in that region. Market analysts have also predicted that the company’s profit is likely to decline further following the disappointing drop in profit margins in recent times. And just as expected, the published Q1 2016 (end-Aug) numbers recently confirmed their view. Just as other quoted firms in Nigeria are facing depression in share prices, market sentiments for the shares of PZ Cussons, one of the Nigeria’s leading personal and household companies listed on the floor of the Nigeria Stock Exchange, has dwindled relatively due to the challenging environment faced by the real sector of the economy. The company had believed that a further volatility in the currency and the general elections in its core market, Nigeria, would be a key contributing factor to the depletion of bottom line in spite of the introduction of high margin products such as the new premier range, Premier Cool Deo, the introduction of the international brand, Carex antibacterial hand wash, and the relaunch of Morning Fresh and its variants. Currently, the country's new government continues to battle Boko Haram extremists, while the nation's economy has been blighted by falling oil prices and a currency crisis that has made imported goods much more expensive and eroded people's spending power. The share price, which closed at N28.50 per share in November 30, 2014, has recorded a dip in growth. As the closing bell rang on Friday, the company’s share price stood at N25.00, representing a decline of N3.50 or 14 per cent year to date. Financials The Nigerian unit of Brit-

Chairman PZ Cussons Plc, Kola Jamodu

ish household products maker, which ended the year 2014 with a decline in profit, also reported a 30.8 per cent decline in pre-tax profit during the first quarter 2015 ended August 30, 2014. In a filing with the Nigerian Stock Exchange, the company’s pre-tax profit fell to N872.29 million during the period under review against N1.261 billion recorded the previous year, representing a decline of 30.8 per cent. Turnover dipped to N15.019 billion during the period, compared with N15.066 billion in the same period of last year. In addition to the weaker sales, a gross margin contraction of -128bps y/y to 27.3 per cent and a seven per cent y/y rise in operating expenses weighed on profitability during the period. The negative trends continued during the second quarter as PZ Cussons recorded a 37.82 per cent decline in net earnings during the second quarter 2015 ended November 30, 2014. The company’s post-tax profit fell to N1.441 billion during the period under review as against N2.317 billion recorded the previous year, representing a decline of 37.82 per cent. Profit before tax stood at N1.941 billion as against 3.077 billion posted the previous year accounting for a drop of 36.90 per cent. Turnover dipped to N31.659 billion during the period, compared with N32.460 billion in the same period of last year. PZ Cussons Nigeria Plc had reported a 27.91 per cent decline in net earnings during the third quarter 2015 ended February 28, 2015. The company’s profit after tax fell to N2.787 billion during the period under review as against N3.866 billion recorded the previous year, representing a decline of 27.91 per cent.

Share price movement of PZ Cussons 2014 Nov 30

N28.50

Dec 31

N23.80

2015 Jan 31

29.64

Feb 28

28.99

Mar 31

27.80

Apr 30

28.50

May 30

29.18

June 30

30.45

July 31

27.55

Aug 31

24.15

Sept 30

26.20

Oct 8

25.00

The challenges faced by the consumer names are not expected to cease in the near term

Profit before tax stood at N3.991 billion as against 5.174 billion posted the previous year accounting for a drop by 22.85 per cent. Turnover increased marginally by 0.56 per cent to N52.889 billion during the period, compared with N52.594 billion in the same period of last year. 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 as against N5.082 billion recorded the previous year, representing a decline by 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 by 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) numbers recently released showed 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 by 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. Profit deflators The company said that the violence affecting parts of Nigeria was causing only limited disruption to business in what is one of the company’s most important countries.

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 by phone from London recently after the company reported a drop in first-half sales and profit. According to reports, about 30 per cent of PZ’s sales and a quarter of profit come from Nigeria, where at least 65 people were killed in an attack last Sunday by Islamist militants in Maiduguri, the capital of the northeastern state of Borno. Analysts at FBN Capital believe that the 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 the 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. Analysts’ perspectives According to analysts at FBN Capital, PZ Cussons Nigeria (PZ), which published Q1 2016 (end-Aug) numbers recently, confirmed their view that the performance of consumers goods companies would remain subdued in the quarter. PZ’s results showed that sales were flattish y/y, while PBT and PAT declined markedly by -37.3 per cent y/y and -32.1 per cent y/y respectively. The company’s earnings were weighed down by elevated finance and opex costs. The analysts noted that for the rest of the consumer names, “we expect to see a similar trend in terms of topline growth. H1 2015 (Jan-Jun period) results showed that sales growth was flattish, while PBT margin and PAT fell by -315bps y/y and -24 per cent y/y on average respectively. “We envisage that the subdued trends witnessed in H1 would persist into the second half of the year as the challenges faced by the consumer names are not expected to cease in the near term given headwinds such as weak demand on the back of a squeeze on household wallets, fx pressures and insecurity in north-east of the country. “The naira has depreciated by around -22 per cent vs the US dollar over the last 12 months. However, we expect that softer raw material prices (e.g. sugar, barley palm oil and maize) will provide some relief. As such, for Q3 2015, we expect sales and EPS growth of around four per cent y/y and 19 per cent y/y on average respectively.” Conclusion The business climate for PZ Cussons like any other manufacturing companies has been typically characterised by ups and downs due to intense competition in southern Nigeria, insecurity in the north and softer consumer spending.

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

Insurance PENETRATION The underwriting firm has gone into an aggressive partnership with grassroots farmers to boost penetration Sunday Ojeme

he reforms and drive to boost enrolment into agricultural insurance by the management of Nigerian Agricultural

PenOp, NGOs provide free healthcare for elderly

NAIC grows premium income by 50% to N1.2bn Insurance Corporation (NAIC) have started paying off as the premium income grew by 50 per cent from N800 million in 2013 to N1.2 billion in 2014. The company’s financial details, alongside those of some other insurance companies are, however, being reviewed by the National Insurance Commission (NAICOM)

for approval. NAIC was among the early batch of underwriters that successfully forwarded their account details to the regulator for review. The improvement in the premium income has been partly attributed to the corporation’s collaboration with grassroots farmers across the country through its re-

newed drive to increase penetration. The quest for increased penetration has also been enhanced by the corporation’s improved partnership with the Nigerian Council of Registered Insurance Brokers (NCRIB). The Managing Director of the corporation, Mr. Bode Opadokun, expressed hope recently that the target to get more

farmers enrolled was in progress by empowering intermediaries through lectures on the peculiarities in agric insurance. He said: “I think the little challenge we have in terms of penetration among insurance practitioners is the issue of knowledge gap. You cannot sell what you don’t know. One thing about agric insurance is its peculiarity. You need

s part of its corporate social responsibility, the Pension Fund Operators Association of Nigeria (PenOp) has partnered some non-government organisations (NGOs) to boost healthcare for elderly Nigerians. The CSR project, Codenamed Project Gray 2.0, is targeted about 1000 elderly people to receive free treatment for various levels of ailments in Lagos. The exercise, tied to the World Elderly Day celebration, ran for five days with elderly people treated for various ailments such as prostate cancer, hernia, breast lump, diabetics, and general surgeries conducted by specialist surgeons, gynecologists, oncologists, nurses and other medical experts. The NGOs involved were Orange Health Initiative and Legus Foundation, owners of Veteran Hospital. The exercise provided free medical treatment for elderly people of 60 years and above. The retirees on the Contributory Pension Scheme are majorly the beneficiaries of this noble initiative as they expressed appreciation to pension operators’ involvement in the course that has put smiles on their faces. One of the retirees, who spoke on the condition of anonymity, said even when his pension had been paid regularly by his Pension Fund Administrator, they have gone a step further to give them free treatment.

L-R: National Sales Manager, Afro Beverages & Distillers Limited, Mr. Femi Adeyemi: Chief Executive Officer, Chellarams Plc, Mr. Aditya Chellarams; Chief Operating Officer, Afro Beverages &Distillers Limited, Mr. Reuben Onwubiko and Project Manager, Retail and Sales, Mr. Akinfolajimi Babajide, at product launch and Afro Beverages' memorandum of understanding with Chellarams Plc, in Lagos. PHOTO:GODWIN IREKHE

Abdulwahab Isa Abuja

s part of measures to capture more Nigerians into the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) is working on modalities to bring larger number of employees in the informal sector into the CPS. The informal sector employees consist of commercial drivers, self- employed Nigerians, traders, artisans and others not engaged in any fixed paid employments. The Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, confirmed that the commission had initiated discussion with relevant unions that most self-employed Nigerians belong. She said: “The informal sector is where the bulk of individual Nigerians reside, people that are self-engaged. We have already started the sensitisation, we have engaged road transport union workers, and we would be going to textile

PenCom targets artisans, petty traders others for CPS workers. As we go along, if need be, we would formalise them so that they can start contributing. They said they earn so little, but no matter how little you earn, you have to save something.” Commenting on the N5 trillion pension assets, Amazu said that the commission was looking beyond the funds as it was more concerned with its safety and subsequent return on investments for the contributors. He said: “You see, there has been lot of noise over N5 trillion. We are immune to it. These funds belong to pensioners- money contributed for the purpose of their retirement and every single kobo can be traced. The primary reason for that contribution is payment at their retirement age. As part of the take away from the 2014 summit, we are looking at how to leverage on domestic financing for sustainable

infrastructure growth, not just in Nigeria but Africa as whole. “Considering the huge infrastructure deficit, placing that side by side with the ownership of this fund, it is better to exercise highest degree of caution. We are also thinking of how to channel this fund into the social needs that would be enjoyed by retirees and contributors. We need to find ways to ensure significant portion of these funds are channeled towards developing infrastructure, real estate and other social infrastructure that will bring returns on investments. However, this channeling must not be done without the highest forms of security.” It would be recalled that the second edition of the World Pension Summit closed in Abuja last week with focus on deploying pension funds on infrastructure.

the technical competence to market and underwrite this type of insurance. For instance, the exposure of the farmland to risks is different from what you see ordinarily. “Part of what we have been able to do is empowering the intermediaries by lecturing them on the peculiarities in agric insurance. “We are also planning to have a talk with the Nigerian Council of Registered Insurance Brokers (NCRIB). We are going there to inform them about the change that has taken place in the corporation. Change as in orientation. So many things have been put in place and they are all geared towards expanding the scope and reaching out to a wide range of practitioners in the agricultural sector. It is ultimately to increase penetration.” To strengthen the drive, the corporation’s Off-takers’ scheme has also taken roots especially in Kwara and Osun States where funds have been provided to assist some youths and women who are into farming. Besides Osun and Kwara, the corporation also has Ondo, Borno, Kebbi and Kano involved in its bid to ensure appropriate insurance cover for farmers. This is in addition to its exploration into other states of the federation where it is targetting farmers under its microinsurance arrangement. On claims payment, Opadokun said it should rather be seen as an obligation to policyholders than a selling point for insurance. He said: "What we have been able to identify today is that claims payment is very important to the growth of insurance. It might take some time in terms of documentation because we have to carry out what is called loss inspection. What we do is that when it comes to claims, we don’t waste time in paying verified claims. “We feel strongly that whenever any of our customers suffers a loss, the earlier we pay the claims the better for us. So we prioritise our claims settlement very well. “I tell people that paying claims should not be a selling point for any insurance company because the reason you opened an insurance company in the first place is to pay claims.”

Business | Financial Market News

MONDAY, OCTOBER 12, 2015 NEW TELEGRAPH

FMDQ Daily Quotations List

9-Oct-15

Bonds FGN Bonds

Price

Rating/Agency

Issuer

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 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034

Issue Date

Coupon (%)

Outstanding Value (N'bn)

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 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 15.00 12.49 8.50 10.00 12.1493

581.39 480.13 20.00 100.00 300.00 351.30 233.90 331.93 605.31 599.99 75.00 150.00 200.00 591.57 718.29

TOTAL OUTSTANDING VALUE

5,338.81

TOTAL MARKET CAPITALISATION

4,966.42

Rating/Agency

Issuer

Description

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 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

0.85 1.55 1.80 1.89 2.64 3.72 4.04 4.35 6.30 8.43 13.14 13.62 14.12 14.79 18.77

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

12.39 13.46 13.53 13.55 13.64 13.70 13.70 13.61 13.47 13.72 17.23 17.77 18.39 15.59 14.75

12.20 13.35 13.43 13.46 13.57 13.60 13.59 13.52 13.41 13.66 17.17 17.69 18.29 15.52 14.70

100.48 102.21 94.25 93.16 93.61 106.47 79.71 106.14 112.07 102.35 88.47 73.17 50.67 68.00 83.53

100.63 102.36 94.40 93.31 93.76 106.77 80.01 106.44 112.37 102.65 88.77 73.47 50.97 68.30 83.83

5293.806821

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.80

03-Apr-17

0.86

2.94

15.35

101.45

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 10-Oct-20 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21 27-Feb-22

0.48 0.48 1.53 1.02 2.23 1.82 1.84 1.81 1.81 2.00 2.43 4.12 2.39 2.83 5.14 5.23 3.07 3.10 3.93

4.46 3.48 1.00 1.00 1.79 1.00 1.00 1.00 4.78 1.00 2.02 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

16.06 15.13 14.47 13.69 15.39 14.54 14.54 14.53 18.31 14.58 15.64 14.69 14.62 14.67 14.56 14.55 14.69 14.70 14.72

99.03 100.09 94.06 99.99 97.40 99.18 99.15 99.90 93.79 101.45 99.70 99.38 100.24 100.18 96.21 101.54 99.49 100.64 104.89

09-Dec-15 06-Jan-16 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 14-Nov-20 20-Nov-21 30-Dec-21 13-May-22 30-Sep-24 30-Sep-24 29-Jul-30

0.17 0.24 0.97 1.05 1.17 1.53 1.74 1.98 1.21 1.50 1.67 1.67 2.98 1.52 1.86 2.23 5.10 6.12 6.23 6.59 8.98 8.98 10.01

1.00 2.63 1.00 1.34 1.00 1.02 1.00 1.00 1.88 1.00 1.00 1.00 1.00 2.29 6.11 2.16 1.00 1.00 1.00 2.92 1.00 1.00 1.00

9.91 12.88 13.61 14.08 13.93 14.49 14.52 14.57 14.88 14.46 14.50 14.50 14.68 15.76 19.65 15.76 14.56 14.47 14.48 16.42 15.14 15.14 15.75

100.31 100.15 99.45 100.14 102.10 110.46 107.15 97.37 104.02 101.98 104.88 102.09 98.39 99.96 97.55 100.41 102.37 99.06 107.85 100.20 105.52 90.87 96.04

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.80

TOTAL MARKET CAPITALISATION

1.83

Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; ‡ /GCR ‡ /Agusto A-/Agusto ‡ /Agusto; A+/GCR A-/Agusto; A-/GCR ‡ /Agusto; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; ‡ /GCR BBB-/Agusto; BBB+/GCR BBB-/Agusto Aa-/Agusto; ‡ /GCR A-/Agusto; BBB+/DataPro ‡ /Agusto A-/GCR Bbb-/Agusto

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

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 10-OCT-2020 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 16.50 BENUE 27-FEB-2022

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

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75 13.50 15.00 14.50 15.00 16.50

2.60 3.96 57.00 21.24 25.00 27.25 9.00 12.40 9.21 24.44 13.87 80.00 23.75 10.46 87.50 5.00 4.30 4.31 4.75

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

426.03 417.98

Corporate Bonds BBB-/Agusto BB/GCR A+/Agusto; A-/GCR A-/Agusto Nil Nil Nil A/GCR BBB-/GCR Nil A-/DataPro†; B+/GCR AAA/DataPro†; A/GCR A+/Agusto; A/GCR BBB+/Agusto; BBB+/GCR BBB-/DataPro†; BB/GCR Nil A+/Agusto; A-/GCR BBB/GCR A/GCR BBB/GCR A/GCR A/GCR AAA/GCR

*FLOURMILLS *CHELLARAMS NAHCO FSDH ***LCRM UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA#{r} NAHCO FCMB UBA FIDELITY STANBIC IBTC STANBIC IBTC *NMRC

12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 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 15.25 NAHCO II 14-NOV-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

09-Dec-10 06-Jan-11 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 14-Nov-13 20-Nov-14 30-Dec-14 13-May-15 30-Sep-14 30-Sep-14 29-Jul-15

12.00 14.00 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 15.25 14.25 16.45 16.48 16.29 13.25 14.90

9.38 0.22 15.00 5.53 112.22 116.70 66.49 20.00 0.56 4.50 2.18 0.60 35.00 2.10 0.32 4.50 2.05 26.00 30.50 30.00 0.10 15.44 7.98

TOTAL OUTSTANDING VALUE

507.36

TOTAL MARKET CAPITALISATION

526.31

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.34

1.00

12.78

94.88

Aaa/Moody's; AAA/S&P

AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.56

1.00

14.74

90.75

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.14 Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.87

6.62

99.47

100.56

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.45

5.02

99.18

100.26

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.26

7.08

94.82

95.85

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,467.36

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

5.75

101.00

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.94

97.25

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

16.47

15.17

80.53

82.87

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

9.04

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

9.58

90.25

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

12.04

11.42

90.58

92.27

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

13.01 12.95 13.77

13.01 12.49 13.77

82.60 85.24 76.73

82.60 86.92 76.73

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

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

3,650.00 3,233.59

**Treasury Bills^ DTM 13 20 27 34 48 55 62 69

FIXINGS Maturity 22-Oct-15 29-Oct-15 5-Nov-15 12-Nov-15 26-Nov-15 3-Dec-15 10-Dec-15 17-Dec-15

Bid Discount (%) 4.67 6.66 7.12 5.21 2.28 7.69 2.68 6.40

Offer Discount (%) 4.42 6.41 6.87 4.96 2.03 7.44 2.43 6.15

Bid Yield (%) 4.68 6.68 7.15 5.23 2.29 7.78 2.69 6.48

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 1.2500 13.9333 15.3364 16.7385

Tenor

Rate (%)

OBB

0.67

O/N Tenor Call 1M

1.08

REPO

Rate (%) 3.00 9.83

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

198.26 199.33 200.79 201.50 202.96 208.65

198.36 199.64 201.13 201.89 203.47 209.39

FMDQ Daily Quotations List

9-Oct-15

Bonds FGN Bonds

Price

Rating/Agency

Issuer

Description

NEW TELEGRAPH MONDAY, OCTOBER 12, 2015

LOW CONFIDENCE Shareholders urge TOTAL OUTSTANDING VALUE regulators to focus more TOTAL MARKET CAPITALISATION on attracting domestic Rating/Agency Issuer investors Agency Bonds Nil

FMBN

Stories by Chris Ugwu TOTAL MARKET CAPITALISATION TOTAL OUTSTANDING VALUE

s the challenges faced *BENUE by the economy are *IMO likely to persist for LAGOS some time,*BAYELSA a section EDO *DELTA have of stock market operators NIGER expressed doubts over possible *EKITI *NIGER recovery of the capital market *ONDO during the last quarter of the *GOMBE LAGOS year. *OSUN *OSUN The nation's capital market LAGOS has witnessed unprecedented KOGI *EKITI lull due to volatile forex and *NASARAWA *BENUE macro-economic concerns, TOTAL OUTSTANDING VALUE even as foreign portfolio flows to TOTAL MARKET CAPITALISATION emerging markets have turned Corporate Bonds negative. BBB-/Agusto *FLOURMILLS BB/GCR *CHELLARAMS The President, Progressive A+/Agusto; A-/GCR NAHCO Shareholders Association of A-/Agusto FSDH Nil Nigeria, Mr. Boniface Okezie, ***LCRM Nil Nil expressed concern that even A/GCR UBA Sub-National Bonds

BBB+/Agusto A/Agusto A+/Agusto; ‡ /GCR ‡ /Agusto A-/Agusto ‡ /Agusto; A+/GCR A-/Agusto; A-/GCR ‡ /Agusto; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; ‡ /GCR BBB-/Agusto; BBB+/GCR BBB-/Agusto Aa-/Agusto; ‡ /GCR A-/Agusto; BBB+/DataPro ‡ /Agusto A-/GCR Bbb-/Agusto

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