New telegraph wednesday, march 30, 2016

Unsolicited SMS: Telcos plot to retain N360bn yearly revenue Kunle Azeez

A

regulatory directive handed down to the mobile network operators (MNOs) to stem the tide of unsolicited text messages syn-

drome is being frustrated by the telecoms companies, New Telegraph has reliably gathered.

According to investigation, while the directive

was given to the operators sometime last year, they have continued to shun its implementation, in their plot to continue to retain the estimated N360 billion

yearly revenue illegally accruing to them through unsolicited text messages.

Consequently, while the over 152 million subscribers in the country face the

Eagles crash out of AFCON 2017 }45

economic losses to unsolicited texts, the MNOs continue to rake in billions of naira from such fraudulent practices, according to findings.

Unsolicited texts are Short Messaging Service

(SMS) not asked for, not requested for, not demanded for and not canvassed for by subscribers, but which they are automatically subscribed to without clear opt-out option.

CONTINUED ON PAGE 4

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

PDP BoT to Sheriff: Tenure extension, an invitation to anarchy }5

/newtelegraph /newtelegraph

Vol. 3 No. 770

Wednesday, March 30, 2016

Sheriff

Abducted Colonel found dead –Army }7

Inusa

Electricity: MDAs, army owe DISCOs N60bn –Association }7

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Fashola

Proprietor bags 10 years for raping pupil }8

N150

Ibitoye

Fuel scarcity: I'm sorry, but I won't resign –Kachikwu Minister: Queues, product shortage'll end on April 7 Shell, Chevron to take over Warri, Kaduna refineries }4

Former Vice-President Atiku Abubakar with internally displaced children at a camp during the FEED & READ community programme in Yola, Adamawa State...on Monday.

Buhari afraid to sign 2016 budget –Presidency ...says details not at his disposal President jets out to US }6 Coffee increases miscarriage risk }10

2

WEDNESday, March 30, 2016 NEW TELEGRAPH

Communiqué on

ECONOMIC SUMMIT 2016

1.0 PREAMBLE:

continued patronage robs the country of billions of naira. In addition, the nation loses billions in foreign to Nigerians’ preferences for foreign educational, medical treatment abroad as well as religious and cultural tourism. However, the government is not taking any decisive step to stem the foreign exchange outflow and to generate revenue from these sectors.

The maiden edition of New Telegraph Economic Summit, with the theme: “Nigeria: Beyond the Oil Economy,” was held at the Sheraton Hotels and Towers, Ikeja, Lagos on March 17, 2016.

It was attended, among others, by Minister of Solid Minerals Development, Dr. Kayode Fayemi; Lagos State Governor, Mr. Akinwunmi Ambode, represented by the Secretary to the State Government, Mr. Tunji Bello; former Governor of Delta State, Dr. Emmanuel Uduaghan; Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, represented by one of his deputies, Mrs. Sarah Alade; Chairman, Slok Group and founder, New Telegraph Newspapers, Dr. Orji Uzor Kalu, represented by the CEO, Slok Group, Mr. Firaus Abdou and Chairman, Board of Directors, New Telegraph Newspapers, Mr. Idi Farouk, who led other members of the board to the summit.

2.8 That Federal Government should step up efforts through its programmes such as Commercial Agricultural Credit Scheme (CACS), Small and Medium Scale Enterprises Credit Guarantee Scheme (SMCGS), Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL), to promote the non-oil sector of the economy.

Other in attendance Commissioner for Housing, Lagos State, Mr. Gbolahan Lawal, who was represented by Senior Partner, OIT Fash Consult, Dr. Rotimi Fashola; were former DirectorGeneral of the Nigerian Tourism Development Board, Otunba Segun Runsewe; veteran journalist, Mr. Ray Ekpu; Prof. Abraham Adepelumi of the Department of Geology, Obafemi Awolowo University, Ile-Ife; Provost of the Nigeria Institute of Journalism, Mr. Gbemiga Ogunleye and the Chief Operating Officer of Bi-Courtney Nigeria Services, Ms. Adebisi Awoniyi.

3.0 RECOMMENDATIONS

2.0 GENERAL OBSERVATIONS The summit observed as follows: 2.1 That Nigeria is currently facing a major economic crisis owing to its age-long overdependence on oil revenue. The ongoing oil price rout, that has led to over 50 per cent reduction in Nigeria’s foreign exchange earnings, has shown that except the country diversifies its economy, and urgently too, the economy could collapse.

2.9 That the challenge of diversification of the Nigerian economy is daunting but not insurmountable, as all that is required are right policy framework and stronger collaboration between the government at different levels and private sector players.

The summit made the following recommendations towards achieving the diversification of the economy beyond the oil: 3.1 Nigeria is highly endowed with about 44 minerals that include coal, gold, tantalite, bitumen, galena, sphalerite etc. Hence, the nation must diversify its economy and focus on these minerals, which have transformed the economic landscape of many countries.

These minerals have to be mined in order to contribute significantly to the economy.

3.2 That the media and civil society organisations have to play a role by galvanising national consciousness to ending reliance on oil revenue and sustaining them by ensuring the people support such campaigns as buy Made-in-Nigeria goods, which has become imperative to reviving the real sector and creating jobs.

2.2 That for several decades, Northern Nigeria and the South-West developed from the proceeds of agriculture produce like cocoa, groundnut and other mineral resources.

3.3 That efforts should be made to support the players in the oil and gas sector with adequate policies to enthrone effectiveness, efficiency and transparency in the operation of the oil and gas sector before embarking on diversification that might take attention away from oil and gas sector.

2.3 That the erstwhile booming agriculture sector, and other critical non-oil sectors of the economy from where Nigeria was earning its revenue in the pre-independence era and in the early years of independence, have been neglected with attendant negative consequences for the country. It is ironic that Nigeria, today, remains a net importer of food with huge capital flight on basic staples such as wheat sugar, milk and fish at $966.13 million; $337.89 million; $582.70 million and $590.27 million respectively.

3.4 That there should be special funding/loan arrangements by the government to effectively support the rebound of agricultural sector, mining sector and tourism with mechanism in place to ensure the money earmarked gets to the target players. The stakeholders submitted that the reality of today requires that the hitherto neglected agriculture, manufacturing, mining, solid minerals sectors, among others, must be strengthened in order to evolve and consolidate the economic base of the nation.

2.4 That though Nigeria has great mining potentials, which it can tap into to develop its economy, its present contribution to the GDP at 0.5 per cent, is still low and unfavourable compared to its sub-Saharan neighbours (such as Botswana, DR Congo, Namibia among others) in respect of GDP and export value generated from solid minerals. The sector has been constrained mainly by the insufficient exploration investment, which has led to underperformance of the sector and consequent loss of economic opportunities.

3.5 That government needs to increase budgetary allocations and meticulously monitor how the budget is spent toward the provision of basic social amenities such as transportation, power etc., if the current ‘dormant’ but with great economic potential are to be major contributor to the country’s Gross Domestic Product (GDP).

3.7 The government should rehabilitate the rail system to the port and steel and mining companies to facilitate easy haulage of heavy minerals and other necessary raw materials in order to save the roads for early collapse.

That Nigeria is highly endowed with about 44 minerals that include coal, gold, tantalite, bitumen, galena, sphalerite etc, found in Zamfara, Kebbi, Niger, Kogi, Kwara and Osun, among others, waiting to be tapped.

2.5 That a gold mining industry, Segilola Nigeria Limited in Osun State mines over 620,000 ounces of gold annually. (And an ounce sells for $1,255 in the international market) 2.6 That there are great economic and job creation potentials in agriculture, mining and tourism sectors, which have been neglected by the government over the years, as these sectors are currently bereft of needed policy frameworks and necessary infrastructure to support investors in maximising the opportunities in these sectors.

2.7 It was observed that there is currently a wrong mindset among Nigerians, where locallyproduced products and services are often despised in favour of foreign products, whose

3.6 That the government should sustain its current campaign of Made-in-Nigeria goods while value addition should be included in the locally produced goods before their final exports to increase their economic contributions in-country.

3.8 The government should harness the tourism potentials of the nation because it has the capacity to create millions of jobs and earn the nation the much-needed foreign exchange.

RAPPORTEURS 1.

2.

3.

4.

Biyi Adegoroye Adewale Kupoluyi Kunle Azeez Ganiyu Balogun

WEDNESday, March 30, 2016 NEW TELEGRAPH

3

4

NEWS

WEDNESday, March 30, 2016 NEW TELEGRAPH

Fuel scarcity: I'm sorry, but I won't resign –Kachikwu Chukwu David Abuja

T

he Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has apologised to Nigerians for his recent utterances in the media about the persistent fuel scarcity in the country.

But Kachikwu, who doubles as Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), yesterday told those calling for his resignation over the lingering fuel scarcity to forget the idea as he still had a lot of work to do.

While appearing before the Senate Committee on Petroleum (Downstream) to explain what provoked the current fuel crisis that has lasted for two weeks, the minister said that he would not resign his appointment as demanded by some aggrieved Nigerians.

"I learnt that some people are planning to come to Abuja to protest that I should resign, I want to appeal to them to please save

their fuel. I am not going to resign because I still have work to do," he said.

According to him, he did not accept to be Minister of Petroleum in order to create scarcity.

Different groups, including the governing All Progressives Congress (APC) in the South-South, National Association of Nigerian Students (NANS) and some Civil Society Organisations (CSOs) have called for the minister’s resignation.

Kachikwu had, last week Wednesday, told journalists that the fuel scarcity rocking the country would linger till May and that he is not a magician to end the crisis.

His statement angered many Nigerians in the face of long queues and product scarcity.

The minister stated that he meant no harm with his statement about the fuel crisis.

His words: "Let me just digress; I share the pains of Nigerians, I feel that pain every day when I walk the streets. On Easter day, I was in Lagos monitoring fuel

distribution at the depots; I have given 24 hours attention to the problems.

"I have continued to work with one sole purpose which is that every problem must have a solution and I think that is the reason I was picked.

"I do apologise for the comment that I made jocularly with my friends in the press about being a magician and it offended Nigerians; it was not meant to be, it was a side jocular issue.

I did go on to explain what needed to be done. I did not know that it would create the kind of hyperbole (exaggeration) that it did.

24.8

The current deployment of electricity (TWh/year) in large hydro market area of Middle East in 1995.

Source: Unesco.org

23.49m

The total number of subscribers of EMTS Limited (Etisalat) as at September 2015.

Source: Ncc.gov.ng

"Let me first admit that I am not a typically experienced politician; I am a technocrat: I came to work.

Some of the phraseologies that I may use, while being acceptable in the arena in which I play, obviously will not be acceptable in the public political arena. So if anybody’s sensibilities were offended by those, I totally apologise."

Kachikwu gave assurances that the current acute fuel scarcity in the country, resulting in long queues at the filling stations would ease, with effect from the first week of April. He stated that

CONTINUED FROM PAGE 1

According to checks by this newspaper, while the Nigerian Communications Commission (NCC) has stepped up measures at stemming cases of unsolicited text messages through a clear directive, operators have failed in implementing the directive to the letter.

Aviation firms, NUATE petition minister over multiple charges, taxes

A

viation workers under the aegis of National Union of Air Transport Employees (NUATE) have petitioned the Minister of State for Aviation, Senator Hadi Sirika, over exorbitant and multiple taxation/ fees arbitrarily imposed on handling companies by the Federal Airports Authority of Nigeria (FAAN).

Equally worried by the situation are the two major handling companies, the Nigeria Aviation Handling Company Plc. (NAHCO) and Skypower Aviation Handling Company Limited (SAHCOL).

The two firms with NUATE, in a joint letter dated March 22, said the irregular, exorbitant and multi-

ple fees imposed on these companies and its workers were without recourse to established rules.

But, spokesman for FAAN, Yakubu Dati, told New Telegraph that there is a ministerial committee set up by the ministry to address charges.

Dati noted that it is expected that those with such complaints approach, explore this window.

According to him, “As a responsible organisation, we await the findings of this highly respected committee.”

The petitioners were irked that at the toll plaza, staff pays N12,500 per car annually while at the Hadji Camp gate, staff pays N10,000 for a car per annum, a distance of less than 100 meters.

At the stakeholders’ car park along the Mur-

tala Muhammed International Airport, staff pays N15, 000 per annum; at the MMA2 car park, staff pays N44, 000 per annum.

At the car park opposite SAHCOL headquarters, staff pays an average of N300 per entry; including concession fee of five per cent of Annual Gross Income.

Apron pass costs N150,000 per vehicle.

This has a huge cost implication to companies, which have more than 100 vehicles and pieces of equipment.

Equally worrisome to them is rent per square meter of office space per annum which cost N149,021,723.75 in Lagos; in Abuja, it goes for N13,494,060; in Kano N20,247,000; and Port Harcourt – N22,042,396.80.

Airside Drivers’ Li-

to proffer a lasting solution to the problem.

Kachikwu went further to tell the committee that infrastructural deficits, vandalism, cabalism, black marketing and hoarding, among others, were factors principally responsible for the unending fuel scarcity being experienced in the country at the moment.

On the infrastructural deficits, he explained that since the NNPC undertook the burden of importing 100 per cent of national fuel consumption, the corporation had been grappling with the problem of storCONTINUED ON PAGE 6

Unsolicited SMS: Telcos plot to retain N360bn yearly revenue

L-R: Dr. Kase Lawal; former Secretary General, Commonwealth, Chief Emeka Anyaoku; Author, Ambassador Olusola Saun and former Head of State, Gen. Yakubu Gowon, at a book presentation in Ibadan…yesterday.

PHOTO: NAN

Wole Shadare

by April 7th, the scarcity would near being over.

The Senate committee had, on Monday, summoned the minister to come and brief it on the situation on ground, after carrying out on-the-spot assessment of the petrol crisis in major filling stations within the Abuja metropolis.

He was required by the lawmakers to provide detailed explanations on the cause of the present crisis and also highlight measures being taken by the Federal Government, not just to address the prevailing situation, but also

cense costs N50,000 per staff while refreshers pay N25,000; access card to restricted areas such as tarmac and arrival hall (where sensitive operations of these companies are carried out) costs N25, 000 per the number of staff to man or operate in such area.

SAHCOL is billed N420,000 for link road construction which is the duty of FAAN, among other exorbitant costs billed airlines, cargo handling firms and others.

To them, the unacceptable financial burden placed on these companies, who are expected to earn profits for its owners, plough some resources back into their operations for rejuvenation, pay salaries and associated overheads have seriously been hindered.

A document exclusively obtained by New Telegraph showed that the regulator had, over the years, received series of complaints and has been strategising on what could be done as a final reprieve for subscribers to be set free from the bondage of illegal deductions through unsolicited text messages.

According to the document, the commission had received various complaints from telecoms subscribers regarding unsolicited text messages and nuisance calls from mobile network operators in the industry.

“Following these complaints, the commission had monitored the networks to ensure that Mobile Network Operators (MNOs) create a Do Not Disturb (DND) database for subscribers, who do not want to receive unsolicited messages on their lines,” the document said.

It was, however, gathered that while the MNOs have set up such facility, the awareness around such facility by the networks to the benefits of subscribers has been lean.

“Whereas, the commission’s compliance checks revealed that most MNOs have set up the DND facility on their networks, however, the awareness of existence of this facility is very low because the MNOs are reluctant to sensitise their subscribers on the availability of this facility and how to opt into same,” the document stated.

The NCC, in the document, noted that further investigations suggested that operators were not actually keen on the DND, as this may affect their revenue stream from value added services.

Meanwhile, it was gathered that the NCC had commenced the process of issuing a directive that MNOs dedicate a short code on their networks for use by subscribers to optin to the DND database

restricting unsolicited marketing messages, voice and SMS on their mobile station international subscriber directory number (MSISDNs).

MSISDN is a number used to identify a mobile phone number internationally including a country code and a National Destination Code, which identifies the subscriber's operator.

Already, the Director of Public Affairs, NCC, Mr. Tony Ojobo, told New Telegraph that the avalanche of complaints received by the regulator through its toll-free customer line, 622, was an indication the MNOs have been paying lip service to customer complaints.

“We have made series of regulations and directives, including the DND directive and accordingly, we have handed them down to the operators and as you know, for every infraction, there is appropriate sanction and the regulator will not hesitate to invoke those sanctions in the interest of the industry,” he said.

Speaking with New Telegraph, President, National Association of Telecoms Subscribers (NATCOMS), Mr. Deolu Ogunbanjo, who also gave the estimated losses by subscribers to unsolicited text messages, noted that none of the telecoms network has clearly complied with the NCC directive on DND database.

“And if there is anyone of them doing it now, I wonder how well they are communicating it to their customers and how many telecoms consumers are aware of this development,” Ogunbanjo said.

But in a telephone interview with New Telegraph, the President of the Association of Licensed Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, defended the MNOs, saying not all the unsolicited SMS originate from the operators’ networks.

NEWS

WEDNESday, March 30, 2016 NEW TELEGRAPH

5

Economy: Expect more actions soon, Buhari tells Nigerians lTinubu: PDP government was weak, corrupt Anule Emmanuel and Caleb Onwe ABUJA

P

resident Muhammadu Buhari has assured Nigerians that his administration will be taking more pragmatic steps to improve the nation's economy and boost the living condition of her citizens in the next few months.

The president's statement may not be unconnected with the passage of the 2016 appropriation budget, which has over N3 trillion dedicated to the funding of capital projects, which if implemented, could trigger a chain of productive activities in the economy.

Speaking yesterday at the 8th Colloquium held in honour of the former Lagos State governor and national leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu, Buhari said his government's desire was to invest heavily in human capital development as a step to reduce high-level poverty.

The colloquium, which was part of the activities marking Tinubu's 64th birthday, had as its theme – “Agriculture: Action, Work, Revolution".

Diversifying the nation's economy, Buhari noted, can no longer be a slogan, given the current economic realities facing Nigeria.

"As the nation grapples with decades of dependence and profligacy of natural resources and the coincidence of shrinking of oil prices, the chickens have, indeed, come home to roost. Diversifying the economy can no longer be a slogan. It has become a necessity. Economic growth cannot just be for the lucky few at the top, it has to be broad-based, for every Nigerian citizen, and a good place to start is with the agricultural sector.

"We face urgent challenges – tackling insecurity, creating jobs, addressing the country’s balance of payments and stimulating and sustaining national economic recovery. But even as we deal with these issues, I know it is also important, and indeed critical to focus on

57.8%

The percentage of the urban population of Nicaragua in 2012.

Source: Un.org

135,000

The average number of new followers a day on social media of Cristiano Roanldo.

Source: Goal.com

the pressing challenge that confronts some millions of our men, women and children around the country – the injustice of hunger and the need for long-term food security," he said.

According to Buhari, Nigerians will, in the coming months, see much more actions, as the government will continue to invest substantially in human capital development.

He beckoned on more companies willing to invest in the country to do so, assuring them of the safety of their investments.

"We are going to hold ourselves accountable.

We will measure results.

There will always be some scepticism, some have even become disorientated and impatient enough to think that barriers are insurmountable. Anyone who claim great change is impossible can only look as an ordinary success,” he said.

Buhari said Tinubu possesses some unique qualities that have contributed immensely to the growth of Nigeria.

He noted that there were very few patriots alive today that could match the qualities of Tinubu in his contribution to national growth.

Minister of Agriculture, Chief Audu Ogbeh, who delivered a keynote address at the colloquium, disclosed that the federal government would soon deliver five million tractors to farmers to boost mechanisation of agriculture and intensify the diversification of the economy.

Ogbeh, who was rep-

resented by the Minister of State for Agriculture, Senator Heineken Lokpobiri, lamented that mass importation of food over the years has made Nigeria a dumping ground for substandard products to the detriment of the farmers and citizens.

On import substitution, the minister said that the government would revive the production of staple foods like sorghum, rice, wheat, groundnuts and cocoa for local consumption as well as for export.

According to him, soon Nigerian farmers would be able to access microcredit at low interest rates to boost their capacity to engage in meaningful agriculture.

In his remarks at the event, Tinubu said that the historic victory secured by his party in the 2015 gen-

eral elections had placed a heavy responsibility on the party to right the wrongs of the past years.

Tinubu acknowledged that though the last 10 months have been tough owing to the crash in the price of crude oil, Nigeria's main revenue earner and the harsh economic realities the situation has brought, he was optimistic that APC's emergence as the ruling party at this time was for good reasons and not a mere coincidence.

"Our path may be tough at present. But I do not entertain fear because I know our people are more resilient than the challenges we face. Thus, I also ask the people to be of firm conviction and strong hope that we are working for and moving toward a better day. I believe in destiny.

“Yes, the times that have come upon us are rough.

Yet, I cannot help but believe that we have been put here at this appointed place and appointed time for a reason more profound than mere coincidence," he said.

Tinubu said that the lack of performance by the previous administration was the sole reason for the emergence of the APC, stressing that the new government was committed to reversing the trend towards a positive and progressive outcome.

"Those who came before us believed in weak governance but strong corruption. They were the authors of the malfeasance and ruthless indifference that enchained this nation and its remarkable people.

They acted as if their pilferage would never end.

But it was ended by the people of this great country," he said.

The Tinubu Colloquium, which is an annual event, was attended by Vice-President Yemi Osinbajo and his wife, Dolapo, National Chairman of the APC, Chief John OdigieOyegun; former Chairman of the Economic and Financial Crimes Commission (EFCC), Malam Nuhu Ribadu; Oba of Lagos, Alhaji Rilwan Akiolu, Ohinoyi of Ebiraland, Alhaji Ado Ibrahim and Alhaji Lagep Ibrahim, the Emir of Kazaure.

Other guests include Governors Atiku Bagudu (Kebbi), Abdulaziz Yari (Zamfara), Rauf Aregbesola (Osun), Rochas Okorocha (Imo), Ibikunle Amosun (Ogun), Jibrilla Bindow (Adamawa), Mohammed Badaru (Jigawa), Ben Ayade (Cross River), Muhammed Abubakar (Bauchi), Akinwumi Ambode (Lagos), Nasir el-Rufai (Kaduna) and Abiola Ajimobi (Oyo).

L-R: VicePresident Yemi Osinbajo; President Muhammadu Buhari; Asiwaju Bola Tinubu and his wife, Remi, at the 8th Annual Bola Tinubu Colloquim in Abuja… yesterday.

BoT to Sheriff: Tenure extension, an invitation to anarchy Onyekachi Eze ABUJA

T

he Board of Trustees (BoT) of the Peoples Democratic Party (PDP) has advised the party's National Chairman, Senator Ali Modu Sheriff, to shun calls by praise singers to contest the May 21 National Convention.

There have been reports of intense lobbying by the national chairman by some party stakeholders to support him to continue in office beyond the National Convention.

At a press conference yesterday, the Acting Chairman of BoT, Senator Walid Jubrin, said those asking Sheriff to stay in office beyond the three months approved by various organs of the party did not mean well for PDP. "The recent courtesy calls to the national chairman and the presentations being made, especially calling him to continue beyond the stipulated three months tenure is an invitation to trouble, anarchy and the

return of impunity in PDP," Jubrin stated.

The national chairman, however, said he would not remain in office beyond the period approved for him by the various organs of PDP. Sheriff, who spoke through his Special Adviser on Media, Inuwa Bwala, dismissed any notion that he wanted to stand for election in the party’s May 21 National Convention.

The BoT Acting Chairman observed that the PDP Governors' Forum, the National Convention, the BoT and the National Executive Committee (NEC) unanimously approved that the tenure of the National Chairman and other National Working Committee (NWC) would terminate on May 21, 2016.

"The above responsible bodies have approved that the tenure of the national officers will end immediately after the convention when the new officers are duly elected.

"The present NWC received an overwhelming ovation and admiration at

the meeting of the national caucus, BoT and NEC by overlooking their 2017 tenure in support of the three months approval of the respected organs of the party which should strictly be complied with.

"Instead of listening to the praise singers, Modu Sherif should follow the path of honour and integrity by simply taking a bow in May 2016 after the national convention," Jubrin added.

He warned of the dangers of not adhering to the recommendations of Ike Ekweremadu's PostElection Review Committee that the party should seek its 2019 presidential candidate from the North to compensate for the obvious violation of the zoning arrangement in the 2011 election, which led to a major apathy against the PDP in the North.

This recommendation, he noted, has been approved by the various party organs.

According to the BoT Chairman, to change this

decision is a further invitation to impunity, lack of party democracy, nonadherence to party zoning principles, influence of godfatherism, lack of respect for the decision of constituted party organs, self-imposition and death of the PDP. His words: "Anyone who tries to reverse this position by changing it with another position will ever remain an enemy to the North, a mercenary and killer of PDP. "The BoT strongly advises Modu Sherif to respect his oath and acceptance of the powerful organs of the PDP that he will stay for only three months, and allow his name to be written in gold by honourably leaving the scene in May after the convention.

"Any group or individuals who are planning to destroy the party will not succeed as PDP is built on bedrock and to break it is difficult.

"All members of the party must unite not to allow themselves to be bought by

anyone and not to be tempted with anything to divide and rule us. All PDP members must be ready to cooperate to say final bye-bye to impunity, lack of internal democracy, godfatherism and naked exhibition of man's inhumanity to man by man.

"BoT shall resist any move by anybody to destroy the good foundation set by our founding fathers and mothers and shall remain the conscience of the party."

Jubrin, however, said since Sherif has not come out to accept or reject the call for any tenure elongation, he should come out with a clear statement exonerating himself from such devilish plans and maintain his stand on the three months given him by NEC. "If he does that, his honour and integrity will be more respected and will remain in the PDP record book of achievers," he said.

He stated that the BoT will meet next week to further strengthen its position.

6

NEWS

WEDNESday, March 30, 2016 NEW TELEGRAPH

Buhari afraid to sign 2016 budget –Presidency Anule Emmanuel Abuja

T

he Presidency yesterday said that President Muhammadu Buhari will not be able to sign the 2016 appropriation bill into law.

New Telegraph gathered that the inability of the president to assent to the document is because of the failure of the National Assembly to send details of the budget as passed by both chambers last week.

While the Senate passed the budget of N6.06 trillion on Wednesday last week, the House of Representatives passed the bill retaining the same amount on Thursday before proceeding on an Easter break.

A source close to the president confirmed to our correspondent that Buhari had received the appropriation document, but was constrained by the lapses on the part of the lawmakers in transmitting the full details.

Buhari, according to the source, is afraid not to make the mistake of signing a document that contains figures not in line with the proposal made by the government.

"The president has just received the transmission of the Appropriation Bill (2016 Budget) from the National Assembly and is very anxious to sign it into law, but the National Assembly only sent in the highlights without the details of the budget,” the source said.

The source explained

that "as a result, the president has been handicapped in signing the Bill because he does not know what is contained in the details and what adjustments the National Assembly must have made to the proposal sent to them.”

According to the source, "Although he is anxious to sign the document so that implementation of the provisions could start immediately and ease the tension in the economy and polity, the president is afraid he may later discover, when the details are sent, that what is contained therein is not implementable.

"He wishes the National Assembly could send in the details speedily so that it could be considered for assent.

"Ministers are also eager that the budget be signed so they could start implementing their programmes, but they are unable to push the president to sign what has been transmitted because they also do not know what is contained in the details.”

The source also noted that "the ministers are particularly worried that the year is gradually aging and the provision of the law in respect of spending the previous year’s budget is not helping matters because of the low capital provision for 2015.

"Because of the low provision made last year for capital expenditure, spending 50 per cent of that provision for the first half of this year will make no impact on provision of

infrastructure,” he said.

New Telegraph gathered that as it is, "the Budget Office cannot also work on the budget for implementation because it is the details, and not the highlights, that they convert into implementable templates for the respective ministries, departments and agencies (MDAs).”

"This development confirms speculations that the National Assembly either did not complete work on the budget or are playing politics with the documents which affects the life of both the country and its citizens.

"The National Assembly may just have passed the bill to pass the buck to the executive and escape the wrath of the public which was gradually suspecting it of sabotage," it was learnt.

Meanwhile, Buhari will depart Abuja for Washington DC today to join President Barack Obama and 60 other world leaders and heads of international organisations at the 4th Nuclear Security Summit which opens tomorrow.

Special Adviser on Media and Publicity to the President, Femi Adesina, in a statement said Buhari, at plenary sessions of the summit which is dedicated to reinforcing international commitment to the nonproliferation of nuclear weapons, will insist that while Nigeria will continue to sustain that commitment, world powers must respect the right of other countries to the peaceful use of nuclear energy for development purposes.

The president is expected, at the event, to reaffirm

20

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

Source: Un.org

N13.39bn The total value of Nigeria’s import of other crude palm oil in 2014 Q4.

Source: National Bureau of Statistics

Nigeria's stance that international efforts to ensure greater security of nuclear materials should maintain a balance between nuclear non-proliferation obligations and the indisputable right of Nigeria and other countries to harness nuclear energy and technology for socio-economic development.

It will be recalled that at a meeting with him in

Abuja earlier this month, Buhari told the DirectorGeneral of the International Atomic Energy Agency, Mr. Yukiya Amano, that the Federal Government will welcome greater support from the agency for Nigeria's aspiration to begin the generation of electricity with nuclear energy.

The delegation is made up of Governor Mohammed Abubakar of Bauchi State, Governor Abdulfatah Ahmed of Kwara State, Minister of Foreign Affairs, Mr. Geoffrey Onyeama, the National Security Adviser, Maj-Gen. Babagana Monguno (rtd.) and the Director-General of Nigeria's Nuclear Regulatory Agency, Prof. Lawrence Anikwe Dim. The president is expected back to the country on Sunday.

Lagos State Commissioner of Police, Mr. Fatai Owoseni, with other officers and men of the command, during a 'Walk for Life' as part of activities to celebrate Police week in Lagos... yesterday.

Anyaoku to Buhari: Minister: Fuel scarcity'll end on April 7 Don't devalue naira CONTINUED FROM PAGE 4

Sola Adeyemo Ibadan

F

ormer SecretaryGeneral of the Commonwealth, Chief Emeka Anyaoku, has advised President Muhammadu Buhari to stick to his antidevaluation position.

He gave the advice in Ibadan at the launch of a book written by the Chairman of the Ibadan Elders’ Council and a former Ambassador to Ethiopia during the Nigerian Civil War, Ambassador Olusola Sanu, where many dignitaries, including a former Head of State, General Yakubu Gowon, were in attendance.

The former Commonwealth scribe advised that the president should appoint a team of economic experts and analysts to tackle the problems of the economy, including the case of devaluing or not devaluing the naira.

On the burden associated with the presidential

system of government being practised in the country, Anyaoku said: "The new generation has exploited the presidential system. We are in a situation whereby we have 30 special advisers for a governor and local government chairmen from a state that does not have strong internally generated revenue (IGR). This must be reviewed and reversed if the nation must advance and improve on its economic agenda."

The naira trades some 40 per cent below the official rate on the black market versus the dollar.

The CBN, last year, pegged the exchange rate to curb speculative demand for the dollar and conserve foreign exchange reserves after it restricted access to hard currency for imports of certain items, frustrating businesses.

Some members of the CBN’s Monetary Policy Committee (MPC) have said the naira should be devalued.

age, because it did not have adequate storage facilities to stockpile for national consumption.

He also said that vandalism of oil pipelines had been a major problem because rather than concentrate on how to improve on the volume of oil production, government had to find a means of fixing the destroyed facilities.

He, however, said that he and his team of workers in the ministry and the NNPC were working hard to tackle the problem both in the short run and longterm basis.

One of the strategies, according to him, is that his leadership was working hard to provide a strategic reserve of 2,000,000 tonnes of petrol with the intention to finally putting an end to periodic fuel scarcity in the country.

The minister also stated that the latest arrangement between the NNPC and independent marketers would be at the ratio of 47 to 53 per cent supply of the national consumption,

noting that the previous arrangement was 48 to 52 and later 32 to 68 from the independent marketers and the NNPC, respectively before NNPC started supplying 100 per cent after the removal of subsidy late last year.

He also said that subsequently, 150 per cent of national consumption would be deposited into storage tanks, adding that meaningful solution to fuel crisis would be provided when refineries were working in optimum capacity.

Kachikwu said the search for refineries' full operations had led to several advertisements being run for individuals and private sector to take over the operations of the refineries and consequently expand their capacities.

He also said that a plan was already in the offing to make Chevron take over Warri Refinery and another plan for Shell to take over Kaduna Refinery.

He explained that it was not the intention of the NNPC to solely take over importation of petrol, but

rather an action forced on it by emerging circumstances in the economy.

The minister, however, said that the NNPC was currently working on an arrangement with the Central Bank of Nigeria (CBN) that would assist the marketers to access foreign exchange to import fuel.

He lamented that Nigeria was one of the very few countries where citizens willfully destroyed pipelines meant to serve them, a trend he said made the NNPC to continue to grapple with the huge burden of providing fuel for the citizenry.

He also promised to embrace the advice given by the committee to employ the services of members of Civil Defence Corps to accompany petrol tankers to intended petrol stations to avert cases of diversion.

His words: "The country is no longer paying subsidy and it is saving us a cumulative of over N1 trillion in the one year period. The major issue, however, is that the inability of the marketers to import products became

a major challenge.

"Some of them owed arrears of liabilities and going forward they didn’t have money to import the product. What that meant is that by late August, we moved from an expected obligation of NNPC to bring in about 50 per cent consumption of the product, which was about 45 million to 50 million litres, to a point where we had to cover a 100 per cent platform. Nobody was bringing in product, consumption was still static, and we needed to cover that gap, without an increase in crude allocation....

"That gap is what we see in some of the cyclical queues that we have, which is about 80 per cent of the problem."

Earlier, the chairman of the committee, Barau Jibrin (APC, Kano), said that the lawmakers had allowed the executive enough time to study the industry and come up with sustainable solution to the problem so that Nigerians would feel the positive impact of this government of change.

news

WEDNESDAY, march 30, 2016 NEW TELEGRAPH

MDAS, Army owe DISCOs N60bn –Association

T

he Association of Nigerian Electricity Distributors (ANED) yesterday said Ministries, Departments and Agencies (MDAs) and the Nigerian Army are owing the Distribution Companies (DISCOs) N60 billion from 2015 to February this year.

ANED Executive Director, Mr. Sunday Oduntan, disclosed this at a news conference by the association in Abuja.

He said the army owed Benin DISCO N2.3 bil-

lion; Eko DISCO, N1.9 billion; Ikeja DISCO, N1.6 billion; Jos DISCO, N2 billion; Kaduna DISCO, N6.6 billion; Kano DISCO, N301 million; Port Harcourt DISCO, N1.3 billion and Yola DISCO, N435 million.

Oduntan said out of the N60 billion owed to the companies, Nigerian Army's total debt stood at N15 billion.

He expressed dissatisfaction with the situation, particularly with the army.

He pleaded with the

Federal Government, especially President Muhammadu Buhari, to assist the distribution companies to ensure that the army paid its energy bills.

According to him, the power sector requires $40 billion to ensure adequate, reliable and stable power supply in the country.

He added that the companies had improved on their facilities by installing smart prepaid meters, taken customers' enumeration and installing new technologies for adequate electricity.

Oduntan said the DISCOs had made adequate plans to ensure safety in the electricity industry, adding that the facilities in the sector could absorb the new 10,000 megawatts, if generated.

He expressed concern that many customers did not want to pay their electricity bills, adding that this was hampering the sector.

Oduntan urged electricity consumers to settle their bills as this would help to develop the sector.

7

PDP leads as INEC releases more results in Rivers Emmanuel Masha Port Harcourt

C

andidates of the Peoples Democratic Party, PDP, who contested the rerun elections for the state and national assembly seats, won in most of the results released yesterday by the Independent National Electoral Commission, INEC in Rivers State.

According to the results, the PDP candidates won in the four House of Representatives seats for Port Harcourt Constituency I and II, just as the party clinched the seat for Obio Akpor and Odua/Ahoada East Federal Constituencies.

In that order, Hon. Ken

Chikere, Hon. Blessing Nsiegbe, Hon. Kingsley Chinda and Hon. Betty Apiafi of the PDP were returned to the House of Representatives.

For the state constituency, while the PDP won seven out of the nine seats INEC announced, the candidate of the All Progressives Congress, APC won two seats.

The PDP candidates won in Port Harcourt II Constituency, Omuma, Onelga, Opobo Nkoro, Obio/Akpor I, Emuoha, Akoku Toru I, Ahoada East II. The APC won in Opobo/Nkoro.

INEC disqualified the PDP candidate for Akoku Toru II, Tonye Asari Alalibo in the statement released by INEC.

£88m

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

Source: 101greatgoals.com

Again, Ghanaian candidates clear WAEC merit awards Mojeed Alabi

F L-R: Chairman, Senate Committee on Media and Publicity, Senator Aliyu Sabi Abdullahi; Senate President, Dr. Bukola Saraki; leader of Columbian parliamentary delegation to Nigeria, Senator Edinson Delgado; Chairman, Senate Committee on Public Accounts, Senator Andy Uba; Mr. Edinson Delgado Jr. and Chairman, Senate Committee on Navy, Senator Isa Hamma Misau, during a courtesy visit by the delegation from Columbia's parliament in Abuja…yesterday.

Soyinka, Aregbesola, others mourn Braithwaite

M

ore tributes poured in yesterday for the late lawyer and politician, Dr Tunji Braithwaite, who died on Monday at the age of 82.

Noble Laureate, Prof.

Wole Soyinka, described him as a dogged fighter to the end. He said that while the people called the late Braithwaite an elder statesman, to him, the late lawyer was a ‘country man’ who put governance and leadership into its right perspective’.

To Ayo Opadokun, Braithwaite represented most likely the vanishing era of the true fighters and the liberties of our people. “He was unlike of many of his colleagues, not only that he was intellectual, old, to state his position on critical matters without bending over backward, he wasn’t one of those who will speak over matters in the day and prostrate in the night before those of them in the corridors of power.”

Governor of Osun, Ogbeni Rauf Aregbesola, described the death of Braithwaite, as a huge loss to the nation.

In a statement by the Director, Bureau of Communication and Strategy, Office of the Governor, Mr. Semiu Okanlawon, Aregbesola said the death of the elder statesman had further depleted the rank of Nigeria’s committed fighters for just society.

The governor said the late legal luminary was a patriot and die-in-thewool believer of Nigeria and did everything to make sure the political ship of the nation gets back on the right track.

According to the statement, the late presidential candidate on the platform of Nigerian Advance Party would remain in the memory of Nigerians as one politician, whose primary constituency was his people - especially the downtrodden.

A lawyer, Mr Jiti Ogunye, described the late lawyer and politician as a brilliant and fearless lawyer whose contributions to nation-bulding especially in the dictatorial era would not be

forgotten in an error.

Ogunye said: "Dr. Tunji Braithwaite was a very brilliant and fearless lawyer, particularly during the military era when he once serviced the legendary Fela Anikulapo Kuti as a lawyer.

He was urbane, cosmopolitan, polished and very decent. Since, no human being is perfect and perfection only belongs to God, one can say of him that till the end of his days, he remained on the somewhat lonely but straight path.

Kidnapped Colonel, Inusa, found dead –Army Emmanuel Onani and Ibraheem Musa

T

he Nigerian Army has confirmed the death of a serving Colonel, Samaila Inusa, who was kidnapped in Kaduna on Sunday by unknown persons.

A statement signed by the Acting Director of Army Public Relations (DAPR), Col. Sani Usman, said the abducted senior officer was found dead around Ajyaita village, off Eastern Bypass,

Kaduna, Kaduna State, at about 6:00pm.

The Army said preliminary investigations point to the possibility that the Colonel may have killed on the same day he was kidnapped in his Mercedes Benz car.

This was as it said investigation has since begun to unravel the circumstances surrounding his kidnap and death, even as the Army vowed to bring the perpetrators of the dastardly act to justice. No group has claimed responsibility for the distasteful act.

"The Nigerian Army wishes to regrettably inform the public that Colonel Samaila Inusa, who was kidnapped on Sunday 27th March 2016, was found dead today at about 6.00pm.

"Preliminary investigation revealed that most likely the late senior officer was killed same day he was kidnapped by his abductors. This is because the body was found already decomposing around Ajyaita village, off Eastern Bypass Kaduna, Kaduna State."

or the umpteenth time, candidates from the Republic of Ghana have dazed their counterparts from other West African countries, who took part in the 2015 May/June West African Senior School Certificate Examination (WASCE) by winning all the prizes available for the best candidates.

The three candidates, according to the examination body, were presented for the examination by one school - Wesley Girls' High School, Cape Coast, Ghana.

The trio, who beat a total of 1,883,772 other candidates, are Miss Jessica Ayeley Quaye; Miss Ruth Ewura-Ana and Miss Danielle Amo-Mensah, who were ranked the first, second and third respec-

tively.

According to the statement, which was signed by the examination body's Head of Public Affairs section, Mr. Abiodun Aduloju, Quaye, had also won the Augustus Bandele Oyedele Award for the best candidate in West Africa.

The award presentation was held as part of activities marking the 64th annual meeting of the examination body, which took place in Ghana recently.

Meanwhile, WAEC has appealed to the Nigerian government to motivate the teachers and make the teaching profession more rewarding, saying such efforts will check the current high rate of attrition in the country and attract the best brains to the profession.

Reps to intervene in PTAD DG’s suspension Philip Nyam Abuja

T

here are indications that the House of Re presentatives may investigate the corruption allegations at the Pensions Transitional Arrangement Directorate (PTAD), which led to the suspension of the Director General, Ms. Nellie Mayshak.

A member of the House Committee on Pensions, who was reacting to a petition by a group, the Alliance for National Unity Initiative (ANUI), defending the suspended

director general, told New Telegraph in confidence in Abuja yesterday that the matter is receiving the attention of the committee.

He said: “The committee is aware of the development, but is taking its time because it is a delicate matter. If you recall, the last time the National Assembly attempted to look into PTAD activities, the senate committee had issues with the Director General, Alhaji Abdulrasheed Maina.

“So, our committee is looking into the possibility of investigating the problem at the PTAD."

8

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

METRO Sulaiman Salawudeen Ado-Ekiti

A

High Court sitting in AdoEkiti, Ekiti State, yesterday sentenced a proprietor, Mr. Babatunde Ibitoye, to 10 years in jail for raping a 10-year-old pupil of his school.

Ibitoye, founder of God’s Grace Nursery and Primary School, located at Fayemi Market, Agric-Olope area of Ajilosun, Ado-Ekiti, committed the offence on June 10, 2013 in a bush near the school.

The state Justice Ministry had, through a suit with reference number HAD/F11/2013 slammed a one-count charge of rape on him in December 2013.

In his judgment, Justice Toyin Abodunde agreed with the evidence as provided by the plaintiff.

Abodunde said the case had been proved “beyond reasonable doubt” that the defendant actually sexually abused the victim who was a pupil in his school at the time the offence was committed.

The judge e also agreed with the argument of the Department of Public Prosecution (DPP) and the victim’s evidence.

He said: “I rely heavily on the evidence of the victim that the defendant had been having sexual relationship with her before he was caught. Some of the teachers even gave evidence that she bled profusely a few days before that time further confirmed that she had been sexually abused.

“The fact that the defendant was caught pants down was suffice to prove that the accused person committed the offence contrary to Section 31(c) of the Ekiti State Child Rights Law 2013 and he is hereby sentenced to 10 years impris-

ABIODUN BELLO

...CRIME, CITY WATCH, COURTS

Proprietor bags 10 years for raping pupil

Ibitoye

onment without option of fine.”

Ibitoye was caught in a bush near Fayemi market, while sexually assaulting the victim under the pretense of taking her home after the school hours.

NSCDC arrests eight vandals, seizes 106 drums Taiwo Jimoh

O

fficials of the Nigeria Security and Civil Defence Corps (NSCDC) have arrested eight suspected pipeline vandals in parts of Lagos State.

Two of the vandals were arrested at Elepete area of Ikorodu while six others were apprehended on the high sea across the border of Republic of Benin.

The suspects are identified as Ademuyiwa Eniafe (29), Abayo Adeolu (39), Suru Hunpevi (30), Massel Hungbo (25) and Mark Huntonji (22).

Others are Emmanuel Somoten (18), Joseph Gbehan (21) and Gbenonu Jonas (29).

The NSCDC Commandant, Tajudeen Balogun, who briefed journalists yesterday at the state Command Headquarters, Alausa, said two of the suspects with 53 drums of 50 litres of fuel were arrested on Sunday at Itaoluwo area of Ikorodu.

The commandant added that six others were held with 53 drums of 150 litres of diesel at Badagry while going to Cotonou, republic of Benin on the sea.

abiodun.bello@newtelegraphonline.com 08023938212

The suspects and the recovered fuel

He said: “The bus conveying the suspects when intercepted by our men was filled with 53 drums of PMS. We will continue our investigation to determine if they belong to a syndicate of pipeline vandals. We are going to get to the bottom of the matter, then they will be charged to court. As far as the command is concerned, we will do our job the way it is supposed to be done.”

Balogun added that others were arrested at Ikogberefu area of Badagry in a canoe transporting diesel across the border to the Republic of Benin.

But one of the suspects, Eniafe, said he knew nothing

about the fuel.

According to him, he only requested for a lift before he was arrested.

He said: “I was returning from my friend’s house when I saw Adeolu and I told him to assist me with a ride. He accepted. I did not know his vehicle was filled with petrol. When I asked who the owner was, he pointed to a woman on a motorcycle in front of us. But when the woman noticed someone was sitting beside Adeolu she came down from the motorcycle and beamed a torch at me. When she saw she knew me, she pleaded with me to follow the driver to their destination.

Queen’s College: Osifala’s integrity not in question –Wife Mojeed Alabi

W

ife of Mr. Olaseni Osifala, the Biology teacher at the Queen’s College, Yaba, Lagos, who was accused of sexually molesting a JSS II pupil, has described the allegation as the worst experience in their 13 years of marriage.

Mrs. Bukola Osifala told our correspondent she could vouch for her husband’s integrity.

The businesswoman alleged that the accusers were only after the career and life of her husband.

She said the development had thrown her into sorrow since the news broke out.

According to her, many people have been flooding her business outfit to either show sympathy or to confirm the report.

She said: “I feel so sad that after 13 years we have been together, this is the first time anyone will make this kind of allegation against my husband.

“Since 2003 when we got married, he has never been unfaithful to me and to his God. So I can vouch for him. I stand by him on this.

“I am only consoled by the fact that most of my friends

Osifala

and those close to us know how responsible he is. But if Jesus could be crucified, who is Osifala that enemies will not try him.

My belief is that at the end of the day, truth will prevail.

“He is loved at the college and has progressed on the job very well. His students always mill around him, so I am not surprised at the attack being directed against him now.”

Mrs. Osifala thanked those she described as comforters, who had stood by the family since the unfortunate incident occurred.

Meanwhile, the teacher is billed to appear on Friday before the panel set up by the Federal Ministry of Education to look into the allegation.

METRO

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

9

Truck kills woman, injures motorcyclist Sulaiman Salawudeen Ado-Ekiti

A

truck belonging to Tipper Owners Association of Nigeria yesterday killed a yet-to-be-identified woman at Okela area of Ado-Ekiti, Ekiti State.

The accident, which occurred in front of the Redeemed Christian Church of God (Breakthrough Mega) opposite the popular Foluke Blocks Industry around 7:30a.m, also left a commercial motorcycle operator in a very critical condition.

The motorcyclist was conveyed in an ambulance to a nearby hospital by officials of the Federal Road Safety Commission (FRSC).

The driver of the truck, with registration number ADK 13 XA (Ekiti), was said to have lost control of the vehicle when it had a brake failure soon after leaving Okeyinmi area. The truck hit the woman, who was being conveyed by the motorcycle.

Although by the time journalists arrived at the scene around 8:30a.m, the victims had been evacuated by the FRSC officials, pieces of flesh suspected to be that of the woman were littered the place.

The truck and the motorcycle were still at the spot.

Witnesses said the truck driver fled after the accident.

Officials of the FRSC, the police and Nigeria Security and Civil Defence Corps (NSCDC) were there controlling the traffic which had already built up.

The FRSC Public Enlightenment Officer, Mohammed Olowo, confirmed that the body of the deceased woman had been deposited at the mortuary of the Ekiti State Teaching Hospital (EKSUTH).

He said: “The truck hit a woman on a motorcycle which was conveying her to her destination. The woman died instantly, while the Okada rider (motorcyclist) was badly wounded. We do not know the whereabouts of the driver now but the association of tipper drivers in the state had stepped in. The truck would be impounded by the police.

“We have also rushed the Okada rider to the hospital because he was seriously wounded. We are appealing to members of the public who know the dead woman to come to the state mortuary for her body.”

Meanwhile, the state Chairman, Tipper Drivers Association, Wale Adeleye, expressed sadness over the accident.

Adeleye added that efforts were always being made by the association to ensure general roadworthiness of its trucks.

The chairman regretted that people usually blame every auto accident on

The scene of the accident

truck drivers and operators, even in situations in which trucks were not concerned at all.

He said: “We did not like what happened and no one would like it. But we

want to correct an impression that tipper drivers are killers. Other types of vehicles also often involve in accidents but the tag on us is that we drive to kill.

This is wrong.

Task force discovers N5m near Lagos Assembly Muritala Ayinla

L

agos State Task Force on Environmental Sanitation and Special Offences Unit yesterday said it had discovered N5 million suspected to have fallen-off from a moving bullion van around the state House of Assembly Complex, Alausa, Ikeja.

It, therefore, called on Nigerians, group of individuals, who lost money through a bullion van with proof of evidence to show up to claim the money.

Investigation shows that the money was found in December last year.

Its Chairman, SP Olayinka Egbeyemi, said two policemen attached to the task force recovered the money.

He said: “The two police officers - Sergeant Ogunbiyi Agbabu and Inspector Eheziekia Abiona - who recovered the money, disclosed that a bullion van drove off while they were on duty at the headquarters of the task force and something fell down which was later discovered to be N5 million.”

While commending the policemen, Egbeyemi said he had a similar experience when he was Divisional Police Officer (DPO) at Ilupeju Police Station where he was named “2015 Best

The recovered money

Integrity Officer” by Crime Reporters Association of Nigeria (CRAN) for returning 130,000 dollars and 50,000 pounds to owners of a bullion van where the money was stolen.

The task force boss, however, implored concerned authorities, especially the police and Lagos State government to give commendation to the officers for their honesty and integrity so as to encourage others.

City Briefs

Seven inter-state car robbers held Dan Atori MINNA

P

olice have arrested suspected members of an inter-state car robbery gang after they negotiated to sell a Lexus Sport Utility Vehicle (SUV) with registration number Abuja, YAB-214TD for a N700,000 in Minna, Niger State.

Parading the suspects at the Police Command Headquarters yesterday, the state Police Public Relations Officer (PPRO), ASP Bala Elkana, said the gang members locked their suspect inside the toilet at Mabushi in Abuja and took his wife in the car to

“I want to advise the people, especially journalists to always find out and report exactly what has happened. Don’t name tippers when accident does not involve them.”

IG, Arase

an ATM point where they forced her to withdraw N100,000.

Elkana said the car was brought into Minna by a man who claimed to be a taxi driver in the FCT, Gideon,

while Seidu Mohammed (a mechanic) worked on the car.

He said: “We got a tip off based on the strength of a reliable source and our Special Anti-Robbery Squad swung into action. We were able to arrest members of the gang and also recovered the vehicle.”

Leader of the gang, Suleiman Umar (23) who hails from Kaduna, said he stole the master-key which they used from a man they met at a popular night club in Abuja.

Items found with the gang included a pistol, three laptops, ATM cards, Lexus car, cash (naira, dollars and CFA), three wristwatches, gold rings and necklaces.

E g b e ye m i , therefore, called on any bullion van which drove through the state House of Assembly Complex from November to December 2015 with a missing N5 million to come forward with a strong cogent proof of ownership.

Meanwhile, the task force said it would commence enforcement of directive on gated

street across the state.

Egbeyemi urged residents to comply with the order restricting residents from closing their streets’ gates between midnight and 6a.m.

The move, according to him, is to allow motorists and other road users access the streets.

The chairman warned landlords and property owners to immediately comply with the government’s directive in their own interest or face the wrath of the law.

Olori Oshinloye for burial April 1

R

ites of passage for Olori Adeline Abiola Oshinloye will begin with a Wake Keep on Thursday March 31, at 17, Ajelogbo Street, opposite Seapon filling station, Oke Ola, Ode Remo, Ogun State.

Oshinloye, according to the royal families of Oshinloye and Gbadamoshi died at age of 84 years on November 25, 2015, at Ode Remo.

One of the children of the deceased, Wale Oshinloye, said the late Oshinloye would be buried on Friday, April 1st at the Christ Anglican Church, Ode Remo.

He said: “We are really glad and proud that our mother lived a very good life. She was a prominent person in the church even at her age until her death.

We give God the glory.”

Oshinloye is survived by children and grandchildren.

10

NEWS | national

Intels sacks 500 workers over lull in maritime operations Emmanuel Masha Port Harcourt

A

logistics provider in the oil and gas industry, Intels Nigeria Limited, has sacked 500 of its 5,000 workforce in the Onne Oil and Gas Free Zone, Rivers State over a lull in its maritime operations.

It was learnt that the company took the decision because of the hash business environment in the country.

The company was established in1982 with the

vision to develop an integrated logistics solution offering a complete package of facilities and services to the oil and gas industry in the country.

According to a top management staff of the company, the parent company of Intels, Orleans Invest West Africa Limited, approved the sack.

The source added that the Chief Executive Officer of Orlean Invest West Africa, Mr. Gabriel Volpi, approved the sack of both Nigerian and expatriate staff for the company to maintain only staff whose

Look beyond oil, Buhari tells South Sudan Anule Emmanuel Abuja

P

resident Muhammadu Buhari has advised the South Sudanese government to develop other sectors of her economy like agriculture rather than solely dependent on oil to grow the nation’s economy.

The President stated this yesterday while receiving the outgoing South Sudanese Ambassador to Nigeria, Ambassador Makuet Riak at the Presidential Villa, in Abuja.

The President said South Sudan can avoid the mistake of Nigeria in

her over-reliance on oil revenue.

He told the ou-going envoy that Nigeria’s economy, which has been heavily dependent on oil over the years, has been adversely affected by the drop in global oil prices.

“Investing in sustainable agriculture is one of the best ways to provide jobs for the people and make the nation productive.

“Food security is important to any country and that is what we are trying to achieve here, years after we `threw away’ agriculture for oil,’’ the President said.

Ooni to politicians: You should match words with actions Johnchuks Onuanyim Abuja

T

he Ooni of Ife, Oba Adeyeye Ogunwusi, yesterday slammed politicians, telling them that they make promises they don't fulfill.

The traditional ruler, who spoke at the 8th Bola Tinubu Colloquium on the topic: Agriculture: Action, Work and Revolution, in Abuja to mark his 64th birthday, decried the situation, where how the youths that constitute about 70 percent of the population have been neglected.

According to him most of the youths do not have hope in the country because of the wide gap between the rich and the poor in the society.

He added that the gap could be bridged if Nigerians, especially the elites, 'work the talk' in respect of patronage of made in Nigeria goods, be it cloth-

ing, jewellery and others.

The Ooni told the politicians to do more of implementation and less of talk on the way forward, stating that they must add value to leadership if poverty will be reduced to the bearest minimum.

In his remark, the celebrant, Bola Tinubu, and former governor of Lagos State, expressed satisfaction on the team of the Colloquium saying , "this has set us on critical path to the nation’s salvation and recovery.

"I want thank the President most sincerely for finding time to preside over a birthday that would have been ordinary.

"Just a year ago when the parties merged and formed the All Progressives Congress (APC), the only birthday wish I requested and prayed for was that we achieve victory in that polls and that wish was granted and I want to thank all Nigerians for that.

services were needed.

When contacted for confirmation, Intels' Public Relations Officer (PRO), Mr. Isidore Sambol, however, said the company was yet to sack any worker, noting that the company would make an official statement on the issue.

The challenges being encountered by the company according to its report to a national labour union, SSATAC, are diversion of oil and gas related cargo revenue to non-designate terminals.

Other challenges include inability of the company to meet Guaranteed Minimum Tonnage (GMT) target as provided in the port concession agreement, which is caused by illegal diversion of cargo to nondesignated facilities.

An uneasy calm is currently pervading the maritime industry in Nigeria,

with one of the major oil servicing firms, Intels Nigeria Limited, concluding arrangement to terminate the appointments of over 300 of its employees.

A competent source in the company, who pleaded anonymity for obvious reason, confirmed the development, and added that the exercise is scheduled to take effect next week.

“Yes, I can confirm to you that we are laying off some of our staff. We can no longer carry the burden, and it may interest you to know that the hash business environment in your country is largely responsible for this,” the source said.

72

The life expectancy of women at birth of Dem. People’s Republic of Korea in 2010-2015.

Source: Un.org

WEDNESDAY, march 30, 2016 NEW TELEGRAPH

Power supply crashes to 2,906mw P Adeola Yusuf

ower generation, transmission and supply in the country crashed again yesterday to 2, 906 megawatt from 3778.90mw peak it attained on Monday.

A new record generation peak of 5074.7mw and the highest maximum daily energy wheeled nationwide of 109,372mw were earlier attained on Tuesday, February 2, 2016.

The Nigerian Electricity System (NES) operator, however, said that the power transmission to the 11 distribution companies fell by about 873mw between Monday and yesterday.

NES, an arm of the Transmission Company of Nigeria (TCN) maintained in its website that it transmitted 2,905.70mw to the 11 electricity distribution companies across the country.

The TCN, the operator

said, released 435.86mw to Ikeja, 334.16mw to Abuja, 319.65mw to Eko, 261.51mw to Benin, 261.51mw to Enugu as Ibadan received 377.74 and Jos got 159.81mw.

Meanwhile, it allocated 232.46mw to Kano, 232.46 to Kaduna, 188.87 to Port Harcourt, and 101.70mw to Yola.

The system operator’s website that made this disclosure recalled that it attained a peak generation of 3778.90mw on Monday low generation of 3,305.80mw.

It also noted that its highest frequency was51.28Hz while lowest frequency was 48.83Hz. The DISCOs, however, revealed that the allocations fell short of the demand by their customers.

The Abuja Electricity Distribution Company (ABEDC) revealed that it does not only exhaust all its allocations but it also exceeds them.

L-R: Senior Special Adviser, Media & Publicity to President Muhammadu Buhari, Mallam Garba Shehu; Mrs. Bose Adeboye; Media Adviser to former VicePresident Atiku Abubakar, Mazi Paul Ibe and wife of Atiku, Hajiya Titi, at the child dedication/ thanksgiving celebration of Onweihekarichukwu, Ibe's son in Abuja

Coffee increases miscarriage risk Appolonia Adeyemi

D

rinking two cups of coffee a day in the weeks before conception, increases the risk of miscarriage, experts have warned.

The risk exists if both the expectant mother or her partner drink high levels of caffeine, a new study revealed.

However, scientists at

change OF NAME

Abraham

I, formerly known and addressed as Miss Odeyemi Elizabeth Kehinde now wish to be known and addressed as Mrs. Abraham Adeniyi Kehinde Elizabeth. All former documents remain valid. The general public take note.

OLAYIWOLA

I, formerly known and addressed as Irepodun Idowu Akeem now wish to be known and addressed as Olayiwola Idowu Akeem All former documents remain valid.

Sterling Banks,Uba Banks and general public take note.

the National Institute of Health (NIH), recommend that couples lower their caffeine consumption before trying for a baby.

The National Institute of Health, an agency of the United States (U.S.) Department of Health, is one of the world's foremost medical research centres.

Similarly, scientists at the NIH noted that women, who drink two caffeinated drinks during the first seven weeks of pregnancy are also more likely to miscarry.

Miscarriage is the loss of a foetus before the 20th week of pregnancy. The medical term for a miscarriage is spontaneous abortion, but "spontaneous" is the key word here because the condition is not an abortion in the common definition of the term.

On the study, Dr. Germaine Buck Louis, director of intramural popula-

tion health research, said: “Our findings provide useful information for couples who are planning a pregnancy and who would like to minimise their risk for early pregnancy loss.’

The team of NIH scientists analysed data from the Longitudinal Investigation of Fertility and the Environment Study – which examined the relationship between fertility, lifestyle and exposure to environmental chemicals.

The LIFE study enrolled 501 couples from four counties in Michigan and 12 counties in Texas, between 2005 and 2009.

The NIH scientists compared lifestyle factors – including cigarette use, caffeinated beverage consumption and multivitamin use – among 344 couples with a singleton pregnancy from the four weeks before they con-

ceived, through the seventh week of pregnancy.

Researchers measured the results using a ‘hazard ratio’ – which estimates the chances of a particular health outcome occurring during the study time frame.

A score greater than one indicates an increased risk of pregnancy loss each day following conception, and a score of less than one indicates a reduced daily risk.

Of those 344 pregnancies, 98 of them – or 28 per cent – resulted in miscarriage.

Women age 35 or older were nearly twice as likely to miscarry as younger women, the scientists found.

Additionally, both male and female consumption of more than two caffeinated beverages a day has increased the risk of miscarriage.

11

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Parliament How Senate passed 2016 Budget with defects

Politics Minister of State for Petroleum, Dr. Ibe Kachikwu, is in the eye of the storm over his comment on the lingering fuel scarcity, ONYEKACHI EZE reports

Interview Why we withdrew from representing Zakzaky – Okoye

Kachikwu on the spot

A

mong the ministers appointed by President Muhammadu Buhari late last year, Dr. Ibe Kachikwu, the Minister of State for Petroleum, is the first to receive the proverbial 'baptism of fire' from the Nigerian public. This is not in the least surprising. His immediate predecessor was invited about five times by members of the National Assembly.

Kachikwu who doubles as Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) is overseeing a sensitive sector of the Nigerian economy. As technocrat of international repute, his appointment as NNPC GMD in the early days of the present administration was greeted with commendation because of his deep knowledge of the petroleum industry.

The president went a step further to appoint him Minister of State for Petroleum while he (Buhari) is the substantive minister.

The petroleum sector is the live wire of the nation's economy, accounting to about 70 per cent of the national budget.

Even though Buhari is the substantive minister, Kachikwu has been saddled with the responsibility of day-to-day running of the ministry.

Last year, the Senate rejected a motion by Senator Enyinnaya Abaribe, a Peoples Democratic Party (PDP) senator to summon Buhari as Minister of Petroleum, to appear before it to explain the controversy over subsidy payment to oil marketers.

All Progressives Congress (APC) senators, who are in majority had in defeating the motion, argued that it was wrong to invite Buharhi, who is the commanderin-chief to appear before the Senate despite the fact that he is the Minister of Petroleum.

Chairman, Senate Committee on Media and Publicity, Aliyu Sabi,

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Kachikwu

who addressed the media on the issue, said Kachikwu would be summoned to brief the Senate on plans put in place by the Federal Government to end the fuel scarcity.

But Kachikwu won the hearts of many Nigerians when he announced that the nation's refineries would soon resume local refining of petroleum products. He gave the refineries in Port Harcourt, Warri and Kaduna, four months to resume local refining of petroleum products, to reduce fuel importation.

When he visited Port Harcourt Refinery on December 25 last year, the minister said refining of petroleum products at the plant would start in a week's time. The refinery has a combined production capacity of over five million litres of Premium Motor Spirit (PMS) per day.

Earlier in November, Kachikwu had said the Kaduna Refinery and Petrochemical Company had resumed production. But three months after, the minister made a somersault. Instead of aggressively pursuing local refining of fuel, Kachikwu said it is cheaper to import than refining the products locally.

His argument was that until the nation's four refineries are made functional and the pipelines fixed, it would be uneconomic and very expensive to refine PMS locally.

Nigeria's daily consumption of fuel is put at a little below 40 million litres, and the minister was of the view that even if the nation's refineries were working at full capacity, they would only meet about 50 per cent daily consumption.

His words: “The way the refiner-

Tinubu

The attack on Kachikwu is a smokescreen plot by Tinubu to indirectly lower the ratings of President Buhari

ies are configured right now, and until a full set of repairs and TAM (Turnaround Maintenance) are done, they are configured on the basis of 50 per cent of PMS and 50 per cent other products. So, even if they were producing on a 100 per cent basis, which they are nowhere near producing right now, PMS output would be less than 20 million litres. Our consumption is closer to 40 million. So we will still have, literarily, 50 per cent gap.”

Not a few Nigerians winked at this comment. Is the minister out to rebuild or destroy the nation's oil sector? Many asked.

Kachikwu made another gaff in early March, at the 25th Oloibiri Lecture Series and Energy Forum organised by the Society of Petroleum Engineers. He told his audience that the NNPC would be unbundled into 30 competitive revenue generating subsidiaries with seven days.

But when accused by the Senate of unbundling the corporation without an enabling legislation, he said he was misquoted. According to him, what he meant was that the NNPC would be restructured into subsets.

His recent comment on the current fuel crisis in the country is causing furore. He told journalists at Aso Rock after a meeting with the president that the fuel crisis would continue till May, and that he was not expected to perform magic to end the scarcity earlier than that date.

His words: “One of the trainings I did not receive is that of a magician but I am working very hard to ensure some of these is-

12 14

sues go away.”

This was the last straw that broke the carmel's back. It drew the ire of many Nigerians, not in the least, the National Leader of APC, Asiwaju Bola Tinubu, who lashed out at the minister, describing his comment as uncalled for and an insult to Nigerians who have every right to be accountable for by those who preside over their affairs.

“With so much on the line, Kachikwu’s flippancy was out-of-line.

He was basically telling Nigerians that they should be lucky that they are getting the inadequate supply they now suffer and that they should just be quiet, and endure the shortage for several weeks more.”

Thought Tinubu’s attack was on Kachikwu, many construed it to be an indirect attack on Buhari's administration as the former Lagos State governor, said: “I make no attempt to hide it. I am an avid and partisan supporter of this government and of the progressive policies of the party, the APC, upon which this government is based.

“With that I do reserve the right and the duty as a Nigerian to voice my opinion when I believe a member of this government has strayed from the progressive calling required of this administration. I do this because my greater devotion and love are for this nation and its people. Party and politics fall secondary.”

While many have described Tinubu’s comments as timely and shows statesmanship, the opposition Peoples Democratic Party (PDP), however observed that the APC leader should have drawn the attention of the minister on what he considered as his shortcomings instead of going to the press.

Factional leader of National Youth Council of Nigeria (NYCN), Ikenga Ugochinyere, who viewed the outburst as evidence of a supremacy battle between the presidency and the APC National Leader, said the former Lagos State governor attacked Kachikwu because he refused to be dictated to on some of the appointments the minister made in the NNPC. “The attack on Kachikwu is a smokescreen plot by Tinubu to indirectly lower the ratings of President Buhari before the eyes of ordinary Nigerians because the ongoing reforms embarked by the minister are not favouring his interest, hence he chose to attack the president indirectly by hitting on Kachikwu," Ugochinyere alleged.

While the claim against the APC leader is yet to be substantiated, one thing is clear: The battle line has been drawn, and Nigerians, in the next few weeks, would be treated with the theatrics of political supremacy between the various interest groups in the ruling party.

12

POLITICS

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Regional party not in S’East interest – Nwaobu-Allor Chief Sylvester NwaobuAllor is a member of the All Progressives Grand Alliance (APGA) Board of Trustees (BoT). In this interview with Paulinus Onah, he speaks on political issues, particularly as they affect Anambra State and the South-East. Excerpts:

As a foremost parliamentarian, what would say is the reason why it has been practically impossible for Ndigbo to have a political platform since independence in 1960?

The reason is because an Igbo man believes too much in himself, he does not consider others. The Igbo man lacks the patriotism that is required to sustain a political platform like his brothers in the North and SouthWest. So many people see the All Progressives Grand Alliance (APG) as an Igbo political party but it is legally a national party. But APGA is also dead and cannot resurrect again. It was the intention of the Igbo political founding fathers to have a political platform to move forward, but we are not yet there.

The Igbo man has not imbibed the spirit of internal democracy, commitment, equality and good conscience and that prevented the Igbo agenda and as well killed the defunct Nigeria Peoples Party (NPP), United Progressives Grand Alliance (UPGA) and APGA. Participants in the system are very dishonest, they also don’t believe in the Igbo Agenda. They are interested in leadership position and acquisition of wealth against the yearning and aspiration of Ndigbo.

You are from Anambra Central and a member of APGA’s BOT but it seems you are no more supporting your party’s bid to win the senatorial rerun?

It is high time we stop talking about parties, but individual capacity. I am aware that the Peoples Democratic Party (PDP) has submitted former Governor Peter Obi’s name to the Independent National Electoral Commission (INEC) as its candidate for the election, which been suspended for now. I also know that there are little problems within the PDP but I am sure that it would be resolved and Peter Obi will contest. I have no doubt in my mind that Peter Obi will be in the National Assembly for Ndigbo.

Nigerians should deemphasis party politics and think about individual capabilities, integrity Nwaobu-Allor and honesty. It is a mis-

5 Questions

nomer for us to believe in party politics. A political party is a platform through which members organise themselves as a body and campaign for candidates and that is all the party can do. The sum total of politicking is the interest of the masses. I am not sure I am in the PDP but Peter Obi has all it takes to represent the state at the red chambers.

There are insinuations in some quarters that you are on a vendetta mission against the candidate of your party, Chief Victor Umeh whom you parted ways with sometimes ago I believe in what an individual can do. Victor Umeh has not gotten the comportment. I am against his policies on political formation. He is my friend, but let me tell you, Victor Umeh killed APGA. It is his attitude and mindset that brought down the party. He did everything that made the party not to grow.

But the belief that he is responsible for what APGA has achieved as a political party?

Umeh’s eight years of leadership as the national chairman of the party was eight years of destruction. APGA is a party loved by every Igbo man and after eight years, the party cannot take control of the South-East states and the Igbo speaking states.

Why has he not succeeded in promoting the party to take over the states?

He is a dictator, he believes in power and control.

Is APGA really an Igbo party and how far can a regional party go in today’s Nigerian politics?

We don’t even need an Igbo political party. We have people to make things happen if we have a good political party that has the interest of the masses as its priority. We will come together, work together and take over the control of the party with the spirit of Igbo entrepreneurship

How Senate passed CHUKWU DAVID looks at the recently-passed 2016 budget by the National Assembly and reports that the Upper Chamber was not able to cleanse the document of certain defects before final approval

T

he National Assembly, after about three months of consideration of the 2016 Appropriation Bill, finally passed the proposal last week Wednesday. So, the bill is now awaiting the assent of President Muhammadu Buhari, to make it a lawful, legal and implementable fiscal document.

While the bill was being considered by the various sub-committees of the Appropriations Committee of the Senate, so many controversial observations surfaced and became very contentious, to the point that the Senate contemplated to outrightly stop further consideration of the money bill, as submitted by President Buhari.

For instance, some Senate committees discovered that some Ministries, Departments and Agencies (MDAs) craftily padded some unsubstantiated funds in the budget through different sub-heads. This experience was the same with virtually all the agencies of government that appeared for budget defence.

Some heads of certain MDAs even came out to disown the budget of their establishments, claiming that what was brought before the lawmakers was at variance with what they earlier discussed and approved to be submitted to the parliament.

That was why the Minister of Health, Prof. Isaac Adewole, disowned the budget of his ministry, alleging that the original document was doctored by his subordinates (civil servants) and smuggled strange figures into the proposals.

The minister disclosed, for example, that there were some issues on which conclusions had not been reached by the ministry and yet allocations were made to them without his knowledge or input.

He pointed out that most of the provisions of the budget of the Health Ministry brought to the National Assembly for approval was in contrast with the priorities of the sector as contained in the original document prepared with his consent.

This embarrassing discovery, compelled Prof. Adewole to ask the committee to throw out the fraudulent document and give time to go back and rectify the situation and then present fresh proposals to the Senate.

President Muhammadu Buhari presenting the 2016 budget to the National Assembly.

With all these anomalies detected from the budget, Nigerians expected that the legislators would painstakingly scrutinize the budget with a view to eliminating the errors so as to make it realistic and easy for implementation.

Most analysts had thought that the National Assembly would take extra pains to thoroughly work on the various submissions by the MDAs and ensure that financial leakages in the 2016 budget estimates were blocked to save funds to provide for the basic and other needs of Nigerians.

The Senate actually used the reasons of these errors and fraudulent padding of the budget by the MDAs to excuse itself for delaying the passage of the money bill.

It will be recalled that the Senate, earlier proposed to pass the bill on February 25, but was not able to fulfill this task due to contentious issues of padding and other sundry defects detected by the lawmakers in the course of budget defence.

The Joint National Assembly committee on Appropriations, had told Nigerians that the report of the bill would be laid before the two chambers of the apex Assembly on March 16 and then considered and passed March 17 but also failed to achieve this.

While defending the failure of the two chambers to fulfill its promise, the Chairman, Senate Committee on Media and Publicity, Senator Aliyu Sabi, said that the document was flawed with a lot of errors, and that the National As-

CROSSFIRE It is our considered opinion that Kachikwu should stay for bringing sanity to the petroleum product import and fuel supply chain in the last 10 months -Osita Okechukwu

Kachikwu must not be a cog in the wheel of progress and should do the needful by resigning if he is not capable of doing his part by efficiently running the ministry assigned to him -Prince Hilliard Eta

2016 Budget with defects

sembly was trying to cleanse it of all defects before allowing it to pass into law.

He said that the budget was very important because it was designed to drive the economy and provide employment for Nigerians, and should therefore, be made implementable in order to achieve its set goals.

However, it appears that the National Assembly, particularly the Senate, at a point got overwhelmed by the quantum of defects found in the budget and decided to just pass it as a matter of annual ritual and allow the executive to grapple with the imminent difficulties in its implementation.

This is evident in some of the observations and recommendations contained in the budget report of the Appropriations Committee, which were read out on the floor of the Senate before its passage on Wednesday last week.

In his highlights on the budget report before its clause by clause consideration and approval by the Senate, the Chairman of the Appropriations Committee,

Senator Danjuma Goje, noted that the committee adopted the benchmark of $38 per barrel of crude oil, 2.2000mbpd oil production and N197/US$1 as proposed by the executive arm.

This was in spite of the fact that current developments global economic imperatives have made these figures unrealistic. The naira for instance has been fluctuating from N400 to N250 per $1, just as the price of crude oil has also been very unstable, and crude oil production per day is equally at variance with the projected figure in the budget.

Goje said that the committee, in the course of its work on the budget, observed that the 2016 Appropriation Bill, which was the first by the President Buhari's administration was not presented on time to the National Assembly, noting that it also affected the timely passage of the bill.

The committee also observed that the Appropriation Bill was fraught with some inconsistencies from the MDAs, resulting in the emergence of different versions of the budget, warning that this development was strange and went against proper budgetary procedures and processes, with attendant negative implications on the handling of the money bill.

He further hinted that the available revenue for appropriation was grossly inadequate to meet the huge demand of MDAs to prosecute needed programmes for national development across all spheres in the economy.

The lawmaker pointed out that the 2016 budget sought to stimulate the economy but the recurrent expenditure, which is at a ratio of 30:70 per cent with capital expenditure, was on a high side, lamenting that the situation had taken away from the infrastructure-stimulus funding that the country needed desperately for development.

Goje also noted that the budget contained a number of omissions, particularly in the area of personnel cost, alerting that, although the Appropriations Committee had filled some of the gaps, there were many outstanding cases which could raise serious concerns in the course of implementing the budget.

Following the above observations, the Appropriations Committee recommended that subsequent budgets should be submitted in strict compliance with the provision of the Fiscal Responsibility Act, to enable the National Assembly conduct proper engagement and to conclude budget processes in good time.

The Committee further recommended that there should be proper engagement in future between the Budget Office of the Federation and the MDAs on budget contents in order to avoid a disconnect in processing of budget proposals.

It also urged government to endeavour to increase and diversify its revenue generation streams, given the yawning gap between collectible revenue and actual collections.

The committee also advised that the recurrent component of subsequent budget should be reduced, while the capital component should be increased, to be able to deliver the capital thrust of the budget to the people.

However, reacting to the observation of the Appropriations Committee that there were some gaps in the allocations made to some MDAs, the Deputy President of the Senate, Senator Ike Ekweremadu, expressed concern that such loopholes might pose a serious challenge to the successful implementation of the budget.

He therefore, suggested that those gaps should be addressed by the National Assembly before making the final approval on the document, to avoid creating avoidable problems in the course of implementation.

This noble advice was however, not heeded to because of the rigidity of parliamentary procedure, which forbids the Senate from going back to any issue already concluded unless a formal motion is brought in respect of the matter.

It is therefore, obvious that the 2016 Budget passed by the National Assembly, is still having some inherent hiccups that can practically make its implementation difficult, although the President can at any time, bring the Act or any part thereof to the National Assembly for necessary amendment.

POLITRICKS INEC and bug of inconclusiveness For the sake of friendship

I

t seems that the bug of inconclusive elections has caught up with the new leadership of the Independent National Electoral Commission (INEC) under Prof.

Mahmood Yakubu.

From the governorship elections in Kogi and Bayelsa states to the recent rerun elections in Rivers State, it was tales of inconclusiveness. The respective elections not only ended on inconclusive notes but were characterised by poor logistics.

The question many have asked over this development,

13

POLITICS

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

is: Did the immediate past chairman of the commission, Prof. Attahiru Jega, left with the magic wand that saw the electoral umpire earned the confidence of many Nigerians and the international community?

But as one analysts observed, while Jega left a big shoe for his successor,the task before Yakubu is no mean one, but he has to rise to the occasion and deliver free and fair elections, as attention shifts to Edo and Ondo, which are next on line for governorship elections.

T

here is a saying among politicians that there is no permanent friend or enemy but permanent interest. This notion seems to be the reason why many politicians have become friends or enemies overnight.

But for an elder statesman and Second Republic member of the House of Representatives (name withheld), politics is about friendship and he is ready to do the needful to maintain cordial relationship with fellow politicians and friends.

On Sunday, when New Tele-

graph called the elder statesman to comment on Asiwaju Bola Tinubu's outburst against the Minister of State for Petroleum, Dr. Ibe Kachikwu, he simply declined, saying "Asiwaju and Kachikwu are my friends. I am very close to two of them, so I cannot speak on the matter because I don't want to speak in favour or against anyone of them. It will be better not to comment on the issue, so that I wont offend anyone of them." With his response, the politician seems to cherish friendship and he cannot afford to lose his friends.

POLITICAL NOTES

Frank

What does Frank frankly wants?

W

hen Alhaji Lai Mohammed was appointed as the Minister of Information and Culture, many thought the ruling All Progressives Congress (APC) would automatically pass the baton of its spokesperson to Mohammed’s deputy, Mr Timi Frank. But the party had some other plan.

Frank, who is the APC’s Deputy National Publicity Secretary, did not however take the decision to allegedly usurp his role as the spokesperson of the party with a pinch of salt. He went to the rooftops to protest the blunt statement of his national chairman, Chief John Odigie-Oyegun that issues relating to the party can only be addressed by himself or the National Secretary of the party, Malam Mai Mala Buni.

With no definite reason(s) why he was denied the platform, Frank, who is an ally of former Vice-President Atiku Abubakar, decided to go solo and started issuing statements and reacting to issues on behalf of the party. In one instance, Frank issued a conflicting statement opposed to the party’s stance in the wake of Kogi State governorship election debacle.

Last weekend, Frank introduced another dimension to the ongoing trial of the Senate President, Bukola Saraki, at the Code of Conduct Tribunal (CCT). Saraki, a leader of the APC is being tried for perjury by the Tribunal.

According to the APC deputy spokesperson, leaders of the ruling party are engaging in conspiracy of silence in Saraki’s travail. “I sincerely hold that the current trial of Saraki is not only underserved, but amounts to paying a good man with evil,” he said.

Already, tongues are wagging about whose interest Frank is serving in the ruling party’s executive. Is he trying to pitch Saraki against APC leaders or is this one of the ways to react to his being sidelined by the Oyegun-led administration? Whose battle is he fighting? Can it be said that he is speaking the mind of some Nigerians?

Wale Elegbede

14

POLITICS

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Why we withdrew from representing Zakzaky – Okoye A member of the legal team representing the Islamic Movement in Nigeria and its leader, Sheikh Ibraheem El Zakzaky, before the Judicial Commission of Inquiry set up by Kaduna State government to probe the clash between soldiers and Shiite members in Zaria last December, Barr. Festus Okoye, in this interview with IBRAHEEM MUSA, sheds light on why the team withdrew from the matter. Excerpts: You announced last week that the legal team of the Islamic Movement of Nigeria (IMN) is withdrawing from appearing at the commission of Inquiry set up by the Kaduna State government to investigate the clash between soldiers and shiite members in Zaria last December. Don’t you think that your withdrawal was hasty, given that you were about meeting the detained shiite leader?

Honesty, I believe that the withdrawal of the legal team from the Judicial Commission of Inquiry which was inaugurated by Kaduna State government on January 29, to investigate the challenges and problems that occurred in Zaria between December 12 and 14, 2015 amongst the Army and members of the Islamic Movement in Nigeria was not hasty. Right from the beginning, the legal team made frantic and concerted efforts to see the leader of the Islamic Movement in Nigeria, who has been in detention since December 14, 2015.

If you look at the history and antecedents of our withdrawal, you will see that on February 2, the Judicial Commission of Inquiry wrote a letter to the Islamic Movement, telling them about the inauguration of the commission and that they have to submit a memorandum and also make an appearance before the commission, to tell their own side of the story in relation to what happened.

In the said letter, they also attached the commission’s terms of reference, which contained 13 items.

The Islamic Movement received the letter on February 5, but the letter was dated February 2.

The letter was referred to the legal team of the Islamic Movement to act. What we did was to first of all, write to the Inspector General of Police because the Nigerian Army had said publicly that the leader of the Islamic Movement in Nigeria, Sheikh Ibraheem El Zakzaky was handed over to the police, after he was arrested. This letter was written on February 8 and the letter was very clear.

What did you demand in the letter?

It stated that a Judicial Commission of Inquiry has been set up and that the Islamic Movement has been asked to submit a memo before the commission. And that in view of this, the Islamic Movement is insisting that it must get the express permission and authorisation of its leader, Sheikh Ibraheem El Zakzaky before it will take a decision on whether or not it will appear before the Judicial Commission of Inquiry. The letter also stated that this is predicated upon the fact that the detained leader of the Islamic Movement is also its spokesperson and the custodian of its properties. Therefore, we said that we need to get his firm

authorisation and briefing before we can submit a memo to the commission and also get him to appear before the commission.

We stated all these because of the terms of the commission which are very clear. The commission was set up to determine the historical circumstances surrounding and contributory factors and the remote causes of the clashes that occurred between the Army and members of the Islamic Movement. Secondly, the commission was also set up to ascertain the number of persons killed, wounded or missing during those clashes. Mind you, the leader of the Islamic Movement was wounded, his wife Zeenat was also wounded.

The commission was also set up to identify all properties alleged to have been damaged during the clashes, the owners or occupiers of those properties and the value of such damage or destruction.

You also know that the headquarters of the Islamic Movement in Nigeria, the Hussainiyya was

Okoye

Items G and H were inserted in order to present to the commission with a predetermined agenda

destroyed completely during that particular period. You also know that the house of Shiekh Zakzaky was also fire-bombed. The commission was also asked to determine the evolution of the Islamic Movement, its legal status, organisation, structure, membership growth, assets, resources, culture and practices.

It’s next to impossibility to make a determination of all these things when the leader, the founder and the spokesperson of the movement has been held incommunicado since December 14, 2015. So, we felt that it was imperative for the legal team to see him and take briefings and clear instructions from him on what should be contained in the memo, and also to find out whether he was ready to appear before the Judicial Commission of Inquiry.

So, based on this, the legal team met with the Inspector General of Police on February 8, over the issue. It was at that meeting that we confirmed that the leader of the Islamic Movement was not with

the Nigerian Police but with the Department of State Security Service. On that same day, we had a meeting with the Director General of DSS and the legal team was asked to come back the following day, being February 9, to meet the leader of the Islamic Movement.

The team of lawyers was led by Femi Falana (SAN) and there were six of us. At the end of the meeting, we were not given access to the leader of the Islamic Movement.

Again, we now wrote to the commission on February 11, telling them that their letter has been submitted and we have made efforts to see Sheikh Ibraheem El Zakzaky, but we have not succeeded.

We were therefore not in a position to submit a memo to the commission or even appear for the Islamic Movement in Nigeria.

On February 19, Maxwell Kyon appeared before the commission and said in clear terms and unambiguously of all the efforts that the legal team has made to see the leader of the Islamic Movement that has not yielded any positive results. He also said that the legal team was still making frantic efforts to see the Shiekh. On that same day, I had a meeting with the DG of DSS in Abuja and we were promised that we will see Shiekh El Zakzaky on the 24th but we

POLITICS

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

on his own, will you return to the commission?

We cannot go back to the commission on our own. If those who referred the letter from the commission to us in the first place, brief us once again and ask us to go back to the commission and also make concerted efforts to see the leader of the Islamic Movement in Nigeria, we will go back. But until then, we have formally withdrawn from the commission and we will not go back.

couldn’t see him.

What happened next?

Based on all these, the commission now directed its counsel, Yusuf Ali (SAN), to facilitate the access of the legal team of the Movement, to see Shiekh Ibraheem El Zakzaky. The commission consequently adjourned. On March 7, I led the legal team to the commission and stated very clearly, unambiguously and concisely, all the efforts that we had made to see the leader of the Islamic Movement that had not yielded positive results. And I said that based on this, we are not too sure that we can continue with our appearance before the commission. Based on this, the commission said that it was going to write a formal letter to the Attorney General of the Federation and the Attorney General of Kaduna State, urging them to facilitate the access of the legal team to the leader of the Islamic Movement. That letter was written. The legal team was served with it.

So, based on this, the legal team was on standby 24 hours, waiting for that call, so that we can go and see the leader of the Islamic Movement. That call never came. On the March 14, Maxwell Kyon appeared before the commission. Yusuf Ali (SAN), who is counsel to the commission, informed that they are still making frantic efforts to facilitate this access. And that he had gone to see the Attorney General of the Federation three times but he had some other major commitments and could not facilitate the said meeting. He also asked that the commission should adjourn to enable him conclude what he was doing. The commission adjourned.

Afterwards, it directed the secretary of the commission, Dr Bala Babaji, to issue a statement on the same day and claimed that and I quote: “The commission notes that the Islamic Movement in Nigeria has been represented by counsel and it is satisfied that the said counsel have been properly briefed by the Islamic Movement in Nigeria to appear before us. The commission has tried hard to afford all parties to be fairly represented and treated with justice and fairness in all its deliberations. The commission intends to proceed with its deliberations on Monday, March 21, by taking the memorandum submitted by the Army. Counsel to the Islamic Movement in Nigeria is to submit its memorandum not later than March 21.’’

The clear implication of this was that our having appeared before the commission out of respect, since we didn’t have full briefing from the Islamic Movement in Nigeria and its leader, didn’t sit well with the commission. And secondly, it has already given us an ultimatum. Therefore, since we believe and the commission’s counsel believed that we have not had proper briefing and access to the leader of the Islamic Movement, and the commission on its own, claimed that we have been properly briefed, it is incongruous and irresponsible for us to continue appearing before the commission that has already made up its mind that we have been properly briefed.

Given this long narration of what happened and the efforts the commission itself has made to enable you get access to the leader of the Islamic Movement; it seems that you acted

Okoye

solely given the statement of the commission. Did you make efforts to find out whether or not the secretary actually issued the statement on behalf of the commission?

No! The secretary of the commission issued the statement on behalf of the commission. A member of the commission, Prof.

Awwalu Yadudu also spoke to the press and reiterated what the secretary said and he stated clearly that they were going to continue with their deliberations. Neither the chairman nor any member or counsel of the commission has said that the secretary did not have authorisation to issue the statement or that the secretary issued the statement in error. We believe 100 per cent that the secretary was directed to issue the statement after the deliberations of the commission. So, there is no doubt whatsoever that the secretary spoke for or on behalf of the commission.

Dr. Bala Babaji, the secretary of the commission wrote the letter that was dated February 2, to the Islamic Movement in Nigeria.

The terms of reference and every other document that has emanated from the commission was signed by him. The letter to the Attorney General of the Federation, urging that access should be given to the legal team to the leader of the Islamic Movement, was signed by the same Dr. Bala Babaji. So, he had always signed letters emanating from the commission and nobody has questioned his authority.

Sometimes, media accounts can be widely inaccurate. Did you get a copy of the said press release? Did you find out whether what was in the statement was actually what was reported in the media?

We have a copy of the press release. The same thing that was in the press statement that Babaji issued was the same thing that most of the media organisations reported. It was the same thing that Prof. Auwalu Yadudu, who is a member of the commission, amplified. That statement has not been denied by anybody up till today. So, as far as we are concerned, he acted for and on behalf of the commission and it was the view of the commission that he reflected.

If the commission withdraws that statement and either says that it issued it in error or the secretary acted

Since we did not have any form of briefing... it is unethical to continue to participate in the proceedings of the commission

But counsel to the commission said last week that your lead counsel, Femi Falana (SAN) is not aware of your withdrawal from the commission. Why didn’t you tell Falana of your decision to leave?

It is tendentious to assume that we acted unilaterally and without the consent of the leader of the legal team, Femi Falana (SAN) in withdrawing further participation from the commission. The secretary to the commission has not denied issuing a statement insisting that we have been properly briefed and do not need any access to the leader of the Islamic Movement before representing him and the Movement. If we have been properly briefed as posited by the commission, what is the essence of the access they tried to facilitate?

The commission gave us ultimatum to submit memorandum on grounds that we have been properly briefed and since we did not have any memorandum to submit, we decided to withdraw. Since we did not have any form of briefing, we felt that it is professionally wrong and unethical to continue to participate in the proceedings of the commission. Yusuf Ali is not Femi Falana. It is Falana that is permitted to tell the Nigerian public that we withdrew from the commission unilaterally and without his knowledge, consent and permission. Falana is the leader of the legal team of the Islamic Movement of Nigeria and Sheikh Ibraheem Zakzaky. We are in touch with him daily and the legal team is working together under his leadership.

The counsel of the commission also said that he has met Shiekh Zakzaky and that he has agreed to participate in the ongoing inquiry. What is your reaction to that?

Yusuf Ali is counsel to the Judicial Commission of Inquiry. He is not counsel to Sheikh Ibraheem Zakzaky. He is not counsel to the Islamic Movement in Nigeria. The Judicial Commission of Inquiry only asked him, as counsel to the commission, to liaise with the Attorney General of the Federation and the Attorney General of Kaduna State to facilitate access by counsel to Sheikh Ibraheem Zakzaky. That was the mandate given to him and that mandate is limited to making sure that we as counsel are given access to see the leader of the Islamic Movement. He cannot act as counsel to the commission and at the same time act as counsel to the detained leader of the Islamic Movement and the Islamic Movement.

At the press conference in which you announced announced your withdrawal, you alleged that sections G and H of the Commission of Inquiry’s terms of reference were inserted deliberately to justify the banning of the Islamic Movement. What are these sections and how will they be used to justify the ban of the Movement as

15

you alleged?

In the text of the broadcast that the Kaduna state Governor made when he told the people of the state that he was going to inaugurate a commission of Inquiry, items G and H were not there. It was at the inauguration of the commission that they were inserted. Item G wants the commission to determine the evolution of the Islamic Movement, its legal status, organization, structure, members, growth, assets, resources, culture and practices and how any or all of these contributed to any engagement with the community, constituted authority and the security agencies. Item H says the commission should review all other factors, issues or matters, including the alleged involvement of foreign and domestic actors or their influence or instigation that may have contributed to the incident or may conduce to such incidents in the future.

Those who set up the commission are insisting that there are only two principal parties in this matter; that is the Islamic Movement in Nigeria and the Army. But from items G and H, it is very clear that there are three parties, which includes Kaduna State government. And I say this with all sense of responsibility because, after the events of December, 12 and 14 2015, some elements within some of the parastatals of Kaduna State government, went and completed the demolition of the properties of the Islamic Movement. So, they are a principal party in this particular matter. Secondly, when you are setting up a judicial commission of inquiry that will be fair to all parties, you are exercising executive powers based on the oath you swore. But item G suggests that those who set up the commission are not interested in all the other terms of reference.

Why did you say so?

Because if you are setting up a commission of inquiry to make a finding and you believe that there are three parties in the matter, item G ought to read, ‘’to determine the evolution of the Islamic Movement in Nigeria, the Army and Kaduna state government and to determine their legal status, organization , structure, membership , growth and assets.’’ That is the only way that you can strike a balance. What is their business with the legal structure of the Islamic Movement, when they know fully well that the constitution of the Federal Republic of Nigeria states clearly that every individual has the right to organise, to coalesce, to form an organisation to protect its own interest. If you determine the membership of the Islamic Movement, what are you going to do with it? Who told you of an alleged involvement of foreign and domestic actors? What I’m saying is that items G and H were inserted in order to present to the commission with a predetermined agenda, so that they can return a predetermined verdict.

But it may not be the case because the commission was asked to determine the remote and immediate causes of the events of last December. Don’t you think that the remote cause of the crisis may be rooted in history?

It may also be rooted in the hisCONTINUED ON PAGE 18

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WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Opinion

Eleme: Water in exchange for oil Christian Maduka

E

leme town is one of the various towns inhabited by the Eleme people of Ogoniland, the indigenous peoples that inhabit the Niger Delta region of South South Nigeria. The Eleme people live in ten village-clusters situated in Eleme Local Government Area (ELGA) of Rivers State, around 20 km East of Port Harcourt. The total territory occupied by the Eleme people expands across approximately 140 square kilometers.

The Eleme are traditionally an agricultural society, with workers travelling out to farms situated around the villages. Crops include yams, cassava, palm-oil fruit, fluted pumpkin and bitter-leaf. Crops are primarily used to sustain each family, but each family also typically trades their excess crops at one of the town markets. Even where family members are employed outside of agriculture, they still farm their own land as a supplement income.

Farm workers are usually women.

With the discovery of oil in the Niger Delta in the 1958, the Eleme territory has become home to both Oil Refineries and Fertilizer industries, increasing its role as an industrial economy. The nearest oil refinery is within a mile of an Eleme village, and around 100 wells are thought to be in use throughout the Ogoni territory. The mining of oil has had notable political and environmental effects on the status of the small towns of Niger Delta, with pollution from petro-chemical industries based on Ogoni-land increasing acid rain and reducing soil, water and air qualities. The Niger delta is Nigeria’s restive oil region massively degraded from decades of environmental pollution by oil producing companies and the activities of

other ancillary oil service providers as well as illegal crude oil refiners.

Unsurprisingly, Eleme land and its surrounding towns have become areas of much political interest over the last 40 years since oil exploration is estimated to account for around 65 per cent of Nigerian Government budgetary revenue and 95 per cent of all foreign exchange earnings. Consequent high levels of migration into Eleme territory by other ethnic groups in Nigeria have made a sizeable impact on Eleme society. The environmental impact of oil explorations and siting of petro-chemical industries on Eleme land were so severe that even the United Nation Office has commissioned numerous studies on the area and surrounding oil towns. The ground water in and around Eleme and the whole of Ogoni land was declared unwholesome for both agricultural and human consumption. The environmental effect and the fear of enormous harm the oil activities pose on the people of Niger Delta of Nigeria became a source of great global concern.

Niger Delta is a land of numerous creeks, rivers and lagoons emptying into the great Atlantic Ocean in the Rivers State’s capital of Port Harcourt and other oil towns of Patani, Warri, Sapele etc in Delta State. These great sources of water have been polluted greatly by oil related activities. The level of spills and pollutions from legitimate and illegitimate oil refineries, bunkering and explorations has made Niger Delta an environmental emergency zone.

When Professor John Pepper Clarke wrote in his verse 50 years ago concerning Niger Delta, he said there was “water everywhere but not a drop to drink”. Today Professor Clarke’s poetic prophesy has not only become true but has raised serious concern for good source of clean

The water treatment plant sited in Eleme town is technologydriven

water for the good people of Rivers State. The Shell Petroleum Development Corporation as part of its social responsibilities, commissioned an integrated water treatment plant to serve the oil ravaged land of Ogoni. The water treatment plant sited in Eleme town is technology-driven but shows high level of sustainability. The plant is currently managed by the Contracting Firm that built it. The plant which harnesses raw underground water and takes it through a high level of purification and treatment, provides daily supply of laboratory certified clean water to Eleme people and the surrounding villages.

Currently the Rivers State Ministry of Water and Rural Development having spent so much on water supply and sanitation is embracing reforms in the sector. With the development of water law Rivers State is on track for the sustaining water services. The Rivers State Water law clearly defined the roles and responsibilities of all the key players in the sector and also established the new agencies that shall drive performance and service delivery in the various segments of the sector.

The vision of the State is to have a water sector that is focused on efficiency of service delivery, customer satisfaction and financial viability through different cost recovery models applicable to the different segments whilst providing a means of regulating the sector to ensure that the interest of all parties – government, service provider and the consumers are protected. Their focus in the State is to strengthen the newly established Rivers State Water Services Regulatory Commission and the Rivers State Small Towns Water Supply and Sanitation Agency as well as the preparation of Water Sector Development Plans for selected Local Government Areas in the State.

•Maduka works with a private communications outlet in Enugu

Olakunle Adewale: Tears, one year after Kayode Jackson

M

arch 28, 2015 has found its way into the political anal of Nigerian history. If anything, the date reminds us of the first ever political revolution, one that asserted people’s will, their struggle and triumph.

It was the date Nigerians for the first time removed an incumbent President (Goodluck Jonathan) and replaced him with an opposition presidential candidate (Muhammadu Buhari) through the ballot.

One year after that historical feat, the thrills and excitements are dying off as Nigerians seem to be marching on with keen expectations now being directed in the administration they helped put in place.

While it is expected that Nigerians, like other citizens elsewhere trudge on after attaining a milestone, of greater importance is the need to keep celebrating efforts of individuals, who at larger, medium or smaller scales, contributed in bringing about the much desired “change”- the anchor on which the current administration secured entry to the office.

Although the number could be too numerous to mention, dead or alive, these personalities must not be forgotten in a hurry.

Within the league of such heroic men and women is Prince Azeez Olakunle Adewale, a former Deputy

Director in the employ of Lagos State Government.

Adewale, the heir apparent to Olu of Epe royal stool, lost his life alongside of five other Nigerians who chose to leave their comfort zones to riverrine communities of Epe to help mobilize and coordinate residents in the civic responsibility of electing leaders they can trust.

Other who lost their lives in the boat tragedy included, Muiz Bello, a former staff of Chevron and a chairmanship aspirant of Epe Local Government, Bello’s Personal Assistant, Shamsideen Agoro, a former public servant with the Lagos State Agriculture Development Authority, Gbolahan Mogaji and his brother Olawale Mogaji, a consultant with Lagos Eko Education Project.

The naration of their deaths according to eye witnesses was that after they completed their accreditation process in their respective areas in Epe, the deceased decided to embark on a mobilisation and monitoring exercise at the riverine community of Ereshe. It was while returning that their boat ran into turbulence and eventually capsized.

It will not be out of context to describe Prince Adewale and others as the silent heroes in the emergence of General Muhammadu Buhari as President of the Federal Republic of Nigeria as they paid the ultimate price for the needed change.

Any death recorded for a course one

seriously believes in qualifies one as a martyr.

For instance, despite being a Prince and Deputy Director at the State Ministry of Local Government and Chieftancy Affairs, Adewale never for once abdicated both traditional or communal responsibilities. And for friends and relatives who knew him, he was such as a selfless leader who will give anything to ensure that peace prevails in his domain.

Born on May 20th,1967, Adewale attended Monluka Nursery and Primary School before proceeding to Government College Ketu, Maryland Comprehensive Secondary School and Anwar-ul-Islam College, Agege for his secondary school education.

Between 1985 and 1989, late Adewale attended Lagos State University (LASU) for his first degree. He bagged Masters in Public Administration (MPA) from the same University between 1991 and 1993.

He joined the services of the Lagos State Government in 1991and put up a cumulative 24 years of working experience until his demise.

Within the period, he rose through the rank and became Deputy Director at the Ministry of Local Government and Chieftancy Affairs.

Since his demise, not a few have described Adewale’s death as an irreparable loss for the community he served so well and the ministry where he once called the shot. Today, one

year after the incident that claimed the prince’s life and that of others, the tears, pain and anguish still linger in the hearts of many.

Though the tears, will neither bring Adewale nor any of the other deceased back to life, nonetheless, their memories linger and it is one that may remain so for a long time to come.

In his sermon at the Fidau prayer organised for Prince Adewale on Saturday April 4, 2015 at Popo Oba Ground, Epe, the Chief Imam of Lagos State House of Assembly and current Commissioner for Home Affairs, Alhaji Abdulateef Abdulakeem, described death as “human inevitable end.”

Abdulakeem urged the people not to despair too much over the departed souls as it is a reminder to all and sundry to live a life worthy of emulation. He reminded them that death is a necessary end for all but the day and manner it will come are unknown to humans.

So, as relatives and friends marked a year anniversary of the departed souls after the tragic event of March 28, 2015, we can only pray that the family left behind including Adewale’s wife and three children are adequately taken care of by the government, in particular the government of General Mohammed Buhari.

• Jackson is a Lagos Public Relations Practitioner

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on its promises which in this Interestingly, in the iminstance is to make sure that mediate aftermath of these the operators of the boats use disasters, government huffs standard vessels and other and puffs, makes promises facilities. that they will never happen In this regard, the question again. But a few weeks down to ask is how far has Lagos the road, everything is forgotgovernment gone in ensuring ten and it is business as usual that vessels that do not meet until the next disaster strikes. the required standards are On February 2, the Lagos removed from the waterways?

State Waterways Authority The private operators in the (LASWA) summoned an emerbusiness are gency meeting more conwith all comcerned with mercial boat making profoperators in It is business as its, so how is the state where the governusual until the next the agency ment holding vowed to clamp disaster strikes them to the down on boat operators who continue to contravene the rules and regulations guiding their operations. The Managing Director of LASWA, Abisola Kamson, underscored the need for vessels operating on the state waterways to comply with safety standards.

She said that some boat operators flout the rules and regulations thereby putting the lives of innocent citizens at risk and that Lagos State Government would not tolerate the operation of substandard vessels on the waterways.

It is tempting to say this standard fare, the usual government response, only that in the meantime the vicious cycle continues. But the cycle needs to be broken and the only way, is for government to make good

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Monitoring boat operators

oat mishaps have assumed a disturbing dimension in recent time. Even more frightening is the frequency with which they occur.

The one that happened in January when seven people lost their lives underlines the severity of the situation and the risk associated with this mode of transportation in a country where many people use the waterways as a means of movement but with scant consideration given to safety measures.

The boat which was conveying 17 passengers from Ijede to Badore in the Lekki area of Lagos State, capsized on January 30, killing seven people while others sustained varying degree of injuries.

A similar incident also took place two weeks earlier when two commercial boats collided along the same route apparently due to poor visibility.

However, the main cause of incessant waterways accidents seems to be the condition of the boats themselves. How good and safe are they? How old and how well maintained are the boats? Clearly, they fail these very basic credibility tests. But in a country where very little value is placed on the sacredness of life and so much emphasis on making profits, without a corresponding effort on providing the required services, anything goes.

17

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highest standards? What has been done in this regard since that February 2 meeting?

Answers to these questions will go a long way in ensuring that these accidents are curtailed if not contained.

We also note that the issue of providing standard life jackets to passengers in these boats has also fallen prey to the mercantile predilection of the average Nigerian businessman.

Only bright red, orange and lemon are approved colours for life jackets in the state but it is a well-known fact that most operators are in the habit of using substandard life vests on waterways.

Local fashion designers reportedly sew all manner of fabrics as live jackets which are then presented to unsuspect-

ing commuters. The danger inherent in this can be better imagined.

Kamson said in the meeting with boat operators that LASWA had confiscated about 700 fake life jackets and appealed to boat passengers to insist on standard vests when travelling via waterways.

We find this latter bit of advice to the commuters a little odd. Inasmuch as those travelling in boats should be vigilant, it is doubtful whether the majority of them will recognise fake life jackets let alone insist on standard ones.

At any rate, such matters, sadly, are likely to be further from the mind of hurrying passengers.

This is where the government has a huge role. It must continuously monitor these operators to ensure that they only use standard and well maintained boats; it must remove from the waterways vessels that are not worthy and it must also ensure that standard life jackets are made available to commuters. Eternal vigilance is a price we must be ready to pay if things are going to work in that sector as well as others.

Again, government must be ready to prosecute those operators who are in the habit of flouting regulations guiding boat transportation.

This is the only way to stop the periodic convulsions in Lagos waterways.

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POLITICS

Turaki Hassan

T

he Speaker of the House of Representatives, Yakubu Dogara, has been making calls for the convening of an international donors conference that would holistically tackled the economic and infrastructural needs of the North-East part of Nigeria which has borne the brunt of the six-year violent uprising from adherents of the Boko Haram sect.

Dogara, first made the call in a motion he personally sponsored in August last year on the urgent need for rehabilitation, recovery, reconstruction and resettlement of the violence ravaged region.

Since then, at every fora, the Speaker has continued to champion the plights of the North-East while arguing that the region deserve global attention as a member of the international community.

His call is in line with what has been happening since the end of the World War II, where international conferences like that were held for Western Europe and Japan which were rebuild following adoption of the American Marshall Plan, Kosovo, Afghanistan, Iraq, Ukraine, Gaza and recently for Syria. There is therefore, no reasons why it can’t be held for the NorthEast of Nigeria. This is the kind of patriotic zeal that comes when true leaders that are visionary-inclined are allowed to lead.

It should be noted that, the scale of devastation, destruction and damage in the region far supercedes what happened in some of the countries and regions listed above but which the international community didnt hesitate to come to their aid.

The region, even before the violence erupted years ago, is one of the most poorest in the world. A recent report by the United Nations Development Programme (UNDP) said Borno State alone has lost trillions of naira economic wise while not fewer than 20,000 people were killed even though most of us who come from the north east strongly believe that the number of casualty far outweights the official figure of 20,000 with some putting it at over 100,000.

All one need to be convinced about a call for such is to take a trip to some of the villages recently liberated in Borno, Yobe and Adamawa states.

Communities were not only totally razed to the ground but one is left with no option than to conclude that the insurgents were all out to extinct and annihilate every living and non-living beings in the affected areas.

These insurgents succeeded in leaving to waste large swaths of territories in those states, especially Borno state, which happened to be the epicenter of the violence.

Right now, officially over 2.2 million Nigerians are living as Internally Displaced Persons (IDPs) in several states of the country including the Federal Capital Territory, while thounsands others are refugees in Cameroon, Chad and Niger Republic. Again, the number of IDPs is far more than 2.2 million as it ranges between 5 million to 5.5 million because majority of those displaced are not living camps but are being housed by relations both within and outside the affected areas.

To buttress Dogara’s call for an

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Dogara’s timely call for N’East donor conference

Dogara

international donor conference, UNHCR Representative to Nigeria, Ms Angele Dikongue- Atangana, during the UNHCR 2015 stakeholders’ briefing of the commission’s representation in Nigeria, urged donors and partners to take a trip to the ‘field’ to be aware of the level of destruction for a better understanding of the situation.

This is because there are dozens of villages in the northeast that have been totally destroyed. The case of the attack on Dalori is still fresh in our minds where reports said entire houses in the village were torched. The enormity of the task ahead in rebuilding the area, especially the cost is something that even the federal government might not be able to totally shoulder hence the call for the donor conference.

This much was also agreed by the Chairman, Presidential Committee on Northeast Initiative, retired Lt.-Gen. Theophilus Danjuma recently, when he said that conservatively, over N2 trillion will be required in the short-term to rebuild areas devastated by the Boko Haram insurgency. This is just for the short term measure!

He added that the rebuilding of the region would require the co-

Rebuilding the North-East is one of the biggest and most complex challenges that Nigeria is facing today

operation of all, considering that the magnitude of destruction was beyond the means of the federal or state governments. He further noted that rebuilding the Northeast would demand maximum cooperation and resources.

“Rebuilding the North-East is one of the biggest and most complex challenges that Nigeria is facing today. To hold government or any one agency alone responsible for this task is to underestimate the enormity of the problem. The task would involve massive reconstruction of physical infrastructure, much of which have been totally destroyed and, of course, the more challenging one, which is the rebuilding of peace and social cohesion,’’ he said during the opening of a two-day security seminar, organised by the Alumni Association of the National Defence College.

The rebuilding effort being done by some of the governors of Borno, Yobe and Adamawa are mere drops in a vast ocean of need that wouldn’t make much difference.

For example, Borno State governor, Kashim Shettima has been building some houses in Bama and other local governments.

But without help from outside to address the destruction in over 20 local governments that were initially intermittently occupied and destroyed by the insurgents, it would not go far.

Moreso, the destruction in Gwoza and Bama, two of the worst-hit local governments in Borno and their current needs goes beyond even the complete federal allocations that accrue to Borno state for now. Same for other local governments in the state and other northeast states where their need stands beyond rebuilding houses.

But Issues of topmost important for the northeast revolves around not only the housing but health care, women and youth empowerment, education and agriculture.

Sufficiently meeting these needs would require the involvement of the international community.

As with these areas targeted, the people of the northeast and the region in general stand the chance of having positive multiplier effect roll back on them.

This is why the call by the Speaker for an international donor conference is apt, timely and holds the solution to addressing the destruction in the northeast,

because other places have held such international conferences with success. The recent one was the International Donors conference for reconstruction and development in Dafur, held in Doha, Qatar from 7-8 April 2013.

This donor conference brought together representatives of the Government of Sudan, the international donor community, the development banking sectors, international and national NonGovernmental Organizations and international funds and foundations and provided a forum for the Darfur Regional Authority and the Government of Sudan to discuss with its development partners the needs for economic recovery, development and poverty eradication in the aftermath of the conflict in Darfur.

Likewise the Syrian donor conference held in London where over $10 billion was pledged so much that the UnitedNations (UN) Secretary General Ban Ki-moon hailed the conference as a “great success,” saying, “Never has the international community raised so much money on a single day for a single crisis.”

Just like the Speaker noted, the world now is a global village in which the effect of a massive population shift within the North-East could have spiraling effect on the world. Europe is battling to halt the massive influx of refugees from Syria, Iraq and the middle east; it is therefore in the collective interest of the international community that funds are raised to resettle the IDPs and refugees from Nigeria so as to avoid another surge to the mediteranian sea where thounsands of migrants are dying every year in their desperate effort to cross to Eupore.

Already the impact of the effect of the insurgents is felt in our neighboring countries and the need for such conference now can’t be overemphasised. Consequently, just like the speaker has done, the leaders of this country should start persuading world leaders and work toward having something like that, even if it’s in Africa.

And Dogara, deserve not only to be supported but also commended by all for his consistency in pushing for the convocation of the confab. The responsiblity of doing that now rests with the Federal government or the Executive as the parliament or legislature cannot delve into that since it is not within its powers to do so.

•Hassan is Special Adviser (Media & Public Affairs) to the Speaker, House of Representatives

'Why we withdrew from representing Zakzaky' C O N T I N U E D F R O M PA G E 1 5

tory of the Nigerian Army. Doesn’t the Army have a history? Doesn’t the Kaduna State government have a history? So, if you want to find out the remote and immediate causes , you must also look at whether the membership of the Nigerian Army, its organisation, its structure and growth have also contributed to the events of December 12 and 14. Why are you limiting this to only one of the parties when there are three parties in this whole saga?

But the history, structure and organisation of the other two parties are well known…

Who told you? How did you know?

It is there in history books Exactly! The said items said we should determine the historical circumstances.

Someone must come and tell the history of the Nigerian Army and its engagement with the Islamic Movement. Somebody will come and tell the history of the Islamic Movement and its engagement with state and non-state actors. So, the point is that, if you want to be fair, you must determine the history of all the three principal actors and see how these have impacted on the issues of December 12 and 14, 2015.

You alluded that the Islamic Movement will explore other alternatives in its efforts to tell the real story of what happened last December between its members and soldiers. Is the

group thinking of going to the International Court of Justice?

They said that since they have made very clear and deliberate efforts to see their leader and failed, they cannot leave him in detention in perpetuity. And secondly, their movement cannot be in a state of flux. To that particular extent, since so much has been done, since over 300 of their members are still in prison and different hospitals, that they will look at the possibility of using other legal means to seek redress. It is left to them; I don’t know the legal means they intend to use. But if they approach us, we will properly advise them on the options available to them in terms of seeking redress. But they are yet to approach us.

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WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

The Mega City

Life in the city Lagos is the biggest and fastest city in Nigeria

THE PEOPLE’S VOICE Poor Power supply: Frustration all over

...EXCLUSIVE LAGOS MAGAZINE

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Long queues at fuel stations

Our agony continues When the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced the federal government’s intention to impose strict sanctions on oil marketers who are caught hoarding the premium motor spirit, PMS, Nigerians and in particular, Lagosians, heaved a sigh of relief. They thought that the announcement which included a compulsory distribution of the products to motorists for free would compel fuel stations to start dispensing petrol. But few months after that pronouncement, Lagosians are still wondering what hit them as the product is nowhere to be seen. OLUWATOSIN OMONIYI reports

T

he scarcity rather bites further and increased traffic snarl on the city of Lagos. There are long queues of vehicles, parked roughly and wrongly on the road causing traffic chaos. And some filling stations remained closed, thus inflicting untold hardship on the citizenry.

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Residents have however expressed worry over the lingering scarcity which according to them has worsened their living conditions. For most Lagosians, the issue of fuel scarcity has maintained priority on their agenda for discussion in recent times-traders, motorists, commercial bus drivers etc., everyone speaking up as it concerns them.

For Mr. Ahmed Sanni, a commercial bus driver in Ikeja Lagos, this hasn’t been the best of times for business, as he has to take his turn on the long queues for hours every day to get enough fuel for the days job at the high price of N140 per litre. He called on the government to intervene speedily, to bring an end to the crisis.

New Telegraph spoke with Mrs. Eno Akiode, a trader in Alimosho Local Government who expressed her worry and unhappiness over

This hasn’t been the best of times for businesses in Lagos

Fighting for keg space for fuel

the current fuel situation in Lagos State. She explained that her business has been immeasurably affected as she is not able to afford the amount of fuel she needs to run her business everyday at the current price in most fuel stations.

The picture seen every day in Lagos now is that of individuals carrying jerry cans about the streets of Lagos. At filling stations, tricycles, motorcycles commercial and private vehicles including human beings are in constant con-

flict of who first got to the gate or pumping machine wone another.

Some residents have also resorted to hoarding petrol in their homes shops, offices; selling at much higher prices.

Bolutife Jadesola, a barber somewhere in Ojodu, area of Lagos state, sold 30 litre jerry can of fuel for N5,000 and 10 litres for N2, 500 as against N1000 respectively.

BJ as he is commonly called catch CONTINUED ON PAGE 22

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LIFE \ MEGA CITY

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Oluwatosin Omoniyi

T

he issue of electricity in Nigeria is a major sector that can no longer be overlooked. Looking critically at the issue, it would be realised that the issue of electricity is eating up the country economy as whole and this has also contributed to the incessant decline of Nigeria’s economy.

At a time, there was this cheery hope when the power supply improved. Nigerians especially Lagosians heaved sign of relief thinking that indeed, the change they asked for has actually materialised.

Quiet unfortunate as the throat would not permit the long chewing of the meat in the mouth, hopes dampened first by exorbitant bills and finally by total blackout. Most part of Lagos are in constant darkness.

Electricity is certainly needed to do virtually everything nowadays, one of which is to satisfy most basic human needs. The better the electricity, the better the economy.

Oladimeji Oshodi a civil servant supported this by saying “Constant power supply will improve Nigeria economy”.

Oladimeji continued by saying that Nigerians expressed the hope for brighter days ahead, Some believed that the privatization of the sector would reduce the problem of constant power outage but what they give now is not encouraging. He said that the moment the power sector was privatized, he as a Nigerian was happy because his expectations were so high on the issue of electricity in Nigeria.

Oshodi further said “for now, all we can do as Nigerians is to plead because Electricity is our right but it has now turned to our privilege.”

The civil servants who added that he lives at Ifako Ijaiye said his advice to the new minister of power, Babatunde Fashola is to believe in God who has been on his side and who supported him as a governor to do all that he did so as to improve.

Another source who identified himself as Adeleye Segun said that, in his family, they cook at midnight because they want to use the electric cooker. ”If the power supply is constant, we won’t be waking up in the midnight to do what we would have done in the daytime, in my area (Ikeja) the light is only regular at mid night.

Adeleye said “from my own point of view if electricity is the only thing this present administration will work on and improve it, I will give them a pass mark.”

Onyeka Solomon, an Ikeja based self-employed Forex trader noted that the issue of Power in Nigeria is not an easy thing, he said the strong principled people has been in such position but were unable to improve the Power sector.

According to Onyeka who said that during the regime of Obasanjo in 1999 Bola Ige

Electricity company official working on electricity poles

Frustration all over the then Minister for Power boasted that in six month time, there will be constant power supply but was unable to improve it.

He added that the Barrister Bola Ige later came out openly to tell Nigerians that Nigeria cannot have steady power supply even in his lifetime because of the forces behind the downfall of electricity in Nigeria.

Solomon therefore advised that the incumbent minister of power in person of Babatunde Raji Fashola to give the position all his best.

He further added that there will be challenges, but when they come, he should come out openly to the public through the media to keep the people informed.

Omolola Adebimpe who recognised herself as a teacher said that Electricity “palaver” is a big issue in Nigeria.

Omolola who resides at ipaja side of Lagos said “ I dont know why we will have to pay an high amount as Seven Thousand Naira for a light we did not enjoy for 15 days in a month.”

She further advised Fashola to scrap everything about electricity and start it afresh.

Electricity is our right, but it has now turned to our privilege

Using candle light to market her goods

A power distribution plant in Nigeria

LIFE \ In the city

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

21

Elizabeth Ogunbamowo

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t is not uncommon to find different opinion and views about the activities of the government of a mega city like Lagos. Even as some people from some favoured parts of the state sing the praises of the government, some do not even regard the government, because they believe that it has forgotten them.

As far as the people of Ijeododo area of Lagos, within Alimosho Local Government are concerned, they are neglected by the state government. They believe that government is insensitive to their plight. Just as Ijagemo road is in a critical condition but a little bit passable with a wooden bridge, so also is the Ijeododo road but in a different dimension because Ijeododo road is not even passable at all.

People have abandoned the main route into the community and created a way by the bush side in and out of the community.

New Telegraph gathered that the people had written several letters to the government about the pitiable condition of the area but since there was no response, they had to help themselves.

Miss Imoleayo Bamigbade, a resident of the area, decried the bad condition of the road. She said: “The hardship and suffering we experience in this area especially during rainy season is unbearable. The main route into this community has been abandoned by Lagos State government.

We now have to make do with this improvised route that cannot be levelled. I cannot drive my car into this community. I park it at a friend’s house in Ijegun. She, however, pleaded that the main route be attended to by the state government, so as to reduce the level of their stress.

Mr. Mogaji Olanrewaju, a land owner in the community, revealed that the road has been in a very bad condition for years. According to him, it was the intervention of the LCDA officials that helped the community. He said that the present LCDA chairman, Mr. Akinyemi.... was the one that took up the challenge, motivated people to contribute money and then filled the improvised route with strong granite and sand when the main route turned out to be impassable.

“In fact, I really thank God for this present LCDA officials.

They are wonderful and they are really working. Past leaders have collected money from us but they’ve been unable to achieve anything with it, but God really compensated us by giving us leaders with insight who were able to achieve something.”

He further said that they would have gone ahead to level the road but for the fact that the improvised route is a pipeline area. They had to leave it like that. He added that when cars were still passing there, they usually get stuck in that place for weeks before something would be done. So, people had to abandon the road to animals and spirits.

He pleaded with the state government to do something about the main route because the main route has the possibility of leading to FESTAC, Mile 2, Ojo cantonment market and some other places which the community would have traded with.

Mrs. Beatrice Okechukwu, a trader in the area, lamented the

Ijeododo road

Ijeododo seeks salvation poor condition of things in general.

She said: “I don’t like the way pipeline vandalism occur in this area. You see the road issue, even though the work is not perfectly done, at least we have an alternative route out and into the community but you see this area experiences attack from vandals almost every year and once it blows up, there will be no light for almost three months. We have to contribute money to restore connection.

Everything we do here is all about our money and that is not good for business,” she said.

A community leader who spoke on conditions of anonymity explained that they had to find an alternative route into the community when the suffering was unbearable. “People were already packing out of here. That time, Ijagemo was even better than this place, that main route was still in use then, but the whole place was flooded because there is a river meeting with a canal at that place.

People don’t wear their real shoes then, they had what was termed ‘Ijeododo shoe’. It’s actually a sandal that has thick soles.

We used that sandal then because it could absorb water and still be strong. See my Ijeododo shoes here.” He however called on the government to come to their aid stating that what the leaders have done is not 100 per cent perfect; they still need the main route and government support.

However, an official at the state Ministry of Works and Infrastructure, explained that the government will still reach that area.

“You can see that the government is actually executing some long abandoned projects now, and the work that needs to be done in that place is not a small one. So, people need to exercise patience. The tide will reach them” He said.

People had to abandon the road to animals and spirits

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LIFE \ MEGA CITY

Struggling to get petrol CO NTINUED FROM PAG E 1 9

in on the scarcity and on people’s desperation to make quick money.

Some also have used the scarcity opportunity to turn to oil bunkering. After getting it from their illegal source, they call on desperate customers for sale. Around Arepo, at the border town between Lagos and Ogun states, commercial vehicles were vying off the main road to a bushy part to queue for bunkering fuel from the boys selling. A 30 litre of fuel sold for N4, 000 while 10 litres sold for N2000, depending on the quantity customers wanted. While some were selling, some were sieving the product away from water.

Commercial bus drivers took advantage of the situation to increase their fares to unreasonable prices.

According to Ngozi Ayaji, a motorist in Isheri-Idimu, Lagos, “I wake up earlier than I used to

A long queue of vehicles at a fuel station

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Our agony continues this days just to beat the traffic on the road to the office, yet I end up in traffic, because cars start queuing in fuel stations as early as 5am, just to be among the first people to be attended to when the stations resume for the day.”

Another motorist, Mabel Abel said she ends work by 5pm, but is never in a hurry to leave the office for fear of getting stuck in heavy traffic, so she waits till about 9pm or 10pm, even at that, she said the road was not totally clear. She urged the government to step up to the plate and take a quick action to stop the fuel scarcity to avoid losing the trust of Nigerians, who have long hoped for change.

Lagos traffic congestion caused by fuel scarcity

MY CITY,/ MY WORLD

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

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THE PEOPLE’S VOICE

The state is like no other – Pa Olatunde Victor Uddo

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t 79 and counting, Elder Joseph Adedayo Olatunde, a retiree who will soon enter the Octogenarian club has been living in Lagos since 1958, said he had lived a better part of his life in Lagos.

Lagos state accommodates all and sundry. The state is like no other at least when we started living in Lagos back in the 50s. Lagos has developed over the years with infrastructures. The dual carriage way from Oshodi to Apapa was not there then. There was no bridge from Ijora to Surulere. Places like Alaka, Western Avenue were occupied by ram sellers. Lagos was not expanded like this and not tickly populated as it is now.

Transportation was superb then and affordable unlike what you experience today, there are several unserviceable vehicles everywhere today.

Security in Lagos wasn’t as bad as it is today.

You can walk from 7AM to AM without being mo-

lested. The various security challenges experienced today are due to the increasing population.

The sanitary condition of Lagos was not questionable because those responsible for enforcing sanitary laws were doing their jobs. You can’t even urinate in the public, otherwise if you are caught, you are charged to court and you will pay a fine of 10 shillings. There was no question of bribing the officials. Hardly will you see Police collecting bribe; even the citizen can hardly afford the means to bribe.

In those days, there was no failing standard of education as there was a structure put in place to check all parties involved in running the system.

Then you have education inspectors coming to schools unannounced to check records and this put teachers on their toes. You discover that one of the reasons for failing standard of education is because teachers don’t bother to prepare their lesson notes. Governor Akinwunmi Ambode should try and construct abandoned roads in Olatunde Lagos state.

Adenola: Fertile place for businesses Victor Uddo

“F Ajomale

‘Lagos is Nigeria’s New York’ IFEOLUWA IDOWU Afolabi Ajomale, International Youth Ambassador have been living in Lagos all my life. I was actually born here. I don’t think I can live anywhere else. Most of the other places in Nigeria that I have travelled to, there is always a difference that makes you know that you are not in Lagos.

I simply love Lagos, more because it is a cosmopolitan state, similar to New York, Tokyo and Paris.

The life in Lagos is fast and big. It is the biggest and fastest city in Nigeria. The only snag about Lagos is traffic. Lagosians are fast, smart, every other place is slow in comparison. I like the way Lagos puts you on your feet, you learn to become an active person. There are also lots of opportunities in Lagos. Lagos is one of the best places to live, being the commercial nerve of the nation. You have a good level of self-confidence being a Lagosian because you are street and city wise.

The rate of traffic jam is this high because we do not have good road network, nor options of transport system. We do not have a proper train system like it is in New York or Chicago. If we can have a proper train system, that would be awesome. People also complain about accommodation being expensive, of course that would be so because it is a cosmopolitan state. The traffic in Lagos is very tiring and it is something you hardly get used to. Lagos is quite developed but we still have a long way to go before we can meet the standards of other cosmopolitan cities. The electricity also has to improve because this is the major problem businesses here are facing.

For young people who want to start up businesses, electricity and road networks for supply and distribution of goods is the major factor that discourages us from starting up businesses. I must admit that the electricity is better now than it used to be, but there is still a long way to go.

I

or about 30 years that I have been living in Lagos, I can conclude that Lagos is homely and very accommodating.” According to Mrs. Matilda Adenola, Managing Director of Perfect Choice Consult, “Lagos is a fertile place for doing business.”

The issue of housing for Lagosians is very important. Governor Akinwunmi Ambode’s government should intervene in this area of shortage of accommodation and build affordable low cost houses for the masses like Lateef Jakande did.

Lagosians will be happy if this is done and gradually become landlords. That way, life will become more bearable.

Security of Lagosians should not be compromised in keeping with the Mega City status of the

Adenola

state. It is important to take seriously the security of life and property of the citizens. I therefore appeal to the governor to tighten up

the security in the state by equipping the police with sophisticated equipment and getting more hands in the security team.

I commend the state government for providing free education in the state for the indigenes and non-indigenes alike in Lagos. However, government should try and equip the schools with furniture, books and other educational materials so as to make education worthwhile.

More teachers should be employed to cater for the increasing number of students.

The transportation system should be thoroughly overhauled and government come out with a better system that will encourage the private sector to invest in the transportation business. The various traffic units or departments should be reorganised and made to be transporters friendly.

‘...Economic hub of the country’ Ezurike Ugochukwu or Emmanuel Idowu, a Lagos Fover based businessman, Lagos is populated which makes

Idowu

the state unsecured. According to him, most people who move into Lagos are jobless and they move into Lagos with the mind of getting a job because the city is an industrial area, being the economic hub of Nigeria.

Idowu said that as good and industrious as Lagos is, it has its attendant of problems, especially in terms of roads, electricity and taxes.

He complained about the electricity distribution network. For instance, Isolo area of Lagos where I stay, the transformers are obsolete and the electricity supply is not even.

Something should be done about the transformers in the state especially now that there seems to be adequate power supply.

Another nightmare for me is the Lagos roads. They are far from normal and the road net-

works are bad. There are no good roads especially in Alimosho area of Lagos. The worst roads are concentrated here in Alimosho. Government focus on this axis is poor despite the fact that people in Alimosho formed the majority that voted the present governor in. Government should do something fast about the bad roads to curtail the number of lives that are being lost on these roads.

On accommodation, Idowu said houses are expensive in Lagos. Three years ago, I know that a law was passed concerning house rents in the city which was aimed at curtailing the excesses of Land lords in demanding for house rents of two years and above but that rule does not hold any longer.

The tax system in Lagos, he adjudged to be alright but Lagosians don’t pay their taxes, according to him. Only 30 per cent of Lagosians pay tax. Anyway, it is a gradual process.

LGA\Focus

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

the neglected

Isheri Osun: A weeping community Isheri-Osun is a developing community under Igando-Ikotun Local Council Development Authority (LCDA) and has common boundaries with Ijegun and Ejigbo communities.

A community that can be best described as a neglected community. Victor Uddo reports

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t is suburb tucked away in some parts of Lagos. Entering the community from Iyana-Isheri-Osun off Ijegun road, one would think there is nobody living beyond a path known as Pako market area because of the devastating effect of flood in that region.

Walking further down the streets, you will discover that vehicles cannot access the streets, how much more car owners driving into their premises as all the houses along the street have been permanently condoned off by the bad road.

Car owners have been parking their vehicles outside their community because of their inability to access their houses as a result of the continuous deplorable state of the streets.

The inhabitants spoke in unison to New Telegraph that they have been completely abandoned by successive government of Lagos state and have been cut off from the scheme of things, benefits in all ramification of infrastructural development in the state for the past ten years.

New Telegraph visited the area and spoke with some residents who were visibly angry at government’s insensitivity towards the plight of Isheri-Osun community. Alhaji Orelope Iyanda, “I think the state government must have a grievance against Isheri-Osun people, otherwise, something would have been done since this flooding which has led to this pitiable state of things. Despite the various attempts by the residents of the community to draw the state government attention to our plights, it was to no avail.”

Akeem Kojo, who rides a commercial motorcycle, said that, “even though, I make more money from my trips as buses cannot presently ply the roads be-

Isheri-Osun roads

cause of the bad state of the roads, I also spends more in repairing my motorcycle because of the bad road.”

Another commercial motorcyclist, Sonny Rakub, said, “I am tired of this job but because I have no other means of surviving this economic hardship, I just have to continue. At times what I make daily is not enough to repair the motorcycle and pay returns to my master, I have to get a loan at times to make up, so that I can work the following day.”

Also complaining was Shina Alao, “this tricycle was sign on to me on higher purchase arrangement and I have a long way to go in paying back. I taught that by plying this route, my returns will double because of the bad roads.

Before now, we use to charge passengers N50.00 from Iyana to Iyana but now we charge N100.00 to N150.00, yet you cannot make ends meet especially when you are forcefully made to pay levies to “area miscreants”, after you are almost left with nothing. We are not asking for much but basic in form of good motorable road, installation of electricity poles with power supply and water, the rest, we will manage,” he pleaded.

When New Telegraph sorts the view of the Chairman of Oremeji Land Lords Association, Elder Joseph Olatunde on

the current situation of the roads in the community, he said, “It is unfortunate that we have been entirely cut off from Nigeria. There is no Mega City anywhere when a substantial part of a Local government area is totally cut off. We have made various efforts to attract the state government’s attention to our predicament.

According to Elder Olatunde, “About five years ago, during the second term of governor Babatunde Raji Fashola, Mr. Niyi Lawal ( a fellow landlord) and I hired a video camera professional, with some members of the community, we sacrificed our time and energy in supervising the video recording of the roads during the raining season from Iyana Isheri-Osun at Ijegun to the other end of Isheri-Osun inside the heavy down pour. At the end of the exercise, we sent the video to the governor’s office. We were reliably told then that the governor view such videos once a week. Mr. Lawal and I also visited the office of the commissioner for works at Alausa but we did not meet the Commissioner, however, we delivered a letter to his office. As at today nothing has been heard about government’s intention to do anything about this community,” he lamented.

Corroborating the chairman’s state-

ment, the Association’s treasurer, Alhaji F.A. Bisiriyu, told New Telegraph that the “Suffering is too much because it is the only access road. This case has been so for ten years now. Due to the bad roads, many vehicles use to break down. We have written many letters, done video coverage yet no respite has come our way. We are appealing to the state government and Igando-Ikotun LCDA to please make the roads at least motor-able for us, as the raining season is fast approaching,” he pleaded.

Also speaking on the community’s condition, Mr. Lawal said, “During Fashola’s tenure, we wrote every year to inform the government of the deplorable condition of the roads. And when the present government under the leadership of Mr. Akinwunmi Ambode came on board, we also wrote to him.”

He explained further to New Telegraph that “So much effort had been made with other members of the community like Alhaji Kolawole who is the Secretary of the entire area, Mr. Osho, a retired commissioner of Police and other Land Lords, unfortunately we have not succeeded in getting the government to attend to our problem. It is on record that our community voted en mass for the ruling party.”

QUOTE

OF THE WEEK

There is too much despondency poverty and suffering and if care is not taken to remedy the situation, the people will one day stand up revolt because their expectations from the government have not been met. The suffering masses expect policy implementation that will improve their living standard vigourously – The Catholic Archbishop of Lagos, Reverend Alfred Martins

IN NUMBERS

3,047 PILGRIMS TO BENEFIT FROM N50M REFUND

Ma rch

ty

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WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

FCT

Business What's news Shareholders lose N375bn in consumer goods firms

Reflating economy with N350bn package

Investor Stock market meltdown: Need for FG’s intervention

27 28

Rates Dashboard INFLATION RATE February 2016...........................11.4% January 2016.............................9.6% December 2015........................9.6%

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

EXCHANGE RATE

EXCHANGE RATE

(BDC as at March 25)

(Interbank as at March 25)

USD . . . . . . . . . . . . . . . . . . . . . . N320 Pounds . . . . . . . . . . . . . . . . . . . N457 Euro . . . . . . . . . . . . . . . . . . . . . . N360

l Foreign Reserves – $27.888bn as at 21/3/2016

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

Source: CBN

p.26

Nigeria, Zimbabwe to spend N43.86bn on maize imports p.26

R-L, Acting Director-General, Standard Organisation of Nigeria (SON), Dr. Paul Angya; Mr Abdul Yekini Lawal of FRSC, Lagos; Director of Training and Research, Dr Justin Nickaf and Head of Budget, Mr Emmanuel Gege, both of SON, at the meeting with Tyre Marketers and Dealers at Lagos Airport Hotel, Ikeja, Lagos.

Solid minerals: FG plans dutyfree waivers for foreign investors INDUCEMENTS

The Business Desk

Government is considering incentives for major players in mining eyeing Nigeria

Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Taiwo Hassan

I

n a bid to speed up development in the solid minerals sector as an alternative to oil, the Federal Government has expressed readiness to allow duty-free waivers on importation of mining equipment and technology by any genuine investor willing to establish mining company in the country.

In addition, government also plans to give a five-year tax holiday and an opportunity of 100 per cent ownership of mining company locally to prospective foreign investors willing to take advantage of the country’s mining sector as part of the policy to stimulate growth and development in the industry.

Minister of Solid Minerals Development, Dr. Kayode Fayemi, disclosed these in a chat with New Telegraph in Lagos.

He said that government was considering various opportunities to introduce incentive for major players

in mining who are already eyeing Nigeria’s mining industry as the next ‘big thing’ to happen in the continent.

The minister said that the introduction of incentive as criteria in the sector became necessary having carried out the necessary information on mining operation in the continent and concluded that the only way out for Nigeria to develop her mining sector rapidly and compete with others in the continent is to rollout mining incentives to attract investors.

He noted that mining equipment and technologies were too expensive, adding that Nigeria could only have a comparative advantage ahead of other countries like South Africa, Zimbabwe, Egypt, when free waivers are attached to investors willing to ship in the equipment into Nigeria.

He said that the government would continue to give support to small-scale miners in the country to grow their business especially in the areas of finance, technology and equipment.

His words: “We can enable the small scale players to strengthen themselves by coming together to form cooperative and receive better access to finance, technology and mining equipment because, mining equipment are expensive. If you are a foreign investor, we give you opportunity to bring in mining equipment

4 billion Being the amount the solid minerals sector in the past lost to failure of relevant authorities to update the 2002 mechanism for the calculation of royalty payments

duty-free as long as we know that you are going to use the equipment for mining in Nigeria and add value to our economy. We have provision for the minister to sign a waiver for you, but you must use it for that purpose.

“We will also give you five-year tax holiday when we see your business plans and we see that you are serious about what you want to do. And you can also own your company 100 per cent. We don’t have the ownership issue like in South Africa or in some of the African countries. You can come to Nigeria and own your company. As far as you obey the law, pay your taxes promptly and comply with industry regulations. We don’t have problem with you owing your company completely as a sole enterprise. But the important thing for us is we will monitor your activities in a very consistent manner to ensure that you are delivering promptly.”

He noted that President Muhammadu Buhari’s administration was ready to actively explore the country’s solid minerals sector and other key sectors to stimulate economic growth and development after the plunge in crude oil prices at the international markets.

The minister said that all hands are now on deck to reposition the CONTINUED ON PAGE 26

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WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

BUSINESS |news

Shareholders lose N375bn in consumer goods firms SELL PRESSURE Volatile political and macroeconomic environment take toll on equity market Chris Ugwu

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nvestors on the Nigerian Stock Exchange (NSE) recorded losses of about N375 billion in the consumer goods companies between January and March 28 this year.

This followed massive sell off that had pervaded the local bourse.

Investigation by New Telegraph showed that the subsector, which opened at the beginning of January at N2.624 trillion, closed at N2.249 trillion, as at the time of filing this report last Monday. This represented a loss of N375 billion or 14.29 per cent year to date.

Chief Executive Officer of Partnership Investment Plc, Mr. Victor Ogiemwonyi, in a chat with this newspaper said that the market lacks long-term liquidity, which makes it hard to attract investors who don’t see growth in the immediate.

“Those who have traditionally provided liquidity have gone away one by one. The retail investors were driven away in the crash of 2008 with the casino banking crisis we saw and the severe losses that followed.

“They have not come back.

The banks that provided margin loans have also permanently stayed away and now foreign portfolio investors who want quick profits have also left for good. We will have to seriously find some way to make liquidity available for the market.

Those who talk of confidence are right but that is not the

problem now. The market has gone through a lot of reforms and the regulation is much better now. Liquidity will correct the remaining issues,” he said.

In a recent report obtained from the NSE website, domestic investors outperformed foreign investors by 27.04 per cent, as domestic transactions increased from 48.43 per cent in January 2016 to 63.52 per cent in February 2016, while Foreign Portfolio Investment (FBI) transactions decreased from 51.57 per cent to 36.48 per cent over the same period.

Total transactions at the nation’s bourse increased by 39.44 per cent from N84.10 billion recorded in January 2016 to N117.27 billion (about $0.60 billion) in February 2016.

In comparison to the same period in 2015, total transactions decreased by 36.44 per cent from the N184.49 billion

recorded in February 2015.

On a monthly basis, the Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI).

According reports from the Exchange, monthly foreign outflows outpaced inflows, which was consistent with the same period in 2015.

However, foreign outflows increased by 20.79 per cent from N26.36 billion in January 2016 to N31.84 billion, while foreign inflows decreased by 35.68 per cent from N17.01 billion in January 2016 to N10.94 billion in February 2016.

Highlights of the domestic composition of transactions on the Exchange between January and February 2016 showed that the total domestic transactions increased by 82.89 per cent from January to February 2016.

L-R: Former acting Director General of the Nigerian Maritime Administration and Safety Agency, (NIMASA) Mr. Haruna Baba Jauro, new Director General of the agency, Dr. Dakuku Peterside and the agency’s Executive Director, Maritime Labour & Cabotage Services, Calistus Obi Nwabueze, at the formal handing over, at NIMASA’s headquarters in Lagos.

Solid minerals: FG plans dutyfree waivers CONTINUED FROM PAGE 25

country’s solid minerals sector to deliver the desired result as one of the key sectors to drive Federal Government’s revenue in the long run.

In line with that repositioning, Fayemi said that government was committed to relaxing existing mining laws in the country that have been hindering growth and development in the sector in the past years.

He said that government was ready to review some mining agreements it entered in the past and open up investment opportunities in the sector.

This newspaper recalled that the solid minerals sector had in the past lost billions of naira due to the failure of relevant authorities to update the 2002 mechanism for the calculation of royalty payments leading to a loss of over N4 billion.

The loss, which was incurred only on granite, sand and laterite, excludes whatever might have also been lost as a result of activities of artisanal miners who flood the sector.

A report released by the Nigerian Extractive Industry Transparency Initiative (NEITI) said there were no records to show royalty payments on gold and barites that were mined in the country.

Other factors that have also contributed to losses in the sector include the absence of specific tax laws, failure on the part of operators to submit their annual tax returns to the Federal Inland Revenue Service, environmental challenges, failure of the miners to seek official permit for export as stipulated in the Nigerian Minerals and Mining Act 2007, and lack of capacity and synergy between mining inspectorate to monitor mining operations.

The institutional composition of the domestic market increased by 75.05 per cent from N21.85 billion in January to N38.25 billion in February whilst the retail composition increased by 91.95 per cent from N18.88 billion in January to N36.24 billion in February 2016.

This indicates that institutional investors slightly outperformed their retail counterparts during the period under review.

According to the Exchange, in 2013, there was a major rebound in the domestic component, which led to an almost equal split in foreign vs. domestic transactions.

This dropped in 2014 where FPI outperformed domestic transactions. In 2015, FPI dropped compared to 2014.

However, it slightly outperformed domestic transactions in the same period.

DEFICIT Maize production dropped in some African countries due to drought

Bayo Akomolafe

N

igeria and Zimbabwe are to import 769,000 metric tons of maize worth N43.86 billion ($141,496,000) in 2016 due to deficit being experienced by both countries.

While Nigeria is expected to import 300,000 tons for industrial use, Zimbabwe will bring in 469,000 tons to ameliorate food shortage in the country.

The current price of maize at the global market is $184 per metric ton.

Nigeria took delivery of 600,000 tons between 2014 and 2015, as its annual maize production could no longer sustain domestic and industrial consumption.

It was learnt that manufac-

Nigeria, Zimbabwe to spend N43.86bn on maize imports turing firms consume 60 per cent of the Nigerian maize production estimated at seven million tons annually.

In 2014, it harvested 7.5 million tons while seven million tons was harvested in 2015.

Also, Zimbabwe has placed orders to import 469,000 tons of white maize, after a drought hurt production of the staple crop.

According to the country’s Head of Grain Logistics Taskforce, Jasper Marangwanda, who is coordinating maize imports on behalf of government, half of the maize was expected to come from Zambia, with the rest to be imported from the United States and Mexico.

It was learnt that Zimbabwe had already secured a $200 million loan from Africa Export and Import Bank (Afreximbank) to import the commod-

ity, following a drought that had ravaged the country.

Nigeria’s maize production declined from 9,250,000 metric tons in 2011 to 7,000,000 metric tons in 2015, leading to a shortage of 2,250,000 metric tons.

In 2011, the country imported 200,000 tons; 2012 - 200,000 tons; 2013 - 200,000 tons and 2014 - 200,000 tons.

Also, in 2011, the country produced 9,250,000 tons; 2012 7,630,000 tons; 2013 - 7,700,000 tons and 7,500,000 tons in 2014.

It was learnt that maize production is consumed by the industrial sector for the production of beer, flour, corn flakes, malt drink, animal feeds, syrup and dextrose.

Currently, Nigeria is producing 7.5 million metric tons of the total global maize production of 785 million tons.

Data gathered by New Tele-

graph from Foraminifera Market Research revealed that the country has a large market for maize.

It said that the country’s demand for maize starch was estimated at 800,000 tons, while the supply was just 350,000 tons per annum.

Also, Nigeria depends on the United States that produces 42 per cent to meet its deficit.

It was learnt that Nigeria and other African countries import 28 per cent of the required maize from countries outside the continent.

Worldwide consumption of maize is over 116 million tons, with Africa consuming 30 per cent and South Africa, 21 per cent.

Africa uses 95 per cent, compared to other world regions that use most of its maize as animal feed.

27

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

fct business watch Reflating economy with N350bn package The planned release of N350 billion to kick-start the implementation of critical aspects of capital projects effective second quarter and the passage of 2016 budget have attracted diverse opinions from experts.

ABDULWAHAB ISA reports

R

egardless of status, the rich, middle class and the poor Nigerians are not just wailing, but crying, over the excruciating economy of the country. President Muhammadu Buhari and his aides, on many occasions, acknowledged the economic hardship Nigerians are passing through and have consequently reassured that it won’t last long, as reforms embarked upon by the administration would yield positive results.

Conscious of time, which is of essence in the implementation of economic policies, the administration, which professed ‘change’ as its mantra to Nigerians, last week, made two key economic pronouncements as part of efforts to deflate and cushion the prevailing hardship.

The announcement was basically the planned release of N350 billion to the economy and the passage of the 2016 N6.07 trillion budget by the National Assembly. The two key economic decisions indicate that steps are being taken to melt the economic hardship.

Lifting the economy At a strategic retreat organised for members of the National Economic Council (NEC), which ended last week in Abuja, a picture of the current economy was painted without reservation.

Minister of Finance, Mrs. Kemi Adeosun , who is one of the key drivers of government financial policy, disclosed that as a sign of commitment to stimulate the economy, government would, in the next quarter, pump N350 billion into the system in form of capital spending.

She said that government was keen on using the 2016 budget to fasttrack economic diversification, stating that stringent measures would be put in place to ensure spending on capital projects trickles down to all Nigerians.

In her paper at the second day of the retreat, she said: “We are going to spend money and this will be done in a disciplined manner and in right places.”

She said the Federal Government had a platform and system of control in place to ensure transparency, which is why spending would not be reckless.

“We are pumping N350 billion into the economy in the next one quarter to help the economy to bounce back.

That has never happened in the history of this country. Companies that had laid off staff and those that had abandoned projects are going back

Buhari

to sites and the economy will bounce back. Our priority is that the wages of workers will be paid. We have engaged the contractors to let them know that the payment of management fees has to wait, this is how to make the money to trickle down to Nigerians,” she said.

A day after Adeosun’s announcement, both chambers of the National Assembly approved the 2016 budget, which had been riddled with controversies.

And to give firm commitment to his administration’s resolve to begin work in line with the expected succour for the masses, President Buhari, while responding to critics of his administration, promised to deliver on his election promises in the next three years.

Buhari was optimistic that with the National Assembly’s passage of the budget and savings of over N3 trillion in the Treasury Single Account (TSA), things would begin to move fast.

Experts’ perspectives Experts have unanimously agreed that Nigerians were being confronted with economic hardship.

They, however, differed sharply on the level of impact the N350 billion could achieve in an economy already in the throes of recession.

A Developmental Economist, Odilim Enwegbara, said the release of N350 billion into the economy would give succour to lots of Nigerians especially thousands of construction firm workers laid off by their employers due to lack of funds.

He said: “The funds, when released, could jump-start the economy and that is the kind of government stimulus package we talk about, that the government should find a way to put money in the economy especially funds that will impact on capital projects.”

On the budget, he said: “Government needs to have a special ‘Federal Budget Monitoring and Evaluation Task-force,’ comprising representatives from the ministries. They should brief Nigerians quarterly about budget implementation performance. Also, given the mindboggling corruption associated with federal budgets, a ‘Presidential

Adeosun

The second quarter, which begins today, should mark the beginning of what Nigerians yearn for

Investigation Committee on Past Budgets’ (from May 1999 and May 2015) needs to be constituted”.

He also queried the position of those opposed to the 2016 budget, saying, “Are those fiercely insisting that the 2016 budget is not proinvestment, pro-growth and pro-jobs aware that the capital expenditures from January 2013 to December 2015 (three fiscal years) totalled N1,683.05billion as against 2016’s capital expenditure of N1,845.54billion (one fiscal year alone)?”.

A former Deputy Governor with the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, said he was yet to ascertain if the N350 billion was part of approved capital budget.

“I learnt that government wants to pay construction firms that have stopped working so that they can pay workers and recall sacked ones but I wish it is more. The Central Bank of Nigeria (CBN) is tightening the policy rather than easing it. The Treasury Single Account (TSA) has centralised all funds and Nigerians are crying, I think with this N350 billion going into the economy and 2016 budget strictly implemented, the economy will witness succour in a short while,” he said.

On the 2016 budget passage, he said passing the budget in the month of March as against December fell short of the standard budget norm obtainable in other climes.

“Well, it is good that they have passed it at last, but it took pretty good time. Next time, all budget should be fixed up in November and passed in December and ready for implementation in January.

By law, they should get the budget ready by December 31 and start the implementation by January, but as it is now, the 2015 budget still runs till March ending. We are already in March and borrowing makes substantial percentage of the budget.

If we make 60 per cent implementation, I think we are lucky. But so far in the history of budget passage, this very one is fair, but honestly, it can be better,” he added.

Lead Director, Centre for Social Justice, Eze Onyekpere, said the passage of the 2016 budget by the National Assembly paved the way for Presidential assent to the Appro-

priation Bill.

He said: “What is available to Nigerians is the lump sum of the overall budget and its division into sub-heads of expenditure vis-a-vis recurrent, non-debt, capital, statutory transfers, debt service, etc. But the mischief is always in the details and we shall appropriately react when the details are available.

He said: “From the provisions of our laws, the harmonised 2016 Federal Appropriation Bill should have been assented to by the president on or before the clock strikes 11.59pm on December 31, 2015. This is to pave the way for the full commencement of the financial year on January 1, 2016, in accordance with the Financial Year Act. But this was not the case as we have lost three months and no one is sure whether the president will not have some misgivings to delay the signing and thereby return the Bill to the NASS for further re-touching.

“There are lessons to be learnt from this exercise and principally, it is the need to start the budgeting process on time at the executive level as this ensures that the legislative end is also concluded on time to get the budget ready before the end of the year.

“The president delayed budget presentation until December 22, 2015. NASS merely waited for his presentation before proceeding on the Christmas and New Year legislative break. We hope he has learnt his lessons and his learning should manifest in the 2017 budgeting cycle.”

He pointed out that the fact that the Medium Term Expenditure Framework (MTEF) 2016-2018 wasnot approved by NASS until the final considerationof thebudgetwasacausefor worry, adding that the MTEF undergirds the budget and should have preceded the presentation of the budget.

He said: “An approved MTEF is a condition precedent to the commencementof budgetpreparationandshould have guided its parameters. However, the budget and the MTEF have been approved at the same time and day.

This is wrong in law and in fact. Nigerians expect the President to immediately assent to the bill and move the executive to expeditiously start the implementation of the budget.”

Onyekepre advised that “the budget should be implemented to the letter and we are expectant of improvements in livelihoods, infrastructure, social services, employment, economic growth and raising the dignity of Nigerians. The time for apologies is over. There is also the expectation that the Federal Government should expeditiously devise a coherent and strategic framework to guide future budgeting and governance so that the policy direction and roadmap can be clear for citizens and the private sector to make rational economic decisions.”

Conclusion With Buhari’s assuring words to Nigerians to believe in the change promised by his administration, the second quarter, which begins today, should mark the beginning of what Nigerians yearn for. Nigerians are earnestly awaiting relief after enduring long economic pains. The change promised has to be real and must come in good time.

28

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

BUSINESS |MONEY

I

f figures from the FIRS are anything to go by, Value Added Tax (VAT) clearly constitutes a key source of revenue for the agency. For instance, of its projected revenue target of N4.95 trillion for the 2016 fiscal period, the FIRS has said that it is expecting to generate N2trillion or 40.35 per cent of the total through VAT. Executive Chairman, FIRS, Mr. Babatunde Fowler, who disclosed this at the opening session of the agency’s 2016 corporate strategy retreat early last month, stated that as part of efforts to achieve this target, FIRS would focus on improving non-oil revenue through effective compliance and enforcement activities.

Fowler said: “In 2016, we do not have the luxury of not meeting our targets, especially as government is looking to non-oil taxes to bridge the revenue gap. In this regard, we have proposed a revenue target of N4.957 trillion for 2016. This target is largely dependent on non-oil collections and, in particular, VAT will account for N2 trillion and CIT is expected to account for N1.87trillion. Between them, these two taxes are expected to provide almost 80 per cent of our collection in 2016. We, therefore, have our work cut out and there is no room for complacency.”

He said that the agency was able to generate a total of N3.74 trillion out of its target of N4.57 trillion for the 2015 fiscal period and attributed the underperformance to its inability to meet its target of non-oil taxes, particularly in the area of VAT and CIT collection.

Specifically, he stated that out of a revenue target of N1.28 trillion for VAT, the agency was able to generate N767.33 billion or 59.77 per cent of the target.

Although, Fowler, whose appointment as FIRS boss in August was confirmed by the Senate in December, admitted that the country was currently facing challenges in the area of revenue generation owing to the slump in oil prices, he, however, insisted that the 2015 revenue performance was unacceptable and that it was imperative for the agency to improve on it this year.

He said: “I’m particularly not pleased with the very poor VAT collection, which based on my previous experience at the state level in the administration of a tax similar to VAT, should be a high yield and easy to collect tax.”

Interestingly, at his maiden press briefing, the FIRS Chairman had stated, “There are many stones left unturned as far as our current tax administration processes are concerned. For example, it is common knowledge that administration of VAT is greatly hindered by many factors, ranging from inadequate coverage of vatable persons to non-remittances of VAT deductions, tax revenue loss in this aspect can only be imagined”.

Explaining how the FIRS would operate under his leadership, he said: “(our) strategy is going to change a bit, our objective is to have 99.9 per cent level of compliance, meaning that everyone and corporate entities that are taxable are captured in the tax net and pay the appropriate tax.”

He, however, stressed that voluntary compliance would remain

FIRS boss, Babatunde Fowler

Finance Minister, Kemi Adeosun

FIRS grapples with VAT enforcement

Nzekwe

The “final public notice” published by the Federal Inland Revenue Service (FIRS) last week, warning all tax defaulting firms and individuals to file and pay their Value Added Tax (VAT)/Withholding Tax (WHT) on before March 31, 2016, or risk being prosecuted, is an indication that the agency is stepping up its VAT enforcement battle, writes TONY CHUKWUNYEM his “First and preferred approach to tax collection,” pointing out that this strategy not only lowers cost and time of compliance, but also allows tax payers to focus on their business from where they generate the profits from which taxes are paid.

Restructuring Since that press conference, Fowler had introduced some measures to ensure that the FIRS is well positioned to surpass its 2015 revenue performance. Thus, a few days before the commencement of the strategy retreat, he carried out a restructuring of the management of the agency that resulted in the transfer of 26 top officials in the directorate cadre to different positions in various locations across the country.

Under the exercise, the FIRS boss introduced what he described as the state coordinator structure in the agency to help widen the net to capture more registered corporate and individual taxpayers towards increased revenue generation.

According to a statement by the Head of Communication & Servicom Department at FIRS, Wahab Gbadamosi, 13 state coordinators would supervise operations in their areas of jurisdictions of posting.

The state structure, he said, was part of the FIRS chairman’s vision of minimising the span of control, closer focus on corporate taxpayers in all states of the federation and stronger collaboration with State Boards of Internal Revenue (SBIR), to increase

overall tax yield accruable to the three tiers of government.

“Experienced deputy directors were transferred to FIRS’ Training School and centres across the country as part of the efforts of the Service to strengthen its knowledge transfer programme and expeditious development of the capacity of its workforce in the interim,” Gbadamosi said.

He disclosed that as part of his plan to widen the tax base further by an additional five million new individual taxpayers to the countrywide tax register by December 2016; the FIRS chairman plans to work with states under the Joint Tax Board (JTB) structure.

FIRS should focus on widening the VAT net

Challenges However, the general view of industry watchers is that although Fowler recorded significant achievements on his previous job as the head of Lagos State’s Internal Revenue Service (LIRS), his N2 trillion VAT revenue target for 2016 is quite ambitious, especially given the fact that the Nigerian economy has been hard hit by dwindling crude oil prices and the slowing global economy.

Besides, another challenge the FIRS boss would have to surmount is the issue of Nigeria’s poor tax compliance ranking as confirmed by several studies. For instance, findings by McKinsey & Company show that 65 per cent of registered tax payers in the country did not file their returns for two years, 75 per cent of registered small and medium scale businesses were not captured in the tax net, and 30 per cent of the

companies operating under the pioneer status incentive, abused their tax exempt status.

“They find ways and means of continuing that tax exemption by doing all sorts of things including moving from one company to another within the system, evading tax payment for a long time,” McKinsey wrote in its report.

Experts’ support However, commenting on Fowler’s plans to increase revenue through VAT, a former President, Association of National Accountants of Nigeria (ANAN), Dr. Samuel Nzekwe, agreed with the FIRS Chairman that more effort should go into widening the VAT net and ensuring that more companies pay the tax.

He said, “VAT is a fast revenue yielding scheme, it is a consumption tax but the FIRS has not been able to register all the companies that are supposed to be paying the tax. Most traders and other businessmen, who either run enterprises or deal in vatable goods, don’t even understand what VAT is all about due to poor awareness on the part of FIRS and Corporate Affairs Commission.”

Similarly, in a financial analyst, Mr. Franklin Ogodo, said while he shared the view that the FIRS should focus on widening the VAT net, the agency should not resort to prosecution, unless when absolutely necessary.

He said: “It is obvious that the economy is in a bad shape and that the government needs all the non-oil revenue it can get. But instead of FIRS spending time and resources to prosecute defaulting companies, it should make the VAT payment process a lot easier for businesses. The fact is that many people are reluctant to pay taxes because they don’t trust the government. They believe that there is too much corruption in the system and that the government does not fully account for how the money is used.”

Conclusion In fact, the view among financial analysts is that the FIRS should suspend plans to prosecute defaulters and spend more resources to try to enlighten business owners on the fact that VAT is a consumption tax, which is only paid by the end user of a product or service.

BUSINESS |MONEY

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

29

Concern mounts over corporate governance code UNEASE CBN faults FRC

Stories by Tony Chukwunyem

C

oncern is growing in financial circles that the proposed National Code of Corporate Governance (NCCG) might not become operational by the first half of this year contrary to assurances given by the Financial Reporting Council of Nigeria (FRC).

Findings by the New Tele-

graph reveal that the development is as a result of the claim by the Central Bank of Nigeria (CBN) that the FRC did not consider its recommendations in the drafts of the NCCG, which the Council released in December last year.

In a circular issued a fortnight ago, signed by its Director, Financial Policy & Regulations, Kelvin Amugo, entitled: “Exposure Draft of the National Code of Corporate Governance Issued by the Financial Reporting Council of Nigeria,” the apex bank had complained that most of its input/observations, submitted during the public hearing

on Code organised by the FRC, which it considered critical to the smooth operation of the banking industry were not considered in the released drafts.

The CBN said it also observed that other significant contributions from a number of banks and other financial institutions on the private sector aspect of the code were not also considered by the FRC. Stressing that it was vital for the efficient and effective operation of the financial system if its recommendations as well as the banks’ are considered before the code is fi-

nalised, the regulator directed banks “To forward their input and/or concerns on the National Corporate Governance Codes to the Director, Financial Policy and Regulations Department by March 29, 2016 (yesterday) to enable us articulate a common position for the banking industry and to engage with the FRC in respect thereof.”

However, when contacted, a spokesman for the FRC, who asked not to be named, said he was not aware of the recommendations that were not reflected in the released drafts but that the Council would soon hold a meeting with the

L-R: Group Head, Retail Banking, Skye Bank Plc, Nkolika Okoli; winner of the N100,000 category, Mrs. Fowokan Bopo; Business Development Manager, City Hall Branch, Taofeeqhat Arije and Retail Team Lead, Olatunde Oyinloye, at the 10th cheque presentation to winners in the “Reach for the Skye” Millionaire Reward scheme held in Lagos.

IFSB issues exposure draft note for stress testing

T

he Islamic Financial Services Board (IFSB) has issued Exposure Draft of Technical Note-2 on Stress Testing for Institutions offering Islamic Financial Services (IIFS) [Banking Segment] for Public Consultation.

According to a statement by the IFSB, the aim of ED TN-2 is to provide regulatory and supervisory authorities (RSAs) and market players of the Islamic banking industry with technical guidance to develop, conduct and assess stress tests. ED TN-2 follows on from, and complements, the earlier IFSB13, Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services.

ED TN-2 provides stress-testing scenarios that address multiple types of risks and their interrelated effects on the overall financial position and performance of the portfolio, the institution itself or the overall financial system. These risks include, but are not limited to, credit risk within fi-

nancing portfolios, market risk on assets held, foreign exchange risk, and liquidity risk.

The ED TN-2 incorporates risk specificities of Shari’ah-compliant contracts’ when conducting stress tests on an IIFS. This involves evaluating the various risk exposures experienced by an IIFS, which are segregated by the contractual relationships of the balance sheet components. A key feature of ED TN-2 is that it is accompanied by four basic stress test templates: one each for conducting credit, market and liquidity risk assessments as well as a scenario analysis template that combines credit and market risk stress tests.

The proposed basic stress test templates in ED TN-2 provide the flexibility of having stress test results analysed and assessed across three levels: at a portfolio level, at an institutional level and also at the aggregate system-wide level.

The scope of this TN is limited only to the Islamic banking sector, and

is aimed at both the institutional level (i.e. used by institutions to assess institutions’ risk tolerance and capital level) and system-wide stress tests (i.e. used by RSAs as a supervisory tool for financial stability analysis stress testing). RSAs may extend the application of this TN to Islamic “window” operations that are self-contained or modify it for application to other types of IIFS that fall within their jurisdictions.

In line with the IFSB due process on the development of Standards and Guiding Principles, the IFSB will be organising a Public Hearing for ED TN-2 on 25 April 2016 at Sasana Kijang, Kuala Lumpur, Malaysia. This platform aims to provide industry stakeholders an opportunity to raise issues facilitating greater understanding of the Exposure Draft, as well as to solicit feedback on its contents, prior to its final submission to the IFSB Council in December 2016.

Participation of the Public Hearing is free and open to all.

CBN as well as banks to discuss the issue.

The Executive Secretary/ Chief Executive Officer, FRC, Mr. Jim Obazee, had announced last December that the private sector code, as well as that for not-for-profit codes of the NCCG, would be operational before the end of the first quarter of this year.

He added that that the public sector code would have to be approved by the Federal Executive Council (FEC).

Obazee said: “In the first quarter of 2016, the private sector code and the not-for-profit code would be operational. For the public sector code, we still intend to go to FEC because there are already corporate governance structures within legislations by different government bodies.

“So, we need government to make a pronouncement wherein there would be like a general harmonisation such that irrespective of what you have, you are to comply with the National Code of Corporate Governance for Public Sector. But, within the first six months of next (this) year, we would go through our Minister, to the FEC, to secure the nod of government to implement that.”

It will be recalled that multinational companies, at a certain stage, also had cause to disagree with the FRCN over certain sections of the proposed NCCG. The firms had kicked against some sections of the proposed code, especially the provision of joint-auditors proposal by the Council.

AfDB tasks African ambassadors on economic diplomacy

T

he President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has urged African diplomats to work harder on promoting the development of the continent by exploring business opportunities that can mutually benefit their hosts as well as their home countries.

Adesina spoke at the gathering of the African diplomatic corps and local business people in Tokyo and Seoul at the weekend.

Africa, he said, can learn very useful lessons from the Republic of Korea, which transformed itself from an aid-dependent nation to a donor country in just about a decade. “Korea is an inspiration to me; a country that has transformed itself from receiving to giving aid in a very short time,” he added.

In his contribution, the Executive Director representing Canada, China, Korea & Kuwait, Hau Sing Tse, said that Korea has been very strategic in both its development choices as well as support to Africa, which has also enabled the country to advance its interests in Africa.

The gatherings were within the context of an on-going working visit to three non-regional Asian

members of the Bank Group by a team of senior officials led by the AfDB President, which began in Japan on 24 March.

African diplomats in both countries said the meetings with the AfDB have helped to identify areas where the Bank can make good returns on investment by supporting businesses in their hosts and home countries, respectively.

They urged the bank not to forget the SMEs that account for a large majority of the African private sector.

Adesina

30

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

BUSINESS | Investor

As the activities in the Nigerian stock market continued to slide, CHRIS UGWU writes that the Federal Government’s intervention is urgently needed to rescue the market

Stock market meltdown: Need for FG’s intervention

T

he Nigerian Stock Exchange (NSE), which has continued to act as a catalyst in the nation’s economy, has witnessed a flight by investors, both foreign and local.

This is because of some economic policies by authorities and the plunge in the oil price, which put Nigeria’s currency under pressure and dampened appetite for assets in Africa’s biggest economy and chief oil exporter.

These have affected the capital market adversely.

Hence, the sole motivation for trading currently is to get out of the market and seek shelter in other investment outlets such as bonds and real estate, to mention but a few.

The increasing selling momentum makes it crystal clear that the bears have taken control.

Worse still is the rush by foreign portfolio managers to exit the Nigerian equities market, as a buffer to augment their battered positions in the face of recessions in home markets. Market apathy has also heightened, as local investors have stepped up sell off to transfer their funds from stocks to other safer investments.

Investors in the companies quoted on the nation’s stock market, as at last Thursday, has recorded a loss of about N941 billion since the beginning of this year following sell pressure that had persisted in the equity market.

As at the time of filing this report, the market capitalisation of the NSE, which gauges the value of listed stocks, stood at N8.909 trillion as against the opening figure of N9.850 trillion recorded at the close of trading last December, accounting for a loss N941 trillion or 9.55 per cent year-to-date.

Why stocks are falling The Chief Executive Officer, Financial Derivatives Companies (FDC) Limited, Mr. Bismark Rewane, said it was likely that the current downturn in the nation’s capital market would be sustained in the near term.

Rewane, who stated this in the FDC Economic Bulletin, said the money market rates are already at an all-time low, adding that it is expected to see a creeping up of rates, as the level of government borrowing increases.

“While the increasing inflationary trends will have investors worry about their returns, the major drivers of stock market activities will be macroeconomic uncertainties and likely further increases in US interest rates.

Furthermore, Q4 earnings being presently released will be another determinant of stock market performance. The bearish trend in the stock market is expected to continue in the near term.

“Nigeria’s external reserves

Buhari

are below $29bilion. The anticipated adjustment in the exchange rate band is expected to slow down the rate of depletion, as the demand pressure eases. However, with oil prices still soft at about $37pb, the likelihood of an accretion is slim,” he said.

Analysts at Meristem Securities Limited, a Lagos based investment banking firm, had said recently that participation in the Nigerian equities market is likely to remain tempered in the shortterm given the impact of foreign investors and their wariness to participate due to their perception that the naira is ‘unfairly’ valued.

“This, we anticipate, will cause a drag to market returns, provided that the apex authority maintains its stoic stance regarding management of the forex market.”

The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, speaking on why the bearish trend has persisted this year, said: “Given the factors that accounted for weak performance in 2015, looking at 2016, you see that a couple of these will still be there, crude price has dropped the lowest in 14 years. We still see environment of lack of clarity. We have seen a mixed command and control of economy as being juxtaposed with free market economy that has created some level of absence of clarity when it comes to policy environment.”

Who takes the larger portion of blame?

The House of Representatives’ Committee on Capital Market and Institutions, shareholders and other stakeholders recently decried the huge loss in billions of investments in the nation’s capital market. They blamed the Federal Government and Central Bank of Nigeria (CBN) for the persistent downward slide of share prices in the NSE. Chairman of the committee on capital market, Mr. Tajudeen Yusuf, stated this at a public hearing organised by the committee on “Downward trend of the Ni-

DG, SEC, Mounir Gwarzo

The bearish trend in the stock market is expected to continue in the near term

MD/CEO, NSE, Oscar Onyema

gerian Stock Market and urgent need to address the vex issues of unclaimed dividends and its effect on the capital market.”

He said the House is concerned about the rapid slide of investments in the Nigerian capital market.

Yusuf noted that the public hearing will give all the stakeholders – legislature, regulatory authorities, stockbrokers and shareholders opportunity to cross-fertilise ideas that will help re-position the capital market.

While declaring the hearing open, Speaker Yakubu Dogara noted the persistent downward trend in the stock exchange and the issue of unclaimed dividends by investors as two issues posing serious national challenges.

He pointed out the effect a persistent fall in the price of crude oil in the international market has had on the Nigeria stock market.

Some stakeholders, including Dr. David Ogogo, Ambassador Olufemi Timothy and Mr. Emeka Mmadubike, the Presidents of Institute of Capital Market Registrars, Independent Shareholders Association of Nigeria and Association of Registered Stockbrokers respectively, in their individual presentations to the committee, blamed CBN for the downward trend in the stock market.

While blaming the Federal Government for not injecting some funds to bail out the stock market, they also identified poor regulation, including the injection of slush funds by commercial banks and CBN policy summersault, as the reason for the collapse of the nation’s capital market.

Way forward For the stock market to become investment destination in Africa and reclaim its position as bastion of economy, some market operators have charged government of General Muhammadu Buhari to redirect the market to shore up investor’s confidence through intervention.

They agreed that reactivating

the market towards investors’ confidence is urgently needed to save the stock market from eventual collapse.

The Managing Director, Crane Securities Limited, Mr. Mike Eze, in a chat with New Telegraph, said for the administration to bring succour to the comatose economic situation in the market, Buhari must ensure he comes up with good initiatives that would bring investors back to the stock market.

He said: “It is a direct intervention that the market need now and I think that should be one of the priority that will be uppermost in his mind because the market has been down for a time longer than normal, market don’t lie low up to this long time and we know that we are in an emerging market and emerging market are known for their pragmatic reaction in market situation, but our own has defied all odds, so, the only thing that he can do as the person at the helm of affair of the economy is to compel government to directly intervene in the market,” Eze said.

He noted that the capital market is the engine room of any economy, which if neglected will bring down the entire economy.

The Chief Executive Officer of Highcap Securities Limited, Mr. David Adonri, who noted that the economy is presently structured towards short term trading activities that fuel short term finance provided by the banking industry, said for the capital market to blossom without suffering another bubble, the economy, under the new government needs to be restructured towards long term productive activities where the capital market is most relevant.

Conclusion To stem the tide of sustainable bear run in the local bourse, government and regulators should step up measures to attract more domestic flows into the market; implement a more competitive price structure and intensify its efforts towards developing a more sustainable market.

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

maritime

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Heads to roll as Customs lose N650m on policy reversal As the Nigerian Customs Service (NCS) closes its borders against rice importers, some officers and men of the service who colluded with importers to cheat government may be punished for revenue loss of N650 million recorded between October 2015 and March 2016. BAYO AKOMOLAFE reports

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iffed by the abuse associated with the implementation of rice importation policy embarked upon last October, the NCS said recently that the policy, which allows import through land borders, had ceased to hold.

Already, it has directed an investigation into reports linking officers and men of the service with abuse of the policy.

The Comptroller General, NCS, Col. Hameed Ali (rtd), said indicted personnel must be sanctioned.

The drawback Trouble started when Ali complained at a review session held with comptrollers of border commands and Federal Operation Units (FOUs) in Abuja that the dwindling revenue from rice imports through land borders had not matched the volume of rice coming into the country from neighbouring ports.

He said that his officers and men could not be totally exonerated from the abuse associated with the implementation on rice as reports from border commands indicated an upsurge in the tempo of rice smuggling.

He explained that his office had been inundated with reports of collusion between them and rice importers.

Echoing him, the service’s spokesman, Mr. Wale Adeniyi, a deputy comptroller, who said that the implementation order got a smooth start, with a high level of compliance in October 2015, however, explained that the revenue started dwindling from January 2016, with importers blaming access to foreign exchange as major impediments.

Foul play Adeniyi said during the fivemonth period between October 2015 and March 17, 2016, when the importation was allowed, a total of 24,992 metric tons of rice valued at N2.34 million was imported through the land borders.

Seized rice by officers and men of the Nigeria Customs Service

But he said that only N 1.9 million was generated into government’s coffer.

“This is considerably lower than the revenue projected to be generated with the removal of import restrictions,” he noted.

Smuggling However, an upsurge in the number of seizures has been reported across land borders since last January. In the first two months of the 2016, Adeniyi said that a total of 9,238 bags were seized, with Duty Paid Value of N64.67 million made by the Customs anti-smuggling patrol teams of federal operations and border commands.

Land border policy Before the latest reversal, Adeniyi had said that all rice imports through land borders would attract the prevailing import duty of 10 per cent with 60 per cent levy.

Also, he noted that rice millers with valid quota allocation would enjoy preferential levy that would attract only duty rate of 10 per cent with 20 per cent levy on rice importation.

He noted: “Over the years, importation has been restricted to the seaports because border authorities have found it difficult to effectively monitor and control importation of rice.

“When the decision to ban rice was taken, it was not an effective measure because smuggling of the product thrives with people using different means of conveyance including small trucks, bicycles, donkeys and some actually carry it on their heads.”

Concern It would be recalled that last

When the decision to ban rice was taken, it was not an effective measure because smuggling of the product thrives

October, the Senate had complained that the decision by the Customs boss to lift embargo on rice from land borders was not within his powers, since the order restricting the importation of the commodity through the land borders was a presidential pronouncement issued in 2011.

He was therefore summoned to appear before the Senate’s Ad- hoc Committee on Import Duty Waivers to explain why he lifted the ban on rice importation through the land borders.

But Senator Muhammed Aliero had noted that the Senate was concerned that the decision by the Comptroller-General of Customs to liberalise the importation at borders would worsen

rice smuggling into the country.

Rice policy Before rice was removed from import restriction list with the re-introduction of import duty payment at land borders last October, the existing policy specified that owners of existing rice mills and new investors with verifiable backward integration in the rice value chain would be allowed to import rice at 10 per cent duty and 20 per cent levy (30 per cent), while merchants, who have nothing to contribute to local production in the form of rice farms or mills, would be charged 10 per cent duty and 60 per cent levy (70 per cent). Technically, it was a subsidy aimed at building local capacity in rice production.

FG to float container weigh-stations to beat IMO deadline

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he Federal Government is to establish weigh-stations at the country’s seaports to beat the new International Maritime Organisation (IMO) law that makes it mandatory for all export consignments to be weighed before leaving their ports of origin.

The IMO new rule is expected to become effective from July 1, 2016.

However, at a forum with the theme: “Transport cost and regional connectivity of African countries,” in Abuja, stakeholders kicked against the commencement date on the ground that most countries in the sub-region, except Ghana, were not ready.

But the Secretary General of Global Shippers Forum (GSF), Chris Welsh, recalled the new law was passed by IMO in 2014.

Walsh noted that member countries were given the opportunity to

contest the implementation in 2015 before the agreed implementation date this year.

He explained that false declaration of container weight had led to significant losses to shippers and shipping lines.

According to the secretary general, “the shipper is responsible for obtaining and documenting the verified gross mass of the packed container.”

Welsh added that the verified gross mass must be communicated to the ship’s master or the shipping line terminal representative prior to loading of the ship.

Also, he explained that a duly authorised representative of the shipper should sign the communication.

Welsh said that packed containers would not be loaded on ships unless the verified mass was provided to the master.

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business \ maritime

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Customs seize ship over illegal operation •Arrest 30 in Oyo RAMPANT Smuggling of contraband flourishes in Oyo and Osun states Bayo Akomolafe

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igerian Customs Service (NCS), Eastern Marine Command, has seized

an oil tanker, MT African Beauty, for allegedly operating illegally at the Nigerian National Petroleum Corporation (NNPC) jetty in Warri.

The Area Controller, Comptroller Usman Bello, in a statement, said that the vessel was operating with expired Temporary Importation (TI) permit when it was intercepted.

He noted that it was illegal for any shipping company to allow its ves-

sel to operate on Nigerian waters without a valid import permit.

Bello disclosed that the TI permit was being given to ship owners by NCS to operate in Nigeria within a specific period of time.

The comptroller explained that the permit was given under bond granted by Nigerian banks, noting that the vessel was expected to return to its country of origin after the expiration of the permit.

He said: “A window period is given to the owners to allow it renew its

document if it intends to continue operating within the nation’s water. In this case a fresh TI is issued for extension.

“But what we found out is that some vessel owners keep their operations running without recourse to the rules. In such instance, such vessel is viewed as operating illegally and we will no longer condone such act.

“In the case of MT African Beauty, we discovered that there was no conscious effort by its management towards renewing the document. We

therefore impounded the vessel.”

He warned ship owners and tankers operating within Nigerian waters to comply with the extant laws and guidelines of the NCS. Meanwhile, the OyoOsun Command of the service has arrested 30 smugglers in the last one month.

Also, the command has recorded 10 seizures with a Duty Paid Value of over N19 million.

In a statement by its spokesperson, Nwala Ijeoma, the Area Comptroller,

Tope Ogunkua, said that the command intercepted 400 bags of 50 kilograms of imported rice and 290 units of 25 litres gallon of vegetable oil this month along Osogbo axis.

He noted that the contraband was cleverly concealed in a DAF 85 truck with registration number LSR 933 XB. Also, Ogunkua disclosed that a Toyota Dyna truck smuggled into the country without payment of duty was intercepted in addition to 30 units of 50 kilogrammes bags of imported rice intercepted along Ighoho/Adafila axis.

“Similarly, another 20 units of 50 kilogrammes bags of imported rice were intercepted along the Igbeti axis. Equally detained was a Volvo truck with registration number KWL 777AH, intercepted on the basis of credible intelligence report received by the command. The truck was suspected to be carrying fairly used tyres in addition to other uncustomed goods,” he added.

Expert laments instability in maritime

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he Chief Executive Officer of Ships and Ports, Mr Bolaji Akinola, has lamented the instability in the maritime industry in the last 16 years.

He explained in a statement that the Nigerian Maritime Administration and Safety Agency (NIMASA) had consistently failed to deliver on its mandate because of the instability.

According to him, the failure of NIMASA was the failure of the maritime industry and a disservice to the Nigerian economy.

He said: “Two factors stand out strongly for the failure of NIMASA over the years. One is the leadership’s instability while the other is the undue politicisation of appointments into the board and top management positions of the agency.

“The offices of the Director-General and those of the Executive Directors have been most hit by politics. Before the appointment of Patrick Akpobolokemi as head of the agency in December 2010, there had been too frequent changes in the leadership of NIMASA, with an average tenure of 1.7 years for each DirectorGeneral.

“From May 1999, when the nation returned to democratic governance to date, NIMASA has had 10 Directors-General with an average tenure of one year seven months each.”

business \ maritime

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Port managers seek cut in Customs duties CASH COW

Customs duties and taxes account for over 70 per cent of the value of cargo in West African ports and borders Bayo Akomolafe

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he Port Management Association of West and Central Africa (PMAWCA) has said that reducing customs duties and an effective single window platform will reduce port costs to the barest minimum.

Secretary-General of the association, Mr Michael Luguje, disclosed this in Abuja at a two-day sub-regional workshop on transport costs and connectivity of African countries and sensitisation seminar on container weighing.

The secretary general, in a statement, however, urged governments to look into port costs, which has been affect-

Ship berth at Lagos Port Complex in Apapa with containers

ing connectivity within the sub-region.

According to him, ports remain veritable engines of economic growth.

‘Nigeria to become hub of maritime activities’

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irector-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has promised to make Nigeria the hub of maritime activities in Africa.

He noted in a statement that the country would become a reference point in the continent.

Peterside disclosed this when he took over from the Acting Director General, Mr. Haruna Baba Jauro, in Lagos.

The director general, who observed that the agency had competent personnel to drive its mandate, also called on Jauro to avail the agency of his experience and expertise whenever the need arises.

Peterside said: “We will harness the vast potential available in the agency in order to make Nigeria a maritime hub in the West and Central Africa sub-region by implementing all international

laws and conventions, increased enforcement of our mandate and build the necessary capacity for indigenous operators leveraging on the Cabotage Act.” He described Jauro as an ambassador of the agency to the Federal Government and called on him to support the agency whenever his service is needed.

Responding, Jauro expressed gratitude to God and the Federal Government for giving him the opportunity to serve the nation in the last three and half years.

He promised to work for the success of the present management anytime his services are required.

Jauro enjoined Peterside to look through the Act that governs NIMASA as his guiding compass.

He noted that the Cabotage Act should be reviewed with a view to impacting positively on the indigenous operators.

NPA registers 32 firms for container trucking

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he Nigerian Ports Authority (NPA) has registered some trucks owned by 32 haulage firms.

Already, the truck owners have threatened to paralyse cargo evacuation from the port by withdrawing their haulage services.

It was learnt that 32 firms with fleet of trucks had keyed into NPA’s directive on trucks standardisation and minimum requirements.

While 16 firms have scaled all the hurdles towards standardisation and minimum requirements, 16 others were classified as being under processing.

Those that have met the authority’s standards include SI-

FAX, Thasious, AlHadiat, Pika, Westone, Range, Pacific, Sino Cargo and Africa Logistics, among others.

Other companies whose trucks are under examination are Buildwell Plant and Logistics, Classic Marine, ENL, Dangote, Banarly, and GMT Logistics, among others.

However, the spokesman of the National Association of Government Approved Freight Forwarders (NAGAFF), Mr Stanley Ezenga, said that the truck drivers’ strike had reduced cargo movements at Lagos ports.

He explained that the strike had added to the problems of foreign exchange restriction on some goods and the prevailing low imports.

Laguje stressed the need to have a port community system, which could serve as a framework for stakeholders to improve quality of service and reduce costs of doing business.

He said that regulation of port costs was a collective responsibility of both government and the private sector, adding that the total port costs on a particular cargo, including customs duties and taxes, accounted for over 70 per cent of the value of cargo.

According to him, “terminal operators account for the largest share of over 65 per cent of the total port costs.

Therefore, any government’s effort to reduce the burden of port costs on the shipper should involve the terminal operators.”

He said that the port cost was the monetary measure of what port users paid to the ports authority, terminal operators and other ancillary service providers for using facilities and services of a port.

The secretary general noted that regulating the ports, the shipping sector and making special provisions in concession contracts, would support funding of port infrastructure development.

Luguje added that ports served as international gateways for a nation’s import and export trades.

He stressed that it was estimated that 90 per cent by volume and 80 per cent by value of world’s international trade in merchandise were routed through the ports.

Customs to tanker drivers: Quit Kirikiri road

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igeria Customs Service (NCS), Kirikiri Lighter Terminal Command, has given two weeks ultimatum to petroleum tanker drivers to quit the environment.

The Area Controller of the command, Comptroller Benjamin Aber, said that there was need to create a corridor along the tank farm and jetty operational area to free the exit and entrance of the terminal.

The comptroller said that he would seek the assistance of the Nigerian Ports Authority (NPA) to tow the tankers to their yards, while the appropriate authorities would prosecute the offenders.

Aber stressed that free movement of cars and tankers could only be possible in an organised manner with the support of all the security personnel.

He explained that if the environment was not accessible, investors would not import into the country and there was no way the service could generate revenue for government.

He noted that it took more than five hours for port users to reach the terminal to do business.

Aber said: “The activities

of the petroleum truck drivers have encouraged miscreants around the area. The environment has harboured many indiscriminate businesses whereby you will see food vendors cooking with naked fire. It is part of Customs’ mandate to ensure the security of its environment and not only to generate revenue.

“All these acts can lead to a big explosion in the environment, which could claim lives including my life, if we do not find quick solution to the constant gridlock along the Kirikiri area.”

He said that NCS had engaged the support of the 9 Brigade of the Nigerian Army to train officers of the command, who would collaborate with the other regulatory agencies to ensure a safe environment.

He noted that the officials of NCS had brought a feasibility report showing that majority of the tanker drivers usually parked on the road looking for customers.

Aber said that the Comptroller-General of Customs, Col. Hameed Ali (rtd), had given him the support to enable the service achieve its mandate in line with President Muhammadu Buhari’s

change agenda.

He said that there were so many dredging activities going on at Brawal Terminal, which would encourage small vessels to berth and also bring a lot of revenue for the government.

Reacting, the General Manager, Ibru Jetty, Mr Victor Enebeli, said there should be no room for continuous sensitisation of the petroleum truck drivers because they had refused to comply.

Enebeli said that it was time to have law enforcement agencies that would be in operation for 24 hours.

According to him, “everybody has complained about the constant traffic along the Kirikiri area. Until we decide to change the situation, nothing can be good about the environment.

“Every jetty and tank farm operator has processes of truck call-up system, which can reduce unwanted trucks in the environment,” he said.

However, Mr Gbenga Olawuyi, who represented the Zonal Coordinator, Petroleum Tanker Drivers Association, Alhaji Razak Akanbi, said that the association was presently working on a way out.

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WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Literature

Art

When love beckons in Heart of Pain

35

Duro-Ladipo: Cultural tourism, viable alternative to oil Babatope Okeowo

AKURE

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n order to shore up the dwindling revenue from oil, a tourism ambassador, Wole Akanni Duro-Ladipo, has identified cultural tourism as a better alternative to oil that can help the country out of its present economic predicament.

Duro-Ladipo, who is the Chief Executive Officer of Impeccable First Eye Concept, stated this while speaking with reporters in Akure, Ondo state capital, adding that cultural tourism can replace oil as foreign exchange earner at all level if government provides the enabling environment.

He stressed that cultural tourism can augment and provide alternative revenue source for the ailing economy, noting that the country is blessed with abundant resources capable of drawing international attention to various tourist centres in Nigeria which will bring more financial gain to communities and the country at large.

Duro-Ladipo explained that some cultural values of the Yoruba nation have been moving gradually towards extinction especially with Yoruba citizens in diaspora who have relegated Yoruba core cultural values to the background.

“Research revealed that most of the African children, especially Yorubas growing up in America loved African culture but their parents are not helping them in understanding Yoruba culture, customs and heritage,” he said.

According to him, this was one of the reasons the

TONY OKUYME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

National Troupe artistes perfroming Kabulu at the National Workshop on Corruption organised by the NOA, NTN and Bauchi State Government in Bauchi.

Duro-Ladipo

Impeccable First Eye Concepts has been organising annual Yoruba Cultural Festival in Dallas, America by bringing people of Yoruba extraction together to educate and talk to them about core Yoruba cultural values.

The cultural ambassador, who is son of the late Nigerian dramatist and Yoruba theatre prodigy, Duro Ladipo, disclosed that the fifth edition of the festival will come up in September 2016 and will feature symposium, lectures, cultural display of Yoruba value and ethics, dance.

His words: “For instance lesbianism and gay are alien to African and Yoruba culture, ethics

and value and we must educate our growing children on these and other things that are regarded as taboo to Yoruba nation and its culture.

“About five traditional rulers, leading Yoruba cultural ambassadors and artists have been billed to witness and partake in this year edition of Yoruba Cultural festival. The wife of the late actor, Mrs. Abiodun Durodola-Ladipo and another actor, Aderupoko will be in Dallas for this special edition of Yoruba Festival in Dallas.”

He however encouraged Nigerians to support cultural tourism, urging them to take time to go on vacation by visiting tourist attraction. He also advised Nigerians to visit this year’s edition of the Yoruba Cultural Festival in Dallas.

Duro-Ladipo disclosed that plans are ongoing to replicate the Yoruba Cultural festival in Nigeria, saying that the first edition of the programme might come up in Ile Ife next year where the cultural values and ethics of Yoruba will be showcased.

He said this will boost the economy of the country, explaining that people who are culturally inclined will travel from all parts of the world to witness the display of Yoruba culture and heritage.

Duro-Ladipo called on government and private investors to invest in the cultural tourism saying, “this will re-

duce the level of unemployment and increase economic value of hotel business in the country”.

He highlighted some challenges facing the tourism world in the country that must be overcome in order to have an effective and income-generating tourist industry, which include provision of necessary infrastructure and creation of enabling environment for these products.

He further explained that personnel needed to be trained to provide the necessary services to tourists must be trained, especially those providing hospitality and entertainment services to make the country friendly to international visitors and make them feel comfortable.

Pupils of Samflo Nursery and Primary School, Ikorodu, Lagos State, in a drama performance showsing Nigerian culture

ART

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Take n Give : Janggu drum workshop holds in Lagos

ART NEWS Jos Festival of Theatre 2016 cancelled

Stories by Tony Okuyeme

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rawing from his experience, in other to further impact artists and also broaden the scope of drumming in Nigeria, Isioma Williams, one of the leading voices in this sector, has initiated a new workshop tagged “Take n Give Janggu Drum Workshop 2016”.

Janggu (also spelt Changgu) is the commonly used drum in the traditional music of Korea. It consists of an hourglass-shaped body with two heads made from animal skin.

The two heads produce sounds of different pitch and timbre, which when played together are believed to represent the harmony of man and woman.

The drums workshop, “Take n Give”, holds from Monday April 11th to Friday 29th June 29, 2016 (Mon, Tue, Wed), at Tempo Arts Studio, NCAC Artists Village, National Theatre annex, Iganmu, Lagos. It explores Janggu drumming as a medium for individual and Artistic development and in lieu of this creates the platform to train every individual on how to play the Korean Janggu drum, and everything involved in its usage as it relates to all aspects of our art.

It will be recalled that after his participation in a scholarship program (CPI 2013) in South Korea, Nigerian Williams has been putting-in various efforts to impact the public mostly professional instrumentalists (drummers) with his experience at the program. He held a workshop in 2014 tagged `My Music Note`, which was facilitated by him and Adisa Abiodun Timothy.

According to Williams, both dance and drum oriented companies will be sent invitation letters, requesting them to send in two persons (male and female) as representatives for the workshop.

“The workshop aims to build up each participant`s overall understanding of life, drumming and mu-

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An artiste plays Janggu, the traditional Korean hourglass drum

Janggu, the traditional Korean hourglass drum

sic (including notation, scoring and sight reading). Generally, the workshop will expose participants to making new discovery and educate on how to make impact

through our individual acts. And in addition the workshop will provide a valuable opportunity for those involved to meet together and encourage each other towards further discovery, education and implementation. It will be a time to think and work on new ideas in time set aside from the ordinary demands of life.

“The `Take n Give` Janggu drum workshop is an Initiative of Isioma Williams, proudly and solely sponsored by the South Korean Government through the Korean Cultural Centre Nigeria (KCCN), supported

by Drumsview Concept and Gongbeat Productions,” he said.

Ayakoroma canvasses cultural orientation T he Executive Secretary of National Institute for Cultural Orientation (NICO) and visiting Associate Professor at the Department of Theatre and Cultural Studies, Nasarawa State University, Keffi (NSUK), Dr. Barclays Foubiri Ayakoroma, has stressed the need for cultural orientation training for government workers at all levels for them to understand the cultural environment of their workplace.

Ayakoroma stated this while answering questions as a guest in ‘’Bush House Nigeria,’’ a radio live phone-in programme on Kapital FM 92.9, Abuja, the Federal Capital Territory. He said that cultural orientation need to be factored into retreats at the National Assembly, Federal Executive Council, States and Local Government levels, as well as the Police and the Armed Forces, because people need to understand the cultural environment where they are

35

working.

He also emphasised the need for government workers at all levels, the organised private sector, corporate bodies, law makers, peace ambassadors and philanthropists to make good use of NICO Training School for better understanding of the cultural environment of their workplace, so as to ensure peaceful co-existence and effective job performance.

On the importance of his cour-

Ayakoroma

tesy visit to the Ooni of Ife, His Imperial Majesty Oba Adeyeye Enitan Ogunwusi, the NICO boss informed that, with the disposition of the Ooni, and for the fact that he (the Ooni) has just made Ile-Ife a “Centre of Culture and Tourism,” it was necessary to introduce NICO to him and also make NICO’s intention of having him as the Royal Father of the Day in the 3rd edition of the Institute’s National Conference on “Culture, Peace and National Security: The Role of Traditional Rulers,” known to him.

His words: “We felt the Ooni should be the Royal Father on the day and having been just enthroned in December, we felt we should pay him a courtesy visit, introduce NICO to him, our intention to have the programme organised this year; and, of course, the role we want him to play as the Royal Father on the Day.

his year’s edition of the annual Jos Festival of Theatre has been cancelled.

Announcing the cancellation, Jos Repertory Theatre (JRT), organisers of the festival, in a statement signed by its Artistic Director, Patrick Jude Oteh, said this became necessary due to funding constraints.

The statement reads: “We continued to witness a festival that started in 2004, take giant leaps in programming and attendance.

We had equally witnessed landmark participation from other theatre organisations and theatre enthusiasts from virtually all the states of Nigeria, the USA, UK and Scotland. These participants were drawn from diverse backgrounds but unfortunately, this popularity and spread has not been matched by fundraising success. The funds have continued to shrink while participation has continued to expand.

“Unfortunately, 2015 / 2016 have been particularly difficult years.

We have tried to raise the required funds and we have continued to run into a brick wall.

“Due to funding constraints, we announce the cancellation of the annual Jos Festival of Theatre 2016.

“We will continue the search for additional funds to be able to host a more robust festival in 2017.”

Members of Jos Repertory Theatre in performance

Lagos, Berlin residency programme

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n context of its partnership with the Centre for Art and Urbanistics in Berlin, the cultural office of Local Government of Wedding/ Berlin, SAVVY Contemporary art space Berlin and Goethe-Institut Lagos offers a three month residency for artists and practitioners from Nigeria, interested in crossdiscplinary theory and practice dealing with “the city”.

Goethe-Institut Lagos, in a release, stated that artists should “be working professionally in their fields and have a broad range of projects and exhibition experience; practitioners should have some years of professional experience.

According to the release, “the residency sees itself as a platform for interdisciplinary artistic and curatorial activities dealing with the phenomenon of the ‘city’ in an international perspective.

“Its main partner, ZK/U in Berlin promotes international exchange on global issues, in the light of what is happening in one´s own backyard.”

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LITERATURE

WEDNESDAY, MARCH 30 2016 NEW TELEGRAPH

When love beckons in Heart of Pain S cars are indelible marks ripple with pains and pangs of memory. It is a pathetic incident or situation that affects the collective consciousness with pulsation of pains. “In Heart of Pain” the poet writes: Each turn multiplies a pain/ In the closest vein/ Another aching day/ Paralyzing the waking dawn/ With a new stitch/ The feelings make the heart to sing the song of anomie. These pains are political undertone. The heart bleeds in silence, hoping for a succor when the sun shines tomorrow to wipe away the tears of sorrow. The situation is moribund. This is a collection of poem with collective consciousness.

The people bear the grunt and the price of freedom is love. Love is the soothing balm for arching heart. It is the only panacea for the songs of heartbreak. Every scar tells a story which the memory cannot forget.

“In the struggle against pain” the poet writes: And this generation/ Cannot begin scavenging the scenes/ For traces of faceless littering carcasses / When history too is dead/ We can only recover fear/ There is a scar when things are not right and no one is asking a question. Collective suffering breeds chaos and anarchy. Love is the bound of our existence. There is a scar in the heart when the promises of Eldorado have become an illusion. There is scar in the heart when situation is moribund. Fear and insecurity are the harbinger of Scar in the Heart of Pain. Cascade of tears from the eyes of the masses. They are spectators in the political arena. They listen and watch as the drama unfolds.

The collection of poems is in three movements namely: the curse, cure and course. The alliteration of the movements is embedded in the heart of pain. The curse is the calamity and casualty. “Selfishness is the greatest curse of the human race.” William Ewart Gladstone.

When one looks at people faces, one will notice things are not just right.

The cure is to live and eat and let others do likewise. In “A world of worries” the poet lament: A world of words/ Porridge of hopeful phrases/ In several dishes of religion/ There sweetness cures no hunger/ Only an after-earth nutrient/ Forsakes us in a world of famine/ It is only love that can bring that beautiful and peaceful bliss.

There will be pain and upheaval when few people are living in affluence and opulence. And the majorities are wallowing in penury and misery. The poet’s writes in “Heart against earth”: Together our souls shall stamp/ This concrete ground/

Book title: Scars in the Heart of Pain Author: Uche Uwadinachi Publisher: Virgilis Communications Number of pages: 70 Year of publication: 2009 Reviewer: Oladipo Kehinde

In fleet strides that beat anger; / Breaking its brick to grab concrete crops.

The river sings and dances endlessly. The poet urges us to make the best out of every situation we are facing as a nation. The poet’s opine in “The

river” In its pure cleansing depth/ Reasons are regalia in blotches/ To be washed in the stream/ Our conscience thrives strongly in consciousness/ The course is the wheel of progress and togetherness. A metaphor for Happiness River. We have to forget the past and look forward to the future. The poet depicts the serenity of nature “In Heart of ease”: The river spreads/ Like mother blanket of hen’s wing/ Around earth’s naked surface/ Huhh…its curly little waves/ Create a resonance of rhymes/ Ushering water birds to play/ Soft songs of lullaby/ The river is a means of sustenance and we visit the river.

The poet also gives tribute to River Osun in Osogbo, a venerable natural spring. The deity of the river is the goddess of fertility. Her festival attracts people from far and near with a national consciousness. The poet uses river in this segment as a metaphor. In “Osun” the poet’s write: Unsoiled to any earth tie/ Flowing generously for all/ Inviting us to thread/ New earth in water / Where our mad pains / Will be pacified and / Taken away / The river connects us together as one.

The river belongs to us. When pain tears the heart apart, the only thing needed is love. The love soothing balm of love will heal the land of its collective experience. Love will spring from that heart of pain. Let the rain of love fall and heal the land of all its pain.

What we are reading

POETRIP Season of Crimson Blossoms by Abubakar Adam Ibrahim, which is part of encouraging new works coming out of the northern part of Nigeria, tackling societal issues, social issues – the position of the woman in the society, insurgency etc. And Season of Crimson Blossoms, especially, is wonderful for its depiction of the sensuality of a northern woman, an older northern woman. It is also thoughtfully written, very sensitively written. Abubakar Adam Ibrahim is not celebrated enough; he is a very good writer, very dedicated writer; and it is my hope that more and more people will read this his first novel.

As you know, of course he had a short story collection before; and I look forward to more works from him.

Ladder needs wall Oladipo Kehinde A Case of Two Cities by Qiu Xiaolong, a Chinese detective writer, is so pertinent because it deals with investigations of high level corruption among communist party members in the communist government.

It is a case of a highly placed party member misusing his position and acquiring all sorts of privately organized wealth. A Case of Two Cities is a fantastic novel; it teaches so much about what investigating high ups in the political systems means.

TONY OKUYME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Book stand

Molara Wood

Prof. Kole Omotosho

Ladder needs wall I need you my love You are the wall I lean on I have my hands That I may grab and reach out I have my legs That I may stand on the truth and justice I have my eyes That I may see the beauty of life I have my ears That I may hear music And eloquent of silence I have nose That I may smell the flowers of nature I have heart That I may love and be loved I have life that I may share I can do great things Because you care.

BUSINESS |Money Line

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Investment destination: Nigeria to lead Africa by 2021– Report

ASCENDANCY Investors still prefer continent Stores by Tony Chukwunyem

D

espite its current economic challenges, Nigeria will be the number one market on the continent for business across sectors by 2021, overtaking South Africa, which currently holds the top spot, a survey by the Economist Corporate Network has predicted.

The study entitled, “Dampened growth, resilient optimism: the 2016 African Business Outlook Survey” stated, “Nigeria’s importance as a primary market is expected

to increase over the next five years, while South Africa’s expected to decline.”

According to the report, despite Africa’s slowing economic growth, soft commodity prices and the negative impact of monetary policy tightening in the US, investors still prefer the continent.

Director of The Economist Corporate Network in Africa, Herman Warren, said in a statement that executives indicated that their firms were looking through the current economic slowdown.

“There was a clear view that

the region’s contribution to their firms’ revenue is set to increase over the next six years, and Nigeria, for example, will be the top market for business across sectors by 2021. Currently, South Africa holds the top spot,” added Warren.

The study pointed out that Africa attracted a number of international investors largely due to its rising narrative. “Africa remains one of the fastest growing economic zones in the world. In 2016, the region’s Gross Domestic Product (GDP) is forecast to grow 2.4 per cent”, the report stated.

Union Bank unveils upgraded branches in Lagos

U

nion Bank Nigeria Plc has unveiled two more improved branches in Lagos with new technology and superior product offerings.

The new branches, Itire Road, Lawanson branch and Western Avenue branch, both located in Surulere, Lagos, according to a statement, showcased improved technology and superior product offerings aimed at making banking more accessible, simpler and smarter to customers and prospects of the bank.

Speaking at the event, the Transformation Director, Union Bank, Mr Joe Mbulu, said the essence of the transformation was to show how far

the bank cares for its customers, adding that the transformation of the bank began two years ago.

He said: “For us in Union Bank, our transformation is different, in that, it has more depth and more substance.

What we’re doing today is just a celebration of what we commenced two years ago.

“Basically, we have looked at the technology; we have a new core banking application, our data centre is new, we have a back-up that is live, and there are not many banks that can tell you that, when they have failure, their current data can switch over. We can do that seamlessly.

“And we have transformed the way our people engage the customers. Our customer service is different and testimonials today attest to that point.

So, we have looked at the culture of the bank also; we used to be known as an old people’s bank, but I can challenge any customer out there today to come to Union Bank, they will be awed by the service”.

According to Mbulu, Union Bank now has products that address customers ‘needs.

Besides, he said the bank’s governance structure has improved significantly, adding that presently at Union Bank things are done faster and more efficiently.

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

N19,142,526.05m N18,579,219.49m 11.4 12 10.77 US$40.19 US$27,871,866,814

Mar, 2015 Mar, 2015 Feb, 2016 24/03/2016 Mar 2015 28/3/2016 24/3/2016

Tenor (Days) Call 30 90 180

FGN Bonds

TTM

Price 105.02 114.57 112.93 120.16 109.78 100.55 84.17 98.36

1.08 3.25 3.88 5.83 7.96 9.82 14.32 18.30

NIBOR

Rate (%) 12.8333 10.4872 12.2247 13.6227

Bid Yield 10.05 10.57 11.31 11.53 12.24 12.39 12.38 12.37

Change (%) -0.80 ▼ 0.21 ▲ 0.34 ▲ 0.62 ▲

Change (%) 0.01 ▲ 0.00 ↔ -0.05 ▼ 0.01 ▲ 0.00 ↔ 0.00 ↔ -0.01 ▼ -0.01 ▼

Price 105.17 114.87 113.23 120.46 110.08 100.85 84.47 98.66

Tenor (Months)

Offer Yield 9.91 10.47 11.22 11.47 12.18 12.34 12.33 12.33

NITTY

Rate (%) 5.2274 7.3101 7.6053 8.6471 8.9333 10.5277

1 2 3 6 9 12

Treasury Bills

Spot($/N)

FX

Offer 198.55

Change (%) 0.01 ▲ 0.00 ↔ -0.05 ▼ 0.01 ▲ 0.00 ↔ 0.00 ↔ -0.01 ▼ -0.01 ▼ Change (%) -0.58 ▼ 1.20 ▲ 0.56 ▲ 0.24 ▲ 0.38 ▲ 0.43 ▲

Money Market

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

CBN Clearing Rates of January 7, 2016 Spot($/N)

196.00

197.00

Leander launches new product

G

uaranty Trust Bank Plc (GTBank) has introduced a new product, “Bank 737”, that offers customers a simple, smart, and safe way to bank anytime, anywhere and on any device.

According to a statement issued by the lender, the new product offers a wide range of banking services, from money transfer to card less withdrawal, bill payments, airtime recharge and even unique services like token pin generation, checking the status of cheque book request, retrieving internet banking details, amongst others.

While conventional banking requires the physical presence of the customer at a bank branch, and online banking demands Internet access and a mobile application, banking via

Chris Ugwu

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) Change (%) 7.64 7.80 0.50 ▲ Open-Buy-Back (OBB) 12.67 -0.08 ▼ 30-Jun-16 7.89 8.06 0.50 ▲ 22-Sep-16 8.29 8.04 8.37 0.04 ▲ Overnight (O/N) 13.33 0.00 ↔ 8.64 0.04 ▲ 16-Mar-17 9.31 10.23 0.27 ▲ 9.06 9.93 0.27 ▲ Bid 198.45

It noted that 21 per cent of respondents were expecting Africa-based revenue to comprise between 11 per cent and 40 per cent of sales by 2021.

“Around 31 per cent of executives reported profits sourced from the region were largely in line with their firms’ global averages. Thirty-seven per cent, however, indicated that Africa-based profit margins were higher than those generated by their firms’ operations in other regions,” the study said.

However, it revealed that executives cited a number of operational challenges that they contend with in the region.

These include corruption, lack of appropriate skills, bureaucracy, regulatory hurdles, infrastructure deficits and personal safety.

737 requires none of the above.

Commenting on the new product, Managing Director of GTBank, Mr. Segun Agbaje, said, “We have seen remarkable success in the volume of transactions via the Bank 737 and this is largely due to the simplicity of the platform and the convenience that it affords our customers.

“The introduction of Bank 737 marks another milestone in our quest to make banking truly simple for our customers. We remain firm in our objective to delivering banking products and services tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking services more accessible, faster and safer for all our customers.”

Bank floats N60bn loan portfolio for SMEs

Source:CBN

Description 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 12.50 22-JAN-2026 10.00 23-JUL-2030 12.1493 18-JUL-2034

It also shed light on how global firms’ African operations performed financially in the last year, executives’ expectations for commercial performance over the next five years, where their firms are investing, which markets excite them the most and the challenges they’re facing operating in the region.

The study found that 37 per cent of respondents said African operating margins were higher or significantly higher than their firm’s global averages.

The report, which gathered insight from over 120 senior executives responsible for Africa-based commercial operations, also found that over 50 per cent of respondents said their firms will invest more in their Southern, East and West Africa-based operations.

37

0.00 ↔

Offer 199.1000

Change (%) 0.00 ↔

I

n a bid to continue to encourage more entrepreneurs, Fidelity Bank Plc said it had set up a loan portfolio of about N60 billion for the small and medium-sized enterprises (SMEs) sector of the Nigerian economy.

The Managing Director of Fidelity Bank, Mr. Nnamdi Okonkwo, stated this yesterday at a press briefing to share some thoughts on what the bank is trying to achieve with the Export Management Programme ,which is an initiative of the Bank, Lagos Business School and Nigerian Export Promotion Council.

He said N30 billion export finance line has been earmarked to support Nigerian exporters.

Okonkwo noted that Nigeria has so many products to offer adding, “We need to scale up production and capacity. Over $300 million generated from cashew exports in 2015 alone.

Comedy will soon take over from oil and gas as the number one export of the Niger Delta.

Comedy and Nollywood present

limitless opportunities. Nigeria is self-sufficient in cement production and in 2015, Dangote Industries commenced exports.”

He said that long before the global oil price debacle, the bank had seen the need for the diversification of the economy and the opportunities it portend for MSMEs and to that end, had renewed its focus on the MSME segment.

The Fidelity Bank boss noted that Nigeria’s economy was facing severe headwinds on account of the falling crude oil prices and the direct consequence of increasing value erosion of the Naira.

He said: “Foreign exchange earnings in Nigeria are largely from oil exports, which account for over 90 per cent of total export receipts. The current currency debacle hinges on supply side dynamics, as we have lost over 70 per cent of our US$ Revenues in the last 18 months due to the falling crude oil prices.

Hence, it is quite obvious that the key to growing the value of the Naira is the diversification of Nigeria’s US$ Revenue base via Non-Oil Exports.”

38

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

BUSINESS |Financial Market News FMDQ Daily Quotations List

29-Mar-16

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

Bonds FGN Bonds

Price

Rating/Agency

Issuer

NA

NA

Description 13.05 16-AUG-2016 ^15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 12.40 18-MAR-2036

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14 18-Mar-16

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.40

581.39 480.13 20.00 100.00 300.00 351.30 233.90 556.93 605.31 719.99 155.84 75.00 150.00 200.00 591.57 1075.92 40.00

TOTAL OUTSTANDING VALUE

6,237.28

TOTAL MARKET CAPITALISATION

6,418.30

Rating/Agency

Description

Issuer

Maturity Date

TTM (Yrs)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.38 1.08 1.33 1.42 2.17 3.25 3.57 3.88 5.83 7.96 9.82 12.67 13.15 13.64 14.32 18.30 19.97

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

8.41 10.05 10.12 10.16 10.35 10.57 11.05 11.31 11.53 12.24 12.39 12.81 12.79 12.77 12.38 12.37 12.60

8.02 9.91 10.00 10.04 10.27 10.47 10.94 11.22 11.47 12.18 12.34 12.76 12.74 12.71 12.33 12.33 12.55

101.68 105.02 99.64 98.94 100.64 114.57 88.30 112.93 120.16 109.78 100.55 113.53 98.09 72.72 84.17 98.36 98.58

101.83 105.17 99.79 99.09 100.79 114.87 88.60 113.23 120.46 110.08 100.85 113.83 98.39 73.02 84.47 98.66 98.88

6192.277269

Issue Date

Coupon (%)

03-Apr-12

17.25

#

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.59

2.94

11.87

102.99

30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21 09-Dec-21 16-Feb-22 27-Feb-22 30-Mar-22 31-Mar-22 27-May-22

0.26 0.26 1.06 0.78 1.76 1.35 1.36 1.55 1.55 1.74 1.96 3.65 2.12 4.66 4.76 2.79 2.82 3.97 3.60 3.63 4.03 6.46 3.72

4.46 3.48 1.00 5.71 3.21 1.00 1.00 3.82 3.56 1.00 2.02 1.98 4.35 1.30 3.76 3.76 1.00 1.52 3.67 1.00 2.52 1.79 3.04

12.58 11.60 11.03 15.14 13.45 11.13 11.14 14.01 13.76 11.24 12.31 13.12 14.68 12.90 15.37 14.27 11.51 12.40 14.76 12.12 13.58 13.60 14.27

100.25 100.86 98.98 98.97 100.77 103.41 103.43 100.58 100.27 106.38 105.20 103.85 100.10 102.00 98.71 100.44 107.86 107.95 104.46 112.04 110.28 113.63 107.25

29-Sep-16 25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 30-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20 14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

0.50 0.57 0.69 1.06 1.27 1.50 0.96 1.03 1.45 1.45 2.50 1.30 1.64 1.76 2.36 4.63 3.13 5.64 5.75 6.12 4.29 8.50 8.50 9.63

1.00 1.34 1.00 6.96 6.41 2.36 1.88 3.15 6.35 1.00 1.17 6.17 6.11 3.28 4.47 1.00 3.55 2.48 1.00 4.63 2.77 1.00 1.00 1.00

9.70 10.23 10.20 16.99 16.51 12.54 11.78 13.17 16.52 11.17 11.60 16.29 16.33 13.53 14.86 12.60 14.22 14.21 12.76 16.50 14.33 13.81 13.81 13.92

101.58 102.17 103.74 99.51 99.90 100.61 106.18 102.56 101.74 106.15 105.08 99.36 102.22 103.67 100.22 109.05 103.02 100.10 114.68 99.87 104.99 112.20 97.26 104.92

10-Oct-20

2.55

3.37

13.81

101.90

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.24

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

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA *BAUCHI *OYO *BENUE *PLATEAU KOGI *CROSS RIVER

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 15.50 BAUCHI 9-DEC-2021 16.50 OYO 16-FEB-2022 16.50 BENUE 27-FEB-2022 17.50 PLATEAU 30-MAR-2022 17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

1.30 2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68 13.87 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.68

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

451.93 465.44

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

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

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 30-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

29-Sep-11 25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 30-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 06-Nov-15 14-Nov-13 04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14 29-Jul-15

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

15.00 5.53 112.22 116.70 66.49 20.00 0.46 4.50 1.82 0.50 35.00 1.80 0.27 4.50 23.19 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

TOTAL OUTSTANDING VALUE

539.73

TOTAL MARKET CAPITALISATION

551.38

Sukuk BBB-/Agusto

10-Oct-13

14.75 OSUN II 10-OCT-2020

*OSUN

14.75

9.77

TOTAL OUTSTANDING VALUE

9.77

TOTAL MARKET CAPITALISATION

9.95

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.87

1.00

9.43

101.27

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.09

1.00

10.59

101.67

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 25.32 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

7.96

7.67

95.20

96.34

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

6.11

5.66

97.93

98.85

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

8.09

7.89

90.67

91.70

99.31

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,418.94

Corporate Eurobonds B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

373.41

19-May-16

12.42

12.42

99.31

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

9.45

9.45

97.31

97.31

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

19.79

18.62

78.57

80.26

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

9.47

9.47

91.60

91.60

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

15.43

14.83

83.81

85.14

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

07-Aug-13 24-Jun-14 23-Jul-14

8.25 9.25 8.00

300.00 400.00 450.00

07-Aug-20 24-Jun-21 23-Jul-21

13.32 13.83 14.69

13.32 13.83 14.69

83.10 83.00 75.28

83.10 83.00 75.28

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

B+/Fitch; B+/S&P

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

08-Nov-18

8.39

8.39

94.50

94.50

3,523.41 3,082.97 Description

Issuer

Issue Date

Yield @ Issue (%)

Outstanding Value (₦’bn)

Maturity Date

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP II 4-MAY-16

04-Nov-15

13.25

7.23

04-May-16

36

6.03

12.49

12.33

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

2.77

29-Jul-16

122

6.18

14.48

13.82

TOTAL OUTSTANDING VALUE

10.00

**TREASURY BILLS^ DTM 9 16 23 30 37 51 58 65 72

Money Market

FIXINGS Maturity 7-Apr-16 14-Apr-16 21-Apr-16 28-Apr-16 5-May-16 19-May-16 26-May-16 2-Jun-16 9-Jun-16

Bid Discount (%) 5.85 6.18 5.94 6.15 6.55 6.75 6.75 7.59 7.55

Offer Discount (%) 5.60 5.93 5.69 5.90 6.30 6.50 6.50 7.34 7.30

Bid Yield (%) 5.86 6.20 5.96 6.18 6.59 6.81 6.83 7.70 7.66

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 12.8333 10.4872 12.2247 13.6227

Tenor

Rate (%)

OBB

12.67

O/N

13.33

Tenor Call 1M 3M

REPO

Rate (%) 14.00 12.50 13.17

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M 6M

198.45 199.31 199.69 199.49 200.23 201.45 204.89

198.55 199.83 200.23 200.07 200.98 202.45 206.63

NA

NA

^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 12.40 18-MAR-2036

29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14 18-Mar-16

16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.40

TOTAL OUTSTANDING VALUE

Issue Date

FRC dispute: Analysts downgrade Stanbic IBTC stock 17.25 FMB II 03-APR-2017

FMBN

10.47 10.94 11.22 11.47 12.18 12.34 12.76 12.74 12.71 12.33 12.33 12.55

114.57 88.30 112.93 120.16 109.78 100.55 113.53 98.09 72.72 84.17 98.36 98.58

114.87 88.60 113.23 120.46 110.08 100.85 113.83 98.39 73.02 84.47 98.66 98.88

6192.277269

BUSINESS |Financial Market News

39

TOTAL MARKET CAPITALISATION

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

BENUE 30-JUN-2016 IMO 30-JUN-2016 LAGOS 19-APR-2017 BAYELSA 30-JUN-2017 EDO 31-DEC-2017 DELTA 30-SEP-2018 NIGER II 4-OCT-2018 EKITI 09-DEC-2018 NIGER III 12-DEC-2018 ONDO 14-FEB-2019 GOMBE 02-OCT-2019 LAGOS 22-NOV-2019 OSUN 12-DEC-2019 LAGOS 27-NOV-2020 KOGI 31-DEC-2020 EKITI II 31-DEC-2020 NASARAWA 06-JAN-2021 BAUCHI 9-DEC-2021 OYO 16-FEB-2022 BENUE 27-FEB-2022 PLATEAU 30-MAR-2022 KOGI II 31-MAR-2022 CROSS RIVER 27-MAY-2022

#

#

#

#{r}

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.59

2.94

11.87

102.99

17.25

BEARISH

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14 29-Jul-15

15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

Sell pressure dominates market activities, as bargain hunters retreat

Stories by Chris Ugwu

A

fter the bullish run last week, trading activities on the floor of the Nigerian stock market slowed to begin the week in the red, as the13.00 bears 29-Sep-11 25-Oct-13 14.25 regained dominance following 09-Dec-11 0.00/16.00 20-Apr-12 by most 0.00/16.50 losses recorded blue 06-Jul-12 0.00/16.50 30-Sep-10 13.00 chip companies.

30-Nov-12 18.00 This was due to profit tak09-Apr-11 16.00 09-Sep-11 hunters18.00 ing by bargain in the 09-Sep-11 16.00 wake of cautious optimism 30-Sep-11 14.00 18-Oct-13 15.75 that had pervaded the market 17-Feb-12 18.00 following 01-Apr-14 upset in the16.00 finan06-Nov-15 15.00 cial sector.14-Nov-13 15.25

1.30 30-Jun-16 0.26 Consequently, the 0.26 All2.05 30-Jun-16 57.00 Share Index19-Apr-17 shed 622.621.06 basis 16.45 30-Jun-17 0.78 points or 2.4031-Dec-17 per cent to1.76 close 25.00 27.25 30-Sep-18 1.35 at 4.91 25,277.29 04-Oct-18 index points, as 1.36 10.98 09-Dec-18recorded 1.55 the against 25,899.91 8.14 12-Dec-18 1.55 previous day, while market 21.68 14-Feb-19 1.74 13.87 02-Oct-19 1.96 capitalisation of equities de80.00 22-Nov-19 3.65 21.65 2.12 or preciated by12-Dec-19 N215 billion 87.50 27-Nov-20 4.66 2.40 to close lower.

5.00per cent31-Dec-20 4.76 4.03 31-Dec-20 2.79 Meanwhile, a turnover of 4.04 06-Jan-21 2.82 14.37 million 09-Dec-21 282.7 shares in3.97 4,561 4.39 16-Feb-22 3.60 deals in the3.63 day’s 4.53 was recorded 27-Feb-22 27.10 30-Mar-22 4.03 trading.

3.00 31-Mar-22 6.46 7.68 27-May-22 3.72 of The banking sub-sector 451.93 the financial services sector 465.44 was the most active (measured by15.00turnover29-Sep-16 volume); 0.50 with 5.53 25-Oct-16 0.57 103.4 million shares exchanged 112.22 08-Dec-16 0.69 1.06 by116.70 investors 19-Apr-17 in 1,945 deals.

66.49 06-Jul-17 1.27 20.00 30-Sep-17 1.50 Volume in the sub-sector 0.46 30-Nov-17 0.96 was largely driven by activi4.50 09-Apr-18 1.03 1.82in the shares 09-Sep-18 of UBA 1.45 Plc ties 0.50 09-Sep-18 1.45 and 35.00GTB Plc. 30-Sep-18 2.50 1.80 18-Oct-18 1.30 Also, other financial servic0.27 17-Feb-19 1.64 1.76 aces 4.50 subsector,01-Apr-19 boosted by the 23.19 06-Nov-20 2.36 tivities in the shares of FCMB 2.05 14-Nov-20 4.63 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

4.46 12.58 100.25 Plc followed with a 100.86 turnover 3.48 11.60 1.00 81.56 million 11.03 98.98 in 466 of shares 5.71 15.14 98.97 deals.

3.21 13.45 100.77 1.00 11.13 103.41 The number of gainers at 1.00 11.14 103.43 3.82 close of 14.01 100.58 the trading session was 3.56 13.76 100.27 11, closed 1.00 while decliners 11.24 106.38 at 27.

2.02 12.31 105.20 Further analysis of the 1.98 13.12 103.85 4.35 14.68 showed 100.10 day’s trading that Dan1.30 12.90 102.00 gote Sugar Plc topped98.71 the gain3.76 15.37 3.76 14.27 100.44 ers’ table with 4.91 per cent to 1.00 11.51 107.86 1.52 12.40 107.95 while close at N5.98 per share 3.67 14.76 104.46 PZ 1.00 Cussons 12.12 Plc followed 112.04 with 2.52 13.58 110.28 4.87 per cent to close at N23.90 1.79 13.60 113.63 3.04 107.25 per share.14.27 UBA Plc gained 4.76 per cent to close at N3.96 per share. flip side, Nigerian 1.00 On the 9.70 101.58 1.34 10.23 102.17 German Chemical Plc led the 1.00 10.20 103.74 6.96 16.99 99.51 losers’ chart with a drop of 6.41 16.51 99.90 2.36 12.54 9.64 per cent to close100.61 at N4.22 1.88 11.78 per share.

Diamond 106.18 Bank Plc 3.15 13.17 102.56 6.35 16.52 a loss of101.74 trailed with 9.23 per 1.00 11.17 106.15 cent to close 1.17 11.60 at N1.18 per 105.08share, 6.17 16.29 99.36 while Skye Bank Plc102.22 dropped 6.11 16.33 3.28 7.07 per 13.53cent to close 103.67 at 92 by 4.47 14.86 100.22 kobo per 12.60 share.

1.00 109.05

3.13 5.64 5.75 6.12 4.29 8.50 8.50 9.63

3.55 2.48 1.00 4.63 2.77 1.00 1.00 1.00

14.22 14.21 12.76 16.50 14.33 13.81 13.81 13.92

103.02 100.10 114.68 99.87 104.99 112.20 97.26 104.92

NSE partners CECP on cancer awareness

T

he Nigerian Stock Ex- screening and treatment fa- are diagnosed with cancer 539.73 change (NSE) is collabo- cilities.

We are using the NSE yearly, and about 80,000 die 551.38 rating with Committee Corporate Challenge platform (10 deaths every hour) with Encouraging Corporate Phi- to raise funds to win the race a dismal survival rate of 1:5. lanthropy10-Oct-13 in Nigeria (CECPto 9.77 erase cancer.

This deliberThe situation is worse for 14.75 10-Oct-20 2.55 3.37 13.81 101.90 9.77 Nigeria) to step up awareness ate intervention is imperative some type of cancers. For 9.95 that will reduce the preva- because of the statistics of life example, the survival rate lence of cancer disease in the claimed by cancer and the fact for certain blood cancers in 10.20 12.00 11-Feb-18 1.87 1.00 9.43 101.27 country. 11-Feb-13 that one third of these cancers Nigeria is 1:20 whilst at the 10-Jul-14 11.25 12.95 01-Feb-21 3.09 1.00 10.59 101.67 The duo, according to a are actually treatable”.

Tata Cancer Centre in the In24.95 25.32 statement, is set to host the “Using our access to a vast dian City of Mumbai, surviOutstanding Value of employees and cli3rd edition of the NSE Corponetwork vorshipBid isPrice 99:100 forOffer the same Bid Yield (%) Offer Yield (%) Price Issue Date Coupon (%) Maturity Date ($’mm) rate Challenge tagged “eRace ents of our listed companies, condition. This poor survival Prices & Yields Cancer,” on Saturday, May 14, dealing members and other rate in Nigeria is mainly due 07-Oct-11 6.75 500.00 28-Jan-21 7.96 7.67 95.20 96.34 2016 in Lagos State. stakeholders, we believe we to inadequate infrastructure 12-Jul-13 5.13 500.00 12-Jul-18 6.11 5.66 97.93 The NSE Corporate Chal- can work together in scaling for cancer care and98.85 lack of 12-Jul-13 6.38 500.00 8.09 7.89 90.67 91.70of prelenge is an annual, highly up access to12-Jul-23 cancer screenwell-organized system 1,500.00 competitive and fun-filled ing services for early detec- vention.

1,418.94 5-kilometre walk, run and jog tion of cancer and provision “The global cancer epidemcompetition designed to raise of treatment and palliative ic is huge and is set to rise.

7.50 373.41 19-May-16 12.42 12.42 99.31 99.31 services to diagnosed Data from WHO shows that, awareness19-May-11 and funds for the care 25-Jul-12 7.25 350.00 25-Jul-17 9.45 9.45 97.31 97.31 8.2 million purchase of 37 Mobile Cancer patients.”

09-May-13 6.88 300.00 02-May-18 19.79 18.62 78.57 people die 80.26 from 08-Nov-13 6.00 400.00 8.39 8.39 94.50 94.50 Centers (MCCs), each valued Speaking08-Nov-18 on the imperacancer worldwide every year, 22-Apr-14 6.25 500.00 22-Apr-19 9.47 9.47 91.60 91.60 out of which, 4 million at $613,00021-May-14 each. tive quick intervention 8.75 200.00 of 21-May-19 15.43 14.83 83.81 85.14people 07-Aug-13 8.25 13.32 83.10 83.10 die prematurely (aged 30 to 69 to300.00 stem the07-Aug-20 growing 13.83 num- 13.32 According to Head, Corpo24-Jun-14 9.25 400.00 24-Jun-21 13.83 83.00 83.00 23-Jul-14 450.00 of 23-Jul-21 by cancer, 14.69 14.69 75.28 years). Urgent action75.28 needs to rate Services Division 8.00 of the bers deaths 8.75 250.00 14-Aug-21 12.23 86.63 Exchange,14-Aug-14 Mr. Bola Adeeko, the National Coordinator of 11.76 be taken84.88 to raise awareness 3,523.41 “The Exchange, working with the Committee Encourag- about the disease and to de3,082.97 CECP, has been at the forefront ing Corporate Philanthropy velop practical strategies to Risk Outstanding Value Valuation Yield DTM Date Yield and @ Issuead(%) Maturity DateNzelu, Discount Rate (%) of cancerIssue awareness (CECP), Dr. Abia not- Premium address the (₦’bn) (%) increasing cancer (%) vocacy for the provision of ed, “Over 100,000 Nigerians burden,” she said. #

Nil

GUINNESS NIGERIA

GUINNESS CP II 4-MAY-16

04-Nov-15

13.25

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

Maturity Date

1.24

s Stanbic IBTC contin- Office for Technology Acquisiues to face challenges tion and Promotion (NOTAP) from the Financial Re- has refused to approve since porting Council (FRC), ana- 2012/2013. Management estilysts at Renaissance Capital mates the amount at c. NGNhave downgraded the stock 5bn, noting that accruals have stopped since September 2015. to HOLD, from Buy. The bank recently released We would rather not hazard a OUTSTANDING VALUE aTOTAL notice on the Nigerian Stock guess on how the technical isTOTAL MARKET CAPITALISATION Exchange (NSE) that a case sues might be resolved, as this Corporate Bonds instituted at the has already taken much longer 13.00 NAHCO 29-SEP-2016 A+/Agusto; A-/GCR by the FRC NAHCO 14.25 FSDH 25-OCT-2016 A-/Agusto FSDH Court of Appeal is ongoing. than we expected,” they noted.

0.00/16.00 LCRM 08-DEC-2016 Nil ***LCRM 0.00/16.50 LCRM IIthe 19-APR-2017 Nil Owing to this and continued However, analysts 0.00/16.50 LCRM III 06-JUL-2017 Nil UBAstill 30-SEP-2017 A/GCR discussions with Stanbic’s said, 13.00 “We like the earnUBA C&I LEASING 30-NOV-2017 BBB-/GCR *C & I LEASING auditors on the treatment of ings 18.00 defence that Stanbic’s MPR+7.00 DANA 9-APR-2018 Nil *DANA MPR+7.00 TOWER 9-SEP-2018 A-/DataPro†; CCC/GCR *TOWER recertain items, the results wealth business provides MPR+5.25 TOWER 9-SEP-2018 AAA/DataPro†; B/GCR *TOWER group, but note that lease delayed to the 14.00 UBA II 30-SEP-2018 A+/Agusto;date A/GCR has beenUBA LA CASERA 18-OCT-2018 Bbb+/Agusto†; BBB+/GCR† for two months until*LA 31CASERA May. global15.75 2016E P/E comps have MPR+5.00 CHELLARAMS II 17-FEB-2019 BBB-/DataPro†; BB/GCR *CHELLARAMS 16.00 DANA II 1-APR-2019 Nil Reacting to the *DANA to 14x, from the 16x develop- de-rated 15.00 FCMB 6-NOV-2020 A-/GCR *FCMB we previously used.” ment, the analysts said: “We 15.25 NAHCO II 14-NOV-2020 A+/Agusto; A-/GCR NAHCO 15.50noted TRANSCORP 4-DEC-2020 Bbb/Agusto; our A-/GCRvaluation *TRANSCORP update to reflectHOTELS PLCThey that on the back 14.25 FCMB I 20-NOV-2021 BBB/GCR *FCMB the of this and unconvention16.45 UBA Ithe 30-DEC-2021 A/GCRde-rating in our P/E UBA global 16.48 FIDELITY 13-MAY-2022 BBB/GCR FIDELITY comps and raise our*TRANSCORP CoR es-HOTELSal economic path Nigeria is 16.00 TRANSCORP 26-OCT-2022 Bbb/Agusto; A-/GCR PLC 182D T.bills+1.20 STANBIC IA with 30-SEP-2024 A/GCR STANBIC our IBTC timates to further reflect currently treading its 13.25 STANBIC IB 30-SEP-2024 A/GCR STANBIC IBTC concerns about the macro en- exchange rate policy, they in14.90 NMRC 29-JUL-2030 AAA/GCR *NMRC TOTAL OUTSTANDING VALUE vironment.

On the back of this, creased the liquidity discount TOTAL MARKET CAPITALISATION we reduce our TP by 19 per cent by 5 ppts to 20 per cent, implyto NGN17.0 and downgrade the ing a 2015E P/E of 11x, down Sukuk from 14.75 14xOSUN previously stock to HOLD, from Buy II 10-OCT-2020 .

BBB-/Agusto *OSUN.” TOTAL OUTSTANDING The analystsVALUE noted that The analysts added that TOTAL MARKET CAPITALISATION given the lack of news over given the number of profit Supranational Bond months, it was warnings coming through the past few 11-FEB-2018 AAA/S&P IFC theIFC tier 2 banks, that easy to assume the dispute be- from 10.20 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P *AfDB they raise their FY15 and tween Stanbic and TOTAL OUTSTANDING VALUEFRC was TOTAL MARKET CAPITALISATION being quietly resolved, but FY16 CoR estimates for Stan4.5 per that isRating/Agency clearly not the case. Issuer bic to 5.0 per cent and Description “According to Stanbic’s cent, from 4.2 per cent and 4.0 FGN Eurobonds filing on the NSE, the FRC per cent, respectively.

6.75 JAN 28, 2021 BB-/Fitch; B+/S&P recently sought an order of “Therefore, our FY15-16E BB-/Fitch; FGN JUL 12, 2018 BB-/S&P injunction at the Court of PBT estimates have5.13been reBB-/Fitch; 6.38 JUL 12, 2023 Appeal that relates to certain duced by 15 per cent and 9 per BB-/S&P TOTAL OUTSTANDING VALUE FY15 fiaspects of the bank’s cent, respectively, translating TOTAL MARKET CAPITALISATION nancial statements. The pre- to RoEs of 12 per cent and 14 Corporate Eurobonds sentation of certain items in per cent.

7.50 MAY 19, 2016 B+/Fitch; B+/S&P GTBANK PLC I the results based on the FRC’s “Stanbic has been going 7.25 JUL 25, 2017 B+/S&P ACCESS BANK PLC and queries an BANK on-PLC through a rough patch 6.88 MAY 09, 2018 B/Fitch; B/S&P in 2015 is also FIDELITY 6.00 NOV 08, 2018 B+/Fitch; B+/S&P GTBANK PLC we are concerned by the going topic for discussion 6.25 APR 22, 2019 B+/Fitch; BB-/S&P ZENITH BANK PLC with the bank’s auditors.

8.75dispute May 21, 2019 B/Fitch; B/S&P DIAMOND BANK PLC news that the FRC 8.25 AUG 07, 2020 B-/Fitch; B/S&P BANK PLC “On the back of FIRST these is- remains unresolved.

The fi9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANK PLC II 8.00/2Y USD SWAP+6.488 JUL 23 2021 B-/Fitch; B/S&P FIRST BANK LTD sues, Stanbic has announced a nancials may be re-stated, but 8.75 AUG 14, 2021 B-/S&P NIG. LTD delay in the release ofECOBANK its FY15 we would need to gauge the TOTAL OUTSTANDING VALUE results untilCAPITALISATION 31 May 2016 at the magnitude of any structural TOTAL MARKET latest. The key issue relates to changes and the potential imDescription Rating/Agency Issuer pact on the group’s earnings the remittance of franchise trajectory ,” they said. fee accruals that the National Commercial Papers #{r}

Outstanding Value (₦’bn)

1.20

Sub-National Bonds

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA *BAUCHI *OYO *BENUE *PLATEAU KOGI *CROSS RIVER

Coupon (%)

03-Apr-12

TOTAL OUTSTANDING VALUE

A

10.57 11.05 11.31 11.53 12.24 12.39 12.81 12.79 12.77 12.38 12.37 12.60

Stock market down by N215bn

Description

Agency Bonds

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

3.25 3.57 3.88 5.83 7.96 9.82 12.67 13.15 13.64 14.32 18.30 19.97

6,418.30

Issuer

Nil

29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

6,237.28

WEDNESDAY, MARCH 30, 2016 TOTAL MARKET CAPITALISATION NEW TELEGRAPH Rating/Agency

351.30 233.90 556.93 605.31 719.99 155.84 75.00 150.00 200.00 591.57 1075.92 40.00

7.23

04-May-16

36

6.03

12.49

12.33

2.77

29-Jul-16

122

6.18

14.48

13.82

29-Mar-16

10.00

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 Money “Information”). not constitute professional, financial or Market The Information does **TREASURY BILLS^ FIXINGS Foreign Exchange (Spot & Forwards) investment advice.

Information is accurate; however, the Information is provided “AS IS” (%) and on an Bid “ASYield AVAILABLE” basis and may not be accurate or up to date. the accuracy, timeliness, completeness, performance DTM We attempt to ensure the Maturity Bid Discount (%) Offer Discount (%) TenorWe do not guarantee Rate (%) NIBOR 9 7-Apr-16 5.85 5.60 5.86 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.

OBB 12.67 Tenor Bid ($/N) Offer ($/N) 16 14-Apr-16 6.18 23 21-Apr-16 5.94 30 28-Apr-16 6.15 5-May-16 6.55 FGN Bonds 37 51 19-May-16 6.75 58 26-May-16 6.75 65 2-Jun-16 7.59 Rating/Agency Issuer Description 72 9-Jun-16 7.55 79 16-Jun-16 7.67 86 23-Jun-16 13.05 16-AUG-2016 7.42 93 30-Jun-16 ^15.10 27-APR-20177.89 107 14-Jul-16 7.11 9.85 27-JUL-2017 7.75 114 21-Jul-16 121 28-Jul-16 9.35 31-AUG-2017 7.78 128 4-Aug-16 10.70 30-MAY-2018 8.24 135 11-Aug-16 8.64 ^16.00 29-JUN-20198.20 142 18-Aug-16 7.00 23-OCT-2019 8.39 156 1-Sep-16 163 8-Sep-16 ^15.54 13-FEB-20208.72 177 22-Sep-16 8.29 NA NA ^16.39 27-JAN-20228.85 191 6-Oct-16 ^14.20 14-MAR-20248.61 198 13-Oct-16 205 20-Oct-16 ^12.50 22-JAN-20268.44 219 3-Nov-16 8.31 15.00 28-NOV-2028 247 1-Dec-16 8.38 12.49 22-MAY-2029 8.33 261 15-Dec-16 282 5-Jan-17 8.50 20-NOV-2029 8.64 296 19-Jan-17 ^10.00 23-JUL-20308.45 310 2-Feb-17 9.16 ^12.1493 18-JUL-2034 324 16-Feb-17 9.31 12.40 18-MAR-2036 9.14 338 2-Mar-17 352 16-Mar-17 9.31 TOTAL OUTSTANDING VALUE *for the Amortising bonds, the average life is calculated and not the TTM

5.93 5.69 5.90 6.30 6.50 6.50 7.34 Issue Date 7.30 7.42 7.17 16-Aug-13 7.64 27-Apr-12 6.86 27-Jul-07 7.50 7.53 31-Aug-07 7.99 30-May-08 8.39 29-Jun-12 7.95 23-Oct-09 8.14 8.47 13-Feb-15 8.04 27-Jan-12 8.60 14-Mar-14 8.36 8.19 22-Jan-16 8.06 28-Nov-08 8.13 22-May-09 8.08 8.39 20-Nov-09 8.20 23-Jul-10 8.91 18-Jul-14 9.06 18-Mar-16 8.89 9.06

6.20 5.96 6.18 6.59 6.81 6.83 7.70 Coupon (%) 7.66 7.80 7.55 13.05 8.06 15.10 7.26 9.85 7.94 7.98 9.35 8.48 10.70 8.93 16.00 8.46 7.00 8.70 9.07 15.54 8.64 16.39 9.28 14.20 9.03 8.86 12.50 8.74 15.00 8.88 12.49 8.85 9.25 8.50 9.07 10.00 9.93 12.1493 10.15 12.40 9.98 10.23

Bonds

# TOTAL MARKET CAPITALISATION Risk Premium is a combination of credit risk and liquidity risk premiums

Issuer

Description

Agency Bonds Nil

Modified Duration Buckets FMBN

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO

Rate (%) 12.8333 10.4872 12.2247 13.6227

O/N Tenor Call

Outstanding Value Maturity Date (₦’bn) NITTY Tenor 581.39 1M 480.13 2M 20.00 3M 6M 100.00 9M 300.00 12M

Rate (%) 16-Aug-16 5.2274 27-Apr-17 7.3101 27-Jul-17 7.6053 8.6471 31-Aug-17 8.9333 30-May-18 10.5277

351.30 29-Jun-19 233.90 23-Oct-19 556.93 NIFEX 13-Feb-20 605.31 27-Jan-22 Current Price ($/N) 14-Mar-24 BID($/N) 719.99 199.0000 OFFER ($/N) 199.1000 155.84 22-Jan-26 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34 40.00 18-Mar-36

13.33

REPO

1M TTM (Yrs) 3M 6M

Rate (%) 14.00

12.50 Bid Yield (%) 13.17 13.67

Spot 7D 14D 1M 2M Offer 3M Yield 6M(%) 1Y

0.38 8.41 8.02 1.08 10.05 9.91 1.33 10.12 10.00 :Benchmarks * :Amortising 1.42Bond 10.16 10.04 µ :Convertible 2.17Bond 10.35 10.27 AMCON: Asset Management Corporation of Nigeria 3.25 10.57 10.47 FGN: Federal Government of Nigeria 3.57Mortgage Bank 11.05 10.94 FMBN: Federal of Nigeria IFC: International 3.88 Finance Corporation 11.31 11.22 LCRM: Local Contractors Receivables Management 5.83 11.53 11.47 NAHCO: Nigerian Aviation Handling Company 7.96 12.24 12.18 O/N: Overnight UPDC: UAC9.82 Property Development Company 12.39 12.34 WAPCO:West Africa Portland Cement Company 12.67 12.81 12.76 13.15 12.79 12.74 13.64 12.77 12.71 14.32 12.38 12.33 18.30 12.37 12.33 19.97 12.60 12.55

NOTE:

6,237.28

198.45 199.31 199.69 199.49 200.23 201.45 Bid Price 204.89 212.74

101.68 105.02

198.55 199.83

Price200.23 200.07

200.98 202.45 Offer Price 206.63 217.21

101.83 105.17

99.64 99.79 NA :Not Applicable ^ : Market98.94 Prices 99.09 # : Floating Rate Bond 100.64 100.79 ***: Deferred coupon bonds 114.57 114.87 DTM: Days-To-Maturity 88.30 88.60 TTM: Term-To-Maturity ‡ : Bond 112.93 rating under review 113.23 †: Bond rating expired 120.16 120.46 N/A :Not Available 109.78 110.08 {r} :Issuer in receivership NGC: Nigeria-German Company 100.85 100.55 UBA: United Bank for Africa 113.53 98.09 72.72 84.17 98.36 98.58

113.83 98.39 73.02 84.47 98.66 98.88

Valuation Yield (%)

Modelled Price

6192.277269

6,418.30

**Exclusive of non-trading t.bills

Rating/Agency

Tenor O/N 1M 3M 6M

Porfolio Market Value (₦’bn) 17.25 FMB II 03-APR-2017

<3 3<5 >5 Market

1,003.19 1,517.71 1,556.13 4,077.02

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

FMDQ FGN BOND INDEX

Total Outstanding Volume (₦’bn)

Weighting by 03-Apr-12 Outstanding Volume

883.23 1,325.30 1,667.49 3,876.02

22.79 34.19 43.02 100.00

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12

Weighting by Mkt 17.25 Value

24.61 37.23 38.17 100.00

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50

Bucket Weighting 1.20

1.20

0.23

1.24 0.34 0.43 1.00

1.30 2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68

Maturity Date

% Exposure_ 03-Apr-17 Mod_Duration

12.19 29.16 58.64 100.00

30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19

Avg. Life/TTM (Yrs)

Implied0.59 Yield

11.04 11.94 12.38 12.09

0.26 0.26 1.06 0.78 1.76 1.35 1.36 1.55 1.55 1.74

#

Risk Premium (%) Implied Portfolio2.94 Price

139.5686 153.0024 117.5834 134.7038

4.46 3.48 1.00 5.71 3.21 1.00 1.00 3.82 3.56 1.00

INDEX 11.87

1,269.75 1,326.44 1,417.59 1,282.73

12.58 11.60 11.03 15.14 13.45 11.13 11.14 14.01 13.76 11.24

YTD Return 102.99 (%)

14.6140 30.9970 40.7712 21.5647

100.25 100.86 98.98 98.97 100.77 103.41 103.43 100.58 100.27 106.38

40

NEWS | south-west

Lagos @50: Group defends Soyinka Muritala Ayinla

T

he last may not have been heard about the controversies trailing the appointment of Professor Wole Soyinka as the cochairman of the Lagos at 50 celebrations. A group, under the aegis of Coalition of Ibile Professionals yesterday defended the choice of the Nobel Laureate.

The group, which also defended Governor Akinwunmi Ambode's style of appointment, said they would resist any campaign of calumny against the current administration,

saying that the administration has been successfully balancing the state affairs and appointments to the excitement of all divisions of the state.

The group, in a statement released by its General Secretary, Alhaji Wasiu Hassan, described members of Eko Foundation as rabble-rousers and noise makers seeking cheap publicity and attention for relevance.

The group said:" Lagos State is made up of five divisions namely Ikeja, Badagry, Ikorodu, Lagos Island and Epe. All the divisions are relevant for the progress of the state."

Sultan, Oyinlola bag Fountain varsity’s honorary degrees Adeolu Adeyemo Osogbo

F

ountain University, Osogbo, yesterday conferred a doctorate degree in Political Economy on Sultan of Sokoto and President -General, Nigerian Supreme Council for Islamic Affairs, Alhaji Muhammad Sa'ad Abubakar III during its 4th and 5th convocation ceremony.

Also, a former Osun State governor, Prince Olagunsoye Oyinlola

was conferred with a doctorate degree in Public Administration by the university in recognition of his contribution to nation-building.

Speaking at the event held at the university auditorium, the Sultan assured the ivory tower’s management of his readiness to assist the institution in infrastructural development and other areas so as to make the institution to be at par with other institutions globally.

WEDNESDAY, march 30, 2016 NEW TELEGRAPH

Ambode honours boat mishap’s victims

Muritala Ayinla

L

agos State Governor, Mr. Akinwunmi Ambode, yesterday reiterated the commitment of his administration to growth and development of the state.

The governor made the disclosure in Epe at an event organised in honour of the All Progressives Congress (APC) chieftains, who died in a boat mishap which occurred on March 28, last year in the area.

The victims of the illfated mishap included late Adewale Olakunle, Mogaji Gbolahan, Bello Muiz, Salau Tunde, Agoro Shamuseen and Mogaji Wale.

Speaking at AMBSAM memorial Foundation, a non-governmental organisation (NGO) established in honour of the victims,

Ambode urged Nigerians to strive hard no matter how difficult to keep alive the memory of those who died for democratic governance to thrive in the country.

The governor said the heroes of democracy must be celebrated always and that all hands must be on the deck to support their families both financially and morally.

AMBSAM Memorial Foundation was put together in honour of five persons, who died in a boat mishap which occurred on March 28, 2015 in Epe area of Lagos State.

The victims had met their tragic death while on an assignment to monitor the 2015 Presidential and National Assembly election exercise conducted by the Independent National

Electoral Commission (INEC).

According to him, some of the victims encouraged him to contest for the governorship election in the state.

Ambode said: "Just like this sunny afternoon, I was seated in my compound for which just about two hours earlier, some of the people we are celebrating today were actually with me and they were asking for words of encouragement and I remember that they said they were doing it for the upliftment of the Epe division.

"I did encourage them that time and I said by the time they are back, I would have lunch with them. I did not know that was the last time I will hear from them. A year after, I stand before you on their behalf

to say that whatever it is that I am doing today is because of them. I want to say exactly that almost two years back, they were the first set of people that I really sat down with that I was interested in doing what I am doing today and I remember that was in my office on Victoria Island and I remember that they gave me words of encouragement that I should proceed.

And for doing this for me, I believe strongly that there is no way I want to pay them back than to support their families and work hard for a greater Lagos because they died for our sake and they will never die in vain”.

The Governor, who vowed to support the Foundation to succeed and stand the test of time.

Fayose flags off construction of N5.7bn flyover Osun sets up committee to checkmate Fulani herdsmen Sulaiman Salawudeen

Students of Yaba College of Technology, Lagos, waiting for hostel allocation as they resumed after a four-week forced holiday … yesterday.

PHOTO: NAN

kiti State Governor, Ayodele Fayose, yesterday flagged off the construction of a N5.7 billion flyover in Ado-Ekiti, the state capital.

The 1.2 kilometre flyover, first of its kind in Ekiti, would, according to the governor, be completed in 24 months.

Speaking at a ceremony marking the event, Fayose said the project had become

one of his plans to decongest the inner city of AdoEkiti and enable improved vehicular sanity and orderliness, adding the flyover would begin at Fajuyi area and terminate at Ojumose.

He, however, urged contractors handling the project not to renege on the agreed completion period, noting "no mid-project execution financial variation will be allowed".

Fayose said: “This was a project that has been my heart desire during my first term."

Oguelu

Miebi

Ado-Ekiti

E

I, formerly known and addressed as Kalu Onyekachi Eunice now wish to be known and addressed as Oguelu Nnamdi Onyekachi Eunice. All former documents remain valid. The general public should please take note.

SONDE

I, formerly known and addressed as Mr. Sonde Ebenezer Olatunde now wish to be known and addressed as Mr. Sonde Benjamin Olatunde. All former documents remain valid. General public take note.

NICHOLAS

This is to confirm that the name Nicolas Adjei and Nicholas Adjei refers to one and the same person. Henceforth wish to be known and addressed as Nicolas Adjei. All former documents remain valid. WEMA Bank Plc, FCMB Bank and general public take note.

I, Racheal Ayibabrakimi Thomas do hereby confirm that the name Miebi Reuben refers to one and same me. I now wish to be known and addressed as Miebi Reuben. All former documents remain valid. WEMA bank Plc and the general public take note.

ONASANYA

I, formerly known and addressed as Mrs. Sorunke Esther Olusola now wish to be known and addressed as Miss Onasanya Esther Olusola.

All former documents remain valid.

First Bank Plc and general public take note.

ONEY

I, formerly known and addressed as Egwurugwu Maureen Onyinyechi now wish to be known and addressed as Oney Maureen Onyinyechi. All former documents remain valid. General public take note.

Adeolu Adeyemo Osogbo

F

ollowing reports of indiscriminate grazing of farmland by the Fulani herdsmen, the Osun State House of Assembly yesterday directed that a Task Force be set up to monitor and control the entry and exit of their cattle.

The Chairman, House Committee on Information and Strategy, Honourable

Oyintiloye Olatunbosun, dropped the hint in a statement in Osogbo.

Olatunbosun quoted the Speaker of the House, Honourable Najeem Salaam to have given the directive at a meeting with the state Committee on peaceful Co-existence between Fulani/Bororo and Crop Farmers as well as officials of the state Ministry of Agriculture and Food Security.

He said: "The insensitivity of the herdsmen

CONFIRMATION/change OF NAME

Officer

I, formerly known and addressed as Akpolu Peter Imomotimi Officer now wish to be known and addressed as Imomotimi Officer.

All former documents remain valid.

The general public should please take note.

DANIEL

I, formerly known and addressed as Etim Obot now wish to be known and addressed as Daniel Sunday Johnson. All former documents remain valid. General public take note.

EZE

I, formerly known and addressed as Anonaba Joy Nkeiruka now wish to be known and addressed as Eze Joy Nkeiruka All former documents remain valid. General public take note.

Ebe

This is to confirm that the name Jacob Bomadiowel and Jacob Bomadiowel Ebe refers to one and the same person. All former documents remain valid. UBA bank Plc and the general public should please take

Udoh

I, formerly known and addressed as Danjuma David now wish to be known and addressed as Francis Udoh. All former documents remain valid. Fidelity bank Plc and the general public should please take note.

IKODOR

I, formerly known and addressed as Sodiq Rukayat Oluwakemi now wish to be known and addressed as Ikodor Rukayat Oluwakemi. All former documents remain valid. General public note.

and continual grazing of farmland were capable of truncating food security programme of the government and weaken the resolve of the farmers to do more.

"The two major entry points of the herdsmen into the state, which are Iwo and Ila axis should be properly manned by the task force to control their movement.

"The herdsmen could not be left uncontrolled while the crops that have

Nzeocha

I, formerly known and addressed as Miss Amadi Chinenye Peace now wish to be known and addressed as Mrs. Nzeocha Chinenye Peace. All former documents remain valid. The general public should take note.

Nathan

I, formerly known and addressed as Ovie Jacob now wish to be known and addressed as David Nathan .E. All former documents remain valid. Sterling bank Plc, Keystone bank Plc and the general public should please take note.

BASIL

I, formerly known and addressed as Miss Olaniyi Blessing Bosede now wish to be known and addressed as Mrs. Basil Blessing Bosede. All former documents remain valid. General public take note.

been worked hard to produce by farmers are being grazed indiscriminately.

"The activities of the herdsmen have been denying the farmers equitable returns on their investment in farming, mostly through loan from banks and cooperatives”.

The statement however tasked the officials of the ministry to put into use, the already trained youths to engage in producing crops that were mainly meant for feeding cattles.

Taripreye

I, formerly known and addressed as Kaka Bumieye Taripre now wish to be known and addressed as Kaka Bumieye Taripreye. All former documents remain valid.

Ecobank Plc and the general public should please take note.

Allison

I, formerly known and addressed as Fekumo Eretingha Rose now wish to be known and addressed as Allison Eretingha. All former documents remain valid. The general public should please take note.

HELENMARY

I, formerly known and addressed as Ezeikeburu Amarachukwu Helenmary now wish to be known and addressed as Ezeikeburu Amarachukwu Helen. All document bearing my former names remain valid, Banks and general public note.

News|south-EAST

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

IPOB demands release of abducted Enugu indigenes

F

ollowing the alleged abduction of 76 indigenes of Enugu State by suspected Fulani herdsmen the Indigenous People of Biafra (IPOB), yesterday issued a 72-hour ultimatum to the Federal Government to ensure the release of the people or face the consequence.

Although earlier reports had indicated that the Awgu natives were arrested by soldiers from Abia State, the military authority has denied ordering the arrest of anybody.

The villagers were said to be having issues

24

with the Fulani herdsmen before the 76 young men were said to have been abducted.

There is also another report that the 76 youngmen, were currently being held at a military facility in Abia State.

In a statement signed by the group’s spokesmen Mr. Emma Mmezu and Dr Clifford C. Iroanya, the group warned that failure to release the abductees unconditionally would attract “provoked unrest”.

The statement read in part: “The raw show of power and bravado

by Fulani herdsmen at Umuneshi, Awgu com-

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

Source: Un.org

munity of Enugu State just cannot be accepted by any civilized society.

“First, the ever recalcitrant Fulani marauders abducted two women on their way to the farm.

All entreaties to release them fell on deaf ears.

The youth of the community mobilized to free their women, but the Fulani warriors informed their kinsmen at the military bases in the neigbouring Abia State.

The soldiers stormed the community, beat up and arrested all 76 youths, bundled them to zone 9, ordered them charged and remanded in prison without as

N336.76m

The IGR realized from other revenue sources of Nasarawa State in 2012.

Source: National Bureau of Statistics

much as allowing them to make statements.

“As at today the 76 youth remain locked up, the two women remain missing as Fulani supremacy reigns supreme.

“When you add this to the brazen arrogance of display of Fulani republic flags in Ohafia, Abia State, and the provocative flying of Fulani flags in Agatu Benue State, Eket, Akwa Ibom, and many other places, the IPOB is convinced that the battle of total annihilation has been brought to our door steps by the avowed enemies of peace.

734,693

The number of fixed-telephone subscriptions of Latvia in 2000.

Source: Itu.int

Awka

T

he Anglican Bishop of the Niger, Right Rev Owen Nwokolo yesterday, called on president Mohammadu Buhari, to move to check the spate of attack being

UMUAHIA

S

enate Minority Leader and former Governor of Akwa Ibom State, Senator Godswill Akpabio, has said that the national convention of the Peoples Democratic Party (PDP) slated for May would be devoid of imposition and impunity.

Akpabio said in Abia State that the PDP caucus in the senate was satisfied with the arrangements being put together for the convention, saying that the May 21 date remains sacrosanct.

According to the for-

mer governor, the present economic down turn in the country has nothing to do with the political party in power but a global challenge orchestrated by the oil glut. He said economic crunch is more pronounced in Nigeria because of the dependence on oil and advised for diversification of the economy.

Akpabia also called on Nigerians to be patient and support the present administration in the interest of the Nigeria, adding, “the country belongs to all of us and if the country collapses on our heads it means that we bequeath nothing to our children.”

PUBLIC NOTICE

REFUGE OF LIFE FOUNDATION

The general public is hereby notified that the above named has applied for registration with the Corporate Affairs Commission Abuja, Under Part “C” of the Companies and Allied Matter Act 1990.

The Trustees are: 1. Rev. (Mrs.) Sarah Oludayo Komolafe – Chair Person 2. Rev. (Mrs.) Abiodun Iyabo Akinwale – Vice Chair Person 3. Bolarinwa Titus Olabode – Secretary.

SIGNED : TRUSTEES

PUBLIC NOTICE

EVANGELICAL PRAISE VINEYARD MINISTRY

This is to inform the general public that the above named Church has applied to the Corporate Affairs Commission for Registration under Part “C” of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004.

was no probability that oil price may not increase in the near future, the huge human resources in terms of the enormous economic technocrats, international business persons and artisans the region can be made to diversify its economy to the advantage it its people.

The group noted that the private sector thrives when there were genuine and sufficient support from the government.

According to the NUF, Ndigbo are known to be good business people

in Nigeria especially in trading but said it was high time they take the bull by the horn to fully develop the economy of the region, through pragmatic effort.

For instance, the group said instead of trading mostly foreign products, Igbo should be encouraged to go into massive production which would attract patronage through export.

This according to the group remains the future they region needed to work towards in other to

boost its economy, create jobs and alleviate poverty.

It therefore urged the government to; promote policies that would empower entrepreneurs, traders (especially importers) to go into local production.

It said this would also create sufficient allocations for industrial parks and provide the necessary amenities to attract investors, as well attract investment in resources that the region was noted for, like coal and agricultural produce like oil palm, yam and cassava.

Cleric asks Buhari to check herdsmen’s attacks across country Pamela Eboh

IGBEAKU ORJI

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

Group urges South-East govs to harness region’s potential

A

Akpabio assures on peaceful PDP convention

AIMS AND OBJECTIVES 1. To present platforms for healthy living and improvement of social-economic status of community members in Nigeria.

2. To advocate for change against marginalizing of the less privileged due to their social strata.

3. To communicate and promote patriotism, citizenship and health education, particularly among young people, which will help stem the tide of corruption, sexual assaults, immoralities etc. in our world 4. To promote the spirit of leadership, good governance, volunteerism and civic responsibilities.

L-R: Ebonyi State Deputy Governor, Kelechi Igwe; Governor David Umahi and his wife, Rachael, at a Service of Songs in honour of the governor’s mother at Uburu in Ohaozara Local Government Area of the state

n Igbo sociocultural organization, Ndigbo Unity Forum (NUF), has called on South-East governors’ to gear their energies toward harnessing the region’s potential in an effort to diversify the economy of the zone.

The group in a statement said this has become very necessary in the face of the crash in crude oil price in the international market which has impacted negatively on the major source of government revenue. It said since there

41

unleashed by the Fulani herdsmen on the people across country.

He disclosed that that the herdsmen were terrorising innocent people, adding that the President’s silence was suspicious.

Nwokolo, who addressed journalists in

Onitsha, said the indications were strong that the present gover nment was skewed towards islamizing the country.

In his words; “Christians would resist such attempts with the last drop of our blood.

“The country’s con-

stitution is clear on issues of religion when it guaranteed freedom of religion and made the country a secular nation.

“The body language of a leader may show that he is supporting an agenda. That is what we believe is happening.

The Trustees are: 1. Ugbo Kingsley Nosa 2. Ugbo Osayawemwen Pamela 3. Odiase Doris Omorovbiye 4. Ugbo Oswald Osemwegie 5. Ugbo Nosayaba 6. Ugbo Kenneth Oghogho

- General Overseer - Member - Member - Member - Member - Member.

AIMS AND OBJECTIVES 1. To preach and teach the infallible word of God to all Nations, build places of worship of God and spread the gospel of Jesus Christ.

2. To establish and maintain churches and undertake missionary works.

3. To establish seminaries, mission education bodies and ordain ministers.

4. To co-operate with the Pentecostal Fellowship of Nigeria and other bodies 5. To organize functions, seminars, conferences, crusades, youth camps, bible colleges, rest homes, homes for missionaries, etc.

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

SIGNED : DR CHRISTIAN CHIKEZIE ARUKWE

PUBLIC NOTICE

EMMAUS THEOLOGICAL SEMINARY This is to inform the general public that the above named Seminary has applied to the Corporate Affairs Commission for Registration under Part “C” of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004.

The Trustees are: 1. Ugbo Kingsley Nosa - Chairman 2. Iyoha Friday E. - Member 3. Ugbo Osayawemwen Pamela - Member 4. Ugbo Oswald Osemwegie - Member 5. Ugbo Nosayaba - Member 6. Ugbo Kenneth Oghogho - Member.

AIMS AND OBJECTIVES 1. To re-enforce biblical value systems in the life of every student and expose students to the theological teachings and expansion of the Ministry of Jesus Christ.

2. To encourage the children of God to salvation in Jesus Christ and to support, nurture, and disciple every child of God in spiritual growth and commitment. The importance of evangelism and missions shall be emphasized.

3. To develop a sense of patriotism in every student, teaching them the Christian heritage of our nation, and recounting to them how the Lord has blessed us as a people. Respect for those in authority shall be emphasized.

4. To develop in every student an understanding of Biblical morals, ethics, and values, and to encourage, to read and obey the instructions of the Holy Bible as the only authoritative and inherent word of God. 5. To teach and communicate the theology and doctrine of the gospel of Jesus Christ from the inherent knowledge of the Old Testament and New Testament, in a religious atmosphere of servitude and discipline, using modern communication tools.

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

SIGNED : TRUSTEES

42

News|south-SOUTH

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Ex-Deputy Governor donates CBT centres for JAMB exams Tony Anichebe Uyo

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L-R: Senator Enyinnaya Abaribe; Senate Minority Leader, Senator Godswill Akpabio and Rivers State Governor, Chief Nyesom Wike, during a courtesy visit by the PDP Senate Caucus to the governor in Port Harcourt …yesterday

24

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

Source: Un.org

N336.76m

The IGR realized from other revenue sources of Nasarawa State in 2012.

Source: National Bureau of Statistics

734,693

The number of fixed-telephone subscriptions of Latvia in 2000.

Source: Itu.int

Three feared dead in Agip Oil pipeline explosion

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o fewer than three people have feared dead in another pipeline blasts at an oil field operated by the Nigeria Agip Oil Company (NAOC) in Bayelsa, the National Oil Spill Detection and Response Agency (NOSDRA) has confirmed.

The Director-General of the agency, Dr. Peter Idabor, confirmed the deaths in a telephone interview with the News Agency Nigeria (NAN) on Tuesday in Yenagoa.

He, however, said that a member of staff of the agency was lucky to have escape death by the whiskers from the incident.

A source in Olugboro Community told NAN that those killed in the blasts were maintenance workers, who were repairing crude oil pipelines at Olugboro in the Southern Ijaw Local Government Area of Bayelsa State.

The explosion, which occurred on Easter Sunday, also left several other people injured.

According to Idabor, the survivor was said to have drawn the attention of the oil workers to the breach of safety procedure and left the scene shortly before the incident occurred.

“I received a report of the incident from our staff in Yenagoa Office and luckily one of our officers on the team survived,” he noted, saying: “As a result of the safety conditions of the place after inspection our member of staff had to leave the place and he

was not affected.”

“I am going to report the matter officially to the Minister of Environment today,” Idabor added.

Meanwhile, similar blast occurred on July 9, last year at Agip’s oil field in Azuzuama in Southern Ijaw leaving 14 people dead.

A regulatory official of the Bayelsa State Ministry of Environment and NOSDRA and 12 maintenance crew members were among the victims.

A’Ibom Assembly passes confidence vote on Speaker Tony Anichebe Uyo

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embers of Akwa Ibom State House of Assembly have passed a vote of confidence on the Speaker, Hon. Onofiok Luke for his purposeful leadership.

The vote of confidence, which was passed during the Tuesday plenary, followed information brought before the House by a member representing Itu Constituency, Prince Idongesit Ituen.

Ituen decision followed the recent mis-

information in some quarters and call by few egocentric politicians that Onofiok should step down for his predecessor, Elder Uko, as soon as the later receives his certificate of return and swornin the second time.

He said the sixth Assembly should not fold its arms and watch outsiders to set the pace for them, even as he prayed that urgent steps should be taken to end the almost two-month-old speculations.

It was the opinion of the entire House, according to the members, that the Onofiok had demonstrated high sense of

responsibility and dedication to duty since his emergence as Speaker.

In fact, the motion for the vote of confidence was moved by the member representing of Ibiono Ibom; Hon. Ime Bassey Okon, while member for Ikot Abasi /Eastern Obolo, Hon. Uduak Odudoh seconded it.

The leadership of the Peoples’ Democratic Party (PDP) in the state, during their recent stakeholders’ meeting, stated categorically that the party was satisfied with the performance of the House of Assembly under the leadership of the

Hon. Onofiok.

The party Chairman in the state, Obong Paul Ekpo said: “We are warning those who are throwing tantrums and trying to divide the House to desist henceforth. I repeat, the party has no intention of interfering in the leadership of the House of Assembly and Onofiok Luke remains the Speaker.”

The vote of confidence on the Speaker has ended the over two months’ speculations on what happens to him when the former Speaker returns in April to the Assembly, having won the rerun election.

Buhari, Osinbajo for South-South security, infrastructure summit Tony Anichebe Uyo

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s the price of crude oil continued to plummet in the international market, the need to diversify the economy by boosting agriculture, solid minerals and other sectors has been in the

front burner.

Towards this end, The Sun Publishing Nigeria Limited, publisher of The Sun, in partnership with the Akpabioism Centre for Leadership Development (ACLD), Akwa Ibom State have concluded plans to organise a mega summit on security and infra-

structural development.

Expected at the summit, according to the organisers, are President Muhammadu Buhari, his vice, Mr. Yemi Osinbajo (SAN), and other eminent Nigerians.

Tagged: Security/ Infrastructure Summit, the Chancellor of the Centre, Mr. Bassey

James, in an interview in Uyo, the state capital, explained that the fair has become necessary in order to showcase the rich human and material resources that abound in the South-South and South East geopolitical zones of the federation.

etermined to promote computer education and lift ICT development in the school system, Akwa Ibom State former Deputy Governor, Dr. Christopher Stephen Ekpenyong, said he has invested massively in the sector since 2002.

This is even as he noted that the computer-based Gestric Information Technology and Management Institute (GITMI) he established at Ikot Ekpene and Uyo, accommodated over 10,000 candidates, who participated in the just concluded Unified Tertiary Matriculation Examination (UTME) Computer-Based-Test

(CBT) conducted by the Joint Admissions and Matriculation Board (JAMB).

Obong Ekpenyong, the Proprietor of the institute, lauded JAMB for its foresight in approving the institute as one of its CBT centres in the state, recalling that the two centres recorded over 10,000 candidates in the examination.

The institute, which is affiliated to the Federal University of Technology, Akure (FUTA) in Ondo State, according to him, was conceived since 1999, when he was the Deputy Governor, even as he pointed out that he also midwifed the establishment of the mega Science Park

by Obong Victor Attahled administration.

Wike playing politics with people’s lives, says Amaechi Mojeed Alabi

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ormer Rivers State Governor and Minister of Transportation, Mr. Rotimi Amaechi, has chided his successor, Mr. Nyesom Wike, over his recent comments on the crises rocking the state, saying the governor was playing politics with the state’s developmental concerns and the lives of the people of the state.

In a statement issued yesterday by his media office, Amaechi accused the governor of twisting the truth and telling outright lies towards denigrating and tarnishing his image and legacies.

The Minister, who challenged the governor

to produce the security reports, which he said to be in his custody, said that linking him the death of the APC Ward Chairman in Omoku, Franklin Obi, was a diversionary tactics.

The statement reads in part; “Most troubling, was Wike’s propensity, without any qualms whatsoever, to play politics with the safety and security of the lives of Rivers people.

This is indeed most worrisome. It is no secret that Wike plays politics with development, the welfare and well-being of Rivers people. But no government should play politics with the safety and security of its citizens like Wike is sadly and shamelessly doing.

APC chieftain to Oshiomhole: Esan nation deserves equity, fair play Cajetan Mmuta BENIN

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chieftain of the ruling All Progressives Congress (APC) in Edo State, Chief Francis Inegbeneki yesterday appealed to Governor Adams Oshiomhole to ignore and reject the political antics and claim by some self-seeking commissioners in his government that leaders of Esan ethnic nationality in the state are in support of his choice of person to succeed him.

Inegbeneki, who made a call in a chat with journalists at Opoji in Esan Central Local Government Area of the state, urged the governor to take a second look and consider the plight of people from the Central Senatorial District in the

interest of equity, fair play and justice.

According to him, the Esan nation parades most credible personalities and therefore there is the need for the governor to negotiate with the authentic leaders of people of the area and not charlatans who are out to serve their personal interests.

He said: “I am aware that the so-called leaders, who could not win their units, went to Benin and felt he has met with Esan leaders; those small commissioners. I want to assure the governor that on that day they will disappoint him. We are saying that Comrade should sit down with us, he has the right to be sympathetic with someone, but we are telling him we have the best candidates.”

News|north 43

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Army clears Kumshe, Alagarno villages in Borno Ahmed Miringa MAIDUGURI

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n continuation of its effort to clear the Boko Haram terrorists, troops of the Operation Lafiya Dole, have cleared and recapture, Rann the headquarters of Kalabalge Local Government in Borno State, Kumshe and Alagarno, which were strongholds of the insurgents.

Briefing newsmen at the Media Mentre of the Operation Lafiya Dole, the theater Commander,

Major General Lucky Irabor said: “ In continuation of our clearance exercise our troops have recently cleared and recapture Rann, the headquarters of Kala-Balge and some adjourning villages including their training camp in Tile and in the process killed15 insurgents, destroyed four vehicles and rescued 567 captives.

“Also on March 18, at about 19:000 hours captured and cleared Yagawa, Musa, Jeda, Kagamari among other villages, surrounding

149.68m

The total number of connected lines of Nigeria in October 2015.

Source: Ncc.gov.ng

Algarno Village, after clearing the village our troops with the support of air force successfully entered and cleared Alagarno Village on March 28, where the Air Force gave us support through supply and bombardment of the area,” the theater commander stated.

He also stated that the troops of 81 Task Force Battalion cleared Kumala village, where 2 insurgents were arrested, adding that the troops of 25 brigade also cleared Ajigin and Talala gener-

£67.3m

The amount of money received by Liverpool in the summer 2015 transfer window.

Source: 101greatgoals.com

al area where 250 people rescued and 2 vehicles, 80 motorcycles and several bicycles destroyed.

The theater commander further stated that the troops of 157 Task Force Battalion also ambushed and crushed Boko Haram terrorists in their crossing point between Mile 9 and Yoyo village, stressing that the troops of 27 Task Force Battalion at Bank of River Gogone recovered one of military Amoured Personnel Carrier (APC) seized by Boko Haram insurgents in July 2015.

3,122

The total number of incidence of terrorist violence in 1991.

Source: Satp.org

Kano State Governor, Abdullahi Umar Ganduje (middle), with other officials, during the destruction of illegal drugs and expired food items at the NDLEA office in Kano…on Monday

Ilorin

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coalition of leaders of thought across the North-Central states gathered yesterday in Ilorin, Kwara State and demanded the immediate dismissal of the ongoing trial of the Senate President, Dr. Bukola Saraki, at the Code of Conduct Tribunal (CCT).

Addressing a crowded press conference in Ilorin, the leaders, under the aus-

Cheke Emmanuel LAFIA

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asarawa State government yesterday said it will employed 1,500 youths and another 1,500 pivotal teachers, nurses and midwives in the New Nasarawa Development Plan.

Governor Tanko AlMakura disclosed this while addressing journalists shortly after an expanded state executive council meeting yesterday at the Government House, Lafia, the state capital.

He said the state resolved to embark on con-

Bello to intending pilgrims: Ask God for direction Dan Atori MINNA

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iger State Governor, Alhaji Abubakar Sani Bello, has charged intending pilgrims to the holy land of Jerusalem to ask God for spiritual direction to help in salvaging the country’s dwindling fortunes. Bello spoke while addressing the 218 pilgrims yesterday at the State Pilgrims Board. He tasked them to intercede for Niger State and the country at large.

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pices of Coalition of Leaders of Thought, North Central Zone, said they could not accept the CCT’s judgement of March 24, 2016 against Saraki given the condemnation that has greeted the decision from eminent jurists across the country.

The event also witnessed a protest by some youths outside the venue of the briefing with placards bearing various inscriptions that denounce the CCT. The group described Saraki as the pil-

lar of the APC in the zone and wondered why a man who helped deliver his zone for the party at the general elections would be crucified after such an election.

Also yesterday, a coalition of civil society organisations in the state described Saraki’s current travails as a setback for Nigeria’s democratic emancipation. Secretary General of the Coalition of Civil Society Organisations, Basambo Abubakar, said

the senate president represented the face of the Nigerian youth and students, adding that Saraki is the face of tomorrow for Nigerian students and youths.

Those who addressed the media on Saraki’s travails included Senator Ahmed Mohammed (Kwara), Senator Muhammud Awwal (Niger), Mr. Dayo Thomas (Kogi), Mr. Samuel Alaibi (Benue), Alhaji Zubair Abubabakar, Alhajj Oba Bolanta and Alhaji Yusuf Ayedun.

or mer President Olusegun Obasanjo yesterday commiserated with victims of the Sabon Gari Market fire incident which razed over 3,800 shops in Kano State.

He made the remark when he paid a sympathy visit to Gov. Abdullahi Ganduje, at the Gover nment House, Kano.

He described the incident as ``very unfortunate, considering the monumental losses incurred by victims in the inferno.’’

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n international non-governmental organisation, Human Rights Watch, based in the United States, has revealed that it remains unclear whether the Nigerian government was ever aware that over 400 women and children

Bello, who was represented by the Commissioner for Information, Culture and Tourism, Mr. Jonathan Vatsa, said Nigeria is economically, politically and socially sick and needs a revival.

According to him, “You are not going there for sightseeing; all the theories to revamp the economy have failed, but the spiritual theory will not fail us; that is why you are going there to pray for God’s intervention, especially this time that the country is going through challenges.

Haram from a school in Borno State more than a year ago.

The body said in its report released yesterday that the November 2014 abduction in Damasak, was the largest documented by Boko Haram, with at least 300 elementary students captured.

However, according to

event has attracted far less attention from the media and government than the Chibok school abduction of April 2014.

“Three hundred children have been missing for a year and yet there has not been a word from the Nigerian government,” said Mausi Segun, Nigeria researcher at Hu-

“The authorities need to wake up and find out where the Damasak children and other captives are and take urgent steps to free them.

“On 25 November, 2014, Boko Haram attacked the trading town of Damasak, Borno State, blocking the town and trapping residents and traders.”

The former President, who also used the occasion to condoled with Ganduje over the death of his mother, prayed God to replenish the victims of the fire diasater.

He said ``God knows why He allowed things to happen, but let us hope that there will be benefit from this monumental disaster. That is my wish and prayer. ``On behalf of myself, family and close friends who share my sentiment about this country, accept our condolences.’’

Zamfara police wives’ association donates to orphanage Idris Salisu Gusau

State chapter Rights watch raises the alarm over 300 children abductees Zamfara of the Police Wives’ were abducted by Boko the organisation, the man Rights Watch (HRW). Association (POWA), has

Segun Edwards

structive engagement of the youth as a sure way of addressing youth restlessness in the state.

Accordingly, government was awaiting the nod from the Nursing Registration Council to engage the nurses and midwives, while secondary school leavers would be required to go for pivotal teachers’ training course and would be paid N5,000 stipends while in training as way of sustaining them.

The governor said the teacher-trainees would be employed thereafter to teach in primary schools.

Obasanjo condoles Ganduje over Sabon Gari fire disaster

North Central leaders, others back Saraki over trial Biodun Oyeleye

Nasarawa to employ 3,000 workers

donated some food items worth thousands of naira to Zamfara Orphanage in Gusau, the state capital.

Presenting the items to the Head of the orphanage at the weekend, the Chairperson of Police Wives’ Association in the state, Mrs. Hauwa Istifanus Shettima, said the gesture was based

on the directive given to all 36 states branches of POWA by the Inspector General of Police’s wife, who is the President of the association to visit orphanages in their respective states.

Shettima further noted that the gesture would be a continuous process, calling on wealthy individuals in the state to come to the aid of the orphanage with more relief items, saying that the state government alone cannot provide all their basic needs without support from others.

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WEDNESday, March 30, 2016 NEW TELEGRAPH

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WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Sport

Musa (Right)

Ajibade Olusesan

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or the second consecutive time, Nigeria will not play at the African Nations Cup after the Super Eagles’ 1-0 loss to Pharaohs

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

Sport News

Did you know?

Arsenal to reward Iwobi with pay rise

That Egypt’s 6-3 victory against Nigeria at the 1963 Africa Cup of Nations at the Kumasi Sports Stadium, Ghana was the biggest recorded scoreline between the two sides.

International Ethiopia stop Algeria

Eagles crash out of AFCON 2017

“Inexperience cost Eagles AFCON ticket” Charles Ogundiya

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x-international, Mutiu Adepoju, has urged the Nigeria Football Federation to retain the current technical crew of the national team despite the side’s failure to qualify for the 2017 African Cup of Nations in Gabon.

The Super Eagles’ 1-0 lost to Egypt in Alexandria on Tuesday ended their prospect of qualifying for the African biggest football showpiece, making it the second time they would miss out AFCON. The Eagles failed to defend the title they won in South Africa in 2013 when they did not qualify for the championships hosted by Equatorial Guinea last year.

“It is just unfortunate that we are out but I still believe things can change,” the former Shooting Stars of Ibadan General Manager said.

“I believe we should continue from here while maintaining the current team and the technical crew so that we don’t have to start all over again.

“Before we know it, the World Cup qualifiers will start and after failing to qualify for two consecutive editions of AFCON , we cannot afford to miss the World Cup in 2018.”

Meanwhile, Adepoju said the team played well against the Egyptians but lost out due to inexperience.

Stadium.

Nigeria played with a lot of confidence and dictated the tempo of the game for a good period of the first 45 minutes.

Egypt created two early openings – Hegazy headed narrowly past the Nigeria goal after five minutes and almost immediately skipper Al-Said fired with a left foot from inside the box.

Al-Said then delivered a low cross from the left in the 29th minute, but Mohamed Salah was not close to make contact.

In the closing minutes of the first half, Nigeria goalkeeper Akpeyi pulled off two big saves from Ibrahim Salah and again skipper Al-Said.

The Pharaohs became more purposeful in their attack in the second and the reward came in the 65th minute through teenager Sobhi who grabbed the all-important goal in the 65th minute when his toed effort from just inside the box trickled past goalkeeper Akpeyi.

The Eagles attempted to fight back but did not really threaten the Pharaohs’ defence until 84th minute when Moses fired a low drive which pathetically hit the bar after it had beaten the Egyptian goalkeeper.

Play me or I go, Mikel tells Chelsea

47

Retain Siasia, Adepoju urges NFF

lPharaohs pick ticket in Alexandria in Alexandria on Tuesday ended their hopes of featuring in Gabon 2017.

Nigeria needed an outright victory in Alexandria on Tuesday (yesterday) to take the driving seat in Group G following their 1-1 draw with the Egyptians in Kaduna four days earlier, but Radwan Sobhi’s 65th minute goal sent the three-time champions out of AFCON 2017.

Egypt now have unassailable seven points while Nigeria are in distant second after garnering paltry two points with one round of matches to go in the qualifying series. Nigeria face Tanzania at home but no result from that match can take the Eagles to Gabon. The Nigerian side was not at the 2015 AFCON hosted by Equatorial Guinea.

Coach Samson Siasia dropped three players from the side that played a 1-1 draw in Kaduna with Aminu Umar replacing Kelechi Iheanacho, Victor Moses for Simon Moses while Daniel Akpeyi was in goal instead of injured Carl Ikeme.

Although hosts Egypt created the better chances in the first half, Nigeria also had their moments during a goalless first half at a packed Borg El-Arab

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Siasia

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SPORT NEWS

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

Play me or I go, Mikel tells Chelsea Ajibade Olusesan

S Mikel Obi (Right)

How club owner rescued NFF with chartered flight Adeolu Johnson ABUJA

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he Super Eagles would have left for Alexandria on Monday in a regular flight if not for the support of oil magnate, Ifeanyi Ubah.

Our reliable source disclosed that it was Capital Oil Chairman, Ubah, who came to the rescue of the Nigeria Football Federation when the Eagles demanded to be flown to Egypt in a chattered airline.

The Nigeria Football Federation President boss Amaju Pinnick, who had been running pillar to post had no choice than to go cap in hand to the Nnewi-born businessman.

The NFF had initially said it could not afford a chartered

flight because of its lean purse.

But the gesture from Ubah changed the earlier plan as the NFF jettisoned the regular flight for chartered Arik Air that took the team to Egpyt.

Although our source did not disclose the amount donated by Ubah, he was quick to add that it was enough to even help to defray other expenses the NFF incurred in the cause of prosecuting the return leg tie.

Pinnick had complained that the NFF account was in the red following the delay in passing its 2016 budget.

“We are operating from a very tight financial situation hence we are finding it difficult to meet all our obligations,” he told reporters at the Nnamdi Azikiwe International Airport before the team’s departure.

Draw against Wikki earns Akwa Utd players bonus

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he management of Akwa United has approved the payment of N50,000 match bonus for each player after the draw with Wikki Tourists of Bauchi in the NPFL match day nine last Sunday.

The Chairman of the Club, Paul Bassey, announced that the players would receive N50,000 for drawing that match instead of the normal N30,000 bonus for away draw.

“It is not easy to go to Bauchi and pick a draw.

The management is impressed with their performance in that clash and we are urging them to double their efforts in future games in order to pick more away points in

the league,” Bassey said.

It would be recalled that when he took over the leadership of the club, match bonuses

were increased as follows, away win N50,000, away draw N30,000 and home win N20,000 to each player.

Rangers target victory in Lagos Charles Ogundiya

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nugu Rangers have set their mind on getting the three points at stake when they meet MFM FC on Wednesday in a Nigeria Professional Football League Week 10 game in Lagos.

The league leaders have been boosted by their 2-1 victory against champions, Enyimba, at the weekend and are looking forward to another victory away from

home.

Speaking with New Telegraph, the Team M a n a g e r, Amobi Ezeaku, said they were coming to Lagos for the full points.

“Defeating an experience side like Enyimba is a clear indication that we are not coming to Lagos to pick a draw but the three points,” he said.

“We are coming to Lagos to get the victory and retain the number one spot in the NPFL table.”

uper Eagles captain, Mikel Obi, has said he will find out about his first-team opportunities under Chelsea’s next manager before making a final decision on his future.

Interim boss Guus Hiddink has given Mikel a more prominent role since succeeding Jose Mourinho in December, with the midfielder starting 14 of his 19 matches in charge.

Mikel is in his 10th year at the Stamford

Bridge, making him one of the club’s longest-serving players, but the 28-year-old has only rarely managed to establish himself as a regular starter under a succession of managers.

And with outgoing Italy coach Antonio Conte expected to take over from Hiddink at the end of the season, Mikel has said he could leave if that meant playing more regular football elsewhere.

“I have one more season with Chelsea, but I know when this season

Arsenal to reward Iwobi with pay rise Ajibade Olusesaan

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lex Iwobi’s recent performance for Arsenal will not go unrewarded as Coach Arsene Wenger sanctioned a pay rise for the Super Eagles striker.

The 19-year-old has been part of Arsene Wenger’s first team of late and scored his first English Premier League goal in Arsenal’s 2-0 win at Everton on Saturday, March 19.

According to reports,

Iwobi

Wenger has approved for the club to tie down

Eneji Otekpa of Lobi Stars (Right) against Obinna Nwobodo of Rangers

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he sixth edition of the Twitter Premier League hots up in Lagos, as the eight participating teams are bent on grabbing the titles in the competition taking place at the Campos Square Mini Stadium.

Iwobi to a new deal that will ensure his future at the club is settled.

The starlet who joined Arsenal at the age of seven, is currently on £800 per week but his new contract is set to take his pay to £10,000.

Iwobi is now a full Nigeria international after playing for the Super Eagles in their 1-1 draw at home to Egypt in a 2017 African Cup of Nations qualifier last Friday.

Pitch awards: Ighalo, Oshoala reign supreme Grace Adewara

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uper Eagles and Watford forward, Odion Ighalo, and Super Falcons and Arsenal, Asisat Oshoala, emerged King and Queen of the Pitch respectively at the 3rd Award Ceremony of the Nigeria Pitch Awards that took place after the Nigeria-Egypt clash in Kaduna on March 25.

In his address, NFF President, Amaju Pinnick, thanked the Governor of Kaduna State Nasir ElRufai, for honouring the invitation of the federation and organisers to attend the ceremony even at short notice.

Speaking further, Pinnick said “the NFF has been partnering with them (the organisers) and the award has been very spot on; if you are a winner, you should be very

proud to say you are a winner.”

Shina Philips, President of the Nigeria Pitch Awards, thanked the President of the NFF, Pinnick, dignitaries, voters, nominees and winners.

He specially singled out the media for its unprecedented support and commitment to the cause of Nigerian football.

The 2015 Special Achievement Awards went to Governor Nasir El-Rufai, Barrister Solomon Dalung, Minister of Sports, Sir Mike Okiro, Chairman Police Service Commission, and Dr Mohammed Sanusi, the NFF General Secretary while Samson Siasia was honoured with the Football Achievement Award.

Twitter Premier League hots up in Lagos Dapo Shotiminu

ends we will definitely sit down and try to sort out whatever needs to be sorted out,” the 28-yearold told goal.com.

“If it means me leaving, fine. If it means me staying, then I have to play because one thing I don’t want to do is to sit on the bench like I did before.

“Wherever it is, I just want to play. Legacy is important, and I’m very proud and happy that I’ve kept this legacy to be able to achieve what I have achieved.”

The nine-a-side football league which is basically for amateur players who support various clubs in the top leagues in Europe on Twitter, started fully last weekend March 26 and would be played every weekend until May 28 when the finals in the male and female categories will take place.

The co-founder of the TPL, Mr. Oluwafemi Adebule, told New Telegraph at the National Stadium, Lagos, that, the major thing about the Twitter Premier League was the bragging right. He noted that the league is on home and away format, which would see each of the teams play two matches

Oshoala

Pinnick, the NFF President, Super Eagles Captain, Mikel Obi and Segun Odegbami, received the Sam Okwaraji Award for Commitment to Nigerian Football. against themselves.

The teams in the male class are the Guns FC formed by Arsenal supporters on Twitter, the Reds FC founded by Manchester United supporters on Twitter, the Pacers United, Ranieri Ghost FC, Raptors FC and Teknon FC. While, there are only two female teams, the Sarina FC and the Panthers FC.

INTERNATIONAL SPORT

WEDNESDAY, MARCH 30, 2016 NEW TELEGRAPH

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Gabon 2017 AFCON

thiopia held Algeria 3-3 to prevent the Desert Foxes booking their place at the 2017 Africa Cup of Nations.

Algeria would have qualified for the tournament had they beaten Ethiopia, who they had thrashed 7-1 in Blida in their first group meeting on Friday.

This time Ethiopia took the lead three times but a late penalty by Faouzi Ghoulam secured a point for Algeria.

Algeria are top of Group J with 10 points, five points clear of Ethiopia with two matches left to play.

The 13 group winners are guaranteed a place at the finals in Gabon, with the two best-placed

Ethiopia stop Algeria

Algeria’s Faouzi Ghoulam (left) battles with Ghana’s Christian Atsu during the 2015 AFCON in Equatorial Guinea

runners-up also going through. Gabon qualify automatically as hosts.

Getaneh Kebede

WORLD \ NEWS

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EgyptAir hijacker arrested

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n Eg yptian man who hij a c ke d an EgyptAir passenger plane and forced it to divert to Cyprus demanding to see his exwife surrendered yesterday after a six-hour airport standoff ended peacefully.

The hijacker, described by officials as “unstable”, had claimed to be wearing a bomb belt but no explosives were discovered after he gave himself up at Larnaca airport and

was arrested.

Most of the 55 passengers on the plane originally travelling from Alexandria to Cairo were quickly released after it had landed but some escaped only minutes before the hijacker surrendered, including one man who climbed out a cockpit window. “From the beginning it was determined that this was not a case of terrorism,” Foreign Minister Ioannis Kasoulides told reporters, adding that the man was “psychologi-

cally unstable”.

The Egyptian interior ministry identified the man as Seif al-Din Mohamed Mostafa. A police official said he was 58 and had previously served time in prison. Kasoulides said the man demanded to deliver a letter to his Cypriot ex-wife, with whom officials said he has children. She was brought to the airport and spoke to the man, Kasoulides said, without providing further details.

scored either side of Islam Slimani’s equaliser to put Ethiopia 2-1 up on Tuesday.

Rwanda too strong for Mauritius

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brace by Dominique Nshuti and goals from Ernest Sugira, Fibna Omborenga and a late strike courtesy of Jean Baptiste Muriganeza saw Rwanda crush Mauritius 5-0 at Amahoro Stadium on Tuesday.

The 2017 CAF Africa Cup of Nations Quali-

fier second leg Group H encounter saw the hosts enjoying the majority of ball possession.

The second leg clash allowed the Amavubi to avenge their 1-0 defeat they suffered away to the Les Dodos last Saturday at Anjalay Stadium, and they avenged this result in style.

Coach McKinstry’s men opened their scoring when Nshuti netted in the 10th minute while Sugira followed with a double in 60 seconds.

Omborenga netted the fourth goal with 18 minutes remaining on the clock when he A man believed received a great assist to be the from Emery Bayisenge. hijacker leaves

Sylla hands Guinea win over Malawi

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Guinea striker, Alseny Camara

RESULTS Togo

0-0

Tunisia

Liberia

5-0

Djibouti

Angola

0-2

DR Congo

Uganda

0-0

Burkina Faso

Rwanda

5-0

Mauritius

Sudan

1-1

Ivory Coast

Lesotho

2-1

Seychelles

Ethiopia

3-3

Algeria

Niger

1-2

Senegal

Namibia

1-3

Burundi

Malawi

1-2

Guinea

Gambia

0-0

Mauritania

South Africa 0-0

Cameroon

uinea have increased their chances of reaching the Africa Cup of Nations in Gabon next year with a 2-1 win over Malawi in a Group L qualifying match at the Kamuzu Stadium in Blantyre on Tuesday.

The win, the first for Guinea in the qualifying group, sees them up to third in the standings with five points, the same as second placed Swaziland but with an inferior head-to-head.

That leaves Guinea only three points adrift of Zimbabwe who top Group L while the loss for Malawi sees them at the bottom of the standings with two points.

Guinea, though, had to fight hard for the win away from home after coming from a goal behind to pick up the three points.

Chukepo Msowoya opened the scoring for Malawi just after the hour mark, but Guinea managed to hit back three minutes into first half stoppage time thanks to a strike from Mohammed Yattara.

Lesotho record first Group J win

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umelo Khutlang’s goal earned Lesotho a 2-1 win over Seychelles in the 2017 Africa Cup of Nations (AFCON) qualifier played at the Setsoto Stadium in Maseru on Tuesday.

Despite their victory, Lesotho’s Likoena remained at the bottom of Group J, while the Pirates of Seychelles also stayed on third spot.

Dine Suzette fired Seychelles into the lead after the 20-minute mark, but the Pirates’ lead only lasted for a few minutes.

The home side restored parity through Tšotleho Jane’s goal much to delight of the Likoena fans inside the Setsoto Stadium.

the aircraft.

Trump’s campaign manager charged with assault

D

onald Trump campaign manager Corey Lewandowski has been charged with assaulting a journalist at a campaign event. Mr. Lewandowski is charged with simple battery over his encounter with former Breitbart reporter Michelle Fields.

Police allege that on 8 March after a news conference in Florida, he grabbed her arm when she tried to ask Mr Trump a question, leaving a bruise. Mr. Le-

wandowski plans to plead not guilty, the Trump campaign said. Police in Jupiter, Florida, where he was arrested, have released new footage of the alleged assault.

The security video appears to show him trying to pull Ms Fields out of the way as she walks alongside Mr Trump and tries to speak to him. “Mr Lewandowksi is absolutely innocent of this charge,” the Trump statement said.

“He is completely confident that he will be ex-

onerated.”

Mr. Trump himself has defended Mr Lewandowski on Twitter, saying the police footage shows there was “nothing there”. The charge comes during a difficult time for Mr Trump, just ahead of next week’s Wisconsin primary where he is neck-and-neck with Senator Ted Cruz. Earlier yesterday, Wisconsin Governor Scott Walker endorsed Mr Cruz for president. Mr. Trump will participate in a CNN town hall event on Tuesday night

US honours ‘International Women of Courage’

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he United States issued awards yesterday to 14 lawyers, activists, humanitarians and reformers said to represent “International Women of Courage.”

“Fourteen leaders, fourteen role models, fourteen women of courage, one crystal clear message, Don’t accept the unacceptable or wait for someone else to step up. Act in the name of justice. Act in the name of tolerance. Act on behalf of truth.” said Secretary of State John Kerry.

All but one of the honorees were able to attend the ceremony in Washington, an annual event that began in 2007 to encourage

women’s empowerment.

Bangladeshi barrister Sara Hossain helped draft her country’s laws on violence against women and has argued landmark rights cases before the supreme court. Debra Baptist-Estrada is commander of the immigration department at Belize’s main airport and has worked with US officials against corruption and trafficking.

Ni Yulan, a disabled Chinese property rights lawyer, was the only honoree not to receive her award in person, having been forbidden from traveling by her government. France’s Latifa Ibn Ziaten became an activist promoting interfaith

dialogue in 2012 after her soldier son was slain by Islamist extremist Mohamed Merah. Attorney General Thelma Aldana of Guatemala began her career as a courtroom janitor and has now brought corruption charges against the highest in the land.

Nagham Nawzat Hasan is an Iraqi gynecologist and a member of the country’s persecuted Yazidi minority. She works with girls kidnapped and raped by Islamist militants. Transgender rights advocate Nisha Ayub continues to work for justice despite being sexually abused after being sentenced to a men’s prison for wearing women’s clothing.

NEWS 48On Marble

“A good lawyer knows the law.

A great lawyer knows the judge.”

– Magdalen Braden

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

WEDNESDAY, MARCH 30, 2016

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World Record

Sanctity of Truth

N150

Sandra Day O’Connor (born March 26, 1930) is an American jurist, who was a former Associate Justice of the United States Supreme Court, serving from her appointment in 1981 by Ronald Reagan until her retirement in 2006. She was the first woman to be appointed to the Court.

The manipulation of religion

he use and manipulation of religion is big business in Nigeria. Sometimes people that worship “objects” that no one can explain are the first to “buy” religious fight. Some that have not seen the four walls of a church or Mosque in a decade are sometimes the first to shout religious persecution over some policies and programmes of government. Some of them will not study and digest the policies before taking a position. Some of them have fixed positions and remain within the confines and ambit of those fixes positions.

These religious merchants, manipulators and entrepreneurs do the same with ethnicity. They incorporate and run businesses with people from different and varying ethnic backgrounds.

They firm out their sons and daughters to their friends from different ethnic backgrounds. They sit in the boards of big corporations with people from different ethnic groupings. They steal money together, manipulate the economy together and are in the same political groupings with people from different ethnic groups and do not see anything wrong or untoward in what they are doing. So, when it comes to their economic and filial interests, religion and ethnicity are secondary.

While these religious merchants and entrepreneurs continue their business relationships, some of them will not fail to remind the ordinary people of Nigeria that we are religiously and ethnically different. Some of them try to replace the clerics in finding scriptural justification for our religious and ethnic differences.

This they do because ethnicity and religion provide a veritable anchor for their staying power and since some of our people for various reasons are vulnerable in matters of ethnicity and religion, they are easily persuaded by some of these political jobbers that want to keep the ordinary people perpetually apart.

Unfortunately, when some members of the ruling elite want to steal, they steal together and when they are caught they plead ethnicity and religion. They steal on behalf of their ethnic and religious groups and you cannot find any tangible thing they have done in their communities with the funds they stole on their behalf. Yet, when a matter involves religion, they are the first to jump into the fray.

I have said it before; I do not trust the Nigerian political elite in matters concerning religion. When some of them pretend to want to regulate religion in our national life, they do it for selfish political reasons and purposes. I am not sure that the ordinary people of this country started state sponsorship of pilgrimages. Yet the issue of state sponsorship of pilgrimages is big business.

In some states, the states grind to a halt when it is time for pilgrimage. The state simply empties out and even some of the courts adjourn themselves indefinitely pending the conclusion of pilgrimages.

We also have situations where the scarce resources of the State are used in importing all sorts of pastors and religious people for one form of Christmas carol or crusade. And yet the State

Hard Choices FESTUS OKOYE festokoye2003@yahoo.com 0805-448-0565 (sms only)

Nasir Ahmad el-Rufai

Ayo Oritsejafor, CAN president

and their functionaries pretend not to have anything to do with religion. Just watch the public outing of some of the Governors and political leaders. Some of them are choristers and compete favourably with modern televangelists.

Some of them won’t pay salaries and use false religious piety to hold the people down. Some of them will not start any programme without calling their Commissioners and Special Advisers with special skills in religious matters to lead in prayer. Some of the Governors, Ministers, Commissioners, Permanent Secretaries and Heads of Government Agencies govern and do their work based on the advice and direction of their spiritualists. That is why some of them do bizarre things that defy logic and commonsense. But the truth of the matter is that some of them deploy dangerous arsenal in the name of religion and end up giving religion a bad name.

Two events at the 2014 National Conference convinced me that we should look elsewhere for the challenges of our nationhood and that religion may not be the source of our problem. The management of the 2014 National Conference divided the issues for deliberation and set up 20 Committees and asked delegates to indicate in which group they wanted to serve. We had Committees on Foreign Policy and Diaspora Matters; Politics and Governance; Citizenship, Immigration and Related Matters; Political Restructuring and Forms of Government; Land Tenure Matters and National Boundaries; Public Service; Energy; Civil Society, Labour, Youth and Sports; Social Sector; National Security; Law, Judiciary, Human Rights and Legal

Reforms; Political Parties and Electoral Matters and the Committee on Religion among other Committees. For some inexplicable and understandable reasons, the Committee on Politics and Governance and that of Political Restructuring and Forms of Government had the highest number of volunteers while the Committee on Religion had the least volunteers. At the end, the management of the National Conference forcefully grafted some of the delegates to the Committee on Religion. Some of the delegates that got to the National Conference on religious platforms refused to serve in the Committee on Religion. Of course, the Government gave generous slots to the Christian Association of Nigeria and the Jammatu Nasir Islam at the 2014 National Conference. We also had the National Council of Traditional Rulers of Nigeria, Elder Statesmen and sociopolitical/cultural organisations at the National Conference.

The second issue relates to the consideration of the Report of the Committee on Religion. Given its explosive character, one expected that the Report of the Committee will be subjected to forensic examination and may lead to stampede at the National Conference.

Somehow, for reasons best known to religious merchants and manipulators, the Report of the Committee passed the crucible of the National Conference without rancour. Even my proposal that government funds should no longer be used in organizing crusades was shot down effortlessly.

It is a combination of all these that makes people suspicious of any attempt by the State and its functionaries to

regulate religion or religious preaching’s and practices. Government and its functionaries can easily misuse and manipulate such ventures and it is self evident in our national life. In listing the dimensions of religious discrimination and prejudices, the 2014 National Conference Committee on Religion agreed that “central to the issue of religious harmony in Nigeria is the elimination of religious discriminations and prejudices. In order to do justice to the mandate of the Committee it was agreed to list and analyze the various dimensions of religious discrimination and prejudices which are prevalent in Nigeria. The following were identified: Discrimination in granting of land for places of worship and cemeteries; discrimination over opportunities to education; discrimination in employment, promotion and admission; pilgrimage sponsorship; infringement on right to religious attire and symbols; deprivation of access to religious studies and instructions in public educational institutions; religious hate speeches and sermons; religiously partisan public policies; discrimination against religious minorities; destruction and desecration of places of worship; discrimination in the compensation of victims of religious violence; unequal access to media for all religious faiths; forceful conversion and persecution of religious converts; denial of access to appropriate courts; and discriminatory public holidays” Rather than promulgate a law and domicile extraordinary powers in the hands of State Governors and their security advisers, it will be in the interest of justice and equity and Nigerian democracy to adopt the recommendations of the 2014 National Conference wherein it recommended “the establishment of an independent RELIGIOUS EQUITY COMMISSION (RECOM) with branches in every state of the Federation with statutory mandate which inter alia includes advocacy, enforcement of constitutional religious right.

HIGH CHIEF FG MUST ACCOUNT FOR RECOVERED LOOT–Court

- Yes, starting from Abacha’s loot!

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