Monday 11th April 2016

Dangote Turns 59, Begins $1bn Okpella Cement Plant Construction FG targets $25bn mining industry by 2025

Crusoe Osagie and Olaseni Durojaiye The President, Dangote Group, Alhaji Aliko Dangote yesterday announced the

commencement of the company’s $1 billion cement plant in Okpella, North of Edo State.

The groundbreaking event of the six million metric

tonnes per annum (mmtpa) integrated cement plant was part of the activities to mark Dangote’s 59th birthday.

The Minister of Solid

Minerals, Dr. Kayode Fayemi, who spoke during the ceremony, described the investment as consistent with the policy drive of the federal government targeted

at the diversification of the economy from crude oil.

According to him, the mining sector would contribute over $25 billion to the national economy,

creating huge revenue flows to drive it in the face of rapidly declining crude oil prices.

Continued on page 10

NNPC: Kachikwu Has Cancelled Contract With Vistajets… Page 48 Monday 11 April, 2016 Vol 21. No 7655. Price: N150

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How Calabar -Lagos Rail Project was Left out of Budget Executive, N’Assembly to meet today on Appropriation Bill Damilola Oyedele in Abuja More facts have emerged on how the funds proposed for the Calabar-Lagos railway project in the 2016 budget estimates were taken out of the Appropriation Bill by the National Assembly.

THISDAY learnt that in the amended budget presented

by President Muhammadu Buhari last January after the dust had settled over the “missing budget”, the sum of N80 billion was included Continued on page 10

DANGOTE: STILL GOING STRONG AT 59

L-R: The Emir of Kano, Muhammad Sanusi II, Kano State Governor, Dr. Abdullahi Umar Ganduje; President of Dangote Group, Mr. Aliko Dangote; his daughter, Fatima; wife of the Edo State Governor, Lara; and Edo State Governor, Adams Oshiomhole, when Dangote cut his cake to celebrate his 59th birthday at the groundbreaking for the construction of a 6mmtpa cement plant in Okpella, Edo State… yesterday

Adeosun Unfolds Plan to Reset Economy FG may resort to Chinese Panda bonds to fund 2016 budget CBN sells $189m to banks, GTB leads in forex allocation Chika Amanze-Nwachuku and Obinna Chima in Lagos with agency report

The Minister of Finance, Mrs. Kemi Adeosun, has said the

government plans to reset Nigeria’s economy with structured borrowing, targeted investment and diversified growth.

Adeosun, who spoke to

journalists after a special event hosted by the Lagos Business School at the weekend, also said part of the cash set aside to finance some energy projects would be used to help fund

the budget.

“We have inherited a set of conditions that requires us to refine how we collectively work towards ushering in a new era in Nigeria,” she said.

Pointing to the impact of falling oil prices on the economy, the minister said: “In the past, we had the means but not the will.

Now we have the will but we no longer have the money to invest.

The safety blanket of oil has been ripped away, laying the poverty of Nigeria’s institutions bare.”

Continued on page 10

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MONDAY APRIL 11, 2016 T H I S D AY

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MONDAY, APRIL 11, 2016 • T H I S D AY

PAGE TEN ADEOSUN UNFOLDS PLAN TO RESET ECONOMY She added: “We have spent too many years tinkering at the edges of our institutions, our infrastructure and our economy and the mistakes and misjudgment of the last 40 years have set our clocks back by decades.

“We must collectively adopt a blueprint that equips the future generations to be creative and dynamic, that allows us to articulate a vision of a Nigeria, with a strong educational foundation; rich in depth of knowledge with a breadth of skills, an expansive infrastructure capable of servicing the needs of a nation of 150 million Nigerians.”

On the N1.8 trillion borrowings to invest in railway transportation, roads, housing, power and health, the minister said: “We are committed to a countercyclical budget expenditure model. This has been a success in other nations, offsetting the risk of recession and creating an economy which is not based on either fragile consumer spending or over-reliance on oil.”

Adeosun also used the forum to set out what she described as the four pillars of the economic plan: stimulate economic growth to achieve a real GDP growth of 4.2 per cent in 2017; reduce the cost of governance and strengthen institutions to combat corruption and extract efficiencies in public service; increase government expenditure on infrastructure; and fund the budget deficit and negative trade balance cost effectively.

She said the targeted outcomes would include a substantial increase in gross capital formation; acceleration of GDP growth; infrastructure development to unlock economic growth; diversification of the economy and growth of the non-oil sector; an improvement in the overall business environment; and improvement

in key socio-economic indicators, jobs and wealth creation.

Adeosun also disclosed that the federal government might issue Chinese Panda bonds to help fund the 2016 budget.

She said the federal government was shopping for cheaper money to help fund the 2016 budget aimed at reviving the dwindling Nigerian economy, reported Reuters.

“Initially we were looking simply at the Eurobond market but then we began to explore opportunities in the renminbi market, so there is a possibility of issuing a Panda bond,” she said.

She added: “Our objective is to borrow the cheapest possible money and when we realised that the possibility of issuing a panda bond, which is a renminbidenominated bond between issuing a euro denominated bond, we began to explore that opportunity.

Indicatively, that will be cheaper for us than issuing a straight eurobond.”

The minister however declined to disclose the size of the possible issue, saying, “We were looking originally at doing about a billion dollars on the Eurobond market, so we may split that between the renminbi and the Eurobond.

“We are going to see what the pricing comes out as. At the moment indicative pricing is a bit cheaper – about 1.5 lower than the Eurobond.”

When asked about the timing, Adeosun said: “Our objective was always to be in the market early Q3.”

Later, she told a news conference that Nigeria might also sell Japanese Samurai bonds.

Adeosun said the government might use the money set aside for funding joint venture investment projects with private oil firms.

Nigeria plans to boost tax income by 33 per cent in 2016 to offset a

slump in oil revenues.

“If the revenue doesn’t come in, we have got N1 trillion in the budget for cash calls,” she explained.

Meanwhile, despite the foreign exchange curbs which have contributed to the economic downturn, the publications by commercial and merchant banks on the utilisation of forex bought from the Central Bank of Nigeria (CBN) last week showed that 16 banks and three merchant banks were allocated a total of $189,489,057, in order to meet the forex demands of their customers.

Guaranty Trust Bank Plc (GTB) with a total of $24,556,150 received the highest allocation of forex from the central bank. GTB displaced Diamond Bank, which was allotted $21,576,682 to hold the second position, while Zenith Bank Plc with an allotment of $19,590,562 came in third.

Zenith Bank’s major customers last week in terms of forex sales were Dangote Agro Sacks Limited and Dangote Sugar Refinery which got a total of $5.376 million; KLM Airlines ($1 million); and Tiger Brand Consumer Goods ($1.054 million).

Also, Stanbic IBTC with $17,625,449 held the fourth slot, Ecobank Nigeria with $15,319,240 occupied the fifth position, and FirstBank Nigeria Limited with returns of $14,480,540 followed in sixth place.

United Bank for Africa Plc (UBA) held the seventh position with total returns of $12,751,315 reported last week, while Union Bank of Nigeria occupied the eight position with returns of $10,707,425, just as First City Monument Bank (FCMB) with $10,689,039.54 held the ninth position. Sterling Bank with $8,099,228 came in 10th.

An assessment of its forex sales to customers during the

week showed that Diamond Bank had a total of 202 corporate and individual customers. Some of its corporate customers were Dangote Cement, Coscharis, Dana Airlines and Ratcon Construction Company Limited, among others.

Its major customers were Dozzy Oil and Gas Limited to which it sold $2,188,793.26; Swift Oil ($2,554,632.16); Rahamaniya Oil and Gas Limited ($1,479,167.94); Bua Sugar Refinery ($1,000,000); and A-Z Petroluem ($6 million).

The bank also sold the greenback to customers who required to pay for school fees and personal travel allowances (PTA).

To occupy the third position, Zenith Bank sold forex to a total of 405 customers – individuals and corporates. The corporate customers got forex for the importation of items such as natural gas, industrial raw materials and spare parts, among others. Just like its peers, Zenith Bank also sold large amount of dollars for school fees and PTA. Stanbic IBTC sold the greenback purchased from the CBN to 90 customers. The exit by foreign portfolio investors continued with the sale of equities by Financial Portfolio Consulting, Enco Opportunity/Stanbic Nominees and Brown Brothers, among others.

Ecobank Nigeria Limited also sold its forex to 161 customers. Its customers utilised the dollars they purchased for loan repayments, purchase of motorcycle parts and other industrial raw materials, school fees and PTA. The returns on forex utilisation published by FirstBank Nigeria Limited had 580 customers. Of this number, 53 got the greenback for the importation of industrial raw materials and other visible items, while the rest was for the payment of tuition fees abroad

RETURNS ON FOREX UTILISATION APRIL 4-8 RANKING

COMMERCIAL BANKS

Amount ($)

01

GTBank

24,556,150

02

Diamond Bank

21,576,682

03

Zenith Bank

19,590,562

04

Stanbic IBTC

17,625,449

05

Ecobank Nigeria

15,319,241

06

FirstBank

14,480,540

07

UBA

12,751,315

08

Union Bank

10,707,425

09

FCMB

10,689,034

10

Sterling Bank

8,099,228

11

Access Bank

8,057,024

12

Fidelity Bank

7,019,530

13

Citibank Nigeria

6,249,201

14

Wema Bank

4,188,005

15

Heritage Bank

2,078,700

16

Unity Bank

1,738,343

MERCHANT BANKS 01

FSDH Merchant Bank

1,826,320

02

RMB Nigeria

1,181,830

03

Coronation Merchant Bank

1,754,478

TOTAL

189,489,057

and PTA. UBA with 156 customers on its list, also reported that its customers purchased dollars for the importation of completely knocked down motorcycles, raw materials, gas oil, remittance of ticket sales, and importation of tailoring materials, among other visibles, as well as for school fees and PTA. Union Bank, which sold dollars to 87 customers, also had the

importation of items such as unleaded gasoline, caterpillar spare parts, and pharmaceutical laboratory equipment as well as for payment of school fees abroad and PTA. Similarly, FCMB sold dollars to 189 customers to import petrol, gas oil, other industrial raw materials and to pay school fees, just as Sterling Bank also sold dollars to 118 customers for both visible and invisible items.

out of N500 billion set aside as the Special Intervention Fund.

“We also had Special Programmes for Women Empowerment and the payment of debt owed local contractors.

The Rural Community Light project to light up 100 communities spread across the 774 local governments.

“Some of our other inputs

included: special intervention for rural agriculture, payment of pension arrears.”

“The Minister of Health came to deny the document that was presented to the NASS by the executive for the second time.

“Much ado about vaccines that weren’t even there. The budget of the Ministry of Health was the most controversial.”

HOW CALABAR-LAGOS RAIL PROJECT WAS LEFT OUT OF BUDGET for the Calabar-Lagos rail project in the amended budget by the executive and submitted to the National Assembly.

After the submission, the Minister of Transportation, Mr. Chibuike Amaechi also followed up by presenting a document in defence of the Calabar-Lagos railway project to the National Assembly in order to ensure that it was passed as one of the subheads for the budget of his ministry.

But to the utter consternation of the presidency, when the budget was passed by the National Assembly and its details sent to the presidency last week, it was discovered that this key infrastructure project had been taken out of the Appropriation Bill.

THISDAY gathered that the railway project, among other issues, formed the thrust of the emergency Federal Executive Council (FEC) meeting held last Friday to scrutinise the 2016 budget at the Presidential Villa in Abuja.

It was learnt that by scrapping the Calabar-Lagos project, the Appropriation Committees of both arms of the National Assembly decided to unilaterally appropriate the funds to the Lagos-Kano rail project which got another N40 billion, bringing its total budget to N140 billion, and to road projects mainly in the north.

With this action, sources in the presidency said there was no way the budget could be

assented to by the president immediately except the core policy framework of the budget, especially with respect to infrastructure projects, is adhered to so that the federal government can deliver its programmes.

He said in order to reach a resolution on the alterations made by the National Assembly, the president, leadership of the National Assembly and chairmen of the Appropriation Committees would meet today before Buhari departs for China.

The goal, he explained, is for the president to get the commitment of the National Assembly to reinstate the Calabar-Lagos rail project and other key projects that were tampered with by the legislature.

“If this can be sorted out expeditiously, it is hoped that we may have a budget as soon as possible,” the presidency official said.

However, reacting to the allegation that his committee and its counterpart in the Senate deviated substantially from the proposal submitted by the presidency, the Chairman of the House of Representatives Committee on Appropriation, Hon. Jibrin Abdulmumim, yesterday accused the executive of deliberately misleading Nigerians on the role of the National Assembly in the passage of the 2016 budget.

He also faulted reports that the National Assembly removed

the N80 billion Calabar-Lagos rail project, stating that the project was never included in the budget estimates and therefore could not have been removed.

He also explained that the N39.7 billion added to the Lagos-Kano rail project by the lawmakers was to ensure its completion, and was taken from the budget of the Ministry of Transportation which was discovered to have been overshot by N54 billion.

Also, he said another N10 billion from the balance of the N54 billion after N39.7 billion had been appropriated to the Lagos Kano rail line, was allocated to security and navigation aids for airports nationwide, while the Baro inland port in Kano got N4 billion.

Abdulmumim, in a series of tweets on his tweeter handle yesterday, added that whatever controversies that continue to surround the 2016 budget, did not emanate from the National Assembly.

He added that since the executive had not disowned reports making the rounds which seem to implicate the legislature, the House would soon present its position on observations in the budget and what was done to improve on the budget proposal presented

by Buhari.

“There is a lot more to be said about this and they will be said in the coming days,”

he said.

Abdulmumim disclosed that about 95 per cent of the input of lawmakers, which would give life to the policy thrust of the Buhari administration, was discarded by the executive.

He added that there had been no official communication between both arms of government on any issues concerning the budget.

The tweets read: “The LagosCalabar Rail was never included.

How could NASS have removed what was not there? But the nation is being misled.

“All they, and those spreading the false information needed to have done is check the initial document sent by the executive.

“The executive seems to favour a top-down approach.

But this is not enough reason to mislead Nigerians on the role of NASS on the budget.

“This is unfortunate as it is quite clear to all and sundry that #Budget2016 and all its headaches and controversies didn’t emanate from NASS. “The crux of the matter as it is, is that (while) the NASS believes in the bottom up agenda for development - focus on rural areas and communities.

“What NASS did with the N54 billion is we added N39.7 billion to the Lagos-Kano rail project. This will help complete the project once and for all.

“That N50 billion be set aside as special bursary for students of tertiary institutions. We also suggested N100 billion be taken

DANGOTE TURNS 59, BEGINS $1BN OKPELLA CEMENT PLANT CONSTRUCTION “The mining sector has the capacity to contribute over $25

billion to the national economy by 2025, creating new employment opportunities, developing local content and increasing tax revenue for the state and the federal governments," Fayemi said.

The Edo State Government, Adams Oshiomhole, said the investment was equivalent to the total capital expenditure deployed in the state since he assumed office over seven years ago.

He called on other businessmen and women to emulate the investment drive of Dangote, saying that this was the only way the country would grow from strength to strength and create job opportunities for the nation’s teeming unemployed youths.

“Over the next 26 months, cement will be rolling out of the facility and I want to say that this investment would not have been possible without peace and confidence in the state,” Oshiomhole said.

He noted that the investment would create job opportunities for about 24,000

people directly and indirectly.

The Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, in her speech, said the Continued on page 11

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T H I S D AY • MONDAY, APRIL 11, 2016

PAGE ELEVEN

Archbishop of Canterbury Learns Real Father was Churchill’s Private Secretary The Archbishop of Canterbury has said he is “completely surprised” after a DNA test result revealed the identity of his real father.

The Most Reverend Justin Welby, 60, has discovered he is the son of Sir Winston Churchill’s last private secretary, the late Sir Anthony Montague Browne.

He had believed his father was whisky salesman Gavin Welby, who died in 1977.

His mother, Lady Williams of Elvel, has confirmed she had a “liaison” with Sir Anthony just before she wed in 1955.

In a statement issued through Lambeth Palace, the Archbishop of

Canterbury refers to his mother and Gavin Welby’s addiction to alcohol while he was growing up.

“As a result of my parents’ addictions my early life was messy, although I had the blessing and gift of a wonderful education, and was cared for deeply by my grandmother, my mother once she was in recovery, and my father (Gavin Welby) as far as he was able.”

He added: “I know that I find who I am in Jesus Christ, not in genetics, and my identity in him never changes...

“Although there are elements of sadness, and even tragedy in my father’s (Gavin Welby’s) case, this is a story of

redemption and hope from a place of tumultuous difficulty and near despair in several lives.”

Archbishop Welby, the most senior cleric in the worldwide Anglican communion, says he discovered the real identity of his biological father in recent weeks.

The UK-based Daily Telegraph reported that he decided to take a DNA test after it approached him with research it had carried out into his family’s background.

It reported that mouth swabs were compared with hair samples from a hairbrush kept by Sir Anthony’s widow

and showed a 99.9779% probability they were father and son.

Lady Williams, whose marriage to Gavin Welby broke up in 1958, had also been working as secretary to Sir Winston during his final spell as prime minister.

In a statement she said: “Although my recollection of events is patchy, I now recognise that during the days leading up to my very sudden marriage, and fuelled by a large amount of alcohol on both sides, I went to bed with Anthony Montague Browne.

“It appears that the precautions taken at the time didn’t work and my wonderful son was conceived as

a result of this liaison.”

Sir Anthony became private secretary to Sir Winston Churchill while he was in Downing Street in 1952, continuing after Sir Winston resigned as prime minister in 1955 and until his death in 1965.

Lady Williams, who remarried in 1975, says she has not drunk alcohol since 1968.

She added that she had seen Sir Anthony occasionally after her relationship with Gavin Welby ended.

“Although he may have asked how Justin was, there was nothing that gave me any hint that he might have thought he was Justin’s father,” she said.

Bishop Welby

A Nigerian’s Solo Flight Around the World Will Change Global Perception about Africa This April, Nigeria, Africa and the rest of the world will witness a historical event that took about ten years to piece together. It is being organised by a group of individuals whose mission is to inspire Africans everywhere to dream big, achieve those dreams in a truly unique way and shatter stereotypes built around the African continent. This event is The Transcend Project. It will use ground breaking inspirational and educational events with unique brand promotion and product marketing opportunities to generate revenue and support carefully selected charities which are transforming lives on the African continent.

And it all begins with one man, Nigerian pilot Ademilola Odujinrin, who is set to use one plane to take Africa on its very first round-the-world solo flight in April 2016 in the promotion of one world. The solo expedition is set to take off from Lagos then continue through central Africa, Ethiopia, the United Arab Emirates, India, Australia, the USA, Canada, the UK, Iceland and then return to Lagos via Algeria and Niger Republic.

Nigeria was chosen as the launch pad for the solo flight because of the country’s potential to lead Africa – whose people are capable of achieving extraordinary feats creatively and fearlessly – into a new era of global recognition for notable achievements. The expedition will offer a host of activities including educational opportunities for students concentrated around the six-week solo excursion before, during and after the flight.

One of the key objectives of the Transcend Project is to help people overcome limitations. Since 1933, only 114 people have appeared to be successful at solo round the world flights, and these include flights made using helicopters and balloons. Lola, as the pilot is fondly called by friends, will be the 115th person to accomplish this feat in the entire world upon its completion, with the help of his team led by Project Director, Ladi Ani-Mumuney. He would also be among the top 100 in the category of pilots who used airplanes.

When asked what being No. 115 would mean for him, Lola exhaled, and it sounded like he was subconsciously rehearsing for when he disembarks the plane at the end of the expedition.

Then he replied, “A huge sense of achievement. It’s been something that I have chased for too long. I will definitely feel elated at being able to accomplish that and leave a legacy for my kids…ultimately, I will inspire their tenacious character. There’s going to be a huge sigh of relief like ‘thank God this is done’. I really can’t wait. I have put too much into it.”

Lola qualified as a commercial pilot in 2010 and since then, he has clocked over 4,000 hours flying as an airline pilot on both short and long-haul journeys. However, Lola has had a far more adventurous past significantly influenced by “sky-high” dreams.

From accompanying his pilot uncle on many trips seated in the cockpit as a seven-year-old (which inspired him to

get where he is today), to participating in aerobatic flights and air races.

This enthusiasm and passion displayed by Lola, in addition to his dedication, professional background and physical and mental capabilities to endure the project’s requirements made Lola a perfect fit for the project, according to Ani-Mumuney who is also an aviation and extreme sports enthusiast. Embarking on an around-theworld trip entails flying an aeroplane all by yourself for about 14 hours non-stop and dealing with high altitudes and less oxygen availability. Hence, physical training is imperative.

But this particular mission is not just another ordinary flight or adventure. A number of notable pilots such as Amelia Earhart (1937) and Steve Fossett (2007), among others, have undertaken a similar mission in the past with unfortunate endings. In July of last year, Russian pilot Sergey Ananov was found in Canada weeks after he attempted to make the trip in a one-ton helicopter. This poses questions around what concerns Lola and his team had in undertaking the mission which is Project Transcend.

“I have been flying aeroplanes for 17 years and I know that with aeroplanes of 1937 or the 1930s and those of 2010 there is a huge statistical difference. You have one million chances of being hit riding a motorcycle or bicycle on the road every five minutes. But with aeroplanes it’s like one in every one million chances. It’s very much to stress that there has been some tremendous amount of technological advancement

between 1937 and today and the greatest advantage is the GPS technology. I’m not really scared at all.”

Ani-Mumuney commented that while there was definitely some apprehension in putting the project together on his part, but the major fears have been allayed, including whether or not they could get a plane or get approval to execute the project. “The dream to conquer allows us to go on,” he says. “The project appears herculean, but when broken down into small sections it becomes achievable.” However, he mentions that The Transcend Project still struggles with a funding gap which it hopes to close by getting support from crowd funding, companies and individuals through persistence and hard work.

“The Transcend Project is definitely the biggest one that I’ve ever worked on.

We’re travelling across five continents, to 20 countries and 29 destinations, and we also have to organise the project and promote it in those places.”

Yet, it wasn’t easy for the project and its team to receive support in the West. Lola and his team had to work through racial stereotypes to get to the point where they are today. A crucial example involved getting the plane. Lola emphasises that it makes up most of the preparation as it has to be done right. Generally, most of the individuals that undertake such a mission lease their aeroplanes on trust, but “no one on the planet” was willing to take the chance with the Transcend team.

Instead, the people who reluctantly gave them audience made outrageous financial demands. Worse still, they received emails describing them as scammers. It took raising the $800,000 necessary to procure the aeroplane and depositing it in a seller’s account to adjust the negative narrative surrounding Nigeria and garner support. And this is one of the most rewarding aspects of organising the project for Ani-Mumuney. Through his experience, also in seeking support, he has come across individuals and companies outside of aviation whose sceptical perception of Africa is changing, although it’s not an easy task. He has also been in touch with the aviation industry and more enthusiasts like him around the world.

The planned solo expedition is with the aircraft Cirrus SR22, which has a total payload of about 439kg and has been specifically modified for the journey. It is also fitted with additional long-range tanks and an HF radio installed for longer stretches of the journey, such as the leg from Australia to San Diego, as well as some parts of Africa. The aircraft has also been equipped with onboard cameras to provide live feed for the entire journey thus granting thousands of people the opportunity to view and share in Lola’s experience.

On a personal note, when asked how he managed to raise a family with his daredevil nature and profession, and in fact convince them – especially his wife – about this particular project, also

given the amount of time and energy required to be a pilot, Lola gushes that he got lucky.

“I met Cynthia when I was quite young and she accepted me as a dare devil. We kind of complemented each other in that way because she was never scared to try anything, and I shared my dream with her right from the beginning. In fact, I’m worried that she doesn’t try to stop me enough,” he laughs. “I have had to sacrifice a lot, a lot of family time and finances, but I think that is what goes with anyone chasing a dream. When you chase a dream, you almost seem selfish as nothing else matters to you. For Cynthia to be around me and also to look after the kids is great.”

Concerning the plans for the future after Project Transcend, both Lola and Ani-Mumuney agree that all of the focus is currently on the present task at hand.

However, as Transcend has no plans to be static, there will be other projects and activities to keep on inspiring the African youth once the current mission is completed round June.

According to Ani-Mumuney, “The journey of a thousand miles begins with a step. And I want to thank the Tolaram Group for their wholehearted support and for having 100 per cent faith in us, the Lagos State Government, Commissioner for Tourism, Mr. Folorunsho Coker, and the Cross River State Government. They helped us to take that first step. We wouldn’t be here today without them.”

farmers in Jigawa State to reduce our dependence on imported rice, create massive jobs for the people and provide good returns to the famers.

“We envisage producing up to one million tonnes of white rice with the cultivation of 200,000 hectares of land. This will lead to a conservation of about $11 billion presently spent on the importation of food items that could otherwise be produced locally.

“It is gratifying to know that the federal government has recently announced that it is putting in place strategies that will make farmers have greater access to implements and other inputs,” Dangote said.

In his welcome address, the Okuokpellagbe of Okpella Kingdom, Dr. Andrew Dirisu, lauded the doggedness of Dangote Cement and its prompt response to the call for the establishment of the cement plant, and commended the state

governor for his support in acceding to the desire of the people to have Dangote Cement in the community given the abundance of the raw materials in the community.

He promised that the community would provide the enabling environment for the investment to thrive as it is to the benefit of Okpella and her people for the plant to operate and generate economic activities.

He urged the company’s management to ensure that the various corporate social responsibility projects that the Dangote Cement is known to have provided for other host communities are also replicated in Okpella.

Dangote Cement is a fully integrated quarry-to-customer producer with production capacity of 29.25mta in Nigeria. Its Obajana plant in Kogi State, Nigeria, is the largest in Africa with 13.2mta capacity across four lines.

• Culled from Ventures Africa

DANGOTE TURNS 59, BEGINS $1BN OKPELLA CEMENT PLANT CONSTRUCTION investment was a proof that Nigeria could move away and survive with non-oil products.

She noted that Dangote was the largest employer of labour after the federal government, adding that the ministry would continue to partner the firm in terms of innovation and technological development.

“As we move forward, we want to implore other well-meaning Nigerians to provide opportunities for mentorship for the young ones to grow,” she said.

Africa's richest man, Dangote, said the new cement plant is expected to further increase the $3 billion the country had been saving from import substitution in cement yearly.

He maintained that the new 6mmtpa capacity cement plant was coming on the heels of a similar arrangement for another 6mmtpa cement plant in Itori, Ogun State, where the company is currently running a 12mmtpa cement plant

at Ibese.

He noted that by this investment, Dangote’s production capacity would increase to 41mmtpa in Nigeria alone, adding that he would never shy away from investing in the country because the nation still remains the best place to invest in the world.

“A key factor that drives investments in an economy is the presence of an investor-friendly business climate. Indeed, Edo State today is one of the most attractive investment destinations in Nigeria.

“The economic reforms in Edo State especially in the area of tax, innovations in rural finance and investment on infrastructure, have produced the enabling environment that has further provided a platform for future growth. All these factors made us consider investing in the state,” he said.

Dangote noted that Nigeria is a growing economy, adding: Our developmental challenges are quite

enormous and will require the combined efforts of government and private sector to overcome them.

“It is in this light that we are here to contribute our own quota to transforming the economy of Edo State as we have done elsewhere.

This project is only one of our several successful projects presently ongoing in parts of the country and outside in more than 15 other locations in African countries in line with our pan African investment strategy.”

He said in June last year, the group commissioned its cement plant in Ethiopia, Zambia and Cameroun, adding that there are plans to commission other plants in Senegal and South Africa very soon.

“Also last year, in Lagos, we signed a deal valued at $4.34 billion, with Sinoma International Engineering Company Limited for the construction of 10 additional new cement plants across Africa, with one in Nepal in

Asia. The combined capacity of these new projects will be 25 million metric tonnes per annum.

“By the time all these new projects are completed in the next few years, we will have a total capacity of 81 million metric tonnes per annum.

This will make us one of the top six cement companies in the world,” he said.

He pointed out that the group was consolidating its cement businesses across Africa in order to reap from the benefits of scale, stressing that its operational offshore cement plants had started to make substantial contributions to its revenue.

“In addition to manufacturing, we are also investing heavily in agriculture for massive employment generation. Recently, we have commenced multi-billion dollar rice projects in some states in the north and we recently flagged off a rice out-grower scheme with the distribution of rice seedling to

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MONDAY APRIL 11, 2016 T H I S D AY

NIGERIAN CONTENT DEVELOPMENT AND MONITORING BOARD (NCDMB)

INVITATION FOR TENDER – PROVISION OF TRAVEL SERVICES

The Nigerian Content Development and Monitoring Board (NCDMB), Yenagoa, Bayelsa State hereby invites interested reputable Travel Agencies with good track record of performance and experience to bid for the Provision of Travel Services.

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PROVISION OF: i) TICKETS- LOCAL /INTERNATIONAL ii) PROTOCOL SERVICES iii) VISA ASSISTANCE iv) HOTEL RESERVATION v) ADVICE ON MILEAGE/FREQUENT FLIER REGISTRATION vi) ADVICE ON UNUSED TICKETS vii) AVOIDANCE OF NO SHOW viii) ONLINE CHECK-IN ix) TRAVEL INSURANCE x) HOLIDAY PACKAGES FOR STAFF xi) ASSISTANCE ON EXCESS LUGGAGE xii) AS THE NEED ARISES BETWEEN 3-4% ON LOCAL TICKETS MUST HAVE A BANK GUARANTEE

CONDITIONS FOR ELIGIBILITY All bids must be accompanied with the following: I. Evidence of company registration with Corporate Affairs Commission (CAC) and support documents showing that the ownership of the company is 51% owned by a Nigerian/s and other relevant CAC forms II. Evidence of current three (3) years Tax Clearance Certificate. (Tax Identification Number (TIN).)

III. Evidence of VAT Registration (FIRS) and remittance to relevant authority IV. Evidence of similar job execution within the past 3 years with pictures V. A list of key personnel for the project with their CV’s and company profile VI. Evidence of registration as contractor with NCDMB. VII. Evidence of being a member of ISPAN/ATCON – Internet Service Providers Association of Nigeria, Association of Telecommunications Companies of Nigeria and MUST be NCC licensed VIII. Evidence of Fiscal obligations and social security contributions such as pension remittance certificate, ITF Fund remittance certificate and personnel insurance coverage.

IX. Affidavit declaring the Bidder free of pecuniary interest, falsification and prior conviction of any of the Directors.

X. Evidence of Financial Capability – Audited Financial Statement, Bank reference letter indicating willingness to support the bid XI. Office Presence within the Oil and Gas zone will be an advantage.

SUBMISSION All bids are to be submitted not later than two weeks from date of this advert in wax sealed envelope clearly marked on the top left hand corner ‘TIER 1 INTERNET PROVIDERS” addressed to:

Attention: The Manager Procurement Unit Nigerian Content Development and Monitoring Board, NCDMB Headquarters, GLASS HOUSE, Isaac Boro Express way, Opolo - Yenagoa, The tender documents must be duly signed and delivered in the tender box located on the ground floor, NCDMB Head Office, Opolo, Yenagoa not later than 12:00 Noon, Wednesday, May 18th, 2016.

Companies delivering bids are expected to sign the “Tenders Register” before delivery in the tenders Box. The Company’s Name, Address and Phone Number and Email address must NOT be written at the back of the envelope but be enclosed inside the sealed envelope. Tenders received after the deadline shall not be considered and NCDMB shall owe no explanation for any rejection.

OPENING OF TENDER Tender will be opened on Wednesday, May 18th, 2016 at 13:00 Hours Nigerian Content Development and Monitoring Board, NCDMB Headquarters, GLASS HOUSE, Isaac Boro Express way, Opolo - Yenagoa, Important Notice Tenders submissions must be in accordance and must comply with requirements set forth above.

SIGNED Head, Procurement Unit (NCDMB)

The Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB Headquarters, GLASS HOUSE, Isaac Boro Express way, Opolo - Yenagoa,

NCDMB

...Building a new Nigerian Oil & Gas Industry and Using Nigerian Content Development as an Instrument for the Industrialization of Nigeria.

T H I S D AY MONDAY APRIL 11, 2016

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T H I S D AY • MONDAY APRIL 11, 2016

COMMENT

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

RERUN ELECTIONS: LESSONS FROM AKWA IBOM

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The rerun election in Akwa Ibom was proof that things could be done better, writes Ikeogu Oke

he peaceful and conclusive conduct of the March 12, 2016 rerun election in Akwa Ibom State inspires hope and offers us some positive lessons against the backdrop of the electoral violence, controversial, delayed or withheld results and other negativities that characterised the March 6, 2016 rerun election in Rivers State.

And I think it would be a disservice to public interest not to draw attention to this signal of hope and the positive lessons in a contemporary Nigeria marked by a severe scarcity of events that inspire hope, where many feel despondent, where there is much to remind us of Chinua Achebe’s remark in The Trouble with Nigeria about “snatching defeat from the jaws of victory,” as our country seems to be doing.

Of course, one expected President Muhammadu Buhari’s characterisation of Rivers State as the most unsafe in the country to stir controversy. He was speaking in the aftermath of the state’s rerun election, doing some sort of post mortem of the polls. Many were bound to ask – and did – how Rivers might have earned that unenviable distinction at the expense of states like Borno, Adamawa and Yobe where, in the past six years or more, the Boko Haram insurgents have persisted in teaching us what it really means for a country to be chronically and perennially unsafe. The insurgents have won, claimed and lost territory in their deadly campaign, giving a political twist to their activities, since the state they would be establishing in such territory, in the unlikely event that they were to succeed in holding one, would be a political (as well as geographical) entity, even though with a theocratic leaning like Afghanistan under the Taliban, as they claim to be inspired by religion.

Besides having rendered our territorial integrity unsafe with their quest for territory, they have through indiscriminate bombings and other forms of violent attacks caused the death of thousands of Nigerians, including children, while wounding and displacing many, putting us in their perverse debt for the emergence of the humanitarian disaster called internally displaced persons (IDPs).

According to a report published on the RT News website on November 18, 2015, entitled “Boko Haram kills more people than ISIS as total hits historic high,” “The Nigerian jihadists, who pledged allegiance to IS in March 2015, killed more people than their fellow Islamists, claiming 6,644 lives compared to 6,073. Nigeria accordingly experienced a staggering 300 per cent rise in terrorism deaths in 2014, although other militant groups take partial blame for the increase. In particular the Fulani militants killed 1,229 in Nigeria.” (https://www. rt.com/news/322529-global-terrorism-index-report/). And when you declare that it has been technically defeated, Boko Haram pulls off a surprise bombing to claim more lives and force you to rethink, and put your credibility at risk.

With such record, I believe Boko Haram might have seen it as an affront that Rivers State rather than any of the states in which it operates would be declared the most unsafe in Nigeria, giving the impression that it has not done enough to make us recognise that it has put our collective safety as a people in serious jeopardy.

THERE IS THE LESSON – THANKS TO THE ELECTORAL UMPIRE, THE ELECTORATE AND ALL OTHERS INVOLVED IN THE AKWA IBOM RERUN – THAT EVEN IF WHAT HAPPENED IN RIVERS WERE TO BE THE TREND, WE CAN TRULY TURN A NEW LEAF AND CONDUCT OURSELVES DIFFERENTLY, AND BETTER, AS NIGERIANS

But back to Akwa Ibom and Rivers and their rerun elections. A wrong does not become right or tolerable because there is some greater wrong to compare it with. And so it should bother us that much allegations of irregularities and bloodshed were associated with the Rivers rerun election before, during and after the polls, prompting the sanguinary banner of “Rivers of Blood” and similar headlines in our national dailies in reporting what was literally “a do-or-die affair,” with apologies to former President Olusegun Obasanjo, and one in which it didn’t seem one necessarily needed to “do” in order to “die.”

But the Akwa Ibom rerun, which incidentally took place after that of Rivers, became comparable to a reset of the button of such polls to a violence-free default position, with the primary lesson that what happened in Rivers was uncharacteristic of our country and should not be seen as its standard in the conduct of elections. There is also the lesson – thanks to the electoral umpire, the electorate and all others involved in the Akwa Ibom rerun – that even if what happened in Rivers were to be the trend, we can truly turn a new leaf and conduct ourselves differently, and better, as Nigerians. And I’m sure this applies not only to elections but to other spheres of activity as well.

In all, we don’t need to go beyond ourselves and our shores to find reasons to remain optimistic in our capacity to improve things in our country in spite of the difficulties we are currently facing. Our conduct in the Akwa Ibom rerun election provided us with yet another of such reasons of which I’m sure we can all find more by ourselves, more examples of ours being a self-correcting nation like others.

Besides, while the political dragons regarded as the main gladiators in the Rivers polls continued to spit fire in its aftermath, further heating up the state’s already overheated polity, the Governor of Akwa Ibom, Udom Gabriel Emmanuel, extended the olive branch to the opposition which accepted it as a mark of the recognition that it was time to govern in the interest of the state and all its stakeholders.

This type of bridge-building by what should ordinarily be regarded as strange political bedfellows is remarkable in the current dispensation, where the ethnic, political and religious fault lines from the 2015 presidential elections seem to have remained at the federal level, portraying our country as an example of the proverbial house divided against itself and so cannot stand let alone make progress.

The case of Akwa Ibom after its rerun election is further proof that we can do better in this regard. And, like the state, that our country can remain calm and peaceful before, during and after political contests, and pay civil servants in spite of the current economic hardship, and enjoy security and prosperity despite the odds it is currently faced with.

The magic is in knowing when to lay down our differences and work for the collective good like true patriots, like the people of Akwa Ibom evidently did after their rerun elections and the people of Rivers, especially those regarded as the main gladiators, could have done but didn’t quite do.

Oke is an Abuja-based public affairs analyst

THE DISCONTENTS OF PROGRESS (2)

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Patrick Dele Cole argues the Standards Organisation of Nigeria is not living up to expectations

he Standard Organisation of Nigeria (SON) with all these powers, like all the other organisations listed in the first part of this article, cannot undertake an investigation on quality unless a complaint was made to it.

A few years ago Toyota and Volkswagen made confessions about mechanical defects in their vehicles. There was a world- wide recall of their vehicles to replace the malfunctioning parts.

Nothing happened in Nigeria. When I tried to find out why, I was told that I had to complain before Standards Organisation of Nigeria (SON) could go after the vehicles in Nigeria. I could not understand how a matter that was in international reports needed a further report from me to galvanise SON into action. There was not one organisation or car dealer that the owners of defective cars had recourse even when the manufacturers had claimed responsibility.

The consumer associations said nothing, the civil liberties were quiet.

The Minister of Foreign Affairs said nothing, nor did Minister of Trade or industry. How can we be taken seriously when someone who had sold you a lemon admits it and writes you to get a refund and no one goes because the officials responsible could not care less?

A plastic was found in a mars chocolate bar in the UK. The company withdrew all the bars made world wide during the time the suspected plastic got into the chocolate bars. No mars bar was withdrawn from Nigeria.

Our much vaunted entrepreneurial skills is based on our ability to find substandard goods which we import into Nigeria; there are thousands of fake i – phones, Samsung, Blackberries, bulbs, textiles, etc. No one takes responsibility for these; except that it gives the customs which

had allowed the goods in, to have a second bite as cherry by going after small traders who sell batteries, phones and accessories, etc.

A common cause of fires in buildings in Nigeria is the poor quality of the electrical wires used in building houses and the dangerous aluminum pipe we use in the conduit wiring and water systems in the houses. Some of the conduit pipes contain cancerogenous materials long since forbidden in overseas buildings.

Asbestos ceiling materials are also used in Nigeria when it has been proven overseas that there is a high probability that asbestos causes cancer.

It is true that there are three grades of cement but most of the cement used to make blocks is 32.5 standard cement, good only for binding the blocks one to another and for plastering. Not many builders know this let alone the owners of the buildings.

There are five grades of fruit concentrates available for importation into Nigeria for our vast soft drinks factories. The number five concentrate is used overseas as part of the mixture for animal feeds. Grade one fruit concentrates is used by the best fruit drinks makers such as Tropicana and the like. Various nations stipulate the concentration to use in so-called fruit drinks.

The best fruit drinks are fresh fruit drinks which are used at optimal point of ripeness, never concentrated but bottled or parked in tetra packs, immediately after pasteurisation. I understand that Nigerian Bottling Company has now bought Chivita which has the famous advent on some of its soft fruit juices “NO added SUGAR”.

You have to put on your reading spectacles to see the small print of “added” in those three words. The impression one gets is No SUGAR. All the juice makers in Nigeria use concentrates

of lower than the best qualities imported from countries not that scrupulous about standards.

If you notice, all the fruit juices taste the same, now you know why. As for sugar, the fruit juices and soft drinks are already heavily laden with sugar – it is the nature of the fruit – some have more sugar than others.

Overseas, a customer can buy expensive fruit juices or he may buy fruit juices branded specifically for the chain of super markets he patronises – that fruit juice is the cheapest. If he has enough money he may buy brands clearly labelled “not made from concentrates”. But all have an intolerable amount of sugar which the law there forces you to state on the cartons.

Even so there is a campaign that the sugar content of soft drinks is too high. A litre of Coke, 7 - Up, Sprite, Mirinder, Malt, I believe, contains 12 teaspoons of sugar; a litre of orange juice is slightly less. All the breakfast cereals we eat have too much sugar even before we add more sugar and milk. The problem of obesity, diabetes, heart disease, lungs and kidney disease has been traced to these factors. We eat too much sugar.

Campaigners are now clamouring for a sugar tax on foods which I believe some countries are adopting.

Why do we use concentrates in a tropical country where fruit is in abundance? Why are the ministers of health, agriculture, industry and commerce not screaming at the soft drinks industries to patronise the local fruit growers to grow fruits for our juice industries? As one moves about in Lagos and other towns there are no end of fruit sellers – mangoes, oranges, African apples (these seem to have disappeared) agbalumos (Yoruba) or udara (Ibo) or African cherry (English) or sometimes called African star apple; the shelves of our supermarkets are

full of Frutas, Chivitas, Danzas, etc. Can we not adopt a policy to grow orchards in Nigeria to feed these juice industries? A poor country like Nigeria cannot have a clean water system from which we can drink water. In my youth we drank from the tap. In many parts of the world, including the United States you can still drink tap water. Bottled water in so profitable that Nestles, Nigerian Bottling Companies, etc., are all in it.

Standard Organisation of Nigeria has been established to do all these things and more – ensuring good quality roofing sheets, electrical wires and all other building materials, good quality in the fruit juices we drink, good quality even in bread! But if government does not give its organisations the right leadership, the tools to achieve goals set for them, then the workers there would find ways to make their “bread”.

Manufacturers have horror tales to tell about Standards Organisation of Nigeria; Customs, NAFDAC, etc. Importers too have stories about SON and Customs. But every story has two sides. As for Toyotas and Volkswagen, no one knows how many Nigerians had died from accidents due to faulty manufacturing which the makers themselves acknowledge. The Toyota case had to do with faulty brakes and faulty air bags; Volkswagen with faulty emission systems – all these faults are injurious to our health. In other countries, lawyers have made a fortune chasing companies with faulty manufacturing history. Ralph Nader in the United States was probably the greatest consumer advocate ever.

What is wrong with Nigerian lawyers, our civil society, and our consumers’ protection agencies?

Must all lawyers be chasing electoral petitions?

Dr.Cole (OFR) was Nigeria’s former Ambassador to Brazil

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T H I S D AY MONDAY APRIL 11 2016

EDITORIAL BEYOND THE PRESIDENTIAL TOWN HALL MEETINGS

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The idea of town hall meetings is laudable, but the president should lead the team

he presidency has said it will soon commence a nationwide sensitisation tour to ensure that Nigerians are adequately informed about the efforts being made by President Muhammadu Buhari to tackle the challenges facing the country. The senior special assistant on media and publicity to the president, Garba Shehu, who made the disclosure, said the sessions were expected to hold across the six zones in the country and would focus on the policies and achievements of the present administration as well as on how it was grappling with issues that affect the people.

To the extent that this government has hardly engaged the people since its inception almost one year ago, we believe the idea of town hall meetings is a good one. However, we hope that the sessions will be all embracing. Indeed, we think some of the sessions should take place on university campuses and other youth centres and should be conducted in an atmosphere that allows unfettered exchanges between the governAS THE BUHARI ADMINISTRATION INCHES ment and the people.

As the Buhari TOWARDS ITS FIRST administration ANNIVERSARY, THERE inches towards the CAN BE NO BETTER TIME THAN NOW TO REACH OUT anniversary of its first year in office, TO THE STRATEGIC AND SENSITIVE SEGMENTS OF there can be no better OUR DEMOGRAPHICS SO time than now to AS TO FEEL THE PULSE OF reach out to the truly strategic and sensitive THE PEOPLE segments of our demographics so as to feel the pulse of the people and get vital feedback. It would therefore be fruitless to concentrate on rented crowds of political thugs and non-representative groups if the exercise is to make any meaning.

Also, the town hall meetings should not be left

Letters to the Editor

H

T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITOR BOLAJI ADEBIYI MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

T H I S DAY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OLUFEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, FIDELIS ELEMA, MBAYILAN ANDOAKA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD FEMI TOLUFASHE ART DIRECTOR OCHI OGBUAKU II DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

entirely to Vice-President Yemi Osinbajo to handle as hinted by the administration’s spokesman. If these conversations are truly geared on harvesting ideas and feeling the pulse of the people, it is important for President Buhari to take ownership and be the one to interact directly with the people. He is the one Nigerians want to engage; the one to whom they want to direct their questions about what has happened to the promise of “change”; the one to whom they want to vent their frustrations. Put simply, it is from the president that Nigerians need reassurance that there is indeed hope for them, despite the current challenges.

The timing even makes it compelling for President Buhari to lead the charge. Since these meetings will most likely take place around the first year anniversary of the administration, there should ordinarily be a few positive things to crow about. Unfortunately, we are not so sure whether Nigerians will brave fuel queues, lack of electricity and increasing hunger to listen to anyone from Abuja without venting their anger. That is why we implore those planning the town hall meetings to put on their thinking caps and anticipate, as well as prepare for different scenarios.

As things stand today, demonstrators from opposition groups, labour factions and civil society groups may be waiting outside the venues of such sessions. Other troublemakers may also not be too far away. Yet any attempt to disperse such crowds (even if some of them are sponsored) the Nigerian way with tear gas, live bullets, etc., could bring about unintended effects. The mismanagement of public anger in an economic downturn could make the whole exercise counter-productive.

Therefore, it is our hope that the organisers of the town hall meetings take into account the public mood in their planning while it is important that, if the sessions must hold, it is President Buhari that should engage the people of Nigeria.

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MARRIAGE: A CULTURAL AND SOCIAL IMPERATIVE

ave you seen a lady who wore a long, drawn and forlorn face on her wedding day? And bridegrooms were always in a buoyant mood on the days they took their wives to the altar. Marriage is a thing of joy. Newly married couple would start a family. They’ll breed children, and raise them up under their guidance. The joy of a man watching his son or daughter growing up is inexplicable and boundless.

So, not a few ladies felt happy and extremely joyous on the days their marriages were solemnised with holy wedlock. They did laugh heartily raucously, and swayed beautifully and seductively to the music played on their wedding days. In Africa, especially in the South-East of Nigeria, parents consider the marriages of their children worthy of celebration. Are old maids and ageing bachelors not viewed with disrespect in Nigeria? More so, politicians with failed marriages occupying exalted political offices are said to be unsuitable for such high positions on account of their troubled marriages. Here, in Nigeria, scaling the marriage hurdle has become a cultural and social imperative for people who want to gain acceptance in the society. It seems to me that being married is an open sesame to gaining entrance into the club of responsible and law-abiding people.

But what is marriage? The Longman Dictionary of Contemporary English defines marriage as “the relationship between two people, who are married.” Until now, marriage was seen as a union of a man and woman. The legalisation of same – sex marriage has altered the definition of marriage. Nowadays, in Europe, America, and South Africa, two people, who belong to the same sex, can solemnise their union in a church. People who traduce same – sex couples are called provincial people, who are with homophobia. Our sexual preferences, behaviour, and

orientation have fallen under fundamental human rights. But the sight of a man smooching another is preposterous in Nigeria.

Same – sex coupling is frowned upon in Nigeria. The Abrahamic religions – Islam and Christianity – and the African traditional religion take a dim view of homosexual act and lesbianism.

Whether it is a learned behaviour or genetic is immaterial to its staunch opponents.

In the traditional African societies, we have closet gays and lesbians, not talk of them publicly declaring their affection to their partners. Same – sex coupling is criminalised in Nigeria. People caught in the act are vilified and visited with punishment. So, in Nigeria, when marriage is mentioned, the image of a man and a woman living under the same roof comes to mind. As Christianity had dislodged the African traditional religion in the south – east of Nigeria, they’re practicing monogamy. But, in the Moslem – north, polygamy is practiced there.

A man’s performance of the marital rites for his wife marks a watershed in his life. People get into the marriage union for diverse reasons. In order to ensure the continuity of their family lineage, people get married. Again, people enter into the marital union for companionship. But do Africans who are gregarious in nature marry for the reason of companionship? Do they need wives who will be their confidantes? More so, in order to satisfy their sexual cravings and avoid promiscuity, people marry. Yet, nowadays, many married men and women indulge in extramarital affairs without having moral compunction and the prick of conscience. The wedding ring on the ring finger of a woman confers respectability on her. She waves it to show her marital status. But African men marry chiefly to beget children who will perpetuate and carry their names into the future. People who are married are treated with respect in the belief that they are

responsible people.

But now, owing to the harsh economic realities existing in today’s Nigeria, millions of people of marriageable ages are incapable of marrying wives. Since they graduated from universities many years ago, millions of Nigerians have not secured jobs, not to talk of those jobs being well – paying or plum. Can an impecunious man marry a wife and take care of her needs? In the south – east of Nigeria, especially in Abia and Imo State, prospective suitors are required to pay huge sums of money as bride price. The monetary cost of performing the traditional marriage ceremonies of a lady is huge.

In spite of the huge sums of money many men paid to formalise their marriages, their marriages failed. Our courts are filled with divorce cases. Nowadays, marriages collapse as fast as amoebae cells disintegrate. These marriages fail for diverse reasons, ranging from infidelity, insubordination, financial problem, to incompatibility. Although the Bible places women under men in the marriage union, they strive and claim equality with men. This creates tension in many homes, and can lead to the separation of the partners or their divorce.

Again, nowadays, not a few married people have sexual liaisons outside their matrimonial homes. But not everybody can put up with the sexual indiscretions of his or her marriage mate. Some people opted out of their marital unions when they discovered that their marriage mates are past redemption. Again, in order to fulfill societal obligation and cultural imperative, some men entered into marriages with ladies who do not share their moral values and interests. Incompatibility existing between a man and woman is a force for the rapid dissolution of their marital union. Amos 3:3 says this: “Can two people walk together, except they agree”.

Chiedu Uche Okoye, Uruowulu – Obosi Anambra State

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T H I S D AY • MONDAY, APRIL 11, 2016

POLITICS

Group Politics Editor Olawale Olaleye Email wale.olaleye@thisdaylive.com 08116759819 SMS ONLY

T H E M O N D AY D I S C O U R S E

Working on the Electoral Failings Some of the experiences of the last few weeks have exposed the many failings in the nation’s electoral system in spite of the so-called progress made in the last 16 years. In this discourse, Onyebuchi Ezigbo x-rays the efforts of the current chairman of INEC, Professor Mahmood Yakubu to reform the process, while Shola Oyeyipo and Segun James sample the pulse of the people on areas that desperately require attention

Yakubu being sworn in by Buhari as the new chairman of INEC. But the INEC chairman appears unable to find his feet yet

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ast Tuesday, President Muhammadu Buhari mooted the idea of kickstarting the process of reforming the country’s electoral laws in line with the federal government’s policy priorities of carrying out comprehensive legal reforms before the expiration of the present administration’s tenure.

Such a move is however seen as being in line with the expectations of Nigerians that something should be done urgently to reform the electoral process to guarantee the conduct of credible election.

While presenting a keynote address at the Nigerian Civil Society Situation Room’s Stakeholders Forum on Elections in Abuja, the Attorney General of the Federation and Minister of Justice, Alhaji Abubakar Malami said the Federal Government had already started consultations with the leadership of the National Assembly and the Judiciary to identify key laws and priority areas for reform.

“We have begun consultations with the leadership of the National Assembly and the Judiciary to identify key laws and priority areas for reform. Our priority areas will be clearly outlined in our justice sector reform that we will propose to the National Assembly and align it with their agenda in order to achieve reform within the tenure of this administration,” he said, clearly setting the initiative in motion.

Every government, since the Chief Olusegun Obasanjo-led administration has always taunted Nigerians with the promise of reforms of the electoral process but what

Every government, since the Chief Olusegun Obasanjoled administration has always taunted Nigerians with the promise of reforms of the electoral process but what usually comes out of every of the moves is a far cry from the expectations and yearnings of the people, who desire a functional system for choosing their leaders in an atmosphere devoid of fraudulent conduct and rancour…

Indeed, such promises of reform usually do not get to the heart of the problem

usually comes out of every of the moves is a far cry from the expectations and yearnings of the people, who desire a functional system for choosing their leaders in an atmosphere devoid of fraudulent conduct and rancour.

Indeed, such promises of reform usually do not get to the heart of the problem. For instance, the report of the Justice Mohammed Uwais-led panel on electoral reform, which was considered laudable by many made provisions for a number of result-oriented measures to solve the problems militating against the conduct of free, fair and credible elections, but the recommendations were never implemented.

It is against this background that the statement made by the AGF, Abubakar Malami on the commencement of another round of reform should be critically evaluated.

One of the priority areas of the administration’s reforms is the proposal for the amendment of the Electoral Act and other laws in order to empower INEC and similar bodies to deal with perpetrators of serious offences.

Malami had said some of the gaps in the electoral laws which had manifested in the recent decisions of the Supreme Court in relation to election petitions, needed to be filled and something done about it urgently to avoid increasing levels of electoral violence.

“This administration intends to carry out a comprehensive legal reform to address the challenges posed by some of our outdated electoral laws. One of my top priorities as AGF is to lay a solid foundation for a sustainable

reform of the justice sector, where the rule of law takes preeminence over and above the rule of man”.

On its part, the Independent National Electoral Commission (INEC) under the new helmsman, Prof. Mahmoud Yakubu said one its immediate plans will be to push for a review of the electoral process, taking a cue from lessons learnt from the shortcomings in elections conducted by his predecessors as well as the challenges it is facing in the effort to conduct a free, fair and credible election.

The INEC chairman said the commission is greatly constrained by the resurgence of violence that had attended elections in recent time. According to him, INEC can do little or nothing to stop the specter of violence during elections since it does not have control over security agencies.

Recounting some of the incidences recorded by the electoral body, the INEC chairman said the commission suffered huge setbacks in Adabi and Dekina in Kogi, where two offices of the commission was razed by hoodlums during the last governorship polls.

“INEC is really challenged and INEC is constrained by the resurgence of violence.

Remember, INEC is not security forces and we are not going to overstep the security forces. We have our own responsibilities to the regular staff and the adhoc staff as well as the voting. We are challenged by it and we are working with the security agencies to see what we can do. But appreciate our concern; INEC does not handle security

CONT’D ON NEXT PAGE

17

T H I S D AY • MONDAY, APRIL 11, 2016

POLITICS/ THE MONDAY DISCOURSE W O R K I N G O N T H E E L E CTO R A L FA I L I N G S

Nigerians protesting the postponement of the 2015 elections from the initial date of February 14

In the same vein, recent decisions of the Supreme Court that failed to legitimise the key role that the Card Reader played in the last general election. For him, therefore, there is the need to review the existing laws to ensure that the card reader becomes more prominent in elections and that technology is allowed a role in the conduct our elections during elections.”

Key Areas of INEC’s Proposal At the end of the 2015 general election, several reports were written and submitted to the electoral body on the experiences during the exercise. Apart from reports generated by the commission’s staff, other reports and recommendations from development partners, the European Union Election Monitors and the African Union observer group were also received and documented.

Whereas certain aspects of the intended reform by INEC require mere regulatory intervention or institutional reforms, other areas may need outright amendment of the constitution.

According to the INEC chairman, the authorities of the commission have already commenced efforts at remedying the situation through the implementation of some policy interventions such as the introduction of the simultaneous accreditation and voting procedure.

But Yakubu said some of the reforms and interventions are outside the purview of INEC and would require the cooperation of relevant organs of government like the judiciary and National Assembly. These include the policing of elections so as to guarantee safety of the electorate, INEC staff and materials

An aged woman in Daura, Katsina State is seen here validating her card to vote during last year’s presidential election

for election. It also has to do with the setting up of electoral offences tribunal to address the growing recourse to violence by most of the political actors and their hired thugs.

Clement Nwankwo, who is heading a coalition of civil society organisation clamouring for reform in the electoral process said notwithstanding some progress made by the previous leadership of INEC in introducing innovations that could help guarantee credible election, much still needed to be done to achieve transparent and credible electoral process.

At the civil society stakeholders’ forum held last week in Abuja to present report of its observations during the 2015 general election, Nwankwo made a case for the revisiting of the Justice Mohammed Uwais electoral reform recommendations as a means of correcting observed anomalies in the nation’s electoral system.

He said the Justice Mohammed Uwais report on Electoral Reforms recommended the setting up of an electoral offences tribunal, adding that the country needed to go back to those recommendations and implement them.

“Unfortunately, recent elections in Nigeria showed a lot of the use of violence to influence the outcome of an election. We need to pull back from this if elections must be credible in this country, then we must try to ensure that violence is not part of the exercise. It looks like we are losing the battle against electoral violence and unless we go back to the recommendations that we should have electoral offences commission then we will keep having this problem.

“For us in the civil society, it is our role to advocate reforms and changes in the system but it is the responsibility of government to respond to the pressure that we continually put for reforms to happen. We will not stop

doing this until government responds and as long it fails to respond so long as the problem will linger.”

Speaking on the observations made by his group about the conduct of elections in Nigeria in recent times, he said, “I think the electoral process has faced some challenges and the INEC also indicated its willingness to rise up to these challenges and that is why you see the commission acting and reacting the way it is doing to ensure that there are proper laws and institutional regulations to ensure that these challenges were minimised”.

Nwankwo further listed some of the challenges facing the electoral system to include violence, a situation whereby politicians organise violence to disrupt or manipulate elections.

In the same vein, recent decisions of the CONT’D ON NEXT PAGE

18

T H I S D AY • MONDAY, APRIL 11, 2016

POLITICS/ THE MONDAY DISCOURSE W O R K I N G O N T H E E L E CTO R A L FA I L I N G S

Policemen getting ready for action but how effective is the policing of elections in the country?

Supreme Court that failed to legitimise the key role that the Card Reader played in the last general election. For him, therefore, there is the need to review the existing laws to ensure that the card reader becomes more prominent in elections and that technology is allowed a role in the conduct our elections Glancing at the Uwais Report No doubt, the violence that trailed the two recent elections in Bayelsa and Rivers States may have drawn the attention of President Buhari to the need to put electoral reform in the front burner of his administration’s agenda. To that extent, it is pertinent to draw from some of the ideas expressed by the Uwais panel as far as curbing electoral violence is concerned.

In the detailed report, the panel said there was the need to deal with incidences as well as the root causes of violence related to elections.

“Quite often, attention is focused on incidences without a longer term view of how to address the root causes of the problem.

There is the need to effectively regulate behaviour and actions of contestants, voters and officials in the entire electoral process and to carefully frame rules and regulations covering all aspects of the electoral process.

“No stone should be left unturned in this regard. There is the need to effectively police the election process and enforce rules and regulations by assigning well trained, impartial and honest law enforcement and security agents and agencies to help police and secure the electoral process.”

In particular, the panel demanded that the Nigeria Police Force should wake up to its responsibility in law enforcement, in the prevention as well as detection of crimes.

The panel further stated that there was the need to ensure proper and adequate training of all personnel involved in election matters, both permanent and ad hoc staff.

What Nigerians Think Most of the contributions to the discussion on how Nigeria can move forward from the era of flawed elections to a time when elections are the true reflection of the will and wishes of the electorate contended stiff sanctions against those found culpable in electoral offences as a step in the right direction.

Lagos State Publicity Secretary of the All Progressive Congress (APC), Mr. Joe Igbokwe said though politicians are always showing desperation to win all the time, bringing those who run against the electoral processes to justice would help stem the tide of electoral malpractices.

“We will continue to do our best until we get there, but people must learn to win honourably and lose honourably. If we lose, we should go home, but here losers want to be declared winner. Then another problem is that we have not been punishing offenders. If you don’t punish offenders, they get bolder. We need to punish people, who commit electoral offences,” Igbokwe posited.

According to the Chairman, Kwara Peoples Democratic Party (PDP), Iyiola Oyedepo,

“One thing about INEC and the credibility of elections depends on the leadership of the body. The leader should be knowledgeable, principled and forthright and must have an integrity that cannot be faulted.

“If you look at the elections conducted between 2011 and 2015, there have been remarkable improvement in the conduct of elections but after the exit of Jega, we are sliding back to the era of elections that could not be said to be credible.

“In my own opinion, the INEC chairman should have a tenure that lasts like 10 years.

For instance, if Jega was there for like 10 years, whatever he did while at the helms of affairs would have become part of our electoral culture. The Electoral Act must be amended. Like now, the Card Reader is not in the Act. “We must also stop the impunity of electoral offenders. I would not mind that there is a special tribunal set up for that purpose. Any infraction associated with election must be severely punished. Unpunished impunity makes people get bolder to commit the crime again and again. Our law is good but in the area of sanction, we are laid back.

“Yakubu is now there and he would have to begin to study what he met on the ground. In Kogi and Bayelsa, he conducted inconclusive elections, they are conducting the FCT election today (Saturday), we don’t know what would be the outcome.”

The INEC chairman said the commission is greatly constrained by the resurgence of violence that had attended elections in recent time. According to him, INEC can do little or nothing to stop the specter of violence during elections since it does not have control over security agencies… the INEC chairman said the commission suffered huge setbacks in Adabi and Dekina in Kogi, where two offices of the commission was razed by hoodlums

The Lagos State Chairman, Nigerian Union of Journalists (NUJ), Mr. Deji Elumoye said politicians must learn to play by the rule as embedded in the Electoral Act. “We must go by the rules. There should be no cutting of corners. For every election, there are rules. The Electoral Act should be followed strictly. Carting away ballot boxes, over-voting and all that should be stopped.

For us to get it right there is the need to follow the electoral Act. The political parties should also tell their followers to go by the rules,” Elumoye suggested.

Former House of Representatives member for Okene/Ogori-Magogo Federal Constituency of Kogi State, Hon. Suleiman Kokori is of the view that the use of state apparatus as witnessed in the recent National and State House of Assembly elections in Rivers State should be discouraged.

“I think our people have problem of election manipulation and most officials of the Independent National Electoral Commission (INEC) and police are compromised. Another problem is that the powers that be always want to use government apparatus to their favour.

“For example, former Rivers State governor, Mr. Rotimi Amaechi and the incumbent Governor Nyesome Wike used government machinery to their favour. He (Amaechi) came with military, same thing with Wike who used other state apparatus too.

“They are doing the wrong thing as far as I am concerned. The arbitrary and abnormal use of the military for election aids rigging and it is wrong. It happened in Ekiti and Rivers States. Our military and police should be checked.”

The National Publicity Secretary of panYoruba socio-political organisation and rights activist, Comrade Yinka Odumakin argued that the ingredients needed to have acceptable elections in Nigeria are lacking and that until those elements are put in place, INEC is helpless.

“The country has reached a point where credible election has become an impossible mission. The software needed for acceptable election is not there. The country is too divided and the body language of the leadership is not helping matters.

“When former president, Dr. Goodluck Jonathan was in the saddle, he used to congratulate even the opposition when they win elections, but till date, President Muhammadu Buhari has not congratulated Governor Dickson. That means if they conducted election and lost, the president is not happy.

“The whole atmosphere is terrible and not conducive. I pity INEC. If those factors for conducting proper election are not there, there is very little INEC can do to give us better election in Nigeria,” he noted.

For Mr. Kola Kolade, a lawyer and Ekiti State Commissioner for Local Government and Chieftaincy Affairs, the problem is not with the electoral system but with the present

leadership of the INEC. “Our problem is not the electoral system but the leadership of the INEC. The present leadership of the commission has no capacity.

After all, it is the same system that Prof.

Attahiru Jega used to conduct the election that brought in the president and other governors.”

Kolade wondered what would happen if the present leadership of the commission conducted a general election, when it is having problems with just three elections and reruns.

“When all the elections conducted so far all inconclusive, then the leadership of the commission need to be called to question.

Is it not the same process that Jega operated and succeeded to a large extent?”

He insisted that even though the card reader did not work in some places in the country, it is still the best option for the country.

“Jega’s card reader failed but it can be improved upon. But if we know that it will not work, we can either discard it or improve on it. But with the present leadership of the INEC, I don’t think we can do anything meaningful on it, they don’t have the capacity.

Mr. Coronation Tokpo, a lecturer in the Political Science Department of the Federal University, Otuoke, Bayelsa, said only the “full recognition of the card reader system as the sole means of accreditation in our Electoral Act will reduce rigging and election fraud.”

Tokpo contended that the card reader system would also reduce violence, which is usually associated with supposed inconclusive elections.

Incidentally, this was also the view of Mr. Duoye Fiderikumo, a Yenagoa-based legal practitioner, who opined that electronic voting will take away the question of stealing of election materials and violence associated with elections in the country.

“Our electoral system is still substantially analogue and that is why we are having the problem we are having now. Electronic voting will take away violence as the every vote will be reflected immediately and cannot be rigged.

“To me, it is the only way out or else, the 2019 elections will be bloody, absolutely bloody, especially in the South-south and South-east states,” he warned.

Alhaji Kunle Akangbe, an Ibadan, Oyo State politician was of the view that the 2015 election could be likened to the 1993 election that was annulled in terms of credibility. He said this was so because the card reader was used.

“But because the Nigerian is smarter than the smart card, they succeeded in circumventing in the process. But for this, we would have become a role model country in Africa today. But in view of this, we must find a way to smoothen the process.

“We cannot say because the disinfectant has a horrible smell we cannot use it to kill germs.

We cannot say because some politicians are short of honour, then we should allow them to get away with every electoral malpractice.”

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T H I S D AY • MONDAY, APRIL 11, 2016

POLITICS/ PERSPECTIVE

With Polls Over, Wike Walks the Talk With Rivers State’s electoral stalemate substantially over, Tekina Princewill says Governor Nyesome Wike of the state has begun to deliver on his mandate

W

ith the distractions of the National and State Assembly rerun elections more or less a settled matter, Governor Nyesom Wike of Rivers State has demonstrated that he takes seriously the Fundamental Objectives and Directive Principles of State Policy as contained in Chapter II of the constitution and specifically section 14 (2) (b) which states that “the security and welfare of the people shall be the primary purpose of government,” as he embarks on projects completion and inauguration that will not only bring development, but impact on the lives of those who freely gave him their mandate to reposition the state after locust years of his immediate predecessor.

The bounce and enthusiasm which Wike has shown in ensuring that developmental projects are on track is no less infectious as his unalloyed commitment to give the Rivers State people some things to cheer about since he was sworn into office on May 29, 2015. It is to the governor’s credit that he remains in pole position amongst his colleague governors to be the only one, who has intervened and completed two critical federal road projects in their 10 months in office.

The NPA-Industry road and the Eleme Junction axis of the East West Road are testimonies to his remarkable effort amidst acute shortfall in allocation from the federation account to the states. The roads are outside the 50 other roads completed by his administration in four urban local government areas of Rivers State.

On Tuesday, January 19, 2016, Wike extended his excellent record of performance by keeping to his campaign promise to the people of Etche and Ikwerre Local Government Areas.

It is a relief that when it concerns development, Wike has shunned the temptation to shun projects kick-started by his predecessor, Mr. Rotimi Amaechi, but to complete them. For instance, the governor directed the immediate reconstruction of the Igwurita-ChokochoEtche federal highway, which was neglected by the immediate past governor of the state, Amaechi.

The Igwurita-Chokocho-Etche federal highway is arguably one of the worst roads in the state. The deplorable nature of this road has crippled business activities along the axis.

Flagging off the reconstruction of the 6.6kilometre Igwurita-Chokocho-Etche federal highway to be handled by Setraco Nigeria Limited, Wike said the road would be funded through the Internally Generated Revenue (IGR) account.

According to the governor, the contractors will receive N400million monthly to defray the N2.4 billion cost for the construction of the road.

Wike directed his Commissioners for Works and Finance to liaise with the contractors to ensure monthly payment of the approved sum to the contractor.

He said: “We believe that politics is about the welfare of the people. This road is critical to the people of Etche and their Igwurita neighbours. It is vital to their economies hence we have resolved to complete it in a record time of six months.

“I agree that this is a federal road, but we cannot sit and allow our people suffer. We will construct this road to the satisfaction of our people. We will pay Setraco N400million monthly through IGR to ensure work goes on regularly till the completion of this project.”

The governor stated that it was unfortunate that Ikwerre Local Government Area produced the immediate past governor for eight years with key Etche indigenes in his government, yet the economies of Etche and Ikwerre collapsed due to the bad road.

He said, “When they were in power, they were receiving over N20 billion monthly, but they refused to do the road. Today, we are receiving only N5 billion monthly, but we have the political will and dedication to reconstruct the road.

“This is because we are committed to our social contract with the people of Etche and Igwurita. This marks the end of suffering for Etche people. We are replicating this reality across Rivers State.”

Wike on project inspection in Port Hacourt

It is on record that the Wike-led administration completed a total of 42 roads within his first one hundred days in office, especially within Port Harcourt City and Obio/Akpor Local Government Areas of the state.

Speaking to newsmen on this feat, the governor explained that the essence of governance was to put viable infrastructure in place aimed at strengthening the economy.

Recently, Wike stated that several of the ongoing road projects in the state will be completed and commissioned by the first anniversary of his administration on May 29, 2016, saying the road construction projects will be sustained during the rainy season because of the technology being applied.

In the housing sector, Wike commissioned 50 units of higher low income flats at the Iriebe Housing Estate in Obio/Akpor local government area of the state.

The houses, which are the first in the comprehensive housing programme of the Wike-led administration, are to be sold to the people at affordable prices without any profit to government.

Speaking at the ceremony, the governor stated that his administration will be beneficial to all the people of the state irrespective of their social status. He stressed that his housing programme will be targeted at the less privileged to ensure that their standard of living is improved.

Also, in the housing sector, the Wikeled administration recently began the expansion of the Federal High Court complex in Port Harcourt, to ensure that more residents of the state have access to justice.

Speaking recently after inspecting the level of work at the complex, the governor said the project would be delivered in August this year for dispensation of justice, pointing out that with the rerun legislative elections behind, the entire focus of his administration is to deliver on

This is the time to deliver good governance to the people of Rivers State and I will not tolerate negligence of duty. The failure to deploy site engineers to these projects – three project sites means that the government and people of the state can be short-changed via poor quality delivery

campaign pledges.

While commending the contractor handling the Federal High Court annex for the quality of the job, Wike urged the contractor to maintain the tempo to ensure the work is delivered on schedule. He announced that the old Obio Customary Court will be demolished to create space for the construction of the Rivers State Customary Court of Appeal which will accommodate more Customary Courts.

The governor, who stated that the new headquarters of the Customary Court of Appeal will be duly funded by the Rivers State government, said the present Obio Customary Court premises is constrained by space, hence the need for demolition and construction of a multi-floor building.

He urged the President of the Customary Court of Appeal, Justice Christy GabrielNwankwo to apply for the release of funds for the immediate commencement of work.

Also, the Wike-led administration is constructing a new Law Centre for the Nigerian Bar Association (NBA), located opposite the Port Harcourt City local government council headquarters, in Old GRA, Port Harcourt.

Speaking at the ground-breaking celebration, which was attended by the NBA national president, Austin Alegeh, SAN, the governor stated that his administration will continue to promote the rule of law in order to enhance the security of the state.

He stated that his administration has taken proactive steps to encourage the bar and bench to promote the rule of law, adding that the Rivers State government resolved to construct new Law Centre for the NBA because of its commitment to enhancing law practice in the state with befitting facilities.

Wike said, “We had to relocate the law center to create room for the construction of more courts in the High Court Complex.

We also relocated the law complex for the purpose of providing befitting facilities for lawyers to practice in the state.”

The governor, who formally handed over the certificate of occupancy of the premises to the NBA, stated that the project will be completed on schedule by August, adding that N200 million has been released for the commencement of the project which is expected to cost N498 million.

Only last week, Wike laid the foundation for the second phase of the Rumuwoji (Mile One) market in Port Harcourt City Local Government Area of the state, in fulfillment of his pledge to embark on urban renewal schemes that would uplift citizens’ standard of living.

Speaking at the event, the governor said he remains committed to the delivery of quality projects that will enhance the people’s welfare, pointing out that the project was part of his campaign promises to the people of Rumuwoji (Mile One) community.

He, however, directed the Commissioner

for Housing to commence negotiations for the acquisition of two houses close to the market for the necessary expansion to accommodate street traders.

In his remarks, the Commissioner for Housing, Mr. Emma Okah, said the Rumuwoji Market which has been razed down several times, will be upgraded with modern amenities, adding that the new market would have 1,356 stores, three clinics, elevators, 72 toilets and underground parking lot.

Recently, Wike announced that the state government will construct a central abattoir for the state capital that will cater for the needs of Port Harcourt City and Obio/Akpor local government areas. After inspecting abattoirs in the two urban local government areas of the state, the governor stated that other abattoirs in Port Harcourt City and Obio/Akpor local government areas of the state will be closed down when the central abattoir is ready.

He said when the abattoir, which will be located along the Elelenwo-Akpajo road is completed, it will have modern slaughter facilities and open stalls for small vegetable and other traders.

Wike has continuously said his administration has come to build a new Rivers State, which will not only be of great benefit to the less privileged but add advantage to the economy of the state.

Therefore, he will not hesitate to drop any official of the state government that is found wanting.

To demonstrate this, the governor on Friday, April 1, ordered the suspension of the Commissioner for Works, Kevin Wachukwu, for negligence of duty and failure to monitor projects effectively. He explained that Wachukwu failed to deploy site engineers to monitor the execution of the contracts from the standpoint of the state government.

“This is the time to deliver good governance to the people of Rivers State and I will not tolerate negligence of duty.

The failure to deploy site engineers to these projects – three project sites means that the government and people of the state can be short-changed via poor quality delivery.

“The contracts have provision for site engineers and project vehicles. There was no reason why it was not enforced. If I were always at project sites supervising the quality and pace of work, there is no reason why the commissioner should not do the same. This goes to other commissioners.

We are in the era of governance and every official must work for the people of the state.”

Given the obvious developmental strides of the governor, it is incumbent on all political gladiators in the state to sheath their swords, bury the hatchet, forgo their egoistic political interests and join hands with a man of vision and purpose to move the state forward.

•Princewill wrote from Port Harcourt, Rivers State Capital

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MONDAY, APRIL 11, 2016 • T H I S D AY

FEATURES Agatu Killings: The Cry for Justice

Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com

The Benue caucus in the House of Representatives is pained at what it describes as the nonchalant attitude of the federal government at the continuous killings of their kinsmen by herdsmen. Damilola Oyedele writes

Senator David Mark (middle) and former Minister of Interior, Abba Moro (1st right), inspecting the destruction of houses allegedly carried out by Fulani herdsmen in Agatu, LGA

F

rom Benue State, particularly Agatu Local Government Area, it has been tales of woes in the last few months: killing of entire families, injuring innocent villagers, burning down of homes and properties, and other sad stories have dominated the news. Accusing fingers have been pointed at Fulani herdsmen, whose herds destroy farmlands, in their search for food, pitching them against the local farmers. Farming is the main occupation of Benue residents.

According to reports, eight local government areas including Agatu, Buruku, Guma, Gwer-west, Logo, Kwande, Gwer- East and Katsina- Ala have been under constant attacks by the herdsmen since 2013. Efforts to broker a truce between the herdsmen and the farmers have failed over the years. From the beginning of 2016, over 1000 people have reportedly been murdered by the rampaging herdsmen, resulting in the killings being equated with genocide for which perpetrators are tried in the international court of justice.

The matter was brought to the attention of the House of Representatives at the plenary of February 25, 2016 where the lawmakers unanimously condemned the killings and called for increased military presence in the areas affected.

Following outcry from several quarters, the Federal Government ordered a deployment of more policemen to the state, and set up

a dialogue committee to resolve the crises with representatives from Agatu and Fulani communities.

But the killings have continued. In late February, about 300 were murdered in renewed outbreak of violence in Okokolo, Akwu, Ugboka, and Aila villages, all in Agatu LGA. The villages were razed. On March 19, 2016, at least 500 people were again killed on 10 communities of the same LGA, prompting former Senate President David Mark to state that a genocide was being carried out against his people.

The Minister of Interior, Gen. Abdulrah-

From the beginning of 2016, over 1000 people have reportedly been murdered by the rampaging herdsmen, resulting in the killings being equated with genocide for which perpetrators are tried in the international court of justice

man Dambazau, promised to ensure that the perpetrators of the violence are apprehended and made to face justice. He also promised to ensure that security forces are adequately mobilised to deal with the matter.

However, the Benue State caucus in the House of Representatives lamented that the killings have continued unabated adding that it is not receiving the necessary urgent attention and intervention it rightly deserves.

The caucus, at a recent briefing addressed by its leader, Hon. Orker Jev, representing Buruku federal constituency decried what it described as the lukewarm attitude of the Federal Government to the killings, alleging that the herdsmen may have been bolstered by the lack of political will by the present administration to tackle the menace head on.

“Is that why the herdsmen are now taking advantage of thenPresident’s lack of political will to wreak havoc on our people? We are saying this invasion must stop for we will no longer tolerate the violation of the integrity of our people. We want Mr. President to act like the soldier that he is now!”

“You are all aware that Benue State is the ‘Food Basket of the Nation’. But it is disturbing that every planting season is heralded by serial attacks by these Fulani herdsmen. They also return during the harvesting season.

Where are herdsmen getting sophisticated ammunitions from? Why is it taking the government so long to smoke out those

NAN

behind this genocide? Since the beginning of this carnage, how many of these herdsmen have been arrested?”

The lawmakers in subtle threats, warned that the people of Benue state would no longer fold their arms and watch their people being massacred and killed like “chickens by jihadists who camouflage as herdsmen.”

“We can no longer continue to remain docile and sedate, while the Fulani herdsmen desecrate our land, kill our men, women and children; rape our women, destroy our farms and raze our houses. This is the time for the Benue people, especially the youths, to stand up and defend their state. These killing, kidnapping and raping by these herdsmen must stop. It is often said that when violence confronts violence, peace will reign. So, if the Federal Government delays in nipping these senseless killings in the bud, we will confront our adversaries and attackers frontally,” Jev added.

Interestingly, six out of the 11 lawmakers are part of the All Progressives Congress, same party as President Buhari, but Hon. Mark Gbillah, representing Gwer-East/ Gwer-West notes that the matter is not about party affiliations.

“We are all concerned and worried, and regardless of our party affiliations, we are disappointed at the President’s inaction to this wanton loss of lives and properties by people who are perceived to be from his

21

T H I S D AY • MONDAY, APRIL 11, 2016

FEATURES

Typical Fulani herdsmen

Dambazau

We can no longer continue to remain docile and sedate, while the Fulani herdsmen desecrate our land, kill our men, women and children; rape our women, destroy our farms and raze our houses.This is the time for the Benue people, especially the youths, to stand up and defend their state.These killing, kidnapping and raping by these herdsmen must stop.

It is often said that when violence confronts violence, peace will reign. So, if the Federal Government delays in nipping these senseless killings in the bud, we will confront our adversaries and attackers frontally

The Save Agatu protest in Abuja

The House of Representativeds in session part of the country. Is he trying to say he is compromised? That is the question we are asking,” he said in a telephone conversation with THISDAY. “Just two days ago, a wife to one of my constituents was hit with a machete on the head by one of the Fulani herdsmen, who then ran away….the killings have continued, they have not relented,” he added.

Gbillah added that deployment of security agents has only been made to Agatu, which has been worst hit by the attacks, while other LGAs have less deployment of police, who choose to stay at the capitals of the LGAs. “Gwer-West, which was the origin of the attacks, there has been no deployment of security operatives”, the lawmaker said, and called for deployment of the military, who he said may be better equipped to handle

the marauding herdsmen.

He also backed Governor Samuel Ortom’s rejection of any plans to create grazing routes for the herdsmen, advocating that ranches be established for them in their territories.

“Now people are even fighting for land in their own localities, they cannot have other people contending for their land with them, and even consuming their own means of livelihood, because they want to preserve theirs. The Federal Government should establish ranches in those areas where the herdsmen reside, in their own areas, not in any other part of the country. If they do not have fertile land, they should do irrigation,” he advised.

The House Minority Leader, Hon. Leo Ogor also weighed in on the ‘silence’ of the President who has drawn criticism from

several quarters for not making comments on the massacre.

“It is very wrong of the President, and as the President of the Federal Republic of Nigeria, he should speak on the killings.

He spoke about the killings in Rivers State, and it is something that we commend him for. But look at the level of massacre that happened in Benue State, and it is still going on as we speak, these killings are very barbaric, the constitution guarantees the right to life, and where lives are being taken arbitrarily, its violation of the constitution,” Ogor said.

The Minority Leader, citing Section 14 (2) of the 1999 Constitution, said the President, as the Chief Security Officer of the country, owes Nigeria the responsibility to comment on the killings.

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IMAGES

T H I S D AY • MONDAY, APRIL 11, 2016

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Chancellor, Achievers University, Dr. Bode Olajumoke; doctoral degree recipient/Leader, House of Representatives, Hon. Femi Gbajabiamila; guest lecturer/Speaker, House of Representatives, Hon. Yakubu Dogara; and Pro-Chancellor and Chairman, Governing Council Achievers University, Dr Bode Ayorinde, during the fourth convocation and award ceremony in Owo, Ondo State…recently

L-R: Director, Sustainability Centre, Lagos Business School, Chris Ogbechie; Managing Director, Guinness Nigeria Plc, Peter Ndegwa; and Dean, Lagos Business School, Enase Okonedo, during a symposium at Ajah, Lagos…recently

L-R: Former Chairman, CCII, Chief Bayo Oyero, and Coordinator, Initiative for Integrated Community welfare, Dr. Ebulomo Walker, at the inauguration of Child Development Finance Club in commemoration of Child and Youth Finance Week 2016 organised by Child Development and Concern Foundation, in Ibadan…recently FELIX ADEMOLA

L-R: Principal Partner, Technique Loss Adjusters Limited, Mr. Ralph Opara; Deputy President, Nigerian British Chamber of Commerce (NBCC), Mr. Akin Olawore; Chairman, Nigerian Insurers Association and Managing Director, Linkage Assurance Plc, Mr. Gus Wiggle; Director–General, NBCC, Mrs. Joyce Akpata; and Director–General, Chartered Insurance Institute of Nigeria, Mr. Rola Ahmed, at NBCC’s Nigerian insurance industry colloquium in Lagos…recently

L-R: Olofa of Offa, Kwara State, Oba Mufutau Oyekanmi Ilufemiloye, Esuwoye 1; chairman of the Elders Forum, Chief Yinusa Oyeyemi; and Chairman, Offa Descendants Union (ODU), Lagos State branch, Alhaji Bisiriyu Afolabi, during a visit by the oba to Lagos ODU...recently

L-R: Nasarawa State Deputy Governor, Silas Agara; lnterior Minister, Lt Gen. Abdulrahman Dambazzau; Permanent Secretary, lnterior Ministry, Bassey Ekpenyung; and Alhaji Maitama Sule at the 6th Comptroller General of lmmigration annual conference and stakeholders’ interactive forum in Lafia, Nasarawa State…recently

L-R: President, Society for Human Resource Management (SHRM), Forum Nigeria, Mr. Oliver Nnona; Global Markets Executive, SHRM, Mr. Howard Wallack; Head, Human Capital, Stanbic IBTC, Olufunke Amobi; and Multinational Business Enterprise Leader, MI and Associates, Mr. Michael Ikpoki, at the SHRM member forum on future-ready HR in Lagos…recently ETOP UKUTT

L-R: Director of Standards, Standards Organisation of Nigeria (SON) Abiola Komolafe; representative of the Assistant Comptroller-General, Zone A, Lagos, Aliyu Malik; Chairman, National Mirror Committee, Chika Balogun; President, Federation of Tourism Association of Nigeria (FTAN), Toni Akinbogun; and Director, Operation, SON, Felix Nyado, during the SON and FTAN stakeholders’ forum on ‘Tourism Standard Catalyst for Hospitality Business’ in Lagos...recently

23

T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

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Email chika.amanzenwachukwu@thisdaylive.com 08033294157

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Quick Takes Promasidor Awards Entry Closes April 14

Entries for this year’s Promasidor Quill Awards will close at midnight of April 14, 2016, the organisers have stated.

The Head, Legal/Public Relations, Promasidor Nigeria Limited, Mr. Andrew Enahoro, who made the assertion in an interview in his office in Lagos on Monday, advised journalists, who are yet to submit their entries to complete their application process before the deadline.

Enahoro acknowledged that Promsidor had already received many entries for the different categories of the awards, but he expressed optimism that many more entries would still be uploaded before the deadline.

He therefore advised prospective contestants for this year’s Awards to upload their entries as Promasidor would not extend the entry window for any of the seven categories. The categories are: Best Report on Children and Nutrition, Brand Advocate of the Year; Best CSR and Industry Report of the Year; Best Photo Story of the Year; Education Reporter of the Year; Best Online Reporter of the Year; and Future Writer of the Year.

Fleet Technology Unveils New Identity

RENDERING ACCOUNT

L-R: Non-Executive Director Wapic Insurance Plc, Adamu Atta; MD/CEO, Yinka Adekoya; Chairman of the company, Aigboje AigImoukhuede; Company Secretary, Mary Agha and Independent Non-executive Director, Babatunde Osunkoya, at the 57th annual general meeting (AGM) of the company in Lagos…recently

Minister Tasks Telecoms Industry to Create Two Million Jobs in Six Months Emma Okonji Concerned about the increasing rate of unemployment in Nigeria, the Minister of Communications, Adebayo Shittu has charged telecoms operators to come up with innovations that will lead to the creation of a minimum of two million jobs for unemployed Nigerians in the next six months.

The minister who made the call at a special reception organised by the Association of Telecoms Companies of Nigeria (ATCON) in his honour in Lagos at the weekend, said government is ready to create the enabling environment and provide the necessary support that would help in achieving the task of creating additional

TELECOMS jobs, if the telecoms operators could come up with workable ideas to address the country’s biggest challenge.

Adebayo who frowned on a situation where most Nigerians, including some government agencies still neglect government’s efforts on local content development, by patronising foreign products and solutions at the detriment of locally developed software and hardware products, said such action amounted to huge capital flight on the part of Nigeria.

He said, if the situation was not checked, it would continue to discourage indigenous entrepreneurs from producing local products and solutions,

thereby increasing the rate of unemployment in the country.

Shittu said Nigeria is already losing as much as $2.8 billion yearly to the continued importation of hardware and software solutions, which he described as a monumental loss to Nigeria.

He explained that if Nigerians begin to patronise locally developed software and hardware, local entrepreneurs would be encouraged to produce locally, improve on standards and in the process, create direct and indirect jobs for the unemployed.

“Unless government is assured that Nigeria is generating enough local capacity, it might be forced to place ban on certain importations, in order to encourage local production and job creation,” Shittu said.

Delivering a keynote address at event, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, who was represented by the Director, Public Affairs at NCC, Mr. Tony Ojobo, said over $32 billion had been invested in the telecommunications industry, both from Direct Foreign Investment (FDI) and local investments since 2001 when GSM was introduced in the county.

He said such investments had led to the creation of millions of direct and indirect jobs for Nigerians. He said that NCC would not relent in its efforts at ensuring the promotion and implementation of policies that Continued on page 24

NNPC Filling Station, Others Defy Kachikwu’s Directive, Sell Petrol for N200 Per Litre Ejiofor Alike As some depot owners and operators of retail outlets belonging to both the major and independent marketers of petroleum products continue to sabotage efforts of the Minister of State for Petroleum, Dr. Ibe Kachikwu to end the current shortages of petrol across the country, an NNPC-branded filling station in Ogun State has broken the record of the corporation’s retail outlets involved in profiteering by selling petrol for N200 per litre, investigation has revealed.

THISDAY had reported that the station, which is located at

ENERGY Itele Road, near Koro Otun in Ota, Ogun State was selling between N150 and N160 per litre last week, instead of N86 per litre.

However, following the failure of the regulatory agencies to do their job by clamping down on the station, the price was hiked to N200 per litre.

Our correspondent, who was one of the victims of the racketeering, also contacted an official of the Department of Petroleum Resources (DPR) at the Lagos head office of the agency for action against the station but the regulatory agency did not sanction the station.

“Initially, they were selling for N160 per litre. Later, they increased it to N180 per litre but they did not sell in the day time but only at night. Last week, they became more emboldened and were selling in the day time for N200 per litre. I called an official of DPR in their Lagos head office. He promised that the agency would take action but nothing happened. I think they have compromised those people,” he explained.

THISDAY had reported that another NNPC Station at Yewande Junction in Oke Aro along Ijoko-Agbado-Ojodu road in Ifo Local Government Area of Ogun State, was selling for

N110 per litre, against the official pump price of N86 per litre for NNPC’s stations.

It was also gathered that despite the improved supply by the NNPC, marketers, who bought at government’s approved ex-depot price of N76 per litre were at the weekend selling at exorbitant prices to third party at the gates of the depots, instead of taking the product to their filling stations.

This development, it was learnt, contributed to non-availability of the product at filling stations, while black market operators continued to have a field day.

Continued on page 24

As part of its plans to unveil a new brand identity and champion a technology driven economy, the management of FleetTechnologies Limited, has announced plans to host a top notch lecture presentation. According to a statement issued by the company, the lecture with the theme: ‘Beyond Now: Nigeria without Oil – Prospects for Technology and Innovation’, will be delivered by Dr. Doyin Salami of the Lagos Business School (LBS).

The company’s Chief Executive Officer, Mr. Kunle Akinniran, was quoted as saying that as Fleet moved into the diversification phase of its history with robust innovative technological solutions and thought-leadership vision, it is excited to announce a new milestone in April.

“This will be in collaboration with our esteemed Stakeholders.

The unveiling of a rebranded Fleet Technologies Limited will take place at the Grand Ball Room of Eko Hotel & Suites. The strategic Intervention, informed our decision to engage one of Nigeria’s erudite academic and economic scholar of immense value to project our new found ‘techno-vation’ spirit to the world,” he said.

Speaking on why the company settled for Dr. Salami, he said: “Doyin’s role as a sought after Consultant to the Department for International Development (DFID), World Bank, United Nations Industrial Development Organisation (UNIDO) and United States Agency for International Development (USAID). He is equally a member of the Monetary Policy Committee of the Central Bank of Nigeria and had been a member of the Federal Government’s Economic Management Team.”

Flydubai Crash Linked to Pilot Error

The Flydubai Boeing 737-800 that crashed in Russia last month was flown in a contradictory manner minutes before it hit the ground, a statement from investigators said, suggesting pilot error was to blame.

Reuters reported that the B737 came down in the early hours of March 19 at Rostov-on-Don airport in southern Russia on its second attempt to land after flying from Dubai.

All 62 people on board were killed.

Poor weather conditions, including strong winds and rain, made landing difficult.

In a statement on Friday, the Moscow-based Interstate Aviation Committee (IAC), which is investigating the crash, said the plane had been flown in a contradictory manner in the minutes before it crashed.

It said the crew had decided to abort landing and circle round again. They had begun to gain altitude when the controls of the plane were abruptly pushed away, pushing its nose lower.

That, combined with the angle of the tail fin, sent the plane into a steep dive, which the pilots were unable to pull out of, the IAC said.

It stopped short of saying the pilots were definitely to blame, noting they had the necessary experience and training, but said their condition and actions were being evaluated.

“We are ready for rollout and we will double the speed of mobile broadband in order to offer better customer experience” Chief Executive Officer of ntel, Mr. Kamar Abass

24

T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD MINISTER TASKS TELECOMS INDUSTRY TO CREATE 2M JOBS IN SIX MONTHS

would further help to create jobs in the country.

“The growth of the telecoms sector is followed by massive job creation whereby several millions of Nigerians and expatriates have been gainfully employed directly and indirectly by the telecoms operators, companies and Value Added Service (VAS) providers, among others,” Danbatta said.

NNPC FILLING STATION, OTHERS DEFY KACHIKWU’S DIRECTIVE, SELL PETROL FOR N200 PER LITRE

For instance, outside the gate of Capital Oil, marketers who sourced at official ex-depot price were selling to third parties at a price of N106 per litre on Friday.

At Folawiyo gate, the price was N140 per litre, while at MRS gate, a litre of petrol was sold for N125.

At the gate of Heyden Petroleum, it was a booming business for the lucky marketers, who sourced PPMC product at official price as they were selling between N135 and N138 per litre to third parties, who were not lucky to get direct supply from PPMC. The high level of profiteering going on outside the gates of the private depots selling PPMC product has made it impossible for petrol to be sourced at the normal price at filling stations.

Even the major marketers’ filling stations have joined in the profiteering to make extra margins, due to the practice by the major marketers to use government’s pump price as their ex-depot price.

THISDAY had reported that the depots belonging to the major marketers sell petrol to only their retail outlets and at a price of N86.50 per litre, which is the same price these dealers are expected to sell the product at the pumps.

However, these major marketers pay special margins to their dealers to ensure that they do not sell above the government’s pump price of N86.50.

Group Business Editor

Chika Amanze-Nwachuku Maritime Editor

John Iwori

AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Cap Mkt) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

ntel Begins Commercial Rollout, Partners OEM on 4G Devices Emma Okonji ntel, which acquired NITEL and MTel, to become Nigeria’s fifth GSM mobile network operator, on Friday, commenced its phased commercial rollout of telecoms services in Lagos and Abuja, on its 4G Long Term Evolution (LTE) advanced network.

The rollout, which comes with bumper offers for pioneer customers and data users, is offering the first one hundred thousand customers that will redeem and activate their ntel SIMs by the end of April, a free on-net calls for life, while data subscribers will get three months unlimited data usage.

What this means is that the first one hundred thousand customers on the ntel network that are enlisted into the ntel pioneer club, will have the opportunity to make free calls for as long as the ntel network exists, but the free call will be restricted to the pioneer members only, who could call themselves for free, using ntel to ntel line only.

Announcing the phased rollout in Lagos at the weekend, the Chief Executive Officer of ntel, Mr. Kamar Abass, said because the network operates Voice over LTE (VoLTE), driven by the resuscitated Sat-3 submarine cable now owned by ntel, it would be able to cover the entire Lagos and Abuja in the next four to six weeks, before extending its rollout plans to Port Harcourt and other cities of the country.

According to Abass, ntel is already discussing with original equipment manufacturers (OEMs) that would manufacture 4G devices that

are compatible with the ntel 4G LTE advanced network.

“We are already in partnership with select OEMs like Samsung, Tecno, Infinix, Huawei, Konka, ZTE, among others to produce Tiers 1, 2 and 3 mobile devices that could spread across all categories of customers, irrespective of their social status.

He said the very earliest customers could buy and use the ntel services in clusters, across Lagos and Abuja from

sales outlets and agents.

The company said its 4GLTE advanced technology, that is built on the 900MHz and 1800MHz spectrum, would deliver an unbeatable and game-changing customer experience of high speed internet access, up to 23 megabytes per second, which is the fastest available in Nigeria today, thus enabling a world of full mobile broadband experiences that would transform both

lives and livelihoods.

“We are passionate at ntel about the power of broadband to boost productivity and transform lives. We expect to see this happen as ntel helps to accelerate the ongoing migration from existing 2G and 3G services, to genuinely high-speed mobile broadband on 4GLTE-Advanced,” Abass said.

In order to promote eco-friendly environment, ntel said it would not be

selling paper or plastic made recharge cards to its customers. It said adequate arrangements have been made through agents vendors to virtually top airtime on customers’ phones. Customers can also use the various Automated Teller Machines (ATMs) available to them to top up airtime, or better still, top up airtime directly from their 4G compatible mobile devices without the need for recharge card vendors.

MERITORIOUS AWARD

L-R: Chief Operating Officer, Seven Energy Limited, Mr. Jeff Corey; Head, Human Resources, Stanbic IBTC Bank, Ms. Funke Amobi; Human Resources/Corporate Services Executive, MTN Nigeria, Ms. Amina Oyagbola; and the Area Head, Talent and Organisational Effectiveness, British American Tobacco, Mr. Oshiomha Irumekha, during the HR People Magazine award night, in Lagos…recently

KOLA OLASUPO

FMDQ Restates Commitment to Deepening Debt Securities Market

FG’s Commitment to Olokola LNG Project Commended

Goddy Egene

James Sowole in Akure

FMDQ OTC Securities Exchange has reaffirmed its commitment to engaging in initiatives that will develop and make the debt securities market globally competitive by improving liquidity, transparency, governance and efficiency in 2016.

Chairman of FMDQ OTC, Dr. Sarah Alade made the commitment at the fourth annual general meeting of company in Lagos on Friday.

According to her, 2015 was been a busy year for the exchange as it worked hard to position itself as Nigeria’s foremost debt capital market securities exchange.

She said in 2015, FMDQ listed Federal Government of Nigeria (FGN) bonds and several corporate bonds as well as quoted Nigerian treasury bills and commercial papers.

“The exchange also successfully organised the FMDQ 2015 Nigerian Debt Capital Market (DCM) workshop, as part of its contribution

to the Nigerian financial market space. FMDQ remains committed to engaging in initiatives that will develop and make the FMDQ markets globally competitive by improving liquidity, transparency, governance and efficiency in 2016,” she said.

Speaking on FMDQ’s financial performance, the Managing Director/CEO, Mr. Bola Onadele.Koko, said appreciated all stakeholders for their contributions towards ensuring a successful 2015 for the exchange.

He promised that in 2016, FMDQ would not rest on its oars as it remained poised to consolidate on the progress already made to ensure that the Nigerian financial markets are continually empowered to be innovative and credible in support of the nation’s economy.

FMDQ OTC ended 2015 with revenue of N2.091 billion, up from N1.753 billion in 2014. Profit before tax stood at N473.730 million, while total assets was N2.242 billion,

compared to N1.576 billion in 2014.

FMDQ OTC was licensed by the Securities and Exchange Commission (SEC), on December 6, 2013 as an over-the-counter (OTC) securities exchange and self-regulatory organisation to run the fixed income trading platform and organise the market to international standards. Onadele.Koko had said in its capacity as an OTC securities exchange as well as a self-regulatory organisation, the company has been fulfilling its responsibility and has taken up the challenge of tackling the attendant inadequacies evident in any unregulated market by developing Quotation Rules for bonds issued by private companies with the aim of providing adequate governance over the registration, quotation and trading of bonds of private companies on FMDQ, thereby potentially serving as the benchmark for how this market is regulated in Nigeria as a whole.

The former National Legal Adviser of the Peoples Democratic Party (PDP), Chief Olusola Oke, has applauded the federal government’s decision to revisit the Olokola Liquefied Natural Gas (LNG) project.

Oke, who was one of the All Progressives Congress (APC) gubernatorial aspirants in Ondo State 2016 election made the remark in a statement signed by his Media Adviser, Rotimi Ogunleye.

He said the federal government’s decision bathed the people of the state with joy because the project will bring an end to the economic darkness that was foisted on the state by the present administration.

“The Olokola LNG project, you will recall, was a project designed to bring into our state economic prosperity, diversify our economy, provide employment and serve as a huge source of revenue generation to the Ondo State government. Apart from its advantages to the state, it will serve as a source of additional

foreign exchange earnings to the federal government.

“For close to eight years, the people of the state have been denied the benefits would have been derived from the project.

“The project would have among other benefits, generated direct and indirect job opportunities to the state,” he said.

Oke said the project would have brought developments in terms of infrastructure to Olokola and the adjoining communities in the area if the project had been pursued by the current administration in the state.

He commended President Muhammadu Buhari for the decision, saying politics should be distilled from governance.

“This is the only way the people could witness a sustainable development. This is what President Buhari has done. He has rightfully separated party politics from issue of development that the people of the state desire.

“This is also in tandem with the policy of the federal government to generate employment and increase government revenue generation base,” he said.

25

T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Remains Weak, Depreciates 11.57% Year-to-Date Goddy Egene and Eromosele Abiodun After recording a 0.70 per cent depreciation last week, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) depreciated by 0.70 per cent last week to bring year-to-date (YTD) decline to 11.57 per cent as weak investors’ confidence pervaded the market.

Last week’s performance was driven by sell offs in some banking stocks, Dangote Cement Plc and some other blue chip stocks. At the close of trades, the NSE ASI and market capitalisation depreciated by 0.70 per cent to close the week at 25,328.07 and N8.712 trillion respectively.

Similarly, all other Indices finished lower during the week, with the exception of the NSE Oil/Gas Index and the NSE Pension Index that rose by 0.24 per cent and 0.13 per cent respectively, while the NSE ASeM closed flat.

The previous week, the market had closed lower shedding 1.52 per cent bringing YTD return to 10.95 per cent as Q4 2015 earnings season drew to a close.

The negative close in index may not be unconnected with bearish sentiments in the market aggravated by mark-down date for dividend in some tickers during the week.

Trading sessions saw weaker market turnover with volume and value of trade averaging about 300million units and N1.94billion respectively.

Reacting to the performance the last week, analysts stated that the present situation notwithstanding, the market will rebound soon “While we advise cautious trading in the immediate, we are however positive in the medium to longer term, given expectation of efficiency gain from government’s efficient allocation of resource. As such, we see the current depressed price level post markdown for dividend as providing a good entry point for investors with a medium to longer-term horizon,” said analysts at Investment One Limited.

Daily Performance Summary The market started the week on a poor note on Monday as it softened by 0.62 per cent with the ASI ending the session at 25389.35 points corresponding to market capitalisation of N8.72trillion.The day’s outcome was driven by sell off in Nigerian Breweries Plc, Forte Oil Plc and Nestle Nigeria Plc, offsetting gains in Dangote Cement Plc, ETI Plc and FBN Holdings Plc. Nonetheless, activity level improved with 15 per cent and 63 per cent jumps in volume and value of trade relative to previous session. As such, an estimated N1.64 billion was expended by investors on about 242 million units of stocks in 3,213 deals. A further breakdown of activity indicated that banking stock led by FCMB Group and Fidelity Bank Plc with over 48 million and 28 million units trade each accounted for the largest proportion of trade.

On the contrary, sectoral performance was mixed, with gains in Oil and Gas index (0.56 per cent) and Industrial tickers (0.46 per cent) countered by losses in Consumer (2.33 per cent) and Banking tickers (0.86 per cent).

The market recovered on Tuesday rising by 0.42 per cent to close 25,454.75 points despite the market breadth index remaining negative.

The session’s outcome was largely

NSE ASI depreciated by 0.16 per cent to close at 25,328.07 points. The depreciation recorded in the share prices of Stanbic IBTC Plc, Access Bank Plc, Zenith Bank Plc, FBN Holdings Plc and Dangote Cement Plc were mainly responsible for the decline in the market. Similarly, the market capitalisation depreciated by 0.16 per cent to close at N8.71 trillion, compared with the depreciation of 0.34 per cent recorded the previous day to close at N8.73 trillion. The total value of stocks traded on the floors of the NSE on the day was N1.35 billion.

driven by a recovery in Nigerian Breweries Plc. There were also contributions from Zenith Bank Plc and Guaranty Trust Bank Plc. These performances offset the declines in Transcorp Plc and Oando Plc. Market activity dropped on the day as total volume and value were down 27 per cent and 39 per cent to 177 million units worth N1.01billion.

The Banking sector accounted for 68 per cent of total volume.

Sterling Bank Plc (2.44 per cent) was the top traded stock in terms of volume while Nestle Nigeria Plc, although flat at market close, was the top traded in terms of value.

The Consumer Goods sector was the best performer in today’s session climbing 1.45 per cent while Banking was up 0.36 per cent.

On Wednesday, the NSE ASI appreciated marginally by 0.004 per cent to close at 25,455.69 points.

The appreciation recorded in the share prices of Honeywell Flour Mills Plc, Nigerian Breweries Plc, Zenith Bank Plc, FBN Holdings Plc and Dangote Sugar Refinery Plc were mainly responsible for the marginal gain recorded on that day. Similarly, the market capitalisation appreciated marginally by 0.004 per cent to close at N8.76 trillion, compared with the appreciation of 0.42 per cent recorded the prior day to close at N8.75 trillion. The total value of stocks traded on the floors of the NSE on Wednesday was N885.63 million, down by 11.94 per cent from N1.01 billion recorded the previous day.

The drop in the price of Dangote Cement Plc depressed the equity market on Thursday, as the NSE

ASI depreciated by 0.34 per cent to close at 25,369.52 points. Other stocks that contributed to the drop in the NSE ASI were: Honeywell Plc, Oando Plc, UACN Plc and Nestle Nigeria Plc. Similarly, the market capitalisation depreciated by 0.34 per cent to close at N8.73 trillion, compared with the marginal ap-

TOP TEN BROKERS(BY VALUE)

preciation of 0.004 per cent recorded the previous day to close at N8.76 trillion. The total value of stocks traded on the floors of the NSE on the day was N1.31 billion, up by 47.76 per cent from N885.63 million recorded the prior day.

The market closed the week on a negative note last Friday, as the

AS AT LAST FRIDAY

BROKER RENCAP SECURITIES (NIG) LIMITED EFCP LIMITED STANBIC IBTC STOCKBROKERS LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD CSL STOCKBROKERS LIMITED CORDROS CAPITAL LIMITED - BRD READINGS INVESTMENTS LIMITED - BDR AFRICAN ALLIANCE STOCKBROKERS LTD FBN SECURITIES LIMITED CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER READINGS INVESTMENTS LIMITED - BDR

VALUE

% VALUE

3,029,928,928.90

24.39

1,991,379,148.45 1,474,871,991.27 584,346,885.25 549,685,670.27 459,135,684.44 356,122,711.05 293,142,073.72 204,431,956.76 202,968,081.92 9,146,013,132.03

16.03 11.87 4.70 4.42 3.70 2.87 2.36 1.65 1.63 73.61

AS LAST FRIDAY VOLUME %VOLUME 197,329,576

8.88

EFCP LIMITED

165,350,873

7.44

STANBIC IBTC STOCKBROKERS LIMITED

150,091,848

6.75

RENCAP SECURITIES (NIG) LIMITED

131,838,813

5.93

APEL ASSET LIMITED - BRD

114,482,438

5.15

MORGAN CAPITAL SECURITIES LIMITED

101,237,846

4.56

CSL STOCKBROKERS LIMITED

95,953,482

4.32

FBN SECURITIES LIMITED

62,432,379

2.81

CARDINALSTONESECURITIESLIMITED

57,516,208

2.59

FORTE FINANCIAL LIMITED

57,393,232

2.58

1,133,626,695

51.01

Market Turnover During the week under review, a turnover of 1.111 billion shares worth N6.201 billion in 15,315 deals were traded by investors on the floor of the Exchange in contrast to a total of 1.262 billion shares valued at N6.427 billion that exchanged hands the previous week in 12,274 deals.

The Financial Services Industry led the activity chart with 950.921 million shares valued at N3.675 billion traded in 10,757 deals, thus contributing 85.58 per cent and 59.25 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 60.977 million shares worth N79.922 million in 591 deals.

The third place was occupied by the Consumer Goods Industry with a turnover of 40.270 million shares worth N1.696 billion in 1,774 deals.

Trading in the top three equities namely – Guaranty Trust Bank, FCMB Group Plc and Equity Assurance Plc, accounted for 362.484 million shares worth N2.020 billion in 1,942 deals, contributing 32.62 per cent and 32.57 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 24,200 units of Exchange Traded Products (ETPs) valued at N621,286 executed in 26 deals, compared with a total of 25,738 units valued at N522,245 transacted the prior week in 39 deals.

A total of 6,908 units of federal government bonds valued at N7.739 million were traded in 7 deals compared to a total of 22,030 units of Federal and State Government Bonds valued at N25.368 million transacted the previous week in 8 deals.

Gainers and Losers Meanwhile, 27 equities appreciated in price during the week, higher than 24 equities of the previous week. Forty equities depreciated in price, higher than 37 equities of the previous week, while one 122 equities remained unchanged lower than 128 equities recorded in the previous week.

The top 10 gainers were: ETranzact Plc (72 kobo), Tiger Branded Consumer Plc (26 kobo), FCMB Group (nine kobo), Custodian and Allied Plc (33 kobo), United Capital Plc (11 kobo), Diamond Bank Plc (10 kobo), Caverton Offshore Plc (11 kobo), Transcorp Plc (eight kobo), AG Leventis Plc (six kobo) and Academy Press Plc (five kobo).

Conversely, the top 10 losers were: Ashaka Cement Plc (N3.24), Cement Company of Northern Nigeria Plc (N1.14), Dangote Sugar Plc (65 kobo), Portland Paints Plc (45 kobo), Oando Plc (53 kobo), Transcorp Hotels Plc (41 kobo). Eterna Plc (19 kobo), Learn Africa Plc and AIICO Insurance Plc ( eight kobo each) and Unity Bank Plc (six kobo).

26

T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD

INSIDE BROAD STREET STATUS REPORT

IMF: Insurance Sector Contributes More Risk to Financial System

A view of Lagos financial district

AKINWUNMI IBRAHIM

Nigeria’s Oil Production Rises Marginally Obinna Chima Nigeria produced a total of 66.49 million barrels (mb) of crude oil and condensate for the month of January 2016, representing an average daily production of 2.14 million barrels per day.

This represents an increase of about 2.97 per cent, relative to December 2015, according to a report by FSDH Merchant Bank Limited.

Of the January 2016 production level, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 29.89 per cent and 42.84 per cent respectively. Other production arrangements accounted for 27.27 per cent.

According to the data from Thomson Reuters, the Bonny Light oil price increased by 4.75 per cent to $38.37/b as at end-March 2016, from end-February 2016. However, the average price of Bonny Light was $38.91/b in March 2016, an increase of 17.80 per cent from the average price of $33.03/b recorded in February 2016.

The FSDH monthly economic report for March 2016, noted that foreign exchange restrictions put in place by the Central Bank of Nigeria (CBN), continued to insulate the external reserves from a sharp draw down from excessive demand in March 2016.

The external reserves increased marginally by 0.14 per cent to $27.86 billion as at end of March 2016, compared with end-February.

However, there has not been a consistent accretion to the external reserves because of the consistent low oil price. It also noted that the fragile external reserves position undermined the ability of the CBN to defend the value of the Naira.

“The combination of external factors and

MARKET INDICATOR domestic shocks contributed to the increase in the inflation rate into double digit in February 2016. The inflation rate in February 2016 increased to 11.38 per cent, from 9.62 per cent in January 2016. The inflation rate in February 2016 was due to the faster pace of increase in all major divisions of the Headline Index.

“The inflation rate may remain in the double digits in the short-term. The downside risk to single digit inflation rate still comes from the inadequate supply of petroleum products and the weak Naira. The inadequate infrastructure and power supply also have a tendency to keep the inflation rate in double digit. We estimate that the inflation rate would increase to 11.76 per cent in March 2016,” the report added.

However, in a separate report, the Financial Derivatives Company Limited (FDC), predicted that inflation would likely cross the 12 per cent threshold. Precisely, the firm projected a significant increase of 0.7 per cent in the March inflation number to 12.1 per cent.

“This will be the third consecutive monthly increase this year. The month of March was unique as the fuel scarcity intensified and higher transport costs filtered through to commodity prices such as beans, tomato and pepper.

While our initial time series analysis projected an increase of 0.4 per cent, the severity and longevity of the prevailing fuel scarcity has distorted price levels. Our retail study showed that prices of many consumer goods have remained stubbornly high and in some cases increased in spite of consumer resistance.

“The factors that are contributing to the

spike in inflation include seasonality, cost push factors, money supply and forex shortage.

These factors while transient in nature are becoming more permanent. As these factors grow increasingly embedded, they are making consumers panic. Anticipated inflation is more important because of the pass through effect of increased demand and expectations of higher prices on current prices,” FDC stated.

Furthermore, it projected that the dichotomy between urban and rural prices may persist given the impact of rising transport costs and exchange rate pressures on urban prices.

The price of diesel, a major determinant of food transportation costs, has increased to N130 per litre.

“As the exchange rate uncertainty continues, consumer prices are expected to remain high.

In addition, with fuel scarcity expected to persist till next month in spite of NNPC’s April 7 deadline, transportation costs will continue to be elevated. Therefore, we expect inflation to still remain in the region above 11 per cent,” it added.

The CBN’s strategy to ration the foreign exchange continued in March 2016 because of insufficient supply. The demand level at the foreign exchange market is still higher than the supply with most demands being pushed to the parallel market for funding. As at end- March 2016, the value of the naira closed at $1 /N197 and US$1 /N199.10 at the CBN window and interbank market respectively, same as in February 2016. There was improved supply of foreign exchange in the parallel market in March 2016. Conseqeuntly, the naira appreciated by 5.57 per cent at the parallel market to close at $1/N322, from $1/ N340 at end-February 2016.

Diamond Bank, Fadeyi, Ikorodu Road Nume Ekeghe Like most branches of Diamond Bank, this big branch has enough parking spaces it numerous customers. The interior and exterior looked beautiful and clean. However, the services at this branch were unimpressive.

During the length of this observation, there were a large number of customers inside the banking hall. Four tellers were attending to regular banking transactions, two customer service personnel were handling complaints,

INSIDE BANKING HALL while two attendants were handling cash deposit in the bulk room.

Although there were some other operations staffs attending to the numerous customers, their services were extremely slow. The customer service personnel, although polite and professional, were also very slow, just the tellers were slow as well. However, the

security guard did a good job in trying to ease the queue. He would regularly come to the queue to direct cash paying customers to the bulk room and those withdrawing to another queue.

Diamond bank has massively increased its retail customer base but with the observation at this branch and some other branches recently, the management of the bank is advised to come up with more innovative ideas and introduce more alternative banking channels in order to decongest the banking halls.

Life insurers in major advanced economies have contributed more risk to the financial system as a whole since the global financial crisis, according to new research by the International Monetary Fund (IMF).

Insurers are large institutional investors holding over $24 trillion in global assets and longer-term liabilities, and they have become more exposed to swings in asset prices in recent years. This means that in the event of a large shock, such as a sharp drop in asset prices, insurers are unlikely to fulfill their role to channel savings to borrowers, precisely when other parts of the financial system may also fail to do so.

Low interest rates are another important source of risk for insurers. And the lower the level of interest rates, the more vulnerable insurers become to further interest rate changes.

The analysis, part of the IMF’s Global Financial Stability Report, suggests supervisors and regulators should tackle risks by looking more systematically at the role the insurance sector as a whole plays in the financial system, through a macroprudential approach.

The IMF said policymakers, regulators, and supervisors must go beyond guarding against the solvency and contagion risks of individual firms and address the fact that insurers are increasingly vulnerable to the same risks as other parts of the financial system. Changes in the investment behavior of insurers are not the main driving force behind this increase in systemic risk, according to the IMF. It however noted that the share of higherrisk assets has remained broadly constant over time for insurers in the countries included in the analysis. However, there were notable firm-level differences: smaller, weaker, and less capitalised firms in a number of countries appear to have taken on more higher-risk asset investments in recent years to resurrect their fortunes.

Moreover, companies with a greater proportion of minimum investment-return guarantee products, such as investment-oriented life insurance policies with minimum guarantees or certain types of annuities, and higher levels of guarantees have investment portfolios with larger amounts of risky assets.

Life insurers have longer-dated liabilities than assets, so a drop in interest rates affects them adversely. The IMF said the prolonged period of very low interest rates has heightened this vulnerability, especially in the United States and Europe.

“Market-wide factors, such as higher observed correlations across asset classes, means large changes in asset prices affect life insurers in increasingly similar ways,” tge head of the Global Financial Stability Analysis Division at the IMF, Gaston Gelos said.

“To some extent, these changed market dynamics are likely to be permanent.”

Other factors also may contribute to rising systemic risk, according to the IMF. Changes in product offerings, such as the increased reliance on annuities in the United States, may explain more sensitivity to low interest rates, and the use of derivatives may explain their greater exposure to the rise and fall in financial markets.

“These developments call for a greater emphasis on macroprudential policies. Insurance supervisors should look not only at individual companies (the microprudential approach), but also at commonalities and the impact among firms and countries.

Measures designed to avoid insurers jointly curtailing their financing to the rest of the system could be helpful.

27

T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD

ANALYSIS

Mutual Funds: Taking Financial Education to the Marketplace Nume Ekeghe, who encountered an experiential marketing project on mutual funds by Stanbic IBTC Group, writes on the imperatives of financial literacy on mutual funds in Nigeria What is the feature that most distinctly separates the successful from the unsuccessful, the rich from the poor? While the answers to this question may vary, depending on whom it is posed to, perceptive and successful investors are likely to tell you that knowing how to make your money work for you would rank high in this regard.

The most successful investors know how to put their resources to work, or as they say in financial circles, ‘sweat their assets’. This way, one does not need to pass through life perpetually trapped in the rat race of “chasing” money in a bid to make a living. Rather, regardless of the stage of one’s life, one can actually spend reasonable quality time, enjoying his passion whatever that may be, confident in the fact that his resources are not sitting idly in the bank or elsewhere but are in fact working hard to multiply.

This is the message that the Stanbic IBTC Group appears to be taking to cross sections of Nigerians across the country, urging them to make their money work for them.

Stanbic IBTC Group, by the way, is a group of financial institutions that include a bank, an asset management company, a pension fund administrator, a stokbroking firm and many more and is a member of Africa’s leading financial services group, Standard Bank.

The organisation, in what would ordinarily be an unlikely set-up for a financial institution, chose the main entrance of the ever-busy Ikeja City Mall. The City Mall is itself a sprawling shopping centre with a multitude of shopping centers, which has become a magnet of sorts not only for shoppers but also movie goers, sight seers and people just seeking a bit of fun outdoors. The organisation had “set up shop” atop a small stage covered in its trademark blue rug. Therein were a number of chairs and tables with which its consultants dished out counsel to as many visitors as were sufficiently attracted to the podium as to inquire about the services being canvassed. Elsewhere, there were “salesmen” dressed in t-shirts, doling out leaflets and generally engaging passersby on a one-on-one basis. Somewhere at the corner of the podium was a dispenser, dishing out varieties of non-alcoholic cocktails. Clearly, the organization was keen to ensure that visitors left with a remarkable experience of the Stanbic IBTC brand, however brief was their encounter.

About Mutual Funds Today, said the consultant who engaged me, one Okeremute Iwhiwhu, a relationship manager, Stanbic IBTC was promoting the concept of Mutual Funds. I had never heard the term before and promptly said so. Well, mutual funds, said Iwhiwhu, are “a kind of collective investment scheme.”

Would that be something like Esusu, I asked. Esusu is an age-old collective investment practice in which a group of people typically business associates, work mates or even friends, each contribute a certain

Given that the Mutual Funds phenomenon is still very new to Nigerians, the organisation, he explained, was currently promoting the fund with the lowest risk.

The Stanbic IBTC Money Market Fund (SIMM), which is being aggressively promoted, Iwhiwhu explained, invests only in money market securities, namely, treasury bills, commercial papers and fixed deposits. The SIMM mutual fund essentially scouts for investment opportunities in the money market arena and the returns on those investments are shared by all investors who have contributed to the pool.

CEO, Stanbic IBTC, Sola David-Borha fixed amount of money into a pool at a fixed period usually monthly.

Each member of the collective becomes a beneficiary of these pooled funds at specific periods of the contributory cycle. Esusu has proven to be very popular across Nigeria and especially among the unbanked, where it represents a savings account of sorts.

Mutual Funds, said Iwhiwhu are like Esusu in being a collective investment scheme, but that is probably where the similarity ends.

For instance, Esusu is not likely to earn one any interest. Mutual Funds, on the other hand, he said, give you a return on investment.

Shedding more light on the es-

sence of Mutual Funds, Iwhiwhu explained that mutual funds are a professionally managed pool of funds from many investors, which is deployed towards purchasing securities.

Stanbic IBTC, he said, has a portfolio of seven different mutual funds. Different mutual funds have different objectives, different time horizons and are subject to different risks. The objective, risk appetite and time horizon of the particular mutual fund, tend to determine the return on the investment to the investor. As is typical with investment, often the higher the risk with the particular mutual fund, the higher is also the potential return on investment.

Democratising Investment Opportunity For as relatively “small” an investment amount as N50,000 he said, an individual can enjoy returns on his investment at a rate that would ordinarily be reserved for big institutions. Herein, he explained, lies one of the big advantages of mutual funds over many other types of investment, the fact that even a small time investor like a salaried worker can participate in and enjoy the benefit of large scale investments that are typically only available to large scale investors.

Moreover, being professionally managed, the mutual fund benefits from the research and indepth market knowledge required to make the most profitable investment decisions, a resource that is not likely to be available to the individual small time investor.

Another big advantage of the mutual fund, he explained, is that a mutual fund typically invests in a diverse number of securities.

Diversifying reduces the risks of say investing in a single stock or bond. Again, this is particularly advantageous to the small time investor whose relatively “little”

funds would ordinarily not permit him to invest in a diverse number of securities even if he wanted to.

Pooling his funds alongside those of other investors, under the professional management of experts avails him this unique opportunity.

Mutual funds, he explained, are also very flexible and shareholders depending on conditions that are specified in the prospectus of each fund, may even trade their holdings with the fund manager at the close of a trading day based on the closing net asset value of the fund’s holdings.

Great Alternative to Savings Accounts Mutual funds, said Iwhiwhu is clearly a great alternative to the savings account and the Stanbic IBTC organisation is making every effort to popularise the concept through systematic financial education. Apart from the Money Market Fund, other mutual funds in the organisation’s portfolio, he explained are the Stanbic IBTC Guaranteed Investment Fund, the Stanbic IBTC Bond Fund, the Stanbic IBTC Balanced Fund, the Stanbic IBTC Iman Fund, the Stanbic IBTC Ethical Fund and the Stanbic IBTC Nigerian Equity Fund.

Each of these respective mutual funds is associated with a different objective, different risk profile as well as different returns. The Stanbic IBTC Nigerian Equity Fund being the most risky also promises the highest returns.

Experiential Marketing In a country where financial literacy is generally acknowledged to be low, there is certainly justification for every activity that seeks to demystify finance and make the subject one that everybody, regardless of status, finds approachable.

This will ultimately be a veritable complement to efforts at enhancing financial inclusion across Nigeria.

For, the more the banking sector makes the effort to connect with the regular Nigerian, seek him out in places he frequents, speak with him in a language he understands and avail him with products and services that can add value to his life, then the more will he see value in banking and the more will he be inclined to adopting or increasingly engaging its services.

The financial education program at Ikeja’s City Mall, said Iwhiwhu is only one of several programs that targets such popular avenues across the country. So far, he says, impact of the program has been very encouraging. It has provided many people with an insight into different possibilities by which to profitably deploy their resources and a good number have signed up for the mutual funds.

So do not be surprised if while visiting your favourite bar or restaurant in the near future, a smiling well dressed lady or gentleman invites you over to a small classy designated section for a quick chat on how to make your money work for you. It may the best five-minute chat on money that you will ever receive.

28

T H I S D AY • MONDAY, APRIL 4, 2016

BUSINESSWORLD

INTERVIEW

Abass: We Will Spend over $1bn on Rollout in the Next Four Years The Chief Executive Officer of ntel, Mr. Kamar Abass, has unveiled the company’s rollout plan after its acquisition of NITEL and MTel. Emma Okonji presents the excerpts: was announced, all the proceeds from the $2 billion, went to the creditors. We paid $252.3 million, which also went to the creditors. The problem is not in the amount of money paid to acquire NITEL/MTel, but the amount of money it will take to turn it around.

There has been so much hype about your rollout plan. When exactly is ntel rolling out its services to the public and what are the preparations on ground?

The first phase rollout with the commercial sales of our 0804 mobile line began on April 8 in Lagos and Abuja. But we are rolling out physical sites across the coverage areas in Lagos, Abuja and Port Harcourt, and we are rolling out the sites on 900GHz and 1800GHz spectrums, with 4G LTE Advanced technology. That will enable us offer four broad category of services, which include VoLTE; crystal clear high definition voice; better battery life experience on the system, and this helps to preserve the battery life of the mobile phones that customers will use on our network; and less overlap technology that will boost capacities on the Base Transceiver Stations (BTS), also known as base stations.

Our services will include better video experience when customers are downloading and watching videos on their mobile phones. To achieve all of these, we have acquired over 800 base transceiver stations, spread across the country from the old NITEL, and we have also entered partnership agreement with IHS and Helios Towers, builders of BTS and other telecoms infrastructure, to roll out 600 base stations for the commercial rollout in Lagos and Abuja, with plans to extend the rollout plan to Port Harcourt with additional 200 BTS. Has ntel gotten approval from the regulatory body for the planned rollout?

The Nigerian Communications Commission (NCC), the telecommunications industry regulator, has approved all licence authorisations necessary for ntel to launch its Voice over LTE (VoLTE) network using next generation telecommunications infrastructure, for its first phase rollout in April.

So we are ready for rollout and we will double the speed of mobile broadband in order to offer better customer experience. So from April 8, 2016, we will begin commercial sales of our 0804 lines and our customers will have access to our network, beginning from that day.

We have rolled out enough BTS in Lagos and Abuja that will enable customers access our network, beginning from April 8. It is a gradual rollout process and it will continue in the next three to four years without having a break, because our target is to offer customers the best of services.

Some time ago, ntel had some regulatory issues with NCC. Have the issues been resolved?

The report that ntel had regulatory issues with NCC is inaccurate. We have been working with the NCC to get all the regulatory approvals that we need, and we have gotten every clearance from the NCC to launch our services. We have had good dialogue with the NCC and I found that dialogue as the best engagement anywhere in the world, between the operator and the regulator.

Is fixed line service offering part of your rollout plan?

Yes, fixed line service is part of our rollout plan, and we are already selling fixed lines service to our enterprise customers that have their offices close to our metro fibre network and this is the best practical thing to do. So in order to maintain data on our network, we need a lot of fibre and that exactly drove us to build a metro fibre network in Lagos, Abuja and Port Harcourt and this has given us a solid beginning with our service rollout.

Fibre network is fixed and it is also mobile. So we are also rolling out our fixed line service, alongside our mobile broadband service, which is part of our licence.

What are the envisaged challenges in the course of maintaining these advanced technology that ntel will be rolling out?

No doubt, our challenge will be on how to maintain the advanced technology network that we have and that is why we are building and shaping our business to be able to maintain the extremely high quality from our network. We are already rolling out a good number of BTS, to enable us have better 3G and 4G coverage on our network. All these are to provide great customer experience.

Abass As the fifth GSM company into the Nigerian telecoms space, how do you intend to cope with competition from existing GSM operators?

If people understand what we want to do in the Nigerian telecoms space and what we are already doing, they will not doubt our survivability in the Nigerian telecoms market. The truth is that the demand for telecoms services globally will always be underestimated, and there will always be underestimation in the transition that is occurring in the telecoms industry. We are beginning to see a tremendous shift in the telecoms sector and this paradigm shift is unstoppable, and the shift is from a voice oriented communication market to a market that will be dominated by data and mobile broadband.

So what this means is that there are huge opportunities in the Nigerian telecoms market for any operator to exist and survive in business.

So there should be no worries about our late entrance into the Nigerian telecoms space because the growth rate is high and the demand for telecoms services, especially mobile broadband service will be high enough to accommodate more players that will even come after ntel.

Having entered into the Nigerian telecoms market, what does ntel intend to spend for the initial service rollout?

Our forecast is to spend over $1 billion in the next four years to give Nigerians quality telecoms service and Voice over Long Term Evolution (VoLTE) service that will ride on our 4G LTE Advanced technology network.

Looking at what we have done to date in order to achieve all of these, is quite amazing.

As of today, we have laid nearly 200km of metro fibre in Lagos, Abuja and Port Harcourt.

We have acquire a fourth generation long term evolution (4G LTE) core advanced network and we have also added other elements that will

facilitate seamless operations in our own 4G LTE advanced technology network. We have acquired a total of nearly 1,000 cell sites that are in the process of being rolled out. These are cell sites that will enjoy two advanced technology features, which are the carrier aggregation on the 900 and 1800 spectrums, plus 4/4 multi antennae technology that allows us to boost network coverage and customer experience.

So we are doing a great deal already to ensure that from a technology standpoint, we are the most advanced network in Nigeria.

How do you intend to raise the $1 billion for the rollout?

We are currently speaking to investors and those who believe in our dreams and vision are beginning to respond. Some of them are foreign investors that are still willing to invest in Africa. We are quite happy with the level of funding we are already getting, even though most investors over estimate the risk in investing their money in Nigeria. But we believe that when investors see what we have done in terms of rollout, they will be willing to invest in the ntel business.

What were your fears about the federal government’s initial plan to reverse the sale of NITEL/MTel, and what could have been the effect on foreign investors?

When the federal government, through the House of Representatives was calling for the reversal of the sale of NITEL/MTel, we had the opportunity to speak to them and they were satisfied.

Permit me to take this discussion from the NITEL and MTel debt, after ntel acquired them, which was about $350 billion debt. And at the time the ntel deal was announced, the debt was about $2 billion and the company was liquidated in 2008, but those debts persisted.

When the guided liquidation of NITEL/MTel

You talked about 4G LTE Advanced network.

What is the difference between it and the 4G LTE network?

The difference is that there are lots of features that could be added to 4G LTE that will qualify a network to be 4G LTE Advanced. What we have done to achieve 4G LTE Advanced network is to use carrier aggregation technology to bond together, the spectrum and make the spectrum to operate more uniformly and more efficiently.

The second thing is that the aggregation has allowed us to introduce additional features on the network and this is significant in engineering terms because it allows us as operator, to give better coverage on the 900GHz and 1800GHz spectrum bands. Again we are using multi antennae, whereby we have up to four antennae transmitting signals and additional four antennae receiving signals and this doubles performance and efficiency. All these make up for the 4G LTE Advanced that I am talking about.

Prior to your launch date, ntel had earlier called on intending customers to register for reserved lines. What is the registered figure so far?

We will not want to publicly announce the number of customers that have been registered for the reserved 0804 lines, but I can confidently say that the number is in tens of thousands.

What should subscribers expect from ntel in the area of cost data?

We are not in a position to fix the cost of data for subscribers, but the truth is that when quality data services are being offered to customers, they will be willing to pay for the cost. Mind you, there will be no fixed rate for data services across board. Prices will depend on the type of service that the customer wants.

But in terms of pricing, we will offer good value for money and for excellent services. It is not about cheaper prices, but about great and excellent services.

So which segment of the market will ntel be targeting. The low-end or high-end customers?

I have told you earlier that there will be tremendous growth in the number of mobile broadband customers from 35 million to 200 million by the year 2020, and what this means is that there is a mass market for data in the Nigerian market and this is not about targeting the high-end or low-end customers.

Today the internet market in Nigeria is fast growing because of the massive market, and this is applicable to our data service offering.

So what we will do is to sell the mass market proposition rather than the elitist proposition.

Why did ntel decide to build its own Tier 111 CONTINUED ON NEXT PAGE

29

T H I S D AY • MONDAY, APRIL 4, 2016

BUSINESSWORLD

INTERVIEW

ABASS: WE WILL SPEND OVER $1BN ON ROLLOUT IN THE NEXT FOUR YEARS in Nigeria is solid. The earlier we remove our minds from exchange rates, the better it will be for our business growth. For the local companies, we are already talking with them, and as for the insurance companies, our doors are open to any of them that is willing to do business with us.

Data Centre when we have existing operational Teir 111 Data Centres in Nigeria, that were built by some operators?

The reality is that we did not set out to build Tier 111 Data Centre. What we set out to do was to give our customers excellent data service, and we are passionate about delivering on our promise. Yes there are existing Tier 111 Data Centres in the country, but we discovered that none of them is offering what it takes to give our customers unique and better service experience. So in order not to compromise on our promise of delivering excellent service, we decided to build our own in-house data centre that will meet our standard. Yes we spent so much in building our Tier 111 Data Centre, but it will help us to serve our customers better.

This is just one out of the several data centres that we intend to build. As our customer base increases, we will need additional data centres to drive our operations.

So what makes the ntel Tier 111 Data Centre different from other existing ones?

It is collocated with the cable landing, which makes it a self data centre that cannot be outsourced to a third party simply because we do not want another business owner to run another business alongside our cable landing station. So it was good we have a Tier 111 Data Centre in-house to meet the needs of our customers.

What arrangements do you have with channel partners in preparation for rollout?

We have finalised every arrangement with our channel partners for rollout. We have engaged channel partners that work for existing telecoms companies and we are currently putting finishing touches to the branding aspect of our business.

Stalls, vehicles, merchandising materials are all ready for our rollout.

Do you have plans to list the ntel business on the Nigerian Stock Exchange in the near future?

We are proudly Nigerian company and we will do whatever it will take to enable us succeed in the Nigerian market. Listing on the stock exchange is a future investment and we hope to do so in the future and not in the short term.

So we will consider doing that in the future.

Abass Telecoms subscribers over the years have been groaning under poor service delivery, which include incessant call drops, which they are eventually charged for. How do you intend to address this issue when ntel eventually rollout its services?

We are coming out with advanced technology, the VoLTE, which offers clear voice transmission and our 4G LTE Advanced technology will enable customers to download videos and watch them on their mobile phones, while on the go.

So the issue of drop calls will be eliminated and customers will get better experience. The issue of billing subscribers for drop calls is a thing of policy and regulation, which I think

the NCC should address.

So when it comes to promises made, we must make sure we meet our promises and also compensate customers adequately, if we have course to fail in our promises.

How is the current dwindling exchange rate likely going to affect your business, and what are your plans to carry along local companies and the pension institute in your business plan?

It is true that the unstable exchange rate is giving some business owners some sleepless nights, in terms of their return on investments, but I think return on investments for businesses

You appear so confident in the telecoms business ahead of you. What gives you this confidence?

We are confident because we have built the right technology, we have developed the right crop of staff over the years and we have better timing for business, and our investments are huge. The latest technology that we are bringing, also makes us confident. We are entering the market when there is a shift from voice to mobile broadband, which is our core service delivery.

NCC recently released a memorandum for the auction of 2.6GHz spectrum band that will drive broadband deployment across the country. Is ntel interested in acquiring the spectrum?

We are aware of the planned sale of the 2.6GHz spectrum and we see it as an interesting opportunity and we are considering it, because we know that the 2.6GHz spectrum is useful for hotspot coverage, even though it is not viable for wide area mass market coverage.

So we will consider it for hotspot coverage within our massive coverage areas.

30

T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD

NEWS

Experts Call for Capacity Building in Aviation Sector Chinedu Eze Aviation industry experts have expressed worries over the lack of indigenous skilled technical professionals due to protracted years of poor capacity building, pointing out that an estimated N250 billion is spent annually to pay expatriates who work in the industry.

The President of the International Civil Aviation Organisation (ICAO), Dr. Bernard Olumuyiwa Aliu, who visited Nigeria last week, said despite the achievements record in the infrastructural development of the industry, the objective of safe and secure air transport would be deficient without adequate

human capacity building.

Aliu said government must have a defined plan to grow human capacity without, which the sector would continue to remain underdeveloped as airlines and other technical based organisations in the industry would depend on expatriate manpower supply.

Presently major airlines in the country employ expatriates as pilots, engineers, trainers, commercial managers, finance and schedule planners and others.

Also, most of the technical crew of non-schedule helicopter and charter flight companies are expatriates and with the current trend, thousands of jobs are lost

to expatriates together with the aforementioned projected emoluments, which are paid in foreign currency and repatriated by these foreigners who spend all their holidays overseas.

Industry analyst, Tayo Ojuri, also said poor capacity building has affected the aviation agencies and curbed efficiency in these parastatals, adding that training programme should be incorporated in every segment of yearly plan by the agencies.

Ojuri said the inspectors whose invaluable job ensure the safety of aircraft are not adequately trained by the Nigerian Civil Aviation Authority (NCAA) because they are not regularly bankrolled for

training and due to paucity of funds the sequence of training is interrupted and delayed.

He said the lack of training makes the skill acquired over the years rusty and inefficiency comes in when what was learned become recessive due to lack of on-the-job training to further burnish these skills and continuously update the personnel on new developments in his area of specialisation.

“Now government is stressing on improved internally generated revenue from aviation agencies, there are no trained personnel in the area with knowledge-based plan to explore the non-aeronautical potential of these airports to further boost revenues for the

Federal Airports Authority of Nigeria (FAAN) and government.

“Granted that overseas training is costly, but it affords one the outside experience and enables one to make comparison in order to do things better? But if the cost of overseas training is deemed exorbitant, the agencies can organise these trainings locally but what is important is that the personnel are getting refresher courses which would help them improve in whatever they are doing,” Ojuri said.

He said that there should be personnel trained in FAAN that should be able to calculate and keep the record of incidents and accidents and

other mishap in the industry and report same so that they would serve as a guide in improving air safety.

“There is huge deficiency in training. In the Nigerian Airspace Management Agency (NAMA), a lot of well-trained and experienced personnel are retiring and there are no younger ones trained to take over from them. This qualified staff is ready for retirement, how do they train the upcoming staff that will take over from them? There are Air Navigation Service Providers (ANSPS) which are being introduced by the agency, who are going to man them without adequate training,” Ojuri added.

Skye Bank’s Anniversary Campaign Captures the Brand’s Evolution Raheem Akingbolu

BUSINESS PLAN COMPETITION

L-R: Group Head, Proposition & Products, Sterling Bank Plc, Adewale Akinrinde; Principal Consultant, Wiseplanner Consulting, Sam Omole; Group Head, Digital & Transaction Banking, Sterling Bank Plc, Olugbenga Adams; Chief Consultant, HT Limited, Feyikemi Odunuga, and Group Head, Strategy & Communications, Shina Atilola, at the presentation of the finalists/contestants in the “Meet The Executive” Business Plan competition organised by the Bank in Lagos…recently

Coronation Merchant Bank Grows Profit 100% to N3.2bn Goddy Egene Coronation Merchant Bank (CMB) Limited has recorded a profit before tax of N3.2 billion for 2015 financial year, showing an increase of 100 per cent from N1.6 billion in 2014. Profit before tax grew to N2.3 billion.

Speaking at the bank’s 22nd annual general meeting (AGM) in Lagos, Chairman of CMB, Mr. Tijani Folawiyo said in spite of the challenging operating environment and tough financial market, the bank recorded significant improvement compared with performance of 2014.

He said CMB’s net interest income grew to N3.06 billion from N2.19 billion in 2014 bolstered by increased earn-

ings from treasury assets and modest loan growth. Balance sheet grew from N74.12 billion to N78.28 billion, just as shareholders’ funds increased from N16.5 billion to N20.3 billion.

Its loan to deposit ratio, he disclosed, stood at 4.31 per cent from 0.73 per cent reflecting growth in its loan portfolio Based on the performance, the directors of the bank proposed a dividend of 105 kobo per ordinary share of N1, which the shareholders approved.

He noted that following the challenging economic situation in the country for most part of last year, the bank made conscious efforts to create only high risk asset.

“We hope to continue to be guided by a moderate risk appetite as we grow our loan book,” he said, attending that the firm would continue to build a formidable franchise in the areas of corporate banking, investment banking, private banking/wealth management and global markets/treasury.

“We will continue to recruit highly skilled and motivated people that will enable us deliver superior services and take advantage of emerging opportunities within our chosen markets,” Folawiyo said.

CMB was formerly Associated Discount House Limited (ADHL).

The transition from a discount house to merchant banking

commenced on September 27 2013 and culminated in the issuing of CBN’s approval of the conversion on April 30, 2015 to CMB. Following this, the bank also obtained its foreign exchange dealing license on July 2 2015.

“With both approvals, CMB assumed the heritage assets and liabilities of ADHL and brings alive a new force in the Nigerian banking industry.

ADHL’s core strength in treasury business, a sound corporate governance, consistent investment in human capital and technology has positioned CMB to create a new order in asset/ wealth management as well as corporate and investment banking,” the bank said.

Skye Bank has commenced a new brand campaign, where the bank attempts to highlight its achievement and re-state its commitment to invest in an ‘unlimited future possibilities’.

Sources within the Bank disclosed that the new campaign, which is part of the 360 degree communication plan put in place to celebrate the year-long celebration of the 10th anniversary of its merger and the evolution of the Skye Brand, flaunt impact of the Institution on key sectors of the national economy and re-state its future commitment.

The story of the Bank which grew modestly from the 2006 merger, has continued to confound and demystify several positions of scholars and literatures on M & A and has consistently shown resilience throughout its existence, coming through unscathed.

The current campaign, focusses on amongst others, the Bank’s humble beginning when it was an unknown brand with no distinct identity, nor presence, and ranking 23 out of 25 Banks in Nigeria’s Banking industry by various measure criteria, to being classified as one of the Systemically Important Banks (SIB), and ranks among the top 10 lenders in Nigeria and one of the top 50 in Africa.

Other areas of focus of the campaign include the Bank’s significant contribution and impact on the nation’s hospitality industry. In 10 years, the brand supported the highest number of international hotels and hospitality chains in Nigeria, as well as several home-grown brands that have attained international standards.

In impacting the hospitality sector, Skye Bank has contributed greatly to the development of the nation’s tourism industry and by extension, supported job creation for thousands of Nigerians.

In the area of the allimportant Agricultural

sector, the Bank is known to have rekindled national enthusiasm towards farming and agriculture. In partnership with the Federal Government and the Central Bank of Nigeria (CBN), through the Growth Enhancement Support Scheme (GESS) implemented one of the most successful agricultural funding models in Nigeria’s history. The process ensured the elimination of the hitherto entrenched corruption that was associated with the distribution of fertilizer in the country. ‘’By 2013, over one million Agro-Allied and Small holder farmers had experienced significant yield in food crops across Nigeria”.

In the area of SME, Skye Bank’s footprint is indeed bold, as the lender has supported and nurtured arguably the highest number of SMEs in all sectors of the economy, and in all the socio-economic zones. The bank has supported many one-man-businesses to large industry players and national corporates and even supported many of them to become publicly quoted at the national Bourse, the Nigerian Stock Exchange (NSE).

Shedding light on the rationale and underpinning idea behind the new campaign, the Group Managing Director and CEO of the Bank, Mr. Timothy Oguntayo is quoted to have said, “having clocked a decade of our merger, there is the need to remind stakeholders and the general public how our Bank has impacted individual, groups, corporate, government and the society at large through creative and impactful intervention.

“You know it is very easy to forget where we are coming from, but through this new campaign, we are reminding the general public and every stakeholder of what the Skye brand has been able to achieve and the critical sectors we have impacted over the years. Every claim made in those campaigns are real, have substance and not superfluous”, the CEO submitted.

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T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

Vodacom Announces Changes in Top Management Structure Vodacom Business Nigeria, one of Nigeria’s leading total telecommunications providers has announced the appointment of Mr. Lanre Kolade as its Managing Director, with effect from from April 1, 2016.

Kolade replaces Mr. Guy Clarke who after eight years at the helm, returns to South Africa to take up the role of Managing Director, Vodacom Business Africa.

Lanre has been in the telecoms industry for over 19 years and has recently served as the Managing Director of Vodacom Business, responsible for business growth in West, East and parts of Southern Africa, excluding South Africa, Nigeria and Zambia.

Lanre, a graduate from Obafemi Awolowo University, University of Witwatersrand, South Africa and the London Business School, UK, is a seasoned and innovative business leader who is passionate about people and great customer service.

Vodacom Business Nigeria

Galaxy Backbone Nominated for .Ng Web Awards Galaxy Backbone Limited, one of the leading Information and Communications Technology (ICT) infrastructure and services providers has been nominated for the final stage of the “Public Sector: Star Website Award” category of the .ng Web Award

by Nigeria Internet Registration Association (NIRA).

The category recognises websites/portals of a government agency that provides best user experience and is doing business with .ng domain name. Galaxy Backbone alongside 9 others (Jamb.org.ng, WAEConline.org. ng, CAC.gov.ng, NIMC.gov.ng, FIRS.gov.ng, Immigration.gov. ng, Galaxybackbone.com.ng and Nigeriatradehub.gov.ng) was assessed by the Award Jury as fulfilling the criteria.

The winner would be determined by the number of votes received. The organisers have therefore advised nominated organisations to reach out to their employees, customers, friends and fans to vote for them. According to the letter of notification, the more votes received by an organisation the better the chances of emerging winner in this category.

The voting mechanism is available on NIRA website www.nira.org.ng/voting.

According to NIRA, “the strategic position taken by Galaxy Backbone Limited to register and use the .ng domain name, demonstrates the organization’s commitment to relate with the .ng online identity of Nigerians, Nigerian businesses, local content and culture. This key to doing business within and outside Nigeria and this qualifies Galaxy Backbone Ltd as an invaluable asset in this our historic celebration of the .ng online identity, excellence and creativity.”

provides innovative total communications solutions to enterprises in Nigeria, ranging from IPVPN, internet of things (IoT), cloud and hosting services, enterprise mobility applications that transform key value chains such as healthcare, agriculture and education.

The Chairman of Vodacom Business Nigeria, Mr. Vuyani Jarana, welcomed Lanre’s appointment. “Lanre, has been a senior leader and key component of the succession management plan; he is a perfect choice to lead the company at a time when the Nigerian economy, like most African economies, is undergoing major difficulties,” Jarana said.

According to Lanre, Nigeria’s economy is fast digitising,

enterprises must invest in digital platforms that would enable them to capture the opportunities presented by a fast digitising Nigerian consumer. He added that Vodacom Business Nigeria was well positioned to help enable enterprises in Nigeria to take advantage of opportunities brought by the digital economy.

Jarana affirmed Vodacom Business Nigeria’s utmost confidence in Lanre’s ability to lead the company, his extensive experience and capacity to unlock further opportunities, despite the difficult economic times. He furthermore thanked Clarke for his visionary leadership during his eight year tenure as managing director of Vodacom Business Nigeria.

Lafarge Africa Rewards Trade Partners for Loyalty Lafarge Africa Plc has rolled out the drum to celebrate and reward its trade partners at a customer awards ceremony in Lagos. The event, according to the company, was organised to demonstrate the fact that the company appreciated the consumer for their contributions to Lafarge business in 2015.

While welcoming the customers from across Nigeria to the event, Sales Director, Lafarge Africa Plc, Mr. Sam Ndionyenma, explained that the Key Distribution Scheme, a strong route to market distribution system which has been vital in expanding the company’s distribution footprint would be rolled out nationwide. He congratulated the distributors for delivering the quality Lafarge

Africa demands of its partners.

According to him, “building materials are as good as the quality of their delivery channels, they must arrive at the users’ sites in the quality they left our plants”.

Commending the dedication of the customers, he said” “You have given us the confidence to expand into new technical segments. We are starting 3 Readymix plants this year in addition to the 8 we have built since 2005”.

In her address the CEO of the company, Mrs. Adepeju Adebajo, said the importance of this year’s event is underscored by the fact that although the Customer Awards started in 2005, this is the first pan-Nigeria Customer Awards ceremony, covering

Lafarge Africa Plc’s operations in the North (AshakaCem), the South (Unicem) and South West (WAPCO).

“This is the first time we are able to bring all our key customers across the country together to celebrate your contribution to the growth and success of your company – Lafarge Africa Plc” she stressed.

At the end of the gala event, several dealers went home with numerous prizes including cars, which were given out based on performance. The top performance award of 2016 Kia Sportage was presented to Mabos Ayok Inv. Co. Ltd; Day-Kings Solutions Ent.; Raheed Ishola Ventures ltd; Batoframog Ent and Kpaksbuddy Nig. Ltd.

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BUSINESSWORLD

NEWS

Ogbeh: Nigeria Needs N112bn Seedlings in 2016

Adebiyi Adedapo in Abuja

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has disclosed that an estimated annual seed demand in Nigeria for 2016 is about 350,000 metric tonnes (MT) for rice, maize and sorghum with an approximate seed industry value of N112 billion ($564 million).

This is a quantum leap from the 122,000 MT valued at N43billion ($216million) in 2015, which suggests a supply-demand gap of about 231,000 MT valued at N81 billion ($409million).

The minister, while speaking at workshop to develop an action plan on seeds, organised by the National Agricultural Seeds Council (NASC), observed that the 231, 000 MT gap is filled through massive use of low quality seeds, such

as farmers saved seed and supplies from unverified seed merchants.

This, according to the minister, must be curtailed, so as to achieve self sufficiency in food production.

“We must reverse this unhealthy situation in order to increase the productivity and competitiveness of Nigerian agriculture, generate more income for farmers through bumper yields and block the huge loss of funds within the system. Given the agro-ecological suitability for these major crops and availability of adaptable cultivars, resources and manpower, a seed industry revitalisation can be achieved with proper planning and coordination of the deployment of adapted varieties with yield potential of over 4.0 t/ha compared to the average 2.0 t/ha currently deployed on farmers’ fields,” he said.

Ogbeh who observed that Nigerian farmers record relatively low yield, compared to farmers in other countries, charged stakeholders in the industry research and development. “let me reiterate loudly my concern on the low yields of varieties in Nigeria compared to what obtains in other countries for which I challenge the Research, especially not only to brace up and do more; not only to improve and develop better varieties, but also to partner strongly with stakeholders to ensure that these varieties get to the hands of farmers.”

He noted that commercial users of farm produce requires high quality yield.

“From the industry and commercial users’ end (Millers, Processors, and Breweries etc.) the demand for high quality products that can only be produced using seeds

of specific quality is on the increase. Since demand for this type of high quality end product is growing faster, the pull for use of quality seeds is equally increasing.

Supporting the growth of the Nigerian seed industry to produce high quality seeds, which in turn will lead to the production of quality grains that meet industry needs, is of integral importance for food security, job creation and prosperity of the economy.

The production of these quality products will help reduce importation and the demand for huge foreign exchange required for food importation, as companies will source their needed quality grains from the local market.”

Earlier, the Director General of NASC, Dr. Philip Ojo, stated that the workshop was meant to ensure production of high quality seeds for farmers.

LUCKY WINNER

L-R: Managing Director, Sesema Public Relations, Mrs. Tampiri Irimagha-Akemu; Winner of Corporate Communications Pitch Competition, Edafe Onoriode; Management consultant, Mrs. Sade Onyia and CEO, HB Consult, Mrs. Habiba Balogun; during the presentation and grand finale of the competition organised by Sesema PR in Lagos…recently

NASD to Launch Link Notes, Private Equity Fund Eromosele Abiodun The management of NASD Plc has concluded arrangements to launch link notes, market making programmes and private equity fund in the second quarter of the year.

The Managing Director of NASD Plc Exchange, Mr. Bola Ajomale disclosed this at an interactive forum with chief executive officers of participating stockbroking houses in Lagos.

NASD Plc is the promoter of the trading network that eases secondary market trading of all securities of unquoted public companies in Nigeria.

Also, Ajomale used the occasion to outline the exchange’s action plans in 2016 that will position it as a more efficient

market in Africa.

As part of the plans, the exchange said it has aligned its system with consensus reached at the 2015 African Securities Exchange Association (ASEA) conference which includes positioning to benefit from active investors across the globe that are looking for potential in African markets to invest.

The NASD boss said that the exchange would tighten price structure within the year and is targeting two to three price bands for an effective price discovery.

“Regarding funds and investments wanting to come into Africa, we think that the way it is going to come in is in private equity and the funds that want to come in are looking past the macro. They are looking for multiple returns,

not percentage returns.

“So, as a result, ahead of the ASEA conference which happened few months ago, we have started work on private equity side; we have committees, they are active and working. We have engaged SEC in the process and we that in few months’ time we are going to be launching the private equity fund,” he said.

According to him, the NASD has identified about 100 companies that will be prospected for listing on its platform. He added that NASD OTC is in the process of joining the ASEA and hopes to complete the process and become a full member in the second quarter.

On the performance of the exchange for the first quarter of the year, Ajomale said that 16.3

billion shares certificates have been dematrialised, while 144 million units valued at N959 million were traded.

He noted that the market slowed down after ‘a big jump in June 2015’, attributing the decline in activities to the Securities Exchange Commission (SEC)’s pronouncement that only companies quoted on the Nigerian Stock Exchange (NSE) are under its purview.

“We hope that this number will jump significantly in the next quarter, because we are hoping that SEC will correct the statement that only stocks on NSE are under its purview,” he said.

He added that the exchange would be able to launch out to high net worth investors when the index is more stable.

Sound ERM Key to Identifying Threats to Shareholder Value Eromosele Abiodun Sound enterprise-wide risk management (ERM) programmes comprise various tools for top executives of companies to deploy in ensuring that they anticipate impending threats and the potential impact of such threats on shareholder value and market capitalisation, a report by H. Pierson Associates Limited, has revealed.

This, the report noted, involves actively ensuring that risks are properly identified, assessed, monitored, and mitigated.

Overall, the report added that ERM involves creating a risk-intelligent culture that keeps the firm’s decision makers effectively engaged in the risk management process.

“Companies in the Nigerian oil and gas sector have experienced significant challenges within the last several months.

These challenges have brought to the fore, the imperative for heightened levels of ERM practices by operators within the sector. Some of the risks that have plagued the oil sector include sharp declines to date in crude oil prices in the upstream sector and uncertainty in the future direction of these prices.

These pose great Market risks to sector players.

“Under this setting, several oil companies that had made expansion and growth plans, are now dogged by Strategic Risks at this time. Some of such plans were backed by funding arrangements that in themselves had embedded exchange rate and interest rate risks. With the uncertainty that has long plagued the passing of the Petroleum Industry Bill (PIB), business and investment decisions have also remained

fuzzy for many. This has further heightened significant Strategic risk for many sector players,” the report stated.

It further stated that, “Overseas, in order to grow their revenues, several E&P companies embarked on acquiring or finding new reserves. An interesting and popular new way of doing that has been through shale formations (“fracking”), to the extent that the output of rigs in shale formations accounted for most of the oil production growth in America.

Unfortunately, the break-even point here is about $70 per barrel as against current prices of below $40 per barrel. This throws up interplay of Strategic and Market risk.

“Beyond market and strategic risks, compliance risk has dealt its own blows on the sector, such as with a company like Afren, while reputation risk finally sealed its faith. On a day-to-day basis, the industry also faces significant Project risks as well as operational risks – attributable to people, processes, systems and external events. The above provide a small glimpse of the risk issues that face oil firms.”

The report noted that while an embedded risk management framework does not necessarily immunise an institution from these risks, “it enables the institution more effectively forecast and evaluate the risks it faces, as well as identify procedures to seek to avoid or minimise their impact. For our Nigerian oil companies, the benefit derived is in institutionalising the practice of identifying these and other potential risks in advance, analysing them and taking precautionary steps to mitigate the risks and the adverse impact on the firm’s earnings and capital.

Skye Bank Partners Nasarawa on Biometric Verification Exercise Skye Bank Plc has said it successfully implemented a biometric and verification exercise for Nasarawa State government, which will help the state save a total of N990 million per annum in the form of leakages.

A statement from the bank quoted the Executive Director, Abuja and Northern Directorate, Skye Bank Plc, Mr. Idris Yakubu, to have disclosed this in Lafia while presenting the report of the biometric and verification exercise to Governor Umaru Al-Makura. Yakubu said the exercise would save the state an estimated monthly cost savings of N82.5 million.

Yakubu said the report, when implemented, would go a long way in blocking leakages, and in saving funds that can be applied in initiatives and ventures that will help create more job opportunities for youth in the State.

According to the bank director, the recommendations in the report would be very useful in the effective management of

the scarce resources accruing to the state government.

“This project, Your Excellency is a demonstration of the commitment of Skye Bank Plc in supporting the socio economic development of Nasarawa State and the Government of His Excellency, Governor Umaru Tanko Al-Makura,”Yakubu said.

He gave the objectives of the exercise which involved all staff of the state government and local government areas, State Universal Basic Education Board employees and pensioners to include the verification of all persons on the state payroll, capture the basic biometric details of civil servants and workers including the pensioners.

Others are to eliminate the existence of ghost workers and to produce a clean data base containing the names of all workers that can be used for payroll automation.

Yakubu also thanked the governor for his confidence in Skye Bank to undertake the biometric and staff verification exercise.

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T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESSWORLD

PERSPECTIVE

Aba Power Project: A New Stage in National Development C. Don Adinuba Babatunde Fashola, the Minister of Power, Works and Housing, displayed uncanny leadership when on Thursday, March 31, 2016, he took the nation by surprise by getting top representatives of the two feuding parties in the provision of electric supply to the industrial city of Aba in Abia State, Geometric Power Limited and Interstate Electrics, to sign an agreement ending their almost three-year internecine war. Fashola got Interstate Electrics to pull out of Aba city and its environs, in accordance with the Federal Government’s agreement with Geometric Power since 2005 and revised the following year for the latter to build a power station in Aba and supply power to the area. Geometric Power accepted to compensate Interstate Electrics.

The purported confusion over the right firm to supply power to Aba, often regarded as the capital of Nigeria’s indigenous technology, arose when the Goodluck Jonathan government handed over the two business units owned by the Power Holding Company of Nigeria (PHCN) in the city to Interstate Electrics on November 1, 2013, as part of the geographical area covered by the Enugu Electricity Distribution Company (EEDC) in the wake of the privatization of the PHCN assets almost three years ago. The handover flabbergasted many because the Bureau of Public Enterprises (BPE) displayed documents and published notices to prospective buyers of EEDC stating categorically that the two business units in Aba had been exercised out of the EEDC coverage area based on the 2005/6 Federal Government’s agreement with

Geometric Power Ltd. Geometric Power also placed a caveat emptor notice in national newspapers.

The Jonathan’s government’s action did not come to perceptive observers as altogether surprising. The Interstate Electrics chief promoter, is Emeka Offor, a particularly close ally of both Jonathan and his vice president, Namadi Sambo.

In contrast, the chief promoter of Geometric Power is Bart Nnaji, the globally recognized engineering professor who left Jonathan’s government in August 2012 following some disagreements on the way foreward for the power sector reform.

What is more, most Nigerians may not know that Sambo had previously in a handwritten directive asked the then BPE director general, Ms Bolanle Onagoruwa, to disregard the agreement with Geometric Power, to which BPE is a signatory. Ms Onagoruwa, a principled lawyer with conscience, politely called the Vice President’s attention to the existing agreement with Geometric Power, and a livid Vice President Sambo, who was statutorily the BPE chairman, fired the lady, alleging all manner of things. Geometric’s travails are illustrative of the culture of impunity under the Jonathan/Sambo leadership.

The resolution of the Aba electricity issue by Fashola who assumed office only last November as the minister in-charge of power becomes more significant against the background that the Jonathan government did set up as many as eight committees on the matter. Each of them stated in clear terms that Geometric Power should not be encumbered in the Aba project because its 2005/6 agreement with the Federal Government and its agencies

are clear in making it the legitimate electricity supplier to the area. One of the committees was headed by Yunus Ustaz, a Senior Advocate of Nigeria (SAN), and Sambo’s personal lawyer and friend. Clearly, Ustaz is a man imbued with moral principles.

But the Jonathan’s government was determined to nail Nnaji and his firm to the cross by all means possible even if it meant the failure of the power sector which it made the number one issue in its campaign manifesto in the 2011 presidential vote. So, the government sat on the Ustaz committee report and seven others.

While campaigning for reelection in Abia State on March 24, 2015, Jonathan was practically forced to visit the 141Megawatt Aba Power Project by the then Minister of Finance, Ngozi Okonjo-Iweala, as well as the then Anambra State governor, Peter Obi. Jonathan then promised to resolve the problem, stating pointedly that “it is a human error”. All the news media ran the presidential declaration prominently. As my phones buzzed ceaselessly by numerous Nigerians who were excited at the prospect of Aba becoming the model of how the electricity sector should be run in Nigeria, I informed the callers that it was not going to happen. Jonathan himself was too weak a president, a wimp so beholden to all manner of interests. He would rather allow Geometric Power, which had spent $520m on the Aba Power Project, to continue to pay $3milion monthly to banks as interest charges and eventually die under the crushing weight of debt than displease his coterie of contractor friends.

By getting the two parties in the Aba electric power supply controversy to shift ground and make reasonable concessions, Fashola has exhibited foresight, dynamism and strong leadership. Aba will in the next few months become the first city in West Africa to enjoy quality and uninterrupted power supply for decades. The facilities already put in place by Geometric Power are world class. The tubular poles, which are buried 10 metres into the soil and are 10metres above the ground, can be found in only advanced places like Japan where they are meant to withstand natural disasters like earthquakes.

The company has, in addition, built a 27-kilometre natural gas pipeline from the oil-producing Owazi community in Ukwa West Local Government Area in Abia State to Osisioma on the outskirts of Aba where the plant is located. It has also built four brand new substations and refurbished three others inherited from the PHCN. Needless to add, all the poor distribution cables from the PHCN have long been replaced.

With the resolution of the dispute over electric supply to Aba, there is renewed optimism in the Southeast that with Aba about to regain its glory as the industrial hub of the zone, socioeconomic life in the area will change automatically. After all, poor electricity has consistently been identified as the most paralyzing of all problems which have over the decades been facing businesses in the area. When the then World Bank president, James Wolfensohn, visited Aba in 2004 and asked the business community to identify its greatest challenges, each person responded “Electrcicity! Electricity! Electricity!”.

It was actually this encounter which led Okonjo-Iweala as Obasanjo’s finance minister to plead with Nnaji, who had already successfully built the 22Megawatt Emergency Power facility in Abuja in 2001-3, to consider building a bigger station in Aba with the sole purpose of helping to unleash the tremendous creative energy of Aba which is sometimes called the Japan of Africa on account of the people’s manufacturing ingenuity.

While it is true that the commissioning of the Aba Power Project will mark a new stage in Southeast economic development, the project’s takeoff will have a huge impact on the whole nation. It will stem the exodus of people to Lagos, Abuja and Port Harcourt, thereby controlling the overpopulation of these cities. It will also relieve the nation of the burden of having to worry about power supply to Aba, as power previously transmitted to Aba will now be given to other parts of the country. What is more, Geometric will send to the national grid any quantum which Aba is unable to absorb, thereby contributing significantly to power availability nationwide. And as already adumbrated in this article, Aba will be a model in the management of the electricity supply industry.

It is truly a pity that the Jonathan government made a mess of a boiled egg. As for Minister Fashola, history will record him as one of the most far-sighted Nigerian leaders, courageous, detribalized and driven by an acute sense of the common good. He is a minister to watch.

Adinuba is head of Discovery Public Affairs Consulting

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T H I S D AY • MONDAY, APRIL 11, 2016

BUSINESS/MONEYGUIDE

Cocoa Farmers Await Govt Policy Support Nume Ekeghe with agency report One year on from the election of President Muhammadu Buhari, Nigeria is still awaiting the promised policies to boost the cocoa sector, whose growth is seen as vital to offset a slump in oil revenue that has plunged the economy into crisis.

Buhari routinely states the need to expand the agricultural sector to end the reliance of Africa’s biggest oil producer on crude exports and cut its $20 billion annual food import bill.

A priority is to develop cocoa farming, the only sizeable agriculture sector in the continent’s biggest economy to have survived government neglect since the 1950s oil discovery. But Buhari’s policies have not yet made it beyond the talking stage, a report by Reuters stated.

“The government has not come out clearly to say what they are pursuing for cocoa,

so we are still in the dark,” said an official at the Cocoa Research Institute of Nigeria (CRIN), a body which advises the government.

Reuters was unable to get a comment from the government on its agricultural policies.

Cocoa farmers in Nigeria, the world’s fourth-largest grower, have recently enjoyed bumper profits, but this is due to high global prices for raw beans rather than government intervention.

At the same time, for cocoa processors, Buhari’s foreign exchange policies have added to a crisis, as grinders struggle to get dollars to import spare parts, since the central bank has imposed hefty curbs to support the naira.

This, combined with high bean prices, Nigeria’s high transport costs and sporadic power supply, have driven up production costs, causing several plants to shut in recent months.

“There are about eight processing factories in Nigeria and I think only three or four of us are in operation,” said Cocoa Products (Ile-Oluji) Managing Director, Akin Olusuyi based in southwestern Ondo, the country’s largest cocoa producing state.

Olusuyi struggles to afford raw beans as traders, lured by a surge in global prices, offer farmers dollars and snap up part of the harvest usually going to grinders. As a result, his plant’s output fell to 4,000 tonnes last year, a fraction of its 30,000 tonnes capacity.

So far the clearest message from Buhari’s administration is that it will retain many of its predecessor’s policies.

“We’re looking forward to quick intervention, quick action on the part of government ...

But we haven’t seen that yet,” said cocoa consultant, Robo Adhuse, who works with farmers and non-governmental organisations.

Fidelity Bank Upgrades Mobile Banking App Determined to provide cutting-edge, round-the-clock banking services to its teeming customers, Fidelity Bank Plc has announced the upgrade of its mobile-based banking application - Fidelity Online Banking app.

The bank said in a statement that the improved software application puts the financial institution in a pole position to drive efficient service delivery and customer acquisition by essentially placing innovative financial services in the hands of Nigerians residing in unserved and underserved communities.

In addition, it stated that the move was indicative of its unwavering commitment towards meeting the financial

inclusion mandates of the Central Bank of Nigeria (CBN).

With an increasing customer base, Fidelity Bank said it is channeling significant human and financial resources towards building an innovative, secure digital banking platform with a huge emphasis on superior user- experience.

Specifically, it noted that the upgrade would enable subscribers of the Online Banking application carry out more banking transactions well beyond mundane financial services such as funds transfers and bills payment, in a secured environment anytime, anywhere.

The Divisional Head, Electronic Banking, Adédèjì Olówè, explained that the new Fidelity Online app is not just

an upgrade of the old but a new application with enhanced features that can be used with a range of mobile devices such as Apple, Samsung, Blackberry and other Android products.

He disclosed that the app offers customers a simple, seamless and secure banking, adding that customers can bank, how and when they want to.

He said: “With Fidelity Online App, our bank is always open 24/7.”

The upgrade, Olówè insisted was significant considering the growing number of Nigerians moving from the banking halls to mobile phones or tabs to do their day-to-day banking transactions, adding that online financial services offer a stepping stone to financial inclusion.

Union Bank Restates Commitment to Customer Satisfaction Union Bank of Nigeria Plc has reiterated its resolve to continue to introduce products and services that would meet the needs of its customers.

Speaking at the unveiling of its four redesigned branches in Umuahia and Aba, Abia state recently, the Transformation Director of the bank, Mr. Joe Mbulu, said the upgraded branches were part of efforts to make banking simpler and smarter for its teeming customers.

The four upgraded branches of the bank unveiled are located at 10 Library road Umuahia, 1 factory road, Aba, 58 Azikiwe

road Aba and 228 Faulks road, Ariaria, Aba all in Abia State.

Mbule, however, noted in a statement that the current transformation journey embarked upon by the bank started two years ago.

Mbulu said the rebranded bank has a lot of products tailored towards customers’ needs, adding that the bank has refurbished over 60 branches across the country and a lot has gone into the innovative propositions which the bank is offering.

“The transformation of the bank is a response to customer’s desire and the bank’s commit-

ment to serve its customers better,” he stated.

In his speech, the Head of Retail, Union Bank, Mr. Carlos Wanderley, said: “Nigeria is a young country with huge potentials and investment opportunities.”

He reiterated the readiness of the bank to help grow the country’s economy via its product offerings and services.

“We believe in Nigeria and we are ready to make her economy work better,” he said, adding that 3000 staffs of the bank are trained every quarter for effective and efficient service delivery

Sterling Bank Empowers Entrepreneurs Participants at the Micro, Small and Medium Enterprises (MSME) Academy, which held in Port Harcourt have commended Sterling Bank Plc for its commitment to the growth of the nation’s economy through the empowerment of small and medium scale business owners in the country.

The conference was organised by the bank. The participants at the four-day workshop were trained and

mentored on how to build viable business plans. They were also equipped with entrepreneurial and managerial skills in order to improve fund management; maximise profit and improve asset quality in their businesses. Other areas covered included sales and marketing, essentials of business plans, human resources management, among others.

The Managing Director and Chief Executive of Perfume

World Limited, Princess Stella Daminabo, stated that the workshop confirmed the bank’s commitment to supporting the growth of the economy through the empowerment of small business owners in the country.

“It is a big step in supporting the effort of the federal government towards diversifying the economy given the dwindling oil revenue,” a statement quoted her to have said.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

FEBRUARY 2016 Broad Money (M2)

20,489,166.72

-- Narrow Money (M1)

9,095,578.34

---- Currency Outside Banks

1,377,483.11

---- Demand Deposits

7,682,095.23

-- Quasi Money

11,429,588.38

Net Foreign Assets (NFA)

5,471,351.78

Net Domestic Assets(NDA)

15,017,814.94

-- Net Domestic Credit (NDC)

22,414,322.75

---- Credit to Government (Net)

3,424,029.62

---- Memo: Credit to Govt. (Net) less FMA

4,807,604.55

---- Memo: Fed. and Mirror Accounts (FMA)

-1,383,574.93

---- Credit to Private Sector (CPS)

18,990,293.13

--Other Assets Net

-7,396,507.81

Reserve Money (Base Money)

5,095,380.23

--Currency in Circulation

1,711,623.51

--Banks Reserves

3,383,756.72 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.1141

N13.5095

ARM Discovery Fund

N288.9978

N297.7112

ARM Ethical Fund

N22.6462

N23.3290

ARM Money Market Fund

13.1161 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 7 APRIL 2016 The price of OPEC basket of thirteen crudes stood at $34.71 a barrel on Thursday, compared with $33.93 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

35

T H I S D AY • MONDAY, APRIL 11, 2016

MARKET NEWS

Wapic Shareholders Applaud Firm’s Speedy Transformation Goddy Egene and Eromosele Abiodun Shareholders of Wapic Insurance Plc has applauded the speedy transformation in the underwriting firm in terms of growth and value creation since it was taken over by new management and board of directors led by Aigboje Aig-Imoukhuede, as chairman.

Part of the transformation, which excited the shareholders, was the quick end to dividend drought that had pervaded the company over the past eight years.

Speaking at the company’s 57th Annual General Meeting (AGM) held in Lagos, the shareholders including Sunny Nwosu, Boniface Okezie and Shotunde Shopeju among others

T H E

said confidence was returning on Wapic given the credibility and calibre of people on the board.

Specifically, Nwosu who is the National Coordinator of Independent Shareholders Association (ISAN) said: “We have kept away from Wapic AGM for a long time, but we have come back to give our solidarity having seen the

N I G E R I A N

level of transformation and commitment of the board to increase shareholder value.”

On his part, Okezie called on the company’s management to continue to do what they can to ensure that shareholders value is enhanced.

Aig-Imoukhuede in response to shareholders questions described the development as a new era in the life of

STO C K

the company, pointing out that necessary structures were being put in place to sustain stakeholder value.

“Our people have worked very hard to ensure the achievement of our corporate objectives and we continue to recruit high quality personnel with local and international experience to strengthen the capacity of our workforce,” he stressed.

E XC H A N G E

Aig-Imoukhuede also during the meeting sought the approval of shareholders to approve a three kobo dividend, stating, “I will like to express the appreciation of the board to all our shareholders for your patience given the lack of dividend for over eight years, I am confident that going forward shareholders can look forward to regular dividend payments.

36

T H I S D AY • MONDAY, APRIL 11, 2016

CITYSTRINGS

Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com

The Quest for Prodigies In a world where there is an avalanche of unknown talents, one young Nigerian is on a vigorous search for the next big wonder, writes Solomon Elusoji

O

n one normal morning in the spring of 2014, Moses Akerele woke up inside the dormitory of the University of Benin with a banging idea.

Over the course of his three years in the university, he had seen people celebrate talents that were inferior to some of the talents he had encountered on campus.

It was a basic epiphany, but, within him, a bell began to toll.

“Every day, on campus, I saw young creative minds everywhere, super talented writers, photographers, models, singers, dancers, inventors of many things and ideas, designers, makeup artistes, video directors, fine artists,” Moses says, in an email interview with THISDAY. “Most of these guys, I felt, were better than those being celebrated outside. Although there were a lot of campus events trying to put these people in the spotlight, I was curious to know them deeper and give them a platform for the world to discover their excellence.

“And that was because I love young, creative minds. I knew I had to do something for them in a world where we mostly celebrate what we have seen on television or the internet. I just wanted to see young, talented people get noticed, duly appreciated and recognised.”

So, for the young Moses, that became the beginning of a journey that would escalate into big things. That morning, he shared his thoughts with his friends, disturbing them incessantly.

Then a student of Mass Communication, he would later try to berth his ideas through the execution of some class projects. But he couldn’t get it right. It would take him about a year, precisely March 2015, to define how best to create a platform for these super-talented, young creatives.

In April 2015, the first episode of The Campus Prodigy with Moses Akerele was released on YouTube. It was tied around an interview with Oscar Odibo, a blooming music artiste who was studying Theatre Arts at the University of Benin.

“I had heard Oscar’s music in places that were cool,” Moses says, reminiscing about his decision to debut with the music artiste, “and I had also read about his music on some blogs. And, at the end of the interview, he taught me that, as a student, it is possible to strategise, in terms of brilliantly aligning academics and passion.”

Immediately the debut episode was released, Moses and his team quickly dropped a teaser on social media to create awareness, and had people on his BBM list use it. People started asking many questions about it and word went round. And, since he had interned with a media house prior before starting Campus Prodigy, Moses was able to leverage on his experience to build on the success of the first episode.

That year, Moses would go on to invite several other young, talented university students on the show, carefully digging into the vagrant workings of their creativity.

“The show is basically a channel targeted at recognising and celebrating young, creative and artistic minds across universities in Nigeria,” Moses tells THISDAY. “These people include those who have exceptional talents, those who have been able to carve a niche for themselves in what they do, stand out and create extra efforts to get their creativity out to the world, those who could easily serve as inspiration for those who really want to try.

Each episode of the Campus Prodigy, which can be streamed on YouTube and downloaded on selected blogs, is in 3 phases: ‘The Interview’ with these creative minds, ‘The Period’, which gives room to see into the world of these creative people and how they go about their different creative activities, and ‘The Events’, red carpet media coverage of university events.

Akerele (right) on the Campus Prodigy set

Akerele Since its launch in 2015, the show has since had several episodes cutting across different schools and has supported several events in different universities. In 2016, however, it promises its viewers more.

“We are reaching out to every university in Nigeria to bring Nigerians and the world up close and personal with wonder-kids, creative people and talented youths in our universities,” Moses says. “We believe they deserve and need a stage, a platform. Besides, we really want to see young talents get noticed, appreciated and celebrated, you will be amazed by the kind of untapped talents there are in these institutions.”

But, for Moses and his team, it hasn’t been a smooth ride all the way. “Our first recording failed, my guest was on set and our camera developed a fault that we couldn’t rectify, leading us to reschedule,” Moses says. “So, having the right and desired equipment to give us the desired taste is one big challenge we face; we work with the limited resources we are able to get and we have had a couple of failed shoots due to this.”

There is also the logistical nightmare of having to travel across Nigeria, from one school to the other. “That has been really tasking,” Moses admits, “as it takes up most of the expenses we incur.”

Also, since it’s a young show, getting more and more people to get acquainted with it has been a challenge. But things are looking up, as the numbers rise. Besides, Moses has no plan to take his feet off the pedal.

“The dream sort of grows every day,” he says. “I want it to be big enough to be a plinth to many careers, to make every guest a ‘superstar’; I want the show to host people and literally ‘catapult’ them to bigger levels, I want it to be a hub where young stars are seen and celebrated, a home for university students in Nigeria, supporting their events and lots more.”

That dream, gradually, is growing wings and this is largely due to, Moses says, the support he received from all and sundry.

“Everyone that saw my idea and was willing to support really inspired me, my friends were ready to assist at no cost, on set, off set,

Every day, on campus, I saw young creative minds everywhere, super talented writers, photographers, models, singers, dancers, inventors of many things and ideas, designers, makeup artistes, video directors, fine artists.

Most of these guys, I felt, were better than those being celebrated outside.

Although there were a lot of campus events trying to put these people in the spotlight, I was curious to know them deeper and give them a platform for the world to discover their excellence

handling the camera, clothing, make up, my designs, sounds, post production, publicity and more,” he remarks.

“Honestly my team has been a massive inspiration because they believe in me and the idea, my sister is readily there to support as well, these people have kept me and Campus Prodigy going.

“Moreso, every guest that honoured my invite inspired me, many messages and comments, both positive and negative (trust me I’ve had comments that should make me quit already), has been a big push and a huge inspiration. Recently, I finally mentioned it to my parents and another inspiration came from that chapter.”

37

T H I S D AY • MONDAY, APRIL 11, 2016

CITYSTRINGS

Educating Victims of Insurgency Adibe Emenyonu writes on the recent donation of educational materials to victims of the insurgency in Edo State by the Nigeria Foundation for the Support of Victims of Terrorism

The wife of Edo State Governor, Mrs. Iara Oshiomhole (2nd right),Executive Director VSF, Prof.

Sunday Ochoche (3rd right), and others inspecting some of the educational materials donated by VSF to Edo IDPs camp

The educational materials donated by VSF to Edo IDPs camp

Mrs. Oshiomhole inspecting one of the uniforms at the IDPs camp in Edo

Mrs. Oshiomhole (centre) and officials of VSF admiring school pupils as they wear their school bags

T

he Nigeria Foundation for the Support of Victims of Terrorism in continuation of the implementation of its mandate to administer support to victims of insurgency and create the enabling environment for accelerated recovery and sustainable peace and development through its Victims Support Fund (VSF), launched its educational support programme targeting school children affected by insurgency in Edo State.

The educational support programme is geared towards securing the future of children, and specifically designed for school children whose education have suffered setbacks. A total of over 50, 000 children and teachers will benefit from the project which will be executed in two phases. The project will provide school children with text books, exercise books, writing materials, school bags and sandals among other things. The first phase of the project is estimated to reach 21,291 children. This includes 10,000 in Borno, 7,000 in Adamawa, 3,000 in Yobe and 1,300 in Edo. The outcome of this programme, according to General Theophilus Danjuma “will significantly enhance the state of education in the affected states. The underdeveloped state of education in the North-east is identified as a major cause of the insurgency. By supporting educational development in the region, the project will not only assist with the rehabilitation of affected children, but will also go a long way to address one of the root causes of insurgency.”

According to Danjuma, “our vision is to see a Nigeria in which the dignity and wellbeing of victims of terrorism and insurgency are

restored and their future assured; While our mission is to be the foremost knowledge-driven and programme-based organisation mobilising sustainable funding and building partnerships for the support and transformation of victims of terrorism and insurgency in Nigeria”.

Danjuma, who is the chairman of Victims Support Fund, who was represented by Prof.

Sunday Ochoche, Executive Director, Victims Support Fund during the presentation of

The outcome of this programme will significantly enhance the state of education in the affected states. The underdeveloped state of education in the Northeast is identified as a major cause of the insurgency.

By supporting educational development in the region, the project will not only assist with the rehabilitation of affected children, but will also go a long way to addressing one of the root causes of insurgency

educational materials, said the objectives behind the donation was to restore the livelihood and set the background for reconciliation and peace and to build the capacity of grassroots groups for community development, restore confidence in education as a tool for grassroots empowerment, address the underlying poverty in the communities as well as address the issues of orphaned and separated children.

Ochoche who pointed out that thousands of children and teachers are the target of beneficiaries, also noted that some of the women will be given empowerment tools in this first phase of the project which would be executed in two phases For instance, he announced that 11 women who accompanied the children to the camp situated at the International Christian Centre Mission, Uhogua, Ovia North East Local Government Area of Edo State will get sewing machines, while volunteer teachers and worker are to be given N7,000 and N5,000 each monthly as a way of encouraging them.

“The project will provide school children with text books, exercise books, writing materials, school bags and sandals among other things. The first phase of the project will benefit 21,291 children. This include 10,000 in Borno, 7,000 in Adamawa, 3,000 in Yobe and 1,300 in Edo”, he emphasised.

“In Edo we worked closely with management of this IDP camp and so we have school materials like books (note books and text books), school bags, writing materials, uniforms, sandals and shoes for the 1,300 already identified children of school age to help them in critical areas such as psychological support.

And in doing so, we felt that education must

be addressed.

“The outcome of this programme will significantly enhance the state of education in the affected states. The underdeveloped state of education in the North-east is identified as a major cause of the insurgency. By supporting educational development in the region, the project will not only assist with the rehabilitation of affected children, but will also go a long way to addressing one of the root causes of insurgency.”

The VSF executive director who called on the political class at all levels to join other well meaning Nigerians to provide for these IDPs, urged the victims not to harbour any grievances, but to leave vengeance to God. He stressed that “there is a Father up there who will take care of you even if you may not have a physical father who will hug you”.

Also in his remarks, Elder Sunday Oibe, who represented the national body of Christian Association of Nigeria (CAN), commended Edo State government for the wonderful work it is doing in the camp to make it habitable, noting that the job is so enormous that working in partnership with stakeholders, the camp management and Edo State government have proved worthy.

Highlights of the event was the presentation of the education materials to the beneficiaries by the wife of Edo State Governor, Mrs. Lara Adams Oshiomhole, who thanked the donors for the gesture.

On behalf of the beneficiaries, Aisha Bature, a six-year pupil thanked VSF for their kindness, prayed that God should continue to bless them so that they can continue to do the work of charity.

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MONDAY APRIL 11, 2016 T H I S D AY

MONDAY APRIL 11, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

100 Killed, 380 Injured in Indian Temple Blaze A fire and explosions during a fireworks display to mark the start of the local Hindu new year killed 100 people and injured more than 380 at a temple in India’s southern Kerala state yesterday. Thousands of devotees had packed into the Puttingal Devi temple, about 70 km from the state capital Thiruvananthapuram in the coastal district of Kollam, to watch the display that started at midnight and went on four hours.

The blaze started when a cracker fell onto a shed where the fireworks were stored, sparking a string of powerful explosions that blew the roof of the administrative block of the temple and caused another building to collapse, residents said.

“There were body parts on the floor and on the roof there was an arm,” Anita Prakash, a resident said. “In the past, there’s been fireworks but not

on this scale.”

Kerala is studded with temples managed by rich and powerful trusts that often flout local regulations. Each year temples hold fireworks displays, often competing to stage the most spectacular ones, with judges who decide the winners.

Kollam district magistrate A. Shainamol said people living in the area near the temple had complained about the danger of these fireworks in the past.

Prime Minister Narendra Modi flew to Kollam with a team of doctors to help state authorities cope with the large number of injured, moving swiftly to head off criticism of a lack of public safety.

“The fire at the temple in Kollam is heart-rending and shocking beyond words,” he said in a Twitter post. “My thoughts are with families of the deceased and prayers with the injured.”

Modi has faced public criti-

cism in the past for failing to respond quickly to disasters such as the floods in Chennai late last year. Large parts of the metropolis were under water for days before government help arrived.

Earlier this month, a flyover under construction in the eastern city of Kolkata for years collapsed killing 27 people, prompting allegations that shoddy material was used and that the metal parts had corroded during the years of delay.

Television images from the devastated temple site showed people, some clutching children with burn injuries, being taken to hospitals. Others carried out charred bodies of victims.

Kerala’s Home Minister Ramesh Chennithala told Reuters that 60 of the 100 dead had been identified while the number of people admitted to hospitals in Kollam and the state capital had risen to 383.

‘Brussels Bombers Had Planned to Attack France again’ The militant cell behind bombings in Brussels had been plotting to hit France again after carrying out the Paris attacks in November, but was forced to strike closer to home as police closed in, Belgian prosecutors said yesterday.

Investigations into the Islamic State attacks in Paris, which killed 130 people, showed that many of the perpetrators lived in Belgium, including surviving suspects who managed to evade police for more than four months.

Prime suspect Salah Abdeslam was arrested on March 18 in the Belgian capital. Four days later, suicide bombers killed 32 people in Brussels airport and a rush-hour metro train.“Numerous elements in the investigation have shown that the terrorist group initially had the intention to strike in France again,” Belgium’s federal prosecutor said in a statement.

“Surprised by the speed of progress in the investigation, they took the decision to strike in Brussels.” Belgian intelligence and security forces had been criticised abroad for not doing more to dismantle the militant cell, because of its links to the Paris attacks.

As of Friday, all publicly identified suspects were either in detention or dead, but Belgium remains on its second highest threat level, and Prime Minister Charles Michel said his government would remain alert.

His comments were echoed by French Prime Minister Manuel Valls, who said France would not be lowering its guard.

“This is a further sign of the very serious threat facing Europe as a whole and of course France in particular,”Valls told a news conference in Algiers. Abdeslam, born and raised in Belgium to Moroccan-born parents, told

a magistrate he had planned to blow himself up at a sports stadium in Paris in November, but backed out at the last minute.

His brother Brahim blew himself up at a Paris cafe.

Another man linked to the Paris

attacks, Mohamed Abrini, was arrested in Brussels on Friday and admitted to being the “man in the hat” captured on video walking into Brussels airport alongside two suicide bombers.

45

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MONDAY APRIL 11, 2016 T H I S D AY

47

T H I S D AY • MONDAY, APRIL 11, 2016

Nigeria’s top 50 stocks based on market fundamentals

8-Apr-16

01 7-Up Bottling Comp. Plc.

7-Apr-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

147.00

147.00

0.00%

94,166,783,361.00

11.12

13.21

1.21

1.50%

3.92

02 Access Bank Plc.

4.05

4.04

0.25%

117,158,285,105.55

2.28

1.78

0.56

13.58%

0.32

03 AIICO Insurance Plc.

0.80

0.80

0.00%

5,544,163,584.00

0.28

2.89

0.17

6.25%

0.57

04 Cadbury Nigeria Plc.

14.77

14.77

0.00%

27,741,044,130.80

3.21

4.61

0.82

8.80%

2.68

05 Cap Plc

38.50

38.50

0.00%

26,950,000,000.00

2.49

15.49

3.82

2.99%

17.73

06 Cement Co. Of North.Nig. Plc

7.03

7.03

0.00%

8,834,444,694.98

0.96

7.36

0.68

1.42%

0.87

07 Continental Reinsurance Plc

0.90

0.89

1.12%

9,335,469,880.80

0.16

5.65

0.59

11.11%

0.62

08 Custodian And Allied Insurance Plc

4.09

4.09

0.00%

24,056,824,557.55

0.71

5.73

0.81

4.89%

0.92

169.99

172.00

-1.17%

2,896,715,853,775.95

10.64

15.98

5.89

4.71%

4.49

10 Dangote Sugar Refinery Plc

5.30

5.30

0.00%

63,600,000,000.00

0.96

5.51

0.63

9.43%

1.09

11 Diamond Bank Plc

1.30

1.24

4.84%

30,108,505,658.40

0.92

1.42

0.16

23.08%

0.13

15.15

15.00

1.00%

277,995,700,907.25

1.39

10.88

0.54

4.09%

0.74

13 FBN Holdings Plc

3.50

3.50

0.00%

125,633,524,772.00

2.16

1.62

0.31

28.57%

0.22

14 FCMB Group Plc.

0.98

0.98

0.00%

19,406,656,538.92

0.24

4.08

0.13

10.20%

0.12

15 Fidelity Bank Plc

1.35

1.36

-0.74%

39,115,975,981.05

0.48

2.81

0.27

11.85%

0.21

16 Fidson Healthcare Plc

2.34

2.46

-4.88%

3,510,000,000.00

0.50

4.72

0.43

2.14%

0.56

19.55

19.55

0.00%

51,303,837,005.85

1.84

10.62

0.16

10.23%

0.50

293.23

293.23

0.00%

381,926,533,832.69

4.45

65.92

3.06

1.18%

8.25

19 Glaxo Smithkline Consumer Nig. Plc.

24.97

24.97

0.00%

29,861,035,905.36

0.81

30.94

0.97

1.20%

2.26

20 Guaranty Trust Bank Plc.

14.13

13.99

1.00%

415,862,562,435.12

3.38

4.18

1.81

12.53%

1.01

100.00

100.00

0.00%

150,588,818,800.00

0.78

128.49

3.02

0.00%

3.37

1.41

1.44

-2.08%

11,181,578,697.78

0.14

9.98

0.23

11.35%

0.52

23 International Breweries Plc.

20.00

20.00

0.00%

65,884,985,600.00

0.64

31.29

3.56

1.25%

5.47

24 Julius Berger Nig. Plc.

43.00

43.00

0.00%

56,760,000,000.00

1.85

23.26

0.42

3.49%

2.34

25 Lafarge Africa Plc.

75.00

75.00

0.00%

341,617,635,750.00

5.93

12.65

1.28

4.00%

1.94

09 Dangote Cement Plc

12 Ecobank Transnational Incorporated

17 Flour Mills Nig. Plc. 18 Forte Oil Plc.

21 Guinness Nig Plc 22 Honeywell Flour Mill Plc

26 Mansard Insurance Plc

1.90

1.81

4.97%

19,950,000,000.00

0.16

12.00

1.20

2.63%

1.15

161.99

161.99

0.00%

58,412,826,491.38

13.51

11.99

0.91

4.44%

3.80

7.15

7.14

0.14%

18,943,484,402.70

0.79

9.00

1.17

7.69%

2.67

675.00

690.00

-2.17%

535,042,970,100.00

29.95

22.54

3.54

4.30%

14.08

3.89

3.72

4.57%

6,318,210,937.50

0.33

11.75

0.74

5.14%

1.04

108.99

108.00

0.92%

864,192,705,783.12

5.37

20.30

3.13

3.30%

5.07

4.07

4.28

-4.91%

48,980,898,898.58

0.50

8.14

0.09

18.43%

0.31

33 Okomu Oil Palm Plc.

29.77

28.36

4.97%

28,397,900,700.00

2.76

10.79

2.92

0.34%

2.35

34 P Z Cussons Nigeria Plc.

23.50

23.50

0.00%

93,306,210,557.50

1.10

21.42

1.29

5.53%

2.22

35 Presco Plc

34.60

34.60

0.00%

34,600,000,000.00

3.28

10.55

3.05

0.29%

1.54

0.50

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

309.15

306.50

0.86%

171,055,883,263.95

23.48

13.17

1.51

5.15%

0.61

0.96

0.92

4.35%

13,325,089,353.60

0.85

1.12

0.10

31.25%

0.09

13.45

13.70

-1.82%

134,500,000,000.00

2.04

6.60

1.14

0.74%

1.20

1.60

1.60

0.00%

46,064,669,001.60

0.36

4.48

0.42

5.63%

0.48

157.60

157.60

0.00%

53,508,641,511.20

11.92

13.22

0.26

8.88%

3.29

1.07

1.04

2.88%

41,431,467,244.75

0.05

20.39

1.02

0.00%

0.47

20.45

20.45

0.00%

39,281,676,714.15

2.70

7.58

0.54

4.89%

0.53

4.17

4.17

0.00%

7,167,187,479.15

1.81

2.31

0.64

16.79%

0.22

29.00

29.00

0.00%

109,715,591,250.00

0.32

92.02

1.85

0.17%

13.71

46 United Bank for Africa Plc

3.20

3.15

1.59%

116,094,484,230.40

1.64

1.95

0.37

18.75%

0.35

47 Unity Bank Plc

0.69

0.72

-4.17%

8,065,643,179.98

0.54

1.27

0.13

0.00%

0.09

48 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,124.00

0.10

5.16

0.94

6.00%

0.45

49 Wema Bank Plc.

0.74

0.79

-6.33%

29,221,396,177.62

0.06

12.27

0.62

0.00%

0.62

50 Zenith Bank Plc

11.00

11.01

-0.09%

345,361,431,646.00

3.37

3.27

0.80

16.36%

0.58

27 Mobil Oil Nig Plc. 28 National Salt Co. Nig. Plc 29 Nestle Nigeria Plc. 30 Nigerian Aviation Handling Company Plc 31 Nigerian Brew. Plc. 32 Oando Plc

36 Resort Savings & Loans Plc 37 Seplat Petroleum Dev. Co. Ltd. 38 Skye Bank Plc 39 Stanbic IBTC Holdings Plc 40 Sterling Bank Plc. 41 Total Nigeria Plc. 42 Transnational Corporation Of Nigeria Plc 43 U A C N Plc. 44 UACN Property Development Co. Limited 45 Unilever Nigeria Plc.

TOTAL

8,110,154,825,224.23

TOTAL MARKET CAP

8,726,640,457,326.66

% OF MARKET CAP Annotation - MA* = Simple Moving Average

92.94%

Table 1 Market Statistics Mkt Indicators

Open 7-Apr-16

NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

25,455.69 8.76 104.55 8.14

Close 8-Apr-16

Change %

25,369.52 8.73 104.16 8.11

-0.34% -0.34% -0.37% -0.37%

Table 3 Top 5 Gainers Stock

Open 7-Apr-16

Mansard Insurance Plc Okomu Oil Palm Plc. Diamond Bank Plc Nigerian Aviation Handling Company Plc Skye Bank Plc

Close Change % 8-Apr-16

1.81 28.36 1.24 3.72

1.90 29.77 1.30 3.89

4.97% 4.97% 4.84% 4.57%

0.92

0.96

4.35%

Table 4 Top 5 Losers Stock

Open 7-Apr-16

Wema Bank Plc. Oando Plc Fidson Healthcare Plc Unity Bank Plc Nestle Nigeria Plc.

0.79 4.28 2.46 0.72 690.00

Close Change % 8-Apr-16 0.74 4.07 2.34 0.69 675.00

-6.33% -4.91% -4.88% -4.17% -2.17%

NSE Market index declines by 0.34% Market pulse on the Nigerian Stock Exchange (NSE) today was negative, as the market closed red due selling pressure caused by limited activities on the exchange compared to the previous day. This was further highlighted by negative performances from the NSE Sub sectors; Consumer Goods and Oil & Gas (Save Banking and Insurance). Trading activities decreased in volume as 264.69 million shares worth N1.31 billion in 3,033 deals exchanged hands today. This is a decrease from the 398.28 million shares worth N2.65 billion in 3,581 deals carried out on Wednesday. Topping in volume terms was Equity Assurance Plc, Fidelity Bank Plc and Guaranty Trust Bank Plc, while Guaranty Trust Bank Plc and Seplat Petroleum Dev. Co. Ltd. ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with a 0.34% (-86.17) decrease to 25,369.52 from 25,455.69 the previous trading day. Market Capitalization depreciated in tandem to N8.73 trillion from N8.76 trillion of prior trading day. The Thisday BGL 50 Index followed suit with 0.37% decrease to close at 104.16 from 104.55 the previous trading day, while its market capitalization stood at N8.11 trillion from N8.14 trillion of the previous trading day.

A total number of 21 stocks gained on the bourse today while 16 stocks declined, leaving 152 stocks unchanged. Mansard Insurance Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 4.97% to close at N1.90 per share. It was followed Okomu Oil Palm Plc with a gain of 4.97% to close at N29.77 per share.

Others on the gainers list include: Diamond Bank Plc, Nigerian Aviation Handling Company Plc and Skye Bank Plc, while on the decliners’ list; Wema Bank Plc led with a loss of 6.33% to close at N0.74 per share.

It was followed by Oando Plc with a loss of 4.91% to close at N4.07 per share. Others on the losers list include; Fidson Healthcare Plc, Unity Bank Plc and Nestle Nigeria Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

48

MONDAY APRIL 11, 2016 • T H I S D AY

NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

FG Denies Reports of $50m Ransom for Release of Chibok Girls

The federal government yesterday denied media reports that the militant group, Boko Haram, is demanding $50 million from it as ransom before releasing the

abducted Chibok school girls.

In an interview with the Voice of America (VOA), the Minister of Information and Culture, Lai Mohammed, said ransom reports

Collision with New Planet Threatens Survival of Earth A mysterious planet which wiped out lives on earth millions of years ago could do it again, according to a top space scientist. Some of scientists believe that the apocalyptic event could happen as early as this month.

Planet Nine, a new planet discovered at the edge of the solar system in January, this year, has triggered comet showers that bomb the earth’s surface, killing all life, Daniel Whitmire, of the University of Louisiana, said.

The astrophysicist said the planet has a 20,000-year orbit around the sun and, at its closest to us, it knocks asteroids and comets toward earth.

Fossil evidence has suggested that most lives on earth are

mysteriously wiped out every 26 million to 27 million years.

Whitmire claims that Planet Nine’s passage through a rockladen area called the Kuiper Belt is responsible for the “extinction events.”

Conspiracy theorists in the ’80s and ’90s previously claimed a red dwarf planet called Nibiru or Nemesis, which orbits too close to earth every 36,000 years, was behind the events.

Now some are convinced there will be a collision or a near miss before the end of April.

Nemesis or Nibiru was widely dismissed as crackpot pseudo-science — until Planet Nine was identified in January by the California Institute of Technology.

were not new.

The minister said: “It appears we have several versions of this report.

“The one that we heard was from a source that Boko Haram wants to release 10 of these girls for one million Euros.

“But the most important thing is that we’ve gone through this route before, and until and when we establish the credibility of this source and the truth behind it, the government will not be in a hurry to make a statement.

“However, government is using its own channels to authenticate the credibility of this source,” he said.

Mohammed according to the News Agency of Nigeria (NAN), promised that President Muhammadu Buhari would deliver on his promise to do all he could to ensure the release of

the school girls.

He stressed that the promise by the president, following his recent meeting with parents of the abducted girls at the presidential villa, was sacrosanct.

Mohammed noted that the accusations that the Buhari administration appeared not to be doing enough to secure the release of the more than 200 Chibok girls was not fair.

“No day passes without the issue of the kidnapped girls not being at the front burner. But these are highly security and intelligence issues which cannot always be discussed openly.

“But I can assure you that, for this government, the return of these girls is what is going to bring the final closure on the Boko Haram terrorism and we are working very hard, daily on it,” he said.

The minister restated government’s position that it had made significant progress in the fight against Boko Haram.

He said that those who thought otherwise were “not being very fair to us.”

“We inherited a very bad situation where the trail had gone cold, despite that every day we send out reports, we receive (information) some of them are phoney, some of them are just there to excoriate government.

“But the truth of the matter is that it’s not a matter that the government is taking lightly.

“Those who want a daily report on what we are doing, of course in security issues, that does not happen.

“But we have channels of information in which we make available on a need to know

basis,” he said.

Mohammed said Nigeria’s military had been able to wrestle control of territories previously under the control of the Boko Haram militants.

He also said the militants had been dislodged from their fortresses, including their main operation centre in the Sambisa Forest.

“What we have today is cowardly attacks on soft targets.

Nigeria has moved on from that and we are now concentrating very much on the rehabilitation and resettlement of those who were displaced.

“And I think the fact that one of the most wanted persons all over the world was captured without even firing a shot last week is evidence so far of Nigeria’s success in dealing with terrorism,” he said.

FCT Elections: APC Wins in Bwari Elections in AMAC, Abaji, Gwagwalada, Kuje declared inconclusive Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has declared the candidate of the All Progressives Congress (APC), Mr. Musa Dikko, winner of the chairmanship election for the Bwari Local Government Area.

The Returning Officer for the election in the council area, Mr. Abubakar Abba, who announced the result in Bwari yesterday, said the area council had a total of 162,786 registered voters, but that only 33,162 voters were accredited for the election.

Dikko polled 18,066 votes to defeat his closest challenger from the Peoples Democratic Party (PDP), Andrew Gwani, who scored 13,279 votes.

Candidates of other parties, Mr. Wada Abdu of Action Alliance (AA) and Kenneth Olabaniji of Citizens Popular Party (CPP), trailed with 93 votes and 72 votes respectively.

Apart from winning the Bwari chairmanship seat, APC also won seven councillors while PDP got one.

Collation was still in progress in the remaining two area councils as at the time of filing this report.

However, the commission has declared elections in the Abuja Municipal Area Council, Kuje, Gwagwalada and Abaji Area Councils inconclusive due to alleged mass irregularities.

Addressing the parties and stakeholders on the outcome of the AMAC election, the Returning Officer, Prof. Sunday Adodo, said the decision to declare the polls inconclusive was reached based on the fact the total number of votes in the areas elections which is 15,360

far more than the 5,000 difference in score between the two closest candidates in the chairmanship race.

In the result so far collated, APC candidate polled a total of 26,602 votes ahead of the PDP candidate who got 21,230 votes.

The total number of voters disenfranchised where elections did not hold in AMAC was put at 15,360 whereas details of the affected are, Karu -8,044 voters, Garki - 2,243 voters, Gwarinpa- 1,675 voters, Guyi - 2,628 voters, Karshi - 653 L-R: Former Chairman, Punch Newspapers, Chief Ajibola Ogunshola; former Governor of Ogun State, Chief Olusegun Osoba; Chairman, THISDAY voters and Nyanya - 17 voters.

Newspapers, Mr. Nduka Obaigbena; Chairman, Vanguard Media, Mr. Sam Amuka; and Mr. Richard Okotie, during the Vanguard Personality of the Year From the votes posted by the Awards2015inLagos...weekend two parties, 5,372 thus separated both APC and PDP candidates, thereby warranting the declaration of inconclusive election by the Returning Officer.

INEC said it would fix new date for fresh elections in the affected areas in due course.

Vistajets when he assumed office, the NNPC, contributes 60 per cent refused to retain the services of Chineme Okafor inAbuja The commission is yet to declare and had saved the corporation in the Joint Venture agreements it any private jet company.

“This is in keeping with the winner of the council election in The Group Managing Director considerable funds. has entered into with international Kwali area council.

The NNPC, in a statement oil companies, then the NNPC resolve of the current government (GMD) of the Nigerian National Elections in the six area councils Petroleum Corporation (NNPC), from its Group General Manager, is entitled to all facilities that are to reduce cost and unnecessary in the Federal Capital Territory Dr. Ibe Kachikwu, has denied the Public Affairs, Mr. Garuba Deen available as part of the operations expenditure.

“We deeply regret that we have (FCT) took place at the weekend allegations making the rounds Mohammad, yesterday in Abuja, of the Joint Venture agreement. amid poor turn-out of the electorate that he expended huge resources stated that its books were open for “Naturally, this includes the to go this extra mile to correct the in almost all parts of the capital chartering private jets. anyone to look into and ascertain use of private jets where and wrong impression needlessly city of Abuja.

Kachikwu, who was reacting its claims against reports that its when necessary which expenses created and sensationalised by While monitoring the election in to allegations that he and the group managing director often are borne by the JV partners. the publication.

“The public should disregard the FCT at the weekend, THISDAY Governor of the Central Bank uses chartered flights.

It does not cost the NNPC observed that most voters stayed of Nigeria (CBN), Mr. Godwin According to the corporation, a single naira to enjoy this the veiled efforts by some vested away from the polling units with Emefelie, chartered jets to attend Kachikwu’s preferred mode of facility,” the corporation said. interests to distract the President only a few number coming in the burial of Emefiele’s mother travel had generally been by It further said: “It is Muhammadu Buhari-led federal trickles to perform their civic duty. penultimate weekend in Agbor, commercial airlines, except where necessary to add that since the government by attacking its The reason for the low turn out Delta State, said he had not it is absolutely necessary to use grounding of the NNPC-owned principal officers.

“Such proxy attacks are of eligible voters recorded in almost engaged the services of any leased flights. private jet which has since been all the polling units varied from private jet company since he “The minister has in fact handed over to the presidential unnecessary and unpatriotic. poor sensitization, lack of interest assumed duty at the ministry. used his deep knowledge of fleet as scrap, Kachikwu has Once again we wish to remind in the governance at the third tier, The corporation explained that the operations of the offshore resisted every pressure to procure Nigerians that the books of the the biting fuel scarcity as well as Kachikwu, who doubles as the companies to save money for and maintain another private jet NNPC are open to any member disenchantment by the populace Minister of State for Petroleum the NNPC and the petroleum for the NNPC. And even though of the public that has followed the over the state of affairs of the Resources, had cancelled existing ministry by insisting that since it is a standard practice in the oil right channel to verify any such country. contract with the jet company, the federal government, through and gas industry, the minister has misleading report.”

MEDIA GURUS

NNPC: Kachikwu Has Cancelled Existing Contract withVistajets

MONDAY APRIL 11, 2016 • T H I S D AY

49

NEWSEXTRA

#PanamaPapers: SERAP Gives CCB 14 Days to Investigate Named Public Officers Ugo Aliogo A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has asked the Chairman of the Code of Conduct Bureau (CCB), Mr. Sam Saba, to urgently investigate the current and immediate past high-ranking public officers named in the Panama Papers and others who are maintaining and operating or have maintained and operated foreign accounts in other safe havens and jurisdictions.

It also urged Saba to where appropriate, refer such officers to the Code of Conduct Tribunal (CCT) for prosecution.

The organisation said: “We would be grateful if the Bureau could begin to take these steps within 14 days of the receipt and/or publication of this letter.

If we have not heard from you by then as to the steps the bureau is taking to address the concerns raised in this letter, the registered trustees of SERAP shall take all appropriate legal actions to compel the bureau to effectively discharge its constitutional and statutory mandates in this instance.”

The letter dated April 8, 2016 and signed by its Executive Director, Adetokunbo Mumuni, read in part: “SERAP believes that the

Panama Papers have shown the extent to which public officers in the country are concealing their stolen wealth in safe havens and secrecy jurisdictions, contrary to the Code of Conduct for Public Officers which prohibits public officers from maintaining and operating foreign accounts.

“SERAP hopes that the CCB will learn from the lessons of the Panama Papers to combat the abuse of the asset declaration requirements and not wait for further international disclosures that may implicate even more public officers in corruption and money laundering.

“SERAP argues that unless highranking public officers who use safe havens and secrecy jurisdictions to breach the fundamental requirements of asset declaration are sanctioned, named and shamed, the credibility of the asset declaration regime as a tool of preventing and combating corruption will continue to be doubted, and Nigerians will continue to witness climate of lack of transparency and widespread impunity of corrupt public officers in the country.

“SERAP also believes that bodies like the CCB should now seize the opportunity and use its mandate to react to this international scandal by taking concrete and proactive

steps to address increasing breaches of constitutional provisions by high-ranking public officers. This action will be entirely consistent with the Nigerian 1999 Constitution (as amended), the law establishing the bureau, and will meet demands

by Nigerians for improvement in transparency regarding asset declarations and sanctions of public officers for breaches.

“Effective asset declaration regime can play an important role in detecting illicit enrichment and preventing corruption and avoiding the kind of international embarrassment that the Panama Papers represents for Nigeria.

“SERAP notes that the aims and objectives of the CCB include the

establishment and maintenance of a high standard of morality in the conduct of public business and ensuring that the actions and behaviour of public officers conform to the highest standards of public morality and accountability.

“SERAP notes that provisions on the declaration of assets by public officers in Nigeria are entrenched in the Code of Conduct for Public Officers, contained in Part I of the Fifth Schedule to the 1999 Nigerian Constitution.

These provisions aim to prevent corruption and abuse of office, to ensure transparency in public officers and to prevent high-ranking public officers operating foreign accounts to hide their ill-gotten

wealth.

“SERAP also notes that acts prohibited by the Code include a public officer putting himself in a position where his personal interest conflicts with his duties and official responsibilities; holding two posts from which he is being paid from public funds; and operating foreign accounts.”

“The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network

of international partners, including the Guardian and the BBC. The documents show the myriad ways in which corrupt public officers including some from Nigeria can exploit secretive offshore regimes to hide their ill-gotten wealth.

“Among national leaders and former and current public officers are reportedly mentioned in the Panama Papers are: Senate President, Senator Bukola Saraki; Senator David Mark and the former governor of Delta State, Chief James Ononefe Ibori. According to reports, Nigerian public officers, their families and close associates are increasingly using safe havens and secrecy jurisdictions like Panama to hide their stolen assets.”

IPOB Flays DSS over Alleged Killing of Herdsmen Abia govt, Igbo women condemn incitement by security agency Emmanuel Ugwu in Umuahia The Indigenous People of Biafra IPOB yesterday hit back at the Department of State Services (DSS) for linking the separatist group with an alleged killing of five herdsmen, saying it was a cheap propaganda concocted to smear its image.

DSS had at the weekend reportedly announced that it had discovered a shallow grave at a forest in Aba where IPOB buried five herdsmen it killed and vowed to track down the alleged culprits.

But IPOB in a statement yesterday vehemently denied involvement in any shedding of innocent blood as its activities have been non-violent all along.

In the statement signed by its spokespersons, Emma Nmezu, and Dr. Clifford Iroanya, the pro-Biafra organisation accused the DSS of fabricating lies against IPOB in order to incite hatred and reprisal against Ndigbo.

“Yesterday (Saturday), the DSS announced that IPOB killed five northerners and buried them in a forest near Aba. Again, it is clear for even toddlers to see the game plan here.

Agovernment with a predetermined agenda to cloak IPOB in the garment of violent organisation deliberately designed such a cheap propaganda in order to ignite ethnic cleansing.

This very cheap blackmail by the DSS is idiotic and unintelligent,” the IPOB said.

The organisation noted that the DSS was already being confronted with the weakness of its charges against IPOB leader, Nnamdi Kanu, and has now “resorted to concocting stories of abduction

and killing as well as has subtly introduced the word ‘terrorism’ so that they will hopefully make it stick on IPOB and then get President Muhammadu Buhari to proclaim IPOB a violent and terrorist organisation.”

The group insisted that “it is not in our character to kill innocent lives in cold blood” adding that “the day we will decide to go violent, the world will know, like we did in 1967.”

In dismissing the allegation by the DSS, IPOB wondered why it would go after five innocent northerners when that number of people “do not make up for 218 IPOB men and women murdered in cold blood between November 2015 and February 2016.”

It warned that “if we were to declare war, we will begin by killing at least 5,000 people, not just five.”

Going down history lane, IPOB pointed out that the DSS propaganda was already following the same path that led to incitement, hatred and killing of easterners in the North, which eventually plunged Nigeria into a civil war that lasted three years.

However the pro-Biafra organisation noted that the DSS could resort to riding on the intelligence of Nigerians and feed them with lies because of their belief that Nigerians are gullible and can believe anything.

“Nobody in their right senses will take the DSS serious, until they are able to prove how, where, when and why IPOB killed a mere five people and the DSS (that) couldn’t locate the corpses of over 500 Agatu civilians suddenly located the five people IPOB killed.

THE BUDGET UNDER SCRUTINY

President Muhammadu Buhari (left); Vice-President Yemi Osinbajo (right); and Minister of Budget and National Planning, Senator Udoma Udo Udoma, carefully scrutinising the 2016 Appropriation Bill after it was sent to the presidency last week...weekend

Tension over Bayelsa Assembly’s Refusal to Swear in Opposition Members Emmanuel Addeh in Yenagoa Tension is building in Yenagoa, the Bayelsa State capital, over the alleged refusal of the leadership of the state House of Assembly to swear in members-elect of opposition political parties, supposedly on the orders of the state Governor, Mr. Seriake Dickson.

Two months after they were declared winners of the assembly election and certificates of return duly presented to them, the Speaker, Mr. Kombowei Benson, it was learnt, has allegedly refused to inaugurate the three members.

Those affected are Watson Belemote of the All Progressives Grand Alliance (APGA), representing Brass Constituency II; Gibson Munalayefa of the Labour Party (LP), Ogbia constituency II and Gabriel Ogbara of African Democratic Congress (ADC), who won the election for Ogbia constituency III. But in a reaction yesterday, an aide to the governor who preferred to remain anonymous, told THISDAY that the governor had no hand in the business of the

assembly, noting that those dragging Dickson’s name into the issue were cheap attention seekers.

The governor’s aide argued that having been a lawmaker before becoming a governor, Dickson would not interfere in the workings of the legislative arm of government.

“Do you think that a governor who has been a parliamentarian will do that? It is the House of Assembly’s business and not the governor’s job to swear in members.

The governor has more pressing issues to attend to rather than responding to faceless groups. ‘’They know that once they mention the governor’s name, it will get the desired attention, but we will not officially respond to these people who are looking for attention,’’ the aide said.

But the Bayelsa First Initiative (BFI) a group of former elected and appointed political office holders in the state, however told journalists in Yenagoa yesterday that Dickson allegedly conspired with the leadership of the assembly to stop the swearing-in of the three elected members.

The BFI, led by Chief Nathan

Egba, wondered why two months after the Appeal Court sitting in Port Harcourt, Rivers State, gave the order, the state assembly has continuously flouted it.

Strangely, the group said the leadership of the assembly dominated by members of the Peoples Democratic Party (PDP), had rushed to swear- n their party members who won their rerun elections just last month.

While condemning the quagmire created by the refusal, Egba noted that the purported Dickson’s order was not only anti-democratic, but smacks of deliberate disobedience to a court order.

He warned that the continuous alleged refusal by Dickson to allow the leadership of the PDP-controlled assembly to swear in the three minority party members-elect signalling a great danger for the future of the state.

“Do the governor and House of Assembly leadership think that the people of constituencies II in Brass Local Government Area as well as II and III in Ogbia Local Government Area will be happy

with the Dickson administration for shutting them out of the legislative process in the state?’’ Egba queried.

He added: “We therefore call on traditional rulers, NGOs and civil society organisations, legal practitioners, particularly the Attorney-General of the Federation (AGF), and that of Bayelsa State as well as the leadership of the National Assembly, to prevail on Dickson and the leadership of the state House of Assembly to obey the constitution and do the right thing.”

The three aggrieved members-elect, had in a protest letter addressed to the Senate President the Speaker of the House of Representatives, AGF, and the Inspector General of Police, warned that they should not be held responsible if there was a breakdown of order in the affected constituencies.

In the letter written by their solicitor, Jude Rex- Ogbuku, the three politicians said when they received the certificate of return, they wrote the Clerk of the state House of Assembly, but were not replied.

50

MONDAY APRIL 11, 2016 • T H I S D AY

NEWSEXTRA

Falana Asks FG to Recover $200bn Stolen Fund from Looters Cautions against $2bn Chinese loans Threatens court action against FG

Gboyega Akinsanmi A human rights lawyers, Mr. Femi Falana, yesterday asked the federal government to recover $200 billion criminally diverted by a handful of local and foreign looters rather than borrowing $2 billion from China.

Falana, a Senior Advocate of Nigeria (SAN), added that he would be left with no option other than “to initiate legal proceedings at the Federal High Court with a view to restraining the federal government from further plunging the nation into external indebtedness.”

He made the demand in a statement he issued yesterday, calling on the federal government “to muster the political will and courage to recover the stolen wealth of not less than $200 billion belonging to Nigerians.”

In a letter dated February 12, Falana had written the administration of President Muhammadu Buhari to jettison the plan to take a loan of $2.5 billion from the World Bank and $1 billion from the African Development

Bank (AfDB). taking the loan of $2 billion from In the letter, the senior advocate China or any other country, thereby urged the federal government “to urging the government “to recover explore alternative sources of raising the country’s wealth which has been revenue to fund the 2016 budget criminally diverted by a handful instead of increasing the nation’s of local and foreign looters.” external debt of $64 billion.”

Falana requested the federal He also asked the federal government “to direct the relevant government “to embark on the agencies and the anti-graft bodies to recovery of the revenue of $42 collect the national wealth criminally billion withheld from the Federation diverted by a handful of local and Account from 1999 to 2012 by foreign looters. some transnational oil companies, “If you refuse to accede to our the Nigerian National Petroleum request, we shall have no other Corporation (NNPC) and other alternative than to initiate legal federal government agencies.” proceedings at the Federal High In a response to his request on March 17, the senior advocate said the Buhari administration promised that the issues raised in his first letter were receiving the attention of the federal government.

Contrary to the assurance it gave in March 17, Falana expressed shock that the federal government had already had applied “to the Chinese Government for another loan of $2 billion.”

On this ground, he asked the federal government to desist from

Court with a view to restraining the federal government from further plunging the nation into external indebtedness,” he said.

Falana thus asked the federal government to recover a sum of $20.2 billion, which he said, had been withheld by the NNPC, some oil companies and certain agencies of the federal government.

In 2006, he said the Central Bank of Nigeria (CBN) “apportioned $7 billion out of the nation’s external reserves to 14 Nigerian banks. In 2008, the CBN also gave a bailout of N600 billion ($4 billion) to the

banks. The indebted banks should be asked to repay the $11 billion loan.”

He added that the NNPC announced that arrangements had been concluded “to recover the sum of $9.6 billion in over-deducted tax benefits from joint venture partners on major capital projects and oil swap contracts. Since the NNPC is said to have recovered the said sum of $9.6 billion it should be remitted into the Federation Account.

“Sometime in 2009, Mobil Producing Nigeria Unlimited

applied to the federal government for the renewal of three oil blocks.

Upon granting the application, the NNPC asked Mobil to pay the sum of $2.5 billion for the renewal of the licences.

“Curiously, the $600 million paid by the Mobil was accepted by the federal government. One of our clients has requested the EFCC to investigate the circumstances surrounding the fraudulent transaction. The outstanding sum of $1.9 billion ought to be collected from Mobil and paid into the federation account.”

Military Rescues 14 More Hostages, Recovers Weapons from Boko Haram Senator Iroegbu in Abuja In continuation with its ongoing clearance operations of the suspected Boko Haram terrorists’ hideouts, the Nigerian military has rescued more hostages and recovered weapons.

The Director of Army Public Relations (DAPR), Col. Sani Usman, in a statement yesterday, said the troops of 155 Task Force Battalion conducted a patrol to Nimila village where they rescued 14 persons from the clutches of Boko Haram terrorists and recovered weapons.

Usman said the rescued persons were mostly women and children.

The troops, he said, also recovered three Dane guns; a single barrel and two double barrels.

“They further recovered three motor cycles abandoned by the terrorists, in addition to two mobile telephone,” he added.

Meanwhile, the Nigerian military authorities have said the planned establishment of a naval command post in the Lake Chad region is to checkmate the influx of Boko Haram terrorists from the contiguous boundary with Chad and Niger Republic.

THISDAY gathered that the federal government and military authorities are concerned about the threats posed by the reluctance of Chad to man its own border and prevent the terrorists from using their territory as a safe haven.

According to sources, the approval for the establishment of the naval post by President Muhammadu Buhari last month was a subtle warning to Chad over its failure to adhere to the agreement of the Lake Chad Basin Commission (LCBC) countries under the Multi-National Joint Task Force (MNJTF) to push Boko Haram out from their common borders.

“There is a growing concern that with the way Chad is acting, we have to take our destiny in

our own hands. And if Nigeria does not act now, all the efforts and successes we have made to clear the terrorists from the country maybe jeorpadised in the future if they have a safe haven in Chad.

“If you observe closely, you can notice that apart from some of their strong enclaves in Sambisa and Allargano forests, the next place we still have pockets of Boko Haram remnants is within the two local government areas and some other islands close to Chad and Niger,” a military source said.

This was also confirmed by the Director of Information (DINFO), Nigerian Navy, Commodore Christian Ezekobe, who said the Naval post is to secure the territorial integrity of Nigerian around the region and protect the surrounding islands.

Ezekobe however noted that the takeoff of the post is dependent on when the newly created 8 Division of the Nigerian army, comes into force.

He explained that the surrounding land area needs to be well secured by the army before navy would move in to maintain security around the territorial waters and islands.

“This is being set up with a view to checkmating the illegal entry of the Boko Haram terrorists through the Lake Chad and surrounding boundary area. This is also to ensure the security and territorial integrity of the islands within Lake Chad.

“They are however going to wait until the army establishes the 8 Division to cover the area.

This is because the territory and surrounding area need to be secured and protected since we are mostly going to be on water,” he said.

Speaking further, the DINFO was emphatic that the military post is solely a Nigerian arrangement and not under the LCBC and MNJTF agreement.

PUTTING HEADS TOGETHER FOR SHAREHOLDERS

Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza (left); with the Chairman of the United Bank, Mr. Tony Elumelu, at the 54th annual general meeting of the bank in Lagos....Friday

AGF: No Legal Basis to Seal off Kogi Assembly Yekini Jimoh in Lokoja As the Kogi State House of Assembly remains sealed due to the lingering crisis in the assembly, the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), has said there is insufficient legal basis for the directive to the Inspector General of Police (IG) by the House of Representatives to seal the assembly until the matter is resolved.

This was contained in a letter with reference number: HAGF/ NPF/ 2016/ Vol.1 and dated April 5, 2016, from the AGF addressed to the IG, Solomon Arase, which a copy was made available yesterday to THISDAY in Lokoja.

The AGF in the letter noted that the constitution, in his own opinion, presumes that the general security situation in the state should have deteriorated to the extend that the State House of Assembly finds it difficult or impossible to operate or exercise its normal legislative activities.

“Section 11 (4) is therefore not meant to address mere issues of disagreements between legislators within the state House of Assembly, since it is recognised that such disagreements or disputes are normal incidences within the

democratic governance space. The 1999 Constitution therefore never presumed that every disagreement within a state legislature would be visited with the sanction of National Assembly legislative oversight,” he said.

He also mentioned that: “It is instructive to note that Section 11 (4) is part of the general Section 11 of the constitution which is titled: ‘Public Order and Public Security.’

It must therefore be read within such a context and not merely in relation to the situation within the House of Assembly.”

Malami opined that the state was currently not under a state of emergency or any situation close to it. “At best, what was playing out in the state was an internal dispute within the House of Assembly from which the majority of its citizens have been immune as normal activities continue to take place. The said dispute was also of a character which was ultimately capable of being resolved by requisite judicial intervention, in line with the constitution,” he emphasised.

He added that the rules of procedure of the National Assembly preclude it from taking a decision on a matter, adopting a resolution where such a matter is pending before a court of law.

“In this case, it would appear to me that this rule of procedure was observed in the breach by the National Assembly as it is on record that both parties to the dispute in the the state House of Assembly had already filed actions in court at the time the decision of the National Assembly was taken.”

“A notable example of a pending action in the above regard was suit no. FHC/LKJ/ CS/16/16 (Kogi State House of Assembly and three Others V. National Assembly and two Others), which to the best of my knowledge is on-going.

It is therefore my considered view that the resolution of the House of Representatives on the matter breached its own rules and would therefore face a grave test of validity,” Malami Stated.

He noted that a close reading of Section 11 (4) further suggests that if the National Assembly is expected to ‘make laws’ for the peace, order and good government of a state in crisis, it cannot make such laws on the basis of a resolution. “The legal maximum that ‘You cannot build something on nothing’ will be applicable here. It is submitted that the National Assembly in the appropriate circumstances, where

it validly exercises its power under Section 11(4), would need to back up its resolution with a bill, which when ultimately passed into law, would create the necessary legal basis for its take-over of such legislative functions,” he said.

The AGP stressed that it appears to him that the determination by the National Assembly that the alleged impeachment of the speaker of the state assembly by five members of the assembly’ was ‘null and void’ was an exercise of judicial power by the legislature, contrary to Section 6 of the 1999 Constitution (as amended), as it is a matter that should be determined judicially on the application of the affected persons.

“The same evaluation will attend its description of the alleged action of the Nigeria Police Force in purportedly providing protection for five persons as an act that was tantamount to ‘subverting the provision of the constitution” as matters of constitutionality are issues for judicial determination,” he mentioned.

The AGF therefore advised the IG to take all necessary action within the law to continue to ensure the safety of lives and property in the state and ensure that the necessary public peace and order are maintained appropriately.

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Concerns Mount over Non-reconstitution of NERC Board Ejiofor Alike There are serious concerns among the operators in Nigeria’s power sector over the failure of President Muhammadu Buhari to appoint a new Chairman and commissioners for the Nigerian Electricity Regulatory Commission (NERC) four months after the expiration of the tenure of the Dr. Sam Amadi-led management team, THISDAY has learnt.

The Amadi-led management team was inaugurated on December 22, 2010 and ended on December 21, 2015.

Other members of the last commission included: the Vice Chairman and Commissioner in charge of Renewable Energy, Research and Development, Mr. Muhammed Lawal Bello; Commissioner, Finance and Management Services, Mrs. Mary Emiola Awolokun; Commissioner Legal, Licensing and Enforcement, Dr, Steven Andzenge; Commissioner, Engineering, Standards and Safety, Dr. Abba Armiya’u Ibrahim; Commissioner, Government and Consumer Affairs, Mr. Ekpo Olagoke Eyo and Commissioner in charge of Markets, Competition and Rates, Mr. Patrick Umeh.

NERC is presently headed by Dr. Anthony Ikenna Babatunde Akah as the acting Chief Executive Officer, a position, which industry sources say

is alien to the Electric Power Sector Reform (EPSR) Act of 2005, which established the regulatory agency.

The Chief Executive Officer of one of the privatised power firms, who opted not to be quoted, told THISDAY at the weekend that with the nonconstitution of a new executive, any regulatory decision taken by the acting CEO would be null and void.

“Our worry is the long term consequence of this avoidable vacuum. If the regulatory body takes any major decision today and somebody goes to court in the future to challenge the implementation of such decision, the decision will be rendered a nullity and the sector will suffer the consequence. We just hope that the government will do the needful because NERC as it is today is a threat to the industry,” he explained.

To avoid the creation of this current vacuum at NERC, the power reform act under Sector 35 (5) stipulates that “all appointments or re-appointments of commissioners shall be made before the expiry of their term of office in accordance with Section 34 of this Act.” But the president failed not only to appoint new commissioners before the expiration of the tenure of the last commission but has also not been able to replace the former commissioners four months after

they left office.

Section 34 (1) of the EPSR Act provides that “subject to subsection 2 and 3 of this Section, the commission shall consist of seven full-time commissioners appointed by the President subject to the confirmation by the Senate.”

According to subsection (2), “in selecting potential nominees, the president shall ensure that individuals are chosen from both the public and private sectors, for their experience or professional qualifications in the following fields or areas of competence: (a) generation, transmission, system operation, distribution or marketing of electricity (b) law, accountancy, economics, finance or administration.”

Subsection (3) provides that the “seven commissioners shall be appointed to reflect one commissioner per geopolitical zone and a chairman from any

zone.”

However, while the chairman’s tenure of office is five years, the vice chairman and other commissioners are appointed for four years.

Reacting to the federal government’s target of 10,000 megawatts of electricity by 2019, Amadi told THISDAY that for the sector to realise government’s target, NERC should be restored to its statutory form and powers.

“Unfortunately, without appointment of commissioners, NERC is comatose, in spite of the hard work and best intentions of the management staff,” Amadi said.

According to the former boss of NERC, the agency’s regulatory framework guarantees high level of efficiency to achieve government’s target if enforcement is vigorous “The work we did in

NERC in the last five years has guaranteed a stable electricity model even in the face of very acute problems of poor quantity and quality of electricity. To ensure you have 10,000MW, you need to start from the end and get back to the beginning,” Amadi added.

Also a Lagos-based lawyer and investment adviser on energy matters, Mr. Iseoluwa Abiodun-Johnson told THISDAY that it was the height of irresponsibility for any government to act in a manner that was contrary to its own laws.

He said any action taken without the constitution of a new NERC would be “null and void.”

Abiodun-Johnson said since NERC was established by statute, the federal government should deal with the agency based on that statute.

“The whole essence of law is for good governance so that the running of the government is not done according to the whims and caprices of whomsoever that is in charge. When you do something that is not in accordance with the law, it is illegal; it is null; it is void and of no effect whatsoever.

The federal government is being emotive because their action is not guided by what the law says but by their emotion,” he explained.

Abiodun-Johnson insisted that NERC could not be run under any manner but according to the EPSR Act. “We have been talking about only 3,000MW since 1998 because of silly things like this, where government takes decisions that are contrary to the law. That was how the governing councils of the federal universities were dissolved when their tenure had not ended,” he added.

Emefiele Assures Investors of Support to Create Jobs, Wealth Obinna Chima The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Ifeanyi has reassured foreign direct investors of cooperation and support towards selfsufficiency in local production of essential goods as country continue to drive towards economic diversification.

A statement yesterday quoted Emefiele to have said this while speaking during the facility tour of the new completed Sunti Golden Sugar factory in Sunti, Niger State at the weekend.

The CBN governor noted that the Bank had invested about N26 billion in the project of such magnitude in order to encourage import substitution and backward integration strategy.

According to him, such investments are geared towards self-sufficiency, generate employment and create of wealth.

He therefore urged smallholder sugar cane farmers in the area to leverage on the presence of the factory to boost production, as the company would now buy all their produce.

Speaking earlier, the Chairman of the Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, Mr. John Coumantaros, expressed appreciation for the uncommon support, which the CBN gave the company, saying without it the project wouldn’t have been completed on schedule.

The chairman noted that the N45 billion sugar-refining project was expected to create

over 15,000 jobs including 3,500 direct jobs, 3,000 small scale outgrower farmers and save over $50 million in foreign exchange for the country annually.

Coumantaros further stated that Nigeria presently produce 1.7 million metric tons of raw sugar, which is just about two per cent of her needs whereas, countries like Benin Republic, Senegal and Mali currently produce 26 per cent, 48 per cent and 28 per cent of their local sugar needs. As such, he said the planned 100,000 metric tons of raw sugar to be produced by Sunti Golden Sugar Company would augment the supply gap, create jobs and save foreign exchange for the country.

This is in addition to generation of 10 megawatts of electricity, animal feeds and fertiliser from the sugar cane residue.

In his remarks at the event, the Niger State Governor, Alhaji Abubakar Sani Bello, commended the management of CBN for providing the much needed fund for the projects and the Nigeria Flour Mills for working hard to fulfill its obligations to the host community by providing access roads, boreholes, electricity and health facility in addition to the engagement of over 800 construction workers mostly from the host communities. He urged the company to train the staff to be skilled for future expansion.

He promised to work assiduously to make Niger State contribute towards making Nigeria self-sufficient in food production and become an exporting nation.

GOVERNOR OF THE YEAR

Chairman of the occasion, Oba Otudeko (right), presenting the Vanguard Newspapers Governor of the Year, 2015 award to the Borno State Governor Kashim Shettima in Lagos...Friday

FG Planning to Arrest Jonathan, Ijaw Youths Allege Emmanuel Addeh in Yenagoa The Ijaw Youths Council (IYC), the umbrella body of all youths of Ijaw descent, yesterday in Yenagoa alleged that the recent arrest of ex-President Goodluck Jonathan’s cousin, Robert Azibola, was an indication that the federal government would soon come after the former leader.

However, the IYC led by Mr Udengs Eradiri, vowed that the youths in of the region would resist any attempt to persecute Jonathan, noting that it would mark the beginning of trouble for the federal government.

According to Eradiri, the IYC president, that many people who have a close relationship with the former president had been arrested by the Economic and Financial Crimes Commission (EFCC) was enough evidence of the federal government’s plan.

He added that the region was still angry over the way the late Diepreye Alamieyeseigha, former Governor of Bayelsa State was maltreated, noting that the youths would not allow any future humiliation of people from the area.

“They have arrested almost all our people. Azibola was arrested by the EFCC and we are calling on the EFCC to stop persecuting him further and charge him to court if there are issues.

“They detained him for a long time forcing him to make statements to indict former President Jonathan. Azibola was a businessman, contractor and has the right like every Nigerian to get contracts. Why will the Niger Delta case be a different one?”

He continued: “We noticed that the same way they

persecuted Alamieyeseigha, they want to continue with Jonathan.

Our people who contributed in that administration are being persecuted by this government.

“The recent one is the ploy to arrest Jonathan which is unfolding every day. This must stop. Jonathan was the most performing president that Nigeria has ever had. We are proud of him.

“Every day, there is a calculated attempt to whittle down the achievements of Jonathan. We call on Nigerians to mount pressure on the government to focus on leading Nigeria right rather than looking for ways to bring down the achievements of Jonathan.

“Buhari should please focus on governance rather than persecution of people who have added value. We are not happy about it and today we

use Alamieyeseigha’s death as a point of contact. The world has seen that from Alamieyeseigha it has trickled down to all the Niger Delta people.”

While answering questions on the alleged removal of 10 per cent community equity from the new Petroleum Industry Bill (PIB), Eradiri said the youths would neither beg nor lobby for what is rightfully theirs.

He said: “For us we will not beg for it. We will not even lobby anybody. The oil is our oil and we will take it. If they like, they should put it if they don’t like they should leave it. We expect that this country should have commonsense by including community participation.

“This 10 per cent would have covered for pipeline surveillance.

Once the people know that they have 10 per cent in this business, they will protect it.’’

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PDP House Caucus Blames Buhari’s Policies for Hardship Gbajabiamila urges patience with APC government Damilola Oyedele in Abuja The Peoples Democratic Party (PDP) caucus in the House of Representatives has blamed what it described as President Muhammadu Buhari’s wrong policies for the lingering fuel scarcity,

low power generation and other hardships being experienced by Nigerians.

Speaking with THISDAY in an interview yesterday, the Minority Leader, Hon. Leo Ogor, lambasted the All Progressives Congress (APC) for its insistence on heaping the

Sanusi: Jonathan’s Administration Responsible for Economic Hardship The Emir of Kano, Malam Muhammad Sanusi II, has blamed the previous administration led by Goodluck Jonathan for the lingering economic hardship in Nigeria.

Sanusi, a former Governor of the Central Bank of Nigeria (CBN), attributed the current hardship to the way and manner the previous administration handled the affairs of the nation.

He stated this when Nigeria’s Vice President, Yemi Osinbajo, visited him on Saturday during a working visit to Kano State.

Speaking on the economic hardship, Sanusi, however, called on the government to find lasting solution to the hardship.

The emir, according to PM News, also advised government to step up effort in enlightening Nigerians on the nation’s economic situation.

He said the emirate council would do same and pleaded with Nigerians to bear with the situation, promising that the hardship would soon be overcome.

Also speaking, Osinbajo stressed that the Buhari-led administration was committed to transforming the living standard of Nigerians.

According to him, the federal government was doing everything possible to overcome the challenge soon.

He told the emir that he was in the state to sympathise with the state government, Emirate council and the entire people of the state on the recent fire outbreak at the Abubakar Rimi Market.

“We also came to inspect some of the developmental projects executed by the leadership of Governor Abdullahi Ganduje,” Osinbajo said.

blame for the country’s troubles on the PDP. “The ideology of the blame game is what the APC needs to put behind them, they continue to blame the PDP for whatever mishap is befalling them,” Ogor said, and added that the ruling party does not seem to understand what governance is all about.

“They have not taken specific decisions, if they take specific decisions, they would know the right thing to do. The right thing is taking the right steps.

We would not act as consultants to them. Unfortunately it is the Nigerian people that are suffering.

They should appreciate that it is the Nigerian people who are bearing the brunt of their actions or inactions,” Ogor said.

“The economy is already at a standstill, the stock market has already crashed, and we can see what is happening in the power sector. Now that the body language of the president is no longer speaking, now they choose to blame the PDP,” the Minority Leader lamented.

The Deputy Minority Whip, Hon. Binta Bello, in a similar manner, said the APC-led government should simply fix the challenges on ground, instead of pointing fingers at the former governments after 11 months in office.

“Why are they saying that now? Did they not say they can fix all of the country’s problems?

Then they should just fix the challenges. After all President

Buhari has presented himself as Mr. Know it all,” she said.

Bello added that the APC has failed Nigerians, and continue to do so by placing the blame for the challenges being experienced elsewhere, instead of taking responsibility.

Meanwhile, the Majority Leader in the House of Representatives, Hon. Femi Gbajabiamila, has appealed to Nigerians to endure the challenges being experienced in the country as the situation cannot be reversed in just 10 months.

Gbajabiamila, speaking following the conferment of a honorary doctorate on him by Achievers University, Ondo State, added that Nigeria was in a hole in the last 16 years of the PDP

government.

According to a statement issued by the House Leader’s Media Assistant, Mr. Olanrewaju Smart, Gbajabiamila said the drafters of the nation’s constitution realised it would take time to make meaningful impact by new government, hence the provision of a four year tenure for the president.

“Change is an organic thing and cannot be achieved overnight.

It is not only in the physical but most times in the subliminal. We see that change every day in our psyche and mentality and I plead that Nigerians should be a little patient with this government. We are coming out of a hole and in no time I believe we will come out from that hole into the promise land and our destined future,” he said.

Oshiomhole: Shettima Most Deserving for Best Governor Award Edo State Governor, Mr. Adams Oshiomhole, has described Borno State Governor, Kashim Shettima, as the most suitable for the Governor of the Year award owing to his leadership skills and courage in managing the Boko Haram insurgency in his state.

Oshiomhole stated this last Friday night while responding to an award he received from Vanguard Newspapers as one of the Governors of the Year, 2015, which the newspaper awarded to four governors: Kashim Shettima (Borno), Hassan Dankwambo (Gombe), Ibikunle Amosun (Ogun) and Oshiomhole (Edo) at this year’s edition of Vanguard Personality Awards tagged: ‘The Torchbearers” held at the Eko Hotel, Victoria Island in Lagos.

President Muhammadu Buhari and former President Goodluck Jonathan received the ‘Personality of the Year awards’ while former Vice President Alex Ekwueme received life time achievement award.

“If I was asked to vote among ourselves, to choose one governor who should be really voted for tonight, l will without any reservation vote for Governor Shettima of Borno State because the truth is that it is quite challenging to manage even in a peaceful environment and each time we hear that they have exploded bombs (they are killing children, they are killing women) we expect to see a governor who is wallowing himself in pity, joining his people to cry as if there will be no tomorrow but in Governor Shettima, every bomb blast reinforces his determination to fight and defeat the forces of

darkness. He has efficiently made a difficult job look so easy We in Edo State admire Shettima so much and as I have said, if I were to vote, I will add my honour to his own because he has shown that the devil is a liar. I congratulate you, I am happy for you and I am happy for the people of Borno State and we in Edo State are hoping that you prevail,” Oshiomhole said.

Speaking further, the Edo State governor recalled, “Around this time last year or a little earlier than that, Shettima had the courage to speak truth to power, that the government was not doing enough, that insurgents were more armed and even more motivated.

He spoke to power when it was dangerous to do so. Each time I see men of courage, I feel more reinforced myself, so I congratulate you, Shettima.

President Buhari, who for his resilience in politics, was represented by the Minister of Information and Culture, Lai Mohammed, while Jonathan, receieved an award for his political maturity in conceding defeat in the aftermath of the 2015 presidential elections, was represented by a former Minister of Works, Prince Dayo Adeyeye.

Other recipients including Shettima, Dankwambo, Amosun, Ekwueme, Jim Ovia of the Zenith were at the event in persons.

The founder and Chairman of Vanguard Newspapers, Mr. Sam Amuka, said the company initiated the Personality Awards in 2013 “to celebrate exceptional achievers” in various fields with the aim of inspiring other Nigerians to make the country better.

SAFE JOURNEY SIR

President Muhammadu Buhari (left); Chief of Staff, Mallam Abba Kyari; Inspector General of Police, Mr. Solomon Arase, Guards Brigade Commander, Brig GeneralM.S.Yusuf,asthepresidentdepartsforChinaonastatevisit inAbuja...yesterday

Stakeholders Reject Iree as Headquarters of Boripe North LCDA Three communities in the newlycreated Boripe North Local Council Development Area (LCDA) in Osun State have insisted that the idea of making Iree the headquarters of the LCDA is unacceptable and that they would pursue their position to have Modaa, Ada as the headquarters, as contained in a letter of protest earlier presented to Governor Rauf Aregbesola.

In a communiqué issued at the end of a stakeholders’ meeting of traditional rulers, religious groups, opinion and political leaders, youths and market women from the communities of Ada, Aagba and Ororuwo held recently.

They dissociated themselves from the so-called rejoinder by some members of Aagba community, saying it was authored by impostors, impersonators and disgruntled elements who are still smarting from their loss in an obaship tussle that has been laid to rest.

The stakeholders added that many of those named as signatories to the rejoinder have complained that their signatures were forged and that those responsible are well-known

figures with criminal records in the community.

According to the communiqué, signed by 15 representatives, the three communities remained undaunted in their request to have Modaa, Ada as the headquarters of the new LCDA. Representatives of the three communities said if the government cannot rescind the decision to make Iree an LCDA headquarters, then it should accede to their request to make Modaa, Ada, their own headquarters, as contained in the memorandum they presented for the creation of the Boripe North LCDA, “which Iree was never a party to.”

It added: “We shall continue to maintain peace in pursuit of our legitimate demand never to have or allow the imposition of Iree as the headquarters of our LCDA.” The stakeholders enjoined the Osun State Government to immediately put the machinery in motion to address what they described as injustice to the three aggrieved communities.

Those who signed the communiqué included: Oba

Abimbola Olalekan Abioye II, the Olona of Ada; Oba Rufus Ilufemiloye Ogunwole, Kujoosin I, the Alaagba of Aagbaland; Mr. Adewale Olugbemiga Abimbola, Chairman,

Ada Development Council; Hon. Anthony Oladipupo, Chairman, Aagba Development Council; and Mr. Oderinu Folorunso, Chairman, Ororuwo Development Council.

Yobe to Scale up Partnership with NTIC, NTNU The Yobe State Government will scale up its educational partnership with the Nigeria-Turkish International Colleges (NTIC) and the Nigeria-Turkish Nile University (NTNU) in order to offer more opportunities for Yobe students.

Governor Ibrahim Gaidam stated this yesterday when a delegation of First Surat Group, which manages the NTIC, NTNU and the Nigeria-Turkish Nizamiye Hospital, visited him in Abuja.

The governor noted with satisfaction the performance of Yobe students in WASC and JAMB at the NTIC Mamudo-Yobe and other NTIC schools across the country, as well as at the Nigeria-Turkish Nile university, saying the progress the

students are making was possible because the state government had continued to stand by them.

The governor asked the NTIC management to devote additional time to teaching students enrolled in their schools moral and religious values, observing that this is necessary to helping develop in the students a ‘sense of responsibility and moral discipline from the very beginning.’

Taking the governor through a series of PowerPoint presentations on the performance of Yobe students both at the NTIC and NTNU, Mr. Orham Kertim, the managing director of the NTIC schools said Yobe students are among the best performing students in the schools.

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Dogara Rules out N’Assembly, Presidency Clash Reiterates support of House for anti-corruption fight Damilola Oyedele in Abuja The Speaker of the House of Representatives, Hon. Yakubu Dogara, has said the National Assembly is not interested in any

clash with the executive despite the doctrine of the separation of powers, as it considers itself a partner towards the achievement of the change agenda.

This is as he reiterated the

FG Releases 7,000 Outstanding Petrol Loading Tickets of Independent Marketers Chineme Okafor in Abuja The federal government yesterday move to release to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) trucks of petrol to offset about 7,000 of their loading tickets which they said had been outstanding at products depots in the country.

IPMAN said in a statement from the Secretary of their Reconciliation/ Interim Management Committee, Mr. Lawson Ngoa, in Abuja that some of their members had started loading products from some depots in Lagos.

It explained that the development was made possible by the intervention by the committee which was recently constituted by federal government to reunite them after years of leadership tussle.

Ngoa said IPMAN controls over 80 per cent of the petroleum

products retail outlets in the country but they were not getting the products from the Nigerian National Petroleum Corporation (NNPC) due to the internal leadership crises it had.

According to him, the committee has now taken steps to ensure that products are available at its retail outlets all over the country.

Ngoa in the statement thanked Nigerians for their patience and understanding with the government on the fuel scarcity.

He said with the support of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and his team, the scarcity would soon be over.

He further called on all stakeholders to shun unnecessary rancour and join hands with the committee to restore peace and normalcy in petrol distribution.

commitment of the green chamber to the anti-corruption fight of President Muhammadu Buhari.

Dogara, who spoke during a courtesy visit to the Olowo of Owo Kingdom, Ondo State, Oba David Victor Folagbade Olateru-Olagbegi, said the lawmakers are being questioned on why they are not opposing the executive.

Details of the visit were contained in a statement by the Speaker’s Special Adviser (Media and Public Affairs), Mr. Turaki Hassan.

“I want to underpin the fact that we do not see our role or relationship as one

of collision, but one that is supportive of whatever is needed for achievement by the executive, to lessen the burden of the people and improve their living conditions. We do not adopt a posture just for the sake of proving that we have separate powers, we cooperate more to ensure that good is delivered to the people,” Dogara said.

The Speaker however noted that cooperation between both arms of government does not mean the legislature would keep quiet at actions that threaten democracy, or would not guard its independence jealously.

“We have been doing that in this government, in how

we handled the crisis in Kogi State House of Assembly. It was actually an APC leader who led investigation into the matter and we condemned the impunity even as members of the ruling party. This is the change we are talking about,” he added.

Speaking earlier at the fourth convocation of the Achievers’ University in Owo, the Speaker reiterated the commitment of the eighth House to fighting corruption and providing support for President Buhari in his effort to eradicate the scourge in Nigeria.

“Like any human institution, there may be a few bad eggs that may not live up to their

oath of office and legislative duties, but the leadership is dedicated to ensuring that any proven case of misdemeanour by any member is appropriately dealt with,” Dogara said.

He noted that the National Assembly had been a dependable organ of government, which continues to deploy its constitutional powers of oversight for the common good.

“Each successive assembly has made efforts in improving on the effectiveness of its legislative oversight function to promote good governance and accountability in Nigeria,” he added.

Disputed Land: Court Orders Adefarasin, Church to Maintain Status Quo Davidson Iriekpen Justice Adebisi Akinlade of the Lagos State High Court sitting in Igbosere yesterday restated the order restraining popular Lagos Pastor, Paul Adefarasin, and his church, House on the Rock, from taking over a land belonging to a businessman, Gerald Chukwueke.

The judge ordered that parties in the matter should stay action (status quo ante bellum) on the issue as it was before March 15, 2016, when the defendants were served with the processes in the suit, pending the hearing of the interlocutory application filed by the claimants.

Justice Akinlade had on March 17, 2016 restrained the defendants, their servants, agents or privies from demolishing or removing any structure whatsoever be they temporary or permanent on the claimants premises located at plots 15, 16, 17 and 18 located at 188 Ikate, Lekki, Lagos.

The court also barred the defendants from commencing any development, construction, building or erecting any structure whether temporary or permanent in any manner whatsoever on the land.

At the resumed hearing of the matter yesterday, counsel to the claimants, Moyo Onigbanjo (SAN), told the court that he had served all the defendants with the processes in the matter.

Onigbanjo also said: “The defendants have filed a counter affidavit to our motion on notice and an application to strike out the name of the first defendant has also been filed, which we have responded to.”

On his part lawyer to the 1st

and 2nd defendants, Gabriel Uduafi agreed with the position of claimants’ lawyer but said he would file the statement of defence before the expiration of the 42 days allowed by the law.

Before the judge adjourned the matter, Onigbanjo urged the court to renew her earlier order restraining the defendants by directing parties to maintain status quo.

The lawyer insisted that it would be in the interest of justice for the court to grant his request so that the subject matter will be preserved.

However, Uduafi opposed the application, arguing that his clients had already taken possession of the land with a valid registered title.

In a short ruling, Justice Akinlade overruled Uduafi, and ordered parties to maintain status quo pending the hearing of the interlocutory application.

The judge then adjourned the suit to June 2, 2016 for mention.

In the suit, Chukwueke, and other claimants: Chinelo Chukwueke, Mrs. Martha Chukwueke, Germaine Logistics Limited & Germaine Auto Centre Limited are seeking the sum of N800 million as damages against Adefarasin and his church for allegedly trespassing on their land located in Lekki area of the state.

The claimants, who are also seeking the sum of N180 million as solicitor fees, wants the court to bar the defendants from further trespassing on the disputed land.

Other defendants in the suit apart from Pastor Adefarasin are: the Incorporated Trustees of the Rock Foundation, the Registrar of Titles, Lagos State Land Registry and the Attorney General of Lagos State.

REST IN PEACE ALAMIEYESEIGHA

L-R: Former President, Dr. Goodluck Jonathan; his wife, Patience; wife of the late Chief DSP Alamieyeseigha; Margaret; wife of the Bayelsa State Governor, Mrs. Rachael Dickson; and Governor Seriake Dickson, during the thanksgiving service for Alamieyeseigha at the St. Peter’s Anglican Church, Yenagoa....yesterday

Ondo: OPC May Retaliate Killing of Member by Herdsmen Zacheaus Somorin There are indications that the Oodua Peoples Congress (OPC) may retaliate the killing of one its members in Ondo State, Ayodele Ige. Ige was killed at Chief Olu Falae’s farm on the outskirts of the state’s capital, Akure.

In a statement made available to THISDAY, the group’s coordinator in Ondo State, Ogunsanya Pius, called on President Muhammadu Buhari to check what it described as” Fulani herdsmen assault’ on Yoruba people and bring the killers to book.

‘The killing of one our members

by Fulani herdsmen in Falae’s farm on the outskirts of Akure, Ondo State, has once again brought to the fore the danger posed by the herdsmen to their peace-loving host communities’, the statement read in part.

The group pointed out that ‘the heartless murder of Ige, the coordinator of the OPC in Akure North Local Government Area of Ondo State would not be allowed to be swept under the carpet like many of several other innocent

people killed across the country

by Fulani herdsmen.

It added that it was becoming worrisome that the herdsmen have continued their killing spree across the country without any major condemnation by the federal government, saying the innocent victims had been brutally murdered for daring to challenge the Fulani herdsmen for grazing and destroying their farmlands.

“It is strange that the security agencies have found it difficult to put an end to these wicked acts by Fulani herdsmen despite repeated cases of killings and arson against them from all over the country. The story is the same from Enugu to Edo, Akokoland to Oke Ogun and other parts of the country,” the statement added.

According to OPC, Ige was abducted by the Fulani herdsmen after several of their efforts to enter into Falae’s farm were repelled by its members who had been watching over the farm after the abduction of Falae.

It therefore posited the attack by the Fulani herdsmen on the property of a Yoruba leader cannot

be allowed to continue, saying “the killing of one of us is an attack on all of us, much more when that person is a leader.”

“Let it be known that we have taken this path of peace, not because of cowardice or because of the fear of these people. We want a peaceful, equitable and united Nigeria, which is the pillar of our struggle. But we can no longer bear it that the blood and sweat of our people are continually used to appease Nigeria.

The OPC and indeed the entire Yoruba nation can no longer tolerate these acts of gross impunity against our people by Fulani herdsmen,” the group averred.

It also called the attention of Nigerian to a bill tagged: “The Fulani National Grazing Reserve,” presently before t National Assembly. While explaining that the bill has successfully scaled through second reading in both the Senate and the House of Representatives, the group however expressed its reservation about it.

The bill seeks to provide for the establishment of a national grazing reserves and stock routes.

It is sponsored by Senator Zainab Kure.

The Bill proposes to establish a National Grazing Reserve Commission (NGRC) for the country. The NGRC will be charged with the responsibility of using funds received from the Federal Government to, OPC, forcefully acquire farmlands from Nigerians in all the 36 States of the country, develop same at government expense through the provision of bore holes, water reservoirs, for the exclusive cattle rearers.

“Without any doubt, this is a very dangerous proposal for Nigeria.

We all have seen how the Fulani herdsmen kill and maim members of the community where they graze their cattle without the backing of any law. We are sure that we can only imagine what their attitudes would be if the supposed grazing reserves are forcefully taken over by government and handed over to the herdsmen.

The nation is sitting on a box filled with gun powder and it would only take the quick intervention of all well-meaning Nigerians to avert this danger,” it said.

MONDAY APRIL 11, 2016 • T H I S D AY

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NEWSEXTRA

VAT Increment: Buhari Planning to Suffocate Nigerians Economically, Fayose Alleges APC: Governor’s US travel ban punishment for alleged electoral fraud Olakiitan Victor in Ado Ekiti Ekiti State Governor, Mr. Ayodele Fayose, has accused the federal government of suffocating Nigerians by planning to increase the Value Added Tax (VAT) from the current five per cent to 10 per cent.

Fayose described the move as insensitive to the plight of Nigerians who are suffering from the alleged bad economic policies of the President Muhammadu Buhari-led All Progressives Congress (APC) government.

Vice President Yemi Osinbajo had last Thursday in Lagos said the current five per cent VAT rate in the country was very low, and went on to add that the federal government would increase the taxpayer base this year.

But a statement by his Special Assistant on Public Communications, Lere Olayinka, Fayose said any increment in VAT or any other tax being paid by Nigerians at this time would further make life unbearable for the people.

“Under three months, electricity tariff was increased despite epileptic power supply, N50 stamp duty was imposed on bank customers for money received into their accounts via electronic transfer, cash and cheques; petrol is being sold for as high as N400 per litre and now they are talking about increasing VAT to 10 per cent, this is the height of insensitivity to the plight of Nigerians,” he said.

The governor, who lamented the increase in the cost of living of Nigerians, occasioned by the bad economic policies of the federal government, said: “Even recent figures from the National Bureau of Statistics (NBS) revealed that

prices of food have hit a record high and inflation is worsening.

Meanwhile, Fayose has said he would surprise the indigenes of the state with array of developmental projects before the expiration of his tenure in 2018 in spite of the parlous state of the economy of the state caused by dwindling revenues from the federation account.

Fayose, however, pointed out that this could only be possible if Ekitipeople are united ad see themselves as one, regardless of political affiliations.

For probity and accountability to be realisable in the governance of the state, Fayose promised to render quarterly account of his stewardship to Ekiti leaders and charge them to also make other public office holders do same.

In a statement in Ado-Ekiti yesterday by his Chief Press Secretary, Mr. Idowu Adelusi, the governor stated this in Lagos at the weekend at this year’s Ekiti Day organised by a social-cultural group, Ekiti Parapo, Lagos.

Fayose, who is the patron of the group, said Ekiti is endowed with quality human resources who could take it to higher height, but political bitterness and division were hindering that.

He frowned at a situation where some people, for political reasons, would want to set the state on fire because they lost out in political contest.

In his welcome address, the President, Ekiti Parapo, Lagos, Chief Esan Ogunleye, decried attempts by some people to link them with political parties.

According to him, the group would always remain apolitical and focus on ways of developing the state instead of dabbling into

Lai Mohammed: President will Negotiate for Fresh Loan in China Adebiyi Adedapo in Abuja The Minister of Information and Culture, Alhaji Lai Mohammed, has said President Muhammadu Buhari would negotiate for fresh loans with the Chinese government.

Mohammed also said the government must resort to borrowing, in order to finance the 2016 Budget, noting that government revenue had diminished drastically, owing to the fall of crude oil in the international market.

The president who is on a working visit to China is expected to attract more investors from China to Nigeria.

The minister who spoke yesterday evening on a current affair programme of Channels Television, Politics Today, noted that the borrowed funds would be deployed into capital projects, such as road, power and agriculture.

“Borrowing will be used for capital expenditure, government must borrow, if you look at the situation we are in. Crude which used to sell for over $100 per barrel, now sells for less than $40, and our overheads are the same, infrastructures are increasing and we have to maintain them,” the

minister said.

When pointedly asked, if the government is currently serving any loan with Chinese government, the minister said the loans are long term loans which are serviced within a period of 30 to 40 years.

“When we talk about Nigeria’s debt profile, it is the borrowing from 1960, these loans are not short term loans, they are loans serviceable for a period of about 40 years,” he said.

Speaking on the lingering fuel scarcity rocking the nation, the minister promised that the ugly situation would subside, as he said 1,300 trucks loaded with petrol would discharge fuel at filling stations from today.

“We have been able to bring the situation back to normal, 1300 trucks will supply fuel all over Nigeria,” he said.

The minister however, urged Nigerians to exercise patience with the government, as he assured that the change Nigerians voted for would manifest eventually.

“The change Nigerians voted for is real, the challenges we are facing is temporal, the change will come,” the minister said.

politics.

However, the state chapter of the APC, has declared that the alleged ban imposed on Fayose and members of his family by the United States of America was a punishment for alleged electoral fraud and $81million financial frauds.

The party also blasted Fayose for criticising President Muhammadu Buhari for proposing Special courts for electoral offenders, describing it as an attempt to silence opposition.

Also, Fayose had last week criticised the proposal by the Independent National Election Commission (INEC) to establish election crimes tribunal to try individuals involved in fraudulent practices and violence during elections.

INEC’s call followed cases

of violence resulting in killings during elections, saying that the establishment of election crimes court would curb the trend.

Fayose objected to the proposal, saying that it was a ploy by the federal government to appoint cronies into such courts to manipulation the judges to give favourable judgments to the ruling party.

The governor also said the federal government would manipulate the federal institutions, such as the police, army, Department of State Services (DSS) and INEC officials to implicate members of the opposition in such election crimes courts.

But APC Publicity Secretary, Taiwo Olatunbosun, said in a statement yesterday that by opposing the proposal, Fayose was afraid of his own shadow

by the way the federal institutions he listed were manipulated to help him win the June 21, 2014 governorship election.

Noting that the governor was a lone voice in the opposition to poll crime court because of the circumstances through which he won his election, Olatunbosun said: “We are not surprised that Fayose is afraid of election crimes court because he knows how he emerged as the governor. He is afraid to face the court because he can never win any election without committing fraud and attacking the opposition.

“The United States had already delivered her judgment on Fayose over alleged $81m fraud in Ekiti State funds, political killings and election fraud by imposing travel ban on him and members of his family.

“His electoral fraud manifested

in using the army, police and DSS personnel by the PDP-led federal government to help him win his election while Fayose himself said in Captain Sagir Koli’s secretly recorded tape that INEC gave him sensitive soft copies that he printed to win his election.

Some of the officers in the army have lost their jobs over Fayose-induced election crime.

“It is because of the people like Fayose that INEC is calling for the election crime court proposal, yet this is the same man that is afraid that these same federal institutions would be manipulated in favour of the ruling party just because he knows that they were manipulated in his favour to win his election by the PDP-led federal government. What hypocrisy and lack of integrity,” Olatunbosun said.

SWEET VICTORY

Governor Ifeanyi Ugwuanyi of Enugu State celebrating with the fans of Enugu Rangers International Football Club after the club defeated Ifeanyi Ubah Football Club to climb to the top of the NPFL table, at Nnamdi Azikiwe Stadium, Enugu... weekend.

APC Crisis: Faction Disowns Deputy Spokesman Onyebuchi Ezigbo in Abuja A faction of the state executive of committee of the All Progressives Congress (APC) in Bayelsa State has distanced itself from the Deputy National Publicity Secretary, Comrade Timi Frank.

The faction loyal to the former state governor and APC governorship candidate in the last election, Timipre Sylva said the crisis in the state chapter of the party was being sponsored by elements of the Peoples Democratic Party with the aim of destroying the party in the state.

Speaking on the alleged role of the APC deputy Spokesman in the brewing crisis in the State Organising Secretary of the party, Tonye Okio, said Timi Frank has never participated in the politics of the state and as such cannot claim to be one of its leaders.

Okio said: “Timi Frank is from Bayelsa State by birth.

But politically, he is not from Bayelsa because the position he is occupying was not zoned to our state.

“I was at the national convention and the position zoned to Bayelsa was ex-officio.

The position of Deputy National Publicity Secretary was zoned to Sokoto. It was the former governor that prevailed on the candidate from Sokoto to step down and give the position to him for peace to rein.

“He has never participated in the politics of the state and I am not sure he even know where the state secretariat of the party is located”.

The APC faction loyal to Sylva also said even though Frank was a Bayelsan by birth, he was politically not a Bayelsan as he was not representing the state in the national leadership of the party.

He alleged that the governor is eying to join the APC and as such sees Sylva as a rival that

must be pushed aside.

The factional state Chairman of the party, Joseph Fafi and Organising Secretary, Tonye Okio in a statement issued at the weekend on the outcome of a meeting with the national leadership of the party, said the suspended chairman was not fighting for the interest of the APC in Bayelsa State, adding that “he has been fighting to be the Executive Director, Finance of NDDC, he wants to be the Chairman of local content board and wanted to be Deputy Governor”.

He said further that leadership of the party in the state had already submitted a petition to the national leadership of the party who has promised to look into their allegations.

Fafi said: “We came here to see the national leadership and brief them on the happenings in Bayelsa state APC. What is happening is unfortunate.

We have suspended the state Chairman and we are here to explain to them the procedures we took.

“The state chairman stands suspended pending the rectification by the national leadership. For the suspended deputy Chairman and state secretary, they also stand suspended and we have the power to do that and the national secretariat is pleased with our explanation.

“There are unseen hands waiting to crush the APC in Bagelsa state. In fact, Dickson is the one using the suspended chairman to destabilise the party in the state. We have evidence that he has been collecting money from Dickson.

“Their airm is to first destroy the party and its leader in the state, Timiprieye Silva before coming in so that he will take over the party structures. We are going to resist this,” he said.

55

T H I S D AY Ëž MONDAY APRIL 11, 2016

MONDAYSPORTS

ĂœĂ™Ă&#x;Ăš ĂšĂ™ĂœĂžĂ? ĂŽĂ“ĂžĂ™Ăœ Duro Ikhazuagbe Ă—Ă‹Ă“Ă– duro.ikhazuagbe@thisdaylive.com

CA F C H A M P I O N S L E AG U E

Udoh’s Hat-trick Sinks Etoile du Sahel Femi Solaja åÓÞÒ Ă‹Ă‘Ă?Ă˜Ă?ĂŁ ĂœĂ?ĂšĂ™ĂœĂž Last Nigerian team standing in continental campaign this season, Enyimba FC of Aba, yesterday boosted its chances of reaching the money spinning CAF Champions League group stage as Mfon Udoh’s hat-trick put Etoile du Sahel to the sword in the second round first-leg game in Port Harcourt.

Mfon proved too hot to handle for the visitors as he netted his first African treble against an Etoile side reduced to 10 men in the second half after Ghazi Abderazek was sent off.

Faouzi Benzarti’s side came into yesterday’s clash in the Garden City knowing full well a victory or draw by any scoreline would put them in pole position to reach the group stage of the championship.

Udoh began his harvest of goals in the sixth minute when he converted from the penalty spot after Joseph Osadiaye was

brought down in the penalty area of the Tunisians.

Four minutes later, Christian Pyagbara almost doubled his side’s lead after shooting from a tight angle but the goalkeeper did well to save it for a corner kick for the People’s Elephants.

Pyagbara somehow failed to convert a cross from the left before Udoh headed over the crossbar in a lively opening 20 minutes.

The balance of power shifted totally from Etoile du Sahel after the break when Ghazi Abdelrazak was shown a second yellow card.

The Nigerians began to put clear daylight between themselves and their opponents as Udoh got his second goal of the evening for his sixth CAF Champions League strike.

And with ten minutes left to play, the fantastic forward powered in a third.

Etoile could even have gotten a consolation as they caused the hosts all kinds of trouble

with their quick counter-attacks but were not successful.

The Tunisians now face a tough task to turn things around when both sides meet again at the Stade Olympique de Sousse.

The tie is a repeat of the 2004 final that Enyimba eventually won on penalties after both legs had finished 2-1 to the home team.

Elsewhere yesterday, Uganda goalkeeper Dennis Onyango had kept Sundowns in the game in Kinshasa with some fine saves as Vita Club’s Ghanaian star Bernard Morrison proved a handful.

The only goal of the game was scored in injury time at the end of the game as Morrison was once again given too much time and while

his shot was well saved by Onyango his parry fell to Kule Mbombo, who scored. Vita’s compatriots TP Mazembe have a tough task if they are to defend their title after a 2-0 loss on Saturday at Morocco’s Wydad Casablanca. Abdellatif Noussir scored his first goal of the campaign just before half-time for Wydad and Reda Hajhouj converted a penalty

midway through the second half in Marrakech.

Coached by twice Real Madrid manager John Toshack, Wydad are attempting to win the competition a second time, having previously succeeded in 1992. Mazembe are chasing a sixth title, which would make them the second most successful club after eight-time champions Al Ahly of Egypt.

NPFL...NPFL...NPFL...

Plateau Utd Wins Jos Derby, Hits Giwa 2-0 It was a charged atmosphere in Jos, capital city of Plateau State, as the city’s top club sides who both play in the elite division locked horns at the Rwang Pam Stadium. It was the first top division derby in Jos after five years and the fixture provided all the anticipated fireworks. At the end of 90 minutes, Plateau United fans danced out of the arÊna with the 2-0 defeat of Giwa FC. For the first time this season, the Rwang Pam stadium was jam-packed as fans thronged the famous stadium to see the best of football from their darling teams.

Plateau United started on a positive note as early as the 3rd minute as danger man Sunday Ingbede had his team’s first chance at goal and instead of burying the ball right at the back of the net, he shot straight at Giwa Goalie Friday Achimugu.

For over 25 minutes, the home side displayed good football artistry to the admiration of their fans who cheered every move, but all moves

by Plateau United was short on purpose, not ending with the goals that would separate them from their rival Giwa FC on match day.

Giwa FC later got into the groove two minutes later as Ambrose Jimmy powered a shot from 25 yards, though off target, it was a clear reminder that they were also playing on their home ground albeit away technically.

Injury forced Giwa’s David Sunday out on the 34th minute, and obviously Ogunbote had to change his game plan as

PREMIERSHIP

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he brought in midfielder Abubakar Ahmed.

Minutes to the end of the first half, Giwa’s Omotayo curled a shot inches wide from the edge of the box, and at the other end, Goal keeper Achimugu made a brilliant stop off a Reuben Bala free kick.

First half ended 0-0.

The start to second half was rather dull, both sides coming into the half cautiously.

Gradually Coach Zakary Baraje’s boys started their pressing game and backed by almost over five thousand fans at the Rwang Pam stadium, Benjamin Turba capitalised on a defensive mix up to roll the ball past Goalkeeper Achimugu and to a thunderous roar by the fans. The home side went 1-0 up.

Just two minutes after the goal came another, a lobbed ball to Ingbede was not well handled by the Giwa defence. Ingbede knew he certainly had won a lottery as he then controlled beautifully to execute a finish that was world class. Giwa’s players crowded round the Referee, protesting and the fans also had a rowdy session which caused play to be stopped for some minutes. But the goal stood.

Game continued five minutes later, Plateau United later had more opportunities to increase their lead but wasted them, but they held on for a famous victory over Giwa FC at the Rwang Pam Stadium.

MATCH DAY 11

RESULTS Rangers 1-0 FC IfeanyiUbah Ikorodu Utd 0-0 Sunshine Stars El-Kanemi 2-0 Shooting Stars Kano Pillars 2-1 Nasarawa Utd Plateau Utd 2-0 Giwa FC Warri Wolves 1-0 MFM FC Akwa Utd 2-0 Niger Tornadoes Heartland 2-1 Rivers Utd *Abia Warriors 1-0 Lobi Stars

(Game continues 10am tomorrow after being called off due to waterlogged pitch)

Mfon Udoh... crushed Etoile with his hat≠trick yesterday

Joshua Beats Martin to Become IBF Heavyweight Champion Anthony Joshua, early hours of yesterday stopped Charles Martin in two rounds at London’s O2 Arena to claim the IBF heavyweight title in only his 16th professional fight.

Joshua was born in Watford to a Nigerian mother (Obafemi Martins) and a father of Nigerian and Irish descent (James McClean).

The Briton floored his American opponent with a peach of a righthand counter and after Martin was knocked down again, the referee called a halt.

The 26-year-old is his country’s sixth bona fide heavyweight world champion.

Joshua is also just the third

man to win a pro heavyweight world title while still a reigning Olympic champion.

And he is the first Briton to win both the super heavyweight Olympic gold and a version of the world heavyweight title London-born Lennox Lewis was fighting for Canada when he won the 1988 Olympic super heavyweight title in Seoul.

Joshua’s victory now brings a super-fight against fellow Briton and WBA and WBO champion Tyson Fury a step closer.

Champion Martin, who was making the first defence of the title he won in January, entered the ring wearing a tall crown, a

fur-trimmed, velvet cape and a smile as broad as his shoulders.

But the smile soon disappeared.

Some thought previously unbeaten Martin, 29, would trouble Joshua with his southpaw stance - he was the first lefthander Joshua had faced in the paid ranks - but he barely threw a punch to threaten him.

It took Joshua half of the first round to find his range but when he did, he landed with three or four big right hands that appeared to rattle the champion.

The challenger staggered Martin with a sweet left hook early in the second, before a beautifully-timed right put him on the seat of his

pants.

Martin rose at eight but after another massive right put him down again, referee Jean-Pierre van Imschoot counted him out on his feet, one minute and 32 seconds into the round.

Remarkably, Joshua now has 16 knockouts from 16 pro fights and has only boxed 34 rounds in total. His only fight to go past three rounds was a seventh-round stoppage of Dillian Whyte last time out.

Joshua joins Muhammad Ali and Leon Spinks as the only men to be pro heavyweight world champions while still being reigning Olympic champions.

Mark: FG Should Take Sports Devt Serious George Okoh Ă“Ă˜ Ă‹Ă•Ă&#x;ĂœĂŽĂ“ Former Senate President, Senator David Mark, has urged governments at all levels to take sport development seriously as a way to check all forms of social ills in the country.

Mark who spoke yesterday after teeing off a golf competition in commemoration of his 68th birthday celebration at the Otukpo Golf and Country Club, said sports was also a veritable platform for national integration.

The former senate president also urged youths to take advantage of sport facilities and competitions in the country to develop themselves and become

better citizens.

Mark said,“here in Otukpo we long initiated and started a golf academy which has over 400 membership strength and still counting and in so doing we have raised champions at various competitions across the globe, the initiative has helped the children and youths focus their lives towards greatness. “Aside golf I’m also encouraging and supporting football and athletics all in the spirit of ensuring that our children and youths engage in gainful ventures in order to become useful citizens.�

The tournament drew both amateur and professional golfers from across the country.

Earlier on on Friday Mark marked his 68th birthday with the Internally Displaced Persons (IDPs) in Agatu local government area of Benue State rendered homeless aftermath of the massacre that left hundreds of people dead.

He was at one of the Internally Displaced Persons (IDPs) camp in Aila community of Agatu local government area where he distributed relief materials, food stuff, clothes and toiletries to them.

Senator Mark who distributed the relief materials through his wife, Mrs. Helen Mark said:�

I identify with you. I share in your pains and frustrations. But don’t lose hope. Help will come

your way.�

He said spending time with the IDPs gave him a sense of fulfilment “because I have devoted the rest of my life to serve God and the less privileged in the society. “Nothing can be more fulfilling for me on my birthday than bringing joy and relief to the IDPs in Agatu. I will do whatever I can to improve their condition. The situation is not palatable. But we must give them hope.�

Senator Mark also urged corporate institutions as well as non-governmental organisations (NGOs) to come around to assist the IDPs.

Monday April 11, 2016

TR

UT H

& RE A S O

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Price: N150

MISSILE NLC to FG

“Even with this increase, there is no light and there are indications that the privatisation might not work. We demand that the entire process of privatisation be reviewed. Government said the increment was a bitter pill we have to swallow, we say that the increase is a bitter pill we can vomit.

The tariff is both illegal and it is outrageous, the increase is not bearable.

The Nigeria Labour Congress (NLC) deploring the federal government for failing on several fronts in its promises to the electorate.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

How to Lie with Statistics

“There are three kinds of lies: Lies, Damned lies and Statistics” bove were the words of Benjamin Disraeli (1804-1881). Disraeli became British Chancellor of the Exchequer in 1852 and after running and failing election four times, he was elected British Prime Minister twice in 1868, and 1874.

He broke records amongst other achievements of being the first and only Jewish Prime Minister of England up to this day.

How to lie with statistics, on the other hand, is the title of a famous book authored in 1954 by Darrel Huff. Huff wrote extensively on what to look out for before we believe numbers churned out by statisticians. He argued that in choosing samples as against the entire population, the researcher could build in his own bias. If for instance, a researcher has an outcome in mind, he can select a group of respondents that will give him the answer he is looking for. He went further to posit that the theory of averages is fraught with fatal danger. How, for instance, do you come by average age and average height?

Which average would you be talking about because, the trio of mean, median and mode are all measures that describe averages? There is also the issue of little things that matter or don’t matter as the case may be, described more technically as the margin of error. The statistician may choose to ignore little things that matter or play up little things that don’t matter depending on what results he intends to achieve. On visual presentation, Huff argues that graphs and charts are subject to manipulation, as there is a tendency to force a straight line ignoring some points that go off the line. He also talks about one dimensional picture, ignoring other dimensions and semi attached figure, which he illustrated thus, “if you can’t prove what you set out to prove, prove something else and relate it to what you wanted to prove in the first place”.

Huff continues by arguing that sometimes, the difference between real and nominal numbers are glossed over once it suits the statistician. Also differentiating cause and effect is a matter at the discretion of the researcher. He concludes by warning against what he called, statisticulating, a concept he used to describe the manipulation and bamboozling of people with figures and numbers.

It is a known fact that many people are uncomfortable with numbers. Some people will tune off once numbers come into the discussion.

Others who are otherwise very intelligent naturally cave in as soon as the other party begins to quote figures. They therefore give up their right to subject the matter under discussion to rigorous interrogation. People who understand this, use it very well to their advantage in presentations and arguments. It is like Queens English to the man who is barely literate. A story is told of a very rich chief from my part of the country who is barely literate. He was at a big launching in the village hall when a professor was called up to speak by the MC. The professor spoke in very eloquent English and ended his speech by promising to give his moral support to the community. His speech received thunderous applause from the audience. Our chief who by nature is very competitive asked the man sitting close to him in Igbo “moral shopot, ofusa okpogh ole” meaning “How much money is represented by moral support”? Our chief intended to donate more than the professor so he could

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Minister of Finance Kemi Adeosun get a better applause from the audience. So we must put the statistics to strict question to find out what they mean to our daily lives or better still, what they represent in monetary terms.

We had been inundated in the past by growth numbers which tended to exaggerate the state and performance of the Nigerian economy. We were told we had GDP growth rates of about 6.5 per cent per annum in the last four to five years, though we are now aware that those numbers have drastically dropped to about 2 per cent. Our foreign reserves grew from $3.7 billion in 1999 on return to democratic governance to $45 billion in 2007 and then to an all-time high of $63 billion by the end of September 2008. The war chest, as it is often called, was to decline to $47.7 billion by the end of December 2009 and had since continued to drop from $37 billion by the end of May 2015 to $27.8 billion as at end of last month. While analysts and economists celebrated the great numbers, we failed to ask questions like what these mean to the ordinary man on the street. How did these figures impact jobs for our youths? How many roads did we build within the period?

How many megawatts of electricity did we add to the national grid? What statistics seldom highlight is that “hot money” also known as foreign portfolio investment is normally part of foreign reserve and anytime exchange rates become unstable, hot money takes a flight and foreign reserve is usually the casualty.

Closely related to this is the rebasing of our GDP in 2014 from $269.5 billion to $510 billion. Commendable though this action may

We had been inundated in the past by growth numbers which tended to exaggerate the state and performance of the Nigerian economy

be, given that the figures we were using were very obsolete (1990 base year figures), there were some outlandish statements which in my opinion had no relationship with the realities on ground. With rebasing, we became the 26th largest economy in the world and the largest economy in Africa. Our per capita income rose from $1555 to $2688, ranking us 121st from 135th position amongst the 195 countries of the world. Without going into further details, someone should ask, how come the 26th largest economy in the world ranked number 121 in terms of average income per person? And still talking of per capita income, the easiest way to illustrate it is that you add Alhaji Aliko Dangote’s $16.7 billion net worth to Mike Adenuga’s $5.3 billion and Mrs. Folurunso Alakija’s $1.61 billion with my own “toro” and divide by four, each of us would end up with an average or per capita income of about $5.9 billion. If life worked like that, yours truly would be on permanent vacation in Honolulu or Hawaii. So the point one is making is that this measure says nothing about income inequality. I know someone would be quick to point my attention to another measure referred to as “the Gini coefficient” which measures inequality in income distribution on a 0 to 1 basis, 0 representing perfect equality (where everyone has the same income and 1 representing perfect inequality where only one person has all the wealth and the rest have nothing). My response is that this measure only works in theory as it has nothing to do with reality and is subject to all the biases highlighted above. Further interrogation of the per capita Income would lead one to asking one more question. Granted that we are now the largest country in Africa by GDP, how come we still rank No. 15 in per capita income in the continent coming below Equatorial Guinea ($20,581), Libya ($6,623), South Africa ($6,483) and Egypt ($3,304). The answer simply lies in the fact that there is a difference between absolute numbers and averages. While in absolute terms we have more in the basket than other countries, we also have a whole lot more people to share it.

That is not to say that our large population is our problem after all, China and India have populations several times more than ours. The major problem remains that we are individually not adding enough value to GDP. It is instructive that to make the story continue to sound very sweet, our analysts have paid little attention to the issue of taxation.

With the rebased GDP, our tax to GDP ratio dropped to about 8 per cent. That means that for every N100 of our GDP, only N8 comes from taxes. When compared to countries like Sweden at 46 per cent, France at 45 per cent, Burkina Faso at 11.5 per cent and Tanzania at 12 per cent, it would be clear that something is definitely wrong with our tax administration system. That would bring us to the issue of productivity. Nigerians are known to be very hardworking people. But we also have a lot of people who are not working either by reason of not being able to find something to do or finding less than what they have capacity to do. This is what is described as unemployment and underemployment. Statistics differ on these.

Nigerian Bureau of Statistics (NBS) says the unemployment rate in Nigeria as at January 2016 stood at 10.4 per cent, while underemployment was about 18.7 per cent. When you add the two, you would wind down with a number of about 29 per cent which is not far from

some international analysts’ estimates of about 30 per cent unemployment rate for Nigeria.

Whichever number is correct, we must agree that most of our youths cannot find jobs to do and that can be seen in the number of idle hands roaming the streets and many eventually becoming available for less than noble roles including robbery, kidnapping and other forms of violence. Just imagine that we are able to engage them productively, our GDP numbers will shoot up and the per capita income will begin to make more sense. The other issue lies in interrogating the component parts of the GDP numbers themselves. There is no gain saying that if the GDP is geared towards commodities rather than final products and services, then we expose our economy to the vagaries of commodity price instability. This challenge becomes more pronounced where the commodities are traded in their primary form. So if we export crude oil rather than refined products, we end up exporting jobs in addition to the identified problem of not being in control of the price of the product. The same scenario applies to our other resources including tin, iron ore, coal, limestone, lead, zinc and agricultural products.

So, we should organise ourselves in such a way that we export finished or at least secondary or tertiary products after having added some value to the primary products. This should start with crude oil that accounts for 35per cent of our GDP and over 90 per cent of our export earnings. By so doing, we would not only be creating jobs for our people, but also saving on the foreign exchange for import of refined petroleum products which accounts for close to 40 per cent of allocation in the foreign exchange market. We will also eliminate some avoidable logistics costs in terms of insurance, freight, clearing, loading and offloading. These costs are incurred both when the primary products are being exported and when the finished products are being imported.

Like I had pointed out earlier, there seems to be some areas that are not so attractive and our statisticians seem to avoid measuring them.

Nobody seems to measure how many people and tonnes of goods are moved by air, road, sea and rail in-country. This measure will help understand logistic capacity improvements and the level of interaction of our people. Education is another area that we pay little or no attention to. Not a whole lot of numbers come out to tell us about enrolments, exam scores, failure rates at different levels, dropouts and placements. We also don’t seem to put the issue of housing in the front burner. Of course we read about estimates of the number of additional houses required but beyond that we don’t seem to have reliable statistical information for planning purposes.

The concern about food security doesn’t also seem to have attracted the required attention.

For instance, it is estimated that over 50 per cent of food is wasted to logistics and storage deficiencies. If this figure is correct, just imagine what will happen if we were able to provide solution to the challenge.

While we must continue the campaign for more reliable data that would help the country plan for our people, there are other numbers like inflation rate or Consumer Price Index, which may be useful for both time series and cross sectional analysis but must also be interrogated with rigour to ensure that they have a bearing to the existential conditions of the ordinary man on the street. Otherwise, we will end up looking very good statistically while our problems remain with us.

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