New telegraph wednesday, december 16, 2015binder1 by Newtelegraphonline

FG arraigns Dasuki, Bafarawa, Yuguda for fresh N19.4bn fraud

Too much green tea may harm you –Study }10

Shell to sack 2,800 staff after firing 7,000

l$1.1bn OPL 245: London Court stops release of N17bn to Etete Adeola Yusuf

oyal Dutch Shell Plc. has declared that it would sack

additional 2,800 staff in a renewed move to crown a 10 per cent reduction in operating costs. Following a trend in declining upstream spend

among European energy companies, Shell had earlier stated on November 3, that it was “pulling all levers to manage through the current oil price

downturn,” including a 10 per cent reduction in operating costs and a 20 per cent reduction in capital spending in 2015, totalling $11 billion.

The company, which is the biggest foreign oil firm in terms of assets and production in Nigeria, announced this CONTINUED ON PAGE 6

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Wednesday, December 16, 2015

Dokpesi fails to perfect bail conditions, }5 remains in prison

/newtelegraph

Vol. 2 No. 665

Dokpesi

Court sacks PDP national chairman, Secondus }4

@newtelegraph1 www.newtelegraphonline.com

N150

PPMC arrests 20 oil thieves Secondus

Kachikwu

Tension in the North

…as protests rock Kaduna, Kano, Gombe }4 lThree feared dead as Shi’ites clash with police lIran to Buhari: Institute a fact-finding panel over Zaria killings

Trailers and empty petrol tankers blocking the Apapa-Oshodi Expressway, Lagos…yesterday.

PHOTO: GODWIN IREKHE

Arms deal: I collected only SUVs from Jonathan’s govt, Buhari admits }5

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

News

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Tension in the North as protests rock Kaduna, Kano, Gombe Ibraheem Musa, Muhammad Kabir and Ahmed Sani

here was palpable fear in the North yesterday as members of the Islamic Movement of Nigeria (IMN), known as Shi’ite, staged protests in Kaduna, Kano and Gombe states over the killing of its members and the detention of its leader, Sheik Ibraheem El-Zakzaky. Many businesses were shut in the affected cities as protesters took to the streets. There was also protest in Iran over the killing. Iranian President, Hassan Rouhani, also called on President Muhammadu Buhari to institute a fact-finding panel over the Zaria clash. The cities of Sokoto, Zamfara and Bauchi have also been hit by protests. The latest protests were triggered by a photo purportedly showing the leader of the sect sitting on the ground with a bloodied face. The picture went viral on social media yesterday. About 20 sect members have, so far, been killed allegedly by soldiers, following the alleged attempted assassination of the Chief of Army Staff, Lt.-Gen. Tukur Buratai, on Saturday by members of the Shiite Islamic sect. In Kaduna, there was a clash between the sect and security operatives in Tudun Wada area of the metropolis. An eyewitness account said the Shi’ites were preparing for a protest against the arrest of their leader, Sheik Ibraheem ElZakzaky, by the military, when police operatives swooped on them and dispersed the crowd in Tudun Wada area. They latter regrouped at Tudun Nupawa area where many of the sect members were said to have engaged the police in a shootout, leading to injuries on both sides. The source also said about three persons were feared dead. A source at the police clinic along Independence Way in the heart of Kaduna also told our correspondent that not less than four police officers were brought in injured, one in critical condition. Yesterday’s incident happened while the Minister of Interior, Lt.-Gen. Abdulrahman Danbazau, led the Federal Government delegation to Kaduna State to see things for themselves. The minister also held a close-door meeting with the state governor, Malam

Nasir El-Rufai, on the development in the state before proceeding to Zaria to ascertain what really transpired between the sect and soldiers. Speaking with reporters at Kaduna Government House, Danbazau said: "I came to Kaduna to see the situation of things and I decided to see the Chief Security Officer of the state. I am on my way to Zaria to see the situation of things." However, the sect, in a statement made available to newsmen, said: "The mobile police unit (MOPOL) attacked a peaceful protest staged by members of the Islamic Movement in Nigeria in Kaduna, killing three people on the spot, with many receiving gunshot injuries. "As usual with such protest conducted by the Muslim brothers, it started peacefully from Layin Kosai area of Tudun Wada, Kaduna. However, when it reached Tudun Nupawa near Enugu road, MOPOL, in about five vehicles, opened fire on the protesters. "The main aim and slogans of the protesters was “Release Sheikh Zakzaky!” “Enough is enough!” The protest was dispersed by the police by their sporadic shootings. “However, about nine police vehicles moved to Tudun wada where the Markaz (Islamic Centre) of the Muslim brothers is situated and opened fire there. "As if in continuation of what the army started in Zaria over the weekend, report reaching us said many were killed or wounded there also. “Similar protests were held in Bauchi, Gombe, Kano and Gusau, and they all ended peacefully, because no police were ordered to shoot the protesters. The question is who are those in authority that are bent on creating chaos in Kaduna through such brutal attacks on ordinary unarmed people?" In Kano, thousands of Shi’ite members staged a peaceful protest under close watch of armed military personnel. The protest was against the backdrop of report that their leader, Sheikh Ibrahim El-Zakzaky, was shot by soldiers. The aggrieved Shi’ite followers, mostly women and children, kick-started the procession from the Kano Central Mosque in the early hours of yesterday, carrying placards with various inscriptions. The protesters matched from the Kano Central Mosque to Kantin-Kwari

market through Kofar-Mata to Ibrahim Taiwo road to Fagge Juma’at mosque and terminated the protest at Bata roundabout about 1p.m. The spokesperson of the sect in Kano, Muhammad Saqafah, told New Telegraph that “the procession was in protest against the recent arrest of our leader by military and the manner they attacked his house.” He added that “we will continue protesting until government releases him. His arrest was unlawful and government must release him with immediate effect.” In Gombe, members of the sect embarked on peaceful protest in the state capital. The protesters distributed leaflets to people wherein they demanded the release of

the sect leader. Also, Iranian people staged a rally in front of the Nigerian Embassy to protest the Zaria killings. The protesters, mostly university students, seminary scholars and members of cultural unions and artistic centres from various Tehran districts, denounced the Nigerian officials' insults against the Shia Muslim religious leaders. The protesters also asked the concerned Iranian officials to shut down the Nigerian Embassy in Tehran. The leader of the Shi’ites in Katsina, Sheik Yakubu Yahaya said the sect would hold President Muhammadu Buhari responsible over the killing of its members in Zaria by the military last Saturday.

Yahaya said: “We wonder why the military should open fire on our members just because there was an alleged blockage of a major road. “There was no time we blocked that road during any of our religious activities. We are law abiding citizens and we respect the religion of other people in Nigeria,” he said. He dismissed claim by the military authorities that members of Shi’ite attempted to assassinate the Chief of Army Staff, Lt.-Gen. Tukur Buratai. Rouhani, in phone talks with Buhari, asked the president to take care of the injured victims of the clash between the military and Shiites in Zaria. “We expect the Nigerian government to relieve the entire bereaved families and injured victims of

that disaster and to issue strict orders to prevent the occurrence of any further unrests,” added Rouhani. Rouhani also announced Iran's readiness to dispatch any special assistance, such as medical and rescue and relief teams to assist the disaster's victims. President Buhari, in the phone talk, appreciated his Iranian counterpart's sensitivity about Nigerian Muslims. “The Nigerian government is also determined to pursue the precise causes of the occurrence of that incidence and will definitely react to it accordingly,” he added. “We will also do our best to restore security in our country and will act against those who have disturbed it,” he said.

Minister of Solid Minerals Development, Dr. Kayode Fayemi (middle), Minister of State for Solid Minerals, Hon. Abubakar Bwari (left) being conducted round the Ajaokuta Steel Company by officials of the company during the ministers’ tour of the complex in Ajaokuta, Kogi State…on Monday

Court sacks PDP national chairman, Secondus

lWe’ll appeal judgement, says party Felix Nwaneri, Tunde Oyesina and Onyekachi Eze

n Abuja High Court yesterday sacked the National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus. The court, in its ruling in the suit filed by former Special Adviser to former President Goodluck Jonathan on Political Matters, Alhaji Ahmed Gulak, said Secondus is occupying the position of the Acting National Chairman of the party illegally. But shortly after the judgement was delivered, counsel to PDP in the matter, Mr. Paul Isaiah, said the party will appeal the judgement. Isaiah added that a stay of execution of the judgement will also be filed.

According to him, "We are going to appeal this judgement. Apart from the appeal, we are also going to file a stay of execution of the judgement because the National Convention of the party is in March next year." The trial judge, Justice Hussein Baba, in his judgement, held that the position of the Acting National Chairman of the party is zoned to the North-East and, therefore, cannot be occupied by Secondus, who is from the South-South. He, however, ordered that Secondus should vacate the office within 14 days and that the plaintiff or any other party member worthy of that position should assume the position of the Acting National Chairman of the party. Gulak had, in an originating summon, prayed the court for an order of perpetual injunction re-

straining Secondus from continuing to act in the Office of the National Chairman of the party or organising or planning any election or carrying out any other functions or duties pertaining to the office. Joined as defendants in the suit are the PDP and Secondus as first and second respondents. The plaintiff also sought a declaration that by articles 35(1) and 47 (6) of the constitution of the party, read together with Section 223 of the 1999 Constitution as amended, the continued functioning of Secondus as acting national chairman of the party, when he is not from the North-East, was a breach of Article 47(6) of the constitution of the party and Section 223 of the 1999 constitution. PDP National Chairmanship seat became

vacant in May following the resignation of former Governor of Bauchi State, Alhaji Adamu Mu'azu. Since then, Secondus, who was Deputy National Chairman, has been acting as National Chairman. Gulak had made spirited effort for somebody from the North-East to serve out Mu'azu's tenure, but the party's leadership said the seat was not vacant. The National Working Committee (NWC), sometime in September, rejected Gulak's letter of intention to serve out Mu’azu's tenure. Speaking with New Telegraph on the judgement, Gulak described it as victory for the party and democracy. He said the judgement has vindicated him because of his insistence on strict adherence to the PDP constitution.

News

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Arms deal: I collected only SUVs from Jonathanâ&#x20AC;&#x2122;s govt, Buhari admits Anule Emmanuel Abuja

resident Muhammadu Buhari has denied reports that he received monetary compensation from the administration of former President Goodluck Jonathan following an attempt on his life last year in Kaduna. The president's convoy was attacked late 2014 in Kaduna when a bomb exploded affecting his Sport Utility Vehicle (SUV) ahead of the 2015 presidential election. There have been reports that Buhari received $300,000 and five armoured SUVs from the Office of the National Security Adviser (NSA) in the after-

math of the attack on his convoy in Kaduna. The former NSA, Col. Sambo Dasuki, is facing trial over alleged mismanagement of $2 billion arms fund. A statement yesterday by the Special Adviser on Media and Publicity to the President, Mr. Femi Adesina, said there was no truth about report that the Jonathan government paid monetary compensation to the president after the attacks. According to Adesina, Buhari, as presidential candidate of the All Progressives Congress (APC), only received one SUV and another non-treated SUV from the immediate government. He said: "Our attention has been drawn to reports

making the rounds, especially on Internet-based media, that President Muhammadu Buhari received $300,000 and up to five armoured SUVs from the Office of the National Security Adviser in the aftermath of the attack on his convoy in Kaduna last year. "We unequivocally deny that President Buhari received $300,000 or any monetary compensation whatsoever from the Jonathan Presidency or any of its officials, in the aftermath of that attack, or at any other time since then. "While it is true that one armoured SUV and one untreated SUV were sent to the president in the aftermath of the attack, the vehicles were in keeping

with his entitlements as a former Head of State under the Remuneration of Former Presidents and Heads of State (And other Ancillary Matters) Decree of 1999." According to Adesina "Section 3, Sub Section 1 of that Decree provides that three vehicles will be provided for former heads of state and replaced every four years. "There was, therefore, nothing untoward, illegal or tending to corruption in former Head of State Buhari and presidential aspirant, as he then was, receiving vehicles, to which he was statutorily entitled, from the Federal Government of Nigeria," the statement added. "President Buhari had, in keeping with his aus-

L-R: Former Minister of Finance, Ambassador Bashir Yuguda; former Sokoto State Governor, Alhaji Attahiru Bafarawa and former National Security Adviser (NSA), Col. Sambo Dasuki, during their arraignment at the FCT High Court in Abujaâ&#x20AC;Śyesterday. PHOTO: ELIJAH OLALUYI

Inconclusive poll, a reflection of competitiveness â&#x20AC;&#x201C; Yakubu Onyekachi Eze ABUJA

hairman of the Independent National Electoral Commission (INEC), Prof. Mahmoud Yakubu, has offered explanation to the two inconclusive elections conducted under his watch. The Kogi and Bayelsa state's governorship elections conducted by Yakubu were declared inconclusive at the first ballot. While the polls in Kogi have been concluded, INEC is yet to fix a date for the supplementary polls in Bayelsa State. But the INEC Chairman, in his remark at the 11th public lecture of The Electoral Institute (TEI), an arm of the commission, yesterday, said the inconclusiveness of the elections was a reflection of competitiveness and confidence Nigerians now have on the electoral process. "The truth is that our

elections are getting better; they are also becoming competitive. By the same token, citizens are now more confident that the votes really count. "INEC will continue to ensure that the credibility of our elections remain sacrosanct. Acts of thuggery, ballot box snatching, willful violation of guidelines and deliberate acts to void the card reader will always attract sanctions," he promised. He recalled that in 2012, the margin between a governor-elect and the runner up was 417, 000 votes, "but today, the margin is 33,000 votes, which indicates that the election is getting better, more competitive." He expressed satisfaction with the processes and procedures INEC adopted in the conduct of four elections (two state assembly elections in Plateau and Katsina as well was Kogi and Bayelsa governorship elections) under his watch. "We have no major problem with deployment

of logistics and personnel for the elections. "However, I must admit that we have recorded some glitches in the operation and configuration of the smart card readers with particular respect to the biometric authentication of voters. Although the reported cases are not substantial enough to mar the elections, we are however determined to ensure that we address these challenges at whatever level it may occur, be it at the level of technology or staff training and handling of equipment by electoral officials. "We welcome suggestions from Nigerians at large in this regard, bearing in mind that the smart card reader is still a technology in its pioneering stage, but has already revolutionised our electoral process. "We have already received reports from Bayelsa that some people are saying they can't vote without the card readers. It is

part of the process that has revolutionised our elections and it has come to stay. And whatever we will do to make it better we will do so," he assured. Yakubu recalled that the inconclusive elections are not new in the country, noting that the governorship elections in Taraba, Imo and Anambra states, were in the past, declared inconclusive. Former chairman of the National Human Rights Commission (NHRC), Prof. Chidi Odinkalu, who chaired the occasion, praised INEC for the conduct of elections in the country. He noted that in 2007, 86.1 per cent of the elections were decided by the judiciary, but in 2011 it reduced to 51 per cent and later 40 per cent in 2015. Odinkalu expressed confidence that INEC, under the new chairman, will continue in the culture of progress instituted by his predecessor, Prof. Attahiru Jega.

tere, spartan and frugal disposition, shunned most of his entitlements as a former Head of State, but was prevailed upon by his supporters to accept the two vehicles for his personal safety in the aftermath of the dastardly attempt to assassinate him.

"It is preposterous to think that the president will allow his acclaimed reputation of honesty and incorruptibility to be tarnished by accepting a questionable monetary compensation from a discredited regime," Adesina noted.

Dokpesi fails to perfect bail conditions, remains in prison Tunde Oyesina Abuja

he embattled founder of DAAR Communication Plc., Chief Raymond Dokpesi may have to spend a night more at the Kuje Prison, Abuja, where he is remanded pending when he will perfect his bail conditions. The Federal High Court sitting in Abuja had, on Monday, remanded Dokpesi in Kuje Prison pending when he will perfect his bail conditions. The court had earlier admitted Dokpesi who is standing trial over alleged complicity in the arms deal fraud to bail, but with an order that he be remanded in Kuje Prison pending when he will perfect his bail conditions. As at the time of filing this report, a source close to the court who prefers anonymity told New Telegraph that Dokpesi was yet to perfect his bail conditions. "They could not perfect the bail today, they have to go back and come tomorrow. But I can't say whether they will be able to perfect everything tomorrow," the source said. Dokpesi had pleaded not guilty to the six-count criminal charge preferred against him by the Federal Government over his complicity in the N2.1 billion arms deal fund. Dokpesi's counsel, Chief Mike Ozekhome, had, on Friday, argued his bail application. Delivering ruling on Monday, the trial judge, Justice Gabriel Kolawole, admitted Dokpesi to bail in the sum of N200 million with two sureties in like sum. The court added that one of the sureties must be a retired or serving director with the federal or state civil service and that such person, if retired, should produce a gazette that he retired at that level. In the case of a serving director, the court held that such person must bring a letter of introduction from the Permanent Secretary. The second surety, according to the court, must be an entrepreneur with three years tax clearance and must possess a landed

property worth N200 million in Abuja. The sureties are also to swear to an affidavit of means that in the event that Dokpesi escaped, the money will be forfeited. The court ordered the Economic and Financial Crimes Commission (EFCC) to deposit the accused international passport with the registry of the court and that any time there is need to travel out, Dokpesi must apply to the court giving cogent reasons. The Deputy Court Registrar was, however, constituted into a committee to verify all deposits and ascertain their authenticity. Justice Kolawole further ordered that no government agency should re-arrest Dokpesi, adding that any agency that wants him for interrogation should invite him through his counsel and that his lawyer upon invitation should produce him between the hours of 8a.m. and 6p.m. The court held that anything outside the order would constitute a violation of court order and corruption. Justice Kolawole, however, noted that the order was to prevent government agency from violating court order and to allow the bail granted to have meaning. The court further ordered that the accused be remanded in Kuje prison pending the perfection of the bail terms. While arguing the bail application, Dokpesi's counsel, Chief Mike Ozekhome (SAN) submitted that the offence with which the accused person is standing trial was bailable by law because it was not a capital offense. He argued that Dokpesi has not in any way contributed to any act of insurgency and that he would not jump bail when granted. Opposing the bail application, prosecution counsel, Mr. Rotimi Jacobs (SAN) prayed the court to reject the application on the ground that the Federal government is investigating fresh allegations of N8.4 billion he collected for airing the FIFA U17 championship, which Nigeria hosted on Jan 27, 2012.

News

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

FG re-arraigns Dasuki, Bafarawa, Yuguda for alleged N19.4bn fraud

lEx-NSA to remain in EFCC custody Tunde Oyesina ABUJA

or the second time in two days, the Federal Government yesterday arraigned former National Security Adviser (NSA), Col. Sambo Dasuki (rtd), on a fresh charge before Abuja High Court over allegation of fraudulent diversion of public fund amounting to N19.4 billion. Dasuki and five others were arraigned on a different 19-count charge on Monday for alleged diversion of N13 billion. Arraigned alongside Dasuki in the new charge are the former Sokoto State Governor, Alhaji Attahiru Bafarawa and former Minister of State for Finance, Ambassador Bashir Yuguda. The accused persons were arraigned by the Economic and Financial Crimes Commission (EFCC) on a 22-count charge bothering on criminal breach of trust and diversion of public fund under the pretext of purchasing security arms. Other accused persons are Sagir Attahiru, son of the former governor and their family company, Dal-

TODAY’S WEATHER FORECAST LAGOS

ABUJA

PORT HARCOURT

KANO

ENUGU

IBADAN

CALABAR

MAIDUGURI

ONITSHA

34oC 20oC Sunny

34oC 18oC Sunny

hatu Investment Ltd. All the accused persons, however, pleaded not guilty when the charges were read to them. Prosecution counsel, Rotimi Jacobs (SAN), later applied for an adjournment till next year to enable him assemble his witnesses for trial of the accused persons. But counsel to Dasuki, Ahmed Raji (SAN), raised the issue of bail for the accused persons, adding that motions for their bail have already been filed and served on the prosecution. With the consent of all the parties, the trial judge, Justice Peter Affem, adjourned hearing in the bail application till today. He also ordered that the accused persons be kept in the custody of the EFCC until their bail applications were considered. The charge reads in part: *That you, Col. Mohammed Sambo Dasuki (rtd), whilst being the National Security Adviser and Shuaibu Salisu whilst being the Director of Finance and Administration in the office of the National Security Adviser between April 14, 2014 and May 7, 2015 in Abuja, entrusted with dominion over certain properties to wit: an aggregate sum of N3,350,000,000 being part of the funds in the account of the office of the National Security Adviser with the Central Bank of Nigeria (CBN) . *That you Dalhatu Investment Limited, Sagir Attahiru and Attahiru

27oC 11oC Sunny

35oC 19oC Sunny

35oC 18oC Sunny

33oC 22oC Partially Cloudy

28oC 12oC Mostly Sunny

36oC 19oC Sunny

to adopt the conditions already set at the Federal High Court, where he was facing a similar charge and also grant him bail on self-recognition. Raji further argued that the case does not necessarily warrant imprisonment, and they can result to a plea bargain or caution.

But the prosecuting counsel, Jacobs, opposed the application on the ground that the source of the offence at the Federal High Court, Abuja was secondary, adding that the present charges were primary and more grievous. Jacobs added that the accused persons may like-

ly jump bail and obstruct investigation, as the commission is already tracing some assets to them, and their liberty may likely jeopardise the witnesses that would be presented. However, the trial judge, Justice Hussein Baba Yusuf adjourned till Friday for ruling.

Some women being relocated from camps located within the Sambisa Forest in Bama, Borno State… yesterday

Shell to sack 2,800 staff after firing 7,000 CONTINUED FROM PAGE 1

28oC 17oC Partially Cloudy

Dalhatu Bafarawa, between April 14, 2014 and May 7, 2015 dishonestly received stolen property, to wit: an aggregate sum of N3,350,000,000. *That you Col. Mohammed Sambo Dasuki Rtd whilst being the National Security Adviser, Shuaibu Salisu whilst being the Director of Finance and Administration in the office of the National Security Adviser and Bashir Yuguda whilst being the Minister of State for Finance between April 14, 2014 and May 7, 2015 in Abuja, agreed to do an illegal act, to wit: criminal breach of trust by public officers in respect of an aggregate sum of N5,050,000,000 being part of the funds in the accounts of the office of the National Security Adviser. *That you Bashir Yuguda, Dalhatu Investment Limited, Sagir Attahiru and Attahiru Dalhatu Bafarawa, between 2013 and 2015 in Abuja, agreed to do an illegal act, to wit: dishonestly receiving stolen property to wit: an aggregate sum of N4,633,000,000 being part of the funds in the accounts of the office of the National Security Adviser. Meanwhile, Dasuki will have to remain in the custody of the EFCC till Friday when an Abuja High Court will deliver ruling in his bail application. The court will also, on Friday, begin the accelerated trial in the suit. At the resumed hearing yesterday, counsel to Dasuki, Raji, prayed the court

after its merger with BG Group got final approval for a deal expected to help Shell compete better globally with the world’s top oil major, ExxonMobil. The firm has also cut its workforce by over 7,000 people so far in 2015 and identified a further $1 billion of pre-tax synergies to bring cost savings from combining its business with BG to a total of $3.5 billion by 2018. Bloomberg reported yesterday that the merger with BG Group received unconditional clearance from the Chinese Ministry of Commerce (MOFCOM), marking the final pre-conditional approval required for the deal. With this, Shell announced that “it currently expects an overall potential reduction of approximately 2,800 roles globally across the combined group as a result of the merger, which translates to around three per

cent of the total combined group workforce.” The latest clearance follows previously announced approvals from regulators, including the United States Federal Trade Commission, Brazil’s competition authority CADE, the European Commission, the Australian Competition and Consumer Commission and Australia’s Foreign Investment Review Board. Scheduled to be completed by early 2016, the merger is the largest of the past decade and the third biggest oil and gas deal ever by enterprise value. Shell’s merger with BG will bring the energy major assets together in Brazil, East Africa, Australia, Kazakhstan and Egypt. The deal is expected to help Shell compete better with the world’s top oil major, ExxonMobil. Commenting on the final approval from MOFCOM, Shell’s CEO, Ben van Beurden, said

in a company statement: “We’re grateful to MOFCOM for its thorough and professional review of the recommended combination, and I am delighted we now have all the preconditional approvals needed to move to the next important phase. “This is a strategic deal that will make Shell a more profitable and resilient company in a world where oil and gas prices could remain lower for some time. We will now seek approval from both sets of shareholders as we move towards deal completion in early 2016.” It added that its proposed merger with BG Group Plc. has received unconditional clearance from MOFCOM, marking the final pre-conditional approval required for the deal. The company announced on October 27 that it would shelve an oil sands project in Alberta, which it had already in-

vested billions of dollars in and decided in late September to cease exploration activity offshore in Alaska, taking a large financial hit in the process. In another development, a Southwark Crown Court in London on Tuesday refused to release N17 billion ($85 million) to Malabu, a company controlled by former Minister of Petroleum Resources, Mr. Dan Etete. The money is a proceed for the sale of the Nigerian offshore oil block, Oil Prospecting Licence 245 (OPL 245), which was sold to Shell and Eni for $1.1bn in 2011. The funds were restrained at the request of Italian authorities, who are investigating the sale of the block by Malabu Oil & Gas, a company owned by Etete, to the international oil companies. Justice Edis of the Southwark Crown Court declared that he was not

sure the administration of President Goodluck Jonathan acted in Nigeria’s interest when it approved the transfer of the money to Malabu. “I cannot simply assume that the Federal Government of Nigeria which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects,” the judge ruled. Justice Edis said it would be inappropriate to release the money to Malabu. “I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA (Mutual Legal Assistance between the UK and Italy) to support an investigation by the Italian authorities,” the judge said.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Metuh: FG planning to implicate me in $2.1bn arms deal Onyekachi Eze ABUJA

ational Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh, yesterday raised the alarm that he was about to be implicated in the $2.1 billion arms deal. New Telegraph had reported that many prominent PDP leaders have become apprehensive that following the ongoing revelation in the disbursement of $2.1 billion arms purchase by the immediate past administration, anyone could be implicated and arrested. But Metuh said he never "had any contract dealings with the immediate past Federal Government or any of its security apparatus."

At a press conference in Abuja, the PDP spokesperson said he has cause to believe that the Federal Government is desperate and may have finalised plans to silence him because of his role as opposition spokesperson. "In the last seven months, as opposition spokesperson, I have been hounded, harassed, intimidated and threatened severally. In order to avoid personal and family pressure, I had refrained from bringing them to the public domain," he stated. He, however, admitted that in the course of his duties as the National Publicity Secretary of PDP, former President Goodluck Jonathan gave him an assignment, which he said Jonathan fully funded.

News

NATIONAL national

2016: LCCI faults FG on N1.3trn debt servicing provision Tony Chukwunyem and Taiwo Hassan

he Lagos Chamber of Commerce and Industry (LCCI) has faulted the Federal Government’s N1.3 trillion proposed for domestic debt servicing in the 2016 draft budget. LCCI President, Chief Nike Akande, said after the Chamber’s meeting where it reviewed the 2016 budget proposals in Lagos yesterday that it was wrong for government to commit such a huge percentage to debt servicing at a period the country is experiencing economic crisis.

According to her, this figure represents 72 per cent of the proposed capital expenditure in the budget. Her words: “We note with concern the growing budgetary provision for debt servicing. According to the Medium Ter m Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), N1.3 trillion is provided for domestic debt service in 2016, mainly to service existing commitments. She continued: “This figure represents 72 per cent of the proposed capital expenditure in the budget. It is important that government devise an innovative strategy

to reduce burden of debt service to the economy.” The LCCI president, however, said that the reduction of Federal Government’s share of fuel subsidy to N63.29 billion compared to almost N1 trillion spent on subsidy in 2015 was a welcome development, adding that the move will free up resources to finance other priorities, especially infrastructure. According to her, many of the assumptions made in the 2016 draft budget seem to reflect the current realities and desired spending priorities for national development. “It is our hope that adequate provision would

Senate orders reinstatement of policeman suspended for 21 years Chukwu David ABUJA

he Senate yesterday, ordered the reinstatement, promotion and payment of all dues to the Police officer, Sgt. Amos Olaniyan, who was verbally suspended from the Nigerian Police Force 21 years ago. The directive from the Senate followed a petition brought to the floor of the Chamber by Senator Solomon Adeola (Lagos West) on behalf of his constituent, Sgt. Olaniyan on October 6, 2015. The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Samuel Anyanwu, had laid for consideration and adoption of recommendations of the Report of his Committee which investigated the suspension of Sgt. Olaniyan from the Force. The Senate adopted the two recommendations of the committee namely: “that the officer Sergeant Amos Olaniyan be fully re-integrated into the Police Force with a letter of reinstatement and apology” and “that all his dues including promotions and entitlements be fully granted and paid”.

change OF NAME

john

I formerly known and addressed as Engr. Boniface Nnamdi Bini now wish to be known and called Mr. John Femi Akindele. All former documents remain valid. General public should please take note.

L-R: Country Manager, Imperial College, London, Mrs. Bimbola Adesanmi; Executive Director, Lesley Drake and Vice-President Yemi Osinbajo, during a meeting with the ministers on the school feeding programme at the Presidential Villa, Abuja…yesterday.

Too much green tea may be harmful — Study Appolonia Adeyemi

new study has shown that drinking too much green tea may be harmful to reproductive function and development. This is coming against the background that the same green tea has been hailed for centuries for its numerous health benefits. The new development is contained in a new study published in the Journal of Functional Foods. The researchers reveal

how exposure to excessive amounts of green tea impaired the reproductive function of fruit flies, as well as the development of their offspring. While it is unclear whether the beverage has the same impact on humans, the team said their findings warrant caution against consuming large amounts of green tea and other nutraceuticals. Nutraceuticals are foods or part of a food that allegedly provides medicinal or health benefits, including the prevention and treatment of diseases.

Green tea is made from fresh leaves of the Camellia sinensis plant. Because green tea is one of the least processed forms of tea, it retains the majority of its antioxidants and polyphenols, which are known to be largely beneficial for health. Previous research has suggested green tea can aid weight loss, reduce cholesterol and protect against numerous illnesses, including cancer, heart disease and Alzheimer's disease. However, some stud-

ies have reported negative health effects if the beverage is consumed in large doses; animal studies have linked excessive green tea consumption to dramatic weight loss and impaired embryonic development. To reach their findings, lead investigator, Mahtab Jafari, associate professor of pharmaceutical sciences at the University of California-Irvine, and colleagues exposed embryos and larvae of fruit flies, or Drosophila melanogaster, to varying doses of green tea.

Abuja

resident Muhammadu Buhari has once again distanced himself from the controversial antisocial media bill as he said his administration would jealously guard freedom of expression in

the country. President Buhari further assured Nigerians that nobody should nurse any fear that freedom of expression would be muzzled under his administration. Speaking in Abuja yesterday at the annual lecture, awards and gala night of Nigerian Pilot

newspaper and Nigerian Newsworld magazine, the President, who spoke through his Special Assistant on Media, Femi Adesina, said as a committed democrat, he was committed to the ideals of democracy, one of which is freedom of expression. "President will not muzzle freedom of ex-

be made (within the context of the capital provision) for infrastructure towards addressing the huge infrastructure deficit. On the draft budget benchmark for crude oil at $38 per barrel, the Chamber said: “This looks very fragile given the continued and projected boost of supply side of oil in the international oil market and its potential impact on oil price. It is advised, in the circumstances, that the benchmark be further reduced. We subscribe to the position of government that greater emphasis would be placed on non-oil revenue through diversification driven by agriculture, solid mineral and service sectors. “The quick win is for government to focus on policies and regulations that attract private capital and encourage investment. In addition, efficiency of tax administration is very vital to expand the current non-oil revenue base,” Akande added. It will be recalled that in its staff report on Nigeria, the International Monetary Fund (IMF) raised concerns over Nigeria’s rising debt portfolio, warning that the cost of servicing the country’s debt could rise to 35 per cent of revenues in the next four years.

Appeal Court sacks Akwa-Ibom House speaker

he Court of Appeal in Abuja yesterday nullified the election of the Speaker of Akwa-Ibom House of Assembly, Mr Aniekan Uko, for noncompliance with provisions of the Electoral Act. The appellate court panel of three judges presided over by Justice Moshood Oredola-Abdulrahman, ordered INEC to conduct fresh election in the state constituency - Ibesikpo-Asutan. The court, which upheld the earlier decision of the Legislative House Election Petitions Tribunal for Akwa Ibom, said Uko of the PDP was not pression. It will be jeal- validly elected in the April ously guarded and no one 11 election. It held that the election should nurse fear against freedom of expression be- tribunal which sat in Abuing muzzled" he said ja was right in nullifying He also gave assurance the election of Uko on the that the war against Boko basis of electoral violence Haram terrorists would and malpractices. be sustained until the After the judgment, vestiges of the group are Uko said he accepted the completely wiped out by decision of the court in the Military. good faith.

I will guard freedom of expression jealously — Buhari Yekeen Nurudeen

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Metuh: FG planning to implicate me in $2.1bn arms deal Onyekachi Eze ABUJA

News

NATIONAL national

2016: LCCI faults FG on N1.3trn debt servicing provision Tony Chukwunyem and Taiwo Hassan

Senate orders reinstatement of policeman suspended for 21 years Chukwu David ABUJA

change OF NAME

john

I formerly known and addressed as Engr. Boniface Nnamdi Bini now wish to be known and called Mr. John Femi Akindele. All former documents remain valid. General public should please take note.

Too much green tea may be harmful — Study Appolonia Adeyemi

Abuja

resident Muhammadu Buhari has once again distanced himself from the controversial antisocial media bill as he said his administration would jealously guard freedom of expression in

Appeal Court sacks Akwa-Ibom House speaker

I will guard freedom of expression jealously — Buhari Yekeen Nurudeen

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Metro

PPMC arrests 20 oil thieves

Juliana Francis

bout 20 suspected oil thieves have been arrested by a combined team of Nigerian Navy, the Army and other security agencies. The arrest of the suspects was in line with the Minister of State for Petroleum and the Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu’s war against crude oil thieves and pipeline vandalism. The security agencies have been collaborating with the NNPC and Pipelines and Products Marketing Company (PPMC) to monitor and patrol pipelines. The PPMC Managing Director, Mrs Esther NnamdiOgbue, said the suspects were intercepted by patrol teams between the Atlas Cove and Mosimi Depot. Nnamdi-Ogbue added that the suspects, among them a woman, was smashed at Ilado/Ilase pipeline axis. She said: “In line with the directives of Mr President to ensure zero tolerance against crude oil theft and pipeline vandals, the measures put in place by Kachikwu have started achieving positive results. “Between the Atlas Cove and Mosimi Depot, a team of Nigerian Navy, the Army and other security

Some of the suspects

agencies collaborating with the NNPC/PPMC apprehended a 20-man syndicate group which included a woman. These are notorious members of gang engaging in pipeline vandalism and product theft along the Ilado/Ilase pipeline axis.” Items seized from the sus-

pects included two Hilux trucks, with thousands of jerry cans filled with petroleum products, equipment and several generators. The suspected vandals had been taken into custody at the Nigerian Naval Base, Wester n Command, Apapa and are awaiting further interrogation.

“The agency in the last two weeks had recorded a lot of success along the Atlas Cove and Mosimi axis of the pipeline with renewed collaboration with security agencies. The PPMC will collaborate with the Nigerian Navy, the Army and other security agencies to ensure that they put a total stop to the vandals’ activi-

ties. “We hope that those apprehended will soon be prosecuted to serve as a deterrent to others,” Nnamdi-Ogbue added. The PPMC recently confirmed that the nation lost about N50 billion in 10 months as a result of vandalism of petroleum pipelines in parts of the country.

220 murdered, 335 vehicles stolen in Lagos Muritala Ayinla

bout 220 people were murdered in Lagos between January and November this year while 335 vehicles were reported stolen within the period. It was learnt that most of the murder cases were recorded during cult clashes

Fatai Owoseni

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

and street gangs. Speaking during the ninth Town Hall Meeting on Security, the Commissioner of Police, Fatai Owoseni, who gave the statistic of various crimes perpetrated by hoodlums from

the beginning of the year, said 207 of the vehicles were removed from where they were parked while 112 were snatched. Owoseni added that the police were able to recover 233 stolen vehicles and items worth N1.4 billion between January and November. Lamenting that the most prevalent crime in the state was murder, Owoseni assured residents of improvement in response time to distress calls. The police chief also called on Lagosians to support the police with prompt information on crimes and criminals. He said: “The most prevalent crime in the state is murder. Two hundred and twenty-two (220) cases were recorded between January and November 2015 and a large number of the cases were occasioned by cult

clashes and street fights. According to him, 27 of the cases were recorded in January while 15, representing the lowest, occurred in March. A brief breakdown of the location in the state showed that 26 of the cases were recorded within Area ‘C’, Surulere, followed by Area ‘N’, Ijede in Ikorodu with 25 cases. The commissioner disclosed that 335 vehicles were reportedly stolen between January and November. He said: “Of this, 207 were removed from where they were parked by their owners, 112 were snatched and 16 driven away by drivers of unsuspecting owners who employed them. “Forty-one cases of cult clashes occurred with Area ‘C’ Police Command recording the highest with eight

cases followed by Area ‘N,’ Ijede, ‘A,’ Lion Building and ‘H,’ Ogudu where five cases were recorded each. “Forty-four cases of armed robbery attacks were reported during the period under review. Of this number, 11 cases were recorded within Idimu Police Area Command and six recorded in Ikeja axis of the state. “Twenty-four traffic robbery cases were reported in the state, with 11 recorded in September. Four cases of rape/defilement were recorded within the period under review. “Twenty-five cases of kidnapping were recorded within the period under review. The breakdown showed that six kidnap cases were recorded in Ajah axis of the state, five in Ijede while four cases were recorded in FESTAC axis.”

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Metro

10 die, 15 injured in Onitsha auto crash Okegwo Kenchukwu Onitsha

t least, 10 people died while 15 others were injured yesterday in an auto accident at the popular Upper Iweka in Onitsha Anambra State. This came barely eight months after more than 70 people died in a tanker fire incident at the same spot. The victims of yesterday accident were mostly traders who displayed their wares behind the Asaba park on the busy Onitsha-Asaba Expressway where the tanker incident occurred on June 30. Some of the victims were hawkers while others were visitors as well as touts. After the May tanker fire, the Asaba park has been

fenced by the state government to forestall future occurrence as the place is prone accidents. A witness blamed the accident break failure. The witness said the driver of the vehicle lost control of the vehicle while coming from the Army Barracks axis before ramming into the victims. The identity of some of the victims could not be immediately ascertained. But officials of the Federal Road Safety Commission (FRSC), the Nigerian Red Cross, policemen and sympathisers evacuated bodies of the victims and took the injured to the hospital. When contacted, the Divisional Police Officer (DPO), in charge of the area, Isa Abubakar, confirmed the accident. Abubakar described that incident as unfortunate.

Witnesses identify Falae’s kidnappers Babatope Okeowo

Emmanuel Masha Port Harcourt

S Scene of the May incident in Onitsha

The bodies of the victims were deposited at St. Charles Borromeo and Toronto hospitals both in Onitsha. Meanwhile, the truck in-

volved in the accident was removed from the scene of the incident. But the victims’ wares and blood littered the ground.

Stolen software would fetch me millions -Suspect

he driver of Chief Olu Falae, former Secretary to the Government of the Federation (SGF), Mr David Ogunleye, yesterday identified Umaru Ibrahim and Babauro Kato as members of the gang that abducted the statesman in his farm a couple of weeks ago. Ogunleye, who mounted the witness box, said he could identify the two suspects because they were not wearing masks when they invaded Falae’s farm office at Ilado in Akure North Local Government Area of Ondo State. Ibrahim and Kato were part of the seven suspects facing trail over Falae’s abduction in his farm on September 21. They had earlier confessed that they shared part of the N5 million ransom paid for the Afenifere chieftain’s release. Giving evidence before Justice William Olamide during the trial, Ogunleye, who was led in evidence by Mrs Sola Adeyemi-Tuki, said the two of accused could be identified because they did not wear masks during the operation and were part of those who accosted them when they were going on an errand for the Afenifere chieftain. He said: “I attempted to escape the hoodlums by reversing but unfortunately the vehicle got stuck and they caught up with us. They dragged me out of the car, beat me with sticks and cutlasses and led us to the farm office where our Oga was.” Another witness, Rufus Daramola, claimed to be with Falae in his office

Falae

when the gunshots were heard and told the court he was instructed to find out what was happing outside but ran into the nearby bush for cover when he sighted the heavily armed men, shooting sporadically into the air. Daramola told the court it was difficult for him to ascertain the number of people in the gang or identify any of them. The farm manager, Bruno Akhigbodemh, said he was in the vehicle earlier hijacked by the attackers, also identified the third accused person, Usman Ibrahim, and the fifth accused person, Idris Lawal, as part of the gang. In his ruling the presiding judge, while ordering the continued detention of the accused in prison custody, adjourned further hearing till February 2, 2016.

City Briefs Lecturer, son killed in Port Harcourt

Taiwo Jimoh

Akure

etermined to become a millionaire at all cost, an Information Communication Technology consultant allegedly organised men to rob his Indian client of computer software at Gbagada area of Lagos State. The 25-year-old suspect, Emmanuel Anthony, said if they had succeeded in stealing the software from the Indian, he would have raked in millions of naira. Anthony told detectives that it was easy for him to invade the victim’s home because he had visited there several times and knew every nook and cranny of the building. He said because he did not want the Indian to recognise him, he wore a face mask. The Lagos State Commissioner of Police, Fatai Anthony Owoseni, said Anthony and two of his friends scaled the fence and gun at him and tied him to robbed their victim, one the gate. We then ran away Aneesh, an expatriate with with his laptop and some a toy gun. other valuables. He said: “They tied “We were trying to eshis hands and legs to the cape when we suddenly gate with a rope and then heard police siren. My dispossessed him of his friends escaped. Till now, I money, phones, I-pad, lap- still don’t know the power top and other valuables. or forces that overcame Policemen from Anthony me. I just discovered that Police Station received I dropped the man’s laptop the information about the on the ground and could operation and raced to not move. That was how I the scene. Anthony was was arrested. arrested just as he was “My purpose of going trying to escape through for the robbery was to steal the fence. His two friends accounting software in his escaped.” laptop. My plan was to exRecounting the robbery, tract the serial number of Anthony said: “On that the software and duplicate fateful day, my friends and it for sell. If I duplicate it, I scaled the fence of the I will make about a lot of house. I wore a face mask money from it. The softso that my client would not ware is difficult to get in recognise me. I pointed the Nigerian market.”

ome hoodlums have killed a lecturer at Ignatius Ajuru University of Education, Dr Ebirien Fubara, and his son. The hoodlums also injured the lecturer’s wife’s brother, Okwudiri, who, according to sources, is in critical condition at an undisclosed hospital. A source said that Fubara, who was seconded to the Rivers State Electoral Commission (RSIEC), was attacked about 2am with iron bar at his residence on Peter Odili Road, Port Harcourt. While the late lecturer’s in-law survived the attack, he and his son did not, as their bodies have been deposited at morgue of the Military Hospital, Aba Road, Port Harcourt, Rivers State. In its reaction, the Ignatius Ajuru University of Education has condemned the gruesome murder of Fubara and his son, and called on security agencies to investigate the killing. The institution’s Registrar, Ikem Adiele, who spoke to journalists, also urged security operatives to track down the perpetrators.

Protect your territories, IG orders policemen Juliana Francis

he Inspector-General of Police (IG), Solomon Arase, has directed policemen across the country to embark on surveillances at Christmas and to protect their territories. Arase specifically instructed policemen to monitor movements of suspected persons and beam searchlights on public places during the period. The IG told policemen that proactive policing, where crime would be prevented rather than solved, should be their goal this festive season. A top police officer said: “The IG does not want foreigners or Nigerians to be victims of hoodlums and insurgents during the Christmas celebration. The IG has placed senior officers in charge of operations and surveillances on red alert.”

Residents, estate managers disagree over charges Muritala Ayinla

dmiralty Homes Limited has denied allegations by residents of Alpha Bay Estate, Lekki that it breached an existing management contract of the estate. The Admiralty Homes, which manages the estate, described claims by some aggrieved residents as attempt to bring the company to disrepute. The Chairman of the Admiralty Homes Limited, Dun Salami, said in a statement that for over five out of the eight years of the estate’s existence about 80 per cent of the Alpha Bay Estate Residents Association (ABERA) members, who purchased their properties from the company, did not pay any service charge to the company. Salami said the remaining 20 per cent only paid the first year service charge after taking possession of their properties.

10 News

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

NATIONAL

Saudi, Nigeria, others form counter terrorism group

audi Arabia yesterday said that 34 nations have agreed to form a new "Islamic military alliance" to fight terrorism with a joint operations centrer in the kingdom. But the coalition does not include Shiite-majority Iran or Iraq, and it's not clear how exactly it would function, according to the AFP. The announcement, published by the staterun Saudi Press Agency, said the Saudi-led alliance is being established because terrorism "should be fought by all means and collaboration should be made to eliminate it." However, the absence of Iran, Iraq and Syria,

three countries battling the Islamic State group, raised questions about whether the alliance was intended to present a unified front against the extremists or Tehran, Saudi Arabia's main regional rival. Riyadh backs rebels fighting to overthrow Syrian President Bashar Assad, a key Iranian ally, and has been leading an Arab coalition against Iran-supported Shiite Houthi rebels in Yemen since March. It is also part of the U.S.-led coalition fighting the Islamic State group in Syria and Iraq. The Saudi statement said Islam forbids "corruption and destruction

in the world" and that terrorism constitutes "a serious violation of human dignity and rights, especially the right to life and the right to security." Saudi Deputy Crown Prince and Defence Minister, Mohammed bin Salman, told a news conference that the new coalition will develop mechanisms for working with other countries and international bodies to support counterterrorism efforts. He said their efforts would not be limited to countering the Islamic State group. "Currently, every Muslim country is fighting terrorism individually ... so coordinating efforts is

very important," he said. Saudi Foreign Minister Adel al-Jubeir told reporters in Paris that members could request assistance from the coalition, which would address the requests "on a case-by-case basis." "There is no limit in terms of where the assistance would be provided, or to whom it would be provided," he said. The new counterterrorism coalition includes nations with large and established armies such as Pakistan, Turkey and Egypt, as well as war-torn countries like Libya and Yemen. African nations that have suffered militant attacks, such as Mali,

Chad, Somalia and Nigeria, are also members. It was not immediately clear what role, if any, the United States would play in the coalition. U.S. Defence Secretary Ash Carter said he is looking forward to learning more about what Saudi Arabia has in mind. "In general, at least, it appears that it's very much aligned with something that we've been urging for quite some time, which is greater involvement in the campaign to combat ISIL by Sunni Arab countries," Carter told reporters during a visit to Incirlik Air Base in Turkey, referring to the IS group by one of its acronyms. He said he'd like to talk to the Saudis about the plan so he could learn more about it.

A senior defense official said the U.S. did not know in advance about the plan for the alliance, and that officials were working to find out the details. The official was not authorized to discuss the matter publicly so spoke on condition of anonymity. Prime Minister Ahmet Davutoglu of Turkey, the only NATO member in the new coalition, called it the "best response to those who are trying to associate terror and Islam." "We believe that this effort by Muslim countries is a step in the right direction," Davutoglu said. Smaller member-states included in the coalition are the archipelago of the Maldives and the Gulf Arab island-nation of Bahrain, which is home to the U.S. Navy's 5th Fleet.

Why NIMASA can’t pay contractors, by DG Philip Nyam Abuja

Former President, Chief Olusegun Obasanjo (second left in Benue traditional attire); Benue State Governor, Samuel Ortom and other traditional rulers, when Obasanjo was honoured at the New Banquet Hall, Benue People's House, Makurdi...yesterday. PHOTO: CEPHAS IORHEMEN

Philip Nyam ABUJA

he House of Representatives yesterday passed a bill seeking the establishment of the North East Development Commission charged with the responsibility to receive and manage funds from allocation from the Federation account and international donors for settlement, rehabilitation and reconstruction of roads, houses and business premises of victims of insurgency. The bill, sponsored by the speaker of the House, Hon. Yakubu Dogara, was unanimously endorsed at yesterday’s plenary of the lower chamber presided by the deputy speaker, Hon. Yussuff Lasun.

Reps pass bill to establish North East Development Commission Dogara, who abdicated his presiding seat and took a seat on the floor to lead debate on the bill, said the challenges affecting the Northeast are indeed enormous and must be given priority attention by the federal government. He said, “Majority of our people in the Northeast cannot enjoy this democracy and the situation calls for concerted efforts by all stakeholders to put the region in order. It has become absolutely necessary for us to elevate this matter from zonal to national level”. The speaker lamented that the activities of

Boko Haram have led to widespread poverty and unemployment in the region, disclosing that “the insurgency has led to the loss of over 700,000 people and destruction of property and businesses worth billions of naira. He explained that the establishment of the commission has become inevitable if the people of the region must be given a sense of belonging in the nation. Supporting the motion, Hon. Uzoma NkemAbonta (PDP, Abia) said his support for the motion was borne out of the fact that “if we look at the level

of done in the Northeast, we have no option that to advocate for the establishment of the commission”. Also supporting the motion, minority leader, Hon. Leo Ogor (PDP, Delta) said it was painful that a group of people have been terrorizing the country, and in the process led to the loss of thousands of lives and destruction of property. “Despite all that happened, there is no agency that will take good care of the affected persons and the region as a whole. I bill that the committee that will be given the task would do a thorough work,” he said.

FG not paying N5000 to all Nigerian youths — Ngige Charles Onyekwere ENUGU

ormer Governor of Anambra State and Minister of Labour and Employment, Senator Chris Ngige has disclosed that the All Progressives Congress (APC) led Fed-

eral Government would not pay the N5000 stipend to all unemployed Nigerian youths, saying the money is not meant for all of them. Ngige said contrary to the erroneous belief that the N5000 is meant for all youths, only the vulnerable ones amongst them would benefit.

The Minister made this clarification at the 5th anniversary celebration of Bina Foundation and graduation ceremony of the Foundation’s Skill Acquisition Students in Enugu, where his Ministry donated equipment worth N10 million to the graduands. Ngige noted that what

the Ministry of Labour is doing “is in tandem with what the Foundation does for people with special needs like the blind and other disabled persons who are the vulnerable ones living amongst us”, adding that they are partners in progress with the new APC government.

cting Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Mr. Haruna Jauro, yesterday said the agency could not pay its contractors because of the removal from office of Mr. Calistus Obi, by the Federal Government. He said the contractor that provided 18 vessels for the agency to effectively carry out its duties in the past could not be paid because of that action. Jauro, who disclosed this at a meeting with the House of Representatives Committee on Maritime and Safety, said the com-

pany, Global West, has not been paid since March, because the contract is to be reviewed after three years. He said they were also waiting for new incentives to have a new benchmark to pay the contractor. “NIMASA is supposed to be on the waters to survey ships, we don't have the vessels that is what brought about the partnership with Global West. They were supposed to provide 20 vessels and have produced 18 so far. “We have not paid them since March, the payment is to be reviewed after three years and this is to have a new benchmark, so they can be paid."

FG to insurgents, MASSOB: You're taking laws into your hands Johnchuks Onuanyim Abuja

he Federal Government, yesterday, reminded Boko Haram insurgents and the Movement for the Actualization of Sovereign State of Biafra (MASSOB) groups that their activities in recent time violate the laws of the land. The government, therefore, advised them to explore the provisions of the law and the arms of government to seek redress for their grievances. The Federal Government, in a statement from the Minister of Interior, Lt Gen. Abdulraham Dambazau, stated that government would always stand to protect Nigeria territory and the citizens against any sepa-

ratist group activities. The Minister cited the provisions of the constitution to support his position as he said, "The Fundamental Objectives and Directive Principles of State Policy as encapsulated in Chapter II of the Constitution of the Federal Republic of Nigeria 1999, S.14(2) states that "the security and welfare of the people shall be the primary purpose of government". The Minister assured groups and Nigerians of the readiness of the government to respect human rights as he said, "The Federal Government under the leadership of President Muhammadu Buhari, respects and upholds the fundamental human rights of all citizens as enshrined in Chapter IV of the Constitution."

NEW TELEGRAPH WEDNESDAY, DECEMber 16, 2015

Election

Parliament

Poll

APC in crisis over spokesperson

Reps’ record-breaking 130 bills

Abia North: Time for vigilance, correction

Politics Mark

Abubakar

Ohiare

Hussain

Ideozu

Marafa

Achonu

Sekibo

Ohuabunwa

Ekwunife

It is a season of loss for senators whose elections into the upper chamber of the National Assembly were nullified by the various Courts of Appeal, sitting across the country, Chukwu David reports

he rank of the Senate has been depleted as 11 senators have so far lost their seats in the nation’s apex legislative chamber, courtesy of the various Appeal Court judgements that nullified their elections. Out of this number, four lost their seats outrightly while the remaining seven will go for re-run elections as directed by the various appellate courts. The first to lose his seat to his opponent was Senator Bashir Abba Marafa of the Peoples Democratic Party (PDP), who represented Taraba Central for 15 weeks

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Senators’ season of loss before being sacked by the court. On September 30, the National Assembly Elections Petitions Tribunal sitting in Jalingo, the Taraba State capital, nullified the election of Senator Marafa and ordered the Independent National Electoral Commission (INEC) to issue a Certificate of Return to his rival, Yusuf Abubakar Yusuf of the All Progressives Congress (APC), as the duly elected senator for the senatorial district. Other senators who lost their seats outrightly are Senators Abdulrahaman Abubakar (APC, Kogi East) and Mohammed Ohiare (APC, Kogi Central). The Appeal Court, Lokoja Division, on December 2, 2015, nullified the elections of the two senators and ordered fresh elections in the districts. Unfortunately for them, their party, APC, was also disqualified from participating in the contest. Only the PDP candidates will stand for the election. Another member of APC who lost his seat to his PDP challenger is Senator Egyegbola Hussain of Nasarawa South. The Court of Appeal ruled that his opponent, Senator Suleiman Adokwe, was duly elected and ordered INEC to issue him a Certificate of Return. Earlier, on November 28, a Court of Appeal sitting in Makurdi, Benue State, nullified the election of former President of the Senate, representing Benue

Four lost their seats outrightly while the remaining seven will go for re-run elections

South Senatorial District, David Mark and ordered a re-run within 90 days. Mark’s victory at the polls was challenged by the APC candidate, Daniel Onjeh, who alleged that the election that gave Mark victory was flawed by irregularities. The election of Mark was first upheld in October by the tribunal sitting in Markudi, but Onjeh appealed the judgement, which led to the upturning of the election of the former number three citizen. Also, the Court of Appeal sitting in Owerri, the Imo State capital, last week Friday, nullified the election of Senator Athan Achonu of PDP, representing Imo North Senatorial District in the Senate. Achonu’s election was nullified on the strength that INEC did not put the logo of the Accord Party on the ballot papers used for the election. The court ordered that a re-run election be conducted within the next 90 days. Other senators whose elections have been nullified in the recent judgements of the Appeal Court are Uche Ekwunife (PDP, Anambra Central), Mao Ohuabunwa (PDP, Abia North), Thompson Sekibo (PDP, Rivers East), Olaka Nwogu (PDP, Rivers South-East) and Osinakachukwu Ideozu (PDP, Rivers West). In the cases of the three senators from Rivers State, the court held, among others, that INEC failed, in its conduct of the elections, to comply substantially with the pro-

visions of the Electoral Act and other guidelines for the March 28, 2015, National Assembly Elections. Accordingly, the Appeal Court directed INEC to conduct re-run elections. The nullification of Ohuabunwa’s election was as a sequel to the appeal filed by former Governor of Abia State, Chief Orji Uzor Kalu, challenging the judgement of the tribunal, which upheld his election. Consequently, the Court of Appeal set aside the judgement of the tribunal and ordered a fresh election in Abia North Senatorial District. Ekwunife’s election was nullified by the Court of Appeal sitting in Enugu on Monday last week, following an appeal brought before it by the candidate of the All Progressives Grand Alliance (APGA), Chief Victor Umeh. Her election was upheld in October by the lower tribunal sitting in Awka, Anambra State. Justice A.H. Yahya of the Court of Appeal, Enugu Division, ruled that Ekwunife’s election did not meet the provisions of the Electoral Act. It will be recalled that as at the time the current National Assembly was inaugurated on June 9, 2015, APC had 60 Senators while PDP had 49. As Nigerians await the conduct and outcome of the re-run elections, indication that PDP will lose some of its members in the Senate are obvious.

Politics

WEDNESDAY, DECEMber 16, 2015 NEW TELEGRAPH

APC in crisis over spokesperson The All Progressives Congress (APC) is in a fresh crisis over who is the spokesperson of the party as the National Chairman, Chief John Odigie-Oyegun has declared that the party’s Deputy National Publicity Secretary, Comrade Timi Frank has no mandate of the party to speak for it. Johnchuks Onuanyim reports

nother crisis looms in the ruling All Progressives Congress (APC) if the leaders of the party are not careful and act fast as the National Chairman, Chief John Odigie-Oyegun and the Deputy National Publicity Secretary, Mr. Timi Frank, are at each other’s jugular over who speaks for the party as a result of the vacuum created by the appointment of the National Publicity Secretary of the party, Alhaji Lai Mohammed as Minister of Information by President Muhammadu Buhari. Odigie-Oyegun has declared unequivocally that Frank does not speak for APC despite the fact that he (Frank) is the Deputy National Publicity Secretary of the party. Frank was elected Deputy National Publicity Secretary at the same National Convention of APC where Odigie-Oyegun emerged as national chairman of the party in April 2014. Section 14, sub-section 11 of the APC constitution, which is on the powers of national officers, states that: “the Deputy National Publicity Secretary of the party shall assist and deputise for the National Publicity Secretary in his absence. He shall perform such functions as may be assigned to him from time to time by the National Publicity Secretary and/or National Chairman and National Working Committee.” Section 14, sub-section 10 of the same constitution states: “The National Publicity Secretary shall be responsible for dissemination of party’s information, promotional services and activities all of which must be consistent with the party’s constitution, manifesto and policies. He shall perform such functions as may be assigned to him from time to time by the National Executive Committee and National Working Committee.” Despite these provisions, the APC national chairman seems to be having problems with them as he told the media last week that with the deployment of Mohammed as minister, himself or the National Secretary of the party, Alhaji Mala Mai Buni, speaks for the party for now and not the Deputy National Publicity Secre-

Odigie-Oyegun

tary, Frank. Odigie-Oyegun, who did not give reason why it should be so, only said when he was asked who speaks for the party now: “l will start by saying who does not speak for the party. The person (Frank) you are talking about does not speak for the party. Secondly, if there are any issues that needs clarification for now, pending when we have a substantive publicity secretary, the national secretary will do so for the party and also when l speak, l speak for the party. It is as simple as that.” His position on the spokesperson of the APC seems to contravene the constitution of the party as Frank in reaction to his comment, said: “Our party’s constitution is very clear. Anybody that does not understand the party’s constitution and is still within the party is not realistic. “Today, l am the acting spokesperson of the party. That l can tell you without fear. When the substantive person, whether the office of the national chairman, national secretary or any other national officer is not there, the deputy takes over automatically. This is the principle of the party’s constitution. We have this also existing today in the PDP. When Adamu Mu’azu was removed as national chairman, Uche Secondus stepped in as the acting national chairman of the party. There is no difference with our party. “Today, Lai Mohammed is not there, so automatically l am the acting spokesperson of the party. I can tell you that without fear that l am the acting spokesperson of the party. Any other person that issues statement for the party does that on his or her own personal capacity. Constitutionally, l am the spokesperson of the party. It is not something l need to lobby for; it is not something l need to beg anybody for; it is something that is meant to be entrenched and l stand by it.” It was alleged that Frank has written to President Muhammadu Buhari over the issue. A party source stated that it would be one of the reasons that the party will call for an urgent national convention to replace National Working

Frank

If there are any issues that needs clarification... the national secretary will do so for the party and also when l speak, l speak for the party

Mohammed

Committee (NWC) members who are no more holding their positions in the party. Three of such members are National Vice Chairman, North-East, Engr. Babachir Lawal, who is now the Secretary to the Government of the Federation (SGF); National Welfare Secretary, Dika Umaru Lada, who is now the Chief of Staff to the Katsina State governor and National Publicity Secretary, Alhaji Mohammed, who is now the Minister of Information. This would not be the first time the APC national chairman and the deputy national publicity secretary would be confronting each other. At the twilight of the National Assembly crisis, Frank had called for the Odigie-Oyegun’s resignation for mismanaging the crisis. Frank is alleged to be a strong supporter of Senator Bukola Saraki, who defied the party’s hierarchy to emerge as Senate president. Odigie-Oyegun and other members of the APC NWC had stood against the emergence of Senator Saraki and Hon. Yakubu Dogara as Senate president and Speaker, House of Representatives, respectively. For the reason, Frank stated that the national chairman and the members of NWC of the party ought to resign having embarked on an embarrassing straw poll that never had the blessing of the entire party’s leadership. He said: “If my party could not keep to the promise of change, then we must correct them and make them keep to that. I have no fear than to say that the current leadership of the party has practically failed. “With this incident alone, the national chairman should resign from his position after taking a position against the people as the people’s position has finally come to stay. “In the western world, by today, the party’s national chairman would have resigned honourably. Not just the national chairman but the entire leadership that took the decision of conducting a straw poll against the outcry of the larger members of the party. “You could see the way the party,

including the national chairman, was speaking before the National Assembly leadership elections. It showed clearly that the national chairman had taken side, which wasn’t meant to be. I understand, he took some of those decisions based on pressure. In this century, APC as a party does not need a national chairman who will be under pressure.” But not quite long Frank came up with his position that OdigieOyegun’s loyalists rose in his defence. They insisted that Frank must be sanction for calling for the resignation of the party’s national chairman and other NWC members. The leader of group, Fresh Hope for Nigeria (FHN), Comrade Tamuno Banigo, criticised Frank for condemning the position of the party over the straw poll for National Assembly leadership elections. Banigo said, the deputy national publicity secretary acted in error by attacking the leadership of the party on the pages of newspapers and therefore called on the party to sanction him. The question on the lips of some members of APC and the public at the moment, is: Could it be a payback time for Frank? Is Odigie-Oyegun and other NWC members on the part of vengeance? What would be repercussion of plotting to deny Frank of his constitutional responsibilities in the party? Some analysts say the difficulty the APC national chairman might be facing in his mission would be that the National Secretary (Buni) seems not to be willing to speak for the party as journalists have observed that he hardly picks call or respond to text messages for explanations on issues that concern the party. Since Mohammed left as the national publicity secretary of APC, it has been difficult to get reactions or positions of the party on national issues. Odigie-Oyegun acknowledged this when he spoke of the former APC image maker: “It was a great loss to the executive of the party but he is still within the system. He was truly very special and unique.”

Politics 13

NEW TELEGRAPH WEDNESDAY, DECEMber 16, 2015

The House of Representatives last Thursday passed, for first reading, a total of 130 bills at a single sitting. PHILIP NYAM reviews the recordbreaking exercise

Reps’ record-breaking 130 bills

he 8th House of Representatives under the leadership of Speaker Yakubu Dogara, last Thursday, set a record by presenting 130 bills for first reading. It was unprecedented in the history of the Nigerian parliament because no such feat had been attained by any legislature both at the state and national level. When the order paper was released, not many people believed that the 130 bills listed could be taken same day. But it actually happened. Although, these bills were only mentioned at first reading, it has presented a benchmark with which subsequent assemblies could be assessed on. Whether the current House would break its own record before the expiration of its tenure in 2019 or whether the lawmaker would go to sleep after presenting these bills will be determined in the next three years. The fact however remains that the House has set a standard both for itself and other parliaments in the country. In other words, Dogara and his colleagues have raised the ante of legislature through lawmaking. The presentation of 130 bills in 10 minutes has surpassed what the entire 7th Assembly did; although the bills are just at the first reading. For example, in the 7th Assembly, both chambers of the parliament jointly passed only 106 bills out of 1,063 that were introduced in four years. And the closest any chamber has come to the development of last Thursday was during the last Senate. The 7th Senate under the leadership of David Mark had on June 3, 2015 passed 46 bills into law in less than ten minutes. The bills were introduced by the then Chairman, Senate Committee on Rules and Business, now Senior Special Assistant (Senate) to President Muhammadu Buhari, Senator Ita Enang, with the Senate having to suspend its standing rules to carry out the legislative wondrous feat. Apart from this, there was a littering of bills passed in one House but not harmonized or concurred with in the other. For example, the House had passed a total number of 80 bills that were not concurred to by the Senate. The Senate on its own part also passed a good number of bills that were not concurred to by

Dogara

the House. From what has happened in the House, it seems the present crop of lawmakers wants to prove to Nigerians that they can actually work and deliver on their mandate. It is also a commitment to its legislative agenda, which was initiated by the speaker and adopted by the House. Dogara had while presenting the legislative agenda after his election as speaker, declared that “the House of Representatives will collaborate with its counterpart in the Senate and other arms of government to legislate for the common good of the Nigerian people. Our legislative activities will cover critical spheres of life in Nigeria. The House will legislate to achieve reforms in Nigeria’s national economy and development, tackle poverty, unemployment, and confront the scourge of corruption, terrorism and security challenges in the country.” He also promised that “the House will also give priority to green legislations to address environmental challenges such as desertification, erosion and pollution. The 8th House of Representatives will also work assiduously to improve the governance process in Nigeria by legislating to cut the cost of running government, reduce wastage and tackle National Revenue leakages.” Apart from the bills, the 8th House has been very proactive in terms of sponsorship of motions. Unlike in the previous houses, an average of between eight to 10 motions are considered at every plenary of the House. This

is good for legislative democracy and also commendable.

Apart from our commitment to clean up our statutes books, for any change to be effective, I believe it must start from the legislation

The 130 bills Before the presentation of the bills by the clerk of the House, Alhaji Mohammed Sani Omolori, Speaker Dogara said for the change agenda to be effective, it must start by way of legislation and that explains the reasons for investing in many bills. He disclosed that the House in line with its legislative agenda would clean up the laws of the country to be in tune with the realities of the day adding that many more bills were stockpiled in his office and advised lawmakers to sponsor them. He assured that more bills are on the way and for the urgency of their legislative work, “we will ensure that these bills are passed before the end of first quarter of next year” adding that “from the next legislative day, at least 20 bills will be taken everyday” According to the speaker, “I sincerely believe that apart from our commitment to clean up our statutes books, for any change to be effective, I believe it must start from the legislation” Some of the 130 bills include Corporate manslaughter bill, Medical and Dental Practitioners Act (amendment) bill, Psychiatric Hospitals Management Board Act (amendment) bill, Peoples Bank of Nigeria (repeal) bill, Marketing (breast milk substitute) Act (amendment) bill, National Mathematical Centre Act (amendment) bill, National Eye Centre Act (amendment) bill, Inland Fisheries Act (amendment) bill. Public private partnership Regulatory Commission bill and Food Drugs and Related Products

(registration Act (amendment) bill. Others are Loans (State Development Act (Repeal) bill, Medical Rehabilitation Therapists (Registration Act (amendment) bill, National Programme on Immunisation Act (Repeal) bill, Pre-Shipment Inspection of Exports Act (amendment) bill, Pharmacists Council of Nigeria Act (amendment), bill, Casino Taxation Act (amendment) bill, National Agency for Science and Engineering Infrastructure Act (amendment) bill, extradition Act (amendment) bill, Treaty to establish the African Union (Ratification and Enforcement) bill and Rotterdam Convention on the Prior Consent Procedure for Certain Hazardous Pesticide in International Trade (Ratification and Enforcement Act (amendment) bill. Also listed are National Institute for Policy and Strategic Studies Act (amendment) bill, Institute of Public Analysts of Nigeria Act (amendment) bill, Institute of Personnel Management of Nigeria Act (amendment) bill, Workers Compensation Act (Repeal) bill, Chartered Institute of Administration Act (amendment) bill, Computer Professionals (Registration Council of Nigeria Act (amendment), bill, Telecommunications and Postal Offences Act (amendment) bill, Associated Gas Re-injection Act (Repeal) bill, National Crop Varieties and Livestock Breeds (Registration act) (amendment) and Produce (enforcement of export standards) Act (amendment) bill. The historic bills also include Electoral Act (amendment) bill, Recovery of Public Property (special provision) (repeal) bill, Criminal Justice (miscellaneous provisions) Act (amendment) bill, Public Enterprise Regulatory Commissions Act (amendment) bill, National Firm and Video Censors Board Act (amendment) bill, Privare Guards Companies Act (amendment) bill, Robbery and Firearms (special provisions) Act (amendment) bill, Economic and Financial Crimes Commission Act (amendment) bill, Hire Purchase Act (amendment0 bill, Criminal Justice (release from custody) Act (amendment) bill Code of Conduct Bureau and Tribunal Act (amendment) bill and National Institute for Cultural Orientation Act (amendment) bill. Others are Corrupt Practices and Other Related Offences Act (amendment) bill, Prevention of Crimes Act (amendment) bill, Water Resources Act (amendment) bill, River Basins Development Authorities Act (amendment) bill Student Union Control and Regulation Act (amendment) bill, Labour Act (amendment) bill, National Manpower Board Act (amendment) bill, Small and Medium Scale Enterprises Development Agency Act (amendment) bill and Ahmadu Bello University (Transitional provisions) Act (repeal bill.

MORE STORIES ON pageS 35-36

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Opinion Is Jonathan not gutted already? Bola Bolawole

gitation by some groups that former President Goodluck Jonathan be dragged before the Economic and Financial Crimes Commission, EFCC, is absolutely unnecessary; this is for the simple reason that the former president is gutted already by the disclosures oozing out of the US$2.1 billion arms probe, otherwise called Dasukigate. Revelations so far from some of the principal characters have made silence no longer golden for Jonathan. He has to speak up at some point whether or not he is invited by the EFCC. To continue to keep quiet may be interpreted as silence meaning consenting to all the damaging insinuations that already impugn on his integrity. In other words, I expect Jonathan, at the right time, to willingly offer to make the needed clarifications rather than wait to be “invited” by EFCC. Some of the statements that I found troubling are those by the ex-National Security Adviser, Sambo Dasuki, that his office was a mere “clearing house” and that all transactions therein were approved by Jonathan. When Dasuki made these statements, few people knew its import but one sordid disclosure after another must have opened our eyes to have a better understanding of what Dasuki meant. For instance, we now know that more than arms and ammunitions were involved in the transactions conducted within the office of the NSA. We now know that sundry issues bearing no relevance to the Boko Haram insurgency also took place there; such as election campaign funding. Big names and revered institutions have been mentioned that we never imagined had anything to do with state security. I learnt from a colleague after church service last Sunday that just like the media is gasping after the revelations connecting it with the free-for-all at the ex-NSA’s office, the Church should also get ready for its own day of reckoning. That will be sad indeed!

Jonathan’s Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, also issued a statement that implicated her former boss. Jonathan, she said, approved all payments made by her and concerning whether she ensured that monies released to Dasuki for the prosecution of the Boko Haram insurgency were utilised for that purpose, she was reported to have said she entrusted that responsibility to Jonathan! Now, the thrust of the arms deal probe is that monies were voted for arms that were diverted for other uses. If it was the duty of Jonathan to ensure that due diligence was done and he failed or neglected to, then, the ex-president, if ever he is desirous to clear his name, must speak out. Perhaps, he, too, entrusted the task to someone else. It may be that Jonathan never knew, until now, of the existence of the cans of worms that began to disgorge their contents a couple of weeks ago. The admission by the (former) chairman of DAAR Communications, Alegho Raymond Dokpesi, that he collected billions of naira from the NSA’s office to finance campaign projects needs clarifications. One: Whose campaign; Jonathan’s or someone else’s campaign? Two: The funds involved; was it state funds or private funds? Three: If state funds, is it not illegal for it to have been thus expended? If private funds, whose funds was it and what was it doing in Dasuki’s custody? From what I heard, the practice of using security as cover to siphon\divert money to sundry issues pre-dates Dasuki. I therefore would love to have this issue dug deeper than the Dasuki\Jonathan era. This leads us to the vexed issue of security votes not only at federal but also state (even council!) levels; where humongous amounts are so categorised and treated as slush funds without eyebrows being raised from any quarters. The common saying is that security votes are never audited. Just as the vexed issue of immunity for certain categories of our leaders, security vote is one source of monumental abuse that we cannot run away from doing something drastic about if, truly, we are serious about fighting corruption.

Should organisations and individuals that have been at the receiving end of the mindless destruction of lives and property by Boko Haram qualify for compensation from the State? Of course, yes! This point has been made but government has declined to accede to the demand. The reasons for this are not far to fetch; some of which are that the cost of such compensation cannot possibly be borne by government; and the system is likely to be subject to abuse, like fuel subsidy or amnesty deal for ex-militants that became open sesame of corruption. However, complications have now arisen with disclosures that government had made compensations available to some categories of sufferers. According to Mr. Nduka Obaigbena, publisher of This Day newspapers, he received N550 million as compensation for Boko Haram attack on his newspapers’ offices in Abuja and Kaduna. Obaigbena said he acted when he got information that government was re-building the United Nations office in Abuja, which was perhaps the first high-brow target of the insurgents. Well, it is trite that what is sauce for the United Nations should also be sauce for Obaigbena. The snag, however, is the other sufferers of Boko Haram such as a countless number of churches, mosques, factories, schools, and individuals that have been left in the cold. The issue of the compensation said to have been paid out to newspaper houses whose operations were impeded by security operations and who, therefore, suffered avoidable losses is straightforward. Here again, however, there arose issues, which appear to rest with the Newspaper Proprietors Association of Nigeria, NPAN. One: Some got the compensation; others did not. The alibi of “your cheque is ready” appears face-saving and an afterthought. Two: A levy – or is it tithe! – of N1 million imposed on each newspaper house is immoral; more so since NPAN is funded by the dues paid by the same newspaper organisations. Let the disclosures continue! •Bolawole, former editor of The PUNCH, is a Lagos-based media specialist and publisher.

A letter to the Pope Fred Nwaozor

hen the last unthinkable and unimaginable experience dawned on my person coupled with the other recently encountered ones, I felt it was high time I wrote the Pope – the grand master. Though it could be untimely, if not too late, but I’m strongly of the view that ‘it’s better late than never’. Mind you; the ‘Pope’ as inscribed in the above topic does not signify the man who resides in the Vertical City of Rome; rather, it represents the leader of all the religious institutions across the globe, particularly my home country – Nigeria. Thus, you’re cordially enjoined to adhere strictly to the logical meaning of the word in question rather than its literal meaning as far as this critique is concerned, for the interest of me and you. Dear Pope – the grand master, I sincerely tender this epistle in my lonely mood as fathomless tears are intensely ravaging my poor physiognomy. The manifestation of this candid epistle is solely attributable to the invariable obnoxious scenes as well as melodramas regarding our religious leaders I personally witness or overhear on a daily basis. Of course, I’m extremely convinced that you might have heard of some of them; notwithstanding, I promise to painstakingly and extensively list virtually all in this holistic letter. It’s no longer news, that recently story titles such as Pastor rapes church member, Alabama Pastor accused of raping

15-year-old member, Pastor rapes Pastor’s wife inside church, Imam caught in the act, Alhaja and Imam caught having sex during this Ramadan period, Pastors offer politicians their pulpits, $9.3 million cash found in Pastor’s private jet, Reverend Fathers caught in gay act, Pastor defrauds members in the name of ‘deliverance’, just to mention but a few, have been making the banner headlines of thousands of newspapers across the globe that if adequate and drastic approach is not taken towards avoiding subsequent emergence of such terrible and horrific stories, I’m afraid the world in its entirety might be headed for a severe doomed state in the nearest future. Though these, as mentioned above, were alleged cases, but how would a clergyman be traceable to such ungodly stories? If someone who calls himself a ‘man of God’ distanced his person from any thought, action, inaction, practice, occasion that could lead to any social scandal, he wouldn’t in any way be found wanting. We all know that temptation arises daily, after all God Himself was tempted, but the gospel truth is that if a clergyman remains firm or passionately sticks to his faith, he would never be nailed down or trapped in the net as the devil intends; thus, by His grace he would continue to overcome any temptation that comes on his way. It is apparent and appalling that most religious institutions no longer preach salvation as expected; rather, they prefer laying emphasis on financial prosperity or materialism thereby making the poor or less-privileged ones among their mem-

bers see poverty as a curse or a reward for sins. Poverty can be referred to as a disease, which no doubt could be cured or addressed, but not a curse as being presumed in most quarters. What about places where offertory would be conducted for over five times not unlike a social club where bidding is taking place? In this case, the rich would be seen dancing cheerfully while headed for the point where they would gladly and willingly tender their offerings regardless of the number of times involved; and the financially vulnerable ones amidst the congregation would also be expected to follow suit instead of the church or mosque as the case may be, being concerned or preoccupied with how to make them wave eternal goodbye to poverty. Sincerely, everyone in his/her right senses prays to see churches or mosques in every nook and cranny owing to their innumerable positive impact on the society but it is so disheartening to acknowledge that the current fathomless establishment of religious bodies all over has ended up constituting more social, financial as well as spiritual miscarriages in our various societies rather than solving the already existing ones. Surely, we are all aware that the tuition fees for virtually all the private citadels of learning in Nigeria, especially the universities that are owned and managed by religious bodies are indeed astronomical and unbearable to an average citizen in the country let alone the poor. But it is pertinent and amazing to note that the poor par-

ents/guardians who could not afford the aforesaid fees contributed immensely towards the establishment of the institutions in question. Now that they are relegated to the background as regards taking their children/wards to the private schools, what becomes their fate? It is obvious that churches and mosques do not pay tax due to the nature of the selfless services they render to the society at large; but I’m afraid if they continued with the culture of commercialization, the governments at all levels may be tempted to ask them to follow suit in regard to payment of taxes. About few weeks ago, I was opportune to worship at one of the Catholic Churches in Lagos State and fascinatingly the Reverend Father in charge of the Parish otherwise known as the ‘Parish Priest’ categorically told the congregation, whom are invariably addressed as ‘Parishioners’ according to Catholic doctrine, during the closing time that the completion of the ongoing new building for the church’s secondary school was far-fetched because the parishioners had not been helping matters as regards donation thereby urging them to wake up from their slumber. Unarguably, other religious centres are not left out while discussing such phenomenon. I’m not disturbed over asking church members to assist in building projects but my worry is that the downtrodden in the midst are invariably tasked whenever such issue is raised. •Nwaozor ( frednwaozor@gmail.com) wrote in from Owerri.

EDITORIAL

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Our VISION To build a newspaper organisation anchored on the sanctity of truth.

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

Sanctity of Truth

Our MISSION To publish a newspaper of superior value, upholding the fundamental ethics of journalism: balanced reporting, fairness, accuracy and objectivity.

Nigeria’s most authoritative newspaper in politics and business

As December 31 deadline approaches

n the next three weeks insurgency will be confined to the dustbin of History following assurances that the war in the North- East is gradually coming to an end. There is no better New year present from the Muhammadu Buhari administration than moving into 2016 with hope for rehabilitation and reconstruction. It is heartening that the Federal Government has kept hope alive that the gunfights and bombardments may be ceasing in the next couple of days. The much needed atmosphere to develop these war torn towns from Maiduguri to Damaturu, Potiskum to Monguno down to Baga and Gamboru will come as promised. While we commend all efforts aimed at realizing this objective, we must also caution that it is not going to be an easy task for the military. The intriguing part of this nascent terrorism is that there is a lot of indoctrination. You have hundreds of young men and women including infants who have been so brainwashed that death sounds like sweet music to their ears. They really have nothing to live for, with neither education nor skills, they are willing tools in the hands of those who set out to manipulate their thoughts. Boko Haram is a threat that goes beyond mere pronouncements. While some of the foot

soldiers may look ordinary, those behind them are as sophisticated in thought as they are in action. There have been stories of these fighters ambushing and capturing soldiers in the course of battle. In some instances they seem to have mastered the terrain more than our military. Therefore, it is going to take more than bravado to oust them from Nigerian territory. The final days of this battle will be tough and bloody. Anyone who expects the terrorists to run underground at this time is out of tune with their mode of operation. It is difficult to read their battle plan. Each phase comes with different tactics. As they are expected to face more firepower in the coming days, they are also not going to bed awaiting death on a platter of bullets. Those who are doing battle for the country have to be encouraged. What they need to prosecute this final phase of the war is total support from all of us. There are no suicide bombers in the Nigerian military, they are trained and paid to fight in defence of fatherland and if need be die in the course of battle as heroes. With scandal trailing the purchase of arms and ammunition to prosecute the war, our brave soldiers must be made to feel that their blood is worth all the sacrifice. Welfare comes first. When a warrior

thinks of what comfort his family will enjoy should he fall in battle, there is no looking back. He goes all out to the war zone. Crushing Boko Haram is one huge task that will determine the fighting power of this administration. A promise kept is ticket to confidence. This resolve to send the insurgents away from our land should not be like a political statement. All eyes are on President Buhari, a retired general, to prove that he is a leader we can trust. As efforts are intensified to defeat Boko Haram, greater efforts should go into nipping in the bud such conditions that gave birth to insurgency. Many state governments failed in their duty of providing a level playing ground for millions of young Nigerians. Little or no attempt was made to create alternative means of livelihood outside of begging. A situation were grandparents, parents and siblings take to wandering from one street or town to the other asking for alms must stop. Some state governors even placed beggars on salary. This is one sure way of ruining not just the lives of these families but also threatening the existence of compatriots. Boko Haram will not thrive in an environment where people are enlightened and have value for life. A beggar really has nothing to lose if he is lured with a princely sum to allow

his ward join the terror group. Our style here is to shy away from cause and effect of actions. All eyes are on defeating Boko Haram. What happens after that should be of concern to the Buhari government. Rebuilding houses for displaced persons will not solve the problem of offering them something that will put bread on their tables. It would not surprise us to hear that some of those driven from their villages are soon going to be offered three–bedroom apartments in the same villages with no electricity and water. For such people giving them shelter will only solve one out of the many problems confronting the lot. The various levels of government should put on their thinking caps. Many of those who joined Boko Haram did so because they saw better living conditions in the form of financial inducement and promises of dividends from traumatized villagers and overrun towns. And those who initiate them know the power of cash and property. The nation is richer than Boko Haram. What should concern the Federal government is not just decimating the insurgents, we expect the conquest of unemployment, the eradication of poverty , the abolition of political deceit and above all the belief that Nigerians want to see leadership in action.

DAILY TELEGRAPH PUBLISHING COMPANY LIMITED Managing Director/Editor-in-Chief

Funke Egbemode

Managing Editor, Business & Strategy n Yemi Ajayi

Managing Editor, Publication & Operations n Emeka Obasi

Managing Editor, South n Emeka Madunagu Managing Editor, North & Abuja n Laurence Ani Editor n Ayodele Ojo Editor, Sunday n Juliet Bumah Editor, Saturday n Waheed Bakare Deputy Editor, Group Head, Newsroom n Geoffrey Ekenna

Bureau Chief, Abuja n Onwuka Nzeshi Bureau Chief, Brussels n Leo Cendrowicz Bureau Chief, Washington DC n Marshall Comins Editorial Coordinator, Europe n Sam Amsterdam

Business Development Manager n Taiwo Ahmed Sales/Circulation Manager n Oyebanji Abiodun Head, Graphics n Timothy Akinleye Head, Admin. n Robinson Ezeh

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Arts

Book Review

Culture clash between tradition and modernity

n the world of arts, the creative ones are not only famous but they also change the society via the instrumentality of creative writing. The case of Professor Ahmed Yerima, one of the most esteemed African playwrights, is not an exception as he proved himself in its recent book entitled, “Collected Plays II”. The play is metaphorical as the writer tries to relate the transition of Redeemer’s University from its temporary site, redemption camp Ogun State to Osun State, Ede, Akoda Area, where he presently lectures in the Department of Theatre Arts and Films Studies. The writer presented the play in a simple style and also creatively weaved the plot of the play with the differences between the traditional worship and Christianity. That is, it captures the ‘inferiority of one and the supremacy’ of the other. In the play, Agudua was an odd privileged member of the elite, a bastard prince to Ibeku, the king of the Ijebu-Jesha. He gave his life to the supreme God (Jesus) through a missionary and was chosen as a sacrificial lamb with the “age-old baby that would enter the dark forest”. Owiwi is a perfect portrayal of the belief that the Owl is bad and evil. It is a portrayal of cul-

ture clash, between old and fetish practices amongst others. It is a story of people of IjebuIjesha and the people of Ede. The late Timi of Ede had promised to give a vast area of land to IjebuIjesha people in Akoda area before he went to the great beyond. Immediately after his death, a new Timi of Ede was enthroned. After his installation, the people of Ijebu-Ijesha came for their land. Though the young Timi agreed to give them as promised by his late father, little did he know that the Baale of Akoda area and his chiefs were not happy about his decision. Since the Baale of Akoda town and his chiefs could not do anything about Timi’s verdict, they agreed to give the dark forest to the people of Ijebu-Ijesha knowing full well that the gods of the dark forest would demand a sacrifice from the strange people of Ijebu-Ijesha and failure to comply will aggravate the gods’ anger which

One death too many

he book, “Smithereens of death”, is a collection of short, unforgettable stories with varying themes that are centred on satire and conflict. In these stories, the author uses death as the backdrop for expressing sociological and psychological distortions that occur in the activities of people in the postcolonial era. The book which contains 25 stories opens by gripping enactment of the experience of a journalist who, while trying to shoot a documentary, is captured in war, almost destroyed but saved on so many occasions. He is left behind in dead silence as all the people he encountered while trying to shoot the documentary were all dead. However, it must be stressed

TONY OKUYEME Arts Editor tony.okuyeme@newtelegraphonline.com

Book title: Collected Plays II Author: Ahmed Yerima Publisher: Kraft Books Limited Year of publication: 2015 Number of Pages: 126 Reviewer: Olamide Hammed

that the book captures the hustle and bustle of life which include war, corruption, struggle, guilt, anger, hatred, betrayal, sin, murder, survival,

may drive them out of the land with pains and regrets. “Collected Plays II” is an interesting play that has a typical rural setting within the Yoruba society. Without mincing words, the thematic concern of the play is obviously a very important one as it focuses on mistrust, betrayal, loyalty, faith, indecisiveness amongst others. Since the play has a rural Yoruba cultural setting, the use of local language is a plus as it gives a sense of realism. However, out of curiosity, one may be tempted to argue that the over-use of proverbs is distracting. It must be noted that their are some undefined characters in the play which had little or nothing to contribute it. However, “Collected Plays II” can be commended for its richness in proverbs. It brings out the aesthetic beauty that any work of art should be proud of. I can gladly recommend Collected Plays II to all and sundry.

prostitution, among others. Appropriately capturing the aforementioned, the writer, on page 88 stresses that, “Life is about death; a tiny pieces of

Book title: Smithereens of Death Author: Olubomi Familoni Publisher: Whitehouse Collective Year of publication: 2015 Number of pages: 124 Reviewer: Yewande A. Badejo dying…and when the last piece has been peeled away, the grief that remains is an open sore on the hearts of those left behind”. The graphically illustration on the back cover of the book is an hourglass. An hourglass is a glass container holding sand that takes exactly an hour to pass through a small opening between the top and bottom section. Drawing an idea from this, life, could be illustrated as the top section of the hourglass, enslaved in pain, joy, agony, amongst others; death as the small opening and heaven or hell as the other bottom glass. Life is enslaving in the sense that people struggle in the hustle and bustle of life, with death as the only permanent freedom. The style of writing adopted by the writer is elevated. The intention of the writer is to examine the sociological and psychological effects of the

post-colonial experiences. Objectively assessing the whether the intention of the writer was achieved or not, it is observed that the writer was almost an edge closer to departing from the intention made upfront. There is a hybrid of rural and urban setting, which also throws up several imaginative occurrences in the mind of the readers. Besides, the writer was highly descriptive, leaving no room for abstract ideas – they were realistic settings. The narrative was conveyed by flat characters. As a book of collection, characters were introduced for each story in the first, second and third person narrative. The language is elevated. It has high regard for syntax, grammar and semantics. The book however is recommended to readers who are interested in history and its impact on the Nigerian development trends.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

The Mega City ...EXCLUSIVE LAGOS MAGAZINE

LIFE IN THE CITY

MY CITY, MY WORLD

New lease of life

Population made Lagos tick

For a disaster-free Yuletide

A containner-laden truck involved in an accident at Oshodi

As Lagos records influx of people into the state for shopping and celebration for Christmas and the New Year, the Lagos State Government has expressed its readiness to ensure a hitch-free festive season. MURITALA AYINLA reports

uletide season is undoubtedly the most fascinating period in the city of Lagos. The tempo of activities is unusually high with many residents making frantic efforts to achieve their set goals before the year comes to an end. The preparation towards its

celebration is always on top gear in the city of aquatic splendour. Most people in the state and around the globe are basking in the euphoria of the celebration of one of the most celebrated season-Christmas! Hence, the streets, roads and buildings are usually adorned with lights and beautiful decorations. As the preparations continue with increased tempo of activities, so also are the challenges especially in a mega city like Lagos. Transport fares are usually jacked up, with rise in the traffic gridlock across the state owOLUWATOSIN OMONIYI ing to the influx of people CITY Editor into the state. tosin.omoniyi@newtelegraphonline.com So also is the rise in the crime rate as criminals usually use the opportunity of ÂŠ Daily Telegraph Publishing Company Limited the season to perpetrate crime. For some residents

All measures would be taken to also avert avoidable disaster

in Lagos, this is the season they receive men of the underworld in their communities, who rob them of their valuables while pickpockets also operate freely in most Lagos markets during this season. Peculiar during this season, especially in Lagos, is upsurge in the rate of avoidable disasters, especially the firecrackers-induced fire disasters. Disasters ranging from fire, road accidents and collapsed buildings are common features of Lagos which often results into huge loss of properties worth millions of Naira. Sometimes, victims, who have just stockpiled their goods for the season sales lose virtually everything to the disaster which many experts blame on poor safety precaution. Such were the usual charac-

teristic of this season in this part of the world which wreak untold hardship to many residents, traders and firms. But to have a disaster-free and crime free festive season, the Lagos State Government has reassured residents of the readiness of the Governor Akinwunmi Ambode-led administration to ensure the yuletide season is devoid of criminal activities and traffic gridlock across the metropolis. The government said all measures would be taken to also avert avoidable disaster. Briefing journalists at the Bagauda Kaltho Press Centre in Alausa Secretariat, Commissioner for Special Duties and Inter-governmental Relations, Mr. Seye Oladejo, said the govCONTINUED ON PAGE 20

Life | Mega City

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Choristers singing at a Christmas Carol

In the mood for Christmas The 16th edition of Christmas Praise Night of Metropolitan Motors Limited proved to be another uplifting celebration of the birth of Jesus Christ. Guests thronged The Haven in search of spiritual renewal. MOSES KADIRI was there

hey came for a night of Christmas bliss and did not go away disappointed as Metro Voices and others gave their best very before an enthusiast audience. The venue was in Ikeja, Lagos. The event was the Christmas Praise Night staged by Metropolitan Motors Limited. Coincidentally, the event was the 16th edition of Christmas Praise Night by the company. And it was indeed a memorable occasion for guests, and friends, who were part of the celebration. The yearly affair has grown into a truly impressive show of spiritual renewal. The event brings to the forethat a life of praise is not only the most enjoyable way to live, but it is also one of the most powerful ways to touch God’s heart. From the entrance to the venue, it was obvious that the organizers of the event wanted to offer a memorable entertainment package. At the front door stood smart ushers, mostly girls, who did everything to display their hospitality and put the guests in celebratory mood. The Praise Night began with scintillating performance from the Metro Voices. The group and other choirs kept the guests on the edge of their seats throughout its duration. It was a gathering of notable personalities in the country. Among them was the Governor of Ogun State, Senator Ibikunle Amosun, who was represented by Otunba Bimbo Ashiru, the Commissioner for Trade and Investment

gifts. The bible recorded how and go about it in Godly manin Ogun State. Also present was the Honourable Commisthree wise men came with ner because of the season of sioner for Agriculture, Ogun gifts. That is why we have Box- Christmas. “Without Christ, State, Mrs. Ronke Sokefun; ing Day, where people go about there is no Christmas; Christformer Deputy Governor of putting smiles on people faces mas is of no meaning if you Lagos State, Chief Mrs. Joke with their God given talents, have not accepted Jesus Christ Orelope-Adefulire; Chairman and resources which He has as your Lord and saviour,” he fully deposited in our lives. preached. of Ajayi Crowther University, Also, Christmas engenders Oyo, Chief Wole Olanepekun The Managing Director The true meaning and music enthusiast, Yomi the spirit of forgiveness. We of Metropolitan Motors, Mr. of Christmas Williams. Others were Bishmust use Christmas to settle Toyin Okeowo, thanked God op of Jebba, Sunday Adewole; all our animosity, grudges for sustenance and grace in is the spirit of Bishop of Egba West, Samuel with whoever we have differ- the last 16 years of the annual reconciliation Ogundeji and Bishop-elect in ences with. That is the spirit Christmas Praise Night. Ife Diocese, Yinka Akinlade, of Christmas.” Bishop Oluranti Oduboamong others. He, therefore, noted that gun, Bishop of Ife Diocese and Christmas is not only about Most Rev. Adebayo D. Akinde, In his address, the Bishop eating and dancing around, Bishop of Lagos Mainland/ of Lagos West Diocese, Bishop Olusola Odedeji, spoke on but a time to sit and consider Archbishop of Lagos were the meaning of Christmas. those who have wronged us honoured during the event. He described Christmas as the spirit of love. “Many do not know the meaning Christmas celebration. The true meaning of Christmas is the spirit of reconciliation. Jesus came to reconcile us with His father, and through him, mankind is being reconciled from generation to generation,” he said. He added that Christmas is about hope “in our state of hopelessness even as a nation, in our state of helplessness as individuals, there is hope that Christ is coming and we have hope of greater tomorrow,” he said. He urged everyone to reconcile with God. “When we reconcile with God, we must also reconcile with our neighbours. That is the spirit of Christmas.” Bishop Odedeji added further that Christmas is the spirit of generosity. “The birth Musical Artist, Korede Bello, performing during the Thanksgiving Concert entitled: An Evening of Endless Halleluyahs, at of Christ is characterized with the Archbishop Vining Memorial Church Cathedral, Ikeja, Lagos…yesterday PHOTO: TONY EGUAYE

Life | In The City

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

trip from Mile 12 to Tafawa Balewa Square Lagos in a bus has shown that one could enjoy a peaceful and serene transit. It is now possible without passengers shouting, arguing and cursing. Passengers now sit without much hassles. Even when they answer calls, they do so without having to raise their voices. Now, commuters sit or stand in the 41-sitting capacity new Yutong model of commuter buses, in very civil manner. Even those that are not used to rules are forced to be law abiding while boarding the buses. Yakubu Tijani is a Lagosian, who resides in the Mile 12 area of the city and works on the Island. He said that since the introduction of the new air-conditioned buses, he has found new love in the buses and since then, his trips to and from the Island have always been by the buses. He said some people think the buses are for the upper class in the society. It’s not true as it is for everyone, and the fares charged are same with the old buses. The challenge I have experienced at the moment is the issue of their top up card. They should improve on it. At times, you may be trying to tap out at your final destination but the machine would not respond. You will begin to run around because if you don’t tap out, it will be deducting your money even when you have disembarked. As for the patronage, they have no rival presently,” he said. Gbolahan Emiola and Amaechi Anyaeji, like Tijani, believe the new buses will soon become tarred and rough like the old ones. Tijani believes that the waiting time at the passenger terminals of the new buses have reduced. 30 minutes may not pass without passengers boarding a bus which was never so with the old buses. “I don’t know what is obtainable at other loading bays, whether commuters wait longer also. However, I observed buses have routes. Some run short distances like Mile 12/Ojota/ Palm Groove/Fadeyi etc., while some are for long straight distance from Ikorodu to Mile 12 and straight to TBS. That, I feel accounts for the reason they don’t stop to check tickets on the way. Unlike the old buses, where it is written in all corners, ‘keep your ticket till the end of the journey,’ it’s not written on these new buses and there isn’t much notices scripted inside the walls of the buses as ‘no hawking or no preaching’ also. The only inscription is at the drivers connecting door to the commuters section as no one enters to the driver’s compartment in the bus without opening the door which will be with the driver’s consent. It was written, ‘It is a criminal offence to insult a Busman.’ Another inscription was ‘no smoking.’ You can see there is big fire extinguisher here at the entrance door. It’s a good development only if they can maintain it,” He concluded. Emiola, a publisher, believes the convenience in the buses are second to none. He said that apart from the air conditioner,

New lease of life

The recent introduction of over 400 new air conditioned buses to ply the Ikorodu to Tafawa Balewa Square route has been well applauded. EZURIKE UGOCHUKWU reports

Commuters inside the old BRT bus in Lagos

the buses have some modern feature that will make one believe it is really a new bus. “You can see, the chairs here do not project one so high, especially short people. They are moderate. You will be absolutely relaxed. There are elevated back seats also. The sitting arrangement in this is better than the old one. The floor is quite smooth for thoroughfare. Even a blind person will not have any difficulty moving in and out of the buses. While the older buses are high with two to three steps to climb in and out, the buses have only one low step. I feel this will be the delight of our old parents and children. I’m not surprised with the features in the buses because they are supposed to be a deviation from the old buses. If we don’t get something better than the old ones, it means human minds are not improving,” Emiola said. He added that standing in the buses will no doubt be like the old buses because the temptation will always be there. “It will obviously be there. If you look, you will see there are many hand rests in the bus. Are they not for standing? The number that stands today may be minimal but in the near future, it’s going to be as usual because they may not be able to resist the temptation. Let’s give them a year and see how they can go because we don’t have maintenance culture. Another issue they need to address is the ticketing system where you can’t transfer your ticket.

Each ticket will expire once it’s not used for that particular trip. One can’t buy and keep for future use,” He complained. Some drivers of the old Bus Rapid Transit (BRT) buses, who spoke with New Telegraph said at the meantime, they meet up with their targets. That the way people have moved to the new buses was the way they did when their own came out. They, however, lamented the lack of maintenance culture that exists in the systems. “Most people prefer the new buses, mostly because our buses often break down on the way. Our management should wake up. For instance, we use one battery for one bus. None of our buses have battery. During the mornings, we use one battery to start the vehicles and we will move without battery. This accounts for the reason why our buses are regularly seen steaming, belching smoke and polluting the environment. At times, when the vehicles go off on the way, we can’t start it simply because of battery. “Another challenge we have is giving transport management job to people who do not know anything about it. The people that are managing our system are novices in transport business. This new company just ordered containers of spare parts. If spare parts are ordered for and kept in the store, by the time the need will arise, it has been stolen. Favouritism is not good in business. If you look at some of the buses our company sold

Inside the new BRT bus in Lagos

to the Nationwide Transport Company, they now ply the roads and move better than us because they are in the hands of experienced transport managers,” one of the drivers said. The drivers also said issues concerning spoilt and broken seats in their buses are down to negligence and same maintenance culture lacking in some drivers. They affirmed that it’s not a management issue but rather a failure on the part of the drivers. Mr. Ubong Willson, a driver, said the major reason the old buses always over load is because the drivers are paid based on the number of passengers they are able to carry in a day. “The more passengers they carry, the more their money. If the management of the new buses will discourage that approach and find another approach to motivate the drivers, it will reduce the senseless overloading we are experiencing in the old BRT.” Wilson said. A driver in the new BRT said he drove the old BRT before the new one. He said if what they are seeing now is maintained, the scheme will go a long way. “There is no way you can compare this with the old ones, though I was not among the pioneer drivers of the old BRT but what I met on ground was an abuse of transport scheme. Even when you complain about the state of your bus, nobody will attend to you until the bus breaks down on the way.” The driver said. Mrs Morunke Adupe is avoiding the new buses because of the air conditioner. “I

took this bus because I believe the AC will affect my baby, else, nothing would have made me to go by this old bus. In this new bus, you will never perspire. The manner the ticketers of the old bus handle us is so degrading. They will never accept they have change even when you will see them carrying money of all the lower denominations that could serve as change. They insult us a lot but one issue is that the new buses are never regular within Fadeyi areas. You can stay like one or two hours, the buses will not come,” declared Adupe. Mr Jude Oriki said he never knew it’s because of the presence of the new buses on the Ikorodu/ TBS routes that has forced the older BRT and LAGBUS out of that route to other routes. “Most of the buses have withdrawn from Ikorodu/TBS route to other routes that they will not have competition, like Berger to Ikorodu/Oshodi; Oshodi to tollgate (Ogun State), and Cele to Ejigbo/Ikotun. These routes have marginal buses before now. They now have sufficient buses.” It’s now the dawn of a new era in the Bus Rapid Transit (BRT) scheme in Lagos since last month when Governor Akinwunmi Ambode commissioned 434 air conditioned luxury buses, being a support of one of the commercial banks in the country towards the development of the transport sector in the state. Many Lagosians can now hope for comfort to and from work.

Life | Mega City

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

A multiple car accident scene

For a disaster-free Yuletide CO NTINUED from PAG E 17

ernment would not also condone traffic gridlock caused by petrol tankers and other articulated vehicle drivers. The government also said it would not hesitate to order the arrest and immediate prosecution of indiscriminate smokers and reckless drivers across the state. It said that all law enforcement agencies, including the police have been mobilised to enforce the law. Oladejo said the government was concerned about the menace which petrol tankers and other articulated vehicles have become on Lagos roads, as well as the incessant fire incidents and needless road traffic and accidents which have led to loss of lives and properties valued at N16billion Naira. To address the problems, the commissioner said that the state would begin enforcement of Section 2 of the of the Traffic Law 2012 which prohibits movement of tankers in the state within the hours of 6am -9pm daily. He also said that the defaulters risk fine of N50, 000 or six months imprisonment according to the law. Harping on the indiscriminate use of firecrackers during this season, Oladejo also stressed the readiness of the government to enforce the ban on the use of fireworks popularly known as “Biscoe and Banger.” He explained that the potential hazard of the device to the people and the environment necessitated the action. He added that the government would avert the recurrence of the December 26, 2012 fire outbreak caused by storage of fireworks in Lagos Island and which led to loss of lives and properties

worth millions of naira. According to him: “It is not enough to have safety regulations. They must be enforced and complied with to prevent avoidable loss of lives, properties and injuries.” Oladejo, who was joined by the Commissioner for Information and Strategy, Mr. Steve Ayorinde, said the law also specifies punitive measures for persons who drive recklessly without reasonable consideration for others, driving above the speed limit on highways or driving unlatched containerized vehicles. Speaking on the indiscriminate smoking among residents despite its danger to the lives and properties, Oladejo said the danger associated with the dropping of cigarette stubs or fireworks indiscriminately, especially at this period of harmattan poses a great challenge which could lead to fire outbreak. He added: “As a government which cares about the safety of lives and property, nothing short of strict adherence to safety rules will be acceptable, relevant provisions of the law will be applied against erring individuals and organisations”. Oladejo, therefore, urged residents to be vigilant, especially when in a large gathering, such as religious programmes, carnivals, clubs, event centres and restaurants. He, however, assured citizens that the state remains safe and secure for people living and doing business in the state He also promised that the state government has put adequate measures in place to ensure that residents go about their activities with much ease during the festive period including total enforcement of the traffic and safety laws.

He appealed to religious bodies, club owners and event centres to work with the state government and security agencies to monitor activities around them and report suspicious and unusual activities during such gathering that may compromise security of lives and property. He said the state government will not also hesitate to close down event centres, malls, casinos, cinemas, restaurants, hotels and clubs who fail to comply with the standard practice of having more than one exit. “The state government is coming out fully to implement all these laws through our relevant government agencies and security operatives, such as the Nigeria Police, Lagos State Traffic Management Authority (LASTMA), Vehicle Inspection Service (VIS), Task Force on Environmental and Special Offence, Nigeria Security and Civil Defence Corps (NSCDC), Neighbourhood Watch by assisting the government in apprehending defaulters of these laws and be prosecuted accordingly”, he said. Other heads of agencies at the conference included: General Manager of LASTMA, Mr. Bashir Braimah; General Manager of Lagos State Emergency Management Agency (LASEMA), Mr. Micheal Akindele; Chairman of Task Force on Environmental Offences, Olubukola Abe; Commander, Rapid Response Squad (RRS), Olatunji Disu; Director, Lagos State Fire Service, Mr. Rasak Fadipe, among others. On his part, Akindele, who re-

iterated the agency’s readiness to respond to emergencies, also warned against uncontrolled storage of firecrackers to avoid needless fire disaster. According to him, such explosives shouldn’t be stored in residential areas as too much of heat could lead to explosion. He recalled the December 26, 2012 fire outbreak caused by storage of fireworks in Lagos Island which led to the destruction over 11 buildings on Lagos Island. He also warned smokers against dropping of cigarette stubs indiscriminately, especially during this harmattan season. Also speaking, Brahima, who lamented the indiscriminate parking by petroleum tankers on all the roads leading to Apapa, said his agency would also enforce the Traffic Law 2012, which prohibits tankers from plying within the hours of 6am -9pm daily. According to him: “Defaulters risk a fine of N50, 000 or six months imprisonment. The law also specifies punitive measures for persons who drive in a reckless manner without reasonable consideration for others, driving above the speed limit on highway or driving unlatched containerized vehicles.” Meanwhile, Oladejo also appealed to owners of clubs, event centres, hotels and other public places to ensure they adhere to the safety standards. He said Lagosians can have peaceful Yuletide season, if everyone cooperate with the government to take safety precautions.

Life | In The City 21

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Back to the highways

Okada riders on a Lagos road

Ifeoluwa Idowu

ommercial motorcycles, despite the ban imposed on them, have returned not only to the highways but also to virtually all the streets of Lagos. The law banning them seems to have lost its powers or relaxed as the riders now have field days on the roads. They flout most traffic rules. Most times, they are backing the flow of traffic on one way routes. They compete with vehicles on the roads. Dangerous as that is, it has become a norm once again around Lagos. Several motorists and pedestrians, albeit shocked, are getting used to them again. Along the Lasu-Ojo road, Agege,Ojodu-Berger, Ogba, Iju-Ishaga, Ikeja, e.t.c. the bike men can be seen facing traffic in a bid to beat the traffic on the road. Not only that, during the fuel scarcity, they played prominent roles. They became fuel agents for motorists and residents. What they do is to fill up their tanks and in turn sell it out into jerry cans with a profit of N500 flat for all. Mr. Tani Okunade, who plies the LASU-Ojo road regularly, said it was irrational for the government to ban okada from the state. “The okada ban is quite irrational since it started and I do not blame okada riders for coming back to the road. I take bike on the express and I am sure that they have been banned from there but it is more convenient. If the government is taking okada away from major roads, what alternatives are provided? With the traffic situation in Lagos, even BRT buses can do just little

to help. And is it not better the okada riders do what they are doing rather than turn to crime? Students are here and how do you expect them to move around with shuttle buses only?” Olasore A.K, a nurse at a government hospital, is however of the opinion that the return of commercial motorcycle to the highways should be stopped again as soon as possible. “The motorcycle riders are back to the roads, and that is bad. I do not really understand what is going on but when the law enforcement officials see them, they look the other way. People have no idea the danger they pose. Government should please look into this. They should not relax the ban on the riders at all. There are enough commercial buses (also called danfo) and tricycle riders to contend with. Despite the ban of motorcycles, accidents are still common.” Omolade Karim, a photographer, who lives at Ogba, told New Telegraph that okada riders are really back to the roads of Lagos and that the state law enforcement agencies have to stop them. According to him, the law officials should not take bribe from them but stop the okada riders, “No matter how inconvenient that is, the government should create an alternative source of income since there will be fewer commercial motorcycle riders in the state.” He said. A commercial motorcyclist, simply identified as Mohammed, spoke with New Telegraph concerning the situation. He said the rate at which motorcycles were impounded and motorcyclists arrested had reduced in recent

They carelessly and arrogantly compete with vehicles on the roads

months, and that is why the commercial motorcyclists gained the confidence to go back on the highways. “They still arrest us, but not as much as they used to. The laws have been relaxed, and I am not saying it’s a bad thing. We appreciate the government for doing this. The truth is that the concentration of the government officials shifted from arresting us during the day, to arresting us at night with the curfew that has been placed on commercial motorcycle operators in some parts of the state. And at night, they extort us by taking the little we made for the day. It is all an unjust system,” he said. Another motorcyclist, who plies the Ojodu-Ikeja road, said that the rules have been relaxed concerning the ban of motorcycles on highways. “As long as it is Ikeja, I can go through the road and nothing will happen. The officers on the road don’t disturb us anymore. It was wrong at the initial stage for the government to stop us from moving on expressway. If Lagosians wanted us to stop moving on major roads, they would have stopped patronising us. Once in a while, the law enforcement officials get it into their heads to arrest us but like I said that’s not often.” A commercial bus (Danfo) driver, Mr. Shuaibu Opolo, told New Telegraph that it makes no difference that the commercial motorcyclists are back to the road. He said that the tricycle operators are a bigger nuisance and that motorcycle riders were just the same. Chairman of the Lagos State Task Force, Olubukola Abe, a Superintendent of Police, disclosed recently that out of about 9,100 roads in the state, motorcycle operators were restricted to only 475.

Life | Mega City

Glory Tega

irt seems to be returning to the streets of Lagos. Almost all the corners of the state are littered with dirt. On the median of the roads are heaps of dirt. Also on the streets, pile ups of black nylons of dirt are at almost every gates. Although, the LAWMA trucks are seen everywhere, they seem not efficient enough as they also constitute nuisance in their ways by littering the roads with dirt or not packing the dirt neatly. Mr. Adeyanju Oyetunde, a Client Representative, says that LAWMA’s inability to take away the dirt blocking drainages is the main reason Lagos is dirty. “Some parts of Lagos are dirty, Areas like Agege is very dirty and that’s because the drainages are dirty. Dirt that should be taken away by the LAWMA people go into the drainages and block it. So, when it rains, it blocks the water from flowing properly which makes the whole place very dirty and smelling. The people staying in those environments are not helping matters. For example, Oke-Koto, Capitol, and coming towards Orile, they do not know where to dispose their wastes. So, they keep them beside the gutters and when it rains, the dirt will enhance flooding during rainy season. Their reason for doing that is that LAWMA officials come whenever they want to, unlike some years ago. They used to come in every week to carry dirt which makes it easier for them and most of these LAWMA men are becoming irresponsible. They do not care whether the job is done properly or not. And if one tries to confront them, sometime they act strangely. I think the new government should do something about it.” Mrs. Adie Agnes, a business woman told New Telegraph that she noticed Lagos indeed is getting dirty because she has been seeing piles of dirt at different points especially in the market places. “I have noticed that the LAWMA people are not as serious as they used to be. For instance, at Ogba market, the LAWMA officials come in whenever they like, unlike before that they come every Thursdays, markets’ environmental sanitation days. We make sure we carry out our part and do our weekly cleaning but LAWMA does not help us to complete our work by coming to pack the dirt. So, most places in the market that used to be clean aren’t anymore. But when they want to collect money, they do not hesitate to come to collect it and if we do not pay, they will not allow us peace of mind. Yet, they have refused to come and do what they are been paid for.’’ Mr. Omotayo, a vendor said: “Lagos is getting dirty and I think it is because of the new administration that is still trying to settle down. For instance, see some streets on Agindingbi road are very dirty and unkempt. It’s not because the residents and business people are not trying to keep the place clean but it is because the LAWMA people are not doing their jobs properly. They do not come in often to carry our dirt and it is making the whole place look unkempt. Normally, every Thursday is a day of the week earmarked for them to come round to pack our dirt but they do not see

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Frustrated by LAWMA

Throwing their dirts inside a lawma truck

how the whole place is looking. It has been looking this way for a very long time now and we do not know if it is going to get better or worse’’. Mr Tayo Ogunola, a sales manager, said: “Lagos is okay. It is a new administration and I think the new government is trying to take things one step at a time. The LAWMA officials are doing their jobs but it may not be as effective as it used to be some years ago. The new administration is just coming up. So, we should give them time. I think they will come up and start working effectively soon. I think what these LAWMA officials need is just a little more pressure. If the government can put more pressure on them to deliver effectively, they will work better than they are do-

Waste collectors

ing right now and Lagos will become a better and a neater place to be’’. Titilayo Adebayo, a student added: “Lagos is actually becoming dirty again. We can now see piles of dirt around us. At the bus stops, beside main roads, in front of houses, inside schools or in front of schools, all because the LAWMA officials are not carrying out their jobs properly like they used to do. I feel the problem now is that they do not have people monitoring them. So, they are becoming nonchalant about their jobs. It seems the newly elected government does not have their time yet. So, they are doing as they pleased. If not, why would people pay for their dirt to be packed and at the end of the day, that same

dirt will litter their environments because the people in charge refused to do their jobs I think the government should do something about it. Lagos is a beautiful city and it has to be clean’’. Mrs. Numa Oghenetega, an LSDPC resident said: “Lagos is really getting dirty; the waste management officials are not as active as they used to be. Usually, they come in every week to carry our dirt but lately, they have changed it to every other week and by then, the whole place might be full of dirt and extremely messy. But when they want to collect their money, they will not allow one to rest until you pay them their money and when you do, you might not see them to pack your dirt on time. Even when

you get to markets, you see piles of dirt all over the place. Like in Agege market, it seems Agege market has been abandoned and it is a major market. The new government should learn from the previous government on how to handle the people in charge of waste.” Mrs. Kausarat Ahmed, a food seller added: ‘’Lagos is now very dirty. For the past two weeks, they have not come to pack our dirt. See how dirty the whole place is looking. We try to put all the dirt together every day. Today makes it two weeks since they last came and we are praying that they come today, so that this place can be clean at least. Please we need the government to do something about this LAWMA people. They are not working like they used to do.”

Life | In The City 23

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

My City, My World

‘Population made Lagos tick’ Stories by Ezurike Ugochukwu HIS Usiholo, director Ehis Properties Limited, has a self-conviction that the population in Lagos has made it what it is, there are many attraction centers like the free trade zone, the proposed airport in the free trade Ezone and the hope for a home away from home, the area hopes to offer.

Government should try to reduce traffic in Lagos. ‘This could be achieved through building of more overhead bridges. Like in Ajah area, it’s like there was no plan for the future at the conception or it was not envisaged to be like this. That accounts to why it appears that the traffic there is hydra-headed and unbearable. If government had tomorrow at heart as they planned, there would have been an overhead bridge because in the morning hours, it could take one to three hours to get to Lekki phase 1 gate from Ajah which is not supposed to be so. I believe that most people if they had their way will relocate out of Lagos on account of traffic. But there are improvements, like in some Estates that are coming up now; they are well planned like the ones at Ibeju Lekki, Awoyaya area unlike the Estates before them. The government should endeavour to reconstruct our inner roads. They have been neglected for too long. If the inner roads were to be in good shapes, the traffic snarl on our major roads would have eased off. And people would have been encouraged to buy properties. Lagos has many enlightened and polished people in it, people who have mingled with other peoples of the world. Such calibers of people are bound to cross fertilize a greater number in their environments here in Lagos positively. Lagosians are self-reliant and creative people. They can survive without government. Lagosians know how best to rebrand and package themselves to enable them put food on their tables. There are many opportunities in Lagos if one really wants to tap from them and improve his life. There are many legitimate means of survival in Lagos. There are many tasks to be done in Lagos.

Usiholo

...No longer what it used to be – Akin Felix, estate agent lived in Lagos for more than 40 years and have been in Estate business for over ten years. Lagos is not moving forward in area Iofhave housing. It has gone farther than the common man can afford.

Taofeek

‘The economic nerve of Nigeria’

In the past, a room could go for N20 per room for one year. Today, a room is between N3000 and N5000 depending on the location. Mini-flats are N200.000 to N400, 000 and some landlords will insist on a year and half rent if not more. There is often a fall out between landlords and tenants, because When tenants cannot meet up to their rents, as a result of lack, they recourse to posturing for trouble. Landlords are ejecting their tenants here and there simply because of hard times tenants are experiencing. Most of us can’t boast of N1000 in our accounts. I am over 60 years, every now and then; we are entertained with the stories of recovered monies, but no impact of it in our lives. Lagos is no longer what it used to be. Things have changed. The opportunities Lagos was known with have gone. Few are sitting on our fortunes; we are tired of this particular democracy. In all situations, Lagos is an accommodating city, its people care for one another. Regardless of tribe and tongue, their milk of kindness is second to none. As hard as it is, Lagosians have good will that can sustain one another for many years - an attribute lacking in many cities of the world today.

or Taofeek Gbadegesin, estate agent and managing director, ‘Decent Accommodation,’ the notion that Lagos is no man’s land is wrong. It should rather be termed as a land that accommodates aliens and citizens; Above all, it is the economic nerve of Nigeria and Africa. Having lived in Lagos for more than 26 years, he boastfully pointed out that Lagos is where everyone comes and thrives so long as the person has a goal and is genuine. A goal nurtured from where you are coming from. Once you get to Lagos, you put that goal on ground, stamp your fit on ground as well and work towards that with much vigour and determination, sky is your limit. You are bound to achieve your predetermined result. The government should properly improve power in order to enhance medium and large scale businesses in the city. The government of today should also improve roads network in the state as well as create employment to our teeming unemployed youths roaming about the streets of Lagos. When that is done, security will be improved in the state. We expect government through the state house of Assembly to strengthen the law, to empower us as an association to fight and stamp out fake agents. When that is achieved, there will be registration that will sieve out fake estate Agents in Lagos state and people will go to sleep whenever they are dealing with Agents as it relates to their properties and accommodation issues.

Felix

...An escape route - Michael Bamisane s evil and its inherent forces abound in the society, Mr. Michael Bamisane Ations observed that most people in Lagos are here to escape from evil machinaraising its ugly head against their lives in their various native homes. That it’s always difficult to achieve one’s goals in his area of birth. Lagos is the Centre of business world over. If you are truthful and genuine in Lagos, the sky may not be your limit, though it may take time to achieve what you must have carved for yourself. Michael advocates decentralizing the provision of electricity and allow the states to generate their individual electricity supplies. The government should as well ban the importation of generators and sales of transformers by individuals. When these steps are taken, it will discourage those that covet and steal electrical materials that belong to the state government. The economic situation in the country today has impoverished our business, at the same time, the high cost of raw materials have become a clog on the wheels of housing development in Nigeria at large not only Lagos. Landlords increase their house rents to meet up with raw materials cost, while the tenants are crying because of harsh economic realities which has made it difficult for them to pay rents. The squabbles constantly experienced between landlords in Lagos and tenants are because most tenants do not have money to pay house rents. I do not believe that any tenant will have money and refuse to pay his house rent. I disagree that the economic situation in the country today is peculiar to Nigeria. The global economy started receding long time ago.

Bamisane

LGA Focus

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Victor Uddo

ecently, the Lagos State Governor, Mr. Akinwunmi Ambode, announced to the world his government’s approval and release of the sum of N19 billion for the rehabilitations of 114 roads in the 20 Local Government Areas (LGAs ) and 37 Local Council Development Areas (LCDAs) of the state. Ambode, while addressing the various Council Executive Secretaries, charged them as supervisors of the projects to ensure that the contractors executing the jobs meet with the recommended international standard at the completion of the roads rehabilitation. New Telegraph gathered that each of the roads is expected to be completed six months from the date of commencement. However, two former officers of Amuwo-Odofin LGA namely Segun Ajayi, former Council Manager, confirmed the two roads mapped out for rehabilitation - Adegbola Olujibi in Ado Soba and EgoAkete roads in Amuwo-Odofin, while the former Secretary to Local Government (SLG ) corroborated what he said. However, they could not say whether work had commenced or not or the Council’s share out of the N19billion bazaar. Speaking with a former supervisory counsellor at Isolo LCDA, New Telegraph was shown a document containing the two roads to be rehabilitated which includes Lafenwa Panada Street and Abimbola-Cowbell road in the ever busy business district industrial estate. When asked of how much the Council was allocated, he said he had no information on that. At Ejigbo LCDA, New Telegraph spoke with a staff who pleaded anonymity. She said only the Executive Secretary or treasurer can have access to the allocation given to the Council. According to her, such information is usually shrouded in secrecy. She, however, confirmed the two roads namely, Ifoshi /Fadu road off EgbeIkotun road and Coker /Lafenwa Street. Speaking with Adeyinka, a resident of Aswani -Isolo community, he said: “Seeing is believing. Though I have not heard of the N19bn roads project in Lagos but

A section of Orilowo-Ejigbo Road in Ejigbo

Facelift for Lagos roads until I see the roads rehabilitated, I won’t believe.” Adeyinka said the state government should publish the exact amount they allocated to each of the LGAs and the LCDAs so that the public will monitor the spending by the Council Executive Secretaries. Adeyinka said he hopes the job will be awarded to the best contractors. While speaking with New Telegraph along NNPC road at Ejigbo, area of Lagos, Mr. Sanya, a tanker driver, said the Governor’s idea is good. He prayed that it will be sustained so that the incident of tankers and containers falling on bad roads will be a thing of the past. A commercial taxi cab driver, who would simply want to be identified as ‘Baba Olowo’ said if it was true, it means that he will not be changing his shock absorbers, ball joint and thyroid frequently because the roads will be devoid of pot

holes. A commuter, who gave her name as Prisca, who works in one of the commercial banks located at Isolo area as a cleaner expressed her gratefulness to the Lagos State governor for such a great idea. That means her travelling hours to and from work daily will reduce as a result of the jobs if properly executed. A private school proprietor at FESTAC area of Amuwo-Odofin who pleaded anonymity said it shows continuity of government. According to her, this kind of project should be adopted as an annual project where the state government will require the councils to repair two roads in their domains and be reimbursed by the state government. She further said that the adoption of this project has become imperative considering the fact that Lagos State has taken on the status of a Mega-City. She said her school spends between N30,000 and N50,000 to

carry out repairs on their school bus every two weeks in order for it to be on the road. The proprietor thanked Ambode for this initiative. An attempt by New Telegraph to reach Amuwo-Odofin LGA, Executive Secretary, Deaconess Modupe Ajibola Ojudu; Isolo LCDA Executive Secretary, Olusegun Jibrin Jimoh and Ejigbo LCDA, Barrister Tajudeen Jaiye Alabi, proved abortive as they were said to be attending one state junction or the other. Their known mobile numbers were not reachable. Staff of the Councils were not willing to give their hot lines. New Telegraph spoke to the deputy Executive Secretary who declined comment saying it’s not his duty and he directed the reporter to the HOD information, Mr. Olojori Oladapo, who was reached but said he has no access to such information. He said that only the executive secretary or Treasurer can give such information.

QUOTE

OF THE WEEK

“In line with my administration’s vision to ensure a safe, secure and prosperous Lagos State, there is the need for the establishment of appropriate standards and regulations in line with international best practices towards the much needed implementation of water transport in Lagos.” Governor Akinwunmi Ambode at the First Annual Stakeholder’s Forum.

IN NUMBERS Lagos State Public Works Corporation recruits artisans to repair Lagos roads

105

NEW TELEGRAPH WEDNESDAY, December 16, 2015

Money

Investor

FCT

Maritime

SME lending: CBN ramps up pressure on banks

AMCON: Economic downturn impacts banking

2016 Budget as Buhari’s litmus test

Customs battle states, others over unclaimed imports

Business What's news N700bn CRR funds: OPS seeks penalty for banks

The organised private sector (OPS) has urged the Central Bank of Nigeria (CBN) to penalise defaulting banks for refusing to lend out the N700 billion liquidity Cash Reserve Requirement (CRR) to support the real sector.

p.26

Experts task FG on N38.4bn land registration reforms Nigeria requires N38.4 billion ($19.2million) to implement reforms around registration and titling of land in the next 30 years.

Chairman, Egbin Power Plc, Mr Kola Adesina (left), presenting a plaque to Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola, at the ceremony to mark the commencement of the dispatch of additional 220mw from Egbin Power to boost power supply, in Lagos

‘Nigeria requires $30bn for airport infrastructure’ WAY FORWARD

p.26

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Leadership in the past 30 years had not been visionary enough to drive sector

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Wole Shadare

viation stakeholders have said that Nigerian airports need about $30 billion for infrastructural development to be at par with its counterparts around the world. They noted that high interest rate on loans would continue for a long time to come as long as commercial banks

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

remain the only source of financing in Nigeria. The Vice President, Revenue Management, Porter Airlines, Toronto, Canada, Mr. Chris Amenechi, in a paper titled: “Aviation 2045 in Nigeria – The way forward,” identified poor record of security, safety, infrastructure, regulation, government policy, high operating costs and low patronage as some of the challenges bedevilling players in the sector, despite the many opportunities in the sector. He added: “Government initiatives in recent times are either misplaced or wrongly implemented. The borrowing of $500 million from Chinese Banks recently to finance terminals constructions was a

misplaced priority. Amenechi explained that the Nigerian aviation industry had significant commercial and infrastructure advantage. He explained that the sector had the potential to drive significant export and income for the country through visionary leadership, utilising natural talent. He lamented that the leadership in the country in the last 30 years had not been consistent or visionary enough to

$500 million Being the amount borrowed from Chinese banks to finance terminals’ construction

drive the sector to achieve all its potential. Amenechi stressed that with the injection of $30 billion dollars in the next 30 years, the sector would deliver a worldclass industry and fuel the nation’s economic growth. He noted that with such funds, aviation in the country would cater for over 200 million passengers yearly, create world class airports that are intermodal hubs, ensure robust general and recreational aviation industry, make Nigeria a preferred aviation investment destination and top 10 source of world class aviation talent and put the country as a top 10 global aviation gateway, among CONTINUED ON PAGE 26

Rates Dashboard INFLATION RATE November 2015 .........................9.3% October 2015.............................9.3% September 2015.....................9.4%

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

EXCHANGE RATE (BDC as at Dec 11)

USD . . . . . . . . . . . . . . . . . . . . . . N249 Pounds . . . . . . . . . . . . . . . . . . . N355 Euro . . . . . . . . . . . . . . . . . . . . . . N255

l Foreign Reserves – $29.597bn as at 11/12/2015

Source: CBN

EXCHANGE RATE (Interbank as at Dec 11)

USD . . . . . . . . . . . . . . . . . . . . . N200 Pounds . . . . . . . . . . . . . . . . . . N307 Euro . . . . . . . . . . . . . . . . . . . . . N224

Business | News

INDUSTRIALISATION Banks are reluctant to support SMEs with reserved funds Taiwo Hassan

he organised private sector (OPS) has urged the Central Bank of Nigeria (CBN) to penalise defaulting banks for refusing to lend out the N700 billion liquidity Cash Reserve Requirement (CRR) to support the real sector. Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, in an exclusive interview with New Telegraph, said that CBN should not withhold the funds, rather, it should look at ways to penalise defaulting banks. Yusuf was worried that the country’s banks were insensitive to the plights of the manufacturing sector and the small and medium scale enterprises (SMEs) industry. It was learnt that about 99.5 per cent of companies in Germany are SMEs, which employ 68 per cent labour force with 37 per cent corporate turnover. He stressed that with stiffer penalty from CBN, the fund would go a long way at restructuring the moribund manufacturing sector if the banks adhered to the apex bank’s directive to give SME op-

N700bn CRR funds: OPS seeks penalty for banks erators credit facility for their business in line with the lay down procedures. The LCCI boss noted that facts remain clear that manufacturers and SME owners were not getting loans from Nigerian banks at the regulatory interest rate, even before the apex bank reduced the Monetary Policy Rate (MPR) bench-

others. Amenechi added: “The industry spans the breadth of airlines, airports, intermodal transport infrastructure, maintenance and overhaul, hospitality, tourism, technology, manufacturing, distribution, airway infrastructure, cargo/ logistics and defense, among others. “The aviation industry can be one of the triggers to drive the nation’s economy by this and subsequent administration. The previous missteps have left it moribund for the most part so it is not a surprise Nigeria is lagging behind among its peers.” Also, Chief Executive Officer, Kitari Consult Limited, Ali Magashi, said that unlike in other climes, commercial banks remained the only source of financing for the sector, saying that this does not augur well for

mark interest rate to 11 per cent. Yusuf explained that withdrawal of the CRR fund would not do the economy good as the fund was to ensure that the banks were liquid and able to lend monies to fund seekers at the regulated rate. According to him, “the CBN cannot withhold

the CRR fund because the fund is meant for the banks to be able to lend money to people. The issue of defaulting from the banks is not clear but this matter should be investigated thoroughly.” Also, the DirectorGeneral, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture

(NACCIMA), Emmanuel Cobham, berated the banks’ for starving the private sector of liquidity. He added that the manufacturing sector needed fund for its revival. Cobham said: “The CRR reduction is aimed at freeing up reserve monies since the Treasury Single Account (TSA) affected the liquidity of

many banks. Regrettably, even the MPR reduction will not compel banks to reduce lending rates substantially.” Already, the CBN has threatened to withhold the N700 billion CRR if banks failed to channel same to the real sector. Consequently, the apex bank noted that its accommodative stance would be defeated if the SMEs were not supported for the growth of the economy. CBN Governor, Godwin Emefiele, was not happy that this kind of funds had not played any active role in support of SMEs.

L-R: Chief Executive Officer, M-net, Yolisa Phale; Managing Director, MultiChoice Nigeria, John Ugbe and Regional Director, Africa Magic, Wangi Mba-Uzoukwu, during the AMVCA 2016 nominee announcement, in Lagos.

‘Nigeria requires $30bn for airport infrastructure’ CONTINUED FROM PAGE 25

WEDNESDAY, December 16, 2015 NEW TELEGRAPH

aviation development. He listed poor credit rating, high interest rate, over-regulated financial system, over regulation and expensive procedures by the Nigerian Civil Aviation Authority (NCAA), on impending start-ups, poor and hostility business environment and exploitation by NCAA through multiple inspections of aircraft as some of the challenges facing the airline sub-sector in the country. The vice president called on government to imbibe targeted and effective subsidy, intervention guarantee fund with very low interest rate and longer tenure and reduction of multiple taxation that impeded airline’s revenues to the carriers. “Most of the people running the industry are not very technical and they do things because of their own interests.”

HI-TECH Computerisation of land administration processes is essential for planning

Dayo Ayeyemi

igeria requires N38.4 billion ($19.2million) to implement reforms around registration and titling of land in the next 30 years. This was contained in Goal 5 of the report on the “Draft Nigeria Land, Housing and Urban Development Roadmap (2014 to 2043)” which was agreed upon by stakeholders that gathered in Uyo, Akwa Ibom State, during the Federal Ministry of Land, Housing and Urban Development’s retreat. The estimate is targeted at computerising and standardising land administration in the country and to establish a central land titling system in collaboration with other agencies.

Experts task FG on N38.4bn land registration reforms Experts in the built environment have, therefore, urged the Minister of Power, Work and Housing, Mr. Babatunde Fashola, to consider the document for implementation in the proposed 2016 budget. Speaking with New Telegraph, Second Vice President, Nigeria Institute of Building (NIOB), Mr. Kunle Awobodu, urged government to consider the document for implementation. He advised the housing minister to examine the document and sort out the grey areas. Chairman of Social Housing Committee, Mr. Nya Etok, an architect, said that the new minister was yet to call the committee responsible for the document, noting that there was little he could say except those in the ministry. According to the stakeholders, which included presidents of professional bodies in the built environment,

the reforms have become imperative, following the recent low rating of Nigeria in the World Bank’s Doing Business Index (DBI), when compared with other developing countries. The built environment professional bodies include the Nigerian Institute of Building, Nigerian Institution of Estate Surveyors and Valuers, Nigerian Institute of Town Planners, Nigerian Society of Engineers, Nigerian Institute of Surveying, Nigerian Institute of Architects and Nigerian Institute of Quantity Surveyors. Some of the obstacles to real estate developers and investors in the country include the inability to acquire land without encumbrance and difficulty in getting title. It has been said that less than 15 per cent of land in Nigeria has registered title. Some of the strate-

gies itemised in the document to achieve the goal in the short term include the development of a policy to guide land records computerisation programme; build consensus on the policy among all key stakeholders to facilitate implementation though conferences and validation workshops and to work with Presidential Technical Committee on Land Reforms to get relevant bodies to adopt and implement the policy. In the medium term, the strategies are to verify and computerise land records, administrative and registration processes, using suitable Geographic Information Systems (GIS), as well as land titling and registration methods, publish suitably documented handbooks to support usage of the systems by stakeholders, adopt web-based approaches for land transactions and build capacity among professional land staff.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

FCT Business Watch

2016 Budget as Buhari’s litmus test Expectedly, Buhari’s N6.5 trillion Medium Term Expenditure Frame (MTEF) for 2016 budget is being debated by members of the National Assembly. In the interim, opinion of experts are sharply divided on the workability of the budget in the context of subsidy retention and other provisions as captured by ABDULWAHAB ISA

n his maiden fiscal budget proposal, President Muhammadu Buhari proposed a N6.4 trillion in the Medium Term Expenditure Frame (MTEF) and Fiscal Strategy Paper (FSP) sent to the National Assembly last week. The amount proposed is higher compared to the N4.4 trillion 2015 budget for reasons not far fetched. Of the N6.04 trillion proposed, the Federal Government’s revenue is projected at N3.82 trillion while it will borrow N2.22 trillion to finance the budget. Highlights of the budget Major items captured in MTEF for 2016 budget, which members of the National Assembly have begun deliberation in earnest, include the N63.29 billion set aside for fuel subsidy, zero subsidy for kerosene, N20 billion for the amnesty programme as against N47.39 billion voted for the Presidential Amnesty Programme in 2015 budget and National Assembly budget pegged at N115 billion as against N120 billion in 2015. Other areas of focus are N77.11 billion for Universal Basic Education (UBE), N70 billion for National Judicial Council (NJC), N45 billion for Independent National Electoral Commission (INEC), N2 billion and N1.20 billion for Public Complaints Commission and Human Rights Commission respectively. Subsidy retention In the recent past, subsidising fuel consumption has remained contentious especially in the face of corruption associated with subsidy payments to oil marketers. By World Bank’s estimation, $35 billion (about N7 trillion) was spent on subsidy in four years (between 2010 and 2014). The bank confirmed the figure last week at the presentation of 3rd series of Nigeria Economic Report and advised government on the unsustainability of oil subsidy. The World Bank report, which examined Nigeria’s oil and gas prospects was presented by the

bank’s Lead Economist, Mr. John Litwack. He argued that with the recent sharp decline in oil prices in the context of the high dependency of Nigeria’s public finance on oil revenues and slower economic growth, Nigeria was hard pressed for a major fiscal adjustment to lower oil revenues. Litwack added that even if oil prices rebound, the general rapid trend toward a decline in the share of oil revenues in Gross Domestic Product (GDP) should continue. “Adjusting to new fiscal realities will be a critical challenge for Nigeria in the short and medium term. On the upside, however, and as the report highlights, important gains can be made by increasing efficiency in the public sector and improving regulatory effectiveness,” the report said. “The authorities will also need to re-examine critical issues, including regulatory institutions and uncertainty, pricing policy and payment arrears. Realising the vast potential of Nigeria’s natural gas sector, Nigeria will demand a bold new strategy that includes revisiting the pricing policy and regulations from 2008, taking steps to ensure that gas prices paid ensure reasonable returns on investment and establishing an independent regulator,” the report added. During a debate session on the MTEF last week, senators expressed divergent views on the continued payment of subsidy by the Federal Government in the next fiscal year going by the current hardship being faced by Nigerians as a result of the current fuel scarcity in the country. Knocks, commendations As would be expected, the MTEF document already referred to the committees on Finance and National Planning with the mandate to report back to the Senate this week is not spared of knocks and commendations. NLC President, Comrade Ayuba Wabba, at the opening of the 3rd National Delegates conference of National Association of Academic Technologists (NAAT), said: “It is our hope that the 2016 budget would lay the foundation for future successes in a number of sectors of our national life.” An economic expert and a former Deputy Governor of Central Bank of Nigeria( CBN) Dr. Obadiah Mailafiah, told New Telegraph on the telephone that the MTEF for 2016 budget was in order in its content and previsions. Reacting to the proposed budget, another economist, Uche Uwaleke, expressed concern over the proposed oil production of 2.2 million barrels per day in 2016, saying the projection might not be feasible. On government’s plans to

Buhari

By World Bank’s estimation, $35 billion (about N7 trillion) was spent on subsidy in four years (between 2010 and 2014)

spend more on capital projects, the expert said it was necessary, considering the state of the country’s economy. He commended the pledge by the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to generate up to N4 trillion for the economy. According to him, if this is achieved, government would be able to generate its funds from the non-oil sector as proposed in the 2016 budget. He further commended the efforts by the Ministry of Budget and National Planning to provide a workable budget proposal for the country. Uwaleke said that the proposed N6 trillion was commendable and very realistic. “The decision is in order and the amount will go a long way at resolving most of the issues in the country,” he added. He said that the oil benchmark of 38 dollar per barrel was the least the country had had so far, adding that there was every indication that it could be achieved. “It has been well analysed that oil will not drop further, that is below 38 dollar per barrel in the near future. “I believe the proposal is realistic. Right now it is about 40 dollar per barrel, the supplementary benchmark was 48 dollar, so I think a low reference is realistic,” he said.

But Lead Director at the Centre for Social Justice (CSJ) and a renowned budget expert, Mr. Eze Onyekpere, said nothing differentiates the proposed 2016 budget from previous ones. In his response to New Telegraph’s enquiry, Eze said: “The proposal is for about N6 trillion, which is about N1 trillion extra on the 2015 Federal Budget and the Supplementary Budget. Thirty per cent of the budget is stated to be for capital expenditure while the remaining will be for recurrent expenditure. This is simply a continuation of the norm of the practice of previous budgets as not much has changed. “Generally, the weight of the allocations to recurrent and capital expenditure is not usually determined by what is appropriated. It is determined by available resources and releases at the end of the day to MDAs for both capital and recurrent expenditure. “The budget is predicated on a benchmark price of $38 per barrel. Ordinarily, this would seem reasonable but considering the prevailing circumstances in the international oil market especially the return of Iran to the market and the refusal of OPEC members and other producers to cut down on production, the actual price of crude oil for next year may be a bit lower. “We have to do oil revenue projections with caution considering the strong headwinds against the upsurge in crude oil prices. The daily projection of 2.2 million barrels is realisable.” According to him, the revenue agencies have their work clearly spelt out for them in terms of ensuring a more inclusive tax net, plugging the leaks in the system and making sure that every kobo of accruable revenue including operating surpluses come into the treasury. “However, the deficit must be manageable and borrowing must not be used to fund recurrent expenditure as was evidently done in the year 2015,” he noted. He added that his office, CSJ, was disappointed that FEC did not take a position on the incredible sums spent on fuel subsidy. “It is not too late to take a definitive stand of stopping the hemorrhage of the treasury through subsidy,” he said. On inclusion of social security payments, he advised the Federal Government to ensure that national identity system and database were updated to ensure that only the target groups benefitted from the scheme before it becomes a job for the boys. Conclusion There is no doubt that the 2016 budget is Buhari’s administration’s litmus test. Largely, the success or otherwise of the budget depends on its implementation.

Business | Money

WEDNESDAY, December 16, 2015 NEW TELEGRAPH

t is of course no longer news that at its meeting last month, the Central Bank of Nigeria’s (CBN) rate setting body, the Monetary Policy Committee (MPC), slashed both the benchmark interest rate and the Cash Reserve Ratio (CRR) to 11 per cent and 20 per cent respectively. The apex bank Governor, Mr. Godwin Emefiele, said the Committee took the decision, “In consideration of the weakening fundamentals of the economy, particularly the low output growth, rising unemployment and the uncertainty of the global economic environment.” However, what continues to be of interest to industry watchers are parts of the MPC communiqué that the CBN boss read to journalists at the end of that meeting which touch on banks’ failure to step up lending to productive sectors of the economy despite the CRR cut. Emefiele said the Committee was, “Particularly concerned that the previous liquidity injections embarked upon through lowering of the CRR, in the last MPC, has not transmitted significantly to improved credit delivery to key growth and employment in sensitive sectors of the economy. Rather, credit went to sectors with low employment elasticity. Accordingly, the MPC emphasised that the liquidity arising from the reduction in the CRR to 20 per cent, will only be released to the banks that are willing to channel it to employment generating activities in the economy such as agriculture, infrastructure development, solid minerals and industry.” Continuing, he said, “MPC agreed that going forward, any attempt by the CBN at easing liquidity into the system shall be directed at targeting real sector, infrastructure, agriculture and solid minerals. The MPC further directed the Bank’s Management to put in place necessary measures/regulations to ensure strict compliance by the Deposit Money Banks (DMBs). This is aimed at ensuring that employment and productivity is stimulated while also moderating prices.” Indeed, at the Bankers’ Committee annual retreat which ended in Lagos at the weekend, Emefiele reiterated the CBN’s resolve to ensure that DMBs channel the additional liquidity occasioned by the CRR cut to lending to SMEs and other sectors of the economy that generate employment opportunities. He disclosed that the CBN was contemplating a programme that would support SMEs at concessionary pricing and result in the creation of a million jobs for young graduates in 2016. He pointed out that this initiative would be separate from the CBN’s N220 billion Micro Small and Medium Enterprises (MSME) Fund, which was also targeted at stimulating lending to SMEs. The CBN helmsman urged commercial banks to actively support efforts to boost lending to SMEs, stressing that the country’s current difficult economic situation made job creation especially for young graduates a key priority. He threatened that the apex bank would take tough measures against DMBs if they do not support SMEs. As he put it, “Let’s give the

Emefiele

Kemi Adeosun

SME lending: CBN ramps up pressure on banks Going by its recent statements, the Central Bank of Nigeria (CBN) appears set to intensify the pressure on commercial banks to increase lending to small and medium enterprises (SMEs). Tony Chukwunyem reports young graduates a chance. I am saying if you (the banks) refuse to support, your money that we would have released through the CRR, we will take that money and lend it through any channel that will give these young graduates jobs. We all need to think together and agree because there is no need to release the money to you and all you do with the money is buy treasury bills.” Analysts point out that because SMEs are generally seen as drivers of growth in any economy, there has always been an outcry over what critics describe as banks’ reluctance to lend to the sub sector. SME groups and other operators in the real sector accuse banks of charging excessive lending rates thereby denying them access to bank loans. The commercial banks, however, contend that while they are willing to lend to SMEs most of the loan proposals submitted by these businesses are usually unbankable and as such it would be unwise to risk depositors’ funds on such ventures. SMEEIS Interestingly, it will be recalled that in response to the Federal Government’s concerns and policy measures for the promotion of SMEs as vehicles for employment generation and poverty alleviation, the Bankers’ Committee at its 246th meeting held in December, 1999 voluntarily approved the establishment of a Small and Medium Enterprises Equity Investment Scheme (SMEEIS). The scheme required DMBs to set aside 10 per cent of their Profit After Tax (PAT) annually for equity investment and promotion of SMEs. Funding provided under the scheme was in the form of eq-

There is no need to release the money to you and all you do with the money is buy treasury bills

uity investment in eligible enterprises and or loans at single digit interest rate. Also, 10 per cent of the funds was earmarked for lending to microfinance enterprises. But SMEs complained about their inability to access the fund and in 2008, the CBN and the Bankers’ Committee scrapped it on the grounds that it was not meeting the targeted objectives. According to the CBN, at the time the scheme was ended, a total of N42billion had been realised under it out of which the sum of N24.8 billion, representing 58.9 per cent, had been set aside for investment in 327 projects. CBN figures also show that sectoral analysis of the cumulative investment indicate that the real sector recorded investments worth N12.9 billion, with manufacturing accounting for 21.2 per cent, agro allied 9.3 per cent, construction 11.3 per cent and solid minerals 0.3 per cent. Intervention Funds As it became increasingly clear to the CBN that the issues commercial banks were having with lending to SMEs were not going to disappear in the short term, it decided to establish intervention funds targeted at lending at reduced (single digit) interest rates to small and medium enterprises. For instance, in 2010, the CBN created the N200 billion Small and Medium Enterprises Restructuring and Refinancing Facility (SMERRF) and the N200 billion Commercial Agriculture Credit Guarantee Scheme (CACS), which were aimed at boosting job opportunities in SMEs sub sector. Similarly, in August 2013, it launched the N220billion MSME Fund, setting aside 60 per cent

of this fund for women entrepreneurs. Giving reasons then for the establishment of the MSME Fund, former CBN Governor, Lamido Sanusi, said that although as at 2012, Nigeria had about 17.6 million MSMEs employing about 32.4 million people and contributing about 46.54 per cent of nominal Gross Domestic Product (GDP), research showed that 80 per cent of these MSMEs were excluded from the financial markets. According to him, between 2003 and 2012, commercial banks loans to small scale enterprises dropped at an exponential rate and that analysis of the annual trend in the share of commercial bank credit to small-scale industries indicated a decline from about 7.5 per cent in 2003 to less than 1per cent in 2006 and a further decline in 2012 to 0.14 per cent. Still, the establishment of intervention funds by the CBN, as the CBN Governor himself, acknowledged in his speech at the Bankers’ Committee in Lagos at the weekend, does not seem to have had much impact on the SMEs. For instance, according to the apex bank, total disbursements from the N220billion MSME Fund as at February this year amounted to only N40.3 billion. SME operators attribute their lack of participation in the intervention schemes to what they describe as the CBN’s stringent guidelines for accessing the funds. But as industry analysts point out, even if SMEs are completely satisfied with the guidelines for the intervention schemes only a limited number of them would be able to access such loans. Thus, the support of commercial banks is key to boosting lending to the SMEs sub sector. Need for single digit interest rates Even more significantly, industry stakeholders argue that before the CBN can put pressure on banks to step up lending to SMEs, the regulator should reduce interest rates to single digits. For instance, reacting to the reduction in the bench mark interest rate from 13 per cent to 11 per cent, the Organised Private Sector (OPS) rejected the move, saying that it was less than their expectation of nine per cent single digit. The Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Emmanuel Cobham, told the New Telegraph the reduction in the interest rate was not going to make a positive impact on the economy. He said that the difference in the interest rate cut was not much, adding that it would not banks to reduce lending rates substantially as fixed deposit rates and treasury bills were priced at four per cent and six per cent respectively. Conclusion However, a financial analyst, Mr. Joseph Idemudia, told the New Telegraph that only well funded development institutions can address the problem of SMEs’ inability to access finance. According to him, commercial banks are businesses, set up to make profit. He said, “No matter the amount of pressure the CBN puts on banks, they will not lend to a company unless they are convinced they will make money from the transaction.”

Business | Money

NEW TELEGRAPH WEDNESDAY, December 16, 2015

AMCON: Economic downturn impacts banking Slowdown

Non-performing loans again on the rise Tony Chukwunyem

he Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has said that the slowdown in Nigeria’s economy is affecting the growth of the country’s banking industry. He stated this during a media interaction with select financial journalists in Lagos recently. According to him, the depletion of the foreign reserves occasioned by the oil price slump and the resultant weakening of the naira, has impacted the economy, leading to a general slowdown in business activities. Noting that banks have been particularly hard hit by the slowdown, he said that the industry was now growing at less than 12 per cent, a much lower figure than was projected when the decision was taken that banks should pay an annual levy worth 0.5 per cent of their assets into

a Sinking Fund as part of the banking sector resolution costs. The AMCON boss also revealed that the weak economy was hindering the Corporation’s efforts at recovering billions of dollars of loans and other assets it took on five years ago during the rescue of ailing banks. He said: “The price of crude oil below $40 per barrel impacts government’s ability to honour its obligations to those that owe us. The impairment of oil assets we took over is another problem.” He disclosed that pricing of some of the assets taken over from delinquent depositors haven’t been favourable as a result of price depreciation, saying most of the prospective buyers of some of the assets advertised for sale in the newspapers wanted to buy such assets at a premium. Despite the rise in Non Performing Loans (NPLs), Kuru ruled out the possibility of AMCON purchasing fresh bad loans, pointing out that doing so would encourage banks to accumulate more NPLs. He said: “AMCON is not ready to acquire new loans again. If you do a proper analysis of as-

sets banks are holding, you will be shocked. If you say you will always intervene it will breed rascality in banks.” Moody’s Investors Service recently predicted that the industry’s NPLs will increase to between five and 10 per cent in the next two years from 2.9 per cent at the end of 2014. It will also be recalled that in a recent report, Fitch Ratings declared that Nigerian banks were operating in increasingly difficult conditions stating that this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios.

The ratings agency said in the report that, “The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth of 2.4 per cent, down from 4 per cent in the previous quarter, the slowest quarterly growth rate for over 10 years. Nigerian banks are highly exposed to their domestic market and the economic slowdown will affect their performance.” According to Fitch, “Nigeria’s oil sector growth slowed in second quarter, 2015 and non-oil growth was just 3.5 per cent, down from 5.6 per cent in first

quarter, 2015. Part of this slowdown was caused by temporary fuel shortages, which caused industrial production and manufacturing output to contract. Lower oil prices, reduced government spending and restrictions on foreign exchange availability are also taking their toll on performance across the economy. Positively, agricultural output, construction, telecommunication services, internal trade and financial services continued to grow.” Continuing, the agency said: “We believe sector non-performing loans will rise above the central bank informal cap of 5

per cent, but below 10 per cent of total sector loans by end-2015. Regulatory capital adequacy ratios are likely to fall further due to lower earnings, weaker asset quality and a limited ability to raise capital. Tier 1 capital ratios could fall below 15 per cent for many banks, which is low by historical standards for Nigeria. In our opinion, key financial metrics reported by Nigeria’s banks are likely to continue to decline in the closing months of 2015. A prolonged economic downturn would likely put pressure on bank ratings.”

IIFM unveils new standards on Islamic finance

he International Islamic Financial Market (IIFM) has announced new standards to develop Islamic finance. The announcement was made at a meeting and workshop of its Board of Directors hosted by the National Commercial Bank (NCB) at its regional head office in Riyadh. IIFM is the standardsetting organization of the Islamic financial services industry focusing on standardization of Islamic financial contracts and product templates relating to the Capital & Money Market, Corporate Finance and Trade Finance segments of the industry. In his welcome remarks at the IIFM Workshop, Executive Vice President and Head of Shari’ah Group of NCB, Mr. Abdulrazak Elkhraijy, said: “We are living in a globalised world and in order for the industry to grow further and gain sizeable share of the global financial services industry, there is a need to develop and expand the range of Islamic products, develop IT Solutions, es-

tablish legal and regulatory framework, develop human capital and above all, more involvement of Shari’ah scholars to find comprehensive solutions to the complex financial products and transactions and provide the right guidance in accordance with the Shari’ah principles. We need to standardise the documentation for facilitating greater flow of funds between the market players within the domestic boundaries and across the borders while ensuring their enforceability in the various courts of law.” Chairman of IIF, Mr. Khalid Hamad, said: “In its efforts to take the industry to a higher level of development, IIFM is making concerted efforts to bring unification in the Islamic finance industry and is focusing on key segments to provide transparency, efficiency and cost saving to institutions as well as to jurisdictions active in Islamic finance. The full potential of IIFM can only be realized when most of the market participants support this standard-setting organisation created by several regulator.”

L-R: Wife of the Managing Director, Total Nigeria Plc, Mrs. Elspeth Vovk; thirty years outstanding staff service award winner/ Customer Service Executive, Mrs. Clara Nnenne Eze Achinivu and Managing Director, Total Nigeria Plc, Mr. Alexis Vovk, during Total Nigeria Plc’s end of the year party/award ceremony in Lagos. PHOTO: SULEIMAN HUSAIN

hairman of UBA Plc, Mr. Tony Elumelu, has pledged that the lender would continue to support small and medium enterprises (SMEs) in Ghana. He stated this in Accra, Ghana, at an event marking the bank’s 10 years of operations in the West African country. Elumelu said: “It is wonderful doing business in Ghana and we would want to live to celebrate 100th anniversary and beyond in Ghana. We would continue to offer good customer service which is key and support Small and Medium Scale enterprises. We would also continue to facilitate intra-Africa trade and payments whilst bridging the commercial transaction gap between Africa and the rest of the World - that’s why we say we are a global bank with presence in key commanding sectors of the world. We are the only African Bank operating in the USA, London and Paris.” It will be recalled that the Board of Directors of UBA group for the first time in the bank’s history recently held its board meeting in Accra. Elumelu along with a delega-

UBA pledges increased support for SMEs in Ghana tion of UBA Ghana and UBA group board members also had audience with President John Mahama of Ghana. Discussions focused on exploring ways in which UBA could effectively partner with Ghanaian government, in its bid to cement the country’s position as an economic power house in Africa. The Board also attended the Accra Academy, for the Read Africa Event. Read Africa is a pioneering initiative, run by the UBA Foundation, that seeks to encourage young people to read widely and in particular authors from the African continent. The Accra event was graced by the celebrated author, Ama Ata Aidoo, who read excerpts from her book The Girl Who Can, together with UBA’s Executive Director of Resources, Obi Ibekwe. The event which was attended by school children from Accra Academy and Accra Wesley Girls’ High

School, saw each of the young children receive a copy of the book, courtesy of UBA Foundation. The celebrations concluded with UBA Ghana holding a Black Tie Gala at the newly opened Kempinski Hotel in Accra. In attendance were Ghana’s financial and business elites, including the Governor of the Central Bank of Ghana, as well as the Board of Directors of both UBA group and UBA Ghana, and the bank’s most loyal customers and longstanding staff members. The evening’s theme of a decade of achievements was illustrated evocatively through poetry, music and dance. UBA Ghana has 25 branches that serve over 17,000 customers with cashless services, whilst continuing to deliver the fundamentals of a strong customer service focus by providing timely solutions for its clientele.

Business | Investor

The new platform introduced by the Nigerian Stock Exchange is giving wider access to real time data, improved market transparency and governance, Chris Ugwu reports

WEDNESDAY, December 16, 2015 NEW TELEGRAPH

Technology as stock market, financial inclusion enhancer said. To the General Manager, Operations at CSCS Plc, Mr. Joe Mekiliuwa, the introduction of the Post-Trade Allocation service into the Nigerian capital market will significantly reduce error trades by brokers and improve quality of trade execution. “The post-trade allocation concise process flow includes among others allocation of pool account opened under the custodians, remote trading access to single account granted to brokering firms. “Others include purchase of stocks en-bloc or in tranches into the pool account via the remote trading window based on clients’ mandates on trade day by the brokers, and authorisation by CSCS to redistribute all purchased securities to the target accounts domiciled with the custodians at the end of trade by brokers,” he said.

efore the NSE became automated with delivery and settlement period reduced to four days, it was a call over system of trading which was relatively making transactions a lot cumbersome. Prior to the automation, delivery system (buying and selling of securities) took a minimum of two weeks to achieve. The growth of the internet with over 93 million users in the country has made Nigeria number six on the global league table of users. As at today, around 50 per cent of these users access the internet via smartphones. Before now, several innovations had, over the years, effectively deregulated the nation’s capital market, so as to allow improved competitiveness, while making it more investor friendly. The trend in new technology has brought about huge opportunities for the country, her businesses and people. These opportunities can only be fully realised when investors key into it. It is based on this that the Nigerian Stock Exchange has been rolling out different online trading platforms, such as X-GEN, X-Alert, X-Issuer, Smart Trade, among others to expand its range of product offering to deepen the market and also catch up with global standards. Concepts of trading platform Describing the concept behind the initiative of the X-GEN platform during its launch in 2013, the Executive Director, Market Operations and Technology, Mr. Ade Bajomo, explained that the new trading platform was based on a number of leading technologies, including NASDAQ OMX’s XStream matching engine, and the NSE’s flexible and X-GEN Market Database, developed from scratch by the NSE and its technical partners. He stated that the new platform would support trading of cash equities, bonds, ETFs and derivatives (from 2014), giving wider access to real time data, improved market transparency and governance. In addition, the platform is also enabled to run the Financial Information Exchange (FIX) protocol version 5. These technologies, according to him, were deployed on a highly optimised low latency network (X-Net) for trading on the floor of the Exchange and remote brokerdealer offices based in Lagos and underpinned by efficient business processes. Bajomo said: “Today, we are trading live on X-Gen and this is a result of a focused, disciplined and intensive 12-month project involving the NSE, its technical partners and the broker dealer community. We believe that the successful implementation of this modern,

Gwarzo

Onyema

world-class trading technology suite is a significant development that will change the experience of doing business in not only the Nigerian capital market but in Africa.” It was obvious then that by deploying what some experts consider the industry’s leading trading engine, the NSE was making it clear to the domestic and international market participants that it was dedicated to operating a high performance, low latency, robust, scalable and flexible marketplace. As the Chief Executive Officer of the NSE, Mr. Oscar Onyema, put it: “The Nigerian Stock Exchange has always been focused on investing in technology, but with XGEN our trading platform is now among the most advanced in the world and that further extends our leadership position in Africa.” Benefits of the portals Onyema described the X-Alert as an improved notification system, which provides investors with details of transactions on an investment account via a text message on the recipient’s mobile phone or via an e-mail to the recipient’s box. “The service, which will allow the investing public know when a transaction has been made on their accounts, will be run inhouse on behalf of the Exchange by the Central Securities Clearing System (CSCS) with reduced cost implications to both buyers and sellers in the Nigerian Capital Market” Onyema said. “In addition to paying a lot less for transactions, customers will have updated positions of their accounts at any point in time as this new system offers convenient and easy monitoring of all accounts. There are also the added benefits of effective fraud alert in cases of unauthorised transactions on account, reduction in time spent confirming trades and an enhancement of transparency between the trader and its clients,” he added. The introduction of an Issu-

The new trading platforms have several positive impacts on the stock market

ers’ Portal in the Nigerian Capital Market styled as X-Issuer was made possible through the use of the X-GEN platform. According to Head of the Legal and Regulation Division of the NSE, Ms. Tinuade Awe, The Issuers’ Portal was one of the regulatory initiatives of the NSE, developed to permit issuers to submit their information online, thereby enhancing interaction between the Exchange and listed companies. “X-Issuer has consistently offered unique benefits of data capture, form submission validation and other ancillary services such as submission notification mechanisms and tracking of submitted information. With this, issuers are no longer required to submit hard copies of information to the Exchange by post, hand delivery or courier,” Awe stated. In the area of product expansion, the NSE in March 2014 officially listed the Vetiva Griffin 30 Exchange Traded Fund (ETF), the first local ETF to be so listed. Although the first ETF (Gold ETF) was launched on the Nigeria bourse in December 2011, it was not only a foreign ETF but the listing of the Vetiva Griffin 30 expanded the product range in this segment of the market. As noted by Executive Director in charge of Business Development at the NSE, Mr Haruna Jalo-Waziri, the Vetiva Griffin 30 opened up cost-effective diversification opportunities for investors, while giving the broker-dealer community an instrument to better service their clientele. He noted that some smart stockbroking firms had taken advantage of the new platform to initiate and introduce better ways of serving their clients as well as reaching out to the global community to participate in the market. “A case in sight is the recent launch of the NSE Smart Trade, which is an initiative that allows investors to trade directly from anywhere in the globe through their stockbroking firms,” he

Financial Inclusion According to Bajomo, the NSE aimed to reach 25 million retail investors through the Smart Trade project. He noted that the target might not be out of place considering the fact that available data show that currently, Nigeria has over 93 million internet users. “Moreover, a good number of these internet users are youth; hence the recent move of the NSE to take its Investors’ Clinic to the door step of the youth is a welcome development,” he said. Although Nigeria has a population of over 170 million, only about five million investors are in the stock market. But unveiling the stock trading app, Bajomo said that the new app would help to increase the number to 25 million in the very near future. He said that the platform would enable investors to buy and sell stocks on the exchange with realtime processing functionality. He explained that the app was not only about technology but also about financial inclusion, transparency and to make investors take control of their investment decision. “What drives the market is that everyone participates, operates and nurture his or her investment. The app will provide users realtime market data with availability of various technical indicators to analyse the trend and momentum of the market. At the end of the day, they will make informed decisions based on the latest data,” he said Similarly, the MD of Meristem Securities Limited, Mr. Wole Abegunde, said with the launch of the app, the days of moving from one stockbroking firm to the other to execute transaction was over. Conclusion The new trading platforms have several positive impacts on the stock market. It has revolutionalised trading activities because of its very advanced and multifunctional capabilities for simultaneous trading on equities, bonds, derivatives and other related market instruments.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Seme command collects N1.2bn in November p.32 As more imported goods keep piling at the ports, the Nigeria Customs Service (NCS) has declared that it will no longer allow government agencies, importers and customs agents to turn the premises into warehouse. BAYO AKOMOLAFE reports

Maritime

SON seeks single platform for agencies at port p.33

Customs battle states, others over unclaimed imports

y December 31, 2015, any government agency or importer that failed to clear the imported good would forfeit them to the Federal Government as Nigeria Customs Service (NCS) resolved to decongest the terminal of overtime containers. Some containers laden with power equipment, tricycles (Keke NAPEP) and building materials are already decaying at the port. Miffed by the level of negligence, a directive from the Comptroller-General of Customs, Col. Hameed Ali (rtd), has gone to the affected importers to remove their cargoes. The imports It was learnt that the Jigawa and Delta state governments have 50 containers of tricycles (Keke NAPEP) and 20 containers of building equipment respectively rusting at the Ikorodu Lighter Terminal. The Acting Assistant Comptroller-General, Nigeria Customs Service in charge of Zone A, Comptroller Charles Edike, explained that the terminal was being used as a warehouse for overtime cargoes. He said: “50 containers of tricycles belong to the Jigawa State government while 20 containers containing building equipment belong to the Delta State Government. “There are also a lot of containers loaded with electricity equipment lying uncleared at the terminal; they belong to the Transmission Company of Nigeria, the defunct Power Holding Company of Nigeria. These containers were deployed there from the ports.” Edike stressed that the companies that took over the assets and liabilities of the defunct PHCN must remove the abandoned imported electricity equipment from the terminal by December 31, 2015 or forfeit them to the Federal Government. This is not the first time government agencies would deliberately abandon cargo at the port. In 2011, the defunct Power Holding Company of Nigeria (PHCN) abandoned 250 containers with vital equipment to boost power generation in the country. About 140 containers were

Containers waiting for clearance at port.

abandoned at the Ports and Cargo Terminal in Tin Can Port while 110 containers were moved to Ikorodu terminal as over time cargo. Directive Edike said: “We have a directive from the Comptroller-General of Customs, Col. Hameed Ali (rtd), to decongest the terminal of overtime containers. It is therefore obligatory on all officers, including myself, to support the CG to achieve his policy thrust, anchored on transparency, honesty and integrity. “To enable the owners to clear the goods from the terminal, the NCS has also reduced charges. We are pleading with them to take delivery of the goods and use them for the benefit of Nigerians.” Auctioned goods Edike noted that NCS had auctioned the goods to the owners, which they refused to remove from the terminal. Some of the containers were said to have been transferred to the terminal between 2011 and 2015. He lamented that this was not the first time that the NCS would ask state governments and other government agencies who had abandoned their goods at the ports to claim them.

Customs have warned that government project-laden containers in the port should not be abandoned

Power equipment The New Telegraph also gathered that some power equipment in 27containers worth billions of naira, which belong to TCN have been wasting away at the Lagos Port Complex. The consignments were remnant of the 69 imported into the country between July and August 2014. In March this year, investigation revealed that the company had incurred a demurrage of N100 million on the cargoes. A source at the port revealed that the consignee of the goods, a Romania firm, Dextron Engineering Company Limited, that was contracted by TCN to handle power project in Kaduna, abandoned the equipment at the port. The source said that a shipping line that brought the containers to the port had written several letters to TCN to clear the cargoes but no response. Poor documentation “Initially, the consignments were riddled with poor documentation prepared by the shipper to scuttle due process at the port. The imports contained some discrepancies and this made it difficult for shipping company and customs to process.

“Ordinarily, Nigeria Customs Service (NCS) supposed to have moved them to government warehouse after 180 days at port of destination, but since they belong to government, that is the reason the company was not serious to clear the goods. “Customs have warned that government project-laden containers in the port should not be abandoned by government agencies, but government officials would not listen because of their personal gain,” the source said. According the source, such recklessness had affected legitimate Customs laws as far as disposal of abandoned goods by customs was concerned. Intervention It would be recalled that in July 2014, the former Minister of Power, Prof. Chinedu Nebo, secured the release of 248 containers belonging to the TCN. The containers were meant for the Independent Power Project (IPP) and were imported by the defunct PHCN in 2003. Conclusion There is need for government to check the recklessness of importers by imposing stiff penalty to deter others from committing same offence.

Business | Maritime

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Seme command generates N1.2bn in November CONTRABAND Poultry products, vegetable oil and vehicles most smuggled Stories by Bayo Akomolafe

he Nigeria Customs Service (NCS), Seme Bor-

der Command, has generated N1.2 billion as revenue for the month of November. The revenue was higher than the N1.1 billion monthly revenue target set for it by the Customs high command. Also, the command made 46 seizures in the period with a Duty Paid Value (DPV) of N7 million. The seized items include bags of rice, frozen

poultry products, vegetable oil, and vehicles among others. The command’s Public Relations Officer, Selechang Taupyen, said that the month was the first time the command exceeded its monthly target in the past three years. He explained that the command would improve on its revenue collection in the coming months. The Acting Controller

of the command, Deputy Comptroller Sabo Hassan, said that he would work strictly in compliance with the Comptroller General of Customs’ policy thrust of increasing the revenue profile of the command. He sought the cooperation of officers and men of the service as well as stakeholders in the host community to assist him in achieving his mandate.

NIMASA to stop crimes on waterways – DG

he Nigerian Maritime Administration and Safety Agency (NIMASA) has promised to stamp out activities of unscrupulous elements disrupting shipping on the nation’s waterways. The Acting Director General of the agency, Mr. Haruna Baba Jauro, who was a special guest of honour at the opening ceremony of the Nigerian Army School of Public Relations and Information (NASPRI) media work-

shop in Lagos, said that NIMASA had committed itself to ensuring the success of the working agreements with the Nigerian military in order to keep the Nigerian maritime environment safe from criminal activities. In a statement by the agency’s Deputy Director, Public Relations, Hajia Lami Tumaka, Jauro commended Nigerian military for its dogged war against insurgency. Jauro noted that he had a first-hand experience of the security challenges of the northeast region being an indigene of Yobe State, who had lived in the Maiduguri/Damaturu axis since 1985 until 2012 when he took up the NIMASA assignment. He added: “We, the civilian populace, our hearts are now better at peace when we noticed the renewed commitment and motivation demonstrated by our armed forces. Peace is needed for every activity to progress. We raise our thumps up for our military seeing what is happening. We want to say ‘kudos’ to you.” Jauro urged the media to always ensure that they balanced their business goals with national interest. The acting director general charged participants, who were made up of military officers and defence correspondents, to use the workshop to add to the gamut of knowledge in the armed forces. He praised the media for downplaying the issue of insurgency, which had further frustrated the murderous activities of the terror group. He stressed: “The media is an important stakeholder in all phases of military operations, particularly in the ongoing fight against insurgency.” The Commandant of NASPRI, Colonel John Agim, commended the NIMASA helmsman for his passion, dedication to duty and love for the military and the country. He revealed that his communication with the NIMASA’s acting director general was purely official, having not met him before the event, “yet he accepted to grace the occasion despite his tight schedules.” The Managing Director of New Telegraph newspapers, Mrs. Funke Egbemode, who represented the President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, also delivered a paper on “Publicity: A Tool for Enhancing Terrorists Self Esteem,” at the event.

Business | Maritime

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

SON seeks single platform for agencies at port CAPACITY Stakeholders need electronic platforms to facilitate trade in the ports Stories by Bayo Akomolafe

he Standards Organisation of Nigeria (SON) has urged the Federal Government agencies working at the nation’s ports to operate on a single platform in order to speed-up trade between Nigeria and other countries. The organisation’s Deputy Director, Ports Operations, Mr. Isa Suleiman, said that single platform operations would be cheaper. He said that the stakeholders could only facilitate trade where all relevant government agencies operate on a single

platform. The deputy director noted that SONCAP was introduced in 2005 by the Federal Government to prevent unsafe products from entering the country. Suleiman noted: “I want you to be aware that Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP) is a Federal Government project and it involves other government agencies. “A lot of other government agencies are still coming on board and all these things are being coordinated by Comprehensive Import Supervision Scheme and the project implementation team involving all government agencies. “These things are ongoing and as soon as we are through, we are going to see the benefits.” He said that SONCAP had experienced initial challenges and the organisation would address them. “Before processing of the Nigeria Customs Service’s

WISTA plans to rebrand Nigerian maritime sector

omen International Shipping and Trading Association (WISTA) Nigeria has said that it will use its platform to rebrand the Nigerian maritime industry internationally. Its President, Mrs. Mary Hamman, said that the move was to attract investors to the sector. In a statement by the General Secretary of the association, Anna Akpan, the president said that the industry was open to investors. She explained: “They can come to the country to establish and do business with Nigerians. So, when going for all those international conferences, we will make sure that we explain that Nigeria is conducive for them to invest and all what they have been hearing on insecurity are propaganda and have nothing to do with where the real business is. “I have seen where WISTA is heading to with my wealth of experience. I believe that

with me at the helm of affairs and with the support of members of the association, we are moving to greater heights. “My mandate is to bring together all women in the maritime industry and harness their experiences.’’ Hamman urged members to try and network with one another by letting people know what the association was doing in order to gain from one another’s experience. She stressed: “We need to mentor the younger ones so that they can pick up from where we are going to leave off to ensure continuity.” In a goodwill message, Mrs. Jean Chiazor-Anishere, a former president of the association and a maritime lawyer, congratulated the new president and her executive. She urged members to start on a good note by paying visits to the various managements of government agencies in the sector.

Senate promises passage of maritime bills

he Senate Committee on Marine Transport has promised to look into the pending maritime industry bills and ensure their passage into law. A member of the committee and former Governor of Abia State, Theodore Orji, gave the assurance when the committee inspected the chaotic Lagos port access. He said that the Senate committee would build up enough pressure on the executive to ensure that the bills were signed into law. Some of the bills have all been subjected to the mandatory first and second readings before the end of the seventh assembly and have also been

subjected to public hearing at various times. Orji, who noted that the maritime sector was next to the oil and gas sector stressed that the committee was made up of erudite members, who could turn around the sector. He noted: “I know there are some outstanding bills of this committee which we will look into and ensure they are passed. “As Senators, we are at the upper legislative chamber, we are not the executives; we have an oversight function which we will perform very well, and also put pressure on the executive arm of government.”

Pre-Arrival Assessment Report (PAAR), there was the electronic SONCAP certificate. Those, who go for that process do not have any problem. “The problem is for those who had shipped in their con-

signments and they do not have certificates. These are the problems we are now trying to solve with them,” he said. He explained that SON had been educating clearing agents and freight forwarders in the

maritime industry on how to process the SONCAP certificate. The deputy director stressed the need for human contact in operating SONCAP, saying that it would be easier if stakeholders embraced the new trend.

L-R: The Nigerian Maritime Administration and Safety Agency (NIMASA)’s Head of Public Relations, Hajia Lami Tumaka, Commandant, Nigerian Army School of Public Relations and Information (NASPRI), Col. John Agim; Acting Director-General of NIMASA, Mr. Haruna Jauro and Managing Director/Editor-in-Chief, New Telegraph Newspaper, Mrs. Funke Egbemode, at a media workshop organised by NASPRI in Lagos.

Group urges FG to halt illegal lease of jetty by NPA

he Petroleum Product Depots Owners Association (PPDOA) has urged President Muhammadu Buhari to prevail on the Nigerian Port Authority (NPA) from leasing out Waziri Jetty and its adjourning land illegally to a company partly belonging to Indians, NIPCO. The association said that the Federal High Court had already warned NPA not to lease the jetty, which is a common users to a third party. Also, the association said that the Minister of Transport, Mr. Rotimi Amechi, and the Senate and House of Representatives Committees on Marine Transport should intervene on the controversial land. Waziri Jetty is a common user facility located along the Dockyard Road in Apapa. According to the Executive Secretary of PPDOA, Barrister Patricia Okereke, the jetty

had been subjected to legal tussle in the last eight years when NPA decided to close the jetty without any reason. She said: “When the authority finally closed the jetty for no reason, we went to court and got injunction restraining NPA from interference but we discovered that NPA had decided to grant Waziri Jetty to NIPCOL. “NIPCO, an Indian company, is now occupying Waziri jetty while indigenous companies under the umbrella of Petroleum Product Depots Owners Association who have applied before NIPCO are not considered. NPA understood that there was a court injunction retraining it from leasing out the jetty and its adjourning land to NIPCO.” Okereke noted that a few weeks ago, the authority wrote to them, asking all the companies to remove their portal cabins at the adjourn-

ing land on the ground that the cabins were not identified in line with the International Maritime Organisation’s International Ship and Port Facility Security (ISPS) Code order. “Immediately we identified the cabins by names, but on the December 1, 2015, we got information that cranes were removing our cabin. They removed all our cabins and left NIPCO cabin,” she noted. Okereke said that when the Port Manager, Mrs. Eunice Ezeoke, was approached, she told the association that NPA had the right to lease the facilities to whosover it pleases. She recalled that NIPCO’s lease agreement had been nullified by the court since 2007. The executive secretary explained that the action of NPA had disrupted their business activities, saying that their companies had lost billions of naira in the process.

Minister appoints rector for maritime academy

he Minister of Transport, Rotimi Amaechi, has appointed Head of Personnel Department of the Maritime Academy of Nigeria (MAN) in Oron, Akwa Ibom State, Mr. Mkpandiok Ante Mkpandiok, as the registrar with a mandate to oversee the affairs of the academy pending the appointment of a new Rector by President Muhammadu Buhari. Mkpandiok’s appointment was a follow up to a recommendation made by the late

rector in November 2015, requesting his confirmation as replacement to Malam Sadik Adamu, the former registrar who retired in 2014. The new registrar holds a Bachelor of Science Degree in Mathematics and Statistics from the University of Calabar and a Masters in Business Administration (MBA) from the same university. Mkpandiok said that the new Registrar was, until his appointment, the Head of Personnel and has worked in the

academy for over two decades. At an emergency management meeting of the academy last week, the new Registrar was asked to be in charge in the interim. Other management staff have been jostling for the office of rector since the death of Opkpo last week. They include: Dr. Egben Okore, Director School of Nautical Science; Mr. Innocent Ezeala,Director School of Marine Engineering among others.

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Journalism at its best l Indepth

N150 e.com

11, 2015

. 326

Vol. 1 No

@newtelegraph1 www.newtelegraphonline.com

Kalu to pDp, apc: elections not Do-or-Die

} 32

37 pson } e Thom e - Tund iling m e for ja of Stat d ea e ex-H t blam lDon’

on Thomps

surfaces Obasanjo n

Kaita

S N O I T C ELE UNDER T THREA INDEPENDENT NATIONAL ELECTORAL COMMISSION

a at Jonath s daughter’ }7 wedding s PDP storm r Ibadan fo est South-Wign }11 campa

Jonathan warns Buhari

lCall your supporters to order, flays burning of campaign bus Onyekachi Eze and Temitope Ogunbanke

ondemnations yesterday trailed weekend attack on campaign buses of President

Goodluck Jonathan in Jos with the president calling on the All Progressives Congress (APC) presiden-

tial candidate, Major General Muhammadu Buhari, to call his supporters to orCONTINUED ON PAGE 5

NEW TELEGRAPH

Money Line

MONDAY,

JANUARY

ay, Ja nuar

N150

Stock Watch

Afromedia: Incapacitated adverse regulation by

The Nigeria Customs (NCS) revenue Service has fallen billion or by N223 19 one year. per cent in the last

Food price drops in index December

Interview

2 /new

Dayo Ayeyemi

DNS: NiRA

...registers

only 18,870

misses 2014

domain names

12 pages of incisive Business

ng to relocati fear n and ntry, for tting dow ed shu ts of the cou likely out shoddy other par caught in any ool proprig d by the Sch eatene the part of ral of bein fighting. be considering ng thr to cto ks in ak of i bei parations on tional Ele over bre are also said some wee ach s Na g for pre Onyek ndent hangin of etor tting down s l eshi, Indepe sion. Also likelihood ication shu Abdu ka Nz ind um ry. mis wu be the are acc On Com tions is Ibrahi ats, Februa y, there may not elec ing thre ns by Eze and Alread s of votersir franchise 5 the lence, follow r-accusatio lly of nte the 201 ABUJA t million e the ause up till vio and cou ates, especiaty and tha e to exercis days to in Niges bec sations ctly 34 did abl 6 election atic Par t is exa ial electionng Valen- various can PAG E ing the ent Democr UED ON presid art from bei 14 is the the Peoples es Congress. s busi- dur CON TIN iou ry ssiv Ap var rua gre the o, ria. Day, Febns will go to o All Pro y, hotels and Abuja, Kan ttine’s eria nt, wh lly in Alread have star en Nig Preside next nesses, especia and Jos, day wh elect a new for the , Lafia polls to the country Kaduna already will leadrs. ls are four yeaver, the pol Howe

out of } 5 Boko Haram ops chase erations in Baga o tr n, ai g p A intensify o Damaturu,

sa Monalise tress, o Star acs New Yeesay:rInsptagram Court strike

lsan s of no , others w l PD rth-East far rn on exclu P, aP C, InE om Feb po sion lls C spe ak GAIDAm , Yobe Gov.

NGILAr Adama I, wa Gov .

TUND ONYE E OYES INA TEMI KACHI EZ , TOPE E OGUN and BANK E

TRAvEl Advisory Your guide to local and international flights 4

Feb 14: APC blows hot

lDSS' story on hacking senseless, says Lai Mohammed Temitope Ogunbanke

he All Progressives Congress (APC) yesterday faulted the re-

port of the Department of State Services (DSS) that it planned to inflate its membership data as well as hack into the Independent

National Electoral Commission (INEC) database through the creation of party membership forms and cards to match INEC's

voters register across the country. Addressing a press conference yesterday in Lagos, CONTINUED ON PAGE 2

ewteleg raph

Boko h states aram dilemm in Big a

TElEgRAPh invESTigATiOn

Front row: L-R: European Commission President, Jean-Claude Juncker; Israel's Prime Minister, Benjamin Netanyahu; former French President, Nicolas Sarkozy; Mali's President, Ibrahim Boubacar Keita; French President, Francois Hollande; Germany's Chancellor, Angela Merkel; Palestinian President, Mahmoud Abbas and Italy's Prime Minister, Matteo PHOTO: ReuTeRs Renzi, at a solidarity march against terrorism in Paris...yesterday.

www.n

geNer al ele ctioN s

target

lPPPRA evades daily price template's review for 13 days

@newte legraph 1

online.c om

Page 21

FG makes N19 per litre profit from petrol N

telegrap

How N150 Brackcancer dim Yori Y et’s caree med ori } 19 r afte r

DEGRADATION

Director mo Bassey of HOMEF, Nnimcould not , said the fishermen fisherman hope to fishing pittance was better than return in the Bodo that Shell to fered the communities creeks because rivers initially to pay of- ters hydrocarbon of the depthand with cleaner “This can. to fish. Sadly of wapollution hardly ing from a good fishing purchase Bodo pollution , although the oil spills. resultthe boat and ment necessary also damaged He equip- the Goi community amount expressed that the fishing making to return being offered the waters the community business to tinue people that to languish know each conthey choose best – that the glect without in abject is if neto move remedy,” to other he said.

Sancti ty of Tr uth

No. 33

Okonjo Iweala, a mismatch economy, says Enwegbara for Nigerian

Civil rights tion, the organisaHealth CONTINUED Mother of Earth FounON PAGE 22 describeddation (HOMEF), agreement as ‘inadequate’ has the by oil giant, to pay a Shell, million penalty of about Pounds 55 Sterling N16 billion) (about ermen and to 15,600 Bodo extensive community fishfor 2008/2009. crude oil spills the of Although, p.36 the group scribed the development dea welcome news as Year, it, however, for the the compensationargued New that be compared could not with damage to their the level of The group environment. spokesperson, Cadmus comparedAtake, said that when companiesto what polluting The Business paid elsewhere oil their ecological Desk ayodele aminu amount crimes, for L-R: Manager, Deputy Editor brought the Inspections inadequate (Business) by Shell Bank Plc, Bayo akomolafe Janet Nnabuko, and Monitoring, for the damage severity is Monitoring, done Asst. Editor of Madiebo Consumer Executive Director,National Lottery Regulatory (Maritime) He said: Protection Lagos & at the 5th sunday Ojeme Commission, South West Council, “HOMEF the compensation draw of the Ifeyinwa Afam Ojeh, Bank, Fidelity Asst. Editor sees Fidelity Save4 Nwamuo Head, Savings, amount (Insurance) Bank Plc., and Divisional Scholarship to about which will Godson Ikoro Head, Retail Ikemefuna Mbagwu, Fidelity each of savings N600,000 Asst. Editor promo in the plaintiffs Bank, Fidelity for Manager, (Money Market) Lagos. balance Bank Plc., with the going for Dele alao Richard projects Industry & – school community Agric Editor health centres blocks and Dayo ayeyemi – as inadequate for the Property Editor done.” severity of damage adeola Yusuf Atake Kunle Azeez Energy Editor ment of maintained that Wole shadare building compensation payawfully promised igeria’s missed Aviation Editor in early ics wouldof schools and and Domain 2014 that System Name New Telegraph its 2014 target, would increase clinnot by Chris Ugwu (DNS) reduce it domain uptake The missed has learnt. the demandany means fered setback space sufCapital Market names to of gent clean-up as the regulator end of that for an 250,000 by .ng last year, the auspicious target was abdulwahabEditor on the year. vironment. of the Ogoni ur- try code number domain of Isa This means of .ng names Finance Editor en- (ccTLD), Top Level the coun- registered planned had a target that the country Domain Kunle azeez to be by of 190,000 istration Nigeria Internet names planned NiRA has the end of 2014. Senior Correspondent domain Association Reg(NiRA), about 60,000 reportedly sold by individuals, to be registered Chuks Onuanyin domain as at the INFLATION names government corporate and end of Energy agencies RATE 2013 and November nnamdi amadi had 2014........................7.9% both Rates October 2014............................8.1% Dashbo LENDING CONTINUED Reporter RATE InterBank ard ON PAGE Johnson adebayo September Rate....................12.57% 22 2014.....................8.3% Prime Lending Asst Production EXCHANGE Editor RATE Rate...........17.93% (Parallel Maximum As at Jan. Lending Rate...26.83% USD . . . . 08) EXCHANGE . RATE Pounds . . . . . . . . . . . . . . . . . . N182 (Official As . Euro . . . . . . . . . . . . . . . . . . . . at Jan. 08) USD . . . . l Foreign N390 ......... . Reserves . . . . . N205.50 Pounds . . . . . . . . . . . . . . . . . – $46.5bn N168 . as at 8/01/2015 Euro . . . . . . . . . . . . . . . . N253.09 ......... Source: CBN . . . . . .N197.70 The Food and Organisation Agriculture Food Price (FAO)’s monthly December Index declined in stability. after three months of

Vol. 1

42-43

Bodo spill: N16 billion Group faults Shell’s compensatio n

Communities in the NigerDelta have been drastically affected by activities of oil companies

p.22

Insurance

Claims: Policyholder’s Leadway conflict with deepens

What's neWs

y 17, 20

12, 2015

Naira walks tight rope knocks CBN as ICAN

Business

Customs miss 2014 revenue target by N223bn

partne r of

ShE TTI Borno mA, Gov.

VCs ected P , uncertainty uncoll nic tials ets over ts spread pa fr creden C E lIN Buhari’s threa s over cians’ ti rd li o o w P e l ad APC tr lPDP,

/newtelegraph

Vol. 1 No. 327

egra @newtel

gari hy Sha coup W : a t i i’s Ka Lawal ’t stop Buhar couldn

ry , Janua Sunday

Saturd

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Monday, January 12, 2015

raphonlin

.newteleg ph1 www

raph

A media

SATUR DAY

Sanctity Of Truth

ner of ia part A med

/newteleg

l CreatIve

A media partner of

uth y of Tr Sanctit

Y SUNDA

l UnbIased

QuicK reaD

Editorial

Managing a depressing economy }19 Female suicide bombers kill five in Yobe }7

the Pre be inv sidentia l not conalid if ele poll will cross bled ducted ctions are by Indep Electo endent leg al section of comp North-Eain the tro Natio ral st sta u- (IN have ex pe rts Borno rising Co nal EC and Yo Adamawtes sor At ) chairmammission Attorne the said tha Th t result n, a, ga be tah State y-Genera s of formeeir comme . rd to iru Jega, Profesand l of nts d was in- holdi the possi with re- of NigeriaSenior Ad Abia expres by the ng ele vocat bility sce , Dr noted sed a of few dapticism states due ction in that . Awa Ka e som tho exc to lu, ys ag o ba Speaking insecurity se dentie states fro lusion of m . ckgro al again der the election the presiund, st final res s will ren a for this mer ults inv alid. ria CON

28 days to

oZEKHo ME’s Bo MBsHE LL

go...

Niger ia Nige vote s votes

2015

EVELLE :N guys w o tiME for Ho didN waNt ’t M just tw E wHEN i Had o sHir ts }22

2015

Read

Bird F says n lu: Lagos BuHar c o cau se foronfirms ou Milita QuaLif i Not tbrea alarm iE soldie ry to CNN k, CoNtE d to rs’ we : Your st }6 lfare s re }6 worK mack port on w it H Ka o s of b lackm }7 aBiaLu, Mu’aZu tErji LLs ail goV aN d stat TINUED

ON PAG

PdP }9

Sanctity Of Truth

SATURDAY

SUNDAY

Sanctity Of Truth

Nigeria’s most authoritative newspapers in politics and business

Available in all 36 states and Abuja. Ask vendors for your copies.

Politics 35

NEW TELEGRAPH WEDNESDAY, DECEMber 16, 2015

Peter Ogbonna Eze

here is no single day that comes without a new story. Each successive one distinct from the one that preceded it, galloping over each other like equestrian show, standing proof positive of the dynamism of human nature. And as humanity continues to exist, news, both expected and unexpected will continue to rend the air in both mundane and dramatic ways. The national news at the moment is that the Court of Appeal sitting in Owerri has practically stirred the political hornets’ nest in Abia State. Cold shivers have gripped politicians whose elective closets are rattling with multiple skeletons of manipulations, duplicity, thuggery and pervasion of the democratic process. Some lawmakers, by the unprecedented rulings witnessed during the last few days are holding their breaths, wondering when the lengthy arm of the law will turn into a fist and deliver a knockout blow. While the winners hailed the court’s judgment, the losers, whom their elections were nullified, felt their victory was shortchanged, despite the court’s strong basis of the multiple sackings, on the grounds of gross electoral misconduct, irregularities and conspicuous result mutilation. The rulings, however, may not be surprising to many Nigerians, who differently, and in their vociferous and silent voices in the past, accentuated their witnesses and dissatisfactions in the manipulations that trailed the last general elections in many quarters and parts of the country. In Rivers State, the petitioners, the APC, in their celebration of victory, described the judgment as victory for the masses who voted at the March 28, National Assembly elections. Also, a sympathizer and supporter said that truth, which is essential in the quest for justice has prevailed. In Anambra State, the Appeal Court, on sacking Mrs. Uche Ekwunife, the PDP candidate, consequent upon the suit filed by Sir Victor Umeh of the APGA, described the lower court ruling (tribunal) as a perverse judgment, which cannot stand. In his reaction to the victory, Umeh said that it was clearly an act of God, and that PDP died the day Jonathan lost election. He further added that PDP should cover themselves with blanket of shame, and that at the tribunal, they were being laughed at, but today they (PDP) are covered with shame. His supporters were seen dancing in elation while expressing optimism that the impunity and recklessness the PDP used in winning the first election would be cut to size during the rerun. Similar feelings and confessions were recorded in constituencies that the Appeal Court showed their dissatisfaction in the manner in which the general elections were conducted across different states. Although some, including Former Senate Presi-

Abia North: Time for vigilance, correction

Kalu

dent David Mark, while accepting his fate, was nevertheless hopeful of winning a rerun election in his constituency. Others who were caught in the middle of the ocean, though expectedly, are still wishing to have had an opportunity of contesting the judgment but which unfortunately, is very impossible and in accordance with the provision of law on National Assembly electoral matters. For instance, the Court of Appeal judgment in respect of the Abia North senatorial district, nullified the election of Senator Mao Ohabunwa, citing irregularities and result mutilation, and consequently ordered for a rerun within 90 days from the date the delivery of its widely popular judgment. Accordingly and expectedly, Ohabunwa’s counsel expressed displeasure and discontent over the judgment. Out of emotions, he declared his disagreement with the rulings but disclosed that it’s still not the worst scenario as all the parties involved would have to go back to the drawing board. In some streets of Umuahia, Aba, Arochukwu, Igbere and some other constituencies that make up Abia North, it was jubilation galore. The youths who took to the streets for celebration on hearing the outcome of the judgment, could not curtail their joy as they danced uncontrollably, singing worship songs that depicts signs of Zionist victory. The wide jollification in honour of Dr Orji Kalu, the PPA candidate in the election, and a former presidential Aspirant, makes it worthy of remembering a popular saying that “there

Ohuabunwa

Credibility of good representation can be only established through action and not words, and Kalu... has ‘action and delivery’ as his key concern and mission

are many qualities of a great leader, but another is a rare gift from God-to be blessed with the love of his people.” A great leader might be feared or shown loyalty, but to be truly loved by his people is something every leader aspires to achieve. Kalu’s victory foretells all that it’s for the masses and no other. Indeed, the open merrymaking is enough to make one imagine the level of happiness the Israelites experienced after their freedom from captivity. Citizens of Abia North, especially the youths must have joined the solemn prayers of the Israelites, saying: “When the Lord restored the captives of Zion. We thought we were dreaming. Then our mouths were filled with laughter; our tongues sang for joy. Then it was said among the nations, the Lord had done great things for them. “The Lord has done great things for us; oh, how happy we were! Restore our captives, Lord, like the dry stream beds of the Neged. Those who sow in tears will reap with cries of joy. Those who go forth weeping, carrying sacks of seed, will return with cries of joy, carrying their bundled sheaves.” The above biblical prayer of lamentation was sung shortly after the people of Israel’s return from exile. The Israelites were rejoicing that they are back to Zion but then, mere presence in the holy city is not enough; and that’s why they also prayed for divine intervention, prosperity and fertility of the land. What the youths of Abia State, who couldn’t hide their joy over Orji Kalu’s unprecedented victory did, can’t be said to be unexpected. Although, in

the past, while some considered these people’s dream of electing a senator of their choice in the last general election a mere wishful thinking, others considered it a 100 per cent realistic dream, but it’s fair we let the activities and power game that almost dashed the people’s hope to remain in the past and welcome the golden opportunity of putting things right. Even in his reaction, Kalu simply said that the victory is a verdict for democracy aimed at restoration of the people’s will. He added that the appeal court has succeeded in the liberation of Abians from the shackles of authoritarianism and the associated power of rascality. And indeed, it is for democracy, where the peoples’ will should be prioritised. Apparently, the continuous jubilation invariably speak volume about what obviously is expected of during the re-run. The people of Abia North, having remained sad about the sorry state of their zone, despite having a representative( now declared an election rigger) in the last seven months is a call for them to simply take their destiny by their own hands, and do the needful. Although, few misguided Abians, and as expected, might not readily embrace quality representation as needed, mainly because of sentiments and misconception. But notwithstanding, it is obvious that one need no megaphone to remind Abians that the obscure and poor representation of the sacked senator is not what the people need now, not just at this moment. With Kalu, the sadness of the people will be lifted coupled with his persistent sense of optimism about a brighter future for Abia North. It is worthy of note to recall that credibility of good representation can be only established through action and not words, and Kalu in his leadership prowess and as the popular ‘Action Governor’, has ‘action and delivery’ as his key concern and mission. It is time for the people of Abia North to convince the world of their willingness to embrace excellent representation qualified by tangible output. Again, Kalu’s victory will not just be for his senatorial district but as previously observed in these pages, will be a victory for the Igbo nation. It is indeed time to troop out en masse and defend the desire and will of Abians. It is not time to simply conclude in the confines of one’s comfort that Kalu will emerge winner as expected, considering his antecedents, popularity and acceptance by his people, but time to pronounce it with a vote for him. •Eze writes from Abuja via ezepetersoneze@gmail.com

Politics

Idowu Ajanaku

he world has always been waiting for this-that ‘common’ touch that calms frayed nerves; that little, extra spice that adds the needed flavor to the soup which satiates the palate of hunger and that powerful pace that breaks longheld sprints record. There is of course, that potent push from Mother Muse that gives life to latent dreams. But few leaders have identified that secret ingredientwhich makes the difference. And fewer stillcan bridge the gap between political precepts and pragmaticperformance Such little things may not be as profound as the efforts of Thomas Jefferson (1743 – 1826),the third President of the United States who was the author of the Declaration of Independence. Or, that of Mikhail Gorbachev, leader of the then Soviet Union who oversaw the transition from Communism in Eastern Europe. It may also not be as profound as that of Martin Luther King(1929 – 1968), the non-violent civil rights leader, or of Abraham Lincoln (1809 – 1865) President of US during civil war, who helped end slavery and Nelson Mandela(1918 – 2013) the anti-apartheid leader who became the first President of democratic South Africa in 1994. Interestingly, one of the new set of political leaders in Nigeria, who has started to exhibit such admirable trait of caring for the needy and the most vulnerable members of our society is Governor AkinwunmiAmbode of Lagos State. This is a deliberate effort to fulfill his mandate to the people, as he obtained from the effective feedback mechanism during the tour of 20 LGAs covering 37 LCDAs. For instance, as events have unfolded over the past six months his forward-looking administration has bought ambulances for all the public hospitals in the state, paid the aggrieved medical doctors their outstanding salaries and the long-suffering pensioners. He has similarly lent helping hand to victims of disasters including motor-accidents, fire outbreaks and mudslide in addition to diffusing governance to those at the lower rung of the Lagos society. The positive impact of such laudable gestures are far-reaching, more than we care to admit. Specifically, for the health sector, the governor has commissioned 20 Mobile Intensive Care Units (MICU) and 26 Transport Ambulances one for each of the 26 General hospitals.Ambode has also approved the recruitment of more paramedic staff and special medical coordinators to guarantee 24 hours service. Besides, he has upgraded the General Hospitals and constructed a Medical Park, fully equipped with quality drugs and new mobile XRay machines.Indeed, empirical evidence attests to the fact that since the ambulances were made available deaths related to emergency situations have drastically reduced. It would be recalled that before his predecessor left office, salaries of medical personnel were withheld for months because the members took part in the national strike called by the National Medical Association(NMA).This

WEDNESDAY, DECEMber 16, 2015 NEW TELEGRAPH

Ambode and the miracle of ‘little things’

Ambode

caused some avoidable friction between the government and those with the constitutional mandate to promote and protectthe people’s healthcare. But Ambode in his characteristic prompt response to issues bothering on the citizen’s welfare has risen to the occasion. This has rejuvenated their sagging spirit and boosted their morale and performance. Now, the doctors,nurses and other medical practitioners are smiling and so are we. So also, is the timely intervention of the people’s governor to reverse the ugly drift of pensioners who had served the state meritoriously but were left in the lurch. To ensure that those who served the state meritoriously retire to smile, he approved the payment of N2.2billion to 658 retirees from the Civil Service, Local Government, SUBEB other agencies and

Ambode’s peopleoriented programmes have erased the perception that governance in the state is elitist

parastatals. The unique Retirement Benefit Bond presentation, is the 18th consecutive one since the inception of the Contributory Pension Scheme. This prompt payment of their terminal benefits, running into billions of naira, soon after he took the reins of governance has pulled many of them out of the ignoble pit of poverty. Before then several of them had died while queuing for what rightly belonged to them. Those still surviving were left to stew in penury and made to regret putting in their best while in service. The clear message this noble gesture has sent to those in the employ of the government is significant. It has no doubt enhanced their confidence, that they would be adequately rewarded for their energy, time and other resources when they eventually take a bow. This new paradigm has oiled the government machinery for greater productivity and efficiency. And coming at a time when many other states are still grappling with payment of salaries and pensions, Ambode’s achievement is worthy of commendationandemulation. One interesting feature of Ambode’sgovernance style that has appealed to people is demystifying leadership. Now we know that it is meant to benefit the people rather than any avaricious political class. The story is told of one Mr. OlamideAkinsola, a Twitter user who wrote a proposal, dropped it at the office of the governor without going through anybody of influence in the corridors of power. To his utmost pleasant surprise, he received calls with regards to his letter, eight days later. Added to this is Ambode’s legendary milk of human kindness. With this,his compassionate nature has since forged to the fore;touching tellingly on the people’s welfare.For instance, he exhibited a rapid response to the cries from victims of fuel tanker explosions in Iyana- Ipaja and Ikotunfew days after he was sworn in

as governor. A similar show of rare compassion was the rescue of an accident victim, Miss Anukam Angela, who was driving alone in a Toyota Corolla car when it happened. She was taken to the Lagos Island General Hospital for treatment, free of charge on the order of the governor. Recently too, he donated N5 million naira to the police man who in a most tragic circumstance lost four children in one fell swoop to mudslide at Magodo. To also drive home the salient message that his government is meant for the people, some 282 inner roads are currently receiving massive rehabilitation, as requested by the people during his tour of the LCDAs before his election as their governor. This would not only ease traffic gridlock but boost their economic activities. It will similarly reduce the use of the ‘okada’ motor cycles thereby reducing the rate of accidents and sundry crimes, especially at night. Amongst the roads enjoying the facelift are the Ikotun-Ejigbo,Ipaja-Ayobo,CMB Road, Ikeja,Isaac John Road,AkinAdesola and others as far flung as Epe and Badary, spread over the 20 LGAs. They are still counting.And so are the pedestrian bridges at Epe, Ketu and Ikorodu. All these ‘little things’ may not be gigantic white elephant projects but more like streams that flow into River Niger, they have the cumulative capacity to irrigate our arid desires. Thus far, Ambode’s peopleoriented programmes have erased the perception that governance in the state is elitist in nature. It is in sync with one of the pay-off messages during his ground-breaking campaigns which stated that: “Eko she shebereni”. Welcome to a bright new dawn of limitless possibilities. •Ajanaku is the Senior Special Assistant, Media and Strategy to Lagos State governor

Group tasks Lagos Assembly on maternal mortality Temitope Ogunbanke and Wale Elegbede

orried by continued instances of alleged maternal deaths in Lagos State-owned primary and secondary hospitals, a nongovernmental organisation, Women Advocates Research and Documentation Center (WARDC), has appealed for Lagos State House of Assembly’s intervention in reduction of death of women at childbirth. Speaking during a protest at the Assembly complex over maternal mortality deaths, Executive Director of WARDC, Dr. Abiola Akiyode-Afolabi, said women still experience financial, infrastructural and insti-

tutional barriers in accessing adequate maternal healthcare in Lagos State-owned hospitals, despite government’s efforts towards the reduction of maternal death in the state. While submitting a petition to the Speaker of Lagos House of Assembly, Hon. Mudashiru Obasa, the WARDC leader gave an instance of one Mrs. Omowunmi Shonuga, who died with her baby due to lack of attention and medical care after given birth at the Rauf Aregbesola Health Centre, Alimosho in Mosun Okunola Local Council Development Area of the state on October 26, 2015. “It is the responsibility of the government to protect citizens against the loss of

life and especially for women during child birth. There is a strong obligation to ensure that all the necessary facilities and adequate human and financial resources are available to prevent avoidable loss of lives. “WARDC, hereby proposes that Lagos State House of Assembly calls for a public hearing or independent investigations on the causes of maternal deaths and the contributing factors. We believe that the public hearing will provide an opportunity to hear men and women who have been affected by the issue in Lagos State,” she said. In his response, Hon. Obasa promised that the state government will ensure that pregnant women get good healthcare in

all the state’s primary healthcare centres and general hospitals. He also assured the group that its petition would be treated accordingly by the Assembly. “If any of our Primary Health Centre (PHC) or general hospital is not doing the right thing, get to us, because we cannot work without information. It is only when we are well and adequately informed that we can act. Those working at the state hospitals are being paid from tax payers’ money. So, we have to do something about it. “We will look at the petition and invite the necessary people from the concerned hospitals so that we can get to the root of the matter and bring maternal mortality to an end,” he said.

Business | Money Line

NEW TELEGRAPH WEDNESDAY, December 16, 2015

FRC set to impose sanctions on Stanbic IBTC, KPMG Looming

not surprised about the court’s judgment. This is because we did our homework before announcing the sanctions. Stanbic IBTC and KPMG know they don’t have a case. With the court suit now out of the way, the sanctions will be fully enforced.” The FRC had in October suspended the registration numbers of four Directors of Stanbic IBTC and its external auditors, KPMG Professional Services, over alleged mis-

to impose sanctions on the bank and the audit firm over irregularities in the lender’s financial statements for the years 2013 and 2014, the New Telegraph has learnt. A source at the FRC told the New Telegraph that with the court ruling in favour of the Council, it could now proceed with the sanctions it announced against Stanbic IBTC and KPMG in October. According to the source, “The Council is

Court rules in favour of Council

Tony Chukwunyem

ollowing a Federal High Court’s dismissal of the cases instituted against it by Stanbic IBTC and KPMG, the Financial Reporting Council of Nigeria (FRC) is set

statement of the lender’s 2013-2014 financial statements and the ceding its banking application rights to Standard Bank of South Africa against the directives of National Office for Technology Acquisition and Promotion (NOTAP). The Directors whose registrations were suspended include the Stanbic IBTC Chairman, Atedo Peterside, the Chief Executive Officer, Stanbic IBTC Holdings, Mrs. Sola David-Borha, Arthur Oginga and Dare

CBN strengthens forex peg to N196.97/$ can gain access to future sales, a move traders said was aimed at curbing speculation. Despite the exchange rate volatility, the CBN with the backing of President Muhammadu Buhari, has resisted calls to further devalue the local currency following earlier devaluations last November and in February. It will be recalled that the CBN’s reduction in the benchmark interest rate-the Monetary Policy Rate (MPR)-from 13 per cent to 11 per cent last month triggered a decline in the value of the naira against the dollar. In a note made available to the New Telegraph, the Managing Director, Head, Africa Macro Research, Stan-

move, the local currency has continued to fluctuate against the dollar on the parallel market where it currently trades at N258 to the US currency. The naira’s plunge is attributed to the CBN’s suspension of dollar sales to Bureaux De Change (BDC) that failed to submit complete documentation. Nearly half of the 2,818 bureaux de change operators in the country have been denied access to dollar sales by the CBN, a situation that has resulted in dollar scarcity and a weakening of the naira. The CBN has asked all bureaux de change operators to submit accounts showing their dollar usage at the start of each week before they

Tony Chukwunyem

he Central Bank of Nigeria (CBN) yesterday strengthened its exchange rate peg slightly to N196.97 against the United States dollar on the interbank market from N197 to a dollar on Monday according to information published by the apex bank on its website. The regulator has resorted to adjusting the rate on the local currency since pegging it to the dollar in February and abolishing two-way naira quotes to help conserve forex reserves. Although there has been exchange rate stability in the interbank market as a result of the

dard Chartered Bank, Razia Khan, said, “The inference from the policy choice is that there are no plans for imminent change to the fixed FX regime currently in place. Second, the move to an asymmetric corridor around the monetary policy rate formalises the de facto easing that had already been in place since the CBN reduced its open market operations (OMOs) in July…. The easing measures are aimed at boosting Nigeria’s real economy. How successful they are will depend on how much other bottlenecks, currently constraining real-sector activity, can be overcome. The availability of FX for imported inputs will be closely monitored.”

Economic Indicators As at M2* CPS* INF

N19,142,526.05m N18,579,219.49m 9.4

Mar, 2015 Mar, 2015 Nov, 2015

MPR 91-day NTB Bonny Light Ext Res**

11 10.77 US$35.94 US$29,477,970,778

24/11/2015 Mar 2015 11/12/2015 14/12/2015

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 110.19 118.26 115.25 123.11 117.15 91.93 107.20

1.38 3.55 4.18 6.13 8.26 14.62 18.60

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 0.9383 9.8550 11.3384 13.0777

Bid Yield 7.19 9.78 10.89 11.09 10.98 11.13 11.22

Change (%) 0.06 ▲ -0.06 ▼ -0.04 ▼ 0.30 ▲

Change (%) -0.01 ▼ -0.14 ▼ 0.09 ▲ -0.03 ▼ -0.01 ▼ 0.03 ▲ 0.04 ▲

Price 111.19 119.26 116.25 124.11 118.15 92.93 108.20

Tenor (Months)

Offer Yield 6.48 9.48 10.61 10.89 10.81 10.98 11.10

Change (%) -0.02 ▼ -0.14 ▼ 0.08 ▲ -0.03 ▼ -0.01 ▼ 0.02 ▲ 0.04 ▲

NITTY

1 2 3 6 9 12

Treasury Bills

Rate (%) 1.7955 1.8012 3.0703 6.1593 7.1590 7.7908

Change (%) -0.85 ▼ -1.12 ▼ -0.77 ▼ -0.76 ▼ -0.30 ▼ -0.33 ▼

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 1.20 1.20 -0.49 ▼ Open-Buy-Back (OBB) 0.71 03-Mar-16 1.70 1.71 -0.49 ▼ 4.50 4.60 -0.41 ▼ Overnight (O/N) 1.00 02-Jun-16 5.00 5.12 -0.42 ▼ 01-Dec-16 6.42 5.92 6.29 0.00 ↔ 6.85 0.00 ↔

Spot($/N)

Bid 198.47

Offer 198.57

Change (%) 0.28 ▲

NIFEX

Spot($/N)

Bid 199.0000

CBN Clearing Rates of November 20, 2015 Spot($/N)

195.97

196.97

0.00 ↔

Offer 199.1000

Change (%) 0.13 ▲ 0.00 ↔

Change (%) 0.00 ↔

Owei. The FRC also requested that the Central Bank Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) investigate Stanbic IBTC and KPMG Professional Services over the issue. In addition, it fined the bank N1billion. However, Stanbic IBTC and KPMG rejected the accusation and sued the FRC. The lender also got the support of the CBN which turned down the FRC’s request to investigate it over the issue. But in its ruling on Monday, a Lagos High Court presided over by Justice Ibrahim Buba

dismissed the cases filed by the Stanbic IBTC Bank and KPMG and resolved all arguments in favour of the FRC. The court based its decision on the need to protect the interest of investors, local and foreign. “All the issues argued are resolved against the plaintiff. This court must purposely, through judicial creativity, interpret our legislation meaningfully in these days of gross capital flight. “Nigerian courts must protect Nigerian and nonNigerian investors. This court is unable to agree with the plaintiff ’s position” the court declared.

Afreximbank plans $3.5 bn trade finance to ease Africa forex crunch

he African Export-Import Bank (Afreximbank) said yesterday it had approved a trade financing programme to provide more than $3.5 billion to help member countries adjust to a collapse in commodities prices and to political violence. The new trade liquidity programme will help commercial banks meet trade finance obligations that they are unable to fund due to a lack of foreign currency from their central banks. It will also provide guarantees and letters of credit to facilitate trade that would otherwise be hit by the forex shortage. Afreximbank has offered the facility to several African countries and “expects to process requests totalling about $2 billion within the next few weeks as a result of requests received from a number of central and commercial banks.” It declined to name those banks. Afreximbank said late last month it had offered Egypt’s central bank $1 billion through the facility. Cairo-based Afreximbank is a multilateral organisation whose mandate is to help African countries overcome difficulties with financing and developing trade. African countries that rely on commodities and oil exports to earn the dollars they need to pay for imports of food and consumer goods have been hit hard by a decline in global prices. Crude oil prices have fallen to near 11-year lows below $38 a barrel this week after the Inter-

national Energy Agency warned that global oversupply could worsen next year. “This facility enables us to help our member countries bridge the significant trade financing gap confronting them as a result of current economic shocks until normal funding conditions are restored,” Afreximbank president Benedict Oramah said in a statement. “It is Afreximbank’s response to the exceptional circumstances that demand urgent and decisive large-scale support to ensure that the continent is not thrown into recession due to a sudden drying up of trade flows.” Egypt is not a major oil exporter but has struggled to revive its economy since the 2011 uprising drove away foreign investors and tourists, key earners of hard currency. As the central bank helped finance imports and defended the pound from downward pressure, forex reserves dwindled from some $36 billion before 2011 to $16.423 billion in November. That is enough to fund just three months of imports. Oramah met Egyptian central bank governor Tarek Amer in late November to present the programme but declined to say when the deal would be finalised and the money disbursed. “He was supportive of the idea and promised to facilitate its implementation,” Oramah told Reuters in emailed comments. “Discussions are ongoing with commercial banks and CBE to clarify elements of the facility.”

Business | Financial Market News

WEDNESDAY, December 16, 2015 NEW TELEGRAPH

FMDQ Daily Quotations List

15-Dec-15

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

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 20.00 100.00 300.00 351.30 233.90 451.93 605.31 719.99 75.00 150.00 200.00 591.57 1075.92

TOTAL OUTSTANDING VALUE

5,936.44

TOTAL MARKET CAPITALISATION

6,454.33

Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

03-Apr-12

17.25

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

0.67 1.37 1.61 1.71 2.46 3.54 3.86 4.16 6.12 8.25 12.95 13.43 13.93 14.60 18.59

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

5.45 8.29 8.60 8.67 9.27 9.96 10.78 10.92 11.28 11.13 11.31 11.31 11.31 11.15 11.17

4.00 7.55 7.94 8.04 8.81 9.65 10.43 10.64 11.08 10.96 11.19 11.17 11.14 11.01 11.05

104.92 108.60 101.83 101.03 103.08 117.63 88.32 115.10 122.09 116.23 124.76 108.04 80.52 91.75 107.60

105.92 109.60 102.83 102.03 104.08 118.63 89.32 116.10 123.09 117.23 125.76 109.04 81.52 92.75 108.60

5891.438936

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.50

03-Apr-17

0.75

2.94

8.53

106.26

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.50

TOTAL MARKET CAPITALISATION

1.59

Sub-National Bonds BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

2.60

30-Jun-16

0.29

4.46

6.45

102.14

A/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

3.96

30-Jun-16

0.30

3.48

5.61

102.90

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.34

3.34

11.07

98.67

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

21.24

30-Jun-17

0.83

1.00

6.73

105.53

A-/Agusto

EDO

14.00 EDO 31-DEC-2017

31-Dec-10

14.00

25.00

31-Dec-17

2.04

3.94

12.87

101.96

A/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

27.25

30-Sep-18

1.64

1.00

9.62

106.34

A-/Agusto; A-/GCR

*NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

4.91

04-Oct-18

1.65

1.00

9.63

106.37

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

10.98

09-Dec-18

1.84

2.21

10.98

105.60

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

8.14

12-Dec-18

1.84

4.78

13.55

100.69

A-/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

24.44

14-Feb-19

1.81

1.00

9.75

109.09

BBB+/Agusto; A-/GCR Aa-/Agusto; ‡ /GCR

*GOMBE LAGOS

15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019

02-Oct-12 22-Nov-12 12-Dec-12

15.50 14.50 14.75

13.87 80.00 22.72

02-Oct-19 22-Nov-19 12-Dec-19

2.24 3.94 2.31

2.02 1.00 1.00

11.11 11.92 10.14

108.22 107.91 109.13

BBB-/Agusto; BBB+/GCR

*OSUN

14.75 OSUN 12-DEC-2019

BBB-/Agusto

*OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

14.75

10.12

10-Oct-20

2.74

3.37

12.87

104.10

Aa-/Agusto; ‡ /GCR

LAGOS

13.50 LAGOS 27-NOV-2020

27-Nov-13

13.50

87.50

27-Nov-20

4.95

1.03

12.50

103.58

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

5.04

2.39

13.88

103.95

‡ /Agusto

*EKITI

14.50 EKITI II 31-DEC-2020

31-Dec-13

14.50

4.30

31-Dec-20

2.89

1.00

10.62

109.06

A-/GCR

*NASARAWA

15.00 NASARAWA 06-JAN-2021

06-Jan-14

15.00

4.31

06-Jan-21

2.92

1.00

10.65

110.25

A-/Agusto

*BAUCHI

15.50 BAUCHI 9-DEC-2021

09-Dec-14

15.50

14.37

09-Dec-21

3.97

1.52

11.97

109.85

A-/Agusto

*OYO

16.50 OYO 16-FEB-2022

17-Feb-15

16.50

4.61

16-Feb-22

3.72

3.67

14.21

106.08

Bbb-/Agusto

*BENUE

16.50 BENUE 27-FEB-2022

27-Feb-15

16.50

4.75

27-Feb-22

3.75

1.00

11.58

113.95

Bbb+/Agusto

*PLATEAU

17.50 PLATEAU 30-MAR-2022

30-Mar-15

17.50

27.10

30-Mar-22

4.03

2.52

13.32

111.72

A-/Agusto A-/GCR

KOGI *CROSS RIVER

17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

01-Apr-15

17.00

3.00

31-Mar-22

6.46

1.79

13.45

114.71

27-May-15

17.00

7.68

27-May-22

4.01

3.04

14.08

108.32

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

474.83 501.57

Corporate Bonds BB/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.22

06-Jan-16

0.06

2.63

3.40

100.57

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

0.79

1.00

6.65

104.77

A-/Agusto Nil Nil Nil A/GCR

FSDH

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

25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10

14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00

5.53 112.22 116.70 66.49 20.00

25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17

0.86 0.98 1.34 1.56 1.79

1.34 1.00 6.31 1.08 2.38

7.11 6.97 14.04 9.63 11.11

105.83 108.41 102.86 109.71 102.94

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.46

30-Nov-17

1.24

1.88

9.11

110.97

Nil

*C & I LEASING *DANA#{r}

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

4.50

09-Apr-18

1.32

3.15

10.75

106.14

A-/DataPro†; B+/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.18

09-Sep-18

1.48

1.00

9.42

111.35

*TOWER

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.60

09-Sep-18

1.48

1.00

9.42

108.70

A+/Agusto; A/GCR

UBA

14.00 UBA II 30-SEP-2018

30-Sep-11

14.00

35.00

30-Sep-18

2.79

1.00

10.54

108.13

BBB+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

1.80

18-Oct-18

1.59

5.27

13.85

102.48

BBB-/DataPro†; BB/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

18.00

0.32

17-Feb-19

1.68

6.11

14.75

104.42

Nil

*DANA#{r}

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

2.05

3.28

12.21

106.50

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

4.92

1.00

12.47

109.97

BBB/GCR

*FCMB

14.25 FCMB I 20-NOV-2021

20-Nov-14

14.25

26.00

20-Nov-21

5.93

1.64

13.30

103.77

A/GCR

UBA

16.45 UBA I 30-DEC-2021

30-Dec-14

16.45

30.50

30-Dec-21

6.04

1.00

12.67

115.59

BBB/GCR

FIDELITY

16.48 FIDELITY 13-MAY-2022

13-May-15

16.48

30.00

13-May-22

6.41

3.90

15.55

103.66

A-/GCR

*TRANSCORP HOTELS PLC

16.00 TRANSCORP 26-OCT-2022

26-Oct-15

16.00

10.00

26-Oct-22

4.58

2.77

14.18

105.73

BBB-/GCR

AAA/DataPro†; A/GCR

***LCRM UBA

A/GCR

STANBIC IBTC

182D T.bills+1.20 STANBIC IA 30-SEP-2024

30-Sep-14

16.29

0.10

30-Sep-24

8.79

1.00

12.36

120.68

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

8.79

1.00

12.36

104.67

AAA/GCR

*NMRC

14.90 NMRC 29-JUL-2030

29-Jul-15

14.90

7.94

29-Jul-30

9.87

1.00

12.34

113.80

TOTAL OUTSTANDING VALUE

507.55

TOTAL MARKET CAPITALISATION

541.68

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.16

1.00

8.08

104.11

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.38

1.00

11.05

100.52

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

24.95 25.51

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

8.62

8.35

92.40

93.45

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

7.49

7.00

94.55

95.65

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

8.80

8.56

86.79

88.02

100.80

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,368.73

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

5.52

100.80

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.58

99.50

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

16.60

15.20

81.41

83.79

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

8.38

94.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

9.07

92.00

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

12.52

11.89

89.72

91.35

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

FIRST BANK PLC ACCESS BANK PLC II

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021

07-Aug-13 24-Jun-14

8.25 9.25

300.00 400.00

07-Aug-20 24-Jun-21

11.59 12.54

87.82 87.25

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

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

7.00 15.54 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

233.90 451.93 605.31 719.99 75.00 150.00 200.00 591.57 1075.92

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

TOTAL OUTSTANDING VALUE

5,936.44

TOTAL MARKET CAPITALISATION

6,454.33

NEW TELEGRAPH 16, 2015 Rating/Agency WEDNESDAY, December Issuer

Description

Issue Date

3.86 4.16 6.12 8.25 12.95 13.43 13.93 14.60 18.59

10.78 10.92 11.28 11.13 11.31 11.31 11.31 11.15 11.17

10.43 10.64 11.08 10.96 11.19 11.17 11.14 11.01 11.05

88.32 115.10 122.09 116.23 124.76 108.04 80.52 91.75 107.60

89.32 116.10 123.09 117.23 125.76 109.04 81.52 92.75 108.60

5891.438936

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

2.94

8.53

106.26

Business | Financial Market News

Outstanding Value (N'bn)

Coupon (%)

Maturity Date

Avg. Life/TTM (Yrs)

Agency Bonds

Stock market down by N78bn Nil

17.25 FMB II 03-APR-2017

FMBN

03-Apr-12

17.25

1.50

TOTAL OUTSTANDING VALUE

1.50

TOTAL MARKET CAPITALISATION

1.59

03-Apr-17

0.75

Sub-National Bonds

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

2.60

30-Jun-16

6.45

102.14

A/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

3.96

30-Jun-16

0.30

3.48

5.61

102.90

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.34

3.34

11.07

98.67

A-/Agusto

*BAYELSA

BBB+/Agusto

14.00

the local bourse. points 13.75 BAYELSA 30-JUN-2017 26,950.76 basis30-Jun-10 31-Dec-10 EDO 31-DEC-2017 A-/Agusto EDO NEGATIVE reLosses 14.00 stretched to as against 27,179.28 30-Sep-11 14.00 DELTA 30-SEP-2018 A/Agusto; A+/GCR *DELTA the second consecutive corded the previous 04-Oct-11day A-/Agusto; A-/GCR *NIGER 14.00 NIGER II 4-OCT-2018 Investors 09-Dec-11 ‡ /Agusto; A-/GCR†record *EKITI 14.50 EKITI 09-DEC-2018 trading day as bargain while market capitalisa12-Dec-13 A-/Agusto *NIGER 14.00 NIGER III 12-DEC-2018 more downturn hunters made a retreat. tion of equities14-Feb-12 depreA-/Agusto; A-/GCR *ONDO 15.50 ONDO 14-FEB-2019 02-Oct-12 BBB+/Agusto; A-/GCR *GOMBE 15.50 GOMBE 02-OCT-2019 At the close of busi- ciated by N78 billion or Aa-/Agusto; ‡ /GCR LAGOS 14.50 LAGOS 22-NOV-2019 22-Nov-12 12-Dec-12 BBB-/Agusto; BBB+/GCR *OSUN 14.75 OSUN 12-DEC-2019 ness yesterday, the NSE 0.84 per cent from N9.344 10-Oct-13 BBB-/Agusto *OSUN 14.75 OSUN II 10-OCT-2020 ASI lost 0.84 per cent as trillion the previous day 27-Nov-13 Aa-/Agusto; ‡ /GCR LAGOS 13.50 LAGOS 27-NOV-2020 Stories by Chris Ugwu A-/Agusto; BBB+/DataPro KOGI KOGI 31-DEC-2020 the local 15.00 bourse regis- to N9.266 trillion31-Dec-13 as mar31-Dec-13 ‡ /Agusto *EKITI 14.50 EKITI II 31-DEC-2020 tered 39 declining stocks ket sentiments remained 06-Jan-14 A-/GCR *NASARAWA 15.00 NASARAWA 06-JAN-2021 09-Dec-14 A-/Agusto he *BAUCHI BAUCHI Nigerian as against15.50 only 149-DEC-2021 gain- red. 17-Feb-15 A-/Agusto *OYO 16.50 OYO 16-FEB-2022 equities marers. Meanwhile, 27-Feb-15 a turnBbb-/Agusto *BENUE 16.50 BENUE 27-FEB-2022 yesterday Consequently, the over of 189.3 30-Mar-15 million Bbb+/Agustoket *PLATEAU 17.50 PLATEAU 30-MAR-2022 01-Apr-15 A-/Agusto KOGI KOGI II 31-MAR-2022 All-Share 17.00 Index dipped shares worth N3.2 bilplunged further 27-May-15 A-/GCR *CROSS RIVER 17.00 CROSS RIVER 27-MAY-2022 following massive sell 228.52 basis points or lion in 3,265 deals was TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION off that has persisted on 0.84 per cent to close at recorded in the day’s

trading. 13.75 21.24 14.00 25.00 Just as in the previ14.00 27.25 ous banking 14.00day, the 4.91 14.50 10.98 sub-sector of the finan14.00 8.14 cial services sector was 15.50 24.44 15.50 13.87 the most active dur14.50 80.00 14.75 22.72 ing the day (measured 14.75 10.12 by13.50 turnover 87.50 volume); 15.00 70.6 million 5.00 shares with 14.50 4.30 worth N529.1 million ex15.00 4.31 15.50 14.37 changed by investors in 16.50 4.61 81016.50 deals. 4.75 17.50 27.10 bankVolume in the 17.00 3.00 ing17.00 sub-sector was large7.68 ly driven by activities in 474.83 the shares of 501.57 UBA Plc

0.29

4.46

and GTB Plc. 0.83 1.00 31-Dec-17 2.04 3.94 Also, the Premium 30-Sep-18 1.64 1.00 sub-sector,1.65boosted1.00by 04-Oct-18 09-Dec-18 1.84 2.21 activities in the shares 12-Dec-18 1.84 4.78 of FBNH Plc 14-Feb-19 1.81 and Zenith 1.00 02-Oct-19 2.24 2.02 Bank Plc, followed with a 22-Nov-19 3.94 1.00 12-Dec-19 2.3135.1 million 1.00 turnover of 10-Oct-20 2.74 3.37 shares valued at N709.09 27-Nov-20 4.95 1.03 31-Dec-20 million in 5.04 693 deals.2.39 31-Dec-20 2.89 1.00 Further2.92 analysis of 06-Jan-21 1.00 09-Dec-21 3.97 1.52 the day’s trading showed 16-Feb-22 3.72 3.67 that Julius3.75 Berger Nige27-Feb-22 1.00 30-Mar-22 4.03 2.52 ria Plc topped the day’s 31-Mar-22 6.46 1.79 gainers’ table with3.04 five 27-May-22 4.01 per cent to close at N39.70 per share while Learn

Africa Plc followed with 6.73 105.53 12.87 101.96 4.94 per cent to close at 9.62 106.34 859.63 kobo per share. 106.37 10.98 105.60 Unilever Nigeria Plc 13.55 100.69 added 4.88 per cent to 9.75 109.09 11.11 108.22 close at N44.05107.91 per share. 11.92 10.14 On the flip 109.13 side, Skye 12.87 104.10 Bank Plc led 103.58 the losers 12.50 13.88 a drop of 103.95 with 9.52 per 10.62 109.06 cent to close at110.25 N1.33 per 10.65 11.97 109.85 share while Transcorp 14.21 106.08 Plc shed 5.26 per cent to 11.58 113.95 13.32 at N1.44 111.72 close per share. 13.45 114.71 e-Transact Plc plunged 14.08 108.32 by five per cent to close at N2.66 per share.

30-Jun-17

Corporate Bonds BB/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.22

06-Jan-16

0.06

2.63

3.40

100.57

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

0.79

1.00

6.65

104.77

A-/Agusto Nil Nil Nil A/GCR

FSDH

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

25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10

14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00

5.53 112.22 116.70 66.49 20.00

25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17

0.86 0.98 1.34 1.56 1.79

1.34 1.00 6.31 1.08 2.38

7.11 6.97 14.04 9.63 11.11

105.83 108.41 102.86 109.71 102.94

30-Nov-12

18.00

0.46

NSE suspends rules governing dealing members ***LCRM

UBA

South African bond risky as Nigeria’s –Report

*C & I LEASING *DANA#{r}

18.00 C&I LEASING 30-NOV-2017

30-Nov-17

1.24

1.88

9.11

110.97

Nil

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

4.50

09-Apr-18

1.32

3.15

10.75

106.14

A-/DataPro†; B+/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.18

09-Sep-18

1.48

1.00

9.42

111.35

AAA/DataPro†; A/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.60

09-Sep-18

1.48

1.00

9.42

108.70

UBA

14.00 UBA II 30-SEP-2018

30-Sep-11

14.00

35.00

30-Sep-18

2.79

1.00

10.54

108.13

BBB-/GCR

A+/Agusto; A/GCR

15.75 LA CASERA 18-Oct-13 *LA CASERA The suspension he Nigerian Stock is 18-OCT-2018 No 01 NSE, which MPR+5.00 CHELLARAMS II 17-FEB-2019 17-Feb-12 *CHELLARAMS provides penalties Exchange has also aimed at ensuring 16.00 DANA II 1-APR-2019 Nil 01-Apr-14 *DANA 15.25 NAHCO II 14-NOV-2020 A+/Agusto; A-/GCR notice that 14-Nov-13 for breach of rules given NAHCO that the best-priced 14.25 FCMB I 20-NOV-2021 BBB/GCR 20-Nov-14 *FCMB order(s) are given governing dealing Article 88(b)(4)(B) of the 16.45 UBA I 30-DEC-2021 A/GCR 30-Dec-14 UBA members, was also Rules in FIDELITY trades 13-MAY-2022 BBB/GCRand Regulations 13-May-15 FIDELITY due priority16.48 16.00 TRANSCORP 26-OCT-2022 A-/GCR 26-Oct-15 *TRANSCORP HOTELS PLC Governing Dealing execution by The Ex- amended. 182D T.bills+1.20 STANBIC IA 30-SEP-2024 A/GCR 30-Sep-14 STANBIC IBTC Members (Amendments change’s X-Gen tradThe amendment 13.25 STANBIC IB 30-SEP-2024 A/GCR 30-Sep-14 STANBIC IBTC NMRC 29-JUL-2030 AAA/GCR 29-Jul-15 was made in respect and Additions, Part I)*NMRC ti- ing platform14.90 without TOTAL OUTSTANDING VALUE tled “Trade Types” has undermining other fill of the rule penalising TOTAL MARKET CAPITALISATION been suspended until priorities. unauthorised sales of Supranational Bond further notice. The Council of the clients’ securities by 10.20 IFC 11-FEB-2018 AAA/S&P IFC 11-Feb-13 It became effective Exchange had in 2013 dealing member firms. 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P *AfDB 10-Jul-14 upon the Securities approved a number The objective of the TOTAL OUTSTANDING VALUE TOTALExchange MARKET CAPITALISATION and Com- of new rules as well Exchange in embarkmission’s approval on as amendments to ing on this exercise, Description Rating/Agency Issuer Issue Date November 22, 2013. the “Rules Governing according to the noFGN Eurobonds The decision to Dealing Members,” tice, is to improve and suspend it, according in the section that ad-6.75 JAN update 28, 2021 its rules and BB-/Fitch; B+/S&P 07-Oct-11 trading. to a notice obtained dresses raise them to internaBB-/Fitch; FGN 5.13 JUL 12, 2018 12-Jul-13 BB-/S&P The exchange in a tional standards. from the Exchange’s BB-/Fitch; 6.38 JUL 12, 2023 12-Jul-13 BB-/S&P website, is aimed at notice to dealing memIt strives to do this TOTAL OUTSTANDING VALUE averting a situation bers said that the new by enacting proviTOTAL MARKET CAPITALISATION in which a market rules approved in- sions that enhance the participant is able to clude the Order Entry transparency of the Corporate Eurobonds 19, 2016 B+/Fitch; B+/S&P I 19-May-11 & Execution Rule, Ob-7.50 MAY employ the Whole GTBANK or PLC Exchange’s operations 7.25 JUL 25, 2017 B+/S&P ACCESS BANK PLC 25-Jul-12 vious Error Rule; and None (WON) Special through which it aims 6.88 MAY 09, 2018 B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 to sustain and promote Fill functionality in a Churning, Fictitious 6.00 NOV 08, 2018 B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 22, 2019 B+/Fitch; BB-/S&P ZENITH BANK 22-Apr-14 manipulative fashion or PLC Deceptive Trading6.25 APR stakeholder confidence 8.75 May 21, 2019 B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 by exploiting the marPattern Rule. in the Nigerian capital 8.25 AUG 07, 2020 B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 ket structure. market. Policy 9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANKIn PLCaddition, II 24-Jun-14

1.80 African 18-Oct-18 1.59 5.27 13.85 Perceptions 102.48 Index, s South Bloomberg. tion 0.32 17-Feb-19 1.68 6.11 14.75 104.42 assets plunged Zuma roiled markets with South Africa at 16.00 4.50 01-Apr-19 2.05 3.28 12.21 106.50 15.25 2.05 wake of14-Nov-20 4.92 dismissed 1.00 12.47and the West 109.97 in the when he 67, Afri14.25 26.00 20-Nov-21 5.93 1.64 13.30 103.77 President Jacob ZuNhlanhla Nene from can nation’s debt is rat16.45 30.50 30-Dec-21 6.04 1.00 12.67 115.59 the finance portfolio ma’s shock 30.00 decision to13-May-22 ed B+, or four103.66 levels be16.48 6.41 3.90 15.55 16.00 10.00 26-Oct-22 4.58 2.77 14.18 105.73 fire his finance minis-30-Sep-24 and replaced him1.00 with low investment grade, 16.29 0.10 8.79 12.36 120.68 ter on December 9, the little-known lawmaker, by Standard & Poor’s, 13.25 15.44 30-Sep-24 8.79 1.00 12.36 104.67 14.90 7.94 9.87 Rooyen, 1.00 be12.34 nation’s bond yields29-Jul-30 David van versus South113.80 Africa’s 507.55 only just avoided ris- fore changing his mind assessment of BBB-, 541.68 ing above those of the four days later. one step above junk. West African country, The chart showed Some nor mality 10.20 12.00 11-Feb-18 2.16 1.00 8.08 104.11 that the yield gap bewhich has a credit ratwas restored100.52 when the 11.25 12.95 01-Feb-21 3.38 1.00 11.05 ing four levels lower tween Africa’s two spread widened to 45 24.95 and a reputation for biggest economies had basis points on Mon25.51 corruption and politi- never been smaller. It day, the day after Zuma Outstanding Value Coupon (%) Maturity Date Bid Yield (%) Offer Yield (%) Bid Price Offer Price ($mm) cal upheaval. was as much as 891 succumbed to presPrices sure & Yields According to Bloom- basis points, or almost from markets and berg, chart nine percentage points bankers and93.45 replaced 6.75 500.00 showed 28-Jan-21 8.62 8.35 92.40 how average yields on12-Jul-18 in February, when Ni- Van Rooyen with 5.13 500.00 7.49 7.00 94.55 95.65 rand-denominated gov- geria’s yields soared Pravin Gordhan, who 6.38 500.00 8.56 86.79 88.02 after its8.80government ernment bonds soared12-Jul-23 had served as finance 1,500.00 to a record 10.46 per postponed a presiden- minister between 2009 1,368.73 cent on December 11, tial election following and 2014. less than one basis an upsurge in attacks South Africa’s bonds 7.50 500.00 100.80 again yesterday. 100.80 point from being above19-May-16 by Boko5.52Haram 5.52 mili- rose 7.25 350.00 25-Jul-17 7.58 7.58 99.50 99.50 Yields on securities those of Nigeria’s lotants. 6.88 300.00 02-May-18 16.60 15.20 81.41 83.79 cal-currency governNigeria is ranked due in December 2026 6.00 400.00 08-Nov-18 8.38 8.38 94.00 94.00 6.25 500.00 for the 22-Apr-19 9.07 175 nations 9.07 92.00 41 basis 92.00 ment bonds 136 out of fell points to 8.75 200.00 12.52 11.89 89.72 91.35 first time ever, accord-21-May-19 in Transparency Inter- 9.51 percent at 4:11 p.m. 8.25 300.00 07-Aug-20 11.59 11.59 87.82 87.82 ing to data compiled by24-Jun-21 national’s 2014 Corrupin Johannesburg. 9.25 400.00 12.54 12.54 87.25 87.25

BBB+/Agusto; BBB+/GCR

15.75

BBB-/DataPro†; BB/GCR

18.00

#{r}

B-/Fitch; B/S&P

FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

8.00/2Y USD SWAP+6.488 JUL 23 2021

23-Jul-14

8.75 AUG 14, 2021

14-Aug-14

8.00

450.00

23-Jul-21

12.60

81.38

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

15-Dec-15

3,650.00 3,302.74

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute **Treasury Bills^ Money Market professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS FIXINGS IS” and on an “AS AVAILABLE” basis and may not be accurate orForeign up to date. We do not &guarantee Exchange (Spot Forwards)the DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) NIBOR accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information. 9 24-Dec-15 1.36 0.86 1.36 FGN

23 30 37 Bonds 44 51 58 Rating/Agency 65 72 79 93 100 107 114 121 128 135 142 163 NA 170 198 212 233 261 282 296 310 352

7-Jan-16 14-Jan-16 21-Jan-16 28-Jan-16 4-Feb-16 11-Feb-16 Issuer 18-Feb-16 25-Feb-16 3-Mar-16 17-Mar-16 24-Mar-16 31-Mar-16 7-Apr-16 14-Apr-16 21-Apr-16 28-Apr-16 5-May-16 26-May-16 NA 2-Jun-16 30-Jun-16 14-Jul-16 4-Aug-16 1-Sep-16 22-Sep-16 6-Oct-16 20-Oct-16 1-Dec-16

0.50 0.83 0.41 0.71 0.82 1.03 Description 0.68 0.51 2.08 13.05 16-AUG-2016 1.33 ^15.10 27-APR-2017 0.66 9.85 27-JUL-2017 0.87 3.31 9.35 31-AUG-2017 2.61 10.70 30-MAY-2018 2.34 ^16.00 29-JUN-2019 3.21 7.00 23-OCT-2019 4.38 4.69 ^15.54 13-FEB-2020 5.00 ^16.39 27-JAN-2022 4.20 ^14.20 14-MAR-2024 5.09 5.42 15.00 28-NOV-2028 5.00 12.49 22-MAY-2029 5.29 8.50 20-NOV-2029 5.10 ^10.00 23-JUL-2030 5.43 5.53 ^12.1493 18-JUL-2034

0.00 0.33 -0.09 0.21 0.32 0.53 Issue 0.18Date 0.01 1.58 16-Aug-13 0.83 27-Apr-12 0.16 27-Jul-07 0.37 2.81 31-Aug-07 2.11 30-May-08 1.84 29-Jun-12 2.71 23-Oct-09 3.88 4.19 13-Feb-15 4.50 27-Jan-12 3.70 14-Mar-14 4.59 4.92 28-Nov-08 4.50 22-May-09 4.79 20-Nov-09 4.60 23-Jul-10 4.93 5.03 18-Jul-14

0.50 0.83 0.41 0.71 0.82 1.04 Coupon 0.68 (%) 0.51 2.09 13.05 1.33 15.10 0.66 9.85 0.87 3.34 9.35 2.63 10.70 2.36 16.00 3.24 7.00 4.45 4.79 15.54 5.12 16.39 4.30 14.20 5.24 5.61 15.00 5.19 12.49 5.52 8.50 5.32 10.00 5.69 5.84 12.1493

Tenor 1M 3M 6M

Outstanding Value (N'bn) 581.39

233.90 23-Oct-19 451.93 13-Feb-20 605.31 NIFEX 27-Jan-22 719.99 14-Mar-24 Current Price ($/N) BID($/N) 75.00 198.9700 28-Nov-28 OFFER ($/N) 199.0700 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34

5,936.44

TOTAL MARKETbonds, CAPITALISATION *for the Amortising the average life is calculated and not the duration

6,454.33

Rating/Agency

Issuer

Description

Issue Date

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUEModified Duration Buckets TOTAL MARKET CAPITALISATION Sub-National Bonds BBB+/Agusto

Coupon (%)

0.54

O/N

1.00

REPO

TTM 1M (Yrs) 3M 6M 0.67

Bid ($/N)

Tenor

Rate (%) 1.33

Bid4.33 Yield (%) 6.67 9.58 5.45

Spot 7D 14D 1M 2M Yield Offer 3M (%) 6M 1Y4.00

1.37 8.29 7.55 1.61 8.60 7.94 :Benchmarks 1.71 8.67 8.04 * :Amortising Bond 2.46 9.27 8.81 µ :Convertible Bond 3.54Management Corporation 9.96 9.65 AMCON: Asset of Nigeria 3.86 10.78 10.43 FGN: Federal Government of Nigeria FMBN: Federal of Nigeria 4.16Mortgage Bank 10.92 10.64 IFC: International Finance Corporation 6.12 11.28 11.08 LCRM: Local Contractors Receivables Management 8.25 Aviation Handling 11.13Company 10.96 NAHCO: Nigerian O/N: Overnight 12.95 11.31 11.19 UPDC: UAC Property Development 13.43 11.31Company 11.17 WAPCO:West Africa Portland Cement Company 13.93 11.31 11.14 14.60 11.15 11.01 18.59 11.17 11.05

NOTE:

197.18 199.29 200.22 201.14 202.28 Bid Price 207.87 215.68 226.26 104.92

Offer ($/N) 197.28 199.60

Price200.54

201.52 202.79 Offer Price 208.54 216.85 228.56 105.92

108.60 109.60 101.83 102.83 NA :Not Applicable 101.03 102.03 ^ : Market103.08 Prices 104.08 # : Floating Rate Bond 117.63 118.63 ***: Deferred coupon bonds 88.32 89.32 ‡ : Bond 115.10 rating under review 116.10 †: Bond rating expired 122.09 123.09 N/A :Not Available 116.23 117.23 {r} :Issuer in receivership 124.76 125.76 NGC: Nigeria-German Company 109.04 108.04 UBA: United Bank for Africa 80.52 81.52 91.75 92.75 107.60 108.60

5891.438936

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

0.75

2.94

Valuation Yield (%)

Modelled Price

FMDQ FGN BOND INDEX

Agency Bonds Nil

16-Aug-16

Rate (%) 27-Apr-17 0.4832 27-Jul-17 1.1092 2.0771 31-Aug-17 5.6246 30-May-18 6.9212 29-Jun-19 7.9690

OBB

Tenor Call

Maturity Date

NITTY

Tenor 480.13 1M 20.00 2M 3M 100.00 6M 300.00 9M 351.30 12M

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

Rate (%) 0.9933 8.8969 10.7784 12.9809

Bonds O/N

*BENUE

Porfolio Market Value(Bn)

Total Outstanding Volume(Bn)

03-Apr-12

Weighting by Outstanding Vol

17.25

Weighting by Mkt Value

1.50

03-Apr-17

Bucket Weighting 1.50

% Exposure_ Mod_Duration

Implied Yield

Implied Portfolio Price

8.53 INDEX

106.26

YTD Return (%)

1,420.30

1,253.36

29.66

30.39

1.59 0.30

13.54

10.06

140.5490

1,278.67

15.4192

3<5

1,552.61

1,305.30

30.89

33.22

0.31

28.00

11.20

152.9671

1,326.13

30.9668

1,700.38

1,667.49

39.46

36.39

0.39

58.47

11.16

122.8297

1,480.84

47.0521

4,226.16

100.00 30-Jun-11

100.00 14.00

2.60 1.00

100.00 30-Jun-16

11.02 0.29

137.3931 4.46

1,308.34 6.45

23.9918 102.14

Market

4,673.29 14.00 BENUE 30-JUN-2016

A/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

3.96

30-Jun-16

0.30

3.48

5.61

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.34

3.34

11.07

102.90 98.67

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

21.24

30-Jun-17

0.83

1.00

6.73

105.53

A-/Agusto

EDO

14.00 EDO 31-DEC-2017

31-Dec-10

14.00

25.00

31-Dec-17

2.04

3.94

12.87

101.96

A/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

27.25

30-Sep-18

1.64

1.00

9.62

106.34

A-/Agusto; A-/GCR

*NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

4.91

04-Oct-18

1.65

1.00

9.63

106.37

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

10.98

09-Dec-18

1.84

2.21

10.98

105.60

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

8.14

12-Dec-18

1.84

4.78

13.55

100.69

A-/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

24.44

14-Feb-19

1.81

1.00

9.75

109.09

BBB+/Agusto; A-/GCR Aa-/Agusto; ‡ /GCR

*GOMBE LAGOS

15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019

BBB-/Agusto; BBB+/GCR

*OSUN

14.75 OSUN 12-DEC-2019

02-Oct-12 22-Nov-12 12-Dec-12

15.50 14.50 14.75

13.87 80.00 22.72

02-Oct-19 22-Nov-19 12-Dec-19

2.24 3.94 2.31

2.02 1.00 1.00

11.11 11.92 10.14

108.22 107.91 109.13

40 News

SOUTH-WEST

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Ondo, Niger Delta team sign MOU on agriculture

he Ondo State Government has signed a Memorandum of Understanding (MOU) with the Partnership Initiative in the Niger Delta to further improve agricultural development, sustain economic development and create employment opportunities for the teeming youth across the state. This is in line with the policy of the present government to partner with interested individuals, groups and corporate organisations interested in agriculture with a view to boosting food production, encouraging the youth in modern farming and diversification of the economy. Signing the MOU on behalf of the state government, the Chairman of the state Wealth Creation Agency (WECA), Mrs Bolanle Olafunmiloye described agriculture as alternative to recession in the oil sector which had been abandoned in the time past by all tiers of government, adding, it needed to be revived and developed.

Osun Speaker tells residents to prepare for harder times Adeolu Adeyemo Osogbo

sun State Speaker, Honourable Najeem Salaam yesterday told residents to get themselves ready for what he described as “rough economic meltdown as N150 billion budget presented by Governor Rauf Aregbesola would allow upkeeps of N50,000 per head annually for the three million population. Salaam who said this in a statementsignedbyhisChief Press Secretary, Mr. Goke Butika, however explained that, the N50, 000 would be for food, shelter, upkeep and other demands of life for that period of 12 months if fully implemented as “vandalization of the country’s coffer by the yesterday’s men of power hasdoneincalculabledamage to the nation’s economy.” he went on: “We have received the financial estimate for 2016 fiscal year from Gov. Rauf Aregbesola, but the picture does not suggest we are out of the wood yet, and the trickle-down effect of mindless looting of the immediate past administration at the national stage is hitting hard on all federating units called states, but with all hands on deck, hope is not lost.”

L-R: Director, Administration and Personnel Services (DAPS), Nigeria Martime and Administration Safety Agency (NIMASA), Mr. Jibril Ibrahim; Director-General, Baba Haruna Jauro and Executive Director, Shipping Development, Cletus Obi, during an interactive session with House of Representatives Committee on Maritime and at the National Assembly, Abuja… yesterday PHOTO: ELIJAH OLALUYI

Lagos GDP hits N34trn, says Ambode Taiwo Hassan

agos State Governor, Mr. Akinwumi Ambode has said the recent $136 billion (N34 trillion) increase in the state’s Gross Domestic Product (GDP) and its rising profile as one of the fastest growing cities in the world was meant to consolidate the state as the hub of investment in Nigeria. Ambode, who made this disclosure at

the inauguration of Prince Dapo Adelegan as the 14th President of the Nigerian-British Chamber of Commerce (NBCC) in Lagos, said that the state was lucky to be the preferred investment destination for the industrialised countries in the world in Nigeria. The governor, who was represented by his deputy, Dr. Oluranti Adebule, said that the increase in the state’s GDP would open more doors of opportunities for the

Court jails nine Asians 45 years over oil theft Akeem Nafiu

ustice Ibrahim Buba of a Federal High Court in Lagos yesterday sentenced nine Asians to a cummulative jail term of 45 years for stealing 3,423.097 metric tons of crude oil from Nigeria. The convicts: five Filipinos and four Bangladeshi, had their vessel intercepted by the Nigerian Navy on March 27 while trying to export the stolen product loaded in their vessel, MT Asteris, out of the country. The judge convicted them on four counts in relation to the crime and sentenced each of them to a jail term of five years on the four counts with an option of N20m each. Delivering his judgement, Justice Buba said he was satisfied that the prosecution had proved its case beyond reasonable doubts. “The case of the prosecution is as clear as the daylight and the failure of the convicts to supply the evidence that they had lawful permit to deal in crude oil further strengthened the prosecution’s case”, the

judge said. The judge further noted that the evidence of the prosecution witnesses were not controverted. He agreed with the 5th prosecution witness who stated that the product was illegally sourced in Nigeria as “the Department of Petroleum Resources confirmed to the EFCC that MT Asteris was not licensed to deal with crude oil in Nigeria.” He said it was not right for anyone to deprive the country the enjoyment of its natural resources through illegal means. Justice Buba said the court had the duty to send a strong signal to Nigerians and non-Nigerians alike that the country had laws which were enforceable. He said: “It is not right for either Nigerians or foreign nationals to deny this country its God-given natural resources through illegal use. Accordingly, this court, hereby sentence each convict to five years term of imprisonment on the four counts with effect from March 27, 2015 with an option of N5m fine.

state in terms of strong business relations with interested investment countries. He, however, solicited for stronger ties between the Nigerian-British Chamber of Commerce (NBCC) and the state government to boost bilateral trade relations. “There’s no gainsaying that Lagos is the biggest beneficiary of these efforts with the volume of investments that are located in the state,” Ambode said. Apparently citing

the chamber’s contributions in increasing trade volume between Nigeria and the Britain from £4 billion in 2010 to over £7 billion in 2012, he noted that the government’s effort in the past few months had been on how to improve infrastructure and strengthen the capacity of security operatives to create an enabling environment for investors. In his remarks, Adelegan appreciated Ambode for his interest

in the activities of the Chamber, assuring him of the chamber’s commitment to partnering with the government to make Lagos a mega city that the world would indeed be proud of. He thanked the council members of the Chamber for the opportunity to serve. Adelegan, who is also the Chairman Celtron Group, expressed the commitment of the Chamber to fostering trade relations between Nigeria and the United Kingdom (UK).

Why I didn’t make ministerial list, by Falana Mojeed Alabi

agos activist lawyer and Senior Advocate of Nigeria, Mr. Femi Falana, yesterday offered explanations why he did not make the ministerial list compiled by President Muhammadu Buhari. He described his exclusion as the handiwork of his detractors. Although he admitted that he was approached to make the list by certain individuals on behalf of

President Buhari’s administration, Falana said his detractors ‘spoilt’ the show as they forced Mr. President to drop his name from the final list. The detractors, Falana described as corrupt politicians, indeed ‘poisoned’ President Buhari’s mind against him. The Senior Advocate, who was spoke yesterday in Lagos on a live programme on Bond FM, said his antagonists ensured he was excluded from the list on the grounds they

he would become uncontrollable should the President name him as one of the prospective ministers especially his ‘spirit of activism’. Until October when President Buhari unveiled his cabinet list, Falana’s name was rumoured to have been penciled down as the nation’s AttorneyGeneral and Minister of Justice. But his name eventually disappeared from the final list which shocked a section of Nigerians.

APC warns pro-Biafra protesters to steer clear of Lagos Temitope Ogunbanke

agos State chapter of the All Progressives Congress (APC), yesterday warned masterminds of the proposed protest in the state under the aegis of the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) and the Indigenous People of Biafra (IPoB) to hold their breath or face the full wrath of the law. The party in a statement

by its Publicity Secretary, Mr. Joe Igbokwe, said there was no way the state would allow politically sponsored hoodlums, masquerading as pro-Biafran protesters or any groups under whatever guise to compromise the security of the state where the state had invested hugely in recent times. It however warned those behind the plot to desist from embarking on such dastardly adventure as the security agencies led by the Lagos

State Commissioner of Police, Mr Fatai Owoseni, would not hesitate to deal ruthlessly with anybody or groups found to be involved in such protests. It reads: “As a party that governs Lagos, it will be derelict of us to watch a group of politically-sponsored hoodlums tamper with the tight security system that has been effortlessly put in place by the state government to combat increasing crime rates in the state.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

News 41

SOUTH-EAST

Obiano inaugurates repaired bridge Pamela Eboh Awka

nambra S t at e Governor, Chief Willie Obiano, yesterday inaugurated the repaired Nkpor bridge on the Onitsha–Enugu Expressway which cavedin to flood few months ago, following the repairs carried out on the bridge. Inaugurating the road, Obiano observed that it took barely a month to seal up the huge gully and hailed the CCC Construction Company, that handled the repairs for delivering the job on schedule. According to him, with the completion of the repair works on Nkpor bridge, the Okija axis of the Onitsha /Owerri Road and a section of the 33-Road that leads to Kogi State, the Federal Government was now indebted to Anambra State to the tune of N30bn spent on the project. Also speaking at the Okija axis of the Onitsha/Owerri Road that was split by big gully erosion, Obiano expressed happiness that with the repair works completed ahead of the heavy traffic expected during the Christmas festivity.

Ugwuanyi restates commitment to development

overnor Ifeanyi Ugwuanyi of Enugu State has assured the people of the state that all the seventeen local government councils in the state would be covered in the on-going massive development projects in the state. The governor who spoke on the occasion of a grand reception in his honour by the people of Amokwe, Udi local government area recalled his declaration on his inauguration that the entire state is his constituency and will be evenly developed. He added that he received massive support from the people of the state and must reciprocate the gesture by service delivery and good governance. In an address, the Chairman of Udi local government area, represented by his deputy, Mrs. Uche Eze commended Ugwuanyi for his developmental strides in the local government area.

L-R: Ebonyi State Deputy Speaker, Hon. Obasi Odefa; Speaker, Hon. Francis Nwifuru; Governor David Umahi; his wife, Rachel and Mrs. Enekwachi, during a thanksgiving service at Christ Embassy

Bomb scare rocks Ebonyi NYSC camp Uchenna Inya ABAKALIKI

he orientation camp of the National Youth Service Corps (NYSC) camp in Macgregor College, Afikpo North Local Government Area of Ebonyi State was yesterday rocked by bomb scare, following the discovery of an object suspected to be Impoverished Explosive Device (IED) in the area. The situation led to the stoppage of terminal

parade of the 2015 batch B stream two corps members by security agents. The camp field had been marked out by military personnel training the corps members in the evening for a parade by the corps members. But the corps members were asked to leave the area by the NYSC officials and security agents, not long after filing-out for the exercise. The state Police Public Relations Officer, ASP George Okafor, said a cable suspected to be bomb was discovered by the

Imo North rerun: We’ll resist rigging, says PDP •Achonu’s sack, an act of God-Accord party Steve Uzoechi OWERRI

head of the re-run election for the annulled Imo North Senatorial poll, the Peoples Democratic Party (PDP), Imo State chapter, has warned that the party would resist any form of rigging or manipulation in the election. The Imo State Chairman of the PDP, Mr. Nnamdi Anyaehie, issued the warning in Owerri, yesterday in his reaction to the judgment of the Court of Appeal which nullified the election of Senator Athan Achonu of the PDP, due to the omission of the Accord Party logo on the ballot papers. He said. “We want to warn ahead of the election, that PDP and indeed Imo people will not accept or condone any form

of intimidation, harassment or acts geared towards manipulating the election process with the intention of subverting the will of the people.” “I’m sad that we lost a mandate freely given to us by the people of Okigwe due to a very costly administrative error by INEC. The issue is not whether we won the election. Nobody in Imo State would question the spread and support base of PDP across the state, particularly in Okigwe zone where we won the senatiorial election convincingly. “As a law abiding and democratic party, we have accepted the verdict and preparations have commenced for the re-run election. We are ready for a free, fair and credible election, anytime and any day INEC chooses.

police and that it cannot be said to be bomb until after investigation. He, however, said the camp is safe for the training of corps members, adding that the anti-bomb squad of the command has combed the orientation camp. He added that security has been beefed up in the area and urged the people to go about their normal business. One of the corps members who simply gave his name as Barnabas told New Telegraph that soldiers invaded hostels

of the corps members in the evening before the parade day and started ransacking everywhere. He said the soldiers told them that bad people are staying in some of the hostels, especially the Aso Rock hostel and that strange faces have infiltrated the hostels. He noted that when the corps members came out in the morning for the terminal parade at the field, NYSC officials started issuing them posting letters for their place of primary assignments and told

them that they will not observe their terminal parade. When contacted, the Chairman of NYSC governing board in the state and Ebonyi State Commissioner for Youth Development, Chief Charles Akpuenika said he received a call from security agents that there was bomb scare in the orientation camp. He disclosed that he communicated the information to the state governor, who directed that the terminal parade be put off.

Anambra to employ 5000 rice workers Pamela Eboh Awka

nambra State Governor, Chief Willie Obiano, yesterday, at a town hall meeting with stakeholders of the All Progressives Grand Alliance, APGA in Awka, revealed his government’s plan to employ no fewer than 5000 workers to work in the state rice mill. He said the drive was in fulfillment of his campaign promises to create job op-

portunities for the teeming youths of the state as well as investing in Agriculture. The governor, who was represented on the occasion by his Special Assistant on Investment, Mr. Ifeanyi Anugwu, stressed that the state government had improved on the Internally Generated Revenue of the state from N500 million monthly where it met it in 2014 to N1.2billion monthly in less than two years. He noted that in a few

months, time, the state would not only have enough rice for domestic consumption, but would also resume the exportation of the product. The governor maintained that a cluster of investors were already in the state for rice production. He stressed that his administration had since exceeded his campaign promise of attracting N2billion investments yearly for the state.

Uwazuruike accuses politicians of sponsoring IPOB • I will expose him, says - MASSOB Scribe Steve Uzoechi and Charles Onyekwere

eader of the Biafra Independent Movement (BIM), Chief Ralph Uwazuruike, has accused politicians of sponsoring pro-Biafra protests embarked upon by the Indigenous Peoples of Biafra (IPOB) Uwazuruike made the assertions yesterday in Owerri, the Imo state

capital while unveiling the leadership of the youth arm of the group, led by Mr. Solomon Chukwu. Dismissing Comrade Uchenna Madu’s claim as the new MASSOB leader, Uwazuruike, alleged that Madu is not only a member of IPOB but the spokesman of the group whose activities are being sponsored by some moneybag politicians. Meanwhile, MAS-

SOB, yesterday vowed to expose all alleged underhand dealings of its former leader Uwazuruike. A factional group of the movement led by Comrade Uchenna Madu, had recently announced Uwazuruike’s expulsion from the group, prompting Uwazuruike’s announcement that he had changed the group’s name to Biafra Independent Movement.

42 News Army’s intervention in Bayelsa poll prevented bloodshed, says group Emmanuel Masha Port Harcourt

Non-Governmental Organisation (NGO), Watch Election (WE), yesterday said the intervention of the Nigerian Army in the December 5 gubernatorial election in Bayelsa State prevented bloodshed during and after the election. The group said but for the involvement of the army, there would have been escalation of the crisis, particularly in the Southern Ijaw area of the state. Its National Coordinator, Mr. Fez Chinweizu, in a chat with reporters yesterday in Port Harcourt, said the army worked tirelessly to maintain law and order during the election, hence deserves commendation for its professionalism during the poll. He said the presence of the army in the areas where crisis erupted, prevented hoodlums from having a field day, especially in Oporoma area of Southern Ijaw. He stressed the need for the police to be better prepared in future elections. He added that about 200 policemen were stranded at a jetty in Yenagoa, because they could not get boats to convey them to the troubled areas, and urged security agencies, particularly the police to provide adequate personnel to cover the 417 polling stations in Southern Ijaw on election day.

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

south-south

DSS arraigns five for impersonating Buhari’s son Emmanuel Masha Port Harcourt

he Department of State Services (DSS) yesterday arraigned five people before a Chief Magistrate’s Court in Port Harcourt, the Rivers State capital, for impersonating Salisu Buhari, the first son of President Muhammadu Buhari. The DSS alleged that the accused, Muhammed Salisu (58), Yahaya Lawal (40), Maxwell Atago (26),

Ado Garba (50) and Uche Onu (40), had used a letterheaded paper from the Office of the President with the Nigeria Coat of Arm, to defraud a petrochemical company, Indoroma Eleme Petrochemicals Company, in Port Harcourt. They had acted as if the letter emanated from Salisu Buhari, on November 17, 2015. The first count bothered on conspiracy, alleging that the accused persons committed an offence contrary to Section 516 of the Criminal

Code Act (C38), Laws of Nigeria, 2004; while count two focused on impersonation, which is punishable under Section 484 Criminal Code Act (C38), Laws of Nigeria, 2004. Counts three and four were on forgery, which the charge noted, is punishable under Section 467 of the Criminal Code Act (C38), Laws of Nigeria, 2004; while counts five and six, which was the possession of a letter bearing address of the Presidency and transmission of the same letter, with the intent

Beware of PDP’s desperation, APC warns members Chris Ejim Yenagoa

he Sylva-Igiri Campaign Organisation of the All Progressives Congress (APC) in Bayelsa State, yesterday warned its members to be wary of the antics of the Peoples Democratic Party (PDP) and its guber-

natorial candidate in the December 5 election, Governor Seriake Dickson The APC accused Dickson and the PDP of desperation in his bid to continue to govern the state. It said the governor and his party have embarked on some devious plans to lure members of the public, particularly APC mem-

bers, into the PDP. Among such plans was the recent act of inviting unsuspecting APC members through their relations and friends to PDP gatherings, where they are put under tremendous pressure into submission, through intimidation and persuasion with financial promises or political appointments.

UBTH management denies ARD’s accusation of fraud Cajetan Mmuta BENIN

he management of the University of Benin Teaching Hospital (UBTH), Edo State, yesterday described as untrue the allegation of mismanagement and fraud brought against it by the leadership of the

hospital’s chapter of the Association of Resident Doctors (ARD) in the state. UBTH Chief Medical Director (CMD), Prof. Michael Ibadin, who stated this during a press conference in Benin, said the statement issued on November 24 by the ARD President, Dr. Omorogbe Owen, was the handiwork

of mischief makers and tribal elements, who infiltrated gullible members of the association to discredit his administration. He said: “The ultimate goal of the cabal masquerading as ARD executive and their sponsors is to cause the CMD to vacate the office, using all means possible and also go ahead and incriminate him.”

to defraud the said company, is punishable under the Advanced Fee Fraud Act, Laws of Nigeria, 2006. All the accused pleaded not guilty in court on four out of the six count charges, saying that the court lacked jurisdiction to try the last two charges against them.

The Chief Magistrate, Mr. B. Jamabo, referred the matter to the Federal Director of Public Prosecution and adjourned the matter to January 21 next year, for mention. The accused persons were later remanded by the court.

PUBLIC NOTICE

SOCIAL WELFARE FOR THE LESS PRIVILEGED INITIATIVE This is to inform the general public that the above named has applied for registration with the Corporate Affairs Commission under Part ‘’C’’ Companies and Allied Matters Act, 1990. Old Trustees are: 1. Jonathan John Akhamie 2. Udochukwu Kelvin 3. Bola Oraseme Akhamie 4. Pascahal Ogbhemhe Oshiogbhe AIMS AND OBJECTIVES 1. To cater for less privilege people

New Trustees are: 1. Jonathan John Akhamie 2. Theophilus Otselu Ogbhemhe 3. Pascahal Ogbhemhe Oshiogbhe 4. Dennis Ayaosi Christian 5. Imokhai Donatus Oshiorenoya

Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. Signed: TRUSTEES

PUBLIC NOTICE

UNDERSTANDING BROTHERS CLUB This is to inform the General Public that the above named Organization has applied to the Corporate Affairs Commission for Registration under part ‘C’ of the Companies and Allied Matters Act, 1990. The Trustees are: 1. John Ogonnaya Okorie - Chairman 2. Isaac Ogbonnaya .N. – Gen. Sec. 3. Okike Johnson Uneke 4. Chibuike David Okereke 5. Onwuta Sunday .S. AIMS AND OBJECTIVES 1. To enhance development in Ohaozara and Ebonyi State. 2. To promote moral discipline among the members. 3. To maintain peace and order among the members Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. Signed: Eke Chukwuma Nwosu (Esq.)-070351730

CONFIRMATION and change OF NAME Ayebawanaemi: This is to confirm that the bearer of these names Wanaemi

Watson and Ayebawanaemi Emmanuel Watson refers to one and the same person. All documents bearing the above names remain valid. The general public should please take note.

SANU

I formerly known and addressed as Miss Agboibo Omozoibhe Linda now wish to be known and addressed as Mrs. Omozoibhe Linda Sanu. All former documents remain valid. General public please take note.

OLANREWAJU

I formerly known and addressed as Miss Kafayat Olanike Ibrahim now wish to be known and addressed as Mrs. Kafayat Olanike Olanrewaju. All former documents remain valid. General public please take note.

IMEFON

I formerly known and addressed as Queen Itina Itina now wish to be known and addressed as Imefon Itina Itina. All former documents remain valid. General public please take note.

Friday

I, formerly known and addressed as Ogechi Kalu Amah now wish to be known and addressed as Mrs. Godstime Friday. All former documents remain valid. The general public should please take note.

Gberenemi

I, formerly known and addressed as Ekpele James Lucky now wish to be known and addressed as James Gberenemi Lucky. All former documents remain valid. General public should take note.

UDOSEN

This is to confirm that the bearer of these names Mercy Raphael Udosen and Grace Raphael Udosen refers to one and the same person. All former documents remain valid. General public please take note.

BALOGUN

I formerly known and addressed as Risikat Yetunde Morenikeji Adunni Shokoya now wish to be known and addressed as Josephine Yetunde Morenikeji Adunni Balogun (Mrs). All former documents remain valid. General public please take note.

JENNY

This is to confirm that the bearer of these names Jenny Umo Essien and Jenifer Umo Essien refers to one and the same person. That henceforth I wish to be known and addressed as Jenny Umo Essien. All former documents remain valid. General public please take note.

Atim

I, formerly known and addressed as Miss Felicia Aworabhi now wish to be known and addressed as Mrs. Felicia Atim. All former documents remain valid. Ecobank Plc and the general public should please take note.

Excellence

I, formerly known and addressed as Pius Esther Ayiojo now wish to be known and addressed as Pius Excellence Ayiojo. All former documents remain valid. General public should please take note.

Esendu: I, formerly known and addressed as Mrs. Kurakri Edoghotu now wish to be known and addressed as Miss Kurakiri Esendu. All former documents remain valid. Bayelsa State Ministry of Agriculture and Natural Resources; Establishment, Training and Pensions Bureau, Civil Service Commission, Sub-Treasury, Access bank Plc and the general public take note.

AKANBI

I formerly known and Called Odeh Blessing Okeyinfu henceforth wish to be known and called Akanbi Blessing Okenyinfu.All former documents remain valid, the general public should please take note.

IZE-IYAMU

I formerly known and addressed as Oliyide Folashade Olubunmi (Miss) now wish to be known and addressed as Ize-Iyamu Folashade Olubunmi (Mrs). All former documents remain valid. Nigerian Maritime Administration and Safety Agency (NIMASA), LAGOS HOMS and general public please take note.

Emens

I formally known as Nwafor Ifeanyi Joseph now wish to be known as Mr. Emens Ifeanyi Joseph. All former documents remain valid Eco Bank and general public please take note.

Suotor

I, formerly known and addressed as Miss Juliana Miebai now wish to be known and addressed as Mrs. Juliana Miebai Suotor. All former documents remain valid. The general public should please take note.

Esinte

I, formerly known and addressed as Esinte Lydia now wish to be known and addressed as Esinte Doreen Seigha. All former documents remain valid. General public should please take note.

AGBAJE

I formerly known and Called Otameh Grace Opeyemi henceforth wish to be known and called Agbaje Grace Opeyemi.All former documents remain valid, the general public should please take note.

SANNI

I formerly known and addressed as Miss Adebayo Olushola Inioluwa and Miss Adebayo Olushola Suliat now wish to be known and addressed as Miss Sanni Olushola Suliat (Mrs). All former documents remain valid. General public please take note.

Adegbuyi

I, formerly known and addressed as Omokayode Elizabeth now wish to be known and addressed as Adegbuyi Elizabeth Ola. All former documents remain valid. General public please take note.

Igbalibo

I, formerly known and addressed as Dinah Indoma Igbalibo now wish to be known and addressed as Ebinabo Diana Igbalibo. All former documents remain valid. The general public should please take note.

Nwa

I, formerly known and addressed as Christian Nworah Awadiegwu now wish to be known and addressed as Nwa Kris Awa. All former documents remain valid. All banks and the general public should please take note.

Clark: I This is to confirm that Ayama Blessing Clark is the same person as Ayamah Blessing which appears on my WAEC May/June 2009. That henceforth, I wish to be known and addressed as Ayama Blessing Clark. All documents bearing the above names remain valid. The general public should please take note.

SUMAR

This is to confirm that the bearer of these names Sumar Mathew , Sumar Austine and Sumar Matthew Austine refers to one and the same person. All former documents remain valid.Access Bank, UBA Bank and general public please take note.

MURANA

I formerly known and addressed as Murana Kehinde Adubi now wish to be known and addressed as Imran Murana Shafii Kehinde All former documents remain valid. General public take note.

Oyindinepere

This is to confirm that Afekafe Thomas Yoluwa with which Diamond bank/BVN was registered is the same person as Oyindinepere Afekafe on my Union bank and Sterling bank accounts. That henceforth, I wish to be known and addressed as Afekafe Thomas Yoluwa. All former documents remain valid. Diamond bank Plc, Union bank Plc, Sterling bank Plc and the general public take note.

Lobia

I, formerly known and addressed as Peretonbofa Kenneth now wish to be known and addressed as Lobia Kenneth. All former documents remain valid. UBA bank Plc and the general public should please take note.

Nwafor

I, formerly known and addressed as Okafor Onyema Emmanuel now wish to be known and addressed as Nwafor Onyema Emmanuel. All former documents remain valid. The general public should please take note.

NWOKO

This is to confirm that the bearer of these names Nwoko Nnaemeka, Nwoko Christian and Nwoko Nnaemeka Christain refers to one and the same person. All former documents remain valid., UBA Bank and general public please take note.

UKWAT

I formerly known and addressed as Miss Evelyn Oscar Essien now wish to be known and addressed as Mrs Evelyn Samuel Ukwat. All former documents remain valid. General public please take note.

Olologu

I, formerly known and addressed as Doubiye Olologu and Doubiye Anthonia now wish to be known and addressed as Olologu Doubiye Anthonia. All former documents remain valid. The general public should please take note.

Ekisah

I, formerly known and addressed as Afini Japan now wish to be known and addressed as Ekisah Ebinepere Francis. All former documents remain valid. UBA bank Plc and the general public should please take note.

Anioke

I, formerly known and addressed as Aguoma Sandra Chioma now wish to be known and addressed as Anioke Sandra Chioma. All former documents remain valid. General public should take note.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

News 43

NORTH

Ex-commissioner admits supply of fake fertilizer to Benue farmers Cephas Iorhemen MAKURDI

former Commissioner for Agriculture and Natural Resources in Benue State, Dr. Eugene Aliegba, has admitted before the Judicial Commission of Inquiry, probing the activities of the last administration, that the ministry under his watch procured fake quantity of Nitrogen Phosphorus and Potassium (aka NPK) fertilizer and supplied to

unsuspecting farmers in the state. Testifying before the commission, Aliegba, a governorship aspirant on the platform of the opposition Peoples Democratic Party (PDP) during the last general election, agreed that 22 trucks of the fertilizer that the Governor Gabriel Suswam’s administration ordered through Solab Engineering Company Limited, a contractor that supplied the commodity, was actually bad. The company is owned by a one-time chairman

of Katsina-Ala Local Government Area of the state, Mr. Martins Agir, who is a close ally of the former governor. But, when the Commission put it to him that the commodity was still laying in the warehouse at the ministry, Aliegba, who is now the Head of Department of Political Science, Nassarawa State University, Keffi, said he had instructed the contractor to replace the fake fertilizer with good ones before he left the ministry. He accepted that when

the consignment arrived at the state, it was found to be substandard following a laboratory test conducted by Federal Ministry of Agriculture in conjunction with the Federal University of Agriculture, Makurdi which revealed that the fertilizer was bad. The former commissioner disclosed, however, that at the time of his handing over to his successor in February 2013, another contractor was paid to supply 100 trucks of fertilizer and might

have been responsible for the supply of the fake fertilizer which led to the famers’ poor harvest this year in the state. Aliegba, who served as commissioner in the Ministry of Environment and Urban Development between May 13 and January 2014, disclosed that the N2 billion Ecological Funds released to the state government under the Suswam’s administration was mismanaged, stating that he had no knowledge about the money.

Assembly lifts suspension of council chairmen Biodun Oyeleye Ilorin

he Kwara House of Assembly yesterday lifted the suspension of five Local Government council chairmen earlier suspended in the state over alleged illegal recruitment of workers. The five Chairmen, who benefited from the gesture, are those of llorin South, Asa, OkeEro, Ekiti and Paigi Local Government Areas. Three other Chairmen from Moro, lrepodun and Baruten, who had also been on suspension, were exonerated by the legislators. The development followed the adoption of the report of House Committee on Local Government and Chieftaincy Affairs on the suspension of the council chiefs during plenary session yesterday.

Adamawa redeploys corps members Sabiu Mustapha JALINGO

A cross-section of 441 Internally Displaced Persons (IDPs) leaving the NYSC Damare Camp in Yola, Adamawa state for their respective local governments in Bama/Banki and Gamboru Ngala…yesterday

Social Media Bill: Over 2,000 youths demand Na’Allah’s recall

CBN disburses N64bn electricity intervention fund in one year

Abubakar Abdul

Muhammad Kabir

Birnin Kebbi

usiness and commercial activities in the commercial city of Zuru in Kebbi State were disrupted for over four hours yesterday. This followed the protest by youths numbering over 2,000 who barricaded major roads leading to the town, protesting and demanding the recall of Senator, Bala Ibn Na’allah. Na’allah is a Senator representing Kebbi South Senatorial District in the National Assembly. The youths are demanding for his recall from the Senate for what they described as “his insensitivity to the plight of the people.” The placard carrying youths, who marched through the major roads in the city, chanting various unprintable slogans about the Senator, said Na’allah should be recalled from the Upper

Chamber because he has demonstrated that he is not the representative of the people. The youths, under the aegis of “Zuru Emirate Youth Development Association” disassociated themselves from the recent call by the Senator, for the restriction of social media in the country. The association pointed out that “social media was not the problem in Kebbi South Senatorial District, saying: “We have more developmental challenges for the Senator to face, and not issue of social media.” The placards with several inscriptions read: “We say no to gags law”; “Freedom of speech is a fundamental right”; Kebbi South Senatorial Zone says no to Bala Na’allah; “People from Kebbi South Senatorial District needs development” and “Leave social media alone.”

KANO

he Central Bank of Nigeria (CBN) has in the last one year disbursed N64 billion out of N213 billion set aside for Electricity Market Stabilization Facility Fund. This was disclosed by the Director, Development Finance Department of CBN who is in charge of

the Intervention of Power Sector, Elder Boma Benebo after inspecting the 62,000 new pre-paid meters acquired by the Kano Electricity Distribution Company (KEDC). He said the amount was paid by CBN to take care of three areas of the nation’s power sectors, adding that the impact of the apex bank’s intervention is for the restoration of 905MW into

the national grid as part of turn-around maintenance of power facilities. According to Benebo and Mr. Taiwo Yusuf of Meristem Wealth Management, the Administrators of CBN, the intervention fund of which 30 per cent had already been disbursed, has succeeded in rehabilitating seven Gas Turbines at Geregu, Transcorp Ugheli and Ibom power plants.

Obasanjo seeks Benue people’s support for Ortom Cephas Iorhemen MAKURDI

ormer President Olusegun Obasanjo has urged the people of Benue State to support Governor Samuel Ortom to fulfill his administration’s promises to the state. He also enjoined farmers in the country, irre-

spective of category to unite and provide food security, jobs and wealth for the country. Obasanjo, who was in the state to receive an Academic Award of Doctor of Philosophy (Honoris Causa) bestowed on him by the University of Mkar, Mkar, made the call during the dinner organised in his honour by Governor Samuel Ortom

at the new Banquet Hall of the Benue People’s House, Makurdi. The former President expressed confidence in the ability of Ortom to selflessly serve the state, even as he urged the governor to uphold the core values of his administration, among which are transparency, accountability, fairness, truthfulness and justice, among others.

ore than 2,000 corps members deployed to Adamawa State for the one-year compulsory National Youth Service Corps (NYSC) scheme for the 2015 Batch ‘B’ have relocated from the state due to the threatening security challenge in the state. About 3,000 corps members were said to have been deployed to the state for the scheme, out of whom more than half had decided to leave the state due to fear of insurgency.

Firm drags Adamawa to court for breach of contract Ibrahim Abdul Yola

firm, Scenic Associates Limited, has dragged the Adamawa State Government before a Yola High Court over breach of contractual agreement. Joined in the suit by the firm, are Adamawa State Government, Attorney General of the state and A.K Dasin and Sons Limited as first, second and third defendants respectively. The company, which was awarded a contract of N28.7 million to construct two gates at the Jimeta Modern Market, alleged that the state government violated the contractual agreement by awarding same contract to the third defendant.

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Sport

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Did you know? That this was the first time Chelsea manager, Jose Mourinho, lost nine games in a season as a manager

21 players in CHAN Eagles camp Joshua Obadina

wenty-one players have reported to the Super Eagles training camp in Abuja ahead of next month’s CHAN in Rwanda, officials have said. Team coordinator Patrick Pascal said the other five invited players were expected to join up late Tuesday night. The absentees include U-23 stars Usman Mohammed and Bature Yaro as well as Rangers defender Matthew Etim, who only married weekend. Pascal further said they would begin training on Wednesday. The squad is due to depart soon for South Africa before flying to Rwanda for the CHAN. They open their 2016 CHAN campaign against Niger on January 18, in Kigali. Tunisia and Guinea are the other teams in Nigeria’s group.

U-17 players celebrating the FIFA World Cup won in Chile

Eaglets don’t deserve

monetary reward –Onigbinde Prince Obiaku

ormer Super Eagles coach, Adegboye Onigbinde, has advised the Federal Government against showering cash on the Golden Eaglets as reward for their triumph at the FIFA U-17 World Cup. The Eaglets retained the cadets’ cup in Chile last month and many pundits have suggested that the young lads be compensated heavily for their heroics in the South American country. However, Onigbinde who is a FIFA instructor frowned at the public demand for rewards for

The Sport Team

the boys questioning the moral values that it would imbibe in the youngsters. “What character are we building in our players that anytime you serve the country that you must look for monetary reward? What message are we passing as regard the future of these boys? I know in Nigeria we worship money and that is why we are in trouble. There are a lot of people that have done wonderful things for the country, what have they gotten? Nobody cares about them,”he said. The former Technical Director of the Nigeria Football Federation said that reward for the

players should not necessarily be monetary. He insisted that as teenagers, cash might not be what the players need, advising that the country’s reward system should be revised in such a way that individual’s needs would be appraised before dispensing compensation. “I don’t believe rewards have to be monetary. What I think is that we should have a close knowledge of these boys and what their needs are. You may have some of these boys with rich parents who can build houses for them so we must study the needs of every child and compensate them along that line” he said.

Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ifeanyi Ibeh

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

OPA Lagos 2015 Beach Soccer fiesta is set to kick off on Wednesday (today) at the Eko Atlantic Beach side with the kids beach soccer clinic. The clinic, which is a partnership initiative between the organisers of the tournament and Lagos State Sports Commission will have FC Barcelona Beach Soccer team captain Romiro Amarelle as facilitator who will be supported by the Super Sand Eagles captain Bartholomew Igbenegbu and five local coaches. Also, the sports commission has thrown its weight behind the annual beach soccer fiesta by making provision for about 150 kids between the ages of 8 and 14 years from various schools around the coastal area in Lagos State. The commission through its media department called for total supports from all stakeholders in sports. Some of the sponsors and partners of the tournament like FCMB, Supersport will be providing kits and balls and other gift items while Pepsi will be providing refreshment during the tournament.

2015 learning curve for me –Quadri

Adekunle Salami

Sport Correspondent

Lagos calls for Beach Soccer support

Quadri

Ajibade Olusesan

eigning International Table Tennis Federation Star Player of the Year, Aruna Quadri, is not satisfied with his showing in the outgoing year, saying 2015 was a learning curve for him as one of the biggest players in the world. Quadri rose to 30th in the world rankings in 2014 following excellent performances which included reaching the

quarterfinal of Tennis World Cup, but the 27-year is ending 2015 in 50th position in the world. He lost in the final of this year’s edition of Lagos Open to his fiercest rivals, Omar Assar of Egypt, and also crashed out in the semifinal of African championship. He told our correspondent in an exclusive interview from his base in France that although the year did not go as he expected, he learnt so much from the disappoint which would help him in the future. “2015 did not go as expected but those silver medals I recorded in some competitions are better than nothing, I missed three finals but the All Africa Games team gold medal remain my best moment of the year. “I started as world’s number 30 around January and ended at 50. It’s not too encouraging but I see it as my year of getting used to my current world ranking status.”

Nigeria’s Abu Azeez (left)

Sport News

WEDNESDAY, DECEMBER 16, 2015 NEW TELEGRAPH

Galatasaray keep tabs on Mikel

helsea of England midfielder, John Mikel Obi, has again come under the periscope of Turkish Super Lig giants, Galatasaray, with reports now hinting that he could be on his way to the Istanbul-based side this winter. The Super Eagles midfielder has become a bit-part player at Stamford Bridge, having made just nine appearances this season. Mikel also made just six

resident of the Athletic Federation of Nigeria, Chief Solomon Ogba, on Tuesday commended the Executive Governor of Lagos State, Mr. Akinwunmi Ambode, for reviving full marathon in Lagos, with the Access Bank Lagos City Marathon. He also commended sponsors of the race, Access Bank for keying into a project that will showcase Lagos landmarks to a global audience, boost local business, generate employment, enhance a healthy lifestyle and create fun for the family. The last time Lagos had a full marathon was 1985, 30 years ago. Ogba recalled that the AFN made attempts to sell the idea of a full marathon to past governments, but such appeals were turned down. Ogba said: “We thank Gov-

Dapo Sotuminu

ernor Ambode who not only embraced the idea but is working round the clock to ensure its success. “Marathon is not about a Nigerian winning or not, though I would be delighted if a Nigerian wins in Lagos but it is more than that. New York, Dubai, Berlin, Boston, Paris, Durban, Accra and several other marathons are not won by their citizens, but the one day event generates thousands of jobs in the host cities, millions of dollars are made.’’ Babatunde Adewale, an engineer who has taken part in some road races and marathon around the world, is delighted that Lagos will host a marathon. “I have done marathon around the world, I was not born in 1985 when Lagos, hosted marathon, so I thank governor Ambode for giving me the opportunity to witness one in my city, I will run for the fun,” he said.

Mikel

FIFA agent signs on six Uplift players

ix Uplift Football team players that benefited from the UPLIFTing Under-15 Grassroots Football programme organised by the wife of the Governor of Ogun State, Mrs. Olufunso Amosun, in 2013 have been signed on by a FIFA authorised agent. The authorised agent, Miljan Stevanovic, is expected to scout for a club that offers the best terms and conditions for the players. The contract of mandate with the agent was signed in Miren, Slovenia, with the aim of placing them in top European clubs that have shown interest in them since 2013. Speaking after the signing of the agreement, Mrs. Amosun, who is also the

he Chairman Local Organising Committee of the Sixth Nigeria Private Universities Games, Dr. Gboyega Afe Babalola, has declared that as host, his target is to win the overall title of the Games and already the athletes of Team ABUAD have started working towards achieving this dream. “The first time ABUAD participated in the Games, the school finished in second place, this was at the last edition of the Games, and we are at home backed up by massive home supports, the sky is our limit,” he said. “We are not scared of the intimidating record of the Benson Idahosa University, whose athletes won all five previous editions of the Games, we are focused and determined to make this dream come true.” Gboyega, who is the son of the legal luminary, Chief Afe Babalola, applauded the standard of competition at the Games which he said has been very high. In the men’s basketball event, Lead City University, Ibadan, On Tuesday (yesterday) defeated Bowen University 34-31 to qualify for the quarter finals topping Group D with six points.

league starts in Chelsea’s titlewinning campaign last year due to the form of first-choice defensive midfielder Nemanja Matic. According to Takvim, Galatatasary are now planning to make contact with Chelsea in the coming days to try and agree a fee for the 28-year-old. Mikel’s current deal with the Blues runs until 2017 but the club is unlikely to offer him a new one and could take advantage of Galatasaray’s interest next month.

Ogba, bank commend Ambode for marathon revival Charles Ogundiya

NPUGA: Afe Babalola targets overall title

Founder and President of Uplift Development Foundation, was excited about the project. “It’s a landmark event for the players. It’s a new beginning in their lives and their football careers. We have just authorised a FIFA agent to look for opportunities on behalf of the players. Beyond this, in the course of the week, the

players will be playing for scouts from different clubs like Juventus, Inter Milan and others to watch them in action, with the aim of signing them permanently,” she said. The Uplift Development Foundation had in 2013 spotted the players’ talents during an U-15 state-wide grassroots football camp in Abeokuta, Ogun State.

Mrs. Olufunso Amosun (middle) with the players and FIFA agents

Falode thanks S’ South Congress, hails NFF F

oremost sports journalist and Women’s Sports Development icon, Aisha Falode, has sent her words of thanks and encouragement to the South South Congress of the Nigeria Football Federation, following the body’s endorsement of her as the candidate for the NFF Women’s League leadership. Falode, said the body headed by Rivers FA Chairman and Chairman of NFF Committees, Chris Green, is an outstanding body for choosing her to run for such position. “Seriously, I am short of words, humbled and will like to thank my kins in the South South for this trust bestowed on me. I promise that when the time is ripe I will again officially thank them,” she said. Falode declared that after she has been endorsed by the NFF South South Congress, she was now waiting for the rules of the elections to the rolled out before she throws her hat into the ring. In another breath, she congratu-

Falode

lated the leadership of the NFF, led by Amaju Pinnick for the huge strides in has made in recent times and hopes the NFF Congress that meets in Abuja this Wednesday will give the NFF Executive Committee a pat on the back.

COPA Lagos: Barca send warning signals to Pillars, 3SC

arcelona on Sunday sent a serious warning signal to other teams taking part in the forthcoming COPA Lagos Challenge by winning the Beach Soccer Club World Cup in Rio de Janeiro, Brazil. Shooting Stars, Kano Pillars and Pepsi Academy beach soccer teams are expected to compete with the Barca team in the Copa Lagos Challenge billed to start this weekend. However, the Catalans beach team came from 4 - 1 down to draw level 4 - 4 at the end of the last quarter before

eventually coming tops 3 - 2 against hosts, Vasco Dagama, in a hostile environment. Vasco Dagama’s Bokinho drew the first blood to put his team ahead of the Spanish side, while Catarino made it two, Datinho of Barcelona reduced tally by one at half time, Marco Leon and Bokinho stretched the lead by two more goals for the tournament hosts. Coach and captain of FC Barcelona, Romiro Amarelle and Lioren brought the game to level scores with three goals in between them

in the second and third quarters to take the beach soccer club finals beyond regulation time into penalty kicks before winning the coveted trophy 3 -2. FC Barcelona defeated beach soccer clubs such as Levante 3 -2, Ahli 4-3, Sporting Lisbon 8-6 and Ah-Ahly 3-2 in the semifinals before defeating Vasco Dagama in a stern contest to emerge champions of the 4th Beach Soccer World Club Championship. FC Barcelona player, Ozu, was voted tournaments Most Valuable Player.

NEW TELEGRAPH WEDNESDAY, DECEMBER 16, 2015

Abramovich considers

Mourinho sacking

helsea manager Jose Mourinho’s future is firmly back on the agenda as Roman Abramovich agonises over whether to sack the Portuguese. Two consecutive Premier League defeats has piled more pressure on the beleaguered boss, who publicly attacked his players following Monday night’s loss at Leicester. Sportsmail can reveal club chiefs held a crunch meeting to discuss Mourinho’s future the day after Chelsea’s shock loss to Premier League newcomers Bournemouth on December 5. It is understood those talks, which started in the early afternoon, lasted well into the evening as they decided to give the Special One more time to

foreign News 47

International Sport

turn the club’s season around. Paying Mourinho another hefty compensation package and the lack of proven candidates to replace the manager are believed to have been discussed during the meeting. The length of the discussions, around nine hours, could be construed as an indication of how prevalent the issue of Mourinho’s position is within the corridors of power at Stamford Bridge. Last week’s Champions League victory against Porto eased pressure on Mourinho, with the Blues board hoping it would prove the turning point in a hugely disappointing season. But the defeat at the King Power Stadium has plunged Mourinho’s position back into uncertainty.

Saudi Arabia forms Islamic counterterrorism coalition

audi Arabia said yesterday that 34 nations have agreed to form a new “Islamic military alliance” to fight terrorism with a joint operations center in the kingdom, but the coalition does not include Shiite majority Iran or Iraq, and it’s not clear how exactly it would function. The announcement, published by the state run Saudi Press Agency, said the Saudi led alliance is being established because

terrorism “should be fought by all means and collaboration should be made to eliminate it.” However, the absence of Iran, Iraq and Syria, three countries battling the Islamic State group, raised questions about whether the alliance was intended to present a unified front against the extremists or Tehran, Saudi Arabia’s main regional rival. Riyadh backs rebels fighting to overthrow Syrian President Bashar

Assad, a key Iranian ally, and has been leading an Arab coalition against Iran supported Shiite Houthi rebels in Yemen since March. It is also part of the US led coalition fighting the Islamic State group in Syria and Iraq. The Saudi statement said Islam forbids “corruption and destruction in the world” and that terrorism constitutes “a serious violation of human dignity and rights, especially the right to life and the right to security.”

A police officer blocks off a school after 900 schools were shut down in Los Angeles due to threat .

Zimbabwean MP charged over First Lady insult

Leicester star N’Golo Kante (right) chasing Chelsea’s winger Willian

Gov’s Cup Tennis

Emmanuel, Michael others progress Ajibade Olusean

igerian players salvaged their reputation in the ongoing 15th Governor’s Cup Lagos Tennis Championship at the Lagos Lawn Tennis Club, Onikan on Tuesday with a host them battling their way to the next stage. Already, six Nigerians are out of the $80, 000 prizemoney championship in the first round of the Futures 4 on Monday, Sylvester Emmanuel shone against Russian Alexei Filenkov winning 7-6(5),

7-5 in a closely contested men’s singles match. His reward is a second round clash on Wednesday eighth-seeded Frenchman, Fabien Reboul. Another Nigerian, Joseph Imeh, defeated American Anderson Reed 6-2, 1-6, 6-3 to set up a meeting with Takanyi Garanganga, the third seed from Zimbabwe while Umaru Balami beat Ghana’s Pascal Ziyab Alome in straight set of 6-3, 7-5 to also book a second round place. Moses Michael, who won the 14th edition of the

Governor’s Cup defeated compatriot Albert Bikom but in doing so, he is now expected to have his hands full as he faces men’s top seed Aldin Setkic from Bosnia, the winner of the first leg. In the women’s singles, Nigeria’s number one female player, Sarah Adegoke was beaten by Mara Schmidt of the USA 6-0, 6-3 while Nigeria’s number two, Christie Agugbom could not also stand the firepower of Valeriya Strakhove of Ukraine losing 6-0, 6-0.

ruling party MP in Zimbabwe has been charged with making “insulting” remarks about the first lady Grace Mugabe. Justice Wadyajena was accused of using abusive language against a fellow Zanu-PF party member, who had a portrait of Mrs. Mugabe on his car. The incident is being seen as part of internal party wrangling over who should succeed President Robert Mugabe. Two camps have emerged, one backing Mrs Mugabe and the other the 91-year-old leader’s deputy Emmerson Mnangagwa. Mr. Wadyajena is reported to be loyal to VicePresident Mnangagwa while the man he argued with, Jimayi Muduvuri,

Grace Mugabe

supports Mrs. Mugabe. Both men were attending the party’s recent conference in the resort town of Victoria Falls. Mr. Wadyajena was quoted in court papers as having told Mr Muduvuri: “You are a fool, as well as that ‘mother’ of yours.” The first lady is referred to as “amai”, meaning

mother, by supporters of Zanu-PF. The MP, who represents Borrowdale Brooke in Harare, was granted $800 (£500) bail and is expected to go on trial on 5 January. Mrs. Mugabe held rallies across the country ahead of Zanu-PF’s conference, which many have seen as a sign of her political ambitions. The 50 year old first lady took over the ruling party’s women’s league last year after spearheading the expulsion of former Vice President Joice Mujuru and her supporters from ZanuPF. Mr. Mnangagwa, 69, is a veteran of the independence struggle and Zanu-PF and also served as the country’s spymaster in the 1980s.

Taraba playersvowtospendmorenightsprotesting Chinese film revenue hits N1trn in 2015 Jalingo side who asked not to address us and come up Odoh Tobechukwu

layers of relegated Nigeria Professional Football League side, FC Taraba, have vowed to remain at the government house of the Taraba State are until they are paid their backlog of salaries. The players on Monday slept in front of the government house in Jalingo, and said the state government should pay them immediately. One of the players of the

to be named said the players were determined to continue with the open, nonviolent demonstration as long as it takes the governor to hear them out for once as well as proffer immediate solution to their sufferings. “Of course, we passed the night (Monday) outside the gate of the government house in Jalingo, and I tell you we are not ready to leave the spot or hear anybody’s appeal but the governor himself coming out

with instant remedy to our plight,” the player said. “On Monday, the Commissioner for Sports came to address us but we told him plainly that we do not believe in him as his past promises have not yielded any respite for us. “Later the Commissioner of Police came to inquire what the issues were and thereafter he reminded the Sports Commissioner on the need to do the needful as our presence constitutes a threat to security.”

Stanley Ihedigbo

onsulate –General of the People’s Republic of China, in Lagos, Mr. Liu Kan, has announced that the Chinese film revenue has grown to over N1trillion in 2015. Speaking yesterday with Journalists in Lagos, in preparation for the maiden edition of Chinese film festival coming up this weekend, the Consulate –General

said that over the past 12 years, Chinese film revenue has grown 40 times from the N25 billion in 2003 to N1trillion in 2015. He added that number of cinemas in China has grown from 1140 in 2003 to over 6200 in 2005, and 700 million Chinese people watched films in 2003 while the number has reached 1.14 billion in 2015. According to him, Chinese made films have been improved quite a

lot in both quantity and quality, which some of the films have reached international level and the development of Chinese film industry is taking on good tendency in general. He noted that African film industry has also developed tremendously in recent years, especially the film industry in Nigeria which he said has huge potential considering its over 170 million population.

On Marble “Justice is the insurance which we have on our lives and property. Obedience is the premium which we pay for it. ” – William Penn

World Record

Sanctity of Truth

The biggest stadium in the world is Rungrado May Day Stadium in Pyongyang, North Korea. With a capacity of 150,000 seats it is considerably bigger than any other stadium in the world.

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

WEDNESDAY, DECEMBER 16, 2015

N150

Impediments to the fight against corruption (1)

he World Bank defines public sector graft, corruption, enrichment and or sleaze as “the abuse of public office for private gain”. Corruption includes abuse of power; but it is a larger concept and a much more serious issue than the misuse of public office for private benefits. “Corruption is the breach or perversion of legal rules, established procedure, code of conduct or social norms, in the service of unethical or illegitimate ends. For corruption to have taken place there must be some legal rules, established procedure, code of conduct or social norms that have been either violated or perverted. The essence of corruption is deviation from public regulations or rules, or code of conduct or social norms. The litmus test of corrupt practice is not whether or not some private individuals or groups benefit from the act. It is whether a rule or code of conduct was violated and whether the end served in so doing was illegitimate or unethical”. We must acknowledge that Nigeria is a constitutional democracy based on the rule of law and due process. Its criminal jurisprudence is anchored on the presumption of innocence and due process rights. In concrete terms, it entails that any individual suspected of penal infringement is presumed innocent until the contrary is proved before a properly constituted court of law. The law is clear that any person arrested or detained shall have the right to remain silent or avoid answering any question until after consultation with a legal practitioner or any other person of his own choice. He must also be informed in writing within 24 hours and in a language that he understands of the facts and grounds for his arrest and detention. Furthermore, any person who is arrested or detained upon reasonable suspicion of having committed a criminal offence shall be brought before a court of law within a reasonable time. If a person is arrested and detained in a place with a court of competent jurisdiction, the person shall be taken to court within 24 hours and if there is no court of competent jurisdiction within 48 hours. Coterminous to this is that any person charged with a criminal offence must be informed promptly and in a language he understands of the reasons for his arrest, and be given adequate time and facilities for the preparation of his defence. The person is also entitled to defend himself or engage the services of a legal practitioner for his defence. Moreover, any person who is arrested or detained on reasonable suspicion shall be brought before a court of law within a reasonable time and if he is not tried within a period of two months from the date of his arrest or detention in the case of person who is in custody or is not entitled to bail; or three months from the date of his arrest or detention in the case of a person who has been released on bail; he shall(without prejudice to any further proceedings that may be brought against him) be released either unconditionally or upon such conditions as are reasonably necessary to ensure that he appears for trial at a later date.

Hard Choices FESTUS OKOYE

festokoye2003@yahoo.com 08054480565 (sms only)

Ibrahim Magu, EFCC boss

Abubakar Malami, Attorney -General

The point here is that these are constitutional stipulations and they are not ordinary stipulations. By our jurisprudence the constitution is the organic law of the land. It has a preeminent existence in the body of laws of the country. It is the tension in the application and interpretation of constitutional stipulations as against the laws made by the National Assembly that is at the root of the tension and debates and frustration relating to the fight against corruption. Some of our people believe and I share their sentiment that corruption is at the root of the stunted development in the country and has denied us the opportunity of developing at a pace dictated by the resources of the country. Some of our people believe that the lack of effective sanctions encourages impunity and that corruption has assumed the status of tradition in the country. They wonder and frown on a judicial system that allows corrupt people to keep their loot and use their loot to buy justice. Unfortunately, the story is slightly different from the way it is presented and we must try to understand the story for us to have a foothold on how to tackle the festering impunity of corruption. First, there is the issue of multiplicity of laws and the overlapping jurisdiction and functions of the agencies created to tackle the issue of corruption. Corruption and its various nomenclatures are a criminal offence in the Penal Code Law and the Criminal Procedure Code. It is a crime under the Corrupt Practices and Other Related Of-

fences Act, 2000. It is a crime under the Economic and Financial Crimes Commission Act. The multiplicity of laws is bad for our criminal jurisprudence. Unhealthy rivalry and competition based on jurisdiction and mandate has taken over the due administration of laws. Sometimes, complainants engage in forum shopping and lodge the same petition or complaint with the same agencies and the same organs and agencies will start investigation on the same issue and at the same time. Sometimes, the same complainants wait and lodge the same petition with a different agency on dismissal of their petition. There is the need to harmonize our anti corruption laws and streamline the agencies and properly define jurisdictions to avoid rivalry, unhealthy competition and forum shopping. There is also the challenge of proper and professional investigation of offences. Nigeria is a cash economy and some of the corrupt people own banks, financial institutions and bureau de change. They have perfected the art of moving illicit money from one continent to the other and from one country to the other using proxies and companies of dubious parentage. Some of them are also well connected in the anti corruption agencies. It is therefore imperative for those assigned with the task of tracking and investigating cases of corruption to be ahead of the corrupt people in terms of modern investigation techniques and forensic knowledge. Without modern equipment and gadgets, it will be next to impossibility to conduct proper inves-

tigation. Proper investigation is also at the root of prosecution. What we have unfortunately, is a situation where some of the agencies charged with the investigation and prosecution of offenders will arrest without sufficient evidence to sustain a trial, only to arrest and begin search for evidence. The moment that happens, the due process rights inure to such individuals and the Agency is put under pressure not to violate such rights. This exposes the agencies to act either within the constitution or outside it. In some cases they grant administrative bail to the suspects or accused persons. At other times they take accused persons to court, dramatize it and bail is given to the accused persons and it ends there. This has encouraged and emboldened some of the accused persons to turn their trial into a carnival with drummers, town criers and demonstrators. The agencies charged with investigation and prosecutions know that conviction can only be based on facts and not on speculation. While public opinion sometimes influences the course of justice, what ultimately fetches and secures conviction is the quality of investigation carried out and the character and value of evidence presented to the courts. When the investigation is weak, the anti graft agencies file 50 to 100 count speculative charges believing that at least two to three may survive after the rest are struck out. Unfortunately, the courts are not supposed to aid anti graft agencies to do their work in a manner that will secure conviction. I must emphasize that there is no offence that is captured in the ICPC Act and the EFCC Act that is not bailable. We must understand this as the popular feeling is that those accused of corruption should be held in detention and or sent to prison custody. Therefore, when the courts release persons charged with corruption on bail the words that are put out is that the courts are an impediment to the fight against corruption.

HIGH CHIEF

WHY FAYOSE WILL NOT SACK WORKERS, CUT PAY–Speaker

- Because he runs a govt of the people, by his people, for his people!

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos. Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja. Advert Hotlines: (Lagos 0902 928 1425), (Abuja 0805 5118488) Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Editor: AYODELE OJO.