New telegraph wednesday, january 20, 2016 binder1

Non-oil revenue receipts declined to $4.39b in 2015, says CBN

Tax break: Nigeria loses N650bn to NLNG, oil companies Abdulwahab Isa and Philip Nyam Abuja

V

arious tax holidays and incentives granted by the

Federal Government to multi-national oil and gas firms may have denied the country an estimated $3.3 billion in revenue.

Shell, Total and ENI, which form part of the Nigeria Liquefied Natural

Gas (NLNG) consortium, benefited from the 10-year tax holiday.

Country Director, ActionAid Nigeria, Ojobo Atuluku, said at the launch of the global nongovernmental organisa-

tion’s report: “Leaking Revenue: How a big tax break to European gas companies has cost Nigeria billions,” in Abuja, yesterday, that the tax break dates back to 1999.

According to her, the

NLNG Act grants a 10-year tax holiday that exempts them from all corporate tax payments for the first 10 years of operation.

She said that the NLNG Act made the consortium CONTINUED ON PAGE 3

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FG: Corrupt judges will end up in jail

lNigeria, UAE sign agreements on loot recovery }2 lPresident vows to deal with oil thieves, vandals Arms deal: PDP, lawyers kick as Metuh appears in handcuffs }4

National Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh, in handcuffs, during his trial for money laundering at the Federal High Court, Abuja…yesterday. PHOTO: ELIJAH OLALUYI

Budget: Speaker, Reps divided over Buhari’s letter

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WednESDAY, JANUARY 20, 2016 NEW TELEGRAPH

FG: Corrupt judges will end up in jail Tunde Oyesina and Anule Emmanuel Abuja

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he Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) yesterday said any judge found corrupt shall be prosecuted and jailed.

He added that the government of President Muhammadu Buhari will actively promote and ensure that corrupt judges are prosecuted and their illegally-acquired assets are returned to the state.

Malami further noted that considering the pivotal role that judges play in the administration of justice, it is important to ensure that they are beyond reproach or even suspicion.

"Gone are the days when corrupt judges escaped from justice in Nigeria," he stated.

The AGF stated this in Lagos at the media launch

of Socio-Economic Rights and Accountability Project (SERAP)’s latest report titled "Go home and sin no more: Corrupt judges escaping from justice in Nigeria."

The AGF, who was represented by his Senior Special Assistant (White Collar Crimes), Abiodun Aikomo, said: “I can assure you today that in line with the cardinal agenda of President Muhammadu Buhari’s administration, the office of the Attorney General of the Federation shall ensure that every appearance of corruption in the judiciary is dealt with, among other measures, through criminal prosecution and forfeiture to the state of illegally acquired assets.”

He further stated that acts of judicial impunity will also not be condoned, so that judges can be accountable at all times in a corruption-free judiciary which is both independent and impartial.

"The judiciary’s one and

only mandate should be to deliver justice without fear or favour, affection or ill-will. The world over, the rule of law and separation of powers, which are inseparable components of a democratic government, presupposes the existence of an independent and impartial judiciary.

“Unfortunately, the trust reposed in the Nigerian judiciary is often betrayed on the altar of corruption or other conducts incompatible with the exalted office of a judge.

Though, there have been cases of removal of some judges for acts unbecoming of judicial officers, often times upon the recommendation of the National Judicial Council (NJC) in line with the provisions of the 1999 Constitution of the Federal Republic of Nigeria (as amended) (1999 Constitution) which empowers the president to remove a judicial officer from office on the recommendation of NJC. “Nevertheless, in real-

ity, on a comparison between the widely reported cases of corruption in the judiciary vis-à-vis the records of judicial officers who have actually been punished therefore, it would appear as if Nigerian judges enjoy total immunity from prosecution for corruption (and allied offences), whereas judges are not immune from discipline for any misdeed, let alone for corruption.

“As we may be aware, this administration promised Nigerians that it will promptly address the challenges facing our nation in the three areas of: (a) Corruption, (b) Economy and (c) Security.

“Let no one be in doubt, the legitimate expectation of Nigerians in this regard shall be met. In this regard, therefore, I am reiterating that the fight against corruption shall be total and will not exclude judicial officers who are found wanting. After all, it is beyond doubt that a corrupt judge cannot meaningfully con-

L-R: Minister of Finance, Mrs. Kemi Adeosun; President Muhammadu Buhari; Crown Prince of United Arab Emirates (UAE), Sheikh Mohammed Bin Al Nah Yan and UAE Minister of State for Financial Affairs, Obaid Ahayad, at the signing of finance agreements by both countries in Abu Dhabi…yesterday.

tribute to the fight against corruption.

“We shall continuously remind our judges about the judicial oath to which they subscribed upon their appointment which inter alia read as follows: …I will discharge my duties, and perform my functions honestly, to the best of my ability and faithfully in accordance with the Constitution of the Federal Republic of Nigeria and the Law; … that I will not allow my personal interest to influence my official conduct or my official decisions; that I will preserve, protect and defend the Constitution of the Federal Republic of Nigeria.

So help me God." Earlier in his speech, SERAP’s Executive Director, Adetokunbo Mumuni, noted that corrupt judges are more dangerous to the society than corrupt politicians because a corrupt judiciary denies both victims of corruption and those accused of corruption access to an independent, impartial and fair adjudication process.

Meanwhile, Nigerians who consider the United Arab Emirates (UAE) as a safe haven for proceeds of corrupt practices are in for a difficult time as the Federal Government has signed six agreements with the United Arab Emirates (UAE) that would assist in the ongoing anticorruption war being embarked upon by President Muhammadu Buhari.

The agreements are specifically focused on enhancing bilateral cooperation between the two countries and aide the recovery of all stolen funds from the national treasury.

Buhari, who attended the 2016 World Future Energy Summit, witnessed

Senate backs Emefiele on economic policy Chukwu David Abuja

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he Senate yesterday grilled the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, at an executive session on the persistent crash of the naira against major international currencies.

Emefiele, who briefed the Senate on the worrisome fall of the nation's currency, the activities of the bank and the performance of the economy in the last one year, attributed the immediate economic problems of Nigeria to the global economic conditions.

Briefing journalists on the outcome of the meeting, the Senate spokes-

man, Aliyu Sabi, said that Emefiele’s analysis indicated that the economy was not doing badly visa-vis the state of global economy.

According to Sabi, the CBN governor pointed out that American economic policies and other international variables were contributory to the progressive crash in the value of the naira.

Sabi said: "We received the CBN governor today and he briefed us on the state of the economy and activities of the bank.

What he did today is in line with the provisions of the constitution. He touched global economic conditions.

"He told us that we are not immune from the external shocks of the

world. He drew leakages from international occurrences and their effects on the Nigerian economy. He also gave us insights into the various policy actions the bank has taken over the month.

"Based on his analysis, it is clear that the Nigerian economy is not doing badly. We asked the CBN governor questions on the suspension of bureaux de change (BDCs) from accessing foreign exchange.

The Senate acknowledged the pains Nigerians are facing.

"But having listened to the CBN governor, we fully support him. The actions are meant to strengthen local production and build resilience in the Nigerian economy. We believe that we will come off it.

"The demand for forex in Nigeria is guided by artificial demands. We will come up with policies to enable the CBN determine requests that are genuine.

Let me say that the policy of the government is yielding some fruits. It has stabilised the economy."

The Senate had, last week Thursday, summoned Emefiele to appear before it yesterday to give explanations on the continuous crashing of the naira against the dollar.

This followed a Point of Order raised by the Leader of the Senate, Senator Ali Ndume, who expressed concern that the development was getting out of hand and needed urgent attention to save the country from impending doom.

Accordingly, President of the Senate, Bukola Saraki, directed Ndume to convey Senate’s resolution to the CBN Governor.

While raising his point of order, Ndume said that it was expedient for the upper chamber to invite the CBN governor to brief it on the worrisome development.

He said: "As at today, naira is exchanged for N305 to $1. In view of this worrisome situation and the fact that we all know that this country depends so much on imported materials and even food, there is a need for this Senate to, as a matter of urgency, call, invite or summon the Governor of the CBN to explain this situation and to provide the necessary solution to this situation."

the signing ceremony of the agreements in Abu Dhabi.

The Crown Prince of the United Arab Emirates, Sheikh Mohammed Bin Zayed Al Nahyan, also witnessed the signing of the agreements, which were in areas of trade, finance and judicial matters Nigeria's Minister of Finance, Mrs. Kemi Adeosun and the UAE’s Minister of State for Financial Affairs, Obaid Attayar, signed the Avoidance of Double Taxation Agreement, while the Minister of Trade and Investment, Mr. Okechukwu Enelamah signed the Agreement on Trade Promotion and Protection with the UAE’s Minister of State for Financial Affairs.

According to a statement by the Special Adviser on Media and Publicity, Mr. Femi Adesina, the Minister of Justice, Abubakar Malami (SAN) and his counterpart in the UAE, Sultan Bin Saeed Albadi, signed the Judicial Agreements on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters, which includes the recovery and repatriation of stolen wealth.

At a reception after the signing of the agreements, Buhari reiterated his commitment to fighting corruption and restoring Nigeria's dignity in the comity of nations.

The president also urged all Islamic countries to support the fight against terrorism in Nigeria and denounce the atrocities of Boko Haram as un-Islamic and against the teachings of the Holy Prophet.

In his remarks, Crown Prince Zayed Al Nahyan said that the relationship between Nigeria and the UAE will be strengthened

by Buhari's visit and the signing of the agreements.

In another development, Buhari has warned Telecommunication companies operating in the country to comply strictly with the guidelines of the Nigerian Communications Commission (NCC) in all their dealings.

The president said government will not tolerate the situation where they place priority on profit making other than quality services they are expected to provide to Nigerians.

Buhari stated this yesterday in Abu Dhabi during an interaction with Nigerians resident in that country.

He urged telecommunication companies operating in Nigeria not to place their desire for huge CONTINUED ON PAGE 4

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NEW TELEGRAPH WednESDAY, JANUARY 20, 2016

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Budget: Speaker, Reps divided over Buhari’s letter Philip Nyam and Chukwu David Abuja

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embers of the House of Representatives were divided yesterday over the letter sent by President Muhammadu Buhari making some corrections in the 2016 budget.

While reading the president’s letter dated January 15 and titled “2016 budget proposals,” Speaker Yakubu Dogara told his colleagues that the president said corrections have been made to the details of the budget as presented on December 22, 2015.

But hardly had the speaker finished reading the letter at 11:25a.m. when the minority leader of the House, Hon. Leo Ogor, (PDP, Delta) raised a constitutional point of order citing Sections 81 and 84 of the 1999 Constitution (as amended).

Ogor argued that the provisions of the law did not give the president powers to amend budget, adding that such powers lie with the legislature.

He consequently called on the House to disregard Buhari's letter.

However, Dogara rose in defence of the president, submitting that there was nowhere in the letter that Buhari said the budget was amended, adding that it is only the president that has powers to make corrections to the budget if he

observes any error.

Dogara’s explanation, however, drew the ire of the Peoples Democratic Party (PDP) lawmakers, who started chanting "no, no!" preventing the speaker from making his point for some minutes.

The protest from the opposition lawmakers did not, however, stop the speaker who insisted on making his point as he hinged his argument on the fact that there was nowhere the president mentioned the word amendment. Rather, he used the word correction.

The PDP lawmakers were yet undaunted as Hon. Linus Okorie (PDP, Ebonyi) raised another point of order, noting that the speaker did not follow the House procedure as he chose to read petitions before the House when in actual practice the president's letter ought to have been read first.

Ruling on Okorie’s point of order, Dogara explained that the House Rules in the introductory notes states that unless the House otherwise direct.

The explanation drew a loud applause from members.

The president's letter read in part: “It will be recalled that on Tuesday, December 22, 2015, I presented my 2016 budget proposals to the joint sitting of the National Assembly.

"I submitted a draft bill accompanied by a schedule of details. At the time of submission, we indicated that because the details had just been produced, we would have had to check to

ensure that there were no errors in the detailed breakdown contained in the schedule. That has since been completed and I understand that the corrections have been submitted.

“The National Assembly would, therefore, have the details as submitted on the 22nd and a copy containing the corrections submitted last week. It appears that this has led to some confusion.

“In this regard, please find attached the corrected version. This is the version the National Assembly should work with as my 2016 budget estimates. The draft bill remains the same and there are no changes in

the only company in Nigeria with its own law defining its tax framework and also permanently exempts the consortium from a range of other taxes.

Atuluku described the lost revenue as the equivalent of twice the nation’s national education budget and thrice the healthcare budget for 2015.

“This calls for serious concern in a country where over 20 million children do not go to school and almost 15 out of 100 children die before their fifth birthday.

“ActionAid researches from 2013 show that the tax incentives cost developing countries at least $138 billion every year, part of which is an estimated amount of $2.9 billion or a whopping N577 billion Nigeria forfeits every year as a result of tax incentives.

“There are incontrovertible evidences from researches conducted in many developing nations that corporate profits are soaring and corporate in-

vestments in low income countries had tripled since the 1980s. Yet the corporate tax revenues of the countries where these profits are generated have flat-lined as a percentage of their GDP,” she said.

The development, she said, had resulted to women and children suffering as healthcare, schools and other key public services are starved of resources.

Towards this end, she said that ActionAid and partners on the Tax Justice platform would want Nigeria and other resource rich developing countries to begin a review of their tax incentive policies.

She tasked the National Assembly in particular that apart from reviewing the existing laws on tax incentives, it should also exercise caution in the proposed amendment to the Companies Income Tax Act 2004.

“The proposed amendment aims to provide additional tax incentives for gas utilisation, mining sectors and businesses

that the Senate would commence debate on the budget proposals today and continue tomorrow and Tuesday next week.

Consequently, Saraki directed the Senate Leader, Ali Ndume to ensure that copies of the budget estimates were produced and distributed to members in preparation for debate.

His words: "I think with this, we can start our debate as projected as from tomorrow (today). I think the most important thing as far as Nigerians are concerned is the content of the budget and how it is going to impact on the

lives of all of us.”

Saraki had, last week Wednesday, admitted during plenary that there were some issues about the bill and that an investigative committee had been directed to dig into the controversy and report back to the Senate.

The Senate, on Thursday, confirmed that the money bill had been tampered with and that copies of the doctored version of the document were produced by the Senior Special Assistant to the President on National Assembly (Senate), Senator Ita Enang, and brought to the Senate.

L-R: Director, Internal Affairs, Economic and Financial Crimes Commission (EFCC), Mr. Wakili Mohammed; Head of Media, Mr. Wilson Uwujarin and acting Chairman, Mr. Ibrahim Magu, at an interactive session with journalists in Abuja…yesterday.

Tax break: Nigeria loses N650bn to NLNG, oil companies CONTINUED FROM PAGE 1

any of the figures."

Meanwhile, after two weeks of controversy, the Senate yesterday adopted Buhari's request, asking it to discard the original budget proposals he presented to the Joint Session of the National Assembly and work with a corrected version of the bill.

President of the Senate, Bukola Saraki, also read Buhari’s letter during plenary.

In his remarks after reading the letter, Saraki said that what was paramount in the hearts of Nigerians was the content of the budget and how it would impact on their lives.

He, therefore, noted

located in areas with inadequate infrastructure.

It suggests increasing the length of specific sectors’ tax holidays and offering 10-year tax holidays to companies established where no infrastructure, that is electricity, water or tarred road, is provided by government.

“As a consequence of this new bill, more foreign companies would be allowed to benefit from large breaks as the three oil companies in this case study did,” she said.

In another development, the Federal Government has lost about $1.1 billion between 2011 and 2012 in crude oil swap arrangement of the Nigeria National Petroleum Corporation (NNPC).

This disclosure was made in presentations by the Nigerian Extractive Industry Transparency Initiative (NEITI) and the Federal Inland Revenue Service (FIRS) at the opening of House of Representatives ad hoc committee investigating CONTINUED ON PAGE 4

INEC: 2015 recorded highest number of annulled elections Onyekachi Eze ABUjA

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espite the claim that the conduct of the 2015 general elections was the most credible, free and fair, the Independent National Electoral Commission (INEC) said it recorded the highest number of annulled elections in the country since 2007.

Ironically, the 2007 general elections, which were conducted by Prof. Maurice Iwu that was adjudged as the most flawed, however, recorded the least number of annulled election results by the courts.

INEC Chairman, Prof.

Mahmoud Yakubu, who gave the statistical analysis of the three previous elections conducted between 2007 and 2015, at his first meeting with Resident Electoral Commissioners (RECs) in Abuja yesterday, said a total of 96 elections conducted in 2015 were nullified by the courts as against 34 in 2011 and 20 in

2007.

Yakubu explained that out of the 96 nullified elections, the Appeal Court ordered fresh elections in 81 while INEC was ordered to issue certificate of return to 15 rightful winners of the elections.

"As at last week, the high courts sitting nationwide have annulled a total of 81 elections – senatorial, House of Representatives and two governorship elections that will proceed to the Supreme Court.

"But in addition to the nullified elections, some elections were upturned and the court ordered for the issuance of certificate of return. As at the end of last week, there were 15 of such cases, which we have duly complied," Yakubu added.

He said the number of upturned elections in 2015 is more than the two previous elections put together.

He told the RECs that the meeting was called to put heads together to re-

spond immediately to the decisions of the courts to conduct these elections.

According to him, the commission has a maximum of 90 days to conduct the elections.

"This means that we have at latest, the middle of March to conduct the elections. So, the first quarter of this year is going to be for the commission, like a mini-general elections," he reminded them.

Yakubu apologised to the RECs that the meeting could not hold earlier than now because of what he described as "intervening circumstances."

He explained that since the inauguration of the new commission on November 19, 2015, it was immediately faced with series of elections, which prevented an earlier meeting.

The meeting, which has 19 RECs and 17 Administrative Secretaries in attendance, is expected to draw the timetable for the conduct of the 81 by-elections.

4

News

WednESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Arms deal: Court admits Metuh to N400m bail

lPDP, lawyers kick as he appears in handcuffs Tunde Oyesina and Onyekachi Eze ABUJA

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he Federal High Court sitting in Abuja yesterday granted the National Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh, bail in the sum of N400 million, with two sureties in the sum of N200 million each.

The court had also adjourned till January 25 for trial.

The Federal Government had, on Friday, arraigned Metuh on a sevencount charge bothering on money laundering to the tune of N400 million received from the account of the Office of the National Security Adviser (ONSA), being part of the funds meant for the purchase of arms to fight Boko Haram.

Metuh pleaded not guilty when the charge was read to him.

His counsel, however, prayed the court to admit

him to bail.

Delivering ruling, the trial judge, Justice Okon Abang, ordered that the two sureties must own property in Maitama, Abuja.

The judge also ruled that the sureties must produce the certificates of occupancy of the property, which must be verified by the Chief Registrar of the court and confirmed by the Economic and Financial Crimes Commission (EFCC).

In addition, the court ordered Metuh to deposit his travelling documents with the court pending the period of his trial.

He also ordered the EFCC to verify the residences of the sureties in Abuja.

Justice Abang also ordered that Metuh, who appeared before the court in handcuffs, should not be released from custody until he met the bail conditions.

The EFCC in the charge alleged that Metuh, who was arraigned along a

firm, Destra Investments Ltd, received N400 million, part of the money meant for the procurement of arms, from the Office of the NSA in November 2014.

Meanwhile, the PDP and some lawyers have condemned the way and manner Chief Olisa Metuh was handcuffed to court by officials of the Nigerian Prisons.

Metuh, the National Publicity Secretary of the PDP, was being tried over his involvement in the arms procurement scandal.

The court had fixed yesterday for the hearing of Metuh's bail application.

However, to the surprise of lawyers, journalists and other people within the court premises, Metuh was brought to court handcuffed.

PDP said bringing Metuh to court in handcuffs was a deliberate means to humiliate him and portray the opposition leaders as common criminals.

In a statement by its National Secretary, Prof.

Adewale Oladipo, PDP said bringing Metuh in handcuffs was a display of authoritarianism demonstrated by the President Muhammadu Buhari-led Federal Government.

"This development, which expectedly elicited widespread public outcry, clearly betrays an extra-judicial, top political witch-hunt policy of the All Progressives Congress (APC), carefully designed to humiliate, embarrass and portray PDP leaders as common criminals," the statement said.

According to the statement, the action was made to cow and decimate the opposition and perceived foes of the government.

"The question remains, if not to mortify, dehumanise and break our National Publicity Secretary, who has been very vocal against the APC administration and of course to send a signal to others critical of the government, what else would have in-

formed the decision to produce him in court in handcuffs, even when his case does not border on security threat?

“Is this an attempt to sway the court and ambush the judicial process against our National Publicity Secretary, all because of his stance against observed ineptitude and dictatorial tendencies of this administration?" the party asked The party called on Nigerians and the international community to note the emerging barefaced abuse of state power and violation of constitutional provisions regarding the arrest, detention and eventual arraignment of its spokesperson.

"Under PDP administration, some Nigerians, including APC leader and former governor of Lagos State, Asiwaju Ahmed Tinubu, were tried, but never humiliated; now we see security operatives under this regime being used to crush and humiliate the opposition," PDP said.

An Abuja-based lawyer, Ibrahim Agbaje, said that such treatment is uncalled for.

"The man in question is not a hardened criminal who has the tendency of escaping. He is not standing trial for terrorism offence. Moreover, the offence he is being tried is a bailable one. So, I don't see the need why he should be

handcuffed," he added.

Also, a constitutional lawyer, Chief Emeka Ofor, said the trial to him was more of persecution than prosecution.

"As the scene unfolds, it is clear that trial of Metuh is more of persecution.

The law provides the instance at which handcuffs can be used on an accused.

I don't think this instant scenario falls into such. I think the Federal Government should be careful because every accused person is still presumed innocent until a competent court proves otherwise," he stated.

A human rights activist and lawyer, Martins Iniebor, said a suspect is handcuffed when he shows the tendency of violence.

"The offence is a bailable one, hence there is no need for the handcuff. I think the handcuff is just an eye service. It is not until an accused person is handcuffed that the world will know that we are fighting corruption.

"I think, we have been witnessing several trials on corruption in the past few months, we have not heard that anyone of them was handcuffed. One may begin to wonder why this one is peculiar. Is it because he is the spokesperson of the opposition party?

"Well, the issue is more of personal fight than legal fight," he stated.

President vows to deal with oil thieves, vandals CONTINUED FROM PAGE 2

L-R: Divisional Head, Managed SMEs, Fidelity Bank Plc., Ken Opara; Executive Director, Shared Services and Products, Chijioke Ugochukwu; Managing Director, Financial Derivatives Company, Bismarck Rewane and Founder, Leadership Effectiveness Accountability Professionalism Africa (LEAP), Ndidi Nwuneli, at the bank's SME Forum in Lagos...yesterday.

Tax break: Oil swap cost FG $1.1bn loss –FIRS CONTINUED FROM PAGE 3

the NNPC/PPMC oil swap deals.

NEITI's acting Executive Secretary, Dr. Ogbonaya Orji, in his presentation, said the oil swap arrangement was flawed, stressing that between 2010 and 2012, NNPC exchanged a total of 539,029 barrels.

“For instance, in 2012, the cost of the crude oil that was swapped was $6.4 billion while the value of refined products returned to the country in exchange for the swapped crude was $6.3 billion. By this singular transaction, the nation lost about $100 million.

"These transactions

are not an efficient use of Nigeria's oil. When one compares the total costs of these arrangements (crude, processing fees, freight, demurrage, inspection and insurance) with reported prices for PMS, DPK and AGO, large losses result," he said.

To mitigate price vulnerability, shortages in product availability and guarantee steady supply nationwide, in September 2010, the NNPC entered into crude-for-product exchange arrangement (swap) and crude oil Offshore Processing Arrangement (OPA) with Trafigura Nigeria Ltd, AITEO, Duke Oil and Ontario.

According to NEITI

report, through the swap and offshore processing arrangements, Nigeria lost an estimated $1.109 billion between 2011 and 2012.

In his presentation, Chairman, FIRS, Mr. Babatunde Fowler, disclosed that three companies involved in the arrangement owed the Federal Government N1.1 bilion in tax arrears.

He also revealed that Trafigura, a non-resident company, was not registered with the FIRS, adding that the company, since it has been operating in Nigeria, had never filed any returns with FIRS, which is in contravention of Nigeria's tax laws.

Duke Oil Limited, an-

other company owned by the NNPC, was also implicated in tax returns as it only paid N26.6 million since inception between August 2013 and August 2014.

The Comptroller General (CG) of Nigerian Customs Service (NCS), Col. Hammed Ali (rtd), represented by the ACG in Charge of Tariffs and Trade, Mr. Alu Roberts, said despite being involved in the oil swap deals, Trafigura had no record of bringing refined petroleum products back into the country.

He said since 2004, the NCS ceased inspecting cargoes with petroleum products.

profits above the security needs of the country.

According to him, the war against terrorism can only be won with collective effort and a commitment by all stakeholders to work in unison to halt the scourge.

He said that the registration of all mobile phone users without exception will help the security agencies to pre-empt terrorist attacks.

The president said that telecommunication companies operating in Nigeria must adhere to the rules and guidelines of NCC in this regard.

Buhari assured the gathering that his administration would deal decisively with the resurgence of oil theft, vandalism of pipelines and insecurity in the Niger Delta.

While declaring that the Nigerian Armed Forces had already dealt "deadly blows" on Boko Haram, the president said that the activities of oil thieves and vandals would soon be brought to an end.

"The oil thieves and abductors are a less prob-

lematic target. We will re-organise and deal with them," he said.

He assured Nigerians that his administration's war against corruption will continue to be vigorously pursued.

The president pledged that more persons who have abused the public trust will be exposed and brought to justice soon, adding that his government was committed to re-establishing former standards of accountability and probity in the management of public funds which were jettisoned under past administrations.

He appealed for more patience and understanding from Nigerians as his administration takes steps to safeguard the economy from the shock of falling oil prices.

"In the face of our new economic reality of dwindling oil prices, there are a number of things we can really do without to preserve our economy.

"We must develop the capacity to feed ourselves and we should be spending our resources on real development projects, not luxuries," he said.

NEW TELEGRAPH WEDNESDAY,JANUARY 20, 2016

Non-oil revenue receipts declined to $4.39bn in 2015, says CBN Abdulwahab Isa ABUJA

T

he Federal Government’s revenue from non-oil receipts declined from $10.53 billion in 2014 to $4.39 billion in 2015.

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, who disclosed this yesterday during an event in Abuja, tasked stakeholders in non-oil sectors to evolve strategies capable of reversing the trend.

The event was the flag off of a one-day conference organised by the CBN and

the Nigeria-Export Import Bank (NEXIM) with the theme: ‘Strategies for growing Nigeria’s non- oil exports.’

The governor, who was represented by a Director in the bank, Mr. Mudashiru Olaitan, said that the impact of very low revenue from non-oil exports was not a healthy development for an economy with great potential in non-oil exports.

He challenged stakeholders to dialogue towards evolving responsive strategies that will expand resources for exports and its funding programmes

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NATIONAL

on a complementary basis, stressing that while credit to non-oil exports was declining, and averaging 0.6 per cent of total domestic loans to the private sector in the past five years, domestic credit to the economy had been on the rise.

He said that the aim of the conference was to foster greater understanding of the issues constraining the non-oil exports and its sustainability with a view to proffering practical solutions on short and long term perspectives.

To support growth of non-oil exports going forward, the CBN governor

announced two new programmes, Export Rediscounting and Refinancing Facility (RRF) and Non-oil Export Stimulation Facility (ESF).

He said that CBN and NEXIM came up with the initiative to encourage exporters to expand their businesses as well as provide a pool of funds for commercial banks to enable them support exporters.

“It has been observed that while credit to nonoil exports is declining, the domestic credit to the economy has been on the rise.”

Anti-graft war: EFCC won’t disobey court orders –Magu Emmanuel Onani ABUJA

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he Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has said that the anti-graft agency will never disobey court orders, in its determination to fight corruption.

Magu made the commitment yesterday in Abuja, during his brief meeting with EFCC’s correspondents at the Com-

ABUJA

A

High-rise building residents risk deadly heart attack Appolonia Adeyemi

P

eople, who experience a cardiac arrest on the third floor or above of a high-rise building have lower survival rates.

This is the result of a research published in the Canadian Medical Association Journal.

According to the study, above the 16th floor, their chances of survival for cardiac arrest patients are “negligible”.

The ambulance may arrive on time, but eleva-

Kunle Azeez

WITH AGENCY REPORT

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TN Group, Africa’s largest phone company, said a 2015 profit of N190 billion ($955 million) for its Nigerian unit reported by a newspaper is within the company’s current estimates, Bloomberg has reported.

MTN, which is facing a $3.9 billion fine from regulators in the West African

tor delays may pose new dangers, the study showed.

As the high-rise population grows, the number of emergency calls to such dwellings is increasing, presenting 911 responders with unique challenges.

Building access issues, elevator delays and extended distance from the responding vehicle to the patient can all cause delays in the initiation of resuscitation.

However, a report published in the Medical News Today, stated that bystander cardiopulmonary

resuscitation (CPR) can save lives.

The researchers in the study called for interventions aimed at shortening response times to treatment of cardiac arrest in high-rise buildings, and they outlined several solutions to improve time to patient contact.

Suggestions include giving 911-initiated first responders sole access to elevators for emergency service without public interference - as during a fire as well as emergency alerts to building staff before the

arrival of first responders and better placement of defibrillators to increase bystander use.

In a linked comment, Associate Prof. Marcus Eng Hock Ong, of Singapore General Hospital, and co-authors suggest CPR/ AED training for residents of high-rise apartments, a national online registry of public-access defibrillators linked to first-responder applications and using smart phones to activate volunteer first responders for patients with cardiac arrest.

MTN Nigeria to report N190bn profit for 2015 country, is still completing its audit and has yet to finalise the financial results for the period ended December 31, the Johannesburg-based company said in a statement on yesterday.

The after-tax profit was reported on Monday by the Lagos-based newspaper, which cited documents obtained from an unidentified person at the Nigerian

Communications Commission.

MTN is challenging the fine in Nigeria, its biggest market, which was imposed by the Nigerian telecommunications regulator for failing to meet a deadline to disconnect 5.1 million unregistered subscribers.

The company had about 62.5 million sub-

scribers in Nigeria at the end of September, almost a quarter of its 233 million customers.

MTN rose 1.1 per cent to 121.87 rand a share at 12:24 p.m. in Johannesburg.

The stock has dropped 40 per cent in the past 12 months, compared with a 2.9 per cent decline in the FTSE/JSE Africa All Shares Index.

mission’s headquarters.

The pledge come at a time the state is being accused of disobeying some valid court orders.

“We will never have any cause to disobey any court order; we will never,” Magu pledged.

While underscoring the importance of the media in the fight against corruption, the anti-graft agency’s boss said: “We cannot...function properly in this work we are doing without the media.”

Suswam sold N10m Benue shares –EFCC Tunde Oyesina

L-R: Deputy Head , Political Section, British High Commission, Mr. Andrew Fleming; Chairman, Reckitt Benckiser (RB) West Africa, Chief Olu Falomo; Managing Director, Rahul Murgai and Vice-President Yemi Osinbajo, during a courtesy visit to Osinbajo in Abuja ..yesterday

5

witness of the Economic and Financial Crimes Commission (EFCC), Bridget Shietu, yesterday told Justice A.R Mohammed of a a federal high court sitting in Abuja of how about N6billion was raised through 10million Benue State shares.

Shietu, the Managing Director of Benue State Investment and Property Limited told the court that the shares were sold on the order of the former Governor of the state, Dr. Gabriel Suswam.

Shietu said: “The governor advised that the shares should be consolidated for easy management. After consolidating the shares, N6billion was raised after it was sold”.

According to her, the

shares were sold because the state government needed money to execute certain projects in the state.

The case has been adjourned to February 15.

Last Monday, the court was told that the petition upon which Suswam was indicted for N3.1b alleged fraud was based on an anonymous petition.

The witness, while testifying in the trial, informed the court that the till date, the petitioner could not be located and that the address provided on the petition did not exist.

Under cross-examinination by Suswan’s counsel, Joseph Daudu, SAN, the witness also admitted that the email messages sent by EFCC to the petitioner through his email address provided on the petition were not delivered because the addresses did not exist.

2016 budget targets poverty reduction, says presidency Anule Emmanuel ABUJA

V

ice-President Yemi Osinbajo yesterday said that the 2016 budget as proposed by the Federal Government was targeted to achieve specific goals of reducing poverty in the country drastically.

The Vice President said as the National Assembly begins debating the 2016 Budget submitted by President Muhammadu Buhari, there were already specific provisions in the proposals that would confront poverty in the country in a bold and direct way.

The Vice President spoke during a courtesy visit by a delegation of Reckitt Benckiser West Africa, a household care products’ company lead by its West Africa Managing Director, Mr. Rahul Murgai and the Chair-

man in Nigeria, Chief Olu Falomo.

The company had earlier discussed with the VP its Save the Children Initiative, a Corporate Social Responsibility programme designed to curb the deaths of Nigerian children caused by Diarrhea.

According to the Vice President: “We are dealing with the issues of poverty with the 2016 Budget that is currently being debated,”.

He explained that in a country where more than 110 million Nigerians are extremely poor, there is bound to have such health challenges as having about 110,000 deaths yearly from Diarrhea.

According to him: “All together, there are six social protection programmes of the Buhari administration for which funds have been allocated in the 2016 budget.”

WEDNESDAY,JANUARY 20, 2016 NEW TELEGRAPH

6

Metro

25 cultists get amnesty in Ogun

The former cultists

Kunle Olayeni ABEOKUTA

P

olice hierarchy yesterday granted amnesty to 25 cult members after they publicly renounced their membership of

various cult groups.

The state Commissioner of Police, Abdulmajid Ali, gave the amnesty at Ago-Iwoye in Ijebu North Local Government Area, where the former cult members voluntarily surrendered their guns and

other dangerous weapons.

The event was attended by stakeholders, including the Chairman of Ijebu North, Mojeed Oladele, and Ebumawe of Ago-Iwoye, Oba Abdulrazaq Adenugba, who was represented by Otunba

Tajudeen Arowolo.

A similar amnesty programme was held for 12 cult members at Itori in Ewekoro Local Government Area about two weeks ago.

In his remarks, the police commissioner commended

the former cultists for choosing the “path of peace” and warned them against returning to crimes.

He disclosed that since his assumption of office, over 360 cult members have been arrested across the state.

Ali added that before the latest renunciation, he had planned to invade Ago-Iwoye town, which he described as the headquarters of cultism, to flush out suspected cult members.

He, however, noted that the Divisional Police Officer in charge of the town, David Alalade, pleaded with him to tarry and give cultists some time to retrace their steps.

The commissioner urged those who renounced cultism to be good ambassadors of the police command and “preach to others to repent”.

He said: “I congratulate you for choosing the right path: the path of peace. If not for this renunciation, Ago-Iwoye would have been a theatre of war for cultism because the command would have clamped down on the town.”

Ali promised that the former cult members would be given adequate protection and urged them to always assist the police by volunteering necessary information to combat crime.

Also, Oladele expressed appreciation to the state police command for giving a window of opportunity for criminals to repent.

Lagos to employ 1,300 into LASTMA, KAI –Ambode Muritala Ayinla

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overnor Akinwunmi Ambode of Lagos State yesterday said that more people would be engaged, including the street urchins popularly called ‘Area Boys’ in order to reduce crime.

Ambode said the bad impression about ‘Area Boys’ could be changed for good if they were gainfully engaged.

ABIODUN BELLO FEATURES EDITOR

abiodun.bello@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

The governor added that he preferred to call them ‘Good Boys’.

According to him, adequate attention will be given to their activities in order to reduce rate of crime perpetrated by idle youths.

Ambode said more Lagosians would hence benefit from job creation.

He added that 1,300 people would be employed in the Lagos State Traffic Management Authority (LASTMA) and the Kick Against Indiscipline (KAI) while more jobs would be created in the health sector and other areas.

The governor spoke at the 2nd Quarterly Town Hall meeting where he rendered his account of stewardship in the last eight months.

Addressing residents comprising politicians, traditional rulers, clerics and captains of industry and commerce, Ambode reaffirmed his commitment to remain resolute to serve and justify the trust reposed in him.

He promised that he would continue to work tirelessly to deliver good governance for the collective good of all La-

gosians.

While boasting of his administration’s efforts to reduce crime, the governor said crime rate had reduced by 65 per cent through arrays of strategies embarked upon to combat crime.

Ambode added that the light up project aimed at reducing crime rate would also be intensified across every nook and cranny of the state.

He said: “The truth is that we are paying serious attention to safety of Lagosians and one area that we have not addressed properly is the nook and cranny of the Island. But we are working in collaboration with some of agencies to work on them. We need to engage everybody.

“I will give a very clear example of what I mean by engagement. For the first time in Lagos, we had the first Christmas without street fighting and war because we gave them an alternative by locking them down for five days in various centres of the ‘One Lagos Fiesta,’ instead of them locking themselves down in their various streets.”

Ambode

Metro

NEW TELEGRAPH WEDNESDAY,JANUARY 20, 2016

City Briefs Police foil robbery attack in Delta Dominic Adewole ASABA

P

olice yesterday foiled a robbery attack on one Edhere Mogason Emmanuel of 1, Okinedo Crescent, Ozoro in Isoko North Local Government Area of Delta State.

The victim was attacked on Alaska Road by two armed men who tried to dispossess him of his personal effects.

But the arrival of policemen from Ozoro Division at the scene forced the hoodlums to abandon the victim and to flee on their motorcycle.

The state Police Public Relations Officer (PPRO), DSP Celestina Kalu, confirmed the attack yesterday in Asaba, the state capital.

She said: “However, in their haste to escape, they abandoned one locallymade single-barrelled short gun without cartridge, which was recovered.

Investigation is in progress.”

Saint Finbarr’s Class of ‘75 celebrates

11 held for murder of carwash owner

Biodun Oyeleye ILORIN

P

olice yesterday paraded 11 people arrested in connection with the gruesome murder of a carwash operator, Bayo Ajia, in Ilorin, Kwara State on Monday evening.

Graphic details of the incident emerged yesterday as the police confirmed that another victim, identified as 24-year old Bukola Ajikobi, also died during the protest that followed the murder of Ajia in what has been described as a gang war.

Several vehicles and property were damaged by the protesters while Ajia’s body was being taken for burial.

Ajia’s assailants, said to be four, reportedly went to his carwash located under the bridge close to the State Stadium Complex and shot him on the forehead.

They also inflicted machete cuts on his head before fleeing the scene.

The deceased was dressed in a white T-Shirt over black trousers with tennis canvas as at the time of the attack.

The scene of the murder was covered in blood which gushed from the deep wound on his head.

Shops and other business premises were closed in most part of the interior of Ilorin yesterday following fear of a reprisal attack from those pained by Ajia’s murder.

A text message had been circulating among residents, warning them to avoid certain areas where hoodlums are known to congregate.

However, the state Commissioner of Police, Mr. Sam Okaula, who briefed journalists on the development, asked residents to dismiss such messages and instead to go back to their legitimate duties.

He said the command had deployed enough men and resources to curtail any outbreak of violence in the affected areas.

Okaula did not disclose the motive for the gruesome murder but said one UTC axe with fresh blood stain as well as wraps of Indian hemp and some charms were recovered from the suspects.

CRUTECH staff protest insecurity on campus

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tudents who were admitted to Saint Finbarrs College, Lagos in 1971 and passed out in 1975 will this weekend kick off activities to mark 40 years after graduation.

Spokesperson for the set, Mr Paul Bassey (Distinguished Conqueror) told the journalists during the week that they would be “ungrateful if they do not mark the event by thanking God for keeping them alive even 40 years after leaving school”.

He added: “The principal idea behind this unique occasion is to thank God for keeping us alive so far and we will do that by going to church for a thanksgiving service and by putting something back into the school that made us what we are today.”

According to the programme of activities, on Friday by 2pm, there will be a visitation to the school where career talk to be delivered by Mr Ayo Adebola and Lieutenant Commander Philip Ansa will hold.

“That is also the day that Recognition Awards will be presented including the launch of an E Library project and school website/domain name,” Bassey added.

Pa Kuye dies at 81

T

he retired Controller of Buildings of the Nigeria Customs Service, Chief Oladipupo Kuye, has died at 81 years.

Until his death on January 6, Kuye was the Otun Baba Ijo, Methodist Church Nigeria, Ijebu-Ode, Diocese of Ijebu.

Kuye, a seasoned administrator, community and religious leader of note, also belonged to the prestigious Island Club, Lagos, The Ijebu Club as well as other corporate and eminent religious and community societies.

He was a notable resident of 9, Olaribiro Street, off Allen Avenue, Ikeja before relocating to GRA, Ijebu-Ode, Ogun State, to serve God and mankind.

The deceased is survived by wife, children, grandchildren, cousins, inlaws, business associates and relations, especially, the Kuyes, the Odulanas and the Oloyemaruns of Ijebu Ife.

7

Ayade

Clement James CALABAR

S

enior staff members of the Cross River University of Technology (CRUTECH) yesterday embarked on a peaceful demonstration to protest alleged insecurity on campus owing to encroachment by the host community.

Speaking on behalf of the Association of Residents of CRUTECH Staff Quarters, a lecturer, Mr. Ugoji Nwabueze, said members of staff were becoming apprehensive of negative consequences of the porous nature of

the institution.

He said: “The reason for this demonstration is to draw the attention of the management, Governing Council and state government over the high rate of insecurity on the university campus.

“The entire CRUTECH land has been sold and built upon. The implications are far-reaching.

CRUTECH may be constrained to stop admitting students in future.

The university may also not expand beyond its present level in terms of infrastructure.’’

Ugoji also disclosed that students of the uni-

versity had been sexually molested by intruders while they were going about their legitimate studies on campus.

He explained that what was happening in the university was a high level of impunity.

The lecturer added that as civilised people they had no option than to embark on the protest.

Also, Dr Samuel Ntino said that the staff quarters lacked potable water and needed rehabilitation.

He urged the management of the university to urgently provide basic social amenities in the quarters.

The residents later handed over a letter of protest to the Vice Chancellor (VC), Prof. Owan Enoh, for onward delivery to the Governing Council and the state governor.

Responding, Enoh acknowledged the complaints of the staff.

He said the management was aware of the insecurity and the encroachment.

The VC commended them for their peaceful posture throughout the demonstration.

Also paraded yesterday were nine other suspects who were said to have been arrested for various crimes in the last few days.

Among them were three persons, who police sources described as former convicts nabbed while attempting to run away with a vehicle on IlorinOgbomosho Highway.

IG, Solomon Arase

Sanitation workers assault food seller Clement James CALABAR

T

here was confusion at Oando filling station in Calabar yesterday as sanitation workers from the Calabar Urban Development Authority (CUDA), physically assaulted a food vendor, Mrs. Grace Francis.

They also poured faeces in her food before carting away the cooler in which she put the food.

The CUDA workers, who said they were acting on the instruction of their Executive Secretary, Mr. Joe-Mary Ekeng Ita, to evacuate those selling at the filling station however, did not touch goods belonging to the wife of the executive secretary who also sells beside her.

Speaking with journalists after her ordeal in the hands of the sanitation workers, Francis said CUDA had given her a temporary approval dated October 22, 2015, permitting her to sell at the Big Qua Shopping Plaza opposite the stadium by Oando.

Francis, who gave journalists a copy of the approval with reference number CUDA/FHS/19/25/14, said she started operating at the shopping plaza at the end of October only for CUDA to start disturbing her in December.

She said: “CUDA workers have been coming here asking for money every time.

Look at what they have done to me by pouring faeces on the food I sell to the public.

They beat me and I have sustained injuries in my legs but their director’s wife is selling near me and they have never touched her or carried her goods.”

Immigration ‘abducts’ six TRACE men after clash Kunle Olayeni ABEOKUTA

S

ix personnel of the Ogun State Traffic Compliance and Enforcement Corps (TRACE) were yesterday reportedly “abducted” at different spots in Abeokuta, by men of the Nigeria Immigration Service (NIS).

This followed a clash ‎between some TRACE officials and the immigration officers, who were protesting an alleged physical assault on one

of their men.

There was pandemonium about 11a.m. when armed NIS officers invaded the Abeokuta zonal command office of TRACE and battered four traffic personnel.

It was gathered that the immigration officers invaded the TRACE office in two unmarked vehicles - a patrol van and an Almera Nissan car and started shooting sporadically into the air.

Sources said the development was a reprisal attack

on the traffic corps, whose men allegedly assaulted an unidentified Chief Superintendent of Immigration (CSI) at Sapon area of Abeokuta.

The immigration chief was alleged to have parked his car at an obstruction, when he went to an official assignment, only for him to be assaulted by eight TRACE officials when he returned.

It was learnt that an altercation ensued between the traffic corps and the immigration chief, who was with TRACE-officials one of his colleagues.

8

News

Onayekan blames religious disharmony on extremism Yekeen Nurudeen Abuja

T

he Catholic Archbishop of Abuja, John Cardinal Onaiyekan, has attributed the present disharmony and religious crises in the country to the rise of extreme religious fanaticism which started about two decades ago.

The Cardinal, who spoke at a Symposium organized by the Faculty of Law, Ahmadu Bello University, Zaria, lamented that religious crises have become

global phenomenon.

Speaking on the theme "Religion for Peace and Harmony in Nigeria" Onaiyekan spoke extensively on the cordiality among the faithful of the two religions in the country, until about two decades ago, pointing out that the new development is not between Christians and Muslims alone, but also found among other faiths.

“About two decades or so ago, a negative development started to be witnessed by our people with regards to religious harmony."

Why FG ignored court order to release Dasuki, Nnamdi Kanu Obinna Odoh Abuja

T

he Federal government yesterday explained the inability of the Muhammadu Buhari-led government to obey the court order granting temporary freedom to the former National Security Adviser, NSA, Sambo Dasuki and leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu regarding the allegations of embezzlement of fund meant for the purchase of arms for the fight against Boko Haram and treason respectively.

Speaking through the

Minister of Information and Culture, Alhaji Lai Mohammed at a meeting with the Save Democracy Group Africa in Abuja yesterday, the government attributed the delay in the prosecution of the corruption war to judiciary officers who chooses to grant bail to the corrupt elites upon application with reckless abandoned.

Addressing members of the group, who were in his office to solicit support for the forthcoming annual National Political Summit, Mohammed challenged the group to dedicate a great time of the Summit to educate Nigerians on what corruption has done to the image and economy of Nigeria.

Tambuwal flags off 1.2m pupils' enrollment programme Umar Abdullahi Sokoto

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over nor Aminu Waziri Tambuwal yesterday flagged-off an enrollment program for the admission of one million, two hundred and sixty eight thousand (1,268,000) new pupils into primary and junior secondary schools across the state.

The program, flagged off at Bodinga Local Government Area of the state, seeks to enhance access to all eligible chil-

dren to universal basic education and promote retention, completion and transition of students from basic and secondary levels to tertiary institutions in the state.

Speaking at the event, Tambuwal, said government would strenghten the enrollment drive to ensure that it achieved its objectives.

He said parents would be supported with a conditional cash transfer programmes by the government to ensure they allow their children attend classes.

Nocart wins $14m power contracts in Nigeria, Malawi Adeola Yusuf

A

power engineering company, Cleantech's Nocart, said yesterday that it has won contracts for off-grid power plants in Nigeria.

The contracts which is the company's biggest in Nigeria has notched up two other contracts for distributed power plants, in Malawi.

wednesday, january 20, 2016 NEW TELEGRAPH

national

The three contracts have total value of deliveries of $14.0 million (12.9 million euros).

The plant in Nigeria is a 1MW off-grid hybrid using solar and sawdust (multi-fuel CHP plant).

The plants in Malawi are a 2MW Solar-diesel hybrid off-grid solution with 1MWh energy storage and a 4MW Solar-diesel hybrid off-grid solution with 2MWh energy storage.

NIMASA used my company for fraud, by witness Akeem Nafiu

F

urther hearing in the trial of the former Director General of the Nigerian Maritime Administration and Safety Agency(NIMASA), Patrick Ziadeke Akpobolokemi and six others over alleged fraud of N2.6billion continued yesterday before Justice Ibrahim Buba of a Federal High Court in Lagos.

A fashion designer, Chukwuemeka Benjamin Onuoha, revealed yesterday how his company, Extreme Vertevex Limited, was allegedly used as a conduit pipe to siphon over N546,802,000

million from NIMASA' s coffers on a non-existent contract.

Onuoha is the second prosecution witness in the matter.

Akpobolokemi was arraigned before Justice Ibrahim Buba along with three others – Captain Ezekiel Agaba, Ekene Nwakuche, Governor Juan – and three companies, namely: Blockz and Stonz Limited, Kenzo Logistics Limited and AlKenzo Logistic Limited.

In a 22-count charge by the Economic and Financial Crimes Commission (EFCC), they were accused of converting a total of N2,658,957,666 between December 23, 2013

and May 28 this year. The defendants pleaded not guilty to all the counts.

At resumed hearing of the matter yesterday, Onuoha told the court that the money was paid into his account with Zenith bank, even though he did not tender any proposal or carried out any contract for NIMASA. Led in evidence by EFCC counsel, Rotimi Oyedepo, Onuoha told the court that the disbursement of the money was facilitated by the 3rd defendant (Ekene Nwakuche) who was his secondary school mate.

The witness, who painted a graphic details of how he received the

money, stated that sometimes in 2003, when the 3rd defendant secured employment with NIMASA, he approached him and pleaded with him for contract execution.

He stated that shortly after he made the request, the 3rd defendant called him on phone to enquire if he had any registered company that could be used for transactions as well as the company’s accounts.

Onuoha told the court that not long after his supplied details of his company and his bank account to the 3rd defendant, he received several alerts from his bank totaling N546,802,000 million.

...as FG threatens to scrap agency over fraud Chukwu David Abuja

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he Federal Government yesterday said it might seek National Assembly's repeal of the Act establishing the Nigerian Maritime Administration and Safety Agency (NIMASA), if its management failed to justify the utilisation of the huge resources at its disposal.

Ebifekumo

I, Ebifekumo Samuel Adimiekumo do hereby confirm that the names Samuel Adimiekumo and Ebifekumo Samuel refer to one and same me. All former documents remain valid. General public please take note.

Maxwell

I, formerly known and addressed as Godwin .G. Alex now wish to be known and addressed as Dick Maxwell Kingsley. All former documents remain valid. The general public should please take note.

Othello

I, formerly known and addressed as Kemeagbeye Michael and Othello Dazzy now wish to be known and addressed as Othello Dazzy Kemeagbeye Michael. All former documents remain valid. Sterling bank Plc, UBA bank Plc and the general public should please take note.

Ekeanyanwu

I, formerly known and addressed as Miss Nwachukwu Nkechi Esther, now wish to be known and addressed as Mrs. Ekeanyanwu Nkechi Esther. All documents bearing my former names remain valid. Ebonyi State University, Abakiliki, National Youth Service Corps, NYSC and the general public should take note.

Chinyeaka

I, formerly known and addressed as Ibekwe Esther Obum now wish to be known and addressed as Mrs.Chinyeaka Esther Obum.

All former documents remain valid. General public please note.

ORISUNMADE

I, formerly known and addressed as Olayiwola Ismaila Folaranmi now wish to be known and addressed as Olayiwola Ismaila Orisunmade Folaranmi. All former documents remain valid. FCMB and general public please take note.

DUROJAIYE

I, formerly known and addressed as Animasahun Hammed Adio now wish to be known and addressed as Hammed Animasahun Durojaiye.

All former documents remain valid.

FCMB and general public please take note.

Minister of Transportation, Mr. Rotimi Amaechi, gave the indication in Abuja, when he briefed the Senate Committee on Marine Transport, headed by Senator Ahmed Sani, on the activities of the agencies under his supervision.

Amaechi lamented that NIMASA had nothing to show for the N63 billion revenue it generated in 2015 and cited an instance

where he discovered that there was no equipment at the agency's search and rescue unit meant to monitor movement of vessels and provide treatment for injured personnel.

He said: "Currently, the way NIMASA is, if you look at it very well, it was worse in the last administration. It was as if it was established just for the purpose of collecting money and nothing more.

CONFIRMATION/change OF NAME

Ikebiri

I, formerly known and addressed as Caster Jacob now wish to be known and addressed as Ofuwo Ikebiri. All former documents remain valid. The general public should please take note.

Tugunimibofa

I, formerly known and addressed as Dambo Tugunimibofa Victoria now wish to be known and addressed as Jonathan Tugunimibofa Victoria.

All former documents remain valid.

UBA bank Plc and the general public should please take note.

Bodiseowei

That in my United Bank for Africa (UBA) account bears Victor Laspama Edike while in my First City Monument Bank (FCMB) account bears Bodiseowei Edike. That I now confirmed that the names stated above belong to one and the same person.

UBA bank Plc, FCMB Plc, other relevant authorities and general public take note.

Ebimoumbonimighe

I, formerly known and addressed as Miss Ege Camp now wish to be known and addressed as Mrs. Digbani Camp Ebimoumbonimighe. All former documents remain valid. Ecobank Plc, Bayelsa State Ministry of Education (SUPEB) and general public should note.

OGUNLUYI

I, formerly known and addressed as Oluwasola Oluwapelumi Rebecca now wish to be known and addressed as Ogunluyi Oluwapelumi Rebecca. All former documents remain valid. General public should please take note.

OKORIE

I, formerly known and addressed as Okoya Mark Uche now wish to be known and addressed as Okorie Mark Uchenna. All former documents remain valid. General public please take note.

ODUNAYO

I, formerly known and addressed as Bakare Olamide Omotoke (Mrs) now wish to be known and addressed as Odunayo Olamide Omotoke (Miss) All former documents remain valid. General public please take note.

Kurobiri

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

Elabofa

I, formerly known and addressed as Miss Caroline Ogodobiri now wish to be known and addressed as Mrs. Caroline Elabofa. All former documents remain valid.

The general public should please take note.

London

I, formerly known and addressed as Miss London Ekieoniso now wish to be known and addressed as Mrs. Nwaku London Ekieoniso. All former documents remain valid. UBA bank Plc and the general public should please take note.

Timidiseghe

I, formerly known and addressed as Tarigolo Dick, Timidiseghe Karinatei and Timidiseghe Jacob now wish to be known and addressed as Timidiseghe Jacob Karinatei. All former documents remain valid. Ecobank Plc and the general public should please take note.

Odeni

I, formerly known As Miss Odeni Fabia Abi, Rose Odeni Fabia Abi, Rose Odeni Collins Abi Briggs now wish to be known and address as Mrs Rose Odeni Abi Briggs All former documents remain valid. ACCESS BANK and general public take note.

OKWARANOSHILE

I, formerly known and addressed as Alphonsus Ezeukwu Opara now wish to be known and addressed as Alphonsus Ezeukwu Okwaranoshile. All former documents remain valid. General public please take note.

ALEBIOSU

I, formerly known and addressed as Akindehin Mulikat Omotoke now wish to be known and addressed as Alebiosu Mulikat Omotoke All former documents remain valid. General public note.

What we need to do is to ensure that NIMASA discharges its core responsibilities.

"If NIMASA failed to outsource its core responsibility then it has no business existing. If it is just to collect money from individuals, anybody can do that. We can hire a tax collector to collect money from maritime operators on behalf of Federal Ministry of transport.

Nelson

I, formerly known and addressed as Miss Charity Rex Opuene now wish to be known and addressed as Mrs. Nelson Charity Rex. All former documents remain valid.

The general public should please take note.

Laspama

I, formerly known and addressed as Miss Helen Ibari Komonibo now wish to be known and addressed as Mrs. Helen Ibari Laspama. All former documents remain valid. First bank Plc, UBA bank Plc, General Hospital Odi and general public should take note.

Summerset

I, formerly known and addressed as Ingbeduba Tintinbo now wish to be known and addressed as Stephen Summerset. All former documents remain valid. UBA bank Plc and the general public should please take note.

Bonnie

This is to confirm that Jacob Sam Bonnie with which my Access bank/BVN was registered is the same person as Jacob Belebio and Jacob .O. Bonnie which appears on my UBA Plc bank accounts. That henceforth, I wish to be known and addressed as Jacob Sam Bonnie.

All former documents remain valid. UBA Plc and the general public take note.

EZEH

I, formerly known and addressed as Miss Chioma Ikechi Akubueze now wish to be known and addressed as Mrs. Chioma Ikechi Ezeh. All former documents remain valid. General public should note.

Agada

I, formerly known and addressed as Mark Patrick Uroko now wish to be known and addressed as Agada Patrick Mark. All former documents remain valid. General public please take note.

OLABISI

I, formerly known and addressed as Mojeed Amoo Lawal now wish to be known and addressed as Sunday Olabisi Amoo. All former documents remain valid. General public please take note.

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

Parliament

Budget: Which version is Reps debating?

11

Interview

Detractors blackmailing APC with falsehood – Akande

12, 13

Seccession

9

Resurgent Biafra agitation born in error, says Obasanjo

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Politics WALE ELEGBEDE writes on the countdown to the ruling of the Supreme Court on the appeal filed by the Abia State Governor, Okezie Ikpeazu, against his removal from office by the Court of Appeal

Abia: Anxiety as Ikpeazu, Otti await Supreme Court

A

bia, which prides itself as “God’s own State,” made the headlines in the twilight of 2015, when the Court of Appeal, sitting in Owerri, removed Dr. Okezie Ikpeazu of the Peoples Democratic Party (PDP) as governor of the state.

To also make the New Year eve a memorable one for political players in the state, the appellate court at the December 31 ruling, also declared Dr. Alex Otti of the All Progressives Grand Alliance (APGA), the winner of the April 11 and April 25 supplementary elections in the state and ordered that he (Otti) be immediately sworn-in as governor Expectedly, the ruling was received with mixed feelings, depending the side of divide the assessor belongs. However, a sense of anxiety pervades the 17 local governments of the state. On the side of the electorate, perhaps the worst hit of the ruling were the people of Obingwa, Osisioma and Isialangwa North, whose votes were cancelled.

Otti, a former managing director of Diamond Bank, had after the judgement of the governorship election petition tribunal of November 3, 2015, which upheld the victory of Ikpeazu, proceeded to the Court of Appeal to challenge the decision.

In an 85-minute judgment de-

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Ikpeazu

livered by its chairman, Usman Bwala, the tribunal averred that the petitioners, APGA and Otti, failed to prove their case ‘’beyond doubt.”

The tribunal chairman asserted that it is curious to know that the petitioners reckoned with the card reader as a means of accreditation during the election of April 11 but failed to agree with use of voters’ register.

The lower tribunal also refused the request of Otti and APGA to uphold the cancellation of the results of the election in Obingwa, Osisioma and IsialaNgwa North local government areas of the state.

Not satisfied with the ruling of the tribunal, Otti moved to seek redress in the appellate court, a move which was vilified by the PDP hierarchy, positing that the ex-bank chief is trying to drag the state and business of governance backward.

Filing his brief of argument on December 4, 2015, Otti raised 17 issues for consideration before the Appeal Court and both parties were eager for favorable pronouncement from the appel-

Otti

Otti won everywhere except the three local governments where they decided to do the impossible

late court.

The Court of Appeal panel sitting in Owerri, the Imo State capital, was headed by Justice Oyebisi Omoleye and it also included four other justices, namely; Tijani Abubakar, Chinwe Eugenia Iyizoba, Samuel Oseeji and Jamilu Yammama Tukur In the appeal, Otti and APGA were the appellants, while Ikpeazu, the PDP and the Independent National Electoral Commission (INEC) were the respondents.

Delivering judgment, the panel said Otti scored 164, 444 valid votes to defeat Ikpeazu, who scored 114, 444 votes.

Justice Omoleye said the cancellation of the elections held in the three councils by the returning officer after the results were uploaded to INEC was wrong.

Giving its verdict on the annulment of elections in the three local governments of Obingwa, Isiala Ngwa North and Osisioma, the appeal panel faulted the lower tribunal for not considering the appellants’ grievances on merit after holding that the State Returning Officer had no power to annul and de-annul the election

results.

The panel also upheld Otti’s argument on card reader, stating: “The finding of the tribunal that the card reader data is not the primary and sole source and record of number of accredited voters was wrong.”

It further held: “In what appeared to be a conscious resolve to avoid and evade the determination of the petition on the merit, the tribunal chose to embark on swinging forward and backward, delving into imaginations that results were cancelled and elections declared inconclusive and that re-run elections were held in the disputed three LGAs. The conclusion does not represent the correct position of the law, based on the evidence before the tribunal.

“Following the deductions of the unlawful votes garnered from the disputed three LGAs, the first appellant (Otti) having scored 164,332 valid votes, as opposed to the first respondent (Ikpeazu) who scored 115,444 votes, ought to have been declared the winner of Abia State governorship elections conducted on April 11 and 25, 2015.

“Having resolved all the above issues other than the issue relating to the powers of the Returning Officer with regards to cancellation and de-annulment of election results in favour of the appellants, we hereby hold that this appeal has merit and out to succeed.

“The appeal is accordingly allowed. The judgment of the tribunal delivered on November 3, 2015 is hereby set aside.”

With the judgment, supporters of Otti and APGA poured into the streets of Umuahia and Aba in ecstasy, celebrating the end of PDP’s dominance in the state.

However, the dictates of Electoral Act 2010 (as amended) gives Ikpeazu a window of opportunity to approach the Supreme Court for redress and the governor did that.

Unlike before, the matter would have ended at the appellate court but for the amendment in the Constitution and Electoral Act, which paved the way for the Supreme Court to be the final arCONTINUED ON PAGE 10

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Politics

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Ikpeazu, Otti await judgement C O N T I N U E D F R O M PA G E 9

biter on petitions over governorship elections.

According to the 1999 Constitution (as amended) and the Electoral Act 2010, governorship elections cases traverse a journey of three steps. They start at the tribunals, from where they move to Court of Appeal and terminate at the Supreme Court.

It was against this backdrop that the Abia State AttorneyGeneral and Commissioner for Justice, Umeh Kalu, described the insinuation that Otti should be sworn-in without waiting for the outcome of the case filed by Ikpeazu at the Supreme Court as wrong.

Kalu noted that any contemplation or attempt by any person or persons including any judicial officer to swear-in Otti is both an invitation of anarchy to Abia State and an act of treasonable felony, which attracts severe sanctions in law.

His words: “The speculation of swearing-in Otti on the strength of the Court of Appeal Judgment is not only without precedent but equally a violation of the laws of our country.”

And leading thousands of proIkpeazu’s supporters in a protest march on January 2, against the ruling of the Appeal Court, former President of the Senate, Chief Adolphus Wabara, said the ruling defied all reason.

He called for investigation of the five-member panel, as according to him the judgment oozes with suspicion of compromise, adding that the worst they had expected was for the panel to have ordered for a re-run.

The former Senate President stressed that if the judgment is allowed to stand, three local government areas – Obingwa, Osisioma and Isiala Ngwa North – would have been disenfranchised in the April 11 governorship election.

He however expressed optimism that the Supreme Court would correct “the anomaly”.

However, speaking to newsmen on protests that trailed his declaration as the elected-governor of the state by the appeal court, Otti said the protests were orchestrated by the state government to create an impression that the PDP won the election.

The APGA candidate, who said he is hopeful that the Supreme Court would uphold the Appeal Court verdict, declared that 80 per cent of Abia indigenes and residents of the state voted for him.

He said: "Abia State indigenes and those who live in Abia State voted for me and I received a lot of text messages and e-mails and one thing that underscores those messages particularly from Abia people was, 'we know who we voted for.' Everybody knows that I won that election and so people were very happy with the verdict.

"Yes, there had been some hatchet men who were recruited by the present government of Abia State to be on the rampage. They started by organising people to protest on the streets and if you recall after the judgement, there was spontaneous

Wabara

jubilation across the length and breadth of Abia State and if you were in Abia like I was, there was tumultuous celebration of that judgement.

"As an afterthought, 48 hours later, the PDP government, first of all held a meeting and decided that they were going to protest the judgement. And there was no less a person to lead such protest than the former Senate President, Adolphus Wabara.

"I don't want to talk about him but the only thing is that we know that senior citizens should live in a way that people would like to emulate them."

Former National Chairman of APGA, Chief Victor Umeh, who also condemned the protests, said while it is Ikpeazu’s constitutional right to challenge the Court of Appeal ruling at the Supreme Court, it is uncivilized for the Abia State government to begin to sponsor mayhem because there was a judgement against the PDP candidate.

His words: “I think that Dr. Okezie Ikpeazu has only one option left in law and that is proceeding to the Supreme Court to challenge the judgement of the Court of Appeal. I don’t have any problem with him going to the apex court to challenge the judgement because it is his constitutional right. But to begin to sponsor mayhem in Abia State because there was a judgement against him is what I consider barbaric.”

Umeh added that the judgement of the Court of Appeal would not have come to any man of justice with any surprise because the Abia governorship election was won by Otti convincingly with the requisite spread across the state.

“He was the most popular candidate in that election and Abia people yearned for change from what they have been experiencing in the previous administration. So, Otti became the new face of hope for the people and that was why the major city in Abia State – Aba became a no go area for the candidates of the other

Umeh

If the judgement is allowed to stand, three councils would have been disenfranchised in the April 11 governorship election

parties other than Otti. All the rural local governments were also for him.

“I was there during the election and Otti won everywhere except the three local governments where they decided to do the impossible – the home local government of Ikpeazu (Obingwa), where the PDP got 82, 000 votes out of 86, 000 registered voters and APGA getting only 1,000 votes. In Osisioma, PDP got 42, 000 votes and they allocated 900 to APGA. You can now see how Ikpeazu got over 120, 000 votes from just two local governments in an election that recorded about 25 per cent voters’ turnout across the local governments in the state. Such things cannot be tolerated in sane society.

"You will recall that the returning officer in that election cancelled the results from the three local governments based on reports from his officials on the field. Against this scenario, Ikpeazu is still claiming that he won the election. He lost the election and what the Court of Appeal did was to serve justice to the person who deserves it.

“Otti won the election and you could see that from the spontaneous eruption of excitement and jubilation in Abia State the day the Court of Appeal ruled on the matter. So, the peoples’ mandate has been restored to the person they gave it to, but as soon as that jubilation was shown on television, Ikpeazu and his party sent money across to the local government to organize people to come and protest in Umuahia and Aba. Their thinking is that if they don’t protest, the Supreme Court may think that the judgement was popular,” he said.

On his part however, a human right activist and Senior Advocate of Nigeria (SAN), Chief Mike Ozekhome, said the judgment was fundamentally wrong and full of errors.

Ozekhome, who spoke on Channels TV Breakfast Programme “Sunrise Daily,” said the court was wrong in nullifying Ikpeazu's election and declaring

Otti as the winner of the election.

Ozekhome noted that if the calculations of the Appeal Court is anything to go by, the difference between the votes allocated to Otti and Ikpeazu were 48,000 while the total number of registered voters in the three local government areas of Obingwa, Osisioma and Isialangwa North were the court cancelled the elections were in excess of 250, 000 and as such, going by the provisions of the Electoral Act, the court should ordered a re-run in the affected local government areas.

But Umeh countered his argument, saying he never believed that it is possible for lawyers to start passing judgement on a matter that is subjudice.

“I saw Barr. Mike Ozekhome on television talking in a manner that in a civilized society, his certificate would be withdrawn from him. Even if he is an expert in Constitutional Law, he remains a lawyer. He cannot become a judge when he is an advocate. He is fully aware that this matter has gone to the Supreme Court but he is busy delivering judgement on behalf of the apex court.

“The Nigerian Bar Association (NBA) should sanction him because his conduct is unethical.

What he should have done is to seek to consult for Ikpeazu or to represent him in court and not to come on television and start disparaging the judgement delivered by the Court of Appeal that has competent jurisdiction on the matter. He cannot pretend not to know that he is usurping the powers of the Supreme Court by making such unguarded statements and inciting the public,” the former APGA chairman said.

But expressing the confidence of the PDP and Governor Ikpeazu in the justices of the Supreme Court to correct the anomaly at the Court of Appeal and uphold the victory of his principal, the Chief Press Secretary to the Abia State Governor, Godwin Adindu, stated that the apex court should not allow the verdict of the Appeal Court to stand in the interest of equity, justice and fairness.

“The government of Abia State and its functionaries hold the apex court and its justices in high esteem and will not be a party to any attempt to tarnish their well-earned reputation and image,” Adidnu said.

Refuting report that the Abia state government accused or make an allusion to a purported compromise of Supreme Court justices, Adindu stressed that his principal, Governor Ikpeazu, his functionaries and the people of Abia State believe in the integrity of the apex court and will not be a party to any attempt to tarnish their well-earned reputation and image.

Clearly, the two major parties are anxious and marking time to know where the pendulum will swing. The political cloud in God’s Own State is currently thick and it is the ruling of the apex court that can relieve it.

Until then, it is only hoped that both parties will hold the interest and stability of the state in high esteem to personal ambition.

Politics 11

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

The House of Representatives had, last week, announced its plan to commence consideration of the 2016 appropriation bill this week. PHILIP NYAM asks whether it is the original copy submitted by the president or the alleged ‘doctored’ copy

Budget: Which version is Reps debating? it deserves. In his words, "Of course we are not undermining the importance of any other bill but we all know that the appropriation bill is the one that is very important and timely. And we need to get in line so that the wheel of the economy continues to roll. So, we will give it all the priority it needs."

I

t all began like a mere rumour and sensationalism by the social media. But it is now real that the status of the 2016 Appropriation Bill presented by President Muhammadu Buhari before a joint session of the National Assembly is mired in unwholesome controversy.

Initially, there were reports that the Presidency had withdrawn the document to “clean up toxic proposals.” But when it distanced itself from the alleged withdrawal, the story metamorphosed to the budget proposal being missing.

However, after the Senate Ethics and Privileges Committee carried out a one-day investigation, the Senate President Bukola Saraki, announced that the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang had tampered with the original presentation of the president and instead submitted to the upper legislative chamber, a distorted version of the 2016 Appropriation Bill.

Surprisingly, the lower chamber, the House of Representatives has consistently maintained that it is in possession of the authentic copy of the budget proposal and nothing is “missing.” Curiously, as the Senate goes in search of the soft copy of the authentic budget proposal, the House has already circulated copies of the document to its members, preparatory to the commencement of debate anytime this week.

The question, many have asked, are: Since the Senate is claiming and insisting that it is not yet in possession of the original copy, where did the House get its original copy from? Does it mean that the President did not submit a soft copy of the document to the National Assembly?

Or is it that the Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Hon. Abdulrahman Suleiman Kawu was honest enough and did not connive with Enang to also present a fake copy to the House?

The display In spite of the controversy, the House seems to be more transparent in the entire saga.

While the Senate vacillates from ‘missing’ or ‘stolen’ budget to ‘doctored’ and ‘fake’ budget, the House backed its claims with live display. On Wednesday, January

Buhari

13, Speaker Yakubu Dogara, directed the Clerk of the House, Alhaji Mohammed Omolori, to publicly display original copies of the budget submitted by President Buhari.

The public display took place at the plenary sitting of the House. Following the speaker’s directive, the clerk immediately brought out a carton from which he brought out two copies of the document displaying them to the admiration of the lawmakers who watched in ecstasy.

Again, Dogara was not done but went a step further to reiterate that reports about the disappearance of the budget were “unfounded rumour,” urging the media to verify facts before going to the press.

The “rumour” was however not from the media, it actually emanated from the hallowed chambers of the Senate and the media only conveyed it to the public.

But addressing the issue of disappearance of the budget, Dogara said "the media should always very the information they send to the public and also seek clarification on certain matters when it becomes necessary to do so" Furthermore, after the public display, the speaker announced that copies of the budget are ready for collection by lawmakers at the secretariat of the House Committee on Appropriation. He appealed to members or their staffers with identity to come for collection of copies of the budget adding that its consideration by the House commences immediately.

Dogara

Our budget as it is, was not missing, we had course to display it at the chamber to prove our point

The confirmation As an indication that it is actually in possession of the budget, the House on January 14, announced its decision to commence debate on the budget this week. The copies have been circulated to members and none has raise alarm over the authenticity of the document.

Chairman of the House Committee on Media and Public Affairs, Hon. Abdulrazaq Namdas (APC, Adamawa), who disclosed this at a media briefing also reiterated that the budget was not missing. He said: “By the grace of God, we will begin debate of the budget next week. The budget debate could not commence this week; it was due to the fact that members needed time to study the content of the bill in order to facilitate a robust debate on the budget proposal.”

The House spokesman added: "I want to assure Nigerians that we are working with the one presented by Mr. President and that is with us and by the special grace of God by next week we will begin discussion on that.”

Namdas equally reiterated the fact that the budget was not missing as it was displayed at the plenary on Tuesday. "Our budget as it is, was not missing, we had course to display it at the chamber to prove our point that this same budget that was laid by Mr. President. It is that same one we are going to debate on”.

Similarly, the deputy chairman of the committee Hon. Jonathan Gbefwi (PDP-Nasarawa) said the lawmakers would accord the budget the priority

Reminiscence Since the return of democratic rule in 1999, there has always been controversies surrounding the country’s budgets. In the twilight of the late President Umaru Musa Yar’ Ádua’s reign, the budget process was also mired in controversy. For the first time in the life of the National Assembly, the then Special Adviser on National Assembly Matters to Yar’ Adua, Senator Abba Aji, submitted the budget on behalf of the president.

But after the budget was passed, assenting to the bill became another problem as the allegations of someone else rather than the president signing emerged.

During the administration of the immediate past president, Dr. Goodluck Jonathan, the Finance minister, Dr. Ngozi Okonjo-Iweala laid the budget proposal before the National Assembly on behalf of the president after several postponements.

But this is the first time, a budget is said to be missing, doctored or smuggled by the executive, specifically the Presidency. In the past, it was the legislature that was accused of “budget padding” now the executive is allegedly “smuggling” items in the budget.

Of course, there were incidences such as the infamous “bribe for budget” scandal that consumed one time Senate President, Senator Adolphus Wabara and a former Minister of Education, Prof. Fabian Osuji. This was under the administration of former President Olusegun Obasanjo.

Analysts, who spoke on the latest development said it is unfortunate that the government spends more time playing budget politics than its implementation.

In fact, it is on record that since 1999, no national budget has been implemented up to 60 per cent. The budget proposals are either submitted late or passed very late. Meanwhile, the standard of life of an average Nigerian keeps deteriorating.

The question against this backdrop, is: When will the government get it right with budget, at least for once?

When President Buhari presented this budget of change on December 22, both the Senate president and speaker, House of Representatives, promised its early passage. But with the drama playing out, it is unclear how early the National Assembly will do that.

12

Politics

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Detractors blackmailing APC Former Interim National Chairman of the All Progressives Congress (APC), Chief Adebisi Akande, in this interview, speaks on the arms procurement fund scandal, defects in the Nigerian constitution and other issues.

ADEOLU ADEYEMO reports

How would you react to the on going probe of the arms procurement fund by the Muhammadu Buhari administration?

The major problem of Nigeria is corruption. In the past, it is either by inflating of contracts or using some wuru wuru ways to do some cover-up or perpetrate fraud.

However, the arms money shared by these corrupt people was given out directly from the Central Bank of Nigeria to the office of the National Security Adviser by the president for the procurement of arms before being diverted for personal use. The last time I met with the president and the press accosted me, I made it known to Nigerians that the rate of the rot was great.

It was when we came into power that we knew that we were in for a big problem and that the country is in for a big problem because the level and the extent of corruption was so deep that I am becoming afraid. We need to be ready to fight corruption and the government alone cannot do it, let Nigerians support the government in fighting corruption because if it persists, the whole country is likely to be in trouble. The extent is unimaginable, threatening and very frightening.

It was reported few days ago that the 2016 budget got missing. How do you feel about this?

Honestly, I read the story in the newspapers as you people read it and you should know that I live here in Ila-Orangun and it's far from Abuja. The budget was presented in Abuja, the story was being brandished in Abuja. What we first had or what I first read was that the budget was lost or was missing and that they were going to investigate it. To get a clearer picture of what actually happened on the missing budget, I asked one of my representatives in the House of Representatives, who told me that theirs’ at the lower chamber was not missing but that budget of the Senate was the one missing.

That leaves a complication into what is happening. You know, it's borne out of the same indiscipline that led to the hijack of the National Assembly from those who could paddle the canoe well. When the foundation of an Assembly is

Akande

indiscipline, until you remove the cause, you will continue to have this kind of problem. That Assembly was not constituted the way my party planned it, it was hijacked by undisciplined set of people, so you cannot expect any kind of satisfactory story from such Assembly. It has nothing to do with my candidate who is now the president of Nigeria.

It can be a mishandling thing by some people, who are in position and not supposed to be there because when you are in a position and you are small to handle the office, you take the position to your level and the situation becomes small. But if you are a big brain, you bring the position to high level. There are two ways to look at the development of any country, the individual and the institution and it depends on the quality of the generality of the individuals and the quality of the institution.

So, when you talk about Nigeria, and you are comparing it with China and America, you know you are small in the brain and you are small technologically, definitely, you will bring all the positions in your hands to your level, and the institution will become as small as you are. So, don't blame it on any political party or the president or anybody, blame it on Nigerians and blame it on yourself.

Recent developments in the country seem to be worrisome. What do you think is the way out?

We have to go back to the pri-

It is only people who want to distract us that will bring in what we never promised and use it to blackmail us

mary schools and reform them.

If we look at what is happening now, the standard of education has fallen, there is no more quality in our schools compared to the olden days. For instance, in all my life, the only school I attended was a primary school because my parents never had money to take me to secondary school.

I did not go to the university but here I am today standing like a rock due to the strong educational foundation I had. Go to any primary school now, the teachers are sharing money, corruption there is worse than the one you can get in any secondary school, in the university and other tertiary institutions. So, why are you blaming the leaders when all of you are corrupt? I think we have a self-reform to do and individual self-discipline is the beginning of everything.

Acrimony seems to have polarised members of the APC. How do you intend to reconcile the various factions in the party?

Bringing together two pieces of wood to make furniture is not easy. If the wood is weak, the furniture will not be strong enough.

It is true that we put the party together in a hurry and we put it together by merging political parties but before it became a political party, before it glues into one, election had come and we seem to be more concerned with election than the making of the party. And immediately after the election,

indiscipline set in and definitely, with such a situation, there will be a bickering. It is the duty of elders in the party including myself to remove the bickering and bring the party together in a stronger form and we are going to achieve that by the grace of Almighty God. What is your take on financial crisis in Osun State?

I live in Osun but I will say I don't know much as to the making of the government. However, I see a lot of boldness in the plan of the present government about Osun. The plan was very bold and commendable and if fully implemented, can turn Osun into a pacesetting one but unfortunately, the economy collapses along the line and if the economy collapses and you don't have a way of getting it right quickly, it might lead even to the merging of the state before it can be able to solve its own problem.

When you are not viable, there is nothing you can do. May be you have seen a bank that goes bankrupt before, all the staff would have to scatter, the manager will go away. When the economy is too weak to sustain Osun, the governor will go away, the commissioners will go away, all the civil servants will go away, all the doctors will go away, everybody will go away because there will be nothing to sit by anymore and that is why it is not the problem of the governor but the problem of everybody.

Politics 13

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

with falsehood – Akande

Some six months ago, I said that Osun State was not a viable state and I meant it when I said so. A state that cannot generate enough money is not viable. If is a state is waiting for the Federal Government allocation to run, the moment that money ceases to come, that state is finished and things have fallen apart now because the source from which the Federal Government gets money (crude oil) is no more viable. Even when you get the crude oil, our customers are no longer coming.

Before, they pay three months in advance, but today, they don't even come to ask how much we sell.

Whether the price is down or is up, until you sell crude oil, you can't make any money and if there is no money, there will be no state.

If the Federal Government like, it may save Osun State and we have to beg them to please help the state to survive. If those earning money from Osun State can't see that, and they begin to jump and stamp the ground, shouting "we no go gree," by the time they are stamping the ground, the ground will cave under their feet and there won't be doctors again, there won't be civil servants again, there won't be commissioners again, there won't be a governor again and there will be nobody to march or protest against. Until you realise that the foundation of any state depends on the viability of its economy, things will continue to go wrong.

The economy of Osun State is already crashing, you will see that it's just like touching the leaf and not the root of a tree.

Do you think the budget of the country is in order or was it put together in a hurry and what does it have for Nigerians?

The party and the government are not the same thing, the government is a product of the party and it is like a factory making a product. Once the product gets to the store, you don't ask questions as to how the product is made. The party has produced the government, I for one don't know what goes on in the government because I am not a part of the government. So, as to whether the budget was put up in a hurry or not, I wouldn't be able to tell you but you would know that budget is a departmental product and there are numerous departments in the Federal Government.

If you look at what they call budget, it is a paper of about 300 pages or more or even a thousand pages, because a budget of a department can be about 15 or 20 pages and with about 1, 000 departments, you are having more pages.

So how does it get missing? I don't want to go to that because to me, it’s a peripheral issue. The main issue is that, the government should go the right direction and the right direction is the promises of this present government which are three major things – to confront corruption, terrorism and to reduce unemployment. If there was no peace, you can't do anything like that and that is why the government started by fighting terrorism and ensuring peace.

If there is corruption, there will be no infrastructure. If you give out money worth N3 billion to go and

make a road, if the money is stolen on the way, you won't have roads and there will be unemployment.

Confronting corruption by the government is the beginning of solving the problem of unemployment. The budget was placed before the National Assembly and no matter what the peripheral stories as to which paper got lost and which did not, at the end of the day, when that budget is approved and implemented, then you will see our programmes in action and see how it affects employment as we have promised. We promised only three things and we are concentrating on those three. It is only people who want to distract us that will bring in what we never promised and use it to blackmail us. I won't go along with you even if you accept that.

What particular thing would you put in place to make a difference in Nigeria if you have the opportunity of leading the country?

It depends on the circumstances and situation when you are in office. When you get there, you look at the papers, you look at the stories, you look at what led you to that situation and from there you take off. I think that is what Buhari did within the first six months. He was taking briefs from all departments of government and he must have had a lot of stories on his head. Now he puts up a brilliant set of ministers, who are to advise him in the light of what he had known and it is for him to do what is right according to that circumstance.

So, if I were to be president of Nigeria today, I will look at the circumstance and the situation on ground. But as an observer and a leader, what I think should be done is to concentrate on how Nigeria will feed herself. If it is by force, I am ready to join the army of people that will go back to the farm. Enough of riding Okada all over the streets, we must all go back individually to make sure

Akande

Let Nigerians support the government in fighting corruption because if it persists, the whole country is likely to be in trouble

that we are able to feed ourselves.

In the olden days, as soon as a child comes of age and is ready to marry, they will give him a portion of land where he would start cultivating. From the first harvest, he will start feeding his family; no more taking from the father.

Until every individual is able to feed himself no matter by whichever way; until we stop being parasites on government or some employers to feed, we won't come out of this problem. When India wanted to come out of its problem, they stopped importation of food. I was a witness to that. I was going to Delhi with the late Biodun Onibokun and they saw him with some apples, they prevented him from taking the apples into their country and affirmed that he would not bring them into their country. They said it is either he sits at the airport and eat them or throw them into the dustbin.

When we later came to the streets of Delhi; on every street that we move, they were burning human beings who were killed by hunger by the road side.

When you are moving, you don't have any food in your stomach, you sit down somewhere and you drop dead there and the neighbourhood would put wood together and burn you because that is the way they treat their dead, they don't bury them. So, we saw burning from left and right of the city and yet they didn’t allow food to enter that country. Today, India is exporting food. So, until we are able to do something like that, we are not likely going to come out of this problem.

Do you still believe in Fiscal federalism and how can it be attained in Nigeria?

Well, I belong to the old school, which never believed in 36 states.

The old school, which I belong to believes in maximum of 18 states and minimum of six, in other words, the whole Yoruba states should be one state because I believe in the creation of states according to cultural unity of the people and the strongest element of culture is language. I believe in the creation of states according to linguistic basis and the whole of Yourbalnd should be only one state and definitely when it was like that, the Western government was lending money to the Federal Government.

But today, you have three states, some of which are not bigger than a local government. If you are talking about fiscal federalism, one way or the other, merging could start, which I will support anyway because fiscal federalism means live according to your earning, living within your means and every state will have to find money to manage its own self and it would not be wrong then if my state is having three commissioners, your own state might have seven, the next state might have 10 and the other might have 15. The idea of fiscal federalism came because of the sharing of the crude oil money.

I don't believe in that. I believe in sharing money by derivation; whatever goes from my state into the federal treasury should come back to me.

If I am going to pay royalty or tax or anything, I should do it within me. So, if Ila-Orangun becomes a state, it's from the okro soup (Ila) that we sell that we should be able to run the government and if the government is one that you have only the governor, who will not have commissioners, so be it. But if you see Kwara, may be selling "elubo" to make money or may be selling than you do, if they have three commissioners and you are trying to have three, you are going to crash. So, I believe in the kind of federalism that will not allow uniformity or copying. For instance, if Osun State says because they are doing something in Kano, we should also do it in Osun, or because they are paying salaries in Delta, we should pay it in Osun, that kind of federalism, I don't support. I believe in the federalism that will make you to live within your own means, any money that comes from Osun is the one you will spend. If you spend anything above that, you are a debtor and all debtors are never happy for he who goes out borrowing, comes back sorrowing.

What do you make of Nigeria’s constitution? Can we say it is responsible for the country’s doom?

One thing you should know is that, whether it is President Buhari's government or Goodluck Jonathan's government or Olusegun Obasanjo’s government that is in place, every government is to live by law. That is what is called rule of law and when anybody is coming into power, he swears an oath that he will lead according to the rule of law. Primary schools should be managed by the local governments; secondary schools should be managed by state government while the federal government should manage the tertiary institutions.

The kind of federalism I believe in is the one that will make the federal government run the military, Central Bank and international relations. But because our constitution was drawn and written by one man from the military who said, it’s our constitution and assumed that, all powers should be concentrated in the hand of the Federal Government, this was responsible for the beginning of the problem that we have today.

So, I don't know but it is Buhari's way of running a government that might lead to whether our constitution maybe amended now to reflect what I was saying and what I am still saying or not, but it’s a matter of individual opinion. Nigerians should write a constitution that will allow all sectors and federating units to be self-sustaining. That is the essence of what I am saying. Every federating unit should be self-sustaining but there is no way 36 states becoming federating units can be self-sustaining.

As at today, about 26 states cannot pay salaries, so it is either they close shop or they negotiate with neighbouring states and merge or CONTINUED ON PAGE 36

MORE STORIES ON pageS 35-36

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WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Opinion Snubbing heroes, honouring villains Bola Bolawole

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hen the first military coups took place in Nigeria in 1966, I was a child. Newspapers, radio and television stations were not as widespread then as they are today.

Of course, there was no social media and phones were found only in few government offices; homes of top government functionaries and the nouveau riche.

But thank God that History was a serious subject in those days, taught at all levels of education. So it was that I read extensively about the events of those days; a lot of it in the “Headlines”, a publication in the stable of the then Daily Times, and then as a student who took courses in History at secondary school, Higher School Certificate, and University levels.

There were two military coups in 1966; the first one, led by Major Chukwuma Kaduna Nzeogwu and four other Majors, on January 15 and the other, usually called the “counter-coup”, on July 29th. The Nzeogwu coup led to the virtual wiping off of the political leaders of the time and high net-worth military officers.

Most of the victims came from the North and Southwest. The East, where three of the coup leaders came from, was virtually spared of casualties. This was why the Nzeogwu-led coup was derisively referred to as the coup of the Igbo. The July coup, master-minded

by Northern military leaders, was meant to not only even up scores with the Igbo but to also remove the leadership the Nzeogwu-led coup had, by omission or commission, installed.

Gen. Johnson Aguiyi-Ironsi, the first military Head of State installed after the Nzeogwu coup, was thus murdered in the counter-coup, along with his host, Col. Francis Adekunle Fajuyi. Aguiyi-Ironsi had been visiting Ibadan, where Fajuyi was the military governor. In both coups, the South-west lost its premier as well as gallant military officers. It was the proverbial

grass which suffered as two elephants – the East and North – seemingly engaged in a murderous tango for supremacy. This year and month mark the 50th anniversary of the first leg of those sordid events and the rash of adverts in the newspapers were the potent reminders. Today’s Nigerians who are bereft of the history of their own people would have wondered what was up and who those people being eulogised by family and friends were. This is one havoc that those who have trivialised, even “killed”, as it were, the study of History in schools have done to our people and generations yet unborn.

For me, one name stood out among all those leaders of yore killed in the Nzeogwu coup and celebrated last week by family and friends. When Nzeogwu declared that the reason why they staged the January 1966 coup was to exterminate the “ten-per-centres... who made the country look big for nothing”, I reckoned that included, if not representative of one of the dead. Stories were that the man lived a very flamboyant lifestyle; stole and carted away into foreign land the country’s riches; and that because he died suddenly, he could not divulge the secret code(s) of his Swiss bank account(s) to anyone and thus the huge assets he transferred abroad were lost and became the grief of country and family but the good fortunes of the Swiss.

There were also stories of the man’s family fighting in court over properties he left behind.

Instances of the mindless pillaging of the treasury in the midst of mind-boggling poverty and pervasive lack have made other people look down on Africans\ Blacks as savages. We hear gory tales of African buffoons who siphoned – and continue to siphon - the riches of their countries abroad but who never lived to enjoy or get it transferred to their generations. The story is told of a Dasuki who died in a German hospital during the military era as an alleged money launderer for some eminent Nigerians but he reportedly took the secret codes to his grave. Till tomorrow, millions,

even billions of dollars siphoned out of this country by the late maximum dictator, Sani Abacha, are being discovered in one secret account or the other in all nooks and crannies of the world. We may never know how much this country has lost in this manner; it is enough to simply say it must be stupendous. And the bleeding continues! If it will stop, perhaps tomorrow!

Family will always remember and have fond memories of their loved ones; no one can – or should – take that away from them. After all, stolen funds often are put at the service of family and friends and benefactors need show appreciation; but society as a whole must know who to honour and who to treat as pariah. When supposedly respectable leaders gather to be counted at events honouring common scoundrels, then, sense and sensibility have taken flight. Or is this a clear case of “show me your friends” and “birds of a feather”?

Many honourable men and women lie in their graves a-smouldering in this country, many in unmarked graves unknown to grieving family and friends; without honour and without due remembrance; without garlands and without wreaths; indeed, without kind words and without decent burials; yet the despicable are those who snatch the headlines.

This, certainly, is no sure way to build a nation that will endure in truth and faith, and in peace and unity. The national anthem rings hollow in the face of the injustice we do to “heroes” whose “labours (we parrot) shall not be in vain”. The return of History to the syllabus of schools is one good way to go; the grains must be separated from the chaff and the true history of our heroes taught. A podium of honour and respectability must be erected for our heroes not only in appreciation of their sacrifices but also to ensure an endless flow of the stream of patriotic fervour from coming generations.

•Bolawole (turnpot@gmail.com), former editor of The PUNCH, is a Lagosbased media specialist and publisher.

Curtailing the Lassa fever scourge Adewale Kupoluyi

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n the last few weeks, Nigerians have lived in great fear following the fresh outbreak of Lassa Fever.

It is unfortunate that in just about a year and half after the Ebola Virus Disease (EVD) plague and its containment, the nation is grappling with another scourge. So far, the epidemic is said to have spread to Bauchi, Niger, Nasarawa, Kano, Taraba, Rivers, Edo, Gombe, Ondo, Oyo, Lagos and Plateau states and allegedly killed about 50 persons while over 90 others have been infected by the disease, also known to be endemic in African countries of Benin, Guinea, Liberia and Sierra Leone.

The World Health Organisation (WHO) has described the viral disease as a zoonotic, meaning that humans become easily infected when they have direct contact with infected animals, through urine and droppings of rats, by eating contaminated foods, transmission through breast milk, laboratory transmission, especially where affected hospitals do not have adequate infection prevention and control measures, among others. The disease records 300,000 to 500,000 cases per annum year, causing 5,000 deaths, worldwide.

WHO further disclosed that 80 percent of the estimated human infections are asymptomatic, meaning that they carry the virus without exhibiting symptoms of the disease even though

they are capable of transmitting the deadly infection. Available statistics from Nigeria’s Federal Ministry of Health show that the nation recorded over 1,944 cases with 207 deaths in 2012 and over 200 cases and 40 deaths in the North in 2013 while the Lassa Fever Research and Control Centre, Irrua in Edo State is said to record well over 50,000 deaths from the infection, yearly.

Even though, the Federal Ministry of Health has assured that the current fatality rate is not serious enough to warrant the declaration of a national emergency, it is only hoped that the situation would really be well managed. Based on the studies conducted on the disease so far, perhaps, the most effective strategy in curtailing the disease is more of preventive than reactive. That is why this piece would dwell more on the various preventive measures and seeking for ways of mitigating the challenges to ensure smooth implementation, hoping that the 4-man Expert Committee on Lassa Fever, constituted by the Federal Government would find some of the suggestions useful.

To start with, the government should upscale public awareness and enlightenment. This should go beyond the traditional method of using the print and electronic media to ensure adequate grassroots penetration. Safety campaigns should be launched in churches, mosques, schools, markets, restaurants, motor parks by using taxi unions, religious, traditional rulers

and other community leaders. These stakeholders should be actively involved in information dissemination.

Secondly, there should be urgent training of environmental health workers on the management of casualty and isolation wards in hospitals to cope with the eventual outbreak, if it happens. Those selected should cut across the entire health workforce because of their vulnerability.

To ensure that there is adequate preparation for detection at the treatment centres, local governments should be provided with specialist laboratories to correctly detect cases because there is the likelihood for infected persons to be ignorantly treated for other diseases with similar symptoms. The reason for this is that many people, in the past, have become victims of wrong diagnosis and treatment in Nigeria thus amounting to double jeopardy.

Also, sanitation officials at local council and state levels should ensure that clean and hygienic drainage systems are maintained in offices, homes and streets and fumigated, where necessary.

This should be done through inspection and compliance by ensuring the enforcement of proper and regular waste disposal.

As obtainable in many states, environmental sanitation days should be enforced at homes, offices, markets and public places. This should be made more regular than the usual monthly routine, at least for now, until the dis-

ease has been well curtailed. Mobile courts should be deployed to ensure that violators are sanctioned. Health officers should monitor the activities of hunters, processors and sellers of ‘bush meat’, most especially, rodents that have remained major delicacies in many African countries. Despite the risk involved, many people remain deviant to abstinence from the consumption of food that could spread the disease even though there are other alternative and affordable sources of protein open to them. The government should, therefore, ensure that vulnerable persons to the spread of the disease, through contaminated food are closely monitored. Surveillance should be intensified throughout the country, especially before the dry season when the prevalence rate of the disease is very high.

Common practices that promote the exposure of food, drinks and other consumables such as the drying of cereals at open spaces and road sides, where there are very likely to have contacts with rats and rodents should be discouraged. Those still indulged in the act should be made to desist from the unhealthy habit. The same thing goes for many markets, where foodstuffs are left in the open overnight and sold to vulnerable members of the public for consumption.

• Kupoluyi writes from Federal University of Agriculture, Abeokuta (FUNAAB), adewalekupoluyi@yahoo. co.uk,@AdewaleKupoluyi

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EDITORIAL

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

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Nigeria’s most authoritative newspaper in politics and business

Arms deal and convicted soldiers

here is need to revisit what one can describe as bizarre revelations by the outgone Chief of Defence Staff, Alex Badeh that the Military under his leadership was neglected, ill equipped and underfunded if there must be justice for the 66 soldiers convicted by the General Court Martial about last year.

The soldiers although had their death sentence commuted to 10 years each, the need to revisit their case of mutiny in the face of emerging revelations especially the arms deal and the Alex Badeh lamentation has become inevitable.

If justice must be done at all in their case, their conviction must be upturned to reflect the emerging bizarre revelations in the fight against insurgency in the country.

The 66 soldiers were in January and March 2015 in separate General Court Martial convicted to death by firing squad following their arraignment on charges bordering on mutiny.

They were tried, discharged on some charges and convicted to death until their cases were again subjected to a ‘legal review’ by the Army Chief, Lt. Gen. Tukur Yusuf Buratai following a series of petitions against their conviction.

However, there cannot be justice without examining some fundamental questions being raised by the emerging revelations.

First, how much was budgeted for the military during the time under reference? Second, how much was requested by the military during the period under reference?

Third, how much was approved during the period under reference? Fourth, how much was released out of the sum approved during the period under reference? Fifth, how much was spent out of the sum approved during the period under reference?

Sixth, what equipment was covered by the expenditure during the period under reference? Seventh, what is the state of equipment presently covered by the expenditure during the period under reference? Eight, what is the balance outstanding on the sum approved during the period under reference? Nine, how much of the equipment procured was utilized during the period under reference? Then, how much of the equipment are under repairs and how much of such equipment is in good state? Eleventh, how much of the equipment was diverted if any?

The above questions call for thorough audit and the checking of books and records in order to determine what

transpired during this period.

This is particularly more significant given the fact that 25 per cent of our annual budgetary estimate is reserved for the military.

The revelations may have also raised the issue of the credibility and integrity of their trials and conviction for the alleged mutiny.

This is important because some of the issues raised by the soldiers during the trial process were not without the alleged lack of equipment to confront the Boko Haram insurgents. These claims may need to be verified with respect to the circumstances under which some of them were brought to trial if the submission of a revered Senior Advocate of Nigeria, Mr. Femi Falana is anything to go by.

Falana who represented some of the soldiers had made references in that direction.

If justice however must be done in the matter, some of the emerging revelations arising from arms deals and the retired Defence Chief must not be treated with kid gloves because of the status of the persons involved and their positions at all material times.

It is also important to interrogate the state of preparedness of the army particularly during this critical period when Boko Haram insurgency has become a nightmare leading to loss of thousands of

lives, injuries, property and displacement of citizens from their homes.

One would therefore call for a comprehensive probe into what transpired during this period. Given the amount of lives that had been lost and property destroyed, it is necessary to demand that whoever is found culpable at the end of a transparent investigation process is brought to book in line with due process of law.

Also, how do you determine the state of preparedness of the military in relation to the conviction of the soldiers without considering the availability of weapons at their disposal?

This leaves more to be desired especially as equipping the military may not meet the global best practices to confront all situations using the United States of America as a model.

In the final analysis, the point must be made that we cannot afford a military that is ill-funded, ill-motivated and ill-equipped given the enormity of the challenges ahead including dealing a mortal blow to the Boko Haram insurgency and other manifestations of terror in the land, hence the need to ensure justice for the convicted soldiers becomes inevitable.

They must be allowed to go home while restoring them to their former positions.

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

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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

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WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

16

Arts

Book Review

Appraising Rasaki’s contribution to scholarship, performance

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his book explores how theatre scholarship, performance, administration, management, research, arts, culture and practice will be interpreted and understood using Bakare Ojo Rasaki’s input through dance, drama and theatre practice.

The 744-page volume uses four parts containing articles on diverse areas of theatre history, theory, criticism, dance, directing, playwriting, music, design, technology, costume and make-up. The peer review and thoroughly edited articles from theatre scholars, professionals and stakeholders celebrate Bakare Ojo Rasaki at his 50th birthday.

In part one of the books which comprehensively treated Performing Arts in Nigeria, well researched essays on Dramatic Theory and Criticism on the works of Rasaki were showcased. With 32 articles, this part starts with a paper, Code-switching and Code-mixing in Bakare Ojo Rasaki’s The Gods and The Scavengers by Michael Abiodun. The paper is divided into seven sections as it underscores the role of indigenous languages in the creative works written in English language. The researcher presents a writer as having the potential to inject into his or her work linguistic forms from the local languages of his or her target audience.

In chapter two, Adeoye AbdulRasheed Abiodun, who is one of the editors, writes on Tropes of Pax-NigerianaYorubania in the Selected Plays of Bakare Ojo Rasaki describing Rasaki an important archetype in the Nigerian postcolonial theatre and culture. Bakare has made inroad in the trope of total theatre through his critical investment in dance, drama, music acting, theatre management and cultural administration.

He observes that Rasaki’s experiments and the innovations

TONY OKUYEME Arts Editor tony.okuyeme@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Book title: Uncommon Artistry Understanding Bakare Ojo Rasaki’s Dance, Drama and Theatre Editors: AbdulRasheed Adeoye, Uche-Chimere Nwozuzu, Solomon Ejeke and Etop Akwang Pages: 744 Year of publication: 2014 Publisher: SPM Publications, London Reviewer: Nwagbo Obi

in his plays are crafted on the tropes of Pax-Nigeriana and Pax-yorubania.

In chapter three, Stephen Inegbe and Aniete Francis Udofia who co-authored the paper “Human Violence as a Political Ideology and its Import in Ojo Bakare’s Rogbodiyan”, highlight how the play scrutinises the various forms of aggression which the political class unleashed on the masses in their quest to wield and hold power. AbdulRsheed Adeoye and Oludapo Ojediran used the article, “Text and Textuality in Bakare Rasaki’s “Rogbodiyan” and “The Gods and The Scavengers” in chapter four to posit that Bakare has impact in text and textuality, because through the two plays, he has shown flexibilities and complexities that are hallmarks of the postmodern drama and theatre.

Chapter five, “Between and Betwixt the constellation of Voices: Towards a theory of Dance Rasaki” by Nwaozuzu Uche-Chimere dwells on the choreography and dance career of Rasaki, noting that apart from being a playwright, scholar, play director, instrumentalist, he is choreographer and dancer who has taught dance in many universities,

Bakare has impact in text and textuality, because through the two plays, he has shown flexibilities and complexities

chorographer and technical adviser to National Troupe of The Gambia, the artistic director of Abuja Carnival. With all these, Nwaozuzu asserts that Bakare has been in the forefront of elevating dance scholarship.

Etop Akwang in “Disciplinary Knowledge, Narrative Surplus, and Cognitive Boost in Bakaresque Dramaturgy: An Archaeological Study of Rogbodiyan” as Chapter six with the acronym Bakaresque dramaturgy concept treats the textual verities that are embedded in not only “Rogbodiyan” but also “This Land Must Sacrifice”, “Drums of War” and “The Gods are Sharp-Shooters”. The paper concludes that Bakare’s awareness of the emotional and psychological rigours in staging plays, especially technical requirements, makes him to eliminate all roadblocks to understanding and presentation of plays.

Chapters seven, eight, nine, ten respectively treat techniques of playwriting, sociology of drama, drama and the society as well as theatre and politics.

In the same vein in chapters eleven, twelve, thirteen, fourteen and fifteen, “Womanist View and Political Stance in Bakare, Ojo Rasaki’s “Selected Play”, “Bakare on the Decadence in the Ivory Tower: A Commentary on Bakare Ojo Rasaki’s Once Upon A Tower” respectively and other 20 articles in this part one are quite illuminating and revealing.

Part Two, comprising nine essays, dwells on dance and music in the works of Rasaki, where Solomon Ikibe and Gabriel Ojiakwo in Music and Songs in Bakare Ojo Rasaki’s Rogbodiyan and Drums of War, chapter 33, describe music as a veritable tool used by the playwrights to enhance a play production by admitting that Bakare has lived up to this assertion. In chapter 34 Suru Cyprus Damisa writes on Break and Mould the Dancer: Bakare

Ojo Rasaki’s Technique of Training to validate the fact that everyone can dance but only a dancer can perform. Rasaki’s technique and training of the dancer through breaking and moulding indicate that no matter how talented a dancer is in dance, if he lacks the skills of performance, the dance art, and proper way to sustain the energy, he cannot perform; hence he needs to be groomed.

Chapters 35, 36, 37, 38 and 39 respectively capture the robust impact of Bakare’s dance practice and scholarship; whereas, chapters 40 and 41 treat dance as expressive medium of communication and important messages.

The nine Chapters in Part Three give emphasis to performance and design aesthetics on the works of Bakare Ojo Rasaki. In chapters 42, 43, 44, 45, Ejue Olympus, Arinde Tayo Simeon, Mbara Nnamdi and Adeoye Aderemi Michael in that order, underscore the relevance of Rasaki to theatrical performances of dance, music and drama including dance-drama to Nigeria theatrical growth.

Other articles in this part that further make obvious such point are chapters 46, 47, 48, 49, 50 Jagunmolu: Dance Battle in Nigeria and The Triumphant Dacerasaki, Aesthetics of Body and Floor Pattern in Bakare, Ojo Rasaki’s Choreography: The “Sai Ka Yi Aiki” Eaxample, Multi-Dramatic Aesthetics in Bakare Ojo Rasaki’s Rogbodiyan and The Gods and The Scavengers, Riddles and Ripples in Bakare Ojo Rasaki’s Works, The Abuja Carnival and Bakare Ojo Rasaki’s Directorial Imprint written correspondingly by Thompson Victor, Tume ‘Tosin, Adenekan Lanre Quasim, Ugala Best, Isijola Oluwatayo. Part Four with interviews; and others.

NWAGBO OBI is of the National Institute for Cultural Orientation (NICO).

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

17

The Mega City ...EXCLUSIVE LAGOS MAGAZINE

Night businesses have brought fortune to many persons, especially to those whose time of business is night Ezurike Ugochukwu reports

LIFE IN THE CITY

MY CITY, MY WORLD

At their mercy

Lagos is hive of activity – Imotsikeme

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Lords of the night

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n spite of increasing security challenges which are prevalent at night, many people in Lagos find the night as the best time to carry out their businesses.

Some of the patrons of night businesses are people who do not deliberately choose nightlife and activities but were driven by circumstance. There are categories of businesses that thrive mostly at nights. Unfortunately, most of such businesses are looked with mixed feelings; they include prostitution, armed robbery, sorcery and etc.

Coincidentally, there are also businesses that legitimately thrive at nights with reasonable proportion of her patrons believed to be those involved in some of the stigmatized and unhallowed night businesses. Money does not discriminate, it does not as well choose its patrons whether in the day or night.

From Ikeja to Agege, to Ikorodu, Abaranje, Okota, to Surulere down to Apapa-Ajegunle, Lagos Island and virtually all major areas of Lagos, the night businesses and markets are with little variance but same in nature.

In the recent past, night clubs in particular and relaxation centres appeared to be the preserve of Ikeja and Victoria Island, predominantly because of reasonable security upgrade there.

But today, night merriments are moving out of those highbrow areas to areas adjudged as remote part of the mega city since many middle and upper class persons are relocating to their private houses built in those suburbs. Obviously, many investors in the industry have sought for the relaxation centres built not too far from them.

Free ladies on the street

Mr. Austin John (pseudonym) was a hotel attendant in one of the popular hotels in Abaranje, a town at the outskirt of Lagos metropolis in Alimosho area of the state. He said his hotel, which is a popular hotel in the area, operates a daily night club. “Our night club here is daily, only that we have higher patronage on weekends. Some of our patrons are from outside this area as far as Lekki and Victoria Island. We witness over 500 patrons on weekends. You can’t operate a successful nightclub without being in touch with call-girls of all categories.

“There are some decent callgirls that when you see them, you will not have doubt they truly look the part of decency but into an indecent job, which is an irony of life. Such girls are expensive. They are for high profile and the wellto-do. Your involvement in this business will bring you in touch with all streaks of ancillary busiOLUWATOSIN OMONIYI nesses and markets, such as taxi CITY Editor drivers, all forms of hard drugs tosin.omoniyi@newtelegraphonline.com sellers and other unthinkable, so that you can satistify all shades of customers.” © Daily Telegraph Publishing Company Limited He explained that though they have adequate indoor and outdoor

Night economy is the hallmark of a successful economy

security arrangements; most of their customers prefer to sleep over, perhaps to avoid face to face encounters with street marauders.

From Victoria Island around Law School and Lagos Business School, all the adjourning streets in the area have some prostitutes along the roads; scantily dressed. They are more active from 1:00am. The darker it becomes, the more active they are.

It is also a common sight to behold the scene of some very young girls, as they position themselves at the front of some hotels and on the streets, dancing, beckoning and waving at passers-by and prospective customers. Dim-witted persons may be seduced into veering to their antics. Skimpily dressed, their legs and boobs are for the kill. As they dance seductively, they make utterances with their mellifluous voices- “come now”!

As they make random search of potential customers, not losing focus in their efforts to engage all forms of schemes that will whittle the influence of their opponents. They are the baits at night clubs also.

In Surulere, Adeniran Ogunsaya, there are more than six night clubs in the area, which makes it tick. The services provided by ancillary businesses and those in the informal economy are conspicuous in the area.

Night life in Lagos favours those in the informal economy greatly.

They are like taxi drivers, who are not in taxicabs union but well known to the hotel managements and could be called on the telephone at any time to provide taxi services to their customers at any hour of the day.

There are also food vendors, such as noodles foods and beverages, roasted meat (suya) sellers, vulcanizers, not forgetting cyber cafes that are gliding towards extinction especially night surfing due to the advancement in telephone internet technology.

A vulcanizer who identified himself as Hakim Adiola, in Surulere area of Lagos, said his business thrives at nights.

That he sparingly comes out at day times for any work. “I have been in this business more than 15 years; I started by renting CONTINUED ON PAGE 20

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Life | Mega City

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

A suspect being given the ‘jungle justice’ treatment at Ikeja

Glory Igbimon

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ungle justice has been a rampant incident in our society; this has been a bug in the holes of most homes. It has continuously and dangerously been on the increase in Nigeria, Lagos in particular.

But the sad part of it is that there are always spectators to each jungle justice carried out. People seem to be entertained as they cheer on while victims who they are not certain their innocence or guilt are being of tortured.

Some of these incidents have been recorded to be increasingly predominant in areas like Ikeja, Isolo, Badagry of Lagos State.

A typical example of a victim of jungle justice was a young lady, who died because she was accused of stealing phone at one of the phone shops in Ikeja, area of Lagos. She was lynched and stripped naked and the men there allegedly assaulted her sexually and molested her, while a mini crowd watched on. Luckily, a Good Samaritan came to her rescue but few days later, she committed suicide as the result of the shame of seeing herself on Facebook and how she was molested because of a crime that she did not commit. She couldn’t bear the shame and humiliation.

Another sad case happened in Badagry area of Lagos State, late last year, where two young men were murdered for a crime they knew nothing about. One Ify Nwamokpor, a student at DELSU and his friend Kasim were apprehended by touts because their neighbourhood was robbed the previous day

Jungle justice and they said their faces were not familiar in the neighbourhood. Hence, they were handed over to the local vigilante.

While they were there, they said the vigilante mistakenly killed himself and the touts said the two young men were to blame for his death and as a result, they were beaten to death.

Mr. Olawale Oluwafemi, a business man, said: “They call it justice but I think it is just wickedness and inhuman.

How can one inflict pain on another fellow human being because they stole something or did something wrong? I think the police should arrest anybody that takes laws into his or her hand because many at times, these victims are innocent of the charges laid against them.”

Mr. Ogechukwu John believed jungle justice is the best because it is instant. “Jungle justice is the best because if we leave matters to the police, they may not do anything about it. Once they have been bribed, they let go of the person without charging or punishing them for their crimes. So, it is best we serve them justice immediately without delay. But when people know that if they committed a crime, they would be severely punished, they will not commit the crime. That’s the importance of jungle justice,’’ he said.

Talking to one Kemisola, she said: “Jungle justice is bad because people are not even sure if the victim is guilty of the crime or not. As far as they hear thief, they carry stones, wood

Justice rushed, is justice abused and buried

and all sort of things to beat the person. I have witnessed a case where some guys were just joking and they called one of their friends a thief, the next thing they saw was two men carrying sticks coming towards him to beat him. They had to quickly say they were joking.

That is how much Nigerians do not want to hear anything like thief. It is good because our environment will be free from theft but the way Nigerians go about it is really not good’’ Talking to Justice Uhuegbu, a human right lawyer, who said jungle justice is any purported act by any person, individual or group of persons to do an act of omission in a view to get purported justice or retaliation of any kind without the due process of the law. Jungle is a place of anarchy where there is no existence of law. In a well-organized society, jungle justice must not be practiced.”

According to him, justice can be seen as justice in the mind of the done. Justice should be seen to have been done not that justice should be done. People say justice delayed is justice denied, but Justice rushed, is justice abused and buried.

“Justice is a two headed sword, not a one way thing.

What is justice to you may not be justice to me. It depends on the area in which we approach it. The totality of it is that justice should not be done but be seen to have been done. When we look at it, jungle justice should not be condoned in anyway but be abolished. An example is if armed robbers attacks

a person, it is not the person’s right to kill the armed robber, but if the person does, the person must be able to convince the court that he or she did it in self-defence,” he said.

Uhuegbu explained further that the law has made available the rule of law, and under it, we have fundamental human rights as written in chapter four of the 1999 constitution and in between that right here, are right to life, movement, speech and so on. “But in between that right, there are still some limitations.

For example, one that is serving a prison sentence, we cannot say that person fundamental human right has been breached because it is according to the law and it is the authority of the court of coordinate competence that gave that verdict. That is why we say no right is absolute. To the law of the land, justice has been done but to the individual, it is injustice; that is why I said it is a two way thing.

No matter what anybody does, nobody has the right to kill anybody for what so ever reason and no matter who you are. That is why sometimes, we see a policeman that will be charged to court when they say they had an accidental discharge. They must face a charge of murder. If anybody commits a crime and is killed by the people around, the people that killed that person(s) must face a murder charge because they took laws into their hands which is wrong before the law.”

Life | In The City

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

19

Lamentations on Ago-Palace way

Ago-palace way

Victor Uddo

M

ore than 27 years ago, the Lagos State government carved out the Ago-Palace Way as an alternative route to avoid the ever busy Oshodi-MileApapa express way.

However, successive administration seemed to have abandoned the project on claims of lack of fund.

According to a Ministry of Works official who preferred to remain anonymous, the state government had the road as one of its priority projects because of the relief it will bring the residents of the area and other adjourning communities, hence, government’s desire to quickly complete it.

A member of the executive of one of the streets resident associations, who pleaded anonymity, told New Telegraph that the construction firm (CCECC) stopped work on the road due to poor funding by the state government. Since then, the company’s office at AmuwoOdofin has been under lock.

When New Telegraph visited the construction site recently, it gathered from a Ministry of Works official who prefers to remain anonymous that the state Governor, Akinwumi Ambode, has promised to ensure that work from Dr. Fredrick Fasheun Street junction to Amuwo-Odofin bridge will be completed in record time.

According to the source, the construction of Ago Palace way from Okota round about down to Amuwo-Odofin bridge leading to Apple Junction has been going on for more than two years by CCECC and yet, there seems to be no respite for the users. The source said the phase of work will include the entire phase 1– 1V work of the road expansion between Okota round about to Durban junction in Amuwo-Odofin which is about 7.1 km long with most part of the road segment laid with inter-lock-

ing paving stones.

Speaking with New Telegraph, one Nkiru, who owns an electrical appliances shop along Ago Palace way, said the state government has done well and showed that the government listens to the cries of Lagos resident in the affected communities by ensuring that the contractor returned to work. She said that if completed, there would be respite for motorists and even the shop owners, who will now experience better patronage as there will be access to all shops.

According to Nkiru, Governor Akinwumi Ambode has started well from where his predecessor, Babatunde Raji Fashola stopped. She said she sees a better Lagos with improved road networks.

While lamenting over the poor state of the road, Obinna Nwazurike, a tricycle rider, popularly known as keke Marwa, said that the state government has not put her citizens into consideration because of the delay in continuing the construction work.

He is not happy that the work is very slow. According to him, by now, the job ought to have been completed so that there will be relief for the people.

He said that most of them riding keke Marwa spend so much money in repairing their tricycles. At the end of the day, they have nothing to take home because of its maintenance. Another bus driver, Mr. Hamidu Hassana, also complained that at the end of each day, he has nothing to take home; that he struggles to get his balance for his master and the rest he uses in repairing the bus so that he can get it ready for the following day.

Some commuters, who spoke with New Telegraph, wants the state government to complete the road construction, so that, commuters’ suffering would lessen.

According to Kadiri and Joseph, it is no long convenient for people to visit friends and family members around that area because of the long hours spent in traffic due to the abandoned road construction.

OKOTA ROAD REPAIR WORK For residents of Okota road, up to Cele/express, it is hell. They have been

tors have not been paid and that they may have insufficient money to prosecute the contract as it were. He appealed to the state government to please look into the situation.

Mr. Ignatus Nwachukwu, a tricycle rider, lamented that since this repair work started, he has not been able to complete his balance daily. According to him, he had to work extra time into late night in order to make up for the past four months. To him, life has not been the same ever since.

Another motorcycle rider, Mr. Okey Kamson, who transport people from Ikotun to Cele/Express complained bitterly to New Telegraph that he has not been able to meet his balance target for some months because of the ongoing work. He said commuters have devised new routes which he cannot ply because of the police. He therefore appealed to the state government to facilitate the quick completion of the work, so that their suffering will come to an end.

On going contruction at Okota Road

crying over the hardship they faced when passing the portion of the road under repair along Okota road.

According to one Philip, a popular barbing salon owner in one of the streets who described the hardship road users are going through as unwarranted, proper palliative measures should have been put in place. He said some link roads like Alhaji Adenekan Street, Alhaji Olusesi Street, Balogun Street and Chief Nnwachukwu Drive, should have been graded to serve as diversion to reduce the traffic along Okota road.

Another transporter, Mr. Kaseem Ade, who spoke with New Telegraph, said the people were suffering because of corrupt practices. He said, the work was too slow, that perhaps, the contrac-

One man’s meat In a twist of fate, Kanayo Oge, who sells ice cream and Tawa who sells satchet (pure water) and mineral are thanking God for their business that is booming. They suggested that the contractors handling the road works should take their time to do a good work and avoid substandard work.

According to Aliyu, who sells vegetables in wheel barrow, he is not happy with the suffering of motorists associated with the repair work along the road. However, he is grateful to God for his booming business. Out of all the commuters that New Telegraph spoke with, only one Ruth Okechukwu did not spit fire on the state government and the contractors for the slow pace of work. She appealed to the press to report the repair work in such a way that government’s attention would be drawn to it.

For Tayo Alade, everything boils down to government insensitivity towards the suffering of her citizens. According to him, elsewhere abroad, the citizens welfare will be taken into consideration during planning and execution of the road works. New Telegraph reached the Ejigbo LCDA Executive Secretary, Barrister Tajudeen Alabi, on the telephone to confirm the amount the state government allocated to the Council for the rehabilitation of the two designated roads, he declined comment and asked that the Council’s information officer be contacted.

20

Life | Mega City

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

CO NTINUED from PAG E 17

machine from vulcanizers that work at day time.

The night work brought fortune to me. Some days, I make between N20,000 and N40,000. Not because the volume of customers are high. Rather, because people are ready to pay any amount you ask them to pay at nights so long as they get there tyres fixed. Most of them will be fidgeting while you are trying to fix their tyres, not trusting me fixing it for them.

“I will never forget a particular day that I was forced to carry my pumping machine and other equipment’s at gun point by armed robbers to a distance of three kilometres, where they hid their vehicle that got punctured.

I took it to the place, made a quick patch and pumped the tyre. However, they paid me so well to the tune of N50,000. I enjoy night business because apart from some bad boys that often come around to molest us and insist on giving them money which we reluctantly part with, no official agency comes to you for any form of tax or revenue. I think it’s even the government that ought to pay us because we give a rare service to the society” He maintained.

Cyber café business at nights was one of the most lucrative businesses in the country in the early 2000s. Christian Arunde had his business centre at Oregun area of Lagos. He started it in 2004, when cyber café was booming. According to him, the business usually peak at nights then, because overnight browsing was cheaper and the server ran faster at nights. “I never knew this business will come down so quickly this way.

Those days, people book for space in advance to browse at nights especially weekends. We were making cool money then.

Night browsing then was between N300 to N500 per hour. With the easy and affordable access to the internet through mobile phones, the once lucrative cybercafé business that was the toast of every entrepreneur those days has lunged to the precipice. The only thing that keeps the few cafes is the WAEC biometric registration and other online registrations that cannot be completed with mobile phone internet access.

To me, night business gives you convivial mind and absolute concentration” He said.

There are too many other goods and services whose popularity soar at night. Abubaker Ismali is a petty trader mostly in chewing gum and kola-nut. The greatest sales according to him, made are at nights. “Kola-nut could be said to be night business.

Though we make little or no sales in the day times, we make our greatest sales at nights. Drivers patronise us a lot; night factory workers, there are too many patrons to it at night. Most of them, we do not know what they do at nights. Even call girls buy kolanuts as well as chewing gum a lot at nights. There are too many medicinal value attached to kola-nut apart from antidote to sleeping at nights.” he said.

Ibrahim Isiaku sells herbal roots at Obalende, close to the motor park. He is not happy that they are often harassed by government functionaries and police. “There are too many sick-

A Lagos night market

Lords of the night nesses that elude orthodox medicine and we cure with our herbal concoction. Most of the people suffering from them find it difficult to come around us in day time, unless at nights. No doubt, we don’t make sales at day time.

They sneak into our stands at nights. Unless those that have our phone numbers, who often call us for home services, most people feel ashamed to come to us. Majority of our patrons suffer from terminal diseases and sexually transmitted diseases (STDs).” He explained.

Another Hausa trader, Usman Auwal, who runs a mobile store in a wheelbarrow on Acme road, Ikeja said, he sells much of his goods at nights, such as toothpastes and toothbrushes. In fact, he said he doubted it if there was any other time people buy contraceptive as condom apart from nights. “Even at the early hours of the morning-4:00am, I have become used to people coming to call; Aboki! Aboki!

All they want to buy is nothing but condom or toothbrush and paste. I sell mostly, cartons of condom on weekends,” he revealed.

It is believed that what primarily transpire at night clubs and other night gatherings are only to drink and prostitutes. In the light of the above, records show that beer and other forms of alcoholic drinks sell mostly at nights. To this extent, Nigeria has been rated as one of the world’s largest consumers of champagne and alcohol drinks; that it consumed over $40 million worth of champagne in 2011 alone to rank as the second largest consumer in the world ahead

of Brazil, China, USA and Australia. It’s likely that between 2011 and 2017, Nigeria’s Champagne consumption will exceed $100million.

Indeed, alcoholic drink sellers are one of the major beneficiaries of night hours. In the words of Mr. Kenneth Allwell, a hotel attendant at Pen cinema close to the railway station: “All manner of people come out in the evening to drink, such as those thuggish-looking young men who appear like lords of the nights. Acrid smell of hard drugs, such as indian hemp and colony of smoke from cigarettes are feature of night bliss within the railway environment and I think it’s like that in many other places there are night life activities. The exception is that in those highbrow areas, there are places designated for such smoking and other related activities. Some of our ‘big men’ are the greatest patrons to smoking of hard drugs and call girls.”

Mr. Jude Okeniware, a security expert, has cautioned those prominent Nigerians who live abroad but have their houses here in Lagos in the care of either relations or caretakers and security men to always make efforts to know what goes on in their houses as there are revelations that their various caretakers work with some pimps who bring couples that hunger to spend the nights in their houses for certain fees depending on the duration.

They collect between N500 and N2,500, depending on the duration and power of negotiation.

“Some tenants who live around those bubbling areas as well have converted their houses

to chalets to make ends meet.

Some are also in arrangement with the call girls who use the corner of their houses for quick sexual services. All that needs to be done is for the house owner to make sure the light at such corner is permanently off and he receives his payment for that.

The situation was similar to some security men at some corporate organizations, who converted their organizations to chalets before the attention of their employers were called to the unwholesome activity.

However, there are some who are still in the game.” He said.

Meanwhile, a political economist, Mr. Victor Idosa, said, there is no industrialized country in the world without night economy. “There cannot be a successful business country without a night economy.

Vehicles on the road

It makes those who work during the day to have a second means to life. Night economy is the hallmark of a successful economy.” He said. He frowned at the manner the government is running riot on all night markets in the state from Oshodi to Ikeja and down to Victoria Island without an alternative site.

He insisted that most of the operators of night markets are the poor that do not have money to rent exorbitant shops and have explored the advantage night business offers to make ends meet. As he stressed that night market ought to be a way of life, he noted that, although, our peculiarity is at variance; there are such countries as Netherlands, who have legalized prostitution which is more of a night and secret business here in our clime.

Life | In The City 21

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

Life with a meaning

L-R Mr. Idowu Tawodu, Manager, Media Assets Management, Prince Adetunji Ogunwasi, Director, Primewaterview Group;Chief Kenny Martins and Mr. Dele Agekameh, media consultant

Ezurike Ugochukwu

1

,000 years in the eyes of man is like one day in the eyes of God as stated in the holy Christian Bible. ºo some in this society, their time of prominence is probably from three scores and ten or 80 years and above. Those special species, who are created

by God for special purposes and assignment on earth, who are gifted, stands like colossus before kings. Those men who walk through the valleys of life and still remain unwavering.

At 60 years, they have made an indelible mark that will be difficult to be matched.

True to the above analogy, Chief Kenny Martins, who clocked 60 years last Friday, was celebrated by his friends at the Southern Sun Hotel Ikoyi, Lagos. The friends, who cut across all strata of life, came together to celebrate this man of the people, who has achieved what could take many creatures put together very many years to achieve. Martins, a former chairman of Police Equipment Foundation, an accomplished businessman, administrator and a politician per excellence; above all, a stickler for the rules.

Like many of the friends, the Prince of Ife, Adetunji Ogunwusi, chairman Primewater View groups, said he is a very worthy and dependable Nigerian who has used his wealth of knowledge and experience to shape the life and perception of many Nigerians.

Two women who added their voices, Mrs.Bolatito Obaigbo and Morola Babalola, described Martins as a very amiable fellow who has achieved so much

within the 60 years he has lived. And that, above all, he treats women like queens, and not being gender biased.

Obaigbo said Martins is a man who irrespective of the high class he has worked to achieve for himself, has chosen to remain classless, free with all men regardless of their class and where they come from.

Mr Idowu Tawodu, manager, Media Assets Management, sees Martins as a unique creature by God, who is apt in everything he does, who has changed the thinking of many young, and old about life and its realities. “He has changed my horizon, and every investment

he makes is an investment worth its value in gold. I wish him long life in good health.”

In his words, Mr. Dele Agekameh, a man who has etched his name in gold in the media world, who is among the friends, said Martins has a large heart. He trusts his friends greatly, as such, they cluster around him. He is a man who can go out of his way to engender relationship.

“He is very intelligent; he is connected socially and politically. He is quiet and amiable.

He means different things to different people. Some people find it tough with him and you can’t push him around. His

friends cut across all cadres of profession and he is popular among the who is who in Nigeria and beyond.” He said.

Chief Martins, who rather than coming as the celebrant to the occasion but came as the special guest since he was being celebrated was humbled by the honour on him by his good friends, who according to him, defied their official engagements and other pressing needs of theirs to honour him. He prayed that God will honour them also. He wished them many years and better days ahead of them.

In his vote of thanks, one of the friends, Barrister Johnnny

Ucheaga, went down memory lane to recall how he became a rallying point to all their friends, how Martins has always treated his friends with all sense of respect. “He has always been there for all his friends and even non friends.

He is a man of the people. I thank all of you; Temi, Solomon, Layo, Adetunji, Gboyega, Gboleham and etc. for making this day worthwhile God bless you all. We wish you our very good friend -Martins more than 100 years. You will continue to look the picture of health.” He concluded as they toasted for long life and prosperity also.

L-R: Mr. Johnny Ucheaga;Chief Kenny Martins; John Akhigbe, Consultant; Mrs. Bolatito Obaigba and Managing Director, Pinnacle

22

Life | Mega City

Main entrance of Igando-Ikotun LCDA

Victor Uddo

T

he untold exploitation shop owners and petty traders go through in the hands of Local Government Council Area (LGCAs) and Local Council Development Authorities (LCDAs) is better imagined than experienced.

The month of January especially, the adrenaline level of shop owners usually pump up because it is time to renew local government council shop levy and other related levies from other unregulated and unauthorised sources.

New Telegraph went to some shops owners and petty traders in Igando-Ikotun Local Council Development Area (LCDA) and Isolo Local Council Development Area (LCDA) where they are groaning loudly. A member of one of the Market Associations in Igando-Ikotun LCDA, who pleaded anonymity for fear of being victimized, said, “this LCDA is very notorious for exploitation of traders, shop owners and the likes. Their mode of operation takes the form of brute force. These people lack human empathy” Rashidat, who sells soft drinks, table and sachet water, showed New Telegraph her left foot, where she was injured. She said: “See my foot where the bowl containing my products fell on and injured me when one of the council levy collectors dragged the bowl from my head, because I have not paid their levy for that day”.

Rashidat, narrating her ordeal added, “I have just picked my goods at about 10.00am from the cold room and on my way out of the main market towards the BRT terminal, I was accosted by

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

At their mercy the revenue collector to pay my levy for the day. I was trying to explain to him that I have just collected the products and that he should give me some time to sell some so that I can pay.

But to my surprise, as I backed him, trying to sell sachet water to a customer, he attempted to pull out some of the drinks forcefully from my head and I was held back. I found myself landing heavily on the concrete floor with my goods falling on my left foot, with about five plastic bottles of drinks, two bottles of table and all the six sachets water damaged, including the bowl. You can see, how I lost about N1, 200.00 because of N100.00. This is becoming too much and unbearable to us.

Please let the Governor come to our aid and talk to these people.

They are not human beings.”

For another trader, Chika: “They impounded my bicycle with which I use to sell ice cream for not paying levy in time. What one cannot understand is that you will have to pay to about three different groups of which you don’t know which is who. After paying one levy to one person, another person will appear from nowhere to demand for another levy. If you ask question you are in trouble and if you don’t pay immediately, you risk your goods being confiscated. Unfortunately, nobody can come to your aid, not until you have paid what they demand of you” As Chika was speaking with New Telegraph,

his colleague, Musa was nodding his head in agreement with Chika’s story.

Aliu Musa, who also narrated his own ordeal to New Telegraph, said that any resistance with these people, attracts beating and after the beating, you will pay whatever they demand from you with apology. These people are law unto themselves.

In my own case, after seizing my ice cream bicycle with two “dirty slaps”, they dumped it inside the council premises and left the ice cream compartment open under the hot sun and allowed the ice cream to melt.

After going round to seek assistance, there was none. I had to go and loan N1,500 to pay as penalty and N100.00 as the levy before I could be allowed to take away my bicycle, said Musa.

Speaking to New Telegraph, Angee, one of the evening traders who sells used clothes popularly called “Tokunbo” said: “Even devil will not commit some of the atrocities these council workers commit, and they are heartless and wicked.

My experience in their hands was very unpleasant. On this fateful day, as I was just settling down, unpacking my goods.

The man tapped me from behind and said, “don’t delay me, quick, quick give me” and I said to him, give you what? Can’t you see that I am just coming and offloading my goods? Go , by the time you come back, I would have sold something to pay you. The next thing I saw

was his hand moved like a flash of light, carried one of the bundle of clothes I have not untied and dashed off. As I attempted to hold him back, he just shook me off and I fell on my hand on the concrete BRT terminal; I later knew that my left hand was dislocated. It cost me N4, 500 to fix. I am yet to recover from that accident. When asked why she did not report to the Council authorities, she said, “I better allow it to go. Otherwise, I could be targeted for other form of attack as long as I am still selling in their space” New Telegraph also spoke with Stella whose husband deals on different kinds of travelling bags. She said: “My husband is their friend. Every year, we give them gifts like leather wallets, packs of pants and singlet, canvass, sandals and pair of jeans, etc. So, if we have not paid, nobody troubles us, because they know my husband will pay. We have two shops.

Other traders should learn to make friend with their hosts, and also imbibe the culture of giving them gifts that will make these council workers treat you with respect.”

Stella further told New Telegraph that her husband used to intervene in some people’s cases when they impound their goods.

“My husband usually calls the officers responsible and they will resolve the case and release the person’s goods” New Telegraph cornered one of the levy collectors, who was

secretly identified by one of the traders. When asked why they use force on traders to collect levies, he said, “this job is given to those who are ‘firm and have action’, this kind of job is not for the lazy and chicken hearted boys” Furthermore, he said, “these traders you are seeing are not truthful. If you don’t use force, you’ll not meet your target and there is consequence for that. As you know, we are all looking for our daily bread; so the more hard you are on them, the more they fear and respect you. When asked whether he works for the Local Government Council or the Baale, he said, “I don’t know who the ultimate beneficiary is. I only know my direct boss who I deliver to.”

Idris, who sell electronic gadgets and accessories in a wheel barrow, had a different story to tell New Telegraph. According to him, “before Eid-al-fitr Muslim festival last year, my goods were confiscated and I never saw a trace of it. I lost about N25,000 including the wheelbarrow. When I reported the matter to my association, they said they will report it to the Council authorities, but up till now, nothing was heard about it.

At the last stakeholder’s meeting held last week, nobody could raise it because of fear of the unknown.

Armed with these tales of woes from traders, New Telegraph headed to the office of

CONT INU E D on PAGE 24

Life | In The City 23

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

My City, My World

Lagos is hive of activity – Imotsikeme F

or Chief Cosmos Imotsikeme, 75, Lagos is not in the same league with other states in Nigeria. Lagos state is a place where there are lots of things happening, and everyone is very busy. According to him, Lagos was sweet then.

There was real social life and to a large extent, there was freedom of movement and association.

High Chief Imotsikeme as he is fondly called has been in Lagos since 1956 in search of the proverbial Golden Fleece.

I had the hope that when I get to Lagos, life will become better and true to it by God’s grace, it became so.

When I got to Lagos, there were about five houses in Victoria Island around that period; the Federal palace hotel was under construction. The Nigeria Railway Corporation was working and some government establishments I know then like NEPA, water- works, etc were working well. The issue of corruption and nepotism was not as pronounced as it is today. Workers were dedicated to their work seriously.

The issue of insecurity we are experiencing in Lagos of today was not as bad as it is today. Armed robbery cases were not rampant and arms and ammunitions were hardly found in wrong hands. You could sleep with your two eyes closed without fear of suddenly being attacked by armed robbers. In your community, neighbours acts as ‘brothers’ keeper’ this cannot be said of today’s people living in the same community, people are on their own, either too busy or fear of backlash to be their “brothers’ keeper.” This era in Lagos is a new generation of people that do not care about others.

On ways to checkmate crime in Lagos state, I am suggesting that Lagos state government should enforce the ban on street trading. I have observed that some of those street hawkers endanger the lives of people. In Lagos for instance, the police should lay surveillances on all boarders leading into Lagos state. Alms beggars’ movement should be restricted and its earlier ban enforced. The state government should jealously check the influx of people of questionable characters that has no business in the state.

Imotsikeme

‘...Window of Adegoke: Oh, sweet old Lagos! opportunities’ E

Enilolobo

E

ducation was interesting because there were various opportunities which existed in the academic world, especially in Lagos state. 73 years old retiree civil servant, elder Adefemi Enilolobo has lived in Lagos for 55 years and still counting.

I came to Lagos because of the window of opportunities that was available to pursue my education. The quality of schools in Lagos then, was not in doubt. They were well managed and admission was based on merit.

Those days, there was employment opportunities because Lagos(Nigeria) was just developing and there were more openings. Then employers came to Universities to recruit and give cars to those employed. If you did not get a job, it means you were not qualified. These days it is a matter of who you know, “god-fatherism” whether you are looking for admission or job.

Those days we were taught moral instructions from our academic syllabus but today, the society has relegated morals to the background. Parents should teach their children how to greet both within their homes and outside. Unfortunately, today, what you teach your children at home is contradicted by the social media and other means of public communication system. Lagos of today, most Lagosians are compelled by selfishness and avarice. However, I want the government under the leadership of Akinwunmi Ambode to seriously look into the growing cases of cultism in Lagos state.

lder Daniel Adegoke, chairman, Ago-Okota residents association, has every reason to thank God for being alive.

The 70 years old man, energetic and sharp, recalled with nostalgia the Lagos he witnessed 50 years when he stayed in Yaba area of Lagos. “Oh, sweet old Lagos. Life in Lagos those days was very peaceful. You hardly experience any stress in terms of power supply, human movement, security of life and properties. Then, one can sleep with his two eyes closed. Most houses do not have high iron gates and wall fences like what you see today, yet lives and properties were safe.

I believe that Lagosians are happy people, even when they are suffering , they keep on smiling, this is true to Fela Anikulapo’s song “suffering and smiling” Nonetheless, you can’t compare the measure of suffering then to now. Social life activities then help to ease the associated stress of daily hustling and bustling. When social life was real good, as a young sales executive, I visited some of the top relaxation centres where you have renowned musicians like the late Bobby Benson of “if you marry taxi driver” fame, Adeola Akinsanya, Tunde Nighty Gale, Commander Ebenezar Obey, King Sunny Ade and others. Today, the Adegoke type of music you hear at the so called relaxation centres are senseless and meaningless.

One thing I like about Lagos is that Lagosians are very conscious of the security situation around them. Those days people move freely, go out and return to their homes late at night and early mornings without any fear of been attacked by armed robbers. What you see mostly then were petty thieves.

Lagos state government is not doing enough to curb corruption within its own rank and file, especially at the local government councils. The issue of tax and other levies collected by officials are disturbing. They collect above what is required by statutory laws. It is vice versa, also a situation whereby the state government receives Federal government revenue allocation and sit on it, is corruption!

Lagos is for all, irrespective of your tribe, religion or race you are accommodated, so let all hands come together to assist Akinwunmi Ambode’s administration to build on the legacies of Babatunde Fashola and make Lagos a true mega city where all and sundry will be accommodated.

... Can stand as a country – Fadele Glory Igbinmo AKINWALE FADELE, AN ENTREPRENEUR agos is the land for all, Lagos is beautiful, a nice place to stay, it is big, can even stand on its own as a country because Lagos contains people from different works of life residing in Lagos. Lagos is an interesting place, comparing it to places like Kaduna and some other parts of Nigeria. Lagos is actually a business area. Comparing Lagos of about ten years ago to now, I will say Lagos of today is much better. It is much neater now. Fashola did a lot of job in places like Oshodi, Mushin, and the whole of the state. The traffic level then was very sane. My major problem in Lagos is the traffic level now and that’s because most of our roads in Lagos are bad due to lack of maintenance. Because Lagos is highly populated we have lots of people plying the road every day, so the roads are getting worse. I love Lagos and I cannot stay in any other state in Nigeria outside Lagos. Though Lagos is very expensive, as an entrepreneur, I make as much money as I spend in Lagos. So why would I want to leave Lagos?

L

Fadele

LGA Focus

A shop at Aswani market CONTINUED FROM PAG E 22

the Executive Secretary of the IgandoIkotun LCDA, Hon. Wale Azeez, to find out if he was aware of these allegations levelled against his revenue collectors and to know what he is doing to address the issues. At his office, his personal secretary said his boss was not on seat. He however directed that the information officer should be seen to take the complaints.

At the office of the information officer, New Telegraph met with a young lady who introduced herself as the information officer but refused to mention her name. New Telegraph observed the information officer’s attitude to official matters as highly negligent of a public officer, who is supposed to be the image maker of the Council. Apart from the fact the she lacked courtesy, and she was annoyingly lackadaisical in her response to the issues of public interest raised by New Telegraph, her display of “behind the times” attitude this time the entire country is singing change should be a thing of concern to her employer.

The second Local Council Development Authority visited was Isolo, where New Telegraph spoke with various people on their ordeals with revenue collectors in the LCDA area. Their stories were similar with that of Igando-Ikotun

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

At their mercy

LCDA. At one of the streets at Ilasamaja, Oyinkansola, who owns a small shop, spoke with New Telegraph. She said, “Let me tell you. Unless Governor Ambode puts his feet on ground, all these corrupt practices will continue.”

According to her, “you have seen this shop yourself. The space is very small and my rate is supposed to be N1,500 annually, but they will send me a demand notice of N7,500 and I will be negotiating with them until we arrive at N5,000 and pay them only to be shown a receipt of N750.00 because of my insistence, promising they will bring it back, but that has never happened.

Oyinkansola further told New Telegraph that she got to know the truth when her cousin who is a member of an NGO informed her about the payable rate schedule. “Since that time, I now go to the designated bank since 2013 to pay the actual amount and bring teller to them. At our area at Ilasamaja , there is an erected payable rate board for the public, even though they grumble

because I pay the appropriate levy, they cannot cheat me any longer nor lock up my shop. This year 2016, I have gone to pay my levy and submitted the teller waiting for their receipt. My advice to Lagosians is to learn to be patient. Don’t be in haste all the time, so that some of these people will not continue to take advantage of you.

“On two occasions, I have reported some of these people to the Council office.

Yet, nothing was done. I have concluded that they are all the same,” said Ishmael to New Telegraph. “They have locked my shop on two occasions at Itire area in 2014 but when my brother who works in Alausa heard, he came and challenged them on the actual amount and they apologised and reopened the shop. Now I know what to pay. The Lagos state Governor should compel the various Local Government Councils to embark on enlightenment campaign to educate their people on these payable rates. The Council people are milking the people,” said Ishmael.

Mrs. Ojo, a Liberian, who is married to a Nigerian, runs a bar parlour at Okota

area. She told New Telegraph that these council men are her regular customers.

Every week, she parts with at least three bottles of beer in order to keep her relationship with their boss cordial.

When New Telegraph visited the revenue office of Isolo LCDA at Ilewe off Ibe road, Okota, the officer in charge was said to have gone out on official assignment.

It would be recalled that on July 12, 2010, the Lagos state Government enacted the Local Government levies (approved collection list 2010). The essence of the law, according to Muyiwa Ola, a legal practitioner is to ensure that taxes and levies collected by the LCDAs and LGAs are regulated and unified. He further stated that the government, in order to ensure transparency in tax compliance, each LGCA and LCDA’s revenue committee were directed to publish at a conspicuous position in all the LGCA and LCDA revenue offices containing a chart of the approved list of levies with the applicable rates and the expected time of payments.

QUOTE

OF THE WEEK

“Symptoms of the deadly disease, according to experts, includes headache, sore throat, cough, vomitting, diarrhea, abdominal pain and general weakness of the body’’ said speaker of the Lagos State House of Assembly, Mudashiru Obasa.

IN NUMBERS Ja n.

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5000

UNILAG students trained on safe date

NEW TELEGRAPH WEDNESDAY, January 20, 2016

Money

Investor

FCT

25

Maritime

Budget: Concerns over FG’s external borrowing plans

Time to stem massive sell-off

Crude oil price as threat to 2016 budget

Why vehicle imports slumped by 67%

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Business What's news Lagos will be most populous city in Africa by 2030 – Report A new report released by Oxford Economics has predicted that Lagos will emerge the most populous city in Africa by year 2030 with a population of 25 million people.

p.26

Africa’s debt issuance raised $15bn in 2015 L-R: Managing Director, Programme, Development and Technical Cooperation Division, United Nations Industrial Development Organisation (UNIDO), Mr. Philippee Schotees with Minister of Water Resources, Mr. Suleiman Adamu, during a courtesy visit to the minister in Abuja.

Sub-Saharan African (SSA) debt issuance raised a total of $15.5 billion in proceeds for 2015, a 22 per cent decline compared to the preceding year and the lowest annual period since 2012, according to the investment banking analysis for the region released by Thomson Reuters.

p.26

Security: More Nigerians opt for car-tracking services REGULATION

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Increased regulatory enforcement is sanitising the 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

Kunle Azeez

N

igeria’s automated vehicle-tracking sector continues to record higher patronage even as more players are licensed by the industry regulator, the Nigerian Communications Commission (NCC).

According to the latest report

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

As licenced operators hit 62

by NCC, the total number of licensed players in the sector has increased to 62.

In September, last year, the number of licensed operators in the market stood at 60.

Though, vehicle-tracking solution is like a value added service (VAS), which rides on the networks of the Global Systems for Mobile Communications (GSM) companies, enabling telecoms laws provide that such services should be licensed separately.

As such, car-tracking is a licensable business in Nigeria by the telecoms regulator to

companies, which later offer the services to individual and corporate vehicle owners willing to put their vehicle under watch.

According to the new report, as at end of 2014, the number of licensed AVTS operators stood at 46, but increased to 62 at the end of 2015, indicating the li-

30,000

Being the number of stolen vehicles recovered through tracking as at December 2015

censing of additional operators.

Some of the newly-licensed operators between November last year and now, according to the report, include Vee Technologies Nig Ltd, Tomisa Networks Limited, 58 Stom Technologies Limited and Wifitrack Nigeria Limited and Hunterpro Synergy Technologies Limited.

Also included are Talitrac Limited, Beta Bridges Limited, Virgo Communications Limited, 10 Point Zero Nigeria Limited, Reflex Technologies Ltd and Halogen Security Company CONTINUED ON PAGE 26

Rates Dashboard INFLATION RATE December 2015.........................9.6% November 2015........................9.4% October 2015.............................9.3%

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

EXCHANGE RATE (BDC as at Jan 15)

USD . . . . . . . . . . . . . . . . . . . . . . N305 Pounds . . . . . . . . . . . . . . . . . . . N380 Euro . . . . . . . . . . . . . . . . . . . . . . N280

l Foreign Reserves – $28.673bn as at 14/1/2016

Source: CBN

EXCHANGE RATE (Interbank as at Jan 15)

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

26

Business | News

CONTRIBUTION It will also emerge the fourth biggest city within the continent with $76bn contribution to GDP

Sunday Ojeme

A

new report released by Oxford Economics has predicted that Lagos will emerge the most populous city in Africa by year 2030 with a population of 25 million people.

The Global Cities 2030 study revealed that the former capital of Nigeria, which is gradually transforming into a mega city, would also emerge the fourth biggest city within the continent, contributing $76bn to the gross domestic product (GDP).

According to the study, Lagos will be the most populous city in Africa, with 25 million people in 2030. It will be followed by Kinshasa (16.7 million), Cairo (14.1 million), Luanda (9.8 million) and Dar es Salaam (9.4 million).

The study, which forecasts and examines how the urban landscape will change and look by 2030, estimates that Johannesburg will be the biggest city on the continent in 2030 in terms of GDP, contributing $196bn, followed by Cairo ($168bn), Luanda ($138bn), Lagos ($76bn) and Cape Town ($73bn).

These are some of the forecasts, which predict how 770 cities around the

WEDNESDAY, January 20, 2016 NEW TELEGRAPH

Lagos will be most populous city in Africa by 2030 –Report world will look by 2030.

On the road to 2030, Asia’s cities will remain the factories of the world, but huge changes are afoot, the Global Cities 2030 study says.

Industry employment, notably in manufacturing, will decline in many advanced Asian cities such as Tokyo, Osaka, Seoul and Taipei. They will be joined in that trend by cities such as Bangkok and Shanghai, the industrial powerhouses of Asia, as they become increasingly space-constrained and expensive

locations.

The report also states that by 2030, African cities will feel fundamentally different to those in Asia and other continents: they will be overwhelmingly young. The report says that an explosion in the under-14 population, even as birth rates decline, represents a great demographic “gift” opportunity.

But this also represents a significant risk for the continent, as it seeks to absorb millions of young people into the urban labour force, while

Scene of MTN subscribers trying to register their phone lines at MTN Centre , Ikotun, Lagos.

More Nigerians opt for car-tracking services CONTINUED FROM PAGE 25

Limited.

It was learnt that the increase in the number of licensees also suggests an increase in the demand for car-tracking services among individual car owners and corporate, who own fleet of vehicles for their daily business operations, says an industry analyst, Bayero Agabi.

Before the sector came to be well regulated by the NCC through licensing, over 175 companies were operating in the country illegally, creating a state of insecurity.

In 2009, when the NCC waded into regulating the sector, four companies, comprising Catrac Limited, Matrixvtrack Nigeria Limited, Tycil Telecom Limited and Trackers Security Systems Limited, were licensed.

Car-tracking operations use Geographic Positioning System (GPS)

managing the political stability risks that could entail if youth unemployment soars.

Unemployment affects about 25 per cent of South African society and remains a major problem. The government’s National Development Plan targets a jobless rate of 14 per cent by 2020 and six per cent by 2030.

Youth unemployment has increased since 2008 in part because of the global recession, rising from 32.7 per cent in 2008 to 36.1 per cent in

technology, which falls under the supervision of the telecoms regulator.

Meanwhile, the licences of the four firms were due last year for renewal, according to the telecoms watchdog. Proserv Nig. Limited, which was the only firm licensed in 2011, is also expected to renew this year.

Also, five other licences, including Cartrack Nig. Limited, Reydolence Limited, X Net Security Technologies Limited, Chevan Resources international Limited and Cil Track Africa Limited are due for renewal in 2017.

The NCC data also showed that 25 other operators’ licenses are due for renewal by 2018, while 14 are billed to renew their licenses by 2019.

Operators such as Stom Technologies Limited, Tomisa Networks Limited, Veetechnologies and Hunterpro Synergy Technologies Limited are

to renew by 2010.

Meanwhile, despite the increase in the level of regulation in the cartracking sector by NCC, some companies continue to operate without obtaining necessary licenses from NCC. “We have set the standard on the operations of the automated vehicle tracking firms and the NCC has been working to expunge the illegal operators from the system,” said Public Affairs Director, NCC, Mr. Tony Ojobo.

“So, through licensing and enforcement, we regulate the industry. We also published the names of legal operators on our website for members of the public to see.”

Also speaking with New Telegraph, Managing Director of Rheytrack, a vehicle tracking and recovery firm, Ms Eno-Obong Essien, lamented the activities of quacks in the sector.

2011, and has remained between 35 per cent and 37 per cent in subsequent years, according to Statistics SA. In 2015, the Brookings Institute, an independent research firm, highlighted the growth patterns in the world’s 300 largest metro economies on two key economic indicators: annualised growth rate of real GDP per capita and the annualised growth rate of employment. It found that Johannesburg, with a population of just more than five million, ranked

PHOTO: GODWIN IREKHE

Decline Lowest figure since 2012

Tony Chukwunyem

S

173rd compared to Cape Town at 188th and a population of about 4.2 million.

Meanwhile, Francois Viruly, an independent property economist and associate professor at the University of Cape Town (UCT), said on Monday that the success and long-term sustainability of African cities was a function of vibrant property markets.

Prof Viruly said the risk of letting the African real-estate sector boom take place without the accompanying research and understanding of the effects of property development, was huge.

“A great example of this was the 2008 global financial crisis, which clearly demonstrated the social risks of an unmanaged property boom.”

ub-Saharan African (SSA) debt issuance raised a total of $15.5 billion in proceeds for 2015, a 22 per cent decline compared to the preceding year and the lowest annual period since 2012, according to the investment banking analysis for the region released

by Thomson Reuters.

Managing Director, Africa, Thomson Reuters, Sneha Shah, said: “The value of announced Mergers and Acquisitions (M&A) transactions with any SSA involvement reached $66.7 billion for 2015, 73 per cent over the value registered dur-

Africa’s debt issuance raised $15bn in 2015 ing 2014. Sub-Saharan African equity and equity-related issuance totalled $3.9 billion during the fourth quarter of 2015, a 93 per cent sequential increase in value from the third quarter of 2015. SubSaharan African debt issuance raised a total of $15.5 billion in proceeds for 2015, a 22 per cent decline compared to last year (2014) and the lowest annual period since 2012.”

The report stated that regional investment banking fees reached $476.4 million while announced M&A transactions involving the region hit $66.7 billion for 2015.

According to the report, SSA investment banking fees reached $476.4 million in 2015,

24 per cent more than the value recorded during the same period of the previous year. Fees from completed M&A transactions totalled $174.5 million, a 96 per cent increase from 2014 and the highest annual period since 2011.

In respect to investment banking fees, fees from debt capital markets underwriting also increased 41 per cent year-on-year to reach $63.0 million.

Syndicated lending fees fell 21 per cent from over a year ago to $108.1 million. Equity capital markets underwriting fees grew 14 per cent to $130.8 million and accounted for 27 per cent of the overall SSA investment banking fee pool.

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

27

FCT Business Watch Further slump in crude oil price to $29 per barrel last weekend has cast further doubt on Federal Government’s $38 benchmark adopted for the 2016 budget, ABDULWAHAB ISA reports

Crude oil price as threat to 2016 budget

T

he N6.8 trillion 2016 Appropriation Bill currently enmeshed in a daunting political logjam at the upper chamber of the National Assembly could face another bigger challenge capable of making the realisation of its key assumptions very difficult.

Although it has been established that the Bill was never at any point missing as speculated, what is, however, trending its alleged doctoring.

However, the most potent threat to the Appropriation Bill remains the constant drift in the price of oil, the commodity on whose head rests the N6.8 trillion budget.

The development remains a knotty issue, which if not speedily tackled, may affect its implementation.

Impact of oil price slump The sudden fall in the price of crude oil, the mainstay of the Nigerian economy, which started manifesting in late June 2014, is taking its toll on the revenue and expenditure of the Federal Government.

Oil prices were at their heights up till early 2014, averaging $112 per barrel. As of last weekend, oil price dipped to $29.73 per barrel. This huge decline is having a severe effect on the economy and the N6.8 trillion budget is facing an obvious threat. The budget was predicated on oil benchmark of $38 per barrel.

Essentially, the problem was sparked by glut and volatility in prices at the international oil market. The discovery of cheaper crude oil by the United States, who used to be a major buyer of Nigeria’s crude oil added to the negative dimension.

For the 2016 budget, President Muhammadu Buhari, while the budget highlights to the joint members of National Assembly, set a benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per.

Although the budget is predicated on oil benchmark of $38 per barrel and production estimate of 2.2 million per barrel, indications and experts’ prediction are pointing to further fall in crude price.

The International Monetary Fund (IMF)’s executive board recently forecast that crude oil price may further slump to as low as $20 per barrel in 2016.

According to the IMF, the dwindling oil price will not have overtly negative effect on Iran,

Buhari

whose gross domestic product (GDP) is expected to rise four to 5.5 per cent by 2017.

“Prospects for 2016/17 are brighter, owing to the prospective lifting of economic sanctions. Higher oil production, lower costs for trade and financial transactions, and restored access to foreign assets, are expected to lift real GDP to about 4–5.5 per cent next year,” IMF said.

The same cannot be said for Nigeria, whose 2016 budget is benchmarked at an oil price of $38 per barrel for the 2016 fiscal year.

With Nigeria expected to produce 2.2 million barrels of crude oil per day in 2016 and sell at $38 per barrel, the country expects to generate $83.6 million per day in 2016 – $30.514 billion in the year 2016.

The prediction that Iran, a major oil producing country, will return to oil exportation and its daily supply likely pegged around one million barrel per day coupled with strong indications that United States is set to enter into oil exportation, has raised a red flag for Nigeria’ oil recovery prospect.

Going by IMF’s predictions at $20, Nigeria would generate $44 million per day in 2016, amounting to $16.060 billion in the year.

This would mean that Nigeria would get at least 47.4 per cent less revenue from oil than what is already projected, consequently adding more pressure to the nation’s need to go borrowing in 2016.

According to experts, if the N820 billion expected from oil revenues is cut by 47.4 per cent – the IMF projected decline in oil

Minister of Finance, Mrs. Kemi Adeosun

prices, the nation’s budgetary deficit, would move N388.68 billion to N2.59 trillion.

The 2016 budget is being confronted with ominous threat arising from persistent fall in crude prices.

The International Monetary Fund (IMF)’s executive board recently forecast that crude oil price may further slump to as low as $20

Adopting alternative oil benchmark There are strong indications pointing to a replay of the N4.9 trillion 2015 budget scenario. The administration of former President Goodluck Jonathan, confronted with similar scenario of consistent slide in crude oil prices after benchmarking the 2015 budget on $78 per barrel, was forced to adjust two times the oil benchmark from $78 to $73 and later to $65.

With a slip in oil price benchmark from $38 per barrel crude oil 2016 budget to a lower price in the neighborhood $29 per crude, experts are suggesting that government adopt a scenario based on oil benchmark for 2016 budget.

Continuous slide has thrown diverse opinions regarding the workability of its retention.

An expert in downstream and upstream oil sector and a current member of the House of Representatives, representing Esan North East & South East, Hon. Sergius Ogun, advised government to review downward the oil benchmark for the 2016 appropriation from its current level in line with the reality of crude oil price trending at the global scene.

Speaking as a guest on a live television programme, he strongly doubted the immediate halt to the fall in crude oil price.

The call for a downward review in benchmark for the bud-

get was first raised by the Lagos Chamber of Commerce and Industry (LCCI).

The body had advised the government to reduce the oil benchmark price, saying that the draft budget benchmark appeared fragile considering the projected increase in the supply side of oil in the international market and the potential impact of such supply increase on price.

The LCCI Director General, Muda Yusuf, in a statement signed by its President Dr. Nike Akande, added that besides making its view public, the chamber would forward the advice to government in form of a memo.

A former Minister of Finance, Dr. Idika Kalu, also added his voice on the call for a review of the 2016 budget.

Speaking as a guest in one of the television stations, he expressed support for a reviewed to reflect the realities in the crude oil market, with more attention paid to the benchmark.

He said Nigeria was short of funds and that the level of deficit in the budget was probably among the highest that the nation, which depends largely on crude oil sales for revenue, had recorded in recent years.

“Those who are going to be managing the budget have been alive to the possibility of reviewing the budget. You could quickly review it or plan to do so may be at the first quarter. Certainly, you cannot just merrily go along and expect that there won’t be problems. There are certain levels of deficit that may be very difficult to handle in terms of the real impact on inflation. When you benchmark at a price people are already questioning and the deficit level is so high then obviously the whole thing is to be looked at very carefully. You should reduce your expectation and reduce the possibility of the whole thing going off.

If prices fall further and you do not adjust your budget, the deficit level goes higher,” he submitted.

The former minister advised the government to focus resources on productive areas and reduce allocations to less productive areas.

“We have put much efforts on capital base rather than spreading it to the rural areas and where people are really able to mobilise more seed, land, water and where people are really involved in production.

“There should be a careful emphasis of where you are directing the finance to,” he stressed.

The National Assembly has also hinted of plans to consider a downward review of the current benchmark on which 2016 budget is predicated.

28

Business | Money

WEDNESDAY, January 20, 2016 NEW TELEGRAPH

The recent disclosure

by Minister of Finance, Mrs. Kemi Adeosun that the Federal Government plans to return to the international bond markets as part of efforts to plug the N2.22 trillion deficit envisaged in the 2016 budget has raised questions in industry circles about the economic cost of such a move. Tony Chukwunyem reports

E

ven before President Muhammadu Buhari constituted his cabinet, analysts at Financial Derivatives Company Limited (FDC) had predicted that in its bid to stimulate economic growth which had nearly stalled as a result of the oil price slump, the new administration was likely to unveil an expansionary budget that would feature a big increase in borrowing.

The analysts pointed out, in a note issued in May last year, that real Gross Domestic Product (GDP) growth in Q1 2015 fell sharply to 3.96 per cent from 5.94 per cent in Q4 2014, an equivalent of $10.1billion, warning that the slowdown in economic activity could impact the developmental plans of the government.

According to the FDC, “in order to stimulate growth, the government is likely to spend more through increased borrowing and advocate for a lower interest rate.

This reduces unemployment and boosts growth but is likely to result in a higher level of inflation rate. Nonetheless, if the level of economic growth achieved by the accommodative policy is significant, the impact of a high rate of inflation may be muted.”

True to this forecast, President Buhari, on December 22, presented a N6.8 trillion budget to the National Assembly. The appropriation bill- the biggest in the country’s history- had a revenue projection of N3.86 trillion thus envisaging a N2.22 trillion deficit.

The bill further showed that the deficit would be financed by domestic borrowing of N984 billion and foreign borrowing of N900 billion.

Initially, analysts expressed mixed reactions to the size of the deficit and the government’s plans to fund it. For instance, a civil society organization, the Social Integrated Development Centre (Social Action), asked the National Assembly to prevent the government from implementing the proposal.

According to the organization, “If allowed to pass as it is, this will shoot Nigeria’s debt profile to over N15trillion, with debt servicing amounting to 72 per cent of the 2016 capital budget. This sinks Nigeria further into the debt trap, while compromising the nation’s human and capital development.”

The country’s biggest opposition party, the People’s Democratic Party (PDP) also criticized the plan, predicting that if it was not dropped, the country would end up like Greece.

Kemi Adeosun

Abraham Nwankwo

Budget: Concerns over FG’s external borrowing plans However, analysts at FBN Capital disagreed with this position. In a note made available to the New Telegraph, the analysts stated, “In our view the projected deficit for 2016 of N2.22trillion (2.2 per cent) of Gross Domestic Product (GDP) does not present a major financing challenge and there is not an issue of the ‘crowding out’ of the private sector.”

Also, a Senior Financial analyst at Betgold Investments, Dr. Ambrose Idemudia, said the proposed deficit was in order especially as the Federal Government planned to spend much of the debt investing in infrastructure. $11bn external debt profile Significantly, the DirectorGeneral, Debt Management Office (DMO), Dr. Abraham Nwankwo, who in a presentation last October, revealed that the nation’s external debt profile stood at $11 billion, noted that while the proposed external borrowing in the 2016 will increase the country’s debt profile, it would not hurt the economy.

Indeed, he argued that the planned borrowing was healthy for the country’s development, pointing out that Nigeria needs about N4.9trillion per annum continuously for the next 10 years to effectively tackle its infrastructural deficit.

He said, “We have been sensitising Nigerians that we need to do better because our tax to GDP ratio is very low compared to countries in our debt category; their entire debt to GDP ratio is about 18 per cent, whereas for Nigeria, it is about six per cent, which means that we are not being effective in collecting taxes to reflect the size of our economy.

It could make access to financing more difficult

Return to Eurobond market But while a good number of industry analysts might tend to agree that there could be valid reasons for Nigeria to increase its external borrowing, others told New Telegraph at the weekend, that they were skeptical about the decision of the government to return to the international bond market.

The Minister of Finance, Mrs. Kemi Adeosun, was reported by the Financial Times of London last week as saying that Nigeria is planning to make a comeback on international bond markets two years after its last sale of debt.

She did not specify the size or maturity of the eurobond but said the possible return to international capital markets would be one of several ways Nigeria would borrow externally this year, revealing that the country is finalising plans for an investor roadshow by the end of March.

The newspaper quoted her as saying that, “We’re looking to test the eurobond market. We think there’s appetite. We’re finalising plans for a non-deal roadshow in the first quarter.”

More Challenging environment Significantly, however, as the Financial Times noted in its report, the cost of borrowing in dollars has surged for developing countries since July 2013, when Nigeria successfully raised $500million of five-year bonds and $500million of 10-year bonds, at yields of 5.38 per cent and 6.63 per cent respectively.

The newspaper pointed out that last year Ghana had to offer 10 per cent to borrow $1billion in 15-year debt, far higher than expected, while Iraq, Kurdistan and Pakistan were forced to rethink borrowing plans after the

slowdown in China, the rise in official US borrowing costs and falling commodity prices reduced demand for their bonds.

It disclosed that foreign investment in Euro Market bonds and equities had dropped to the lowest levels since the financial crisis.

Furthermore, analysts believe that the falling currencies of import dependent African countries like Nigeria will make it more difficult for these nations to successfully raise funds from the Eurobond market as investors would be worried about their ability to service their debts.

In fact, according to Bloomberg, of the 50 countries on the continent, the 16 that have issued Eurobonds are likely to be among the most vulnerable.

The news agency quoted an analyst at Loomis Sayles & Co. Rick Harrell, Rick Harrell, as saying that, “Investors are less and less likely to have appetite for Africa’s debt, in light of what’s happening now.”

Also, Head of Emerging market credit strategy at Barclays Plc, Andreas Kolbe, noted that prospects for governments in the region with plenty of dollar bonds are hardly positive.

According to him, “overall debt levels, and external debt levels, are rising in most countries in Sub-Saharan Africa. There are only very few exceptions. That’s a concern, particularly in the current global macroeconomic environment. It could make access to financing more difficult.”

In addition, analysts believe that Nigeria would have to face the challenge of its ejection last year from influential indices of Emerging Markets (EM) bonds by JP Morgan and Barclays which said the country’s foreign exchange policies had made transactions problematic for foreign investors.

Lagarde’s visit Interestingly, during her recent visit to Nigeria, the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, said the country does not need any loan from the Fund. She said although Nigeria did not need an IMF loan, fiscal discipline was needed to ensure sustainable economic growth.

She said: “Let me make it clear that I am not here (in Nigeria) nor is my team in this country to negotiate a loan with conditionality. We are not into programme negotiations and, frankly, at this point in time, given the determination and resilience displayed by the President and his team, I don’t see why an IMF programme will be needed.

So of course, discipline is going to be needed, of course, implementation is going to be key for the objectives and the ambitions to serve the country well, in order for it to be actually sustainable.”

Conclusion The widespread view in financial circles at the weekend was that although the government might be eager to borrow in order to stimulate the economy, the international bond market is too risky to be accessed especially during this period when oil prices and the naira are continuing their downward slide. According to analysts, Lagarde could just be right: Nigeria at this point may not need a foreign loan.

Business | Money

NEW TELEGRAPH WEDNESDAY, January 20, 2016

Tony Chukwunyem

W

hen Mr. Godwin Emefiele assumed office as Governor of the Central Bank of Nigeria (CBN) on June 3, 2014, amid a sharp decline in oil prices, it was clear that he had to hit the ground running to ensure that the apex bank effectively performs its core functions.

With most analysts predicting that the era of high oil prices may have come to an end, the Governor must have realised early on that the kind of policies that he and his team would formulate should put the country on the path to sustainable economic growth.

Thus, forty-eight hours after his assumption of office, Mr. Emefiele unveiled his vision for the Nigerian financial sector.

Highlights of this vision include: pursuing a gradual reduction in key interest rates and including the unemployment rate in monetary policy decisions; maintaining exchange rate stability and aggressively shoring up foreign exchange reserves; strengthening risk-based supervision mechanism of Nigerian banks to ensure overall health and banking system stability and building sector-specific expertise in banking supervision to reflect loan concentration of the banking industry.

As he stated at the time, “We must, by now, have been tired of hearing people talk about the ‘potentials’ of Nigeria. Now is the time to live that dream. I truly believe that working together we can achieve our goals and give Nigerians the chance to live longer, better and more fulfilled lives.”

Analysts point out that in spite of challenges, chief of which has been the fall in the global price of crude oil, Emefiele and his team at the CBN, within the past 12 months, have recorded notable milestones.

Financial system stability For instance, the CBN within the past one year has regulated the operations of Bureaux de Change (BDCs) to check rentseeking among operators, depletion of the nation’s foreign reserves, unauthorized financial transactions and dollarization of the economy. Out of 130 BDCs sampled based on volume of purchase from banks, as at the time of the reforms, the Bank found 121 BDCs, representing 93per cent, to be in breach of the objectives and provisions of the Guidelines.

29

Has CBN achieved its mandate?

Supervision of banks Also, towards achieving its mandate of ensuring the safety and soundness of the financial system, the CBN conducted a Risk-Based examination of all banks with High and Above Average Composite Risk Rating in June 2014 and those with Moderate and Low Composite Risk Rating in September 2014.

Among other examinations, the regulator also carried out the Foreign Exchange Examination of all banks in September 2014 as well as the routine examination of all discount houses and financial holding companies in October 2014. In January 2015, it carried out the Risk Asset Examination of 24 banks as at December 31, 2014.

Consumer protection The apex bank within the period facilitated the refund of a total sum of N4,011,814,097 to bank customers based on the complaints resolved and directives communicated to them following the Consumer Compliance Examinations and a spot-check conducted on the banks.

It also concluded full deployment of the Consumer Complaint Management System (CCMS) with the migration of all banks to the live –platform of the system.

Supervision of other financial institutions The CBN concluded the reform of the BDC segment of the Foreign Exchange Market on 31st July, 2014, a move which resulted in 2,501 BDCs being licensed and paying caution deposits and capital base of N35 million each; it issued a final licence to the National Mortgage and Refinancing Company (NMRC) to commence operation in 2015 under the Housing Fund Programme

We must, by now, have been tired of hearing people talk about the ‘potentials’ of Nigeria

(NHFP) and carried out further reforms of Primary Mortgage Banks (PMBs)-32 PMBs had fully capitalized as at June 30, 2014 while 10 were in the category given up to December 31, 2014. In addition, licences of 21 PMBs, which failed to recapitalize or had remained technically insolvent were revoked on November 12, 2014.

The CBN also partnered with the Federal Government and Development Partners to midwife the Development Bank of Nigeria that is envisaged to address the paucity of low interest and long-term funding for MSMEs in Nigeria.

These include the N300 billion Real Sector Support Fund (RSSF) established as part of the efforts to unlock the potential of the real sector to engender output growth, value added productivity and job creation (N152 billion has so far been approved for five projects under the RSSF); N213 billion Nigerian Electricity Market Stabilisation Facility (NEMSF), aimed at settling certain outstanding debts in the Nigerian Electricity Supply Industry (NESI) and under which, the sum of N56.68 billion has been disbursed to five generating companies and five distribution companies.

Development financing Although, his predecessor, Lamido Sanusi, was arguably the first CBN Governor to focus attention on the developmental role of the Bank, Emefiele stepped up efforts in this area by ensuring that the regulator’s developmental financing initiatives were in line with the following concepts: Introduction of a broad-based spectrum of financial instruments to boost specific enterprise areas in agriculture, manufacturing, health, oil and gas; establishment of a Secured Transaction and National Collateral Registry as well as the establishment of a National Credit Scoring System that will improve access to the information on borrowers and assist lenders to make good credit decision; and building resilient financial infrastructure that serves the needs of the lower end of the market, especially those without collateral.

Thus, new schemes and interventions were introduced to complement the existing ones.

Banking and payments system Furthermore, it was also within this period that in conjunction with the office of the Accountant General of the Federation (OAGF), the e-collection element of the Treasury Single Account (TSA) took off on March 1, 2015.

The number of Ministries, Departments and Agencies (MDAs) under the TSA platform has increased from 340 to 543.

Similarly, in continuation of the Bank Verification Number (BVN) for banks customers, enrolment increased from 15,000 as at June 3, 2014 to 11,146,166 as at May 25, 2015.

Reserve management However, an area where Emefiele and his team have obviously faced a lot of challenges is in the management of the external reserves. Following the sharp decline in global oil prices and the resultant fall in the country’s foreign exchange earnings, the CBN observed a widening margin between the rates in the interbank and the Retail Dutch Auction System (rDAS) window, thus engendering undesirable practices including round-tripping, speculative demand, rentseeking, spurious demand, and inefficient use of scarce foreign exchange resources by economic agents.

In order to check these activities and conserve the reserves, the apex bank closed the rDAS/ wDAS foreign exchange window.

Conclusion Although prospects for higher oil prices remain bleak, analysts believe that the CBN has shown from its performance in the past year that it has the capacity to achieve its mandate.

Emefiele

How FG can boost lending to SMEs –Onalo Panacea

Creation of a national credit guarantee cooperation to stand as collateral Tony Chukwunyem

T

he Registrar/Chief Executive Officer of the Institute of Credit Administration (ICA),

Professor Chris Onalo, has said that the establishment of a National Credit Guarantee Cooperation is the key to ensuring that Small and Medium Enterprises (SMEs) have adequate access to bank credit.

Speaking in an interview with New Telegraph, he argued that setting up intervention funds that will be given at low interest rates to SMEs through commercial banks would not yield significant

results because, according to him, the banks would still have to carry out their own credit checks on the firms.

He also pointed out that the implementation of the Treasury Single Account (TSA) has affected banks’ lending capacity.

He said: “What government needs to do is to set up what we call in credit parlance, a kind of National Credit Guarantee Cooperation that will have the

same status as the Nigeria Deposit Insurance Corporation (NDIC), have the same legal status as the Asset Management Corporation of Nigeria (AMCON), the same legal status as the Central Bank, and so on and so forth. But its primary mandate will be to stand as collateral, so that banks will now begin to lend to those sectors because of the presence of the guarantee corporation. If banks lend their own money to

that sector and the fund is not repaid, the guarantee corporation will pay because it has the full faith of the Federal Republic of Nigeria.”

He, however, noted that there could be isolated cases where government will still need to intervene to set funds for certain sectors because of their high risk profile. According to him, such funds should still be obtained under stringent conditions and must be repaid.

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Business | Investor

WEDNESDAY, January 20, 2016 NEW TELEGRAPH

Time to stem massive sell-off

NSE building

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he year 2016 began with continued depreciation of the naira against the dollar and uncertainty on the direction of the economy, which has fueled an already prevalent bearish sentiment in the Nigerian capital market.

Despite the Exchange being focused to restoring and upholding investor confidence in light of the headwinds facing the African marketplace, uncertainty and volatility still dominate forecast for the New Year and beyond as Nigeria struggles with commodity price shocks and its impact on the naira.

Investors in companies quoted on the nation’s stock market recorded a loss of about N1.764 trillion in the first 10 trading days of the New Year following sell pressure.

As at the time of filing this report, the market capitalisation of the Nigerian Stock Exchange (NSE), which gauges the value of listed stocks, stood at N8.086 trillion as against the opening figure of N9.850 trillion recorded at the close of trading on December 31, 2015, accounting for a loss N1.764 trillion or 17.90 per cent. This is higher than what was lost in 2015.

Market operators are worried that the stock market witnessed the same trend in 2007 that led to the crash of the market. For trading to go on for days in the negative direction is a pointer that the market may crash, if adequate measure is not taken.

Since the downturn from 2015 has continued into the New Year, the Chief Executive Officer, NSE, Mr. Oscar Onyema, had said: “We anticipate 2016 to be a challenging year for the capital market and the domestic economy.”

However, in order to find solution to the ugly trend, which has already scared foreign and domestic investors away, regulators and the Federal Government have to fashion out strategies, just like in other climes, to stem the tide.

The Nigerian Stock Exchange has kick started a measure at the weekend by reactivating the Index Circuit Breakers Rule, which was approved by the SEC on May 19, 2014. It became effective on Janu-

As uncertainty in the economy sparks share dumping by domestic and foreign investors, there is need by the regulators and government to avert an imminent crash in the stock market, Chris Ugwu reports ary 15, 2016.

Why Index Circuit Breakers The NSE had deferred the effective date of the “Trading Halts Due to Extraordinary Market Volatility” (Index Circuit Breakers) Rule and informed the market that it would announce the effective date of the Rule at a latter date.

The NSE management decided to effectively activate the Circuit Breaker Rule in order to check the massive sell off that has pervaded the local bourse.

The action is aimed at guarding against unnecessary sell-off of equities that arises from panic, unverified market sentiments, price manipulation and false alert, rather than fundamentals.

The interpretation of this is that hence forth, the management of NSE would halt trading for a limited period (30 minutes) if the Key Benchmark Index drops below five per cent or gains above five per cent during any trading session.

This is meant to protect investors against sudden erosion of investment value without fundamental justification as stipulated in Article 170.

Provision of the Article The Article provides that the Exchange shall halt trading in all stocks and shall not reopen for the time period specified in this Rule if there is a significant market move in either direction and that for the purposes of this Rule, a significant market move means a five per cent move in price of the All Share Index between 10:15a.m. and 13:45p.m. on a trading day as compared to the closing price of the All Share Index for the immediate preceding trading day.

That if a market move occurs after 10.15 a.m. and any time up to and including 13.45 p.m. the Exchange shall halt trading in

Market operators are worried that the stock market witnessed the same trend in 2007 that led to the crash of the market

all stocks for 30 minutes; the Exchange shall not halt trading if a significant market move occurs after 13.45 p.m. The Exchange shall halt and reopen trading based on a significant market move only once per trading day.

That if following the reopening of trading after a significant market move halt, the All Share Index moves further by a minimum of five per cent below its closing value on the immediate preceding trading day, during any trading day the Exchange will halt all trading for the remainder of the day. The last traded price in any security prior to the closing of the market shall be deemed the closing price in such security for the day.

That the reopening of trading following a trading halt shall follow the procedures as may be set forth by the Exchange.

And that nothing in this Rule shall be construed to limit the ability of the Exchange to otherwise halt, suspend, or pause the trading in any stock or stocks traded on the Exchange pursuant to any other Exchange rule or policy.

Need for collaboration Speaking at NSE 2015 Market Recap & Outlook for 2016, Onyema stressed the need for partnership with government to reposition the market.

He said that the return of investors was predicated upon return of their confidence as a result of effective implementation and communication of government’s economic blueprint; credibility in monetary policy stance, relative stability in the macro-economy (oil price stability above benchmark targets, increase in tax collection to GDP ratio and improved security, among other.

“The NSE will focus on executing its strategy in order to continue to provide a credible platform

for financing the economy. To this end, we intend to intensify engagement efforts with the Federal Government. We have also prioritised three initiatives for 2016 aimed at achieving the Exchange’s three strategic objectives of increasing the number of new listings across five asset classes; increasing order flow in the five asset classes; and operating a fair and orderly market based on just and equitable principles,” he said.

Onyema noted that the Exchange would continue to dialogue with the Federal Government to ensure that state owned enterprises were listed in the capital market to unlock government’s potentials.

He said that the recent pronuncement by the Minister of State for Petroleum, Mr. Ibe Kachukwu, that NNPC was looking at raising Initial Public Offer (IPO) was encouraging.

“We intend to continue our collaborative efforts with the new administration and other private sector players to create a framework for financing the nation’s infrastructure and capital requirements. Additionally, we plan to work with government to ensure that the appropriate messaging is conveyed to the investor community.

“The current state of the market creates both challenges and opportunities for investors. We believe that taking a portfolio approach to investing provides the best risk adjusted alternative for participating in the capital market.

As such, we want to ensure that the NSE provides a repertoire of products that will allow investors to create well diversified portfolios of uncorrelated asset classes.

Conclusion Insufficient liquidity in the system, inadequate investor protection, lack of market depth, loss of investor confidence in the capital market, attraction and sustenance of foreign direct investments are the major challenges impeding the growth of the market and they need to be addressed urgently to save the it from eventual crash.

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

Global container ship fleet soars to 20m TEUs p.32

31

Maritime

Over 200 vessels engage in illegal trade on Nigerian waters

p.33

Why vehicle imports slumped by 67% Last year, a total of 15,031 new vehicles were imported into Nigeria by various dealers as against the 45,618 recorded in 2014, BAYO AKOMOLAFE reports

I

n 2013, the Federal Government introduced the Nigerian Automotive Industry Development Plan, which increased the import tariff on cars to 70 per cent from 22 per cent.

Also, tariff on buses and other commercial vehicles were increased to 35 per cent in order to encourage the pace of business in the nation’s automotive sector.

In addition, a zero per cent tariff was announced on imported vehicle components (Completely Knocked Down units).

The auto assemblers were also allowed to bring in fully built vehicles with very low import tariff.

The policy was introduced to discourage the importation of new and used automobiles, and encourage local production/assembly of vehicles.

Prior to the pronouncements by government, the country spent an average of $3 billion to import new cars and another $3.7 billion to import fairly used cars and parts yearly.

The policy has, however, led to a sharp drop in the shipment of new vehicles to the country.

According to Toyota Nigeria Limited (TNL), importation dropped by 67 per cent in 2015 when compared to the 2014 figure.

For instance, the number of vehicles ferried through the Roll on Roll off terminals of the Lagos Port dropped by 70 per cent from 27,000 units in January 2014 to 8,000 units in January 2015.

The Nigerian Ports Authority (NPA)’s shipping position published daily also recorded a sharp drop.

It revealed that while 1,505 units of vehicles were imported through containers in other terminals in the second quarter of 2014, only 415 units were discharged in other terminals in the second quarter of 2015.

This represents a decrease of 72 per cent.

The data revealed that the volume of trucks imported in 2014 through the roro terminals also dropped from 2,700 units to 1,700 units this year. This shows a drop by 32 per cent.

Challenge The company’s Head of Marketing, Andrew Ajuyah, said that one of the challenges responsible

Imported vehicles on a barge at the port

for the decline in the imports could be traced to the full implementation of the automotive policy and the free fall in the value of the naira against international currencies, especially the United States dollar.

He said: “This year marks the full implementation of the auto policy and that accounts for the drop in car imports in 2015.”

Although local vehicle assemblers were granted zero per cent tariff on CKD vehicle parts and were allowed by the policy to import twice the number of vehicles locally produced at 35 per cent or 20 per cent as a way of bringing down prices of vehicle, the cost of automobiles have remained high even as dealers of new vehicles have complained of poor sales.

Value of naira Ajuyah added that the continued fall in the value of the naira against the dollar had forced auto dealers to reduce the number of vehicles they imported during the year.

The naira, which was about N210 to one dollar about six months ago, went up to 280 in the first week of December 2015.

Losses Already, the Cotonou Port, a neighbouring port, has snatched 50 per cent of vehicle imports from Nigerian RoRo port in Lagos. It was revealed that since 2013, the government policy to restrict the importation of used vehicles into the country, through a higher tariff regime, has created jobs and huge revenue for Coto-

We are talking of over 60 per cent drop in volume

nou Port.

Car prices were increased last year by about 60 per cent shortly after the import tariff went up from 22 per cent to 70 per cent, a situation, which has made it difficult for many to buy new vehicles.

According to the Chairman of Shipping Association of Nigeria (SAN), Mr. Val Usifoh, 50 per cent of RoRo trade in Nigerian port has been taken over by the neighbouring port.

He explained that the Lagos port had become empty and negatively affected because of the automotive policy of the Federal Government.

Implication He noted that before the advent of the automotive policy, 80 per cent of used cars were passing through Nigerian ports while only 20 per cent went to the neighbouring port.

Usifoh said: “In the past, all second hand trucks were imported through Nigeria ports but when the policy was introduced, the nation’s seaports lost 50 per cent of vehicle trade to Cotonou Port.

“Government is losing revenue, terminal operators are affected and importers have to pay more. In fact, everybody is affected by the policy.

The chairman noted that the concessionaire of Lagos port, the Port and Terminal Multi-services Limited (PTML), had closed down it off dock terminal and was forced to retrench its work force by 50 per cent because of the drop in imports.

The imposition of the new import tariff, which also affects imported used vehicles, according to the government, is to encourage local assembling/ production of vehicles, with the attendant benefits of creating more jobs and boosting the nation’s economy.

Usifoh said: “For instance, due to the automotive policy, the number of cars/vans discharged in Lagos dropped from 27,000 units in January 2014 to 8,000 units in January 2015.

“It must be noted though that in the first half of 2014, the volume of vehicles imported was extremely high in anticipation of the introduction of the new duty regime on vehicles. Average number of cars/vans for previous years was in the range of 20,000 units per month. We are talking of over 60 per cent drop in volume.

“For trucks, the volume dropped from 2,700 units in January 2014 to 1,700 units in 2015. The number of trucks discharged in 2014 was in line with the figures of previous years.

“But in Cotonou port, the total number of cars/vans discharged in January 2015 was 30,000 units against 20,000 units discharged in January 2014. This represents a 50 per cent growth.

Similar trends have been registered also for trucks.

Conclusion Nigeria will continue to lose revenue to neighbouring countries and smugglers if urgent action is not taken to review the auto policy.

32

Business | Maritime

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Global container ship fleet soars to 20m TEUs SHIPPING Ship owners placed orders for 255 vessels valued at $20.2 billion in 2015 Stories by Bayo Akomolafe

A

research by shipping analyst firm, Alphaliner, has revealed that the global

fleet soared to 20 million of Twenty Equivalent Units (TEU) by the end of 2015.

The firm noted that 214 new container ships were delivered during the period, increasing the capacity by 8.5 per cent.

It noted that the industry placed orders for 255 more vessels in 2015, with an estimated value of $20.2 billion, 98 per cent higher than in 2014, even as freight and charter markets crumbled

under the pressure of the “severe” imbalance between demand and supply.

Alphaliner stressed: “The world fleet’s capacity grew by 1.72 million TEUs in 2015, while only 200,000 TEUs were deleted as a result of scrapping, conversions or casualties.

The strong growth in capacity proved to be unsustainable, with the idle fleet soaring to 1.36 million TEUs by the end

of 2015 from just 230,000 TEUs at the beginning of the year.

Spot freight rates from China declined 32 per cent over the past 12 months and ship charter rates fell by 23 per cent year-over-year.

A fair number of the contracts placed in 2015 were the result of owners and carriers bringing forward planned orders to avoid the International Maritime Organisation’s stricter emission standards for ships with

keels laid after January 1, 2016.

They also noted that the rush by carriers to operate the largest vessels also contributed to the order surge, with 60 ships of 18,000 to 20,000 TEUs contracted in 2015, accounting for 24 per cent of all orders.

The delivery of these vessels in the coming years “will add further to the overcapacity pressure that currently plagues the market,” Alphaliner said.

Tackle arbitrary charges, Customs agents tell comptroller

C

ustoms agents under the umbrella of the Association of Nigerian Licensed Customs Agents (ANLCA), Tin Can Island Chapter, have appealed to the new Controller of Customs at Tin Can Port, Mr. Bashir Yussuf, to tackle the challenges of arbitrary charges that customs agents are being subjected to at the port as well as by shipping companies.

The Vice-Chairman of the chapter, Mrs. Ada Akpunonu, explained that ANLCA was confident that the new controller would put an end to the problem.

She noted that the controller was an expert who was sent to the command from the Customs ICT unit at the headquarters in Abuja.

Akpunonu stressed that clearing agents would benefit a lot from him.

According to the vice chairman, “for the past two years we have not been having any issue with customs, even Tin Can has always been known for being a corrupt command, that was before they brought Jubril, he came and sanitised the place.

“Ever since, the command has been on top and we are fortunate again to have a known person like Bashir.

“The challenges with the terminal operators and shipping companies are the only challenges we have, but we want him to settle down first, we trust him. We are excited that we are going to learn.”

NAGAFF advises govt on Customs revenue target

T

he National Association of Government Approved Freight Forwarders (NAGAFF) has advised the Federal Government not to set revenue target for the Nigeria Customs Service (NCS) in 2016.

Founder of the association, Dr. Boniface Aniebonam, who was at the roundtable forum of the Maritime Reporters Association of Nigeria CONTINUED ON PAGE 33

Business | Maritime

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

UNLAWFUL Government agencies watches as Nigeria loses revenues to illegal trade Stories by Bayo Akomolafe

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he Nigerian Shipowners Association (NISA) has said that Nigeria presently has no control of the over 200 vessels involved in illegal trade on the nation’s territorial waterways.

Its Chairman, Capt. Niyi Labinjo, explained that the vessels were posing security risk to the nation.

He said that the economic crime against the nation was being committed by foreign vessels that were engaged in the shipment of petroleum products.

The chairman said that the country was losing N80 billion daily to petroleum products smuggled into the country.

Labinjo said that half the 1.8 million litres daily national need of Premium Motor Spirit (PMS) was smuggled into the country.

He explained that the Nigerian National Petroleum Corporation (NNPC) only sup-

Over 200 vessels engage in illegal trade on Nigerian waters plied half the quantity while the other half was smuggled into the country.

According to the chairman, the smuggling is through the off-shore Lome and Benin.

Labinjo declared that a 5,000 ton vessel laden with Automotive Gas Oil (AGO) costs N600 million.

He noted that half of the 1.8 million litres comes down to 900,000 litres and if divided by 5,000 it equals 108 (5,000).

“Should this be multiplied

by N600 million, it comes down to N108 billion and a large chunk of this amount is lost daily through smuggling of the product,” he said.

He advised that the smuggling of petroleum products through Lome and Benin must be stopped because of the effect on the nation’s economy.

The chairman alleged: “They will inform their countries that they are going to Nigeria, only for them to stop on the high seas where these products are discharged into smaller vessels and moved into Nigeria.”

NAMM seeks national policy on maritime

T

he Nigerian Association of Master Mariners (NAMM) has urged the Federal Government to create a national maritime policy that will drive the maritime industry.

The association noted that the policy would serve as the benchmark on how the maritime industry would be driven.

Its President, Captain Ade Olopenia, said that the creation of a right maritime policy would assist the government to develop capacity and create employment opportunities in the country.

He noted that the desired objectives in the sector could not be achieved if there were no defined laid down policies.

According to him, “we want a national maritime policy, which is open to everybody and clearly defined. This is very important because that is what will drive the industry.

“We have been talking about unemployment, if our

policy is right the maritime sector is a place where we can generate a lot of employment for the youths. If we have good policies, we will have more Nigerians employed onboard vessels.”

He said that the government should review the Coastal and Inland Shipping Act 2003 (Cabotage), noting that the Act had not achieve the purpose for which it was established.

The president urged the government to review the law following complaints from stakeholders over its failed implementation 12 years after it was enacted.

Olopoenia stressed: “There have been several amendments and guidelines on the law but it has not really worked the way it should work so what that means is that it should be reviewed probably this year, taking into cognisance the complaints of the industry over the past 10 years.”

Customs seizes N119m contrabands in Sokoto

T

he Nigeria Customs Service (NCS), Sokoto Command, has intercepted contraband worth over N119 million in the last four months.

Controller of the command, Mr. Muhammad Nmayawo, explained that the seizures were recorded in various illegal routes in the three states that make up the command.

He listed the seizures as second hand clothes, vegetable

33

oil, bags of rice, vehicles and mosquito coils.

The controller said that the command arrested six suspects during the period.

Mmayawo added that officers and men of the command were determined to stamp out smuggling in the area.

He said: “We are determined to ensure total compliance with the policy thrust of the present management.”

Labinjo stressed that 68 per cent of these products got into the country unaccounted for and this cost the nation huge revenue losses in terms of capital flight, since the transaction was done in cash and was not captured in the economy, creation of employment for foreign countries, crew of each of the ships and negative

effects of balance of trade.

Labinjo said: “This is outside the revenue that should have been collected by the various government agencies like the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigeria Customs Service (NCS), should these ships have

berthed at the nation’s ports.”

He said that the sector was more than capable of providing the N2 trillion needed to fund the budget, stressing that government must as a matter of urgency stop the smuggling of petroleum products into the country, as well as ensure that the Cabotage Law is enforced fully.

Vessel awaiting cargo discharge

NPA urges jetty operators to clear gridlock at Tincan Ports axis

T

he Nigerian Ports Authority (NPA) has urged jetty operators at Apapa to clear the trucks along the inner route leading to the Tin can Island in Lagos.

It’s General Manager, Western Ports, Chief Michael Ajayi, urged the jetty operators to support Federal Government’s efforts towards solving the problem of perennial gridlock in Apapa.

Ajayi, on behalf of the management of the authority, appealed to the Jetty operators to put in place enduring measures within their operational areas to ensure smooth traffic flow along the Apapa -Oshodi Express Way.

The general manager, who made the appeal during a familiarisation tour of the Kirikiri Lighter Terminal (KLT), noted that it was necessary for the jetty operators to support government’s efforts because it would be to their advantage to have a permanent solution to the problem, considering how it affects their operations.

Ajayi, who inspected the KLT, Phase 1, MRS, Ibru Atlantic Shrimpers Limited , Royal Salt and LADOL Jetties as well as the popular Abuja trailer park, said that the operators should place premium on safety standards in their daily operations.

At MRS, Dr Jibril Otunba, who conducted the general manager round the facility, assured that the company would support government’s efforts to have a permanent solution to the traffic congestion within their end.

The Ibru jetty Vice-Chairman, Chief Oscar Ibru, assured that the company was always willing to key into whatever measures the Federal Government takes to find a lasting solution to the Apapa traffic problem.

He said that the company had been collaborating with the appropriate government agencies to find solution to the problem in the last four years.

NAGAFF advises govt on Customs C O N T I N U E D F R O M PA G E 3 2

(MARAN), noted that setting revenue targets for the customs service was inimical to trade facilitation.

He noted that despite the port concession exercise, the cost of doing business at Nigerian ports had continued to rise.

The Comptroller General of the Nigeria Customs Service (NCS), Col. Hameed Alli (rtd), said recently that the service collected a total of N903 billion in 2015 out of a target of N954 billion.

Alli noted that the Central Bank of Nigeria (CBN) policy on the importation of 41 items denied the Customs revenue collection to the tune of N240 billion in 2015.

Aniebonam, however, noted that Customs revenue should be dependent on cargo throughput and cargo traffic, rate of duty applicable and the value question of the consignment.

He said: “If you go outside Nigeria to import cargo and you make genuine declaration for custom purpose, the duty will come out on

its own.

“So this idea of setting revenue target and people are working hard to meet up the target is part of the problem of international trade in Nigeria, it is one of the major reasons why things are not working well in the port.”

Aniebonam said that what customs should rather focus its effort on was compliance by all operators.

He said that the major factor that affected the revenue last year was smuggling, false declaration, undervaluation and concealment.

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WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Journalism at its best l Indepth

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

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

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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

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N150

Stock Watch

Afromedia: Incapacitated adverse regulation by

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The Nigeria Customs (NCS) revenue Service has fallen billion or

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No. 33

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Okonjo Iweala, a mismatch economy, says Enwegbara for Nigerian

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Politics 35

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

Text of a paper presented by former President Olusegun Obasanjo on the resurgent Biafra agitation at a public discussion organised by Nextier Advisory in Abuja

Resurgent Biafra agitation born in error, says Obasanjo

I

am very cautious getting myself into any debate or conversation concerning the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB), its many hydra-formed iterations, and its resurgent Biafra agitation. I had taken this position because I suspected that the agitation was born in error and ignorance, and the personal frustration of many of the frontline demagogues of this new nightmare and their supporters and sympathisers. I also believed that at best, the agitation was at regional level and that no inadvertent helping hand should be lent to it to make it national.

I first spoke on this resurgence a few weeks ago at the funeral of a friend’s mother and even at the event I could only muster up a few vague words of warning. But today, at this platform afforded me by the Yar’Adua Centre and Nextier’s Development Discourse, we will proceed to the task at hand, a conversation on this new resurgence. What are the errors, the ignorance and the frustration? And what should be done about them?

Why have the agitations garnered such national attention in the last few months?

Let me deal with the not-sodistant past: the last presidential elections. There were errors of perception, understanding and knowledge. Muhammadu Buhari was presented by his political detractors – and perceived by many honest Nigerians fooled by this dangerous rhetoric – as a rabid Moslem fundamentalist, who was secretly behind Boko Haram and who, on coming to power, would islamise the whole of Nigeria. I call this The Buhari bogey! The seemingly stern and starchy appearance of Buhari and his not being seen with any known close friend in the South-East outside his military colleagues aided the misperception.

But as morning shows the day, what Nigerians and the world have seen of President Buhari in the first eight months of his presidency shows him far from being a jihadist. From my personal experience, no Nigerian leader can embark on a mission of proselytisation and hope to succeed. The same goes for leaders with ethnic, tribal, sectional and/or regional agendas against the overall national interest.

On the other side, there was also the error of perception of President Goodluck Jonathan. I have, before now, said a few of what I know and what determined my position in the contest between Buhari and Jonathan. I do not intend to say anymore except that the findings and revelations that have come out thus far have not proved me wrong.

I would like to believe that these two mis-readings and misperceptions led substantially to the pat-

Obasanjo

tern of voting in the South-East in the last presidential election. Voting along regional lines, or voting en-bloc against or for a candidate can be regarded as normal and should not by itself be a problem.

But we must hold with apprehension the fear that led to such voting and its subsequent contribution to this resurgence of protests. What happened in the South-East was not too different from what happened in the South-West in 1999.

It was a similar experience in 1999 when the South-West did not vote for me because I did not emerge from the stump of ‘correct’ political stock in Yorubaland and I was perceived to be a likely stooge of those who supported me from outside the South-West particularly from the North. They were proved wrong in the first few years of my presidency and, in the following election, I got as much support from South-West as I got from anywhere else.

The solution is first for leaders and elders in the South-East to caution realism and sanity among the youth and for the President to prove that Nigeria is his constituency, he should act like God who gives rain to the good and bad, the just and the unjust, in the world equally as the world belongs to God in totality.

The agitators also suffer from the error of misreading the history of Nigeria or not reading it at all. There is no going back in our history. Going back from where we are will be at an unbearable cost.

I will come back to this issue momentarily.

This brings me to what I term as ignorance as part of the cause of the agitation. The Nigerian Civil War ended 46 years ago. As a participant in that war and as one used by God to bring the war to a humane and brotherly end

I see this resurgent Biafra agitation not for secession... but as a cry for attention

in the field, I have said on many occasions that I have fought one civil war too many in Nigeria. In the end, both sides were losers and if there was any winner, both sides were winners.

No right-thinking person who has experienced the horror of war will ever agitate for more war. Most wars stem from real and perceived injustices and dissatisfaction and invariably wars emanate from a desire to correct or redress such situations.

Our civil war was not any different.

But at the end of almost all wars, jaw-jaw takes over from the boom and devastation of the gun.

That is the path of wisdom, prudence and political sagacity. If the elders abdicate their responsibility to the immaturity, inadequate experience, unrealistic idealism and the frustration of the young, it will no doubt lead to disaster. Let me quote from my introduction of the 2015 edition of my book on the Nigerian civil war, ‘My Command’: “There is not much to say that has not already been said. As this book is presented to a new generation of readers, I only ask that they read it, compare with other stories that have been told whether in response to the first publication of this book, or not, and reach the conclusion about the war that all well-meaning Nigerians must reach: Never again!”

Errors, mixed with ignorance, will lead to wrong decisions and wrong actions which will exacerbate an already uncertain and unsteady situation. Great apprehension sets in to make the situation worse; this is particularly true for the youth, who, with or without education, have no employment and look on the future with despair and uncertainty. They become desperate, frustrated and they try to visit their frustration and anger on anything within their reach.

That, to me, substantially explains the misfortune of most of the resurgent Biafra agitators.

They need to be understood, because lack of understanding with its appropriate remedy will drive them further into the hands of demagogues and opportunists who will thrive on their desperation and frustration, turning it into criminality and extremism against their parents, community leaders and elders, regional leaders and elders and against national unity, ethos and values.

Without local and national solutions to their bruised sense in disappointment and anger, they will carry their menace beyond their homes, communities and region and will nationalize and even internationalise the crisis putting a different twist to it. There are always sympathetic do-gooders out there who will feed and fuel their agitation, baseless as it may be. Our solution, which must be at the family, community, local, regional and national levels, must be embarked upon separately and collectively.

Biafra as a secession issue is dead and nobody should follow that way. It can again only lead to disaster. But I see this resurgent Biafra agitation not for secession or creation of an independent entity from Nigeria but as a cry for attention, amelioration and improvement of socio-economic conditions and situation especially of the youth in Nigeria in general, but in the South-East in particular – a call by the youth of that region for transformation. I see it as a platform rather than a cause.

The solutions lie in education, awareness-raising, youth acquisition of skill, youth empowerment and youth employment. By education, I imply more than basic education or literacy and academic attainment. Knowing enough about ourselves in this country, our different groups history, our national history, culture, characteristics and what each group added to the whole and what each group can still contribute to the whole, Nigeria is what it is because each group is a vital and dynamic part of the whole, the indissoluble whole as prescribed by our Constitution.

In my part of the world, when a young person behaves uncharacteristically, people ask: “Are there no elders in your family.” It means that he or she has not been given an education and an awareness that is more than school education. Let us speak well of ourselves collectively and cohesively among ourselves. It is also part of the way to national unity and future greatness of our country. This is essentially a family, community, state and national responsibility. At all levels, we must neither shirk nor abdicate our responsibilities in this regard. We must not succumb to fear, intimidation or threats and name calling.

Happily enough, judging by the information I received on the meeting of serious, authentic and reCONTINUED ON PAGE 36

36

Politics

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

Biafra, recipe for disaster – Obasanjo C O N T I N U E D F R O M PA G E 3 5

sponsible Ibo stakeholders, elders and leaders on December 17, 2015, it is gratifying and re-assuring that these leaders and others like them saw no sense nor future for the resuscitation of Biafra but expressed concern for socio-economic situation which has been progressively going down in the past five years in the country generally and particularly in the South-East culminating in observable grinding poverty and gross infrastructural decay and dereliction.

The responsibility of correcting and updating the youth on the Nigerian political history should not be left in the hands of the elders and leaders of the South-East alone but there must be consultation, mutual support and solidarity among our leaders and elders nationwide to ensure national integrity and to make our national unity inviolate.

The devil finds work for idle hands and fills empty minds.

There is even some suspicion that the agitators embarked on the act in order to extort money from outsiders and to also extract financial support from the government. The commercialization and exploitation of Biafra agitation is obscene to the point of criminal fraudulence. Or, how do you explain the issuance of the so-called Biafran passport that takes anyone to nowhere and for which unwary people are being charged exorbitant prices.

We must neither allow evil to find work for our youth nor to fill their unoccupied minds with satanic ideas, thoughts, decisions and actions. The way to achieve this is to encourage entrepreneurship and job creation. At the community, state and national levels, conducive environment and conditions must be created for promotion of private sector entrepreneurs and investors, both local and foreign, to make our different ar-

Kanu

Uwazurike

eas as irresistible for investment, job creation and wealth generation destinations as possible.

Again, innovation must come into our thinking and action in the areas of employment generation and wealth creation. In addition to the traditional ways of doing things, let us also think and act out of the box. Innovation is not hard to be brought about in this digital age and times.

Not too long ago, in the SouthWest, there was a problem of Odua People’s Congress (OPC) which was created to frustrate Abacha’s self-perpetuation ambition. So were the Egbesu and MASSOB initially. Later, Arewa Peoples Congress (APC) joined them. Different approaches – political, economic and social - were devised to deal with their menace when OPC became a Frankenstein. One of such approaches that worked so well was to encourage them to form vigilantes, guards and protection groups formally and legally.

C O N T I N U E D F R O M PA G E 1 3

continue to struggle. That is what we may continue to have because until you have money, you won't be able to run government. The root cause of these acrimony and confusion is the constitution that was written by a military man.

It is being rumoured that Buhari is trying to edge you and Tinubu out of government, is it true?

As for me, I am in the best of terms with Bola Tinubu and I am in the best of agreement with Buhari. What Buhari is thinking about me is a question you have to put forward to Buhari, but was it not last Monday that I was still talking with the Presidency. So, I don't feel marginalised and I don't think anybody is marginalising me but whether anybody is planning it or not, it is a question that you are going to put to the right quarters.

How will you react to the agitation by some groups for the state of Biafra?

Well, those who were born when the idea of Biafra first mooted, they would be tepid seeing anybody talking about Biafra today. If a section of Nigeria want to disintegrate, they can do it by negotiation. But if Nigeria would try to separate the way Biafra demanded between 1967 and 1970, it might be too bad. I witnessed

Biafra as a secession issue is dead...

It can again only lead to disaster

They were hired and paid thereby leaving the menace perpetrated through informality to the good and gainful employment through the formal. The emerging economic situation at that time also helped. Biafra agitation has also been regarded as an industry for those who are looking for money by hook or by crook, particularly from gullible sympathisers abroad. Some leaders are seen as likely standing behind the smokescreen as a means of extracting more from the government in the centre. That, by itself, may not be an unusual strategy but it must not be carried too far.

Above all things, good governance at all levels is the key solution. The welfare and well-being of the citizenry with equity, justice and fairness must be the main pre-occupation of government at all levels. It must also be the preoccupation of the family and the community and all hands must be on deck. Measured toleration

not inimical to security, unity and corporate existence of Nigeria is a mark of both leadership and good governance.

I cannot end without reiterating that Biafra agitation as a means of calling for secession or severance from Nigeria is a hopeless and futile exercise on which nobody in seriousness should embark.

However, I see it as a symbol of desperation, despair and frustration of the youth being expressed by them for all to hear and redress in the South-East and elsewhere in the country. But Biafra – never again! And we must avoid the coalition of “the unwilling but forced by circumstances.” Nigeria cannot afford to go from Boko Haram insurgency to any other insurgency under any name or guise.

And on no account should we wittingly or unwittingly allow this to happen again. Youth education, welfare, well-being, empowerment and employment for ever must be our collective duty, obligation and responsibility. Youth have no right in their expression of desperation and frustration to embark on wanton and wicked acts of destruction of properties and wares of ordinary men and women in the markets to make the situation even worse for these poor and helpless citizens. Bitterness, anger, destruction and wickedness can only worsen an already bad socioeconomic situation.

That will be unwise. Let us ventilate, learn and be informed without resort to violence, bitterness, animosity and destruction. Let us hold on together to our constitutionally undissolvable Nigeria.

And, together, through dialogue, debate and discussion, we can correct what is wrong and make our country what God has created it to be: a land flowing with milk and honey, a leader among the black race and one of the leading nations of the world. Greatness is in us potentially, let us join hands to actualise it.

Akande: APC should be wary of defectors the war and I was wise enough to know that the war was not good and I will not pray that what befell the first Biafra should befall the new Biafra.

Members of PDP are defecting in great numbers to APC, how will you describe that?

You know, in a country where most leaders are parasites they will kill the original host and will have to go to another host and kill it. Only we in the APC should be careful, the defection is not a strange thing but I know it's always done by parasites. I have always remain in one line of politics. I wasn't a politician before. It was Baba Ayo Fasanmi in 1977, who took me to Chief Obafemi Awolowo and introduced me to him. If I would use his words and that of Chief Awolowo, Awolowo said he was rejected in Ila before that time, and he had not been in Ila since the beginning of the military and that he wanted to come back to Ila through me. He wanted me to be his friend and he wanted to come back to Ila through me. I felt flattered and humbled and I did not know how to reply him but I put some questions to Awolowo, which he answered satisfactorily, and from that time, I came back to Ila to work very hard to see that Ila people accepted Awolowo

and I am happy that Ila people are still accepting Awolowo till today and that is why I belong to Awolowo's political family.

Since that time, I have never defected and I will never defect, I will remain in that progressive polity. Those who are defecting from one party to the other, by nature, they are political parasites, they have killed the original hosts which was PDP and now coming to APC, which is the new host but it is now for APC to guide its own loins and prevent the parasites from killing the party because a parasite has no root of its own but feeds on the little food that the host is having.

Running away from PDP to APC is good but APC must be careful in dealing with those parasites. Though, there is nothing bad in defection, the type of democracy in Nigeria is not anywhere in the world, it's a moribund democracy.

President Buhari is yet to beam the searchlight of his anti-graft war to the oil sector, which is likely to be the engine room of corruption. What is your take on that?

When you are going on a journey, you don't jump, you walk and move yourself in steps. So, we are moving from the simplest to the difficult. Like you would do

in any examination, you would look for simple questions to answer before you go to the difficult ones. It is easier to investigate the money you just take from the Central Bank and start dishing out than the one that will require the attention of some accountants, geologist and so on. So, what the government is doing now is to start attacking the corruption from the direct stealing to the indirect.

We are getting there but you have to join us because it's a very difficult job. We must fight corruption to a standstill before corruption starts fighting back.

Would you advise the Federal Government to implement the recommendations of the 2014 National Conference?

I don't know what is in the report of the conference because I did not believe in the way the conference was set up in the first instance. That conference never included APC which is at least the largest party as shown by the last election. So, if the largest party was cut off from the conference, its report is not tenable. Therefore, I cannot tell you if the report should be implemented because I refused to read it. I said it then that my party would not send delegates to that conference.

Business | Financial Market News

NEW TELEGRAPH WEDNESDAY, January 20, 2016

Banks to charge stamp duties on transactions –CBN

Revenue drive Financial institutions to impose N50 on every N1,000 transfer

the Stamp Duties Act by charging N50 on every N1,000 deposit or electronic transfer conducted by customers.

In a circular entitled, “Collection and remittance of statutory charges on receipts to Nigerian Postal Service under the service duties act,” posted on its website yesterday, the apex

Tony Chukwunyem

T

he Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and financial institutions to immediately start complying with the provisions of

T

bank said the measure was part of efforts to support government’s drive to boost non-oil revenue and plug shortfalls caused by the oil slump.

According to the CBN, “With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible trans-

IMF cuts global growth forecast to 3.4%

he global economy will expand 3.4 per cent this year, down from a projected 3.6 per cent in October, the International Monetary Fund (IMF) said yesterday in a quarterly update to its World Economic Outlook. The Washingtonbased fund also cut its forecast for growth in 2017 to 3.6 per cent, down from 3.8 per cent three months ago.

“This coming year is going to be a year of great challenges and policy makers should be thinking about shortterm resilience and the ways they can bolster it, but also about the longerterm growth prospects,” IMF chief economist Maurice Obstfeld said in a fund article accompanying the forecast.

The IMF estimates the global economy grew 3.1 percent last year, the weakest pace since the 2009 recession. Growth in emerging markets and developing nations

slowed for the fifth straight year.

The fund said risks to the global outlook remain tilted to the downside, with the world facing three big adjustments: the emerging-market slowdown, China’s shift to growth driven less by exports and manufacturing, and the Federal Reserve’s gradual exit from ultra-low interest rates.

Global growth could be derailed if these challenges aren’t managed, the IMF warned.

Downward revisions to forecast growth in emerging markets is a big reason behind the fund’s dimmer outlook.

The IMF marked down its forecast for emerging and developing economies to 4.3 per cent this year, from a projection of 4.5 per cent in October, compared with 4 per cent

action in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1,

Kunle Azeez

in 2015.

“We may be in for a bumpy ride this year, especially in the emerging and developing world,” Obstfeld said.

In advanced economies, the IMF expects a “modest and uneven” recovery to continue.

The fund reduced its forecast for U.S. growth this year to 2.6 per cent, from 2.8 per cent in October. While the economy remains “resilient” overall, the strong dollar is weighing on manufacturing, and low oil prices are curtailing capital investment, it said.

The fund reiterated its call for monetary policy to remain loose in the advanced world, with countries ramping up public spending where possible and pushing ahead with structural reforms.

T

he Association of Chartered Certified Accountants (ACCA) has outlined the key things business leaders, especially in the oil and gas sector need to master if they want to be successful in the most volatile and competitive era the sector has ever seen.

The Head of ACCA Nigeria, Mrs. Toyin Ademola, said the strategies have become imperatives in view of oil prices plummeting to $33 dollars a barrel, saying a further drop in price is not out of the question.

“Right now, the risk of going under is a very real one for many oil and gas companies. Three major factors have combined to create a perfect storm in the sector. One – lower cash-flows due to depressed oil prices.

Two - the existing debt overhang. And three -

Economic Indicators As at M2* CPS* INF

N19,142,526.05m N18,579,219.49m 9.6

Mar, 2015 Mar, 2015 Dec, 2015

MPR 91-day NTB Bonny Light Ext Res**

11 10.77 US$27.66 US$28,475,565,507

24/11/2015 Mar 2015 19/1/2016 18/1/2016

Source:CBN

Description 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 10.00 23-JUL-2030 12.1493 18-JUL-2034

FGN Bonds

TTM

Price 107.87 115.95 114.05 121.30 116.47 89.73 103.39

1.36 3.53 4.16 6.11 8.24 14.60 18.58

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 1.0417 8.2338 10.2644 12.8630

Bid Yield 8.81 10.48 11.21 11.44 11.09 11.46 11.70

Change (%) 0.04 ▲ -0.14 ▼ -0.18 ▼ 0.23 ▲

Change (%) 0.20 ▲ 0.10 ▲ 0.18 ▲ 0.12 ▲ -0.09 ▼ 0.08 ▲ 0.18 ▲

Price 108.87 116.95 115.05 122.30 117.47 90.73 104.39

Tenor (Months)

Offer Yield 8.06 10.17 10.93 11.24 10.92 11.31 11.57

Change (%) 0.20 ▲ 0.10 ▲ 0.18 ▲ 0.12 ▲ -0.09 ▼ 0.08 ▲ 0.18 ▲

NITTY

1 2 3 6 9 12

Treasury Bills

Rate (%) 1.0947 1.1566 2.9175 6.0904 7.4523 9.3883

Change (%) 0.24 ▲ 0.23 ▲ 0.50 ▲ -0.10 ▼ -0.15 ▼ -0.10 ▼

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 2.76 2.77 1.35 ▲ Open-Buy-Back (OBB) 0.96 17-Mar-16 3.26 3.28 1.36 ▲ 30-Jun-16 4.20 3.70 3.78 -0.82 ▼ Overnight (O/N) 1.38 4.30 -0.82 ▼ 01-Dec-16 5.07 4.57 4.78 -0.51 ▼ 5.32 -0.52 ▼

Spot($/N)

Bid 198.56

FX

Offer 198.66

Change (%) -0.05 ▼

NIFEX

Spot($/N)

Bid 198.9700

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

195.97

196.97

0.00 ↔

Offer 199.0700

Change (%) 0.46 ▲ 0.38 ▲

Change (%) 0.00 ↔

000 and above.”

The regulator, however, stated that, “payments deposits or transfer by self to self whether inter or intra bank: and any form of withdrawals/transfers from saving accounts” are exempted from the imposition of stamp duties, adding that these charges are only payable

37

by receiving accounts.

The CBN explained that with this directive each DMB would open an account designated as NIPOST Stamp Duties Account into which all charges collected will be paid while other financial institutions will remit their stamp duty collections to any commercial bank of their choice.

The Federal Government plans to spend about N6 trillion in 2016 with expected revenue of around N3.9 trillion, of which only N820 billion would come from oil.

ACCA lists survival strategies for CEOs the so-called ‘great crew change’ as the impending retirement of senior expert professionals over the next five years leaves a talent vacuum in its wake,” she said She explained that business chiefs, who can successfully steer their organisation through the ongoing challenging period will be set to prosper.

Raising rhetorical posers as to what successful leader should consider as he or she negotiates the challenges, Ademola said, after analysing market conditions and taking the views of a range of key strategic players in the sector, four key areas of focus emerged.

“The key to navigating the choppy waters we are currently experiencing in the oil and gas sector is good management of growth, costs, funding and externalities. Get those four factors under control and you give your organization the best

chance of success.”

On growth management, she said: “Identify and post-pone projects with a high degree of uncertainty. Be especially ruthless with any at the early stages of development which can be killed without much fuss.

“Seek partners to share in the risk – and, of course, reward, of projects. For example, through part-sale of operating interest in new discoveries.

“If you can, explore opportunistic growth via acquisition in areas with room for consolidation, for example, oilfield services. There is no reason that the current environment should lead toe a growth paralysis mindset. There could be valuable growth opportunities right now, for example via M&A or by continuing investment in nationally important, high-profile projects with longer-term value.”

Ecobank, Moody’s Analytics partner on risk assessment training

E

cobank Group and Moody’s Analytics, a financial training group associated with Moody’s Investor Services, have announced that Moody’s Analytics will provide online training solutions to help enhance the bank’s risk assessment capabilities.

In a statement, Moody’s Analytics said that it will partner with Ecobank, building a strong performance and vigilant risk culture through a competency-based approach to training. This will complement the bank’s well-developed risk assessment best practices already in place across its network.

Group Head, Business Banking at Ecobank, Fabien Amany, said, “We chose Moody’s Analytics training solution because of the high standard of its content and its ability to

meet the unique business needs and credit skills that our teams require. The accessible format and localised nature of Moody’s Analytics programmes will enable us to train a large number of geographically diverse staff quickly and effectively”.

The bank’s Lomébased Ecobank Academy carried out a comprehensive review and evaluation before choosing Moody’s Analytics. The review determined that the Moody’s Analytics’ comprehensive and customizable curriculum best supports Ecobank’s needs.

Moody’s Analytics customised training will address specific challenges and requirements for Ecobank’s pan-African operations, including the need for flexibility of format, language and content, based on global standards for core competencies.

Business | Money Line

38

WEDNESDAY, January 20, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

19-Jan-16

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

Bonds FGN Bonds

Price

Rating/Agency

Issuer

NA

NA

Description 13.05 16-AUG-2016 ^15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 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

6,162.23

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

0.57 1.27 1.52 1.61 2.36 3.44 3.76 4.07 6.02 8.15 12.86 13.34 13.84 14.51 18.49

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

7.82 10.27 10.51 10.56 10.95 11.40 12.05 12.17 12.03 12.05 12.24 12.25 12.26 12.12 12.17

6.08 9.45 9.78 9.86 10.46 11.07 11.68 11.88 11.82 11.87 12.10 12.10 12.07 11.96 12.03

102.88 105.58 99.09 98.23 99.46 112.78 85.06 110.53 118.28 110.93 117.60 101.52 75.22 85.67 99.86

103.88 106.58 100.09 99.23 100.46 113.78 86.06 111.53 119.28 111.93 118.60 102.52 76.22 86.67 100.86

5891.438936

#

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.50

03-Apr-17

0.65

2.94

10.93

103.92

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.50

TOTAL MARKET CAPITALISATION

1.56

Sub-National Bonds BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

1.30

30-Jun-16

0.45

4.46

11.42

101.06

A/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

2.05

30-Jun-16

0.45

3.48

10.44

102.13

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.25

3.34

12.95

96.66

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

16.45

30-Jun-17

0.97

1.00

9.66

103.66

A-/Agusto

EDO

14.00 EDO 31-DEC-2017

31-Dec-10

14.00

25.00

31-Dec-17

1.95

3.94

14.67

98.88

A/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

27.25

30-Sep-18

1.54

1.00

11.52

103.29

A-/Agusto; A-/GCR

*NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

4.91

04-Oct-18

1.56

1.00

11.53

103.31

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

10.98

09-Dec-18

1.74

2.21

12.83

102.43

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

8.14

12-Dec-18

1.74

2.64

13.26

101.05

A-/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

24.44

14-Feb-19

1.72

1.00

11.61

105.71

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

2.15 3.84 2.21

2.02 1.00 1.00

12.85 13.17 11.87

104.61 103.85 105.35

Aa-/Agusto; ‡ /GCR

LAGOS

13.50 LAGOS 27-NOV-2020

27-Nov-13

13.50

87.50

27-Nov-20

4.85

1.03

13.42

100.24

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

4.95

2.39

14.76

100.78

‡ /Agusto

*EKITI

14.50 EKITI II 31-DEC-2020

31-Dec-13

14.50

4.03

31-Dec-20

2.98

1.00

12.30

105.15

A-/GCR

*NASARAWA

15.00 NASARAWA 06-JAN-2021

06-Jan-14

15.00

4.04

06-Jan-21

3.01

1.00

12.32

106.34

A-/Agusto

*BAUCHI

15.50 BAUCHI 9-DEC-2021

09-Dec-14

15.50

14.37

09-Dec-21

3.97

1.52

13.29

105.83

A-/Agusto

*OYO

16.50 OYO 16-FEB-2022

17-Feb-15

16.50

4.61

16-Feb-22

3.62

3.67

15.51

102.47

Bbb-/Agusto

*BENUE

16.50 BENUE 27-FEB-2022

27-Feb-15

16.50

4.75

27-Feb-22

3.65

1.00

12.89

109.75

Bbb+/Agusto

*PLATEAU

17.50 PLATEAU 30-MAR-2022

30-Mar-15

17.50

27.10

30-Mar-22

4.03

2.52

14.59

107.75

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

14.01

112.06

27-May-15

17.00

7.68

27-May-22

3.91

3.04

15.32

104.51

456.18 467.33

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Corporate Bonds A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

0.69

1.00

9.07

102.54

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

0.77 0.89 1.25 1.46 1.70

1.34 1.00 2.56 1.08 2.38

9.57 9.48 12.17 11.45 12.98

103.34 105.38 104.82 106.62 99.98

***LCRM UBA *C & I LEASING *DANA#{r}

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.46

30-Nov-17

1.15

1.88

11.13

107.91

Nil

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

4.50

09-Apr-18

1.22

3.15

12.66

103.54

A-/DataPro†; B-/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.18

09-Sep-18

1.39

1.00

11.10

108.41

AAA/DataPro†; BB+/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.60

09-Sep-18

1.39

1.00

11.10

105.97

A+/Agusto; A/GCR

UBA

14.00 UBA II 30-SEP-2018

30-Sep-11

14.00

35.00

30-Sep-18

2.70

1.00

12.14

104.12

BBB+/Agusto; BBB+/GCR

*LA CASERA *CHELLARAMS#

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

1.80

18-Oct-18

1.50

5.27

15.75

99.90

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

18.00

0.32

17-Feb-19

1.58

6.11

16.65

101.69

BBB-/GCR

BBB-/DataPro†; BB/GCR

#{r}

Nil

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

1.95

3.28

14.01

103.16

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

4.82

1.00

13.39

106.38

A-/GCR

*TRANSCORP HOTELS PLC

15.50 TRANSCORP 4-DEC-2020

04-Dec-15

15.50

9.76

04-Dec-20

3.32

3.99

15.52

99.89

BBB/GCR

*FCMB

14.25 FCMB I 20-NOV-2021

20-Nov-14

14.25

26.00

20-Nov-21

5.84

1.64

13.89

101.37

A/GCR

UBA

16.45 UBA I 30-DEC-2021

30-Dec-14

16.45

30.50

30-Dec-21

5.95

1.00

13.23

112.95

BBB/GCR

FIDELITY

16.48 FIDELITY 13-MAY-2022

13-May-15

16.48

30.00

13-May-22

6.31

3.90

16.12

101.34

A-/GCR

*TRANSCORP HOTELS PLC

16.00 TRANSCORP 26-OCT-2022

26-Oct-15

16.00

10.00

26-Oct-22

4.48

2.77

15.21

102.33

A/GCR

STANBIC IBTC

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

30-Sep-14

16.29

0.10

30-Sep-24

8.70

1.00

13.20

115.67

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

8.70

1.00

13.20

100.23

AAA/GCR

*NMRC

14.90 NMRC 29-JUL-2030

29-Jul-15

14.90

7.94

29-Jul-30

9.78

1.00

13.20

108.78

10-Oct-20

2.74

3.37

14.54

100.45

TOTAL OUTSTANDING VALUE

517.09

TOTAL MARKET CAPITALISATION

541.53

Sukuk BBB-/Agusto

*OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

14.75

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

9.77

9.77 9.81

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.06

1.00

9.56

101.15

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.29

1.00

10.96

100.75

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

24.95 25.18

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

8.99

8.66

91.12

92.36

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

8.03

7.42

93.60

94.90

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

9.14

8.89

85.25

86.45

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,349.84

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

4.93

4.93

100.80

100.80

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.87

8.87

97.75

97.75

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

18.60

16.79

78.82

81.69

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

8.87

8.87

93.00

93.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

9.14

9.14

92.00

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

13.06

12.60

88.62

89.74

Rating/Agency

Issuer

NA

NA

Description 13.05 16-AUG-2016 ^15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 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

NEW TELEGRAPH WEDNESDAY, January 20, 2016 TOTAL OUTSTANDING VALUE

Rating/Agency

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

0.57 1.27 1.52 1.61 2.36 3.44 3.76 4.07 6.02 8.15 12.86 13.34 13.84 14.51 18.49

7.82 10.27 10.51 10.56 10.95 11.40 12.05 12.17 12.03 12.05 12.24 12.25 12.26 12.12 12.17

6.08 9.45 9.78 9.86 10.46 11.07 11.68 11.88 11.82 11.87 12.10 12.10 12.07 11.96 12.03

102.88 105.58 99.09 98.23 99.46 112.78 85.06 110.53 118.28 110.93 117.60 101.52 75.22 85.67 99.86

103.88 106.58 100.09 99.23 100.46 113.78 86.06 111.53 119.28 111.93 118.60 102.52 76.22 86.67 100.86

Business | Financial Market News

Stock market extends losses Description

17.25 FMB II 03-APR-2017

FMBN

Sustained sell TOTAL MARKET CAPITALISATION Stories by Chris Ugwu pressure depletes Sub-National Bonds he bears sustained equities by N32 grip on the Nigeribillion an equities market TOTAL OUTSTANDING VALUE

39

5891.438936

6,162.23

Issuer

Agency Bonds

Nil

Coupon (%)

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

5,936.44

TOTAL MARKET CAPITALISATION

LOW CONFIDENCE

Issue Date

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.50

03-Apr-17

0.65

2.94

10.93

103.92

1.50

Market losses widened capitalisation of1.56 equities by investors in 1,786 deals. per cent to close at N16.30 to seventh trading day as depreciated by N32 bilVolume in the banking per share while NEM In30-Jun-11 14.00 1.30 30-Jun-16 0.45 4.46 11.42 101.06 BBB+/Agusto *BENUE 14.00 BENUE 30-JUN-2016 both foreign and domestic lion or 0.41 per cent from sub-sector was largely surance Plc followed with 30-Jun-09 15.50 2.05 30-Jun-16 0.45 3.48 10.44 102.13 A/Agusto *IMO 15.50 IMO 30-JUN-2016 19-Apr-10 10.00 trillion the 57.00 previ19-Apr-17 1.25 12.95 10.00 LAGOS 19-APR-2017 investors remained A+/Agusto; ‡ /GCR LAGOS on the N7.755 driven by activities in3.34 the 8.62 per cent to96.66 close at 30-Jun-10 16.45 30-Jun-17 0.97 1.00 9.66 103.66 13.75 BAYELSA 30-JUN-2017 A-/Agusto *BAYELSA shares of Diamond Bank sideline. ous13.75 day to N7.723 trillion 31-Dec-17 63 14.67 kobo per share.

Unity 31-Dec-10 14.00 25.00 1.95 3.94 98.88 14.00 EDO 31-DEC-2017 A-/Agusto EDO 14.00 27.25 1.00 11.52 Plc added 103.29 14.00 DELTA 30-SEP-2018 A/Agusto; A+/GCR *DELTA Plc and GTB1.54 Plc. yesterday following At the close of30-Sep-11 busi- as market sentiments re- 30-Sep-18 Bank 8.47 per 04-Oct-11 14.00 4.91 04-Oct-18 1.56 1.00 11.53 103.31 14.00 NIGER II 4-OCT-2018 A-/Agusto; A-/GCR *NIGER Also, the Premium subcent 64 kobo persistent sell offEKITI that have ness, the NSE ASI lost mained negative.10.98 09-Dec-11 14.50 09-Dec-18 1.74 2.21 12.83to close at 102.43 14.50 09-DEC-2018 ‡ /Agusto; A-/GCR† *EKITI 12-Dec-13 14.00 8.14 12-Dec-18 1.74 2.64 13.26 101.05 14.00 NIGER III 12-DEC-2018 A-/Agusto *NIGER pervaded the Exchange 0.41 per cent as the local Meanwhile, a turnover sector, boosted by activities per share.

14-Feb-12 15.50 24.44 14-Feb-19 1.72 1.00 11.61 105.71 15.50 ONDO 14-FEB-2019 A-/Agusto; A-/GCR *ONDO 02-Oct-12 15.50 13.87 2.15 of Zenith 2.02 12.85 the flip side, 104.61 15.50 GOMBE 02-OCT-2019 bourse registered BBB+/Agusto; A-/GCR *GOMBE since the New Year.

27 de- of 256.4 million shares 02-Oct-19 in the shares On Okomu 14.50 LAGOS 22-NOV-2019 Aa-/Agusto; ‡ /GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 3.84 1.00 13.17 103.85 clining stocks as 12-Dec-12 against worth in 4,731 12-Dec-19 Bank Plc, followed with Oil11.87 Plc led the losers with 14.75N1.9 billion 22.72 2.21 1.00 a 105.35 14.75 OSUN 12-DEC-2019 BBB-/Agusto; BBB+/GCR *OSUN 27-Nov-13 13.50 87.50 27-Nov-20 4.85 1.03 13.42 100.24 13.50 LAGOS 27-NOV-2020 Aa-/Agusto; ‡ /GCR LAGOS a drop of 9.74 per cent to only 24 gainers. deals was recorded in the turnover of 60.7 million 31-Dec-13 15.00 5.00 31-Dec-20 4.95 2.39 14.76 100.78 15.00 KOGI 31-DEC-2020 A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 14.50 31-Dec-20 2.98 at N671.7 1.00 12.30at N27.99 105.15 trading. 4.03 shares valued Consequently, the All- day’s close per share 14.50 EKITI II 31-DEC-2020 ‡ /Agusto *EKITI 06-Jan-14 15.00 4.04 06-Jan-21 3.01 12.32 106.34 15.00 NASARAWA 06-JAN-2021 A-/GCR *NASARAWA Share Index dipped 94.51 The banking sub-sector million in 1,077 deals. 1.00 while Guinness Nigeria 09-Dec-14 15.50 14.37 09-Dec-21 3.97 1.52 13.29 105.83 15.50 BAUCHI 9-DEC-2021 A-/Agusto *BAUCHI 17-Feb-15 4.61 102.47 16.50 OYO 16-FEB-2022 A-/Agusto *OYO Plc15.51 shed 9.61 per cent to basis points or 0.41 per was16.50 the most active dur- 16-Feb-22 Further 3.62 analysis3.67of 27-Feb-15 16.50 4.75 27-Feb-22 3.65 1.00 12.89 109.75 16.50 BENUE 27-FEB-2022 Bbb-/Agusto *BENUE ing 17.50 the day (measured by 30-Mar-22 the day’s trading showed close 30-Mar-15 27.10 4.03 2.52 14.59at N93.00 per 107.75 share.

17.50 PLATEAU 30-MAR-2022cent to close at 22,456.32 Bbb+/Agusto *PLATEAU 01-Apr-15 17.00 3.00 31-Mar-22 6.46 1.79 14.01 112.06 17.00 KOGI II 31-MAR-2022 A-/Agusto KOGI basis points as against Champion Breweries Plc turnover volume); with 27-May-22 that International Brew27-May-15 17.00 7.68 3.91 3.04 15.32 104.51 17.00 CROSS RIVER 27-MAY-2022 A-/GCR *CROSS RIVER 22,550.83 recorded the pre- 116.6 million shares eries Plc topped the day’s plunged by 8.58 per cent 456.18worth TOTAL OUTSTANDING VALUE 467.33 TOTAL MARKET CAPITALISATION otal foreign trans- 7.26 per cent from N55.2 vious day while market N558 million exchanged gainers’ table with 9.40 to close at N3.09 per share.

Corporate Bondsat the nabillion in November to actions 13.00 NAHCO 29-SEP-2016 A+/Agusto; A-/GCR 29-Sep-11 13.00 15.00 29-Sep-16 0.69 1.00 9.07 102.54 NAHCO tion’s equities marN59.21 billion in Decem14.25 FSDH 25-OCT-2016 A-/Agusto 25-Oct-13 14.25 5.53 25-Oct-16 0.77 1.34 9.57 103.34 FSDH 0.00/16.00 LCRM 08-DEC-2016 09-Dec-11 0.00/16.00 112.22 08-Dec-16 0.89 1.00 9.48 105.38 ketNil decreased by 33.39 ber 2015.

In comparison ***LCRM 0.00/16.50 LCRM II 19-APR-2017 Nil 20-Apr-12 0.00/16.50 116.70 19-Apr-17 1.25 2.56 12.17 104.82 0.00/16.50 LCRM III 06-JUL-2017 Nil cent from N1,538.92 06-Jul-12 0.00/16.50 66.49 06-Jul-17 1.46 1.08 11.45 106.62 to December 2014, total per 13.00 UBA 30-SEP-2017 A/GCR 30-Sep-10 13.00 20.00 30-Sep-17 1.70 2.38 12.98 99.98 billion recorded at UBA the domestic transactions 18.00 C&I LEASING 30-NOV-2017 BBB-/GCR 30-Nov-12 18.00 0.46 30-Nov-17 1.15 1.88 11.13 107.91 *C & I LEASING 9-APR-2018 09-Apr-11 16.00 4.50 09-Apr-18 1.22 3.15 12.66 103.54 Nil of 2014 to N1.025 *DANA from DANA N133.6 end bil- decreased MPR+7.00 MPR+7.00 TOWER 9-SEP-2018 09-Sep-11 18.00 2.18 09-Sep-18 1.39 1.00 11.10 108.41 A-/DataPro†; B-/GCR *TOWER lion at theBB+/GCR end of 2015, billion to N59.21 billion.

MPR+5.25 TOWER 9-SEP-2018 09-Sep-11 16.00 0.60 09-Sep-18 1.39 1.00 11.10 105.97 AAA/DataPro†; *TOWER 14.00 UBA II 30-SEP-2018 A+/Agusto; A/GCR 30-Sep-11 14.00 35.00 30-Sep-18 2.70 1.00 12.14 104.12 UBA while total domestic The institutional com15.75 LA CASERA 18-OCT-2018 BBB+/Agusto; BBB+/GCR 18-Oct-13 15.75 1.80 18-Oct-18 1.50 5.27 15.75 99.90 *LA CASERA transactions decreased position of MPR+5.00 the domestic merging market 18.00 that are widening amid17-Feb-19 hard to envision a lot of16.65more than 14 per CHELLARAMS II 17-FEB-2019 BBB-/DataPro†; BB/GCR 17-Feb-12 0.32 1.58 6.11 of 101.69 *CHELLARAMS 16.00 DANA II 1-APR-2019 01-Apr-14 16.00 4.50 01-Apr-19 1.95 3.28 14.01 103.16 Nil *DANA byA+/Agusto; 22.53 A-/GCR per cent from bonds may be issuance.” market, which was about a plunge in prices for cent, the most among 15.25 NAHCO II 14-NOV-2020 106.38 14-Nov-13 15.25 2.05 14-Nov-20 4.82 1.00 13.39 NAHCO N1.136 commodities 47.17 per Novemexperiencing the 15.50 yields3.99 on 6115.52developing99.89 nations 15.50in TRANSCORP 4-DEC-2020 A-/GCR billion recorded 04-Dec-15 9.76 from oil 04-Dec-20 Average 3.32 *TRANSCORP HOTELS PLC cent 14.25 FCMB I 20-NOV-2021 20-Nov-14 26.00 5.84 1.64 13.89 101.37 *FCMB at BBB/GCR the end of 2014 to ber, increased to copper. While rising20-Nov-21 sub-Saharan African tracked

by Bloomberg to 67.86 per worst start to a year on 14.25 16.45 UBA I 30-DEC-2021 A/GCR 30-Dec-14 16.45 30.50 30-Dec-21 5.95 1.00 13.23 112.95 UBA 16.48 of FIDELITY 13-MAY-2022 BBB/GCR billion recorded 13-May-15 30.00 6.31 have surged 3.90 16.12 101.34 OverFIDELITY cent at the end yields might make Af-13-May-22 after Venezuela.

DecemN880.56 record but nowhere is 16.48 Eurobonds 16.00 TRANSCORP 26-OCT-2022 26-Oct-15 16.00 10.00 26-Oct-22 4.48 2.77 15.21 102.33 HOTELS PLC ber, while the comat A-/GCR the end of 2015. *TRANSCORP the pain greater than in 16.29 rican Eurobonds more30-Sep-24 to 9.4 per cent, compared spending and falling 182Dretail T.bills+1.20 STANBIC IA 30-SEP-2024 A/GCR 30-Sep-14 0.10 8.70 1.00 13.20 115.67 STANBIC IBTC 13.25 STANBICfrom IB 30-SEP-2024 A/GCR 13.25 8.70 cent in April 1.00 13.20 100.23 alluring to15.44 investors,30-Sep-24 with 5.8 per copper prices helped Total transactionsSTANBIC at IBTC position decreased sub-Saharan30-Sep-14 Africa.

14.90 NMRC 29-JUL-2030 AAA/GCR 29-Jul-15 14.90 7.94 29-Jul-30 9.78 1.00 13.20 108.78 *NMRC to fall last year, according to the push Zambia’s budget theTOTAL nation’s bourse also 52.83 per cent to 32.14 per The world’s poorest prices are likely OUTSTANDING VALUE 517.09 decreased

by CAPITALISATION 41.72 per cent in the same period. continent accounts for further because Bloomberg USD Emerg- deficit to 6.9 per cent of TOTAL MARKET 541.53 of globcent from N189.72 bilIn comparison to Dehalf of the 20 worst-per- al risk aversion and the ing Market Sovereign gross domestic product, Sukuk lion recorded in January cember 2014, institutional forming dollar bonds slump in raw materials, Bond Index. Yields on from the targeted 4.6 per 10-Oct-13 14.75 9.77 10-Oct-20 2.74 3.37 14.54 100.45 BBB-/Agusto *OSUN 14.75 OSUN II 10-OCT-2020 issued by developing according to to TOTAL N110.56 billion (about composition decreased Standard dollar debt in Zambia cent, Finance Minister, OUTSTANDING VALUE 9.77 TOTAL MARKET in CAPITALISATION 9.81 Limited., and Ghana have climbed Alexander Chikwanda, $0.56 billion) Decem- from 72.99 per cent to 67.86 nations in 2016. It is also Bank Group berSupranational 2015. This represents per cent, while the retail the only region in the the continent’s largest above 15 per cent, with said in October. The Bond world where not one 10.20 country’s kwacha has a decrease of 13.49 per composition lender by assets. only Venezuela and Ecua10.20increased IFC 11-FEB-2018 AAA/S&P IFC 11-Feb-13 12.00 11-Feb-18 2.06 1.00 9.56 101.15 1-FEB-2021 Aaa/Moody's; AAA/S&P *AfDB 10-Jul-14 12.95 3.29 1.00 10.96 weakened 42 100.75 per cent cent from N127.8 billion from 27.01 11.25 perAFDBcent to country’s debt has pro- 11.25“You’re seeing partic-01-Feb-21 dor paying more among TOTAL OUTSTANDING VALUE 24.95 recorded in November.

32.14 per cent in the same duced a positive return, ularly violent moves in emerging markets. over the past 12 months, TOTAL MARKET CAPITALISATION 25.18 On a monthly basis, the period. with African securities African bonds because “At these levels the the third-biggest decline Outstanding Value Description Issuer Issue Date (%) Maturity Date Bid Yield (%) Offer Yield (%) Bid Price Price you have an markets are shut” for among NigerianRating/Agency Stock Exchange In 2013, there was a mafalling 5.4 per cent this Coupon moreOfferthan 150 ($mm)investor base retrenching from polls trading figures from currencies tracked by jor rebound in the domesyear, compared with the Ghana, Zambia and AnFGN Eurobonds Prices & Yields frontier markets, and28-Jan-21 cent loss 6.75 major custodians and mar- tic component, which 6.75 ledJAN 28, 2021 average 1.3 per gola, Claudia Calich, a Bloomberg.

BB-/Fitch; B+/S&P 07-Oct-11 500.00 8.99 8.66 91.12 92.36 the underlying funda-12-Jul-18 ketBB-/Fitch; operators on their for- toFGNan almost equal split in emerging12-Jul-13 markets, 5.13 money manager at M&G “We are sitting with 5.13 JUL 12, 2018 500.00 8.03 7.42 93.60 94.90 BB-/S&P in foreign vs. domeseign portfolio investments the worst first two weeks mentals of these counInvestments, which holds large funding gaps and BB-/Fitch; 6.38 JUL 12, 2023 12-Jul-13 6.38 500.00 12-Jul-23 9.14 8.89 85.25 86.45 BB-/S&P (FPI). tic transactions. This of a year since Bloom- tries are suffering,” Ray securities in Zambia, there are more questions TOTAL OUTSTANDING VALUE 1,500.00 According to NSE dropped in 2014 where berg began compiling Zucaro, chief invest- Ivory Coast, Rwanda and about how these governTOTAL MARKET CAPITALISATION 1,349.84 highlights, the domestic FPI outperformed domesdata in 2010. ment officer at RVX As- Angola, said in an inter- ments are going to raise Corporate Eurobonds composition of transac- tic transactions. In 2015, The malaise means set Management, said by view in London last week. the money to plug the 7.50 MAY 19, 2016 B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.93 4.93 100.80 100.80 will find 7.25 tions on the Exchange FPI dropped compared7.25 toJUL 25, 2017 governments phone from350.00 Aventura,25-Jul-17 “Their 8.87 governments gap,” Ridle Markus, an B+/S&P ACCESS BANK PLC 25-Jul-12 8.87 97.75 97.75 6.88 MAY 09, 2018 it more expensive B/Fitch; B/S&PJanuary FIDELITY BANK PLC However, it slightly 09-May-13 to is6.88 18.60 to issue.”

16.79 78.82 81.69at Barbetween and 2014.

Florida, last300.00 week. “Giv-02-May-18 won’t be able Africa strategist 6.00 NOV 08, 2018 B+/Fitch; B+/S&P GTBANK PLC 400.00 8.87 93.00 December 2015 showed en the backdrop of com-08-Nov-18 outperformed domestic sue debt just08-Nov-13 when they 6.00 Zambian notes8.87 are clays Plc’s unit93.00 in Johan6.25 APR 22, 2019 B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 9.14 9.14 92.00 92.00 8.75 May 21, 2019 B/Fitch; B/S&P DIAMOND BANK PLC 200.00and fear 21-May-19 13.06 12.60 in 88.62 that the total domestic the biggest losers transactions in the same most need 21-May-14 financing 8.75 modity prices nesburg, said 89.74 by phone 8.25 AUG 07, 2020 B-/Fitch; B/S&P PLC 07-Aug-13 300.00 11.61 11.61 87.82 87.82 Africa, with declines to plug budget deficits 8.25 transactions increasedFIRST

by BANKperiod. of rising dollar rates, it’s07-Aug-20 on January 14.”

9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 12.50 12.50 87.25 87.25

T

Foreign transactions down by 33.39% in 2015

T

Bonds: Africa worst performing in emerging market –Report

#{r}

#

#

E

#

#{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

8.00

8.75 AUG 14, 2021

14-Aug-14

8.75

TOTAL OUTSTANDING VALUE

FMDQ Daily Quotations List

TOTAL MARKET CAPITALISATION

450.00

23-Jul-21

13.19

13.19

79.50

79.50

250.00

14-Aug-21

12.23

11.76

84.88

86.63

3,650.00

19-Jan-16

3,274.20

The**Treasury 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 Bills^ FIXINGS Money Market Foreign Exchange (Spot & Forwards) professional, financial or investment advice.

We attempt to ensure the Information is accurate; however, the Information basis and mayRate not (%) be accurate or up to date. We do not guarantee the DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) is provided “AS IS” and on an “AS AVAILABLE”Tenor NIBOR 9 28-Jan-16 0.90 0.40 0.90 OBB on the basis 2.00 Tenor Bid ($/N) Offer ($/N) 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 of the Information.

16 4-Feb-16 0.47 -0.03 0.47 Tenor Rate (%) 23 30 37 44 58 65 72 Rating/Agency 79 86 93 100 107 128 135 142 149 156 163 177 NA 191 198 212 226 247 261 268 275

11-Feb-16 18-Feb-16 25-Feb-16 3-Mar-16 17-Mar-16 24-Mar-16 31-Mar-16 Issuer 7-Apr-16 14-Apr-16 21-Apr-16 28-Apr-16 5-May-16 26-May-16 2-Jun-16 9-Jun-16 16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16 NA 28-Jul-16 4-Aug-16 18-Aug-16 1-Sep-16 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16

FGN Bonds

0.60 0.49 1.21 1.29 1.54 1.29 Description1.37 4.54 4.04 13.05 16-AUG-2016 4.36 4.24 ^15.10 27-APR-2017 4.55 9.85 27-JUL-2017 4.99 6.68 9.35 31-AUG-2017 7.26 10.70 30-MAY-2018 7.37 ^16.00 29-JUN-2019 6.87 6.64 7.00 23-OCT-2019 7.36 ^15.54 13-FEB-2020 7.50 ^16.39 27-JAN-2022 7.18 7.80 ^14.20 14-MAR-2024 7.67 15.00 28-NOV-2028 7.98 7.84 12.49 22-MAY-2029 8.00 8.50 20-NOV-2029 7.73

0.10 -0.01 0.71 0.79 1.04 0.79 Issue0.87 Date 4.04 3.54 16-Aug-13 3.86 3.74 27-Apr-12 4.05 27-Jul-07 4.49 6.18 31-Aug-07 6.76 30-May-08 6.87 29-Jun-12 6.37 6.14 23-Oct-09 6.86 13-Feb-15 7.00 27-Jan-12 6.68 7.30 14-Mar-14 7.17 28-Nov-08 7.48 7.34 22-May-09 7.50 20-Nov-09 7.23

^10.00 23-JUL-2030 7.76 ^12.1493 18-JUL-2034 7.44

23-Jul-10 7.26 18-Jul-14 6.94

0.60 0.49 1.21 1.29 1.54 1.29 1.37 (%) Coupon 4.58 4.08 13.05 4.41 4.29 15.10 4.61 9.85 5.08 6.84 9.35 7.47 10.70 7.60 16.00 7.08 6.84 7.00 7.63 15.54 7.81 16.39 7.47 8.17 14.20 8.05 15.00 8.43 8.31 12.49 8.50 8.50 8.20

10.00 8.27 12.1493 7.97

289

3-Nov-16

317

1-Dec-16

331

15-Dec-16

7.95

7.45

7.95

5-Jan-17

8.00

7.50

8.00

TOTAL OUTSTANDING VALUE 352

Bonds

O/N 1M 3M 6M

2.3750 7.6786 9.7721 10.9290

Outstanding Value NITTY Maturity Date (N'bn) Tenor 581.39 1M 2M 480.13 3M 20.00 6M 9M 100.00 12M

Rate (%) 16-Aug-16 0.6470 1.7270 27-Apr-17 4.3416 27-Jul-17 7.6409 8.1217 31-Aug-17 8.8491

300.00 30-May-18 351.30 29-Jun-19 233.90 23-Oct-19 NIFEX 451.93 13-Feb-20 Current Price ($/N) 27-Jan-22 BID($/N)605.31 199.0000 OFFER 719.99 ($/N) 199.1000 14-Mar-24 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34

Description

Issue Date

Rate (%) 2.50 3.50 Bid 4.13 Yield 5.05

(%)

0.57 7.82 6.08 1.27 10.27 9.45 :Benchmarks 1.52 10.51 9.78 * :Amortising Bond µ :Convertible 1.61 Bond 10.56 9.86 AMCON: Asset Management Corporation of Nigeria 2.36 10.95 10.46 FGN: Federal Government of Nigeria 3.44 Mortgage Bank11.40 11.07 FMBN: Federal of Nigeria IFC: International Finance Corporation 3.76 12.05 11.68 LCRM: Local Contractors Receivables Management 4.07 12.17 11.88 NAHCO: Nigerian Aviation Handling Company 6.02 12.03 11.82 O/N: Overnight UPDC: UAC Property Development 8.15 12.05 Company 11.87 WAPCO:West Africa Portland Cement Company 12.86 12.24 12.10 13.34 12.25 12.10 13.84 12.26 12.07 14.51 12.12 11.96 18.49 12.17 12.03 NOTE:

FMBN

TOTAL OUTSTANDING VALUE

Modified Duration Buckets

TOTAL MARKET CAPITALISATION Sub-National Bonds

199.25 199.26 199.84 200.22 200.99 205.58 213.12 Bid Price 220.77

199.35 199.57 200.16 Price 200.56 201.41 206.12 214.04Price Offer 222.58

102.88 105.58

103.88 106.58 100.09 99.23 99.46 100.46 113.78 ‡ : Bond112.78 rating under review †: Bond rating 85.06 expired 86.06 N/A :Not Available 110.53 111.53 {r} :Issuer in receivership 118.28 119.28 NGC: Nigeria-German Company111.93 110.93 UBA: United Bank for Africa 117.60 118.60 101.52 102.52 75.22 76.22 85.67 86.67 99.86 100.86 NA :Not Applicable 99.09 ^ : Market Prices # : Floating Rate Bond 98.23 ***: Deferred coupon bonds

5891.438936

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

FMDQ FGN BOND INDEX

Agency Bonds Nil

Tenor Call 1M 3M(Yrs) TTM 6M

Spot 7D 14D 1M 2M 3M Offer Yield 6M (%) 1Y

6,162.23

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

Issuer

2.50

REPO

5,936.44

TOTAL MARKET *for the AmortisingCAPITALISATION bonds, the average life is calculated and not the duration Rating/Agency

O/N

17.25 FMB II 03-APR-2017

Porfolio Market Value(Bn)

Total Outstanding Volume(Bn)

03-Apr-12by Weighting Outstanding Vol

17.25by Mkt Weighting Value

<3

1,402.61

1,283.36

30.01

31.18

3<5

1,514.68

1,325.30

30.99

33.67

>5

1,581.20

1,667.49

39.00

35.15

Market

4,498.49

4,276.16

100.00

14.00

100.00

1.50

Bucket Weighting

1.50 1.56 1.30

03-Apr-17 % Exposure_ Mod_Duration

0.65

Implied Yield

#

Risk Premium (%) 2.94 Implied Portfolio Price

Valuation Yield (%)

10.93

INDEX

Modelled Price

103.92 YTD Return (%)

0.30

13.75

11.55

137.6921

1,252.68

13.0730

0.31

27.90

12.04

149.6716

1,297.56

28.1453

0.39

58.36

12.15

116.7782

1,407.88

12.04

133.2495

1,268.88

1.00

100.00

30-Jun-16

0.45

4.46

39.8073 20.2523

BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

11.42

101.06

A/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

2.05

30-Jun-16

0.45

3.48

10.44

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.25

3.34

12.95

102.13 96.66

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

16.45

30-Jun-17

0.97

1.00

9.66

103.66

A-/Agusto

EDO

14.00 EDO 31-DEC-2017

31-Dec-10

14.00

25.00

31-Dec-17

1.95

3.94

14.67

98.88

A/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

27.25

30-Sep-18

1.54

1.00

11.52

103.29

A-/Agusto; A-/GCR

*NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

4.91

04-Oct-18

1.56

1.00

11.53

103.31

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

10.98

09-Dec-18

1.74

2.21

12.83

102.43

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

8.14

12-Dec-18

1.74

2.64

13.26

101.05

40 News

wednesday, january 20, 2016 NEW TELEGRAPH

national

CACOL to FG: Publish names of looters Temitope Ogunbanke

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L-R: Non-Executive Directors of Transcorp Hotels Plc, Omoniyi Fagbemi; Benjamin Dikki; Chief Executive Officer, Nigerian Stock Exchange, Oscar Onyema; Managing Director/CEO, Transcorp Hotels Plc, Valentine Ozigbo, and Non–Executive Director, Emmanuel N.Nnorom, during the listing of of the company’s N10bn Series 1 bond at the Nigerian Stock Exchange, in Lagos…yesterday

Oshiomhole lauds Air Force’s role in war against Boko Haram Cajetan Mmuta BENIN

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overnor Adams Oshiomhole of Edo State yesterday commended officers and men of the Nigerian Air Force for their key role in the decimation of activities of Boko Haram in the North East part of the country.

Oshiomhole stated this when he played host to the Chief of Air Staff, Air Vice Marshall Sidique Abubakar, who was represented by Air Vice Marshall SS Adamu and other officers who paid him a courtesy visit at the Government house Benin, the state capital.

He said: “We in Edo State appreciate the huge sacrifice the Armed Forces are making to keep Nigeria safe, particularly with reference to Boko Haram. I know that the Air Force has been active in that battle, and I believe that if reports are anything to go by, that we are winning, obviously, the audacity with which the insurgents were spreading freely to occupy more territories and frightening everybody."

He observed that members of the outfit have been able to confine them (Boko Haram) to one area, and they are under severe pressure.

Crazy billing: Ibadan Disco grapples with customers' protests Adeola Yusuf

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he Ibadan Electricity Distribution Company (IBEDC) on Tuesday declared that the estimated billing known as crazy billing represented over 70 per cent of its customers' complaints and has been one of the reasons it had been grappling with various protests by customers since take over two years ago.

Managing Director of IBEDC, Mr. John Donnachie, who disclosed this in an interactive session with news men in the company's Ibadan Headquarters, blamed the company's inability to meet up with pre-paid metering and other op-

erational challenges on huge debt of N5.9 billion government agencies and the military formations owe the company to date.

"Presently, government agencies owe us N5.9billion. Out of this debt, the military owes us N4billion as at July 31, 2015, and this is affecting our operations.

"More importantly is the fact that distribution companies are unable to meet the operational costs of distributing power to their numerous customers, payment to generating and transmission companies, let alone their capital investments," he said.

His view was corroborated by the Deputy Managing Director, IBEDC,

Mr. John Ayodele, who said that the capital expenditure allowed for IBEDC is inadequate for its operations.

He reiterated that the estimated billing today represents over 70 per cent of customers' complaints.

Given the size of its metering and network improvements and upgrade requirement as well as reduction of Aggregate Technical, Commercial and Collection (ATC&C) losses, the company, Ayodele said, was worried over huge debt of N5.9 billion owe by government agencies and the military formations to date.

"The reviewed tariff will assist us to quickly address the problem of

APC: Change mantra responsible for PDP crisis Johnchuks Onuanyim ABUJA

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he All Progressives Congress (APC) has stated that the present crisis in the opposition party, Peoples Democratic Party (PDP) was as a result of the change mantra of APC. The APC National Secretary, Alhaji Mai Mala Buni stated this is a statement issued in Abuja to counter the allegation of

PDP that APC was responsible for the crisis in PDP. According to Buni, PDP should look inward to find the source of its crisis within it and also try to solve it by embracing change.

The PDP, which some its members are being prosecuted for corruption, is accusing the APC-led government of deliberately causing crisis in the party.

The national secretary of PDP, Prof. Wale Oladipo stated this in reaction to

some members calling for the resignation of the National Publicity Secretary, Chief Olisa Metuh and Chairman, PDP Board of Trustees, Dr. Haliru Bello.

The two national officers of PDP are facing corruption charges in courts.

Dissociating APC from the crisis in PDP, Buni said, "For the record, the APC has no hand in the in-fighting and resultant implosion being witnessed in PDP's hierarchy.

estimated billing which today represents over 70 per cent of customers' complaints and has been one of the reasons for various protests experienced since we took over two years ago.

"In view of the above, we have to provide funds upfront to pay for investment made each year and expect to recover the same plus any interest over the life of the assets," he said.

To ensure effective metering of its numerous customers, Ayodele said that IBEDC has placed order for about 100,000 units of prepaid meters that were intended for our customers in 2016 to resolve the problems of estimated billings.

Aliyu squandered N800bn in 8 years, says APC Dan Atori MINNA

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he All Progressives Congress (APC) has disclosed that former Niger state Governor, Dr. Mu'azu Babangida Aliyu squandered over N800billion accrued to the state in eight years.

Chairman of the party in the state, Engr. Mohammed Jibrin Imam, yesterday told Journalists that the Peoples Democratic

Odu'a owner states to grow asset base from N4bn to N20bn, admit Lagos as member Sola Adeyemo IBADAN

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overnors of the five Odu'a Owner states - Oyo, Ogun, Ondo, Osun and Ekiti - yesterday met in Ibadan, Oyo state capital, and expanded the conglomerate's membership by admitting Lagos State.

The meeting which took place at the Odu'a

Investment headquarters located in the 50-year-old Cocoa House, Dugbe, Ibadan, was hosted by the Group Managing Director, Mr. Adewale Raji, with the resolution to grow its asset base from N4bn to N20bn in five years.

In attendance were Governors Abiola Ajimobi (Oyo) represented by his Deputy Chief Moses

Adeyemo, Senator Ibikunle Amosun (Ogun), Dr. Olusegun Mimiko (Ondo), Ogbeni Rauf Aregbesola (Osun), Mr Ayodele Fayose (Ekiti) represented by his deputy Dr. Kolawole Olusola. Their Secretaries to State Government were also in attendance with the Board of Directors of the company.

The Directors present include Alhaji Tajudeen

Ola Bello (Ogun), Otunba Olajumoke Ogunkeyede (Osun), Dr (Mrs) Adepoju Esan (Oyo), Dr. Sikiru Lawal (Ekiti), and Chief Isaac Akintade (Ondo).

Briefing journalists after the meeting, Mimiko said that as owner states of the Odu'a Investment Company Limited, they had taken some far reaching positions.

“We have taken deci-

he Coalition Against Corrupt Leaders (CACOL) has called on the Federal Government to publish the names of those who have been alleged to have stolen the nation’s commonwealth if they truly desire to succeed in the anti-corruption war they espouse.

CACOL in a statement by its chairman, Comrade Debo Adeniran, said the Minister of Information and Culture, Alhaji Lai Mohammed’s revelation that 55 former government functionaries and top businessmen stole N1.34 trillion from public treasury in eight years, aligned with the belief that only one per cent of Nigerians enjoyed 99 per cent of the nation’s commonwealth.

“What we want to hear now is diligent prosecutions and thorough adjudication. Corruption cases should be thoroughly investigated, and no criminal should be allowed to go unpunished.

Anybody guilty of corruption should be punished to serve as deterrent to others; and there should be opportunity for antigraft agencies to freeze assets of suspects that are found to be living so much beyond their legitimate earnings so that they will not have the opportunity to use proceeds of corruption to strike the government."

sion to reposition Odu'a Investment as the engine room of economic development of the South West.

“We have just approved a five-year strategic plan to grow the asset base of the company from N4bn to N20bn by 2019. This is a five-year strategic plan.

"We have also agreed in principle to admit Lagos State as part of Odu'a group."

Party (PDP) led administration was reckless with public funds and left the state in huge debts.

Imam stated at the Niger State Independent Electoral Commission (NSIEC) headquarters in Minna after the commission issued certificate of return to the newly elected local governments chairmen in the election conducted at the weekend.

While reacting to claims by the opposition that the election was rigged by the APC party in government, the Chairman explained that PDP as a party had long became very unpopular for its abysmal performance in the 16 years of its government in the state.

According to him, “the PDP has just become the opposition. We have been in the opposition for the past 16 years. We know what it is to be in opposition. Opposition does not mean just making reckless statements. What projects have they done to think that they can stage a comeback?"

NEW TELEGRAPH WEDNESDAY,JANUARY 20, 2016

News 41

SOUTH-WEST

NUPENG threatens strike over N224m debt Muritala Ayinla and Camillus Nnaji

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here were indications yesterday that there might be fuel scarcity in Lagos as members of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) staged a protest, demanding the payment of their N224 million debt that was incurred in the sup-

lYou can’t blackmail us, says Lagos govt ply of diesel and kerosene to the state government.

That was even as the state government said it would not succumb to attempts by NUPENG to blackmail it into paying a questionable N224 million debt.

NUPENG had, during the protest led by its South-West Chairman, Alhaji Tokunbo Korodo,

alleged that the state government was owing N224 million for the supply of diesel and kerosene to the state for the execution of direct labour projects in Ojodu area of the state between October 2014 and May 2015.

He threatened that Lagos residents would experience scarcity of fuel if the request was not acceded to by the

government, adding that members of the association would embark on the protest with over 1, 000 tankers.

But reacting to the protest and the claim by members of the association, the state government said though it was not against peaceful protest by aggrieved citizens, that it would not be stampeded into taking any action

without strictly following due process and the rule of law.

The state government, in a statement signed yesterday by the state Commissioner for Information and Strategy, Mr. Steve Ayorinde, recalled that the said transaction took place between an independent marketer and the Lagos State Public Works Corporation (LSPWC) before this present government assumed office.

Ayorinde said the company wrote the government about the transaction and government replied that it wanted to investigate the claim.

The statement reads in part: “The investigation proved that the claim by the company was fraudulent but while investigation was still ongoing, the company went to NUPENG, and the association agreed to demonstrate on behalf of the company.”

Ooni’s visit to Alaafin, a turning point for Yoruba, say Akinruntan, Sabiganna Sola Adeyemo Ibadan

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he Olugbo of Ugbo Kingdom, Oba Fredrick Obateru Akinruntan, has described last Sunday’s visit of the Ooni of Ife, Oba Eniitan Ogunwusi, to the Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi, as a positive turning-point in the history of the Yoruba nation.

The position of Oba Akinruntan, who is the Chairman, Yoruba Obas Conflict Resolution Committee, was corroborated by the Secretary of the group, Oba Saliu Oyemonlaa Azeez, the Sabiganna of Iganna, at the end of its meeting held yesterday at the Ibadan residence of

the convener of the committee, Akinruntan.

Ogunwusi, whose predecessor, late Oba Okunade Sijuade, maintained a frosty relationship with the Alaafin till he joined his forefathers on July 28, 2015, broke the jinx when he visited Oyo to felicitate with the Alaafin on the celebration of his 45th year coronation anniversary.

The duo were together at a church thanksgiving service, and later retired into the palace.

In its first official reaction to the development, the Yoruba Obas Conflict Committee chairman hailed the development, which it said would go a long way to positively affect the Yoruba nation.

We’ll resist plan to truncate Ekiti govt –House Sulaiman Salawudeen ADO-EKITI

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he Ekiti State House of Assembly yesterday warned the All Progressives Congress (APC) led Federal Government that it would resist efforts to sack the Ayo Fayose-led government in the state, using any military panel’s report.

The House at its plenary and in its address to journalists in Ado-Ekiti, affirmed its support for the governor, asking the Federal Government to desist from actions capable of breaching the peace in the state.

At the plenary, after the entire members

of the House unanimously condemned the Major-General Adeniyi Oyebade’s panel report, the Leader of Business, Hon. Olatunji Akinyele, presented an eight-point resolution of the Assembly, warning the APCled government against plotting to usurp the state government and attempts on the life of the governor.

He said: “President Muhammadu Buhari should not rubbish the military after it has been commended for its role in the election in the name of opposition to Governor Ayodele Fayose. He should use Fayose’s criticism positively to enhance his government.

L-R: Oyo State Deputy Governor, Chief Alake Adeyemo; Governors Rauf Aregbesola of Osun State; Olusegun Mimiko of Ondo State and Ibikunle Amosun of Ogun State, during Odua Investment Owners State Governors’ Meeting in Ibadan.…yesterday.

PHOTO: NAN

Police to politicians: Don’t beg for criminals Muritala Ayinla

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agos State Commissioner of Police, Mr. Fatai Owoseni, yesterday warned politicians and party chieftains in the state never to beg for criminals. He said that he would not release all the arrested hoodlums in the state.

The police commissioner, who also accused parents on Lagos Island of harbouring their crim-

J

ustice Lateef LawalAkapo of an Ikeja High Court has adjourned further proceedings in the charges filed against the Registered Trustees of the Synagogue Church Of All Nations (SCOAN) and four others by the Lagos State Government till January 27.

The adjournment was

sequel to applications by two Synagogue Engineers, Oladele Ogundeji and Akinbela Fatiregun, who are the 4th and 5th defendants in the case. The duo are challenging the competence of the process through which the charge was served on them.

It will be recalled that the judge had on December 11 last year, granted an application by the prosecution

Ambode with residents of Lagos Central Senatorial District held at the City Hall, Owoseni said most parents must begin to pay special attention to their children and what they do whenever they are outside their custody.

According to him, most young men in Lagos State, especially on Lagos Island, hide their weapons and ammunition in some of the abandoned vehicles littered on

Lassa fever: OAUTH workers flee as doctor bleeds to death Adeolu Adeyemo OSOGBO

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ear yesterday gripped workers of the Obafemi Awolowo University Teaching Hospital (OAUTH), Ile-Ife, follow-

Synagogue: Court to hear criminal charge against engineers Jan 27 Akeem Nafiu

inal children after they have committed crime, said no part of Lagos will serve as a hiding place for criminals.

Owoseni also vowed not to release criminals working for politicians and influential personality in the state.

Reacting to accusations of indiscriminate arrest of residents on Lagos Island at the second Town Hall Meeting of Governor Akinwunmi

to serve the 4th and the 5th defendants through substituted means.

The judge ordered the prosecution to paste the court papers on the front doors of the 4th and the 5th defendants’ addresses in the Alagbado and Ikeja areas of Lagos, respectively.

He also directed the prosecution to file photographic evidence featuring the sheriff pasting the court papers.

ing the death of a resident doctor, who was suspected to have contacted the Lassa fever virus.

The workers were gripped by fear of contacting the virus after one of the doctors bled to death following suspected contact with a patient.

The doctor was said to have vomited blood uncontrollably at the premises of the hospital and was rushed to the hospital’s emergency unit, where he finally gave up the ghost.

The development, which created tension among workers in the hospital, saw them disappearing from the Emergency Unit to unknown places.

Some of the workers that disappeared when

the incident happened were doctors, nurses, medical personnel and patients attached to the unit.

Junior workers like cleaners and office attendants working in the unit and around it also fled for their dear lives.

New Telegraph investigations revealed that the deceased left Ekiti State on this fateful day for his working place in Ile-Ife, before the sudden oozing out of blood from his mouth.

All efforts made by our reporter to establish what actually happened to him proved abortive, but a medical expert who preferred anonymity, said the death might not be unconnected with the dreaded Lassa fever virus.

the major roads and come home neatly dressed, while their parents are unaware of their criminal tendencies.

“Those children no longer bring their guns to the house. They keep them in abandoned vehicles. Before you accuse the police, how many of you pay attention to what your children do outside your households? Most of these children hide their guns in abandoned vehicles and come home neatly dressed.

“They kill and maim people and come home neatly dressed, but we parents never find out who they are really and what evil they perpetrate.

“The parents of the arrested hoodlums have been coming to beg me, some have gone to the state House of Assembly, but they couldn’t substantiate their claim. Your children killed someone and you are saying police shouldn’t arrest them. If it has been happening in Lagos before that some big men or politician will come and beg for criminals that they work for them, I will not release them.”

He appealed to politicians not beg for the release of criminal arrested for any reason, vowing not to release them.

42

News

Enugu tasks World Bank on agric projects l Assembly asks govt to enforce Okada ban Charles Onyekwere ENUGU

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overnor Ifeanyi Ugwuanyi of Enugu State has appealed to World Bank to complete the rehabilitation of irrigation system at Adani, Uzo-Uwani Local Government Area of the state under the FADAMA III project, to enhance the dry season rice farming.

The governor, who was represented by his deputy, Hon Mrs. Cecilia Ezeilo, made the appeal when the bank and the Federal Government team on supervision of FADAMA III project in the state, paid him a courtesy visit at the Government House, Enugu.

Ugwuanyi, while expressing the readiness of his administration to continue to partner the World Bank and other related agencies, noted that Enugu State as an agrarian state with vast arable land was

WEDNESDAY,JANUARY 20, 2016 NEW TELEGRAPH

SOUTH-EAST

fit for various type of agricultural produce.

He said that the state remains committed in its efforts towards the successful realization of the project through provision of enabling environment, consistent payment of state counterpart contributions and replication of same at the local government level Earlier in an address, the leader of the team Mr. Obadiah Tohomdet, a senior communication specialist of World Bank, informed the governor that the members were in the state to supervise the FADAMA III additional financing projects in the state.

He expressed happiness that the projects in the state are successful “so far they are doing things right”.

He commended Governor Ugwuanyi, for the support he has been giving the project in the state, adding that the governor was proagriculture and a global

supporter of the sector.

Meanwhile, the Speaker of the Enugu State House of Assembly, Hon. Edward Ubosi, has asked the state government to enforce the ban on the operation of commercial motorcycles popularly known as Okada in the state, in the interest of the people.

Receiving the members of the 6th Assembly to the 2016 legislative year, Ubosi frowned at the defiance of the ban by the motorcycle operators in the state, particularly in the Enugu metropolis, in spite of the ban on their activities since 2012.

The speaker, who lamented the use of motorcycle for the perpetration of social menace like bag snatching and cars in the metropolis, said mostly the law enforcement agents were the most culpable, and called on the state government to ensure that the ban enforced.

He wondered why the law enforcement agents who should maintain the law were the ones breaking the law. He pointed out that the offenders operate mostly in the night and expressed the fear that if not checked, it might lead to resurgence crimes in the state.

Ebonyi APC factional chair denies division Uchenna Inya ABAKALIKI

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espite the claim of the existence of two factions in the Ebonyi State chapter of the All Progressives Congress (APC), one of the factional Chairman of the party, Pastor Eze Nwachukwu Eze, yesterday denied that there was such situation in the party.

Eze who stated this in a chat with newsmen in Abakaliki, said the party has only one administrative office located along Abakaliki/Afikpo Road.

While speaking on the visit of Secretary to the Government of the

Federation (SGF) to the state last week, he said that the party in the state has no problem with the visit but that the SGF, did not come to the state on the party’s directive.

He argued that it was the state government that mobilized people, including some members of the APC who he said are working for the Peoples Democratic Party (PDP), describing them as mercineries hired to destabilize APC in the state.

He announced that disciplinary action will be taking against erring members who engaged in anti-party activities.

Ebonyi sends blood samples of five Lassa fever cases for diagnosis Uchenna Inya ABAKALIKI

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bonyi State Government yesterday said that blood samples of five suspected cases of Lassa Fever virus have been sent to the Lassa Fever Research Hospital, Irua, Edo state.

While the state has been hit by the scourge in recent times, it is yet to be officially listed among states currently being ravaged

by Lassa fever across the country.

The state disclosed that so far, the state has recorded five suspected cases.

The state Epidemiologist, Dr. Francis Onwe, who spoke to journalists in Abakaliki, yesterday on the development explained that the first case, relating to a health worker was confirmed to be negative after laboratory test.

But blood samples of rest of the suspected cases

have been taken to National Lassa Fever Research Centre Iruwa, in Edo State for laboratory diagnoses and the results were being awaited, Dr. Onwe said.

“So, for now, Ebonyi state does not have any case of Lassa fever; what we have are suspected cases”, he added He said: “Lassa fever presents itself like other diseases. So, you cannot use clinical symptoms to conclude that a person has the infection.

Onwe said the reference centre for special diseases in the state was well prepared should there be any case of the disease in the state.

When contacted, the Commissioner for Health in the state, Dr. Daniel Umezurike, said he was in Abuja to attend an emergency meeting, following the outbreak of the disease.

He said there was no confirmed case yet.

L-R: Principal, Union Secondary School, Awkunanaw, Ven. Moses Ifeanyieze; Traditional Ruler of Ogui Nike Community, Igwe Tony Ojukwu, and Chief Supervising Principal, Enugu State Post Primary Schools Management Board, Chief Charles Maduekwe, during a Traditional Education Quiz Competition in Enugu …yesterday

Ikpeazu didn’t order shooting of protesters –Aide Igbeaku Orji UMUAHIA

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bia State Government has dismissed the claim that Governor Okezie Ikpeazu, gave directive that pro Nnamdi Kanu Biafra protesters, who took to the streets in Aba yesterday to protest the continued detention of the leader of the Indigenous People of Biafra (IPOB) be shot. The governor said the military does not take orders from the governor.

Reacting to the claim, the Chief Press Secretary

to the Governor, Mr Godwin Adindu, said the governor could not have acted contrary to his earlier position on peace.

The statement read in part, “Our attention has been drawn to a malicious report on the internet ostensibly masterminded by the opposition in Abia State that Governor Ikpeazu ordered troops to shoot at the protesting members of the IPOB, against the continued detention of the Director of Radio Biafra, Mr. Nnamdi Kanu.”

The statement added that as the Chief Security Officer of the state Dr. Ik-

peazu, is responsible for law and order as well as the protection of lives and property in the state.

“He has lived up to this responsibility both in his personal disposition and in his public conduct as the governor of the state. His message to the youths has always been that they conduct themselves within the ambit of the law and in a manner that would not cause a breach of public peace.

“It must also be noted that Governor Ikpeazu does not have the powers to order or mobilize the Armed Forces to shoot at any group.

The Army takes its orders

directly from the military high command and the Federal Government. The Army exists to protect the territorial integrity of the country and nip-off any external aggression and only intervene when there is a high level of threat to peace and breakdown of law and order.”

According to the statement, while the governor regretted the violent outcome of the protest, he appealed to the people of the state and particularly the youths of Aba, to give peace a chance and desist from actions that will lead to further violence.

Ugwuanyi gets leadership honour in Ireland

Forget 2019 presidency, UPP chieftain tells South-East

overnor Ifeanyi Ugwuanyi of Enugu state has been honoured in Dublin, Ireland, for his outstanding leadership both as governor and as chairman of Nigeria’s House of Representatives committee on Marine Transport for eight years.

The governor got the award along with other awardees, including a female Irish professor and women rights activist, Fionnuala Waldron, former Charge d’Affaires of

Steve Uzoechi

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Nigerian Embassy in Ireland and a former Nigerian ambassador, Benedict Onochie Amobi, among others at the event put together by Metro Eireann, Ireland’s first multicultural newspaper.

The event, which held at the weekend at Radison Blu Hotel in the capital city came two days after scores of investors gathered at Dublin City’s Westin Hotels to brainstorm in a mini investment summit which offered the Enugu State delegation to

Ireland, the opportunity to present the investment opportunities economic potential of the coal city state of Nigeria.

The investment summit also co-run by a Nigerian, Chinedu Onyejelem, opened a vistas for the Enugu delegation to enter into concrete and temporary agreements on mutual cooperation in the areas of agriculture, education and commerce and industry with various international partners.

OWERRI

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chieftain and former deputy governorship candidate of the United Progressive Party (UPP), in Imo State, Professor Protus Nathan Uzoma, has advised those clamouring for Igbo presidency in 2019, to stop deluding themselves on the issue.

The don argued that Ndigbo should rather begin to organize themselves for the 2023 presidential race, instead of

embarking on a wild goose chase in 2019, since the sitting president is constitutionally entitled to a second term, which would automatically go to the north.

The UPP leader, who spoke to newsmen in Owerri, bemoaned the state of the nation’s economy, lamenting the ‘free fall’ of the naira against the dollar has disastrous economic consequences.

Reflecting on the performance of the Independent National Electoral Commission (INEC), in the 2015

general elections, the UPP chieftain said “the reality of liberty is the ability to do good or bad.”

He insisted that the electoral umpire was not fair to the UPP, saying, “but I will not blame the INEC for what it did since it is only God that gives power.”

On Imo State, Uzoma, said that the UPP did its best through vigorous campaigns at the grassroots which he said ultimately aroused the consciousness of the electorate on the illegali.

NEW TELEGRAPH wednesday, january 20, 2016

A’Ibom dismisses report upholding Emmanuel’s election

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kwa Ibom State government yesterday dismissed reports that the Supreme Court has upheld the election of Governor Udom Emmanuel.

In a statement signed by the Chief Press Secretary to the Governor, Ekerete Udoh, the state government said the report was ‘false, misleading and utterly mischievous.’

The statement reads in part: “The attention of the Akwa Ibom State Government has been drawn to an on-line publication, where it was stated that the Supreme Court has upheld the election of Governor Udom Emmanuel. We wish to state here clearly and in the strongest terms that the report is false, misleading and utterly mischievous.

“Governor Emmanuel is a strong believer in the sanctity of the rule of law and has absolute confidence in our judiciary, which had informed his decision to take his case to the Supreme Court after the ruling of the Appellate Court, where the massive victory the good people of Akwa Ibom State gave him last April 11, was nullified.

“The Supreme Court has not yet met to make a final determination on the case, and it is the height of mischief and irresponsibility for any media platform to publish such falsehood."

News 43

south-south

Oshiomhole decries culture of abandoned projects in Niger Delta Cajetan Mmuta BENIN

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do State Governor, Adams Oshiomhole, yesterday decried the culture of abandoned projects, which he said characterised the activities of past Peoples Demo-

cratic Party (PDP) government in the Niger Delta.

He said such was not in the interest of the region.

He tasked the Ministry of the Niger Delta Affairs on the need to strive towards ensuring a positive change to bring about realistic development in the lives of the people of the region.

The governor said such change became inevitable to be in tune with the change framework of the ruling All Progressives Congress administration under President Muhammadu Buhari that is aimed at ensuring improved standard of living of the people.

He spoke when he played host to the Min-

Edo State Governor, Adams Oshiomhole (right), with Air Vice-Marshall S.S. Adamu, during a courtesy visit to the governor in Benin City…yesterday

ister of Niger Delta Affairs, Usani Uguru Usani and the Minister of State for Niger Delta Affairs, Claudius Daramola, who visited him at the Government House, Benin.

He regretted that the current tension in the Niger Delta was created by the immediate past PDP administration which deliberately empowered those he described as “wrong guys who showed capacity for violence.”

Oshiomhole noted that the challenges before them are enormous while there is the urgent need for thorough reform for the greater good and benefit of the people of the area and the nation at large.

According to him, “You have a huge challenge due to the disastrous performance of your predecessors under the former PDP government; they made more noise about the Niger Delta than working.

“They empowered the wrong guys, because they showed capacity for violence and then ignored the real people who were peaceful, who just wanted development. Therefore, you have a huge task to bring development to the region and also to carry out massive reforms in the organization.

“You also need to enlighten our people to recognise that the long term

Military invasion of Gbaramatu, an act of war, says Delta Ijaw Gabriel Efeduku Ughelli

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he people of Ijaw in Delta State through a group known as Foundation for Human Rights and Anti-Corruption Crusade (FHRACC), yesterday described what they called the military invasion of Gbaramatu Kingdom in Warri South West Local Government Area of the state, as an act

of war.

It would be recalled that military personnel were deployed to the area few days ago in the wake of the destruction of crude oil pipelines by some faceless hoodlums, thereby jeopardising the economy of the nation.

In a statement by the National President of the group, Alaowei Cleric, it said: “The invasion of some of the communities in the kingdom by the mili-

tary in the name of searching for the perpetrators of the said dastardly act, had led to the people deserting their communities.

While decrying the invasion and describing it as callous, the group said the communities have hitherto been victimised psychologically through the destruction of the ecosystem, occasioned by the bombing of the oil facilities in their domain, calling for adequate pro-

APC urges FG to pay NDDC’s N800bn debt Emmanuel Masha Port Harcourt

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ivers State chapter of the All Progressives Congress (APC) has appealed to the President Muhammadu Buhari administration to pay the Niger Delta Development Commission (NDDC) the N800 billion that was supposed to be paid the commission by the Goodluck Jonathan administration.

The party’s Chairman,

Dr. Davies Ibiamu Ikanya, who made the plea in a statement, lauded the recent appointment of Mrs. Ibim Semenitari as the acting managing director, but pointed out that the payment of the N800 billion would enable her meet her development objectives for the region.

Ikanya said: “We plead with the new administration of President Muhammadu Buhari, to assist the region by authorising the immediate release

of the N800 billion owed the NDDC by the Federal Government to enable the commission meet up with its statutory obligation to the region.

“In making this demand, we are aware of the poor state of our common patrimony, but seeing the strategic inputs of this region to both the economic and political life of our nation, the need for the release of this fund cannot be overemphasised."

tection by the military rather than making the people a sacrificial lamb.

The statement reads in part: “We feel very disenchanted in reading reports from some national dailies as well as some eye witness accounts that the military allegedly tried to coarse some of the villagers to admit guilt while some were ordered to produce the perpetrators.

“How on earth can an armless man catch some-

one who probably must have been armed? It is regrettable that the military is reported to have warned that the communities will be held responsible for any further destruction of the crude oil facilities by the unidentified criminals.

“This is a manifestation of their plans to wipe out the entire kingdom by justifying it with the acts of these economic saboteurs.”

Okowa signs 2016 appropriation bill into law Dominic Adewole ASABA

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elta State Governor, Ifeanyi Okowa, yesterday signed the N252.292 billion 2016 appropriation bill into law with emphasis on its judicious utilisation.

Although, the amount was reviewed upward with recurrent expenditure taking the lead with over N153 billion and capital expenditure of over

N114 billion by the state House of Assembly.

While the increase is to accommodate the ongoing upgrading of the budding Asaba International Airport; the governor said the size of the budget would ensure that expenditure was kept within revenue limits.

Besides, he said the budget would reduce operating expenditure while also reducing the impact on the state’s finances.

challenge for bringing prosperity to our people will not necessarily continue to be driven by intervention agencies, it has to do with creating jobs and making the region peaceful.”

Oshiomhole also urged the ministers and officials of the ministry to focus “attention on the issue of environmental degradation due to the negative impact of prospecting oil companies operating in the Niger Delta region, which activities have caused grave environmental hazards and damage to the people.

DELSU VC warns students against cultism Gabriel Efeduku Ughelli

T

he Vice-Chancellor of the Delta State University (DELSU), Abraka, Prof. Victor Peretomode, has warned students of the university against cultism and other vices, saying whosoever is found belonging to any cult group or engaged in vices, would be sent packing from the institution.

Peretomode, who spoke during the matriculation of 5, 654 students for the 2015/2016 academic session, said the institution has no room for unserious students, warning that anyone not cut out for serious academic work, would be shown the way out.

He said the university has distinguished itself as one of the centres of academic excellence and has become an attraction for candidates seeking admission into tertiary institutions as well as those seeking for interuniversity transfer.

According to him, “While in the university, students should show diligence in their academic work and be honest in the pursuit of their dreams, imploring matriculating students to avoid being captives of the social network media.”

The university, Peretomode said takes serious exception to issues that border on indiscipline and lawlessness, particularly when such actions involve violence, cultism and breach of peace, examination malpractice, indecent dressing and any kind of action that comes under broad classification of breach of the matriculation oath.

44 News

28 killed by herdsmen in Nasarawa community Cheke Emmanuel LAFIA

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eaders of Udeni Magaji community in Nasarawa Local Government Area of Nasarawa State has said that over 28 members of the community were feared killed in the attacks on the community by Fulani herdsmen, who invaded the area on January 3.

The community, which lamented that those killed, were mainly women and children in the attacks, added that property worth several millions of naira had also been lost by the community in the various attacks.

The spokesperson for the community, Isaiah

wednesday, january 20, 2016 NEW TELEGRAPH

north

Koki Agah, at a press briefing yesterday in Lafia, the state capital, said that contrary to claim by police that only two people were killed, no fewer than 28 people were killed and property worth several millions of naira destroyed by the herdsmen.

Agah, who condemned that attacks on the community, however, called on the federal and state government to deploy troops to the community to forestall further attacks and invasion of the community.

While insisting that the attacks were still ongoing, he called on the government at the federal and state levels to conduct full investigation into the attacks with a view to

bringing the perpetrators to book.

He lamented that the attacks had caused untold hardship on members of the community as they were forced to take refuge in Agbahsi, Doma, Lafia and other villages in neighbouring Benue State.

The spokesperson, therefore, called on the state government to embark on the reconciliation, reconstruction and rehabilitation moves of Udeni Magaji and other affected villages by the crisis to enable the displaced persons return to their homes safely.

Group alleges plot to smuggle running mate for Bello Muhammad Bashir Lokoja

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civil society organisation and election monitoring group, the Conscience Nigeria, has raised the alarm over surreptitious moves by the Independent National Electoral Commission (INEC) to assist Alhaji Yahaya Bello, the All Progressives Congress (APC) candidate in the December 5, 2015 supplementary governorship election in Kogi State to smuggle in the name of a running mate.

The running mate to late Prince Abubakar Audu, the APC candidate

in the governorship election, Hon. James Faleke, had since declined to be the deputy to Bello in the supplementary election, a development that has raised the need for a running mate for Bello, who won the election as the governor-elect of the state.

But, INEC has been accused of smuggling in the name of another politician from the eastern part of state, into the INEC official documents and backdated same in order prove to the Election Petition Tribunal sitting in Lokoja that Bello actually fulfilled the constitutional provisions to run for the supplementary election

with a deputy.

However, Section 187 Sub-Section I of the Constitution is very emphatic and states in unequivocal terms that any governorship candidate for an election will not be deemed to be duly elected if he fails to run the election with a deputy.

With Faleke’s letter to APC and INEC, refusing to run as the deputy of Bello and opted out of the supplementary election, political observers and legal pundits in the state are wondering how Bello (governor-elect) would set aside the provisions of Section 187 of the Constitution since he actually ran the election without a deputy.

Adamawa-German medical centre treats 14, 000 patients Ibrahim Abdul Yola

T

he Adamawa-German Medical Centre (AGMC), Yola, said it has attended to about 14,000 patients since its inception in 2012.

The Administrator of the centre, Mrs. Fadimatu Yakubu, who disclosed this in Yola, the Adamawa State capital, said the centre has at December 2015 attended to no fewer than 13,284 out-patients and 673 in-patients.

"Within the period under review, this centre which is providing world class health care service has carried out 220 surgeries, 107 mammography, 309 CT scan and 88 MRI among others,” she noted, adding: “A total of 8,345 patients had undergone various medical tests between March 2012 and December 2015, while our laboratory is fully equipped to carry out all kinds of medical test."

Specifically, the administrator hinted that the centre, which is still under construction by a German firm, is owned by the Adamawa State Government in partnership with the German firm.

According to her, the medical facilities was established by the state government as part of measures to provide a first class hospital that would check medical tourism abroad through provision of effective and affordable medical services to Nigerians, particularly in the

North Eastern part of the country.

"This centre, which is 95 per cent completed is being constructed and equipped by a foreign company, Munchener Medzin Mechanic (MMM Group), based in German,” Yakubu said, adding that construction work had since stopped due to the spate of insurgency in the area which forced the Germans to leave.

She noted that the centre, which is expected to serve as referral centre also attends to all medical cases with the exception of maternity due to noncompletion of its maternity and delivery wards.

The administrator added that the maternity ward, when completed would be a major source of revenue earning for the centre, saying the 100-bed capacity centre services would be affordable when compared to similar services rendered by medical facilities overseas or in some private hospitals in the country.

She said the hospital, which has sufficient drugs from reputable companies to cater for its patients, charged only N1,000 for registration to see a doctor.

On the viability of the centre to the people and the government, Dr. Samuel Laba, and Salihu Sani Hassan, a pharmacist, said the centre is strategic and deserves priority attention from the government to function at its maximum capacity.

Sokoto State Governor, Aminu Tambuwal (middle), with UNICEF Chief of Field Office, Sokoto, Mohammad Mohiuddin and five children newly-enrolled into primary one in Sokoto…yesterday

Senate organises hearing on N’East development bill Ibrahim Abdul Yola

T

he Chairman, Senate Committee on Special Duties, Senator AbdulAziz Nyako, has said that plans have reached an advanced stage for the conduct of public hearing on North East Development Commission Bill.

While addressing journalists in Yola, the Adamawa State capital, Nya-

ko said the bill, which had already passed the second reading in the Senate and House of Representatives, was now at the committee level, where it would be consolidated with a similar one sponsored by Senator Kabiru Gaya of Kano.

"As it is now, the bill is on my desk; the matter was referred to the Committee on Special Duties of the Senate, which I am the chairman after the second

reading." Nyako said According to Nyako, the Senate, all things being equal, would resume next week where sponsors of the bill and members of the committee would meet to look at the consolidated bill before the public hearing.

Nyako, who explained that the bill was meant to

Halt re-appointment of SUBEB chair, group tells Yari

Benue South rerun: Mark tasks supporters to be steadfast

Idris Salisu

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A

head the re-run election into the Benue South Senatorial District of Benue State, former Senate President, Senator David Mark, has urged the people and his supporters to be steadfast.

That was as he promised not to disappoint them under any circumstance if re-elected.

Mark made the call yesterday when the Women wing of the state’s Peoples Democratic Party (PDP) visited him at his Abuja

residence ahead of the forthcoming rerun election.

Mark, who said that he was irrevocably committed to the development of Idoma land and the country at large, noted that the nullification of his election by the Appeal Court came as a surprise. He, however, explained that he respects the sanctity of the rule of law and would do all within the ambits of the law to reclaim his mandate.

address the level devastation and socio-economic problems in the North East, however, lauded the success so far recorded by the military in displacing the Boko Haram insurgents, even as he called for sustainable support for the military and other security agencies to accomplish the task.

Gusau

call has gone to the Zamfara State Governor, Abdulaziz Yari Abubakar to terminate the re-appointment of Murtala Adamu Jangebe as Chairman of the State Universal Basic Education Board (SUBEB) with immediate effect.

The call was made by the Northern Youths Assembly (NYA), Zamfara State chapter, which noted that Jangebe was last Monday granted bail by the Federal High Court

(III) sitting in Gusau over alleged misappropriation of public funds.

The NYA Chairman, Malam Muneer Haidara Kaura, in a statement made available to New Telegraph, said the call had become necessary following a report of the state House of Assembly Committee on Education, which in its investigation indicted the board chairman of misappropriation of public funds coupled with his prosecution by the Economic and Financial Crimes Commission (EFCC) for the same issue.

Sport

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

45

RWANDA

Did you know?

2016

Prior to Monday’s defeat by Fernando Verdasco at the 2016 Australian Open, Refael Nadal had beaten the fellow Spaniard 14 times in 16 meetings.

CHAN

Tunisia dread red-hot Eagles

Charles Ogundiya KIGALI

C

oach of the Tunisia national team, Hatem Missaoui, has said his team’s next game against Nigeria will be difficult as they seek their first win in Group C of the ongoing African Nations Championship.

Speaking to our correspon-

dent after his boys played a 2-2 draw against Guinea on Monday, the coach said Nigeria are the favourites and he would have loved a victory in first match against Guinea before taking on the Super Eagles.

“Nigeria is one of the favourites to win this (CHAN) competition,” he said. “It is going to be hard when we take on the Eagles on Friday.

“We are disappointed with the result, but we have to pick ourselves up and get ready for the game against Super Eagles.”

Also, Tunisia goalscorer, Ahmed Akaichi, while speaking exclusively to New Telegraph said they (Tunisia) have to be more effective against Nigeria.

Akaichi said they would work hard not to concede

cheap goals as they did against Guinea as such would bring an end to their campaign the competition.

The Etoile du Sahel striker said: “We had enough chances to get the win against Guinea, but failed to convert.

“The result has put us in a must win game against Nigeria, but we must be very efficient if we really want to win the game.

“We must try not to concede against Nigeria as they are a very good side and capable of punishing you if you are not careful.”

Tunisia will take on Nigeria on Friday as they seek their first victory in the group while Nigeria will be hoping for a win that will take them to the semifinal after their 3-1 victory against Niger on Monday.

IAAF scandal worse than FIFA’s, says Johnson

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he corruption scandal plaguing athletics is worse than the one faced by football, says fourtime Olympic gold medallist Michael Johnson.

Three senior IAAF officials were banned for life for alleged doping breaches.

And Russia is currently banned from all athletics competitions following accusations of widespread doping.

Asked how the scandal facing athletics compared to that of FIFA, Johnson told the BBC: “If you think about the victims, it is absolutely worse.”

FIFA, the body that governs world football, is also in crisis following a series of damaging corruption claims.

Its president, Sepp Blatter, has been banned for eight years for breaching ethics rules.

In an interview with Mishal Husain, Johnson said that those athletes cheated out of medals by dopers “never had the opportunity to stand on the podium - and they should have”.

However, he stopped short

Osa Okoro (right) battling for the ball with a Nigerien player

The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

© Daily Telegraph Publishing Company Limited

of backing an Olympic ban for Russian athletes later this year.

“Do you ban an entire country that ostensibly could include clean athletes, from participating in Rio?” asked the American, who still holds the world and Olympic records for the 400m.

“That is a very difficult decision to make.”

Johnson was also cool on the idea, floated by chairman of UK Athletics Ed Warner, of resetting all world records so athletics could stat afresh with a level playing field.

“It doesn’t make sense to me how a reset of all the world records is going to deal with the issue of people cheating,” Johnson said.

“It doesn’t create a clean competition and that does not deter anyone from cheating.”

But he does believe the International Association of Athletics Federations must be “completely restructured”.

“It is the governing body - and the very structure of the governing body - that has allowed this type of corruption,” he said.

Australian Open: Nadal, Halep, Venus in shock exit

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afael Nadal suffered his first round-one exit at the Australian Open as Fernando Verdasco recorded a stunning five-set win at Melbourne Park.

The Spanish left-handers produced an exhibition of hard-hitting to thrill those inside the Rod Laver Arena over four hours and 40 minutes.

Verdasco saved a break point to prevent going 3-0 down in the decider, going on to win 7-6 (8-6) 4-6 3-6 7-6 (4-7) 6-2.

In the women’s draw second seed Simona Halep suffered a shock defeat.

The 24-year-old Romanian was beaten 6-4 6-3 by Chinese qualifier Zhang Shuai, ranked 133rd in the world, and left the court in tears.

“I’m really disappointed,” said Halep. “But it’s only one day, only one match. Tomorrow, it’s a new day.”

She praised Shuai, adding: “She played without fear and she hit every ball. She had good rhythm.”

Zhang, who will turn 27 on Thursday, was also crying after securing her first victory in a Grand Slam at her 15th attempt.

As for Verdasco, he now meets Israel’s Dudi Sela after hitting 90 winners and winning six straight games to clinch victory over fifth seed Nadal.

“I played unbelievably in the fifth set,” said Verdasco, 32. “I don’t know how I did it. I closed my eyes and everything went in.”

Similarly, Johanna Konta out-

classed eighth seed Venus Williams 6-4 6-2 to reach the second round of the Australian Open.

Britain’s number one, 24, raced to victory in 79 minutes as seven-time Grand Slam champion Williams, her left thigh heavily strapped, struggled.

Konta denied that 35-yearold Williams’ age had anything to do with the American’s laboured display.

“It’s irrelevant how old she is because she’s such a champion with so much experience and knowledge,” said Konta.

“Even if she’s playing with one leg out there, you’ve got to really take care of things on your own because she’s an incredible player. I have all the respect for her in the world.”

Nadal

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Sport News

WEDNESDAY, JANUARY 20, 2016 NEW TELEGRAPH

NFF Peace meeting

TRANSFERS

Giwa group set for showdown Adeolu Johnson ABUJA

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oday’s peace meeting proposed by the Minister of Youth Sports, Solomon Dalung, to douse the tension mounting in the football house may hit the rocks.

Dalung has summoned a reconciliation meeting between the two factions struggling for power but there are signals that the other faction led by club owner, Chris Giwa, may not be easily cajoled into any agreement that may

Emmanuel Tobi

O

rlando Magic point guard Victor Oladipo’s chances of representing Nigeria received a great boost on on Monday after being left out of the USA Basketball men’s 30-man final squad list for the 2016 Rio Olympics.

Oladipo one of the stand-out performers in the NBA over the last two seasons, was selected for a USA pre-Olympic training camp in August, 2015 but the 23-year-old point guard whose both parents migrated to the USA is also keen to play for the D’Tigers after they secured a place in the men’s basketball tournament at the Rio 2016 Olympic Games.

The team’s fourth-leading scorer is out due to a sprained knee after being injured in last week’s overtime loss to Toronto in London. He stayed in the game and finished with a season-high 27 points. He

not favour the group.

Prominent members of the Giwa group met in Abuja on Tuesday to finetune strategies ahead of the meeting today to ensure the Amaju Pinnick led board concede some positions to them.

Top amongst their bone of contentions are issues of the League Management Company and illegitimacy of the Pinnickled board which Giwa is contesting in court.

The rival group is pointing accusing fingers at the NFF for making ‘frivolous’ appointments to the soc-

cer house committees.

A one-time member of the NFF who refused to be mentioned criticized the names mentioned on the committees adding it was done to give the present board legitimacy.

“How could Pinnick appoint a parallel committee to the existing ones. It is just a ploy to buy many people to his side,” the former member said.

The group also knocked the composition of the LMC which it claimed was not properly constituted.

It claimed that the current LMC boss, Shehu

Dikko, who doubles as the NFF Vice President does not own a club, hence does not deserve to occupy the seat.

“We are not robots and we sure know our rights and what we want,” one of the Giwa group members said on Tuesday in Abuja.

On the other hand, Pinnick has been very close to Dalung since the current imbroglio started late last year. He was win the minister during the recent visit to Lagos and was also with the minister only two days ago in Rwanda for the Nigeria, Niger CHAN group match which the Eagles won 4-1.

Rio 2016: Oladipo available for D’Tigers • US snub Orlando Magic star, pick Iguodala remains a doubt for his team’s clash against the 76ers on Wednesday.

Meanwhile, Golden State Warriors’ Nigerianborn star Andre Iguodala made the provisional squad for the Olympics.

U.S. coach Mike Krzyzewski included the duo of LeBron James and Carmelo Anthony who are a step closer to their fourth Olympics, and Stephen Curry is in position for his first in the squad to be pruned down to 12 for the games in Brazil.

“This selection process was difficult from the start, and obviously it is only going to get more difficult as we look to get to the official, 12-man roster,” U.S. coach Mike Krzyzewski was quoted on ESPN. “I’m excited about the possibilities this team has.”

Akosa

A

ssociation of Sports Veterans Nigeria has received with shock, the death of Mr Austin Akosa, one of its founding fathers.

The Association President Chief Jonathan Ogufere in a press release said Nigeria has lost a colossus in sports administration whose shoes will be difficult to fill.

“This is very shocking. It is very shocking.

It came out of the blues.

Barca, Man Utd in £85m bidding war over Hazard C helsea will face a battle to hold on to Eden Hazard, with reports claiming that Manchester United and Barcelona want to sign the £85m midfield star.

It seems Barcelona view Hazard as an ideal addition to

their squad and could test Chelsea’s resolve with a ‘stunning summer offer’.

The 24-year-old Belgian only signed a new long-term deal with Chelsea in February worth an estimated £200,000 per-week.

Juventus seal Mandragora $6m deal

J

uventus have announced the signing of Genoa midfielder, Rolando Mandragora for an initial fee of $6million.

The 18-year-old has signed a five-year contract with the Serie A champions and will spend the remainder of the season on loan at Pescara.

Juventus have confirmed the transfer fee could double to $12m depending on the player’s achieve-

Oladipo (right)

Veterans mourn Austin Akosa $2,000 winning bonus We were never aware of his ill health not to talk of eventual death, the former President of West African Football Union said.

Veteran Ogufere went down memory lane, to the time Akosa was a staff in P and T but later transferred his services to the National Sports commission where he excelled as Organising Secretary in many sports associations.

Ogufere: “He was that dexterous so much that wherever he found himself, he excelled.

“When I became WAFU President in 1988 until 1994 he was a member of the Organising Committee and he was an epitome of diligence, hardwork and played a strategic role in the success of my tenure, advantage Nigeria.”

Hazard

excites Super Eagles

N

igeria’s Super Eagles were promptly paid their win bonus of $2,000 each as well as training camp allowances while the Sports Minister and League Management Company chipped in with donations of $10,000 each after they beat Niger 4-1 in their opening group game at CHAN 2016.

The team was also feted at the Nigerian High Commission in Rwanda with plenty of Nigerian food to feast on.

“We have been paid our bonuses and allowances,” one of the team officials said.

“Everyone is happy and proud with a winning start.

“Besides the cash, we also enjoyed good Nigerian food at a dinner in the embassy which was attended by the

sports minister and top officials including the NFF president.”

Chisom Chikatara was the star of the day when he came off the bench to score a hattrick for the fans to overlook a forgettable goalless first half when Niger’s offside tactic frustrated the Eagles.

Eagles captain, Chima Akas

ments in Turin.

Mandragora has made 16 appearances for promotion-chasing Pescara in Serie B so far this season.

Mandragora

Watford sign Amrabat from Malaga W atford have completed the signing of forward Nordin Amrabat from Spanish side Malaga.

The Morocco international, Nordin Amra, signed shortly before the Hornets’ Barclays Premier League encounter with Swansea City on Monday.

The 28-year-old was a first-team regular at Malaga after joining from Turkish club Galatasaray, initially on loan in February 2014. Malaga finished ninth in La Liga last season.

Amrabat will be in contention to face Newcastle United on Saturday January 23.

Atletico Madrid reject Spurs bid for Martinez tletico Madrid Marca claims the A have allegedly Premier League club rejected a 30m of- made the approach fer from Tottenham Hotspur for the Colombian professional striker, who also plays for Spanish club, Atlético Madrid and the Colombian national team, Jackson Arley Martínez Valencia.

to Atleti and were snubbed, Atletico first unwilling to sell for less than the 35m they paid Porto in the summer, and then reconsidering their stance on Jackson in light of their FIFA transfer ban.

Sport

NEW TELEGRAPH WEDNESDAY, JANUARY 20, 2016

RWANDA

2016

CHAN

RESULTS Zimbabwe 1 - 0 Zambia Mali

2- 2 Uganda

TODAY’S MATCHES Rwanda v Gabon 2pm Morocco v CIV

5pm

Chikatara dedicates MVP award to late mother S uper Eagles striker, Chisom Chikatara, has expressed delight after scoring the first hat-trick of the 2016 African Nations Championship on Monday and has dedicated his Man-ofthe-Match award to his late mother.

Chikatara lost his mother during the 2014/15 Nigeria Premier season wished his mother was alive to witness his exploits in CHAN. “I wished she is alive, I felt emotional after scoring those goals. I’m dedicating my MVP award to her, she motivated me and encouraged my career,” he said.

Nigeria sit top of Group C with three

points, Tunisia and Guinea are tied on one point each, while Niger Republic are bottom of the log.

Nigeria will face Tunisia while Niger Republic will tackle Guinea on Friday.

C

Apple, Samsung and Sony face child labour claims

H

uman rights organisation Amnesty has accused Apple, Samsung and Sony, among others, of failing to do basic checks to ensure minerals used in their products are not mined by children. In a report into cobalt mining in the Democratic Republic of the Congo, it found children as young as seven working in dangerous conditions.

Cobalt is a vital component of lithium-ion batteries.

The firms said that they had a zero tolerance policy towards child labour. The DRC produces at least 50% of the world’s cobalt. Min-

ers working in the area face long-term health problems and the risk of fatal accidents, according to Amnesty.

It claimed that at least 80 miners had died underground in southern DRC between September 2014 and December 2015. It also collected the testimonies of children who allegedly work in the mines. Paul, a 14 year old orphan, started mining when he was 12 and told researchers: “I would spend 24 hours down in the tunnels. I arrived in the morning and would leave the following morning. I had to relieve myself down in the tunnels.

My foster mother planned to send me to school, but my foster father was against it, he exploited me by making me work in the mine.” UNICEF estimates that there are approximately 40,000 children working in mines across southern DRC. In response to the report, Apple said: “Underage labour is never tolerated in our supply chain and we are proud to have led the industry in pioneering new safeguards.” said that it conducts rigorous audits on its supply chain and any supplier found hiring underage workers is forced to: On cobalt specifically it added:

Chinese president Xi in Saudi to bolster ties

C Chikatara

LMC motivates CHAN Eagles with cash

hairman of the League Management Company, Shehu Dikko presented a cash gift of $10,000 to the victorious Super Eagles on behalf of the Nigeria Professional Football League.

LMC are the organizers of the Nigeria Professional Football League from which the 23 players were

WORLD News 47

selected from to represent Nigeria at the ongoing African Nations Championship in Rwanda.

Dikko, who also is the second vice president of the Nigeria Football Federation, made the cash presentation to the team at a dinner organised by the Nigerian High Commission in Rwanda.

“The LMC, club owners and all the stakeholders of the league appreciate your excellent display tonight (Monday), we are proud of the team. You guys have been good ambassadors of the league and I have been mandated to present this cash as reward for your hard work,” Dikko said.

hinese President Xi Jinping arrived in Saudi Arabia yesterday, the first stop on a trip to raise the economic giant’s political profile in a troubled Middle East. Xi, making his first presidential visit to the region, will also travel to Egypt and Iran during his five day tour.

State television showed Xi meeting with King Salman and the official Saudi Press Agency said the monarch held a luncheon banquet in his honour attended by several members of the

royal family. “Since China and Saudi Arabia forged diplomatic ties 26 years ago, our relationship has developed by leaps and bounds, with mutual political trust deepening continuously and rich results in cooperation in various fields,” Xi said in written remarks, cited by China’s official Xinhua news agency.

“I believe that my visit will be a friendly trip with fruitful achievements, thus conducive to lifting our cooperation in various fields to a new level and to elevating the

collective cooperation between China and GCC nations,” Xi said, referring to the six-nation Gulf Cooperation Council to which Saudi Arabia belongs.

Today, Xi is to join Salman for a ceremony to inaugurate the King Abdullah Petroleum Studies and Research Centre on energy economics and policy in Riyadh. They will also open, remotely from Riyadh, the Yanbu Aramco Sinopec Refining Company Ltd on the kingdom’s Gulf coast.

Zambia pip Zimbabwe in Group D opener

V

eteran midfielder Isaac Chansa was the hero, scoring the only goal to help Zambia to a lone goal victory over Zimbabwe in their Group D clash on Tuesday in Rubavu.

Chansa scored on 53 minutes to give the Chipolopolo a winning

start to their campaign on their second appearance at the tournament designed exclusively for footballers playing in their domestic leagues.

Captain Christopher Katongo, who led Zambia to win their only Africa Cup of Nations title in 2012, brought his rich

experience to bear on the team just as Chansa also a member of the victorious team.

Zimbabwe, making a record fourth appearance just as DR Congo thus failed to break the jinx of not having won an opening match at the CHAN competition.

Many of the children who work in the mining industry dig for cobalt in the discarded waste.

3,500 captives held by Islamic State in Iraq

A

Zambia striker (left) tackling a Zimbabwe player

n estimated 3,500 people, mainly women and children, are being held as slaves in Iraq by Islamic State militants, the United Nations said yesterday.

The Islamist group, which also controls large parts of Syria, is responsible for acts that may “amount to war crimes, crimes against humanity, and possibly genocide”, particularly against minorities, a report said. Iraqi security forces and allied groups including Kurdish Pesh-

merga fighters have also killed and abducted civilians, it said. “Some of these incidents may have been reprisals against persons perceived to support or be associated with ISIL Islamic State,” it added.

At least 18,802 civilians were killed in violence in Iraq in the first 10 months of 2015, half of them in Baghdad, and 36,245 civilians wounded, the report said, calling the figures “obscene”. The UN Assistance Mission for Iraq and the UN human rights office estimated that 3,500

people were “currently being held in slavery”

by Islamic State, which seized mainly Sunni-populated areas in the north and west in 2014.

“Those being held are predominantly women and children and come primarily from the Yazidi community,” said the joint report issued in Geneva, referring to a non Muslim minority in northern Iraq viewed by Islamic State as devil-worshippers. “But a number are also from other ethnic and religious minority communities.”

On Marble

“There are laws. There are rules.

And when you break them, there are consequences. Laws of nature and laws of life. Laws of love and laws of death.”

World Record

Sanctity of Truth

The first person to fly a powered airplane in Europe was a Romanian called Trajan Vuia. In 1906, Trajan made an 11 meter flight

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WEDNESDAY, JANUARY 20, 2016

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Member oriented party constitutions

P

olitical parties in Nigeria must reconfigure the template for their membership recruitment and conduct of party primary elections and congresses. Their membership drive must be dynamic and internal party processes transparent and anchored on the members of the party. When this is done, fidelity to the party, its constitution and rules of procedure are enhanced and the members become members of political parties in the true sense of the word. Part of the crisis in most political parties in Nigeria revolves around their inchoate and migratory membership and serial violation of the extant provisions of the party constitution by those entrusted with their implementation and interpretation.

Political Party constitutions are laced with constitutional flavour. They are specifically mentioned in section 222 of the Constitution of the Federal Republic of Nigeria, 1999(as amended) and any party without a constitution cannot be registered as a political party in Nigeria. Therefore if the Constitution of the Federal Republic of Nigeria specifically mentions the constitution of political parties, it means that such constitutions are not ordinary documents but enjoys a pre eminent position and its contents are important and cannot be arbitrarily changed as any change must be filed with and domiciled with the Independent National Electoral Commission.

The constitution of political parties is the binding instrument or contract between the political parties and the members. When a person joins a party, the person is bound by the constitution of the party and its rules of conduct. As pointed out by the Supreme Court of Nigeria in the case of Dalhatu v. Turaki (2003)15 NWLR (Part 843)301 at 347 “since persons have freely given their consent to be bound by the rules and regulations of a political party, they should be left alone to be governed by such rules and regulations. In other words, once persons have freely mortgaged their conscience to a situation, a court of law should not interfere”.

Party members therefore expect a certain level of certainty and fidelity to the party constitution and some of the internal dissentions and crisis bedeviling political parties in Nigeria are directly traceable to the inchoate nature of some of the party constitutions and attempts in some cases by the leaders of the party to manipulate the internal party processes to achieve predetermined ends.

Party constitutions and guidelines must therefore strive to put the members at the epicenter of their constitutional process and enhance internal democracy in order to develop a democratically assertive membership.

The importance of party constitutions is underlined by the fact that the Constitution of the Federal Republic of Nigeria, 1999(as amended) specifically mentions and recognizes the constitution of political parties. It means that the constitution of political parties is part of the fundamental law of the land and the policies and programme articulated in the constitution of political parties are part of the values which bind our people.

Hard Choices FESTUS OKOYE

festokoye2003@yahoo.com 08054480565 (sms only)

Justice Mahmud Mohammed, CJN

This is why all political parties are obligated to incorporate the fundamental objectives and directive principles of state policy in their programme and policies.

The importance of political parties in the political dynamics of the nation is further underlined by the fact that section 221 of the Constitution of the Federal Republic of Nigeria provides that no association other than a political party, shall canvass for votes for any candidate at any election or contribute to the funds of any political party or to the election expenses of any candidate at an election.

Furthermore section 222 of the same Constitution provides that no association by whatever name called shall function as a party, unless the names and addresses of its national officers are registered with the Independent National Electoral Commission; the membership of the association is open to every citizen of Nigeria irrespective of his place of origin, circumstance of birth, sex, religion or ethnic grouping; a copy of its constitution is registered in the principal office of the Independent National Electoral Commission in such form as may be prescribed by the Independent National Electoral Commission; any alteration in its registered constitution is also registered in the principal office of the Independent National Electoral Commission within thirty days of the making of such alteration; the name of the association, its symbol or logo does not contain any ethnic or religious connotation or give the appearance that the activities of the association are confined to a part only of the geographical area of Nigeria; and the headquarters of the as-

sociation is situated in the Federal Capital Territory, Abuja.

Section 223 of the Constitution also provides that the constitution and rules of a political party shall provide for the periodical election on a democratic basis of the principal officers and members of the executive committee or other governing body of the political party; and ensure that the members of the executive committee or other governing body of the political party reflect the federal character of Nigeria.

For the purposes of section 223 of the Constitution the election of the officers or members of the executive committee of a political party shall be deemed to be periodical only if it is made at regular intervals not exceeding four years; and the members of the executive committee or other governing body of the political party shall be deemed to reflect the federal character of Nigeria only if the members thereof belong to different states not being less in number than twothirds of all the states of the Federation and the Federal Capital Territory, Abuja.

Membership of political parties is not for every citizen of the Federal Republic of Nigeria. It is not for every registered voter. It is for those citizens who genuinely believe in the programme and policies of a particular political party and want to go the extra mile in making sure that the party attains political power. A member of a political party must be someone who believes. He must be someone that believes that the said party represents his or her vision on how a country should be governed. Political parties are for those that have made a commitment to work for the progress of the party, to grow and sustain it and empower it to attain political power. Party membership is for canvassers. Party membership is for those that are interested in how leadership emerges in the party and how candidates are selected. It is for those that are ready to work within the ambit and confines of the party to ensure the growth and success of the party.

However, canvassing for membership and sustaining the membership of political parties depends on the type of party that the founders desire to build. Persons, groups or associations may decide to build a party that revolves around the members of the party or they may decide to build a party with minimal membership that relies on and depends on delegates for the running and functioning of the party. While the Constitution of the Federal Republic of Nigeria does not force anybody to belong to a political party, it prescribes that persons shall not be excluded from membership on the basis of place of origin, circumstance of birth, sex, religion or ethnic grouping.

In building member oriented political parties, there are two fundamental issues

that must be addressed. The first relates to the issue of cross carpeting by the political elite which promotes instability in political parties and encourages migratory membership. The second relates to membership recruitment by political parties which at present is confusing.

There is no doubt that membership recruitment is central to the ownership and management of political parties.

When people willingly subscribe to, and believe in the principles and ideology of a political party, there is the likelihood that they may remain with the party and make sacrifices on behalf of the party.

Individuals that share the philosophy and programme of a political party may not necessarily be members of the party. They may just be ordinary voters that are consistent in their philosophy and ideological outlook which a political party represents. When a political party forcefully register members and or pay people money to register it ceases to be a membership political party. Rather than contribute to the party, the members expect the party to contribute to their welfare.

The important thing here is to change the membership philosophy of the party by encouraging member fidelity to the ideals of the party.

To strengthen membership and professionalism, political parties must move away from the old methods of membership drive and data collection to a technologically driven process that ensures openness, accountability and certainty in the membership of the party. What obtains presently is that the register of the party is opaque and sometimes domiciled in the Wards and Local Governments or in Government Houses. They are subject to manipulation and additions and subtractions can be made at the whims and caprices of those in control of the register and the wards. It is therefore next to impossibility to conduct direct or indirect primary elections in accordance with section 87 of the Electoral Act 2010(as amended) with an opaque party register.

HIGH CHIEF

BUHARI ORDERS DISTRIBUTION OF SEIZED RICE, OTHER ITEMS TO IDPs –News

-Hope, half of it will not end up in homes of govt officials?

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